# EDGAR Filing Document

**Accession Number:** 0001378872
**File Stem:** 0001145549-25-045665
**Filing Date:** 2025-7
**Character Count:** 1534286
**Document Hash:** ca0fa032330f5fe07995f0c51a79dae1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-045665.hdr.sgml**: 20250703

**ACCESSION NUMBER**: 0001145549-25-045665

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250703

**DATE AS OF CHANGE**: 20250703

**EFFECTIVENESS DATE**: 20250703

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21977
- **FILM NUMBER:** 251103759

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-21977

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

------

3500 Lacey Road Downers Grove, IL 60515

(Address of principal executive offices) (Zip code)

Brian Hartigan, President

3500 Lacey Road

Downers Grove, IL 60515

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

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

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

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

![TSR_logo](images_2527.jpg)

### Invesco 0-5 Yr US TIPS ETF

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

#### SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025
This semi-annual shareholder report contains important information about Invesco 0-5 Yr US TIPS ETF (the "Fund") for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco 0-5 Yr US TIPS ETF | $4 | 0.07% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$56537993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.63%, 01/15/2026 | &nbsp;&nbsp;&nbsp;5.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.38%, 07/15/2025 | &nbsp;&nbsp;&nbsp;4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.38%, 01/15/2027 | &nbsp;&nbsp;&nbsp;4.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.50%, 01/15/2028 | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.13%, 07/15/2026 | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.13%, 04/15/2026 | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 1.63%, 10/15/2029 | &nbsp;&nbsp;&nbsp;4.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.13%, 01/15/2030 | &nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.38%, 07/15/2027 | &nbsp;&nbsp;&nbsp;4.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Inflation - Indexed Notes, 0.25%, 07/15/2029 | &nbsp;&nbsp;&nbsp;4.29% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Duration allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344683.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | $31 | 0.60% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2927790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF | &nbsp;&nbsp;&nbsp;8.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity Wise Origin Bitcoin Fund | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grayscale Bitcoin Trust ETF | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sol Strategies, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Digital Holdings Ltd., Class H | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitfarms Ltd. | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cipher Mining, Inc. | &nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitdeer Technologies Group | &nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344516.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Alerian Galaxy Crypto Economy ETF

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Alerian Galaxy Crypto Economy ETF | $30 | 0.60% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9022878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Bitcoin Trust ETF | &nbsp;&nbsp;&nbsp;7.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sol Strategies, Inc. | &nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galaxy Digital Holdings Ltd., Class H | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A | &nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitfarms Ltd. | &nbsp;&nbsp;&nbsp;2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cipher Mining, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity Wise Origin Bitcoin Fund | &nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bitdeer Technologies Group | &nbsp;&nbsp;&nbsp;2.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. | &nbsp;&nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boyaa Interactive International Ltd. | &nbsp;&nbsp;&nbsp;2.66% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344495.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco China Technology ETF

### CQQQ \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco China Technology ETF | $33 | 0.65% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$949241947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;10.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc., ADR | &nbsp;&nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, B Shares | &nbsp;&nbsp;&nbsp;7.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baidu, Inc., A Shares | &nbsp;&nbsp;&nbsp;7.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kuaishou Technology | &nbsp;&nbsp;&nbsp;5.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bilibili, Inc., Z Shares | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingdee International Software Group Co. Ltd. | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;SenseTime Group, Inc., B Shares | &nbsp;&nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kingsoft Corp. Ltd. | &nbsp;&nbsp;&nbsp;2.68% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344957.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Developed Markets Momentum ETF

### PIZ \| The Nasdaq Stock Market LLC

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Dorsey Wright Developed Markets Momentum ETF | $42 | 0.80% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$265207031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Software, Inc. | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flughafen Zureich AG | &nbsp;&nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;2.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Schindler Holding AG, PC | &nbsp;&nbsp;&nbsp;2.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;1.86% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344935.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Dorsey Wright Emerging Markets Momentum ETF

### PIE \| The Nasdaq Stock Market LLC

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Dorsey Wright Emerging Markets Momentum ETF | $43 | 0.90% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$84760497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;97% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Pop Mart International Group Ltd. | &nbsp;&nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Topco Scientific Co. Ltd. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;L&K Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentera S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sinbon Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;2.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advancetek Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualitas Controladora S.A.B. de C.V. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortress REIT Ltd. | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;QL Resources Bhd. | &nbsp;&nbsp;&nbsp;2.27% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344916.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Emerging Markets Sovereign Debt ETF

### PCY \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Emerging Markets Sovereign Debt ETF | $25 | 0.50% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1167409108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Pakistan Government International Bond, 7.38%, 04/08/2031 | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pakistan Government International Bond, 8.88%, 04/08/2051 | &nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Serbia International Bond, 2.13%, 12/01/2030 | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bond, 6.55%, 02/06/2037 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond, 3.20%, 07/06/2046 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bond, 3.70%, 11/25/2030 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Panama Government International Bond, 6.40%, 02/14/2035 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazilian Government International Bond, 5.63%, 02/21/2047 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Government International Bond, 4.00%, 10/19/2048 | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jordan Government International Bond, 7.50%, 01/13/2029 | &nbsp;&nbsp;&nbsp;1.07% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344893.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Clean Energy ETF

### PBD \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Clean Energy ETF | $35 | 0.75% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$64809139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Elia Group S.A./N.V. | &nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Innergex Renewable Energy, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordex SE | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alfen N.V. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grenergy Renovables S.A. | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPIE S.A. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acciona S.A. | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;NKT A/S | &nbsp;&nbsp;&nbsp;1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boralex, Inc., Class A | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terna S.p.A. | &nbsp;&nbsp;&nbsp;1.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344809.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

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

### PGHY \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Global ex-US High Yield Corporate Bond ETF | $17 | 0.35% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$153931060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial and Commercial Bank of China Ltd., 3.20% | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samarco Mineracao S.A., 9.00% PIK Rate, 0.50% Cash Rate, 9.50%, 06/30/2031 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III B.V., 3.15%, 10/01/2026 | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Communications Co. Ltd., 3.80% | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd., 4.35%, 09/17/2027 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nissan Motor Co. Ltd., 4.81%, 09/17/2030 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 7.00%, 04/04/2079 | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Connect Finco S.a.r.l./Connect US Finco LLC, 9.00%, 09/15/2029 | &nbsp;&nbsp;&nbsp;0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group, Inc., 9.75%, 04/15/2029 | &nbsp;&nbsp;&nbsp;0.48% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344790.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco Global Water ETF

### PIO \| The Nasdaq Stock Market LLC

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Global Water ETF | $38 | 0.75% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$254823893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;7.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;7.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;7.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement S.A. | &nbsp;&nbsp;&nbsp;6.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nomura Micro Science Co. Ltd. | &nbsp;&nbsp;&nbsp;5.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;3.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ebara Corp. | &nbsp;&nbsp;&nbsp;3.58% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344767.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

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

### IPKW \| The Nasdaq Stock Market LLC

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF | $29 | 0.55% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$161903872 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | &nbsp;&nbsp;&nbsp;5.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. | &nbsp;&nbsp;&nbsp;5.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;4.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;4.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;2.77% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344748.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco International Corporate Bond ETF

### PICB \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco International Corporate Bond ETF | $26 | 0.50% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$143586223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Electricite de France S.A., 6.13%, 06/02/2034 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The), 4.21%, 06/01/2027 | &nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The), 4.68%, 01/08/2029 | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada, 4.63%, 05/01/2028 | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.71%, 12/07/2027 | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of Montreal, 4.31%, 06/01/2027 | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electricite de France S.A., 5.50%, 10/17/2041 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enel Finance International N.V., 5.75%, 09/14/2040 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC, 3.25%, 02/12/2027 | &nbsp;&nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electricite de France S.A., 6.00%, 01/23/2114 | &nbsp;&nbsp;&nbsp;0.49% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344725.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco MSCI Global Climate 500 ETF

### KLMT \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco MSCI Global Climate 500 ETF | $5 | 0.10% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1173614406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;0.95% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344474.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco MSCI Global Timber ETF

### CUT \| NYSE Arca, Inc.

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

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco MSCI Global Timber ETF | $350.74%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$45942370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;7.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Svenska Cellulosa AB S.C.A., Class B | &nbsp;&nbsp;&nbsp;4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;4.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;UPM-Kymmene OYJ | &nbsp;&nbsp;&nbsp;4.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;4.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;4.14% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344706.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco MSCI Green Building ETF

### GBLD \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco MSCI Green Building ETF | $19 | 0.39% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4953697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;3.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;3.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Klepierre S.A. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vicinity Ltd. | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;2.25% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344537.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

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

### PXF \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco RAFI Developed Markets ex-U.S. ETF | $23 | 0.45% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1909315468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Santander S.A. | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;0.80% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344874.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

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

### PDN \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF | $25 | 0.49% |

---

*\** **Annualized.** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$325074334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doosan Co. Ltd. | &nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto1 Group SE | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. | &nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASICS Corp. | &nbsp;&nbsp;&nbsp;0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc., Class A | &nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;0.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dassault Aviation S.A. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eldorado Gold Corp. | &nbsp;&nbsp;&nbsp;0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Pharma Co. Ltd. | &nbsp;&nbsp;&nbsp;0.21% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344851.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco RAFI Emerging Markets ETF

### PXH \| NYSE Arca, Inc.

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

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

---

| | |
|:---|:---|
| **Fund** | **Costs of a $10,000 investment** |
| Invesco RAFI Emerging Markets ETF | $240.48%<sup>†</sup> |

---

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1236127641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;5.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;5.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A., Preference Shares | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;2.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance (Group) Co. of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale S.A. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp., B Shares | &nbsp;&nbsp;&nbsp;1.59% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344832.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

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

### EELV \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco S&P Emerging Markets Low Volatility ETF | $15 | 0.29% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$372882155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Kuwait Finance House K.S.C.P. | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tisco Financial Group PCL, NVDR | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank Ltd. | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Malayan Banking Bhd. | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Leong Bank Bhd. | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Borouge PLC | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan High Speed Rail Corp. | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;0.78% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344664.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco S&P Emerging Markets Momentum ETF

### EEMO \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco S&P Emerging Markets Momentum ETF | $14 | 0.29% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12052619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;9.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;8.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp., B Shares | &nbsp;&nbsp;&nbsp;6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan, B Shares | &nbsp;&nbsp;&nbsp;4.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Construction Bank Corp., H Shares | &nbsp;&nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of China Ltd., H Shares | &nbsp;&nbsp;&nbsp;2.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;2.07% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344641.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco S&P Global Water Index ETF

### CGW \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco S&P Global Water Index ETF | $30 | 0.59% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$934826168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;7.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;7.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;5.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;5.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;5.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement S.A. | &nbsp;&nbsp;&nbsp;4.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;3.80% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344622.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

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

### IDLV \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco S&P International Developed Low Volatility ETF | $13 | 0.25% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$275305242 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke KPN N.V. | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydro One Ltd. | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Danone S.A. | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coles Group Ltd. | &nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortis, Inc. | &nbsp;&nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metro, Inc. | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert N.V. | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Loblaw Cos. Ltd. | &nbsp;&nbsp;&nbsp;0.63% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344599.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco S&P International Developed Momentum ETF

### IDMO \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco S&P International Developed Momentum ETF | $13 | 0.25% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$682847331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;5.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;1.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;1.73% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344579.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

![TSR_logo](images_2527.jpg)

### Invesco S&P International Developed Quality ETF

### IDHQ \| NYSE Arca, Inc.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco S&P International Developed Quality ETF | $15 | 0.29% |

---

*\** **Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$408276809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nestle S.A. | &nbsp;&nbsp;&nbsp;5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;3.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;1.91% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_9344558.jpg)

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

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

![TSR_QRcode](images_2526.jpg)

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

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

------

(b) Not applicable.

------

Item 2. Code of Ethics.

Not applicable for a semi-annual report.

------

Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.

------

Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.

------

Item 5. Audit Committee of Listed Registrants.

Not applicable for a semi-annual report.

------

Item 6. Investments.

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

(b) Not applicable.

------

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

------

![](img6c323a381.jpg)

------

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

April 30, 2025

---

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

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Consolidated Schedules of Investments |  |
| [Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_SOI-Continued-841_1)<br> [(BLKC)](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_SOI-Continued-841_1)<br>| **3** |
| [Invesco Alerian Galaxy Crypto Economy ETF (SATO)](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_SOI-Continued-841_3) | **5** |
| [Consolidated Statements of Assets and Liabilities](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_FS-Continued-841_1) | **7** |
| [Consolidated Statements of Operations](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_FS-Continued-841_2) | **8** |
| [Consolidated Statements of Changes](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_FS-Continued-841_3) | **9** |
| [Consolidated Financial Highlights](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_FIHI-Continued-841_1) | **10** |
| [Notes to Consolidated Financial Statements](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_NTF-Continued-841_1) | **12** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_BCRC-Continued_1) | **24** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_eb37aa57-c0f1-48d1-a14b-2ce01bb0728b_OIRSR-Continued-841_1) | **31** |

---

------

**2**

------

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

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-83.15%** | **Common Stocks & Other Equity Interests-83.15%** | **Common Stocks & Other Equity Interests-83.15%** |
| **Australia-1.27%** | **Australia-1.27%** | **Australia-1.27%** |
| IREN Ltd.<sup>(b)</sup> | 6071 | &nbsp;&nbsp; $37094 |
| **Canada-7.26%** | **Canada-7.26%** | **Canada-7.26%** |
| Bitfarms Ltd.<sup>(b)(c)</sup> | 43186 | &nbsp;&nbsp; 43138 |
| Hive Digital Technologies Ltd.<sup>(b)</sup> | 23304 | &nbsp;&nbsp; 39384 |
| Hut 8 Corp.<sup>(b)(c)</sup> | 2842 | &nbsp;&nbsp; 34985 |
| Neptune Digital Assets Corp.<sup>(b)</sup> | 34819 | &nbsp;&nbsp; 39828 |
| Sol Strategies, Inc.<sup>(b)</sup> | 25496 | &nbsp;&nbsp; 55189 |
|  |  | &nbsp;&nbsp; 212524 |
| **China-9.03%** | **China-9.03%** | **China-9.03%** |
| Alibaba Group Holding Ltd., ADR | 320 | &nbsp;&nbsp; 38218 |
| Boyaa Interactive International Ltd.<sup>(c)</sup> | 70571 | &nbsp;&nbsp; 41232 |
| Canaan, Inc., ADR<sup>(b)</sup> | 51098 | &nbsp;&nbsp; 35952 |
| Meitu, Inc.<sup>(b)(d)</sup> | 53181 | &nbsp;&nbsp; 37519 |
| OSL Group Ltd.<sup>(b)</sup> | 25489 | &nbsp;&nbsp; 37116 |
| Tencent Holdings Ltd. | 582 | &nbsp;&nbsp; 35652 |
| The9 Ltd., ADR<sup>(b)</sup> | 3104 | &nbsp;&nbsp; 38738 |
|  |  | &nbsp;&nbsp; 264427 |
| **Germany-3.88%** | **Germany-3.88%** | **Germany-3.88%** |
| Bitcoin Group SE<sup>(c)</sup> | 944 | &nbsp;&nbsp; 39549 |
| Northern Data AG<sup>(b)(c)</sup> | 1270 | &nbsp;&nbsp; 35811 |
| SAP SE | 130 | &nbsp;&nbsp; 38167 |
|  |  | &nbsp;&nbsp; 113527 |
| **Ireland-1.20%** | **Ireland-1.20%** | **Ireland-1.20%** |
| Accenture PLC, Class A | 117 | &nbsp;&nbsp; 35001 |
| **Norway-1.30%** | **Norway-1.30%** | **Norway-1.30%** |
| Aker ASA, Class A | 657 | &nbsp;&nbsp; 38220 |
| **South Korea-1.17%** | **South Korea-1.17%** | **South Korea-1.17%** |
| Samsung Electronics Co. Ltd. | 877 | &nbsp;&nbsp; 34218 |
| **Switzerland-1.20%** | **Switzerland-1.20%** | **Switzerland-1.20%** |
| Nestle S.A. | 330 | &nbsp;&nbsp; 35278 |
| **Taiwan-1.25%** | **Taiwan-1.25%** | **Taiwan-1.25%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 220 | &nbsp;&nbsp; 36672 |
| **United Kingdom-1.23%** | **United Kingdom-1.23%** | **United Kingdom-1.23%** |
| Shell PLC, ADR | 558 | &nbsp;&nbsp; 35980 |
| **United States-54.36%** | **United States-54.36%** | **United States-54.36%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 376 | &nbsp;&nbsp; 36604 |
| Alphabet, Inc., Class A | 218 | &nbsp;&nbsp; 34618 |
| Amazon.com, Inc.<sup>(b)</sup> | 184 | &nbsp;&nbsp; 33933 |
| Applied Digital Corp.<sup>(b)(c)</sup> | 6496 | &nbsp;&nbsp; 29492 |
| Bakkt Holdings, Inc.<sup>(b)(c)</sup> | 3889 | &nbsp;&nbsp; 36479 |
| Bank of America Corp. | 930 | &nbsp;&nbsp; 37088 |
| Bit Digital, Inc.<sup>(b)</sup> | 19264 | &nbsp;&nbsp; 37372 |
| Bitdeer Technologies Group<sup>(b)(c)</sup> | 4386 | &nbsp;&nbsp; 41974 |
| Block, Inc., Class A<sup>(b)</sup> | 630 | &nbsp;&nbsp; 36836 |
| Cipher Mining, Inc.<sup>(b)</sup> | 15012 | &nbsp;&nbsp; 42784 |
| Cisco Systems, Inc. | 589 | &nbsp;&nbsp; 34003 |
| Citigroup, Inc. | 541 | &nbsp;&nbsp; 36994 |
| CleanSpark, Inc.<sup>(b)</sup> | 4674 | &nbsp;&nbsp; 38187 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 196 | &nbsp;&nbsp; 39766 |
| Core Scientific, Inc.<sup>(b)</sup> | 4888 | &nbsp;&nbsp; 39593 |
| Exodus Movement, Inc., Class A<sup>(b)(c)</sup> | 812 | &nbsp;&nbsp; 31700 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Galaxy Digital Holdings Ltd., Class H, (Acquired <br> 11/18/2022 - 04/17/2025; <br> Cost $18,919)<sup>(b)(c)(e)</sup><br>| 3253 | &nbsp;&nbsp; $51622 |
| Goldman Sachs Group, Inc. (The) | 68 | &nbsp;&nbsp; 37233 |
| Honeywell International, Inc. | 173 | &nbsp;&nbsp; 36417 |
| Intel Corp. | 1676 | &nbsp;&nbsp; 33688 |
| International Business Machines Corp. | 146 | &nbsp;&nbsp; 35306 |
| Intuit, Inc. | 58 | &nbsp;&nbsp; 36393 |
| JPMorgan Chase & Co. | 148 | &nbsp;&nbsp; 36204 |
| MARA Holdings, Inc.<sup>(b)</sup> | 2839 | &nbsp;&nbsp; 37957 |
| Mastercard, Inc., Class A | 67 | &nbsp;&nbsp; 36720 |
| Micron Technology, Inc. | 476 | &nbsp;&nbsp; 36628 |
| Microsoft Corp. | 88 | &nbsp;&nbsp; 34783 |
| MicroStrategy, Inc., Class A<sup>(b)</sup> | 123 | &nbsp;&nbsp; 46754 |
| NVIDIA Corp. | 310 | &nbsp;&nbsp; 33765 |
| Oracle Corp. | 250 | &nbsp;&nbsp; 35180 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 551 | &nbsp;&nbsp; 36278 |
| QUALCOMM, Inc. | 248 | &nbsp;&nbsp; 36818 |
| Riot Platforms, Inc.<sup>(b)</sup> | 4909 | &nbsp;&nbsp; 35541 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 822 | &nbsp;&nbsp; 40368 |
| Salesforce, Inc. | 131 | &nbsp;&nbsp; 35201 |
| Semler Scientific, Inc.<sup>(b)</sup> | 1021 | &nbsp;&nbsp; 33009 |
| SoFi Technologies, Inc.<sup>(b)</sup> | 3169 | &nbsp;&nbsp; 39644 |
| Terawulf, Inc.<sup>(b)(c)</sup> | 14878 | &nbsp;&nbsp; 41361 |
| Tesla, Inc.<sup>(b)</sup> | 133 | &nbsp;&nbsp; 37527 |
| Texas Instruments, Inc. | 213 | &nbsp;&nbsp; 34091 |
| Verizon Communications, Inc. | 776 | &nbsp;&nbsp; 34191 |
| Visa, Inc., Class A | 103 | &nbsp;&nbsp; 35587 |
| Walmart, Inc. | 368 | &nbsp;&nbsp; 35788 |
|  |  | &nbsp;&nbsp; 1591477 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,956,459) | Total Common Stocks & Other Equity Interests <br>(Cost $1,956,459) | &nbsp;&nbsp; 2434418 |
| **Exchange-Traded Funds-15.61%** | **Exchange-Traded Funds-15.61%** | **Exchange-Traded Funds-15.61%** |
| **United States-15.61%** | **United States-15.61%** | **United States-15.61%** |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 928 | &nbsp;&nbsp; 68923 |
| Bitwise Bitcoin ETF<sup>(b)</sup> | 306 | &nbsp;&nbsp; 15676 |
| Fidelity Wise Origin Bitcoin Fund<sup>(b)</sup> | 1008 | &nbsp;&nbsp; 82837 |
| ARK 21Shares Bitcoin ETF<sup>(b)</sup> | 203 | &nbsp;&nbsp; 19060 |
| iShares Bitcoin Trust ETF<sup>(b)</sup> | 4456 | &nbsp;&nbsp; 238441 |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)</sup> | 406 | &nbsp;&nbsp; 16934 |
| VanEck Bitcoin ETF<sup>(b)</sup> | 569 | &nbsp;&nbsp; 15152 |
| Total Exchange-Traded Funds <br>(Cost $267,534) | Total Exchange-Traded Funds <br>(Cost $267,534) | &nbsp;&nbsp; 457023 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(f)(g)</sup> <br>(Cost $294)<br>| 294 | &nbsp;&nbsp; 294 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.77% <br>(Cost $2,224,287) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.77% <br>(Cost $2,224,287) | &nbsp;&nbsp; 2891735 |

---

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

------

**3**

------

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

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-12.50%** | **Money Market Funds-12.50%** | **Money Market Funds-12.50%** |
| Invesco Private Government Fund, 4.32%<sup>(f)(g)(h)</sup> | 101886 | &nbsp;&nbsp; $101886 |
| Invesco Private Prime Fund, 4.46%<sup>(f)(g)(h)</sup> | 263944 | &nbsp;&nbsp; 263997 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $365,888) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $365,888) | &nbsp;&nbsp; 365883 |
| TOTAL INVESTMENTS IN SECURITIES-111.27% <br>(Cost $2,590,175) | TOTAL INVESTMENTS IN SECURITIES-111.27% <br>(Cost $2,590,175) | &nbsp;&nbsp; 3257618 |
| OTHER ASSETS LESS LIABILITIES-(11.27)% | OTHER ASSETS LESS LIABILITIES-(11.27)% | &nbsp;&nbsp; (329828)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2927790 |

---

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

---

| | |
|:---|:---|
| Notes to Consolidated Schedule of Investments: | Notes to Consolidated Schedule of Investments: |
| <sup>(a)</sup> | The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been <br> eliminated in consolidations.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2025 <br> represented 1.28% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Restricted security. The value of this security at April 30, 2025 represented 1.76% of the Fund's Net Assets. |
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $861006 | &nbsp;&nbsp; $(860712)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $294 | &nbsp;&nbsp; $340 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 188767 | &nbsp;&nbsp; 1155466 | &nbsp;&nbsp; (1242347)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 101886 | &nbsp;&nbsp; 2,460<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 493333 | &nbsp;&nbsp; 2023385 | &nbsp;&nbsp; (2252703)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; 263997 | &nbsp;&nbsp; 6,597<br> \*<br>|
| Total | &nbsp;&nbsp; $682100 | &nbsp;&nbsp; $4039857 | &nbsp;&nbsp; $(4355762)<br>| &nbsp;&nbsp; $(2)<br>| &nbsp;&nbsp; $(16)<br>| &nbsp;&nbsp; $366177 | &nbsp;&nbsp; $9397 |

---

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

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

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

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

------

**4**

------

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

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-84.59%** | **Common Stocks & Other Equity Interests-84.59%** | **Common Stocks & Other Equity Interests-84.59%** |
| **Australia-2.40%** | **Australia-2.40%** | **Australia-2.40%** |
| IREN Ltd.<sup>(b)(c)</sup> | 35444 | &nbsp;&nbsp; $216563 |
| **Canada-13.75%** | **Canada-13.75%** | **Canada-13.75%** |
| Bitfarms Ltd.<sup>(b)(c)</sup> | 252308 | &nbsp;&nbsp; 252030 |
| Hive Digital Technologies Ltd.<sup>(b)</sup> | 136039 | &nbsp;&nbsp; 229906 |
| Hut 8 Corp.<sup>(b)(c)</sup> | 16570 | &nbsp;&nbsp; 203977 |
| Neptune Digital Assets Corp.<sup>(b)</sup> | 203075 | &nbsp;&nbsp; 232287 |
| Sol Strategies, Inc.<sup>(b)(c)</sup> | 148757 | &nbsp;&nbsp; 322004 |
|  |  | &nbsp;&nbsp; 1240204 |
| **China-11.68%** | **China-11.68%** | **China-11.68%** |
| Boyaa Interactive International Ltd.<sup>(c)</sup> | 411274 | &nbsp;&nbsp; 240292 |
| Canaan, Inc., ADR<sup>(b)</sup> | 298679 | &nbsp;&nbsp; 210151 |
| Meitu, Inc.<sup>(b)(d)</sup> | 116246 | &nbsp;&nbsp; 82011 |
| OSL Group Ltd.<sup>(b)</sup> | 149173 | &nbsp;&nbsp; 217218 |
| Tencent Holdings Ltd. | 1273 | &nbsp;&nbsp; 77981 |
| The9 Ltd., ADR<sup>(b)(c)</sup> | 18105 | &nbsp;&nbsp; 225950 |
|  |  | &nbsp;&nbsp; 1053603 |
| **Germany-4.87%** | **Germany-4.87%** | **Germany-4.87%** |
| Bitcoin Group SE<sup>(c)</sup> | 5505 | &nbsp;&nbsp; 230631 |
| Northern Data AG<sup>(b)(c)</sup> | 7403 | &nbsp;&nbsp; 208747 |
|  |  | &nbsp;&nbsp; 439378 |
| **Norway-0.91%** | **Norway-0.91%** | **Norway-0.91%** |
| Aker ASA, Class A | 1419 | &nbsp;&nbsp; 82547 |
| **South Korea-0.82%** | **South Korea-0.82%** | **South Korea-0.82%** |
| Samsung Electronics Co. Ltd. | 1890 | &nbsp;&nbsp; 73743 |
| **Taiwan-0.89%** | **Taiwan-0.89%** | **Taiwan-0.89%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR<br>| 483 | &nbsp;&nbsp; 80511 |
| **United States-49.27%** | **United States-49.27%** | **United States-49.27%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 822 | &nbsp;&nbsp; 80022 |
| Alphabet, Inc., Class A | 477 | &nbsp;&nbsp; 75748 |
| Applied Digital Corp.<sup>(b)(c)</sup> | 37930 | &nbsp;&nbsp; 172202 |
| Bakkt Holdings, Inc.<sup>(b)(c)</sup> | 22713 | &nbsp;&nbsp; 213048 |
| Bit Digital, Inc.<sup>(b)</sup> | 112511 | &nbsp;&nbsp; 218271 |
| Bitdeer Technologies Group<sup>(b)(c)</sup> | 25609 | &nbsp;&nbsp; 245078 |
| Block, Inc., Class A<sup>(b)</sup> | 1378 | &nbsp;&nbsp; 80572 |
| Cipher Mining, Inc.<sup>(b)</sup> | 87693 | &nbsp;&nbsp; 249925 |
| CleanSpark, Inc.<sup>(b)</sup> | 27273 | &nbsp;&nbsp; 222820 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 1147 | &nbsp;&nbsp; 232715 |
| Core Scientific, Inc.<sup>(b)</sup> | 28536 | &nbsp;&nbsp; 231142 |
| Exodus Movement, Inc., Class A<sup>(b)(c)</sup> | 4738 | &nbsp;&nbsp; 184972 |
| Galaxy Digital Holdings Ltd., Class H, (Acquired <br> 12/16/2022 - 04/17/2025; <br> Cost $108,378)<sup>(b)(c)(e)</sup><br>| 18976 | &nbsp;&nbsp; 301132 |
| Goldman Sachs Group, Inc. (The) | 150 | &nbsp;&nbsp; 82132 |
| JPMorgan Chase & Co. | 321 | &nbsp;&nbsp; 78523 |
| MARA Holdings, Inc.<sup>(b)</sup> | 16560 | &nbsp;&nbsp; 221407 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Micron Technology, Inc. | 1042 | &nbsp;&nbsp; $80182 |
| Microsoft Corp. | 191 | &nbsp;&nbsp; 75495 |
| MicroStrategy, Inc., Class A<sup>(b)</sup> | 714 | &nbsp;&nbsp; 271399 |
| NVIDIA Corp. | 678 | &nbsp;&nbsp; 73848 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 1204 | &nbsp;&nbsp; 79271 |
| Riot Platforms, Inc.<sup>(b)</sup> | 28638 | &nbsp;&nbsp; 207339 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 1798 | &nbsp;&nbsp; 88300 |
| Semler Scientific, Inc.<sup>(b)(c)</sup> | 5957 | &nbsp;&nbsp; 192590 |
| SoFi Technologies, Inc.<sup>(b)</sup> | 6924 | &nbsp;&nbsp; 86619 |
| Terawulf, Inc.<sup>(b)</sup> | 86901 | &nbsp;&nbsp; 241585 |
| Tesla, Inc.<sup>(b)</sup> | 289 | &nbsp;&nbsp; 81544 |
| Visa, Inc., Class A | 225 | &nbsp;&nbsp; 77737 |
|  |  | &nbsp;&nbsp; 4445618 |
| Total Common Stocks & Other Equity Interests <br>(Cost $6,612,732) | Total Common Stocks & Other Equity Interests <br>(Cost $6,612,732) | &nbsp;&nbsp; 7632167 |
| **Exchange-Traded Funds-15.22%** | **Exchange-Traded Funds-15.22%** | **Exchange-Traded Funds-15.22%** |
| **United States-15.22%** | **United States-15.22%** | **United States-15.22%** |
| Grayscale Bitcoin Trust ETF<sup>(b)</sup> | 2778 | &nbsp;&nbsp; 206322 |
| Bitwise Bitcoin ETF<sup>(b)</sup> | 914 | &nbsp;&nbsp; 46824 |
| Fidelity Wise Origin Bitcoin Fund<sup>(b)</sup> | 3018 | &nbsp;&nbsp; 248019 |
| ARK 21Shares Bitcoin ETF<sup>(b)</sup> | 624 | &nbsp;&nbsp; 58587 |
| iShares Bitcoin Trust ETF<sup>(b)</sup> | 13397 | &nbsp;&nbsp; 716874 |
| Grayscale Bitcoin Mini Trust ETF<sup>(b)</sup> | 1228 | &nbsp;&nbsp; 51220 |
| VanEck Bitcoin ETF<sup>(b)</sup> | 1712 | &nbsp;&nbsp; 45591 |
| Total Exchange-Traded Funds <br>(Cost $809,459) | Total Exchange-Traded Funds <br>(Cost $809,459) | &nbsp;&nbsp; 1373437 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.81% <br>(Cost $7,422,191) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.81% <br>(Cost $7,422,191) | &nbsp;&nbsp; 9005604 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-24.45%** | **Money Market Funds-24.45%** | **Money Market Funds-24.45%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(f)(g)(h)</sup><br>| 623813 | &nbsp;&nbsp; 623813 |
| Invesco Private Prime Fund, 4.46%<sup>(f)(g)(h)</sup> | 1582495 | &nbsp;&nbsp; 1582812 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,206,642) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,206,642) | &nbsp;&nbsp; 2206625 |
| TOTAL INVESTMENTS IN SECURITIES-124.26% <br>(Cost $9,628,833) | TOTAL INVESTMENTS IN SECURITIES-124.26% <br>(Cost $9,628,833) | &nbsp;&nbsp; 11212229 |
| OTHER ASSETS LESS LIABILITIES-(24.26)% | OTHER ASSETS LESS LIABILITIES-(24.26)% | &nbsp;&nbsp; (2189351)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $9022878 |

---

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

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

------

**5**

------

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

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Consolidated Schedule of Investments: | Notes to Consolidated Schedule of Investments: |
| <sup>(a)</sup> | The Consolidated Schedule of Investments includes the accounts of the wholly-owned subsidiary. All inter-company accounts and transactions have been <br> eliminated in consolidations.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Restricted security. The value of this security at April 30, 2025 represented 3.34% of the Fund's Net Assets. |
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $2460255 | &nbsp;&nbsp; $(2460255)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $885 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 781885 | &nbsp;&nbsp; 6336488 | &nbsp;&nbsp; (6494560)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 623813 | &nbsp;&nbsp; 13,178<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 2180165 | &nbsp;&nbsp; 11310702 | &nbsp;&nbsp; (11907945)<br>| &nbsp;&nbsp; 72 | &nbsp;&nbsp; (182)<br>| &nbsp;&nbsp; 1582812 | &nbsp;&nbsp; 34,059<br> \*<br>|
| Total | &nbsp;&nbsp; $2962050 | &nbsp;&nbsp; $20107445 | &nbsp;&nbsp; $(20862760)<br>| &nbsp;&nbsp; $72 | &nbsp;&nbsp; $(182)<br>| &nbsp;&nbsp; $2206625 | &nbsp;&nbsp; $48122 |

---

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

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

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

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

------

**6**

------

**Consolidated Statements of Assets and Liabilities**

April 30, 2025

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Invesco** <br>**Alerian Galaxy** <br>**Blockchain Users** <br>**and Decentralized** <br>**Commerce ETF (BLKC)**<br>| **Invesco** <br>**Alerian Galaxy** <br>**Crypto Economy** <br>**ETF (SATO)**<br>|
| **Assets:** |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $2891441 | &nbsp;&nbsp;&nbsp; $9005604 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 366177 | &nbsp;&nbsp;&nbsp; 2206625 |
| Cash | &nbsp;&nbsp; 30597 | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; 3680 | &nbsp;&nbsp;&nbsp; 49865 |
| Receivable for: |  |  |
| Dividends | &nbsp;&nbsp; 1362 | &nbsp;&nbsp;&nbsp; 452 |
| Securities lending | &nbsp;&nbsp; 1759 | &nbsp;&nbsp;&nbsp; 15779 |
| **Total assets** | &nbsp;&nbsp; 3295016 | &nbsp;&nbsp;&nbsp; 11278325 |
| **Liabilities:** |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 44725 |
| Payable for: |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 365888 | &nbsp;&nbsp;&nbsp; 2206642 |
| Accrued unitary management fees | &nbsp;&nbsp; 1338 | &nbsp;&nbsp;&nbsp; 4080 |
| **Total liabilities** | &nbsp;&nbsp; 367226 | &nbsp;&nbsp;&nbsp; 2255447 |
| **Net Assets** | &nbsp;&nbsp; $2927790 | &nbsp;&nbsp;&nbsp; $9022878 |
| **Net assets consist of:** |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $3733195 | &nbsp;&nbsp;&nbsp; $12788630 |
| Distributable earnings (loss) | &nbsp;&nbsp; (805405)<br>| &nbsp;&nbsp;&nbsp; (3765752)<br>|
| **Net Assets** | &nbsp;&nbsp; $2927790 | &nbsp;&nbsp;&nbsp; $9022878 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp; 600001 |
| Net asset value | &nbsp;&nbsp; $19.52 | &nbsp;&nbsp;&nbsp; $15.04 |
| Market price | &nbsp;&nbsp; $19.50 | &nbsp;&nbsp;&nbsp; $14.96 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $2223993 | &nbsp;&nbsp;&nbsp; $7422191 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $366182 | &nbsp;&nbsp;&nbsp; $2206642 |
| Foreign currencies, at cost | &nbsp;&nbsp; $3583 | &nbsp;&nbsp;&nbsp; $48002 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $347840 | &nbsp;&nbsp;&nbsp; $2048369 |

---

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

------

**7**

------

**Consolidated Statements of Operations**

For the six months ended April 30, 2025

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Invesco** <br>**Alerian Galaxy** <br>**Blockchain Users** <br>**and Decentralized** <br>**Commerce ETF (BLKC)**<br>| **Invesco** <br>**Alerian Galaxy** <br>**Crypto Economy** <br>**ETF (SATO)**<br>|
| **Investment income:** |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $15888 | &nbsp;&nbsp;&nbsp; $12858 |
| Affiliated dividend income | &nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 885 |
| Securities lending income, net | &nbsp;&nbsp; 14395 | &nbsp;&nbsp;&nbsp; 89369 |
| Foreign withholding tax | &nbsp;&nbsp; (1536)<br>| &nbsp;&nbsp;&nbsp; (1289)<br>|
| Total investment income | &nbsp;&nbsp; 29087 | &nbsp;&nbsp;&nbsp; 101823 |
| **Expenses:** |  |  |
| Unitary management fees | &nbsp;&nbsp; 10342 | &nbsp;&nbsp;&nbsp; 31459 |
| Less: Waivers | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (18)<br>|
| Net expenses | &nbsp;&nbsp; 10335 | &nbsp;&nbsp;&nbsp; 31441 |
| Net investment income | &nbsp;&nbsp; 18752 | &nbsp;&nbsp;&nbsp; 70382 |
| **Realized and unrealized gain (loss) from:** |  |  |
| Net realized gain (loss) from: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 550457 | &nbsp;&nbsp;&nbsp; 1079127 |
| Affiliated investment securities | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (182)<br>|
| Foreign currencies | &nbsp;&nbsp; (370)<br>| &nbsp;&nbsp;&nbsp; (3346)<br>|
| Net realized gain | &nbsp;&nbsp; 550071 | &nbsp;&nbsp;&nbsp; 1075599 |
| Change in net unrealized appreciation (depreciation) of: |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (240614)<br>| &nbsp;&nbsp;&nbsp; (1095073)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; 72 |
| Foreign currencies | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 2306 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (240464)<br>| &nbsp;&nbsp;&nbsp; (1092695)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 309607 | &nbsp;&nbsp;&nbsp; (17096)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $328359 | &nbsp;&nbsp;&nbsp; $53286 |

---

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

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**8**

------

**Consolidated Statements of Changes in Net Assets**

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

*(Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Alerian Galaxy** <br>**Blockchain Users** <br>**and Decentralized** <br>**Commerce ETF (BLKC)** | **Invesco** <br>**Alerian Galaxy** <br>**Blockchain Users** <br>**and Decentralized** <br>**Commerce ETF (BLKC)** | **Invesco** <br>**Alerian Galaxy** <br>**Crypto Economy** <br>**ETF (SATO)** | **Invesco** <br>**Alerian Galaxy** <br>**Crypto Economy** <br>**ETF (SATO)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $18752 | &nbsp;&nbsp;&nbsp; $44063 | &nbsp;&nbsp;&nbsp; $70382 | &nbsp;&nbsp;&nbsp; $132617 |
| Net realized gain | &nbsp;&nbsp; 550071 | &nbsp;&nbsp;&nbsp; 1199444 | &nbsp;&nbsp;&nbsp; 1075599 | &nbsp;&nbsp;&nbsp; 3013509 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (240464)<br>| &nbsp;&nbsp;&nbsp; 618208 | &nbsp;&nbsp;&nbsp; (1092695)<br>| &nbsp;&nbsp;&nbsp; 1984276 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 328359 | &nbsp;&nbsp;&nbsp; 1861715 | &nbsp;&nbsp;&nbsp; 53286 | &nbsp;&nbsp;&nbsp; 5130402 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (763294)<br>| &nbsp;&nbsp;&nbsp; (76309)<br>| &nbsp;&nbsp;&nbsp; (1507262)<br>| &nbsp;&nbsp;&nbsp; (238390)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1993086 | &nbsp;&nbsp;&nbsp; 1335215 |
| Value of shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1012610)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2099025)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1012610)<br>| &nbsp;&nbsp;&nbsp; 1993086 | &nbsp;&nbsp;&nbsp; (763810)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (434935)<br>| &nbsp;&nbsp;&nbsp; 772796 | &nbsp;&nbsp;&nbsp; 539110 | &nbsp;&nbsp;&nbsp; 4128202 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 3362725 | &nbsp;&nbsp;&nbsp; 2589929 | &nbsp;&nbsp;&nbsp; 8483768 | &nbsp;&nbsp;&nbsp; 4355566 |
| End of period | &nbsp;&nbsp; $2927790 | &nbsp;&nbsp;&nbsp; $3362725 | &nbsp;&nbsp;&nbsp; $9022878 | &nbsp;&nbsp;&nbsp; $8483768 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100000 |
| Shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (150000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp; 200001 | &nbsp;&nbsp;&nbsp; 500001 | &nbsp;&nbsp;&nbsp; 550001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp; 600001 | &nbsp;&nbsp;&nbsp; 500001 |

---

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

------

**9**

------

**Consolidated Financial Highlights**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**October 5, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **For the Period** <br>**October 5, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $22.42 | &nbsp;&nbsp;&nbsp; $12.95 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $27.93 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.16 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp; (18.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.92 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp; (17.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $19.52 | &nbsp;&nbsp;&nbsp; $22.42 | &nbsp;&nbsp;&nbsp; $12.95 | &nbsp;&nbsp;&nbsp; $9.83 | &nbsp;&nbsp;&nbsp; $27.93 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $19.50 | &nbsp;&nbsp;&nbsp; $22.43 | &nbsp;&nbsp;&nbsp; $12.94 | &nbsp;&nbsp;&nbsp; $9.82 | &nbsp;&nbsp;&nbsp; $27.73 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.88<br> %<br>| &nbsp;&nbsp;&nbsp; (63.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.72 %<sup>(f)</sup><br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 77.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.92<br> %<br>| &nbsp;&nbsp;&nbsp; (63.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.92 %<sup>(f)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $2928 | &nbsp;&nbsp;&nbsp; $3363 | &nbsp;&nbsp;&nbsp; $2590 | &nbsp;&nbsp;&nbsp; $1966 | &nbsp;&nbsp;&nbsp; $5586 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.09 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27 %<sup>(g)</sup><br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 90<br> %<br>| &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>|

---

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

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

<sup>(c)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

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

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

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

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

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

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

------

**10**

------

**Consolidated Financial Highlights—(continued)**

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**October 5, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **For the Period** <br>**October 5, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $16.97 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $6.15 | &nbsp;&nbsp;&nbsp; $29.41 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp; (23.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp; (22.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.41 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; - |
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $15.04 | &nbsp;&nbsp;&nbsp; $16.97 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $6.15 | &nbsp;&nbsp;&nbsp; $29.41 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $14.96 | &nbsp;&nbsp;&nbsp; $16.91 | &nbsp;&nbsp;&nbsp; $7.96 | &nbsp;&nbsp;&nbsp; $6.14 | &nbsp;&nbsp;&nbsp; $29.09 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 121.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.34<br> %<br>| &nbsp;&nbsp;&nbsp; (78.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.64 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 119.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.23<br> %<br>| &nbsp;&nbsp;&nbsp; (78.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.36 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $9023 | &nbsp;&nbsp;&nbsp; $8484 | &nbsp;&nbsp;&nbsp; $4356 | &nbsp;&nbsp;&nbsp; $2768 | &nbsp;&nbsp;&nbsp; $11763 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(f)</sup><br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1.34 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp; (0.60 )%<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp;&nbsp; 137<br> %<br>| &nbsp;&nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp;&nbsp; 149<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

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

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

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

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

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

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

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

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

------

**11**

------

**Notes to Consolidated Financial Statements**

Invesco Exchange-Traded Fund Trust II

April 30, 2025

*(Unaudited)*

**NOTE 1—Organization**

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

---

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

---

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

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

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

---

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

---

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

**NOTE 2—Significant Accounting Policies**

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted

------

**12**

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

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

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

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

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

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

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

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

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

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quotations were used. Because of the inherent uncertainties of valuation, and the degree of subjectivity in such decisions, a Fund could realize a greater or lesser than expected gain or loss upon the sale of the investment.

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

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

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

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

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

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

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

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

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

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

**F.** **Foreign Withholding Taxes** - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to

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

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Consolidated Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Consolidated Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended April 30, 2025, the Funds did not enter into any closing agreements.

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

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

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for

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international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Consolidated Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Consolidated Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Consolidated Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Consolidated Statements of Operations, were incurred by each Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | $500  |
| Alerian Galaxy Crypto Economy ETF | 4473 |

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**L.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Consolidated Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Consolidated Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit

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risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Other Risks**

*ADR and GDR Risk*. The Funds may invest in American depositary receipts ("ADRs") and global depositary receipts ("GDRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Blockchain Company Investments Risk*. Companies engaged in the development, enablement and acquisition of blockchain technologies are subject to a number of risks. Blockchain technology is new and many of its uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchains. A lack of expansion in the usage of blockchain technology could adversely affect the underlying holdings of the Funds. Moreover, the extent to which companies held by the Funds utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material impact on the stock price of such companies.

Furthermore, companies that are developing applications of blockchain technology may not in fact do so or may not be able to capitalize on those blockchain technologies. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain may adversely affect an investment in the Funds. Additionally, blockchain technology is new, and as such may be subject to future laws or regulations. Any such regulatory changes affecting blockchain technology may adversely impact an investment in companies utilizing this technology.

Transacting on a blockchain depends in part specifically on the use of cryptographic keys that are required to access a user's account (or "wallet"). The theft, loss or destruction of these keys impairs the value of ownership claims users have over the relevant assets being represented by the ledger (whether "smart contracts," securities, currency or other digital assets). The theft, loss or destruction of private or public keys needed to transact on a blockchain could also adversely affect a company's business or operations if it were dependent on the ledger.

In addition, because blockchain functionality relies on the Internet, a significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of blockchain technologies and adversely affect the Funds. In addition, certain features of blockchain technology, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the likelihood of a coordinated response.

*Cryptocurrency Risk*. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies. While the Funds will not invest directly in cryptocurrencies, the value of the Funds' investments in cryptocurrency-linked assets (including private trusts and ETPs) is subject to fluctuations in the value of the cryptocurrency, which have been and may in the future be highly volatile. The value of cryptocurrencies is determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The price of a digital currency could drop precipitously (including to zero) for a variety of reasons, including, but not limited to, regulatory changes, a crisis of confidence, flaw or operational issue in a digital currency network

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or a change in user preference to competing cryptocurrencies. Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset, and the Funds' exposure to cryptocurrency-linked assets could result in substantial losses to the Funds.

Cryptocurrencies trade on exchanges, which are largely unregulated and, therefore, are more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges have in the past, and may in the future, cease operating temporarily or even permanently, resulting in the potential loss of users' cryptocurrency or other market disruptions. Cryptocurrency exchanges are more exposed to the risk of market manipulation than exchanges for traditional assets. Cryptocurrency exchanges that are regulated typically must comply with minimum net capital, cybersecurity, and anti-money laundering requirements, but are not typically required to protect customers or their markets to the same extent that regulated securities exchanges or futures exchanges are required to do so. Furthermore, many cryptocurrency exchanges lack certain safeguards established by traditional exchanges to enhance the stability of trading on the exchange, such as measures designed to prevent sudden drops in value of items traded on the exchange (i.e., "flash crashes"). As a result, the prices of cryptocurrencies on exchanges may be subject to larger and more frequent sudden declines than assets traded on traditional exchanges. In addition, cryptocurrency exchanges are also subject to the risk of cybersecurity threats and have been breached, resulting in the theft and/or loss of cryptocurrencies. A cyber or other security breach or a business failure of a cryptocurrency exchange or custodian may affect the price of a particular cryptocurrency or cryptocurrencies generally. A risk also exists with respect to malicious actors or previously unknown vulnerabilities, which may adversely affect the value of a digital currency.

Currently, there is relatively limited use of cryptocurrency in the retail and commercial marketplace, which contributes to price volatility. A lack of expansion by cryptocurrencies into retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction in the value of cryptocurrencies, either of which could adversely impact a Fund's investment in cryptocurrency. In addition, to the extent market participants develop a preference for one cryptocurrency over another, the value of the less preferred cryptocurrency would likely be adversely affected.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Digital Asset Company Investments Risk*. Companies engaged in the development, enablement and acquisition of digital assets and cryptocurrencies are subject to a number of risks. The technology relating to digital assets, including blockchain, is developing and the risks associated with digital assets may not fully emerge until the technology is widely used. Cryptocurrencies and blockchain technology are new and many of their uses may be untested. The mechanics of using distributed ledger technology to transact in other types of assets, such as securities or derivatives, is less clear. There is no assurance that widespread adoption will occur. Furthermore, the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to cryptocurrencies. A lack of expansion in the usage of cryptocurrencies could adversely affect an investment in the Funds.

Currently, there are relatively few companies for which digital assets represents an attributable and significant revenue stream. Therefore, the values of the companies included in an Underlying Index may not be a reflection of their connection to digital assets, but may be based on other business operations. Furthermore, companies that are developing applications of digital assets and cryptocurrencies may not in fact do so or may not be able to capitalize on those digital assets. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in an Underlying Index, which could adversely affect an investment in the Funds. A proliferation of recent startups attempting to apply blockchain technology in different contexts means the possibility of conflicting intellectual property claims could be a risk to an issuer, its operations or its business. This could also pose a risk to blockchain platforms that permit transactions in digital securities. Regardless of the merit of any intellectual property or other legal action, any threatened action that reduces confidence in the viability of blockchain and/or cryptocurrencies may adversely affect an investment in the Funds.

There may be risks posed by the lack of regulation for digital assets and any future regulatory developments could affect the viability and expansion of the use of digital assets.

*Emerging Markets Investment Risk*. Investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue

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or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund's index provider selects securities for inclusion in the Fund's Underlying Index or rebalances the Underlying Index.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index.

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Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Micro-Capitalization Company Risk*. Investments in the securities of micro-capitalization companies involve substantially greater risks of loss and price fluctuations than other securities with larger capitalizations. Micro-capitalization companies carry additional risks because their earnings and revenues tend to be less predictable (and some companies may experience significant losses), their share prices tend to be more volatile and their markets less liquid than companies with larger market capitalizations. Micro-capitalization companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources, and they may lack management depth or may be overly reliant on specific key individuals. In addition, less public information may be available about these companies. The shares of micro-capitalization companies tend to trade less frequently than those of larger, more established companies, which can adversely affect the pricing of these securities and the future ability to sell these securities.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund's use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Non-Diversified Fund Risk*. Because Alerian Galaxy Crypto Economy ETF is non-diversified and can invest a greater portion of its assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

*Portfolio Turnover Risk*. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund's shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

*Sampling Risk*. A Fund's use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

*Small-Capitalization Company Risk*. Investing in securities of small-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

*Subsidiary Investment Risk*. By investing in its Subsidiary, each Fund is indirectly exposed to the risks associated with its respective Subsidiary's investments. Each Subsidiary is not registered under the 1940 Act; therefore each Fund will not receive all of the protections offered to investors in registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or its Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

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**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

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| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|

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Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended April 30, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp;&nbsp; $7 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp;&nbsp; 18 |

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The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with VettaFi, LLC (the "Licensor").

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended April 30, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

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| | |
|:---|:---|
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp;&nbsp; $886 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp;&nbsp; 4953 |

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Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Consolidated Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

**NOTE 4—Security Transactions with Affiliated Funds**

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Invesco ETF from or to another fund that is or could be considered an "affiliated person" by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security's "current market price", as provided for in these procedures and Rule 17a-7.

For the six months ended April 30, 2025, the Funds engaged in transactions with affiliates as listed below:

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| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $619 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 4133 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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**NOTE 5—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2061656 | &nbsp;&nbsp; $372762 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2434418 |
| Exchange-Traded Funds | &nbsp;&nbsp; 457023 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 457023 |
| Money Market Funds | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 365883 | &nbsp;&nbsp; - | &nbsp;&nbsp; 366177 |
| **Total Investments** | &nbsp;&nbsp; $2518973 | &nbsp;&nbsp; $738645 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3257618 |
| Alerian Galaxy Crypto Economy ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $6418997 | &nbsp;&nbsp; $1213170 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7632167 |
| Exchange-Traded Funds | &nbsp;&nbsp; 1373437 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1373437 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 2206625 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2206625 |
| **Total Investments** | &nbsp;&nbsp; $7792434 | &nbsp;&nbsp; $3419795 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11212229 |

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**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of October 31, 2024, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $1346772 | &nbsp;&nbsp; $327788 | &nbsp;&nbsp; $1674560 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 4584132 | &nbsp;&nbsp; 849837 | &nbsp;&nbsp; 5433969 |

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**NOTE 7—Investment Transactions**

For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $1589079 | &nbsp;&nbsp; $2365969 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 7419441 | &nbsp;&nbsp; 8404834 |

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For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

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| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; $1526020 | &nbsp;&nbsp; $- |

---

Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation**<br>| **Cost** |
| Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | &nbsp;&nbsp; $778603 | &nbsp;&nbsp; $(335251)<br>| &nbsp;&nbsp; $443352 | &nbsp;&nbsp; $2814266 |
| Alerian Galaxy Crypto Economy ETF | &nbsp;&nbsp; 2187576 | &nbsp;&nbsp; (1464551)<br>| &nbsp;&nbsp; 723025 | &nbsp;&nbsp; 10489204 |

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**NOTE 8—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 9—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Consolidated Statements of Changes in Net Assets.

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**23**

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco 0-5 Yr US TIPS ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Invesco Alerian Galaxy Crypto Economy ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco Dorsey Wright Developed Markets Momentum ETF

Invesco Dorsey Wright Emerging Markets Momentum ETF

Invesco Dorsey Wright SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco Equal Weight 0-30 Year Treasury ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco Floating Rate Municipal Income ETF

Invesco Fundamental High Yield® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global ex-US High Yield Corporate Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Global Climate 500 ETF

Invesco MSCI Green Building ETF

Invesco MSCI USA ETF

Invesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco Nasdaq Free Cash Flow Achievers ETF

Invesco NASDAQ Future Gen 200 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

Invesco RAFI Developed Markets ex-U.S. ETF

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

Invesco RAFI Emerging Markets ETF

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500<sup>®</sup> Enhanced Value ETF

Invesco S&P 500<sup>®</sup> ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500<sup>®</sup> High Beta ETF

Invesco S&P 500<sup>®</sup> High Dividend Growers ETF

Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF

Invesco S&P 500<sup>®</sup> Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500<sup>®</sup> Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 GARP ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Short Term Treasury ETF

Invesco Taxable Municipal Bond ETF

Invesco Variable Rate Preferred ETF

Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the "Sub-Advisory Agreement"): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

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**24**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

***Investment Advisory Agreement***

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds ("ETFs") businesses of Guggenheim Capital LLC ("Guggenheim") on May 18, 2018 and Massachusetts Mutual Life Insurance Company ("Oppenheimer") on May 24, 2019 (each, a "Transaction"), and that each such Fund's performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF and for Invesco Senior Loan ETF, was within the targeted range set forth in the Trust's registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF's and Invesco Senior Loan ETF's correlation to its respective underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund's correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund's particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.04% of the Fund's average daily net assets for Invesco MSCI USA ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco 0-5 Yr US TIPS ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.08% of the Fund's average daily net assets for Invesco Short Term Treasury ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.10% of the Fund's average daily net assets for Invesco MSCI Global Climate 500 ETF and Invesco S&P 500 Minimum Variance ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.11% of the Fund's average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;

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**25**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.13% of the Fund's average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco Equal Weight

0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.22% of the Fund's average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.25% of the Fund's average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.28% of the Fund's average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.30% of the Fund's average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco S&P SmallCap 600 GARP ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco MSCI Green Building ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco S&P 500 High Dividend Growers ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.43% of the Fund's average daily net assets for Invesco RAFI Developed Markets ex-U.S. ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.47% of the Fund's average daily net assets for Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco RAFI Emerging Markets ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.55% of the Fund's average daily net assets for Invesco International BuyBack AchieversTM ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.65% of the Fund's average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.75% of the Fund's average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.80% of the Fund's average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.90% of the Fund's average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The

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**26**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal to/Lower** <br>**than ETF** <br>**Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco 0-5 Yr US TIPS ETF | X |  | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF |  | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF |  | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF |  |  | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF |  |  | X |
| Invesco Dorsey Wright SmallCap Momentum ETF |  |  | X |
| Invesco Emerging Markets Sovereign Debt ETF |  |  | X |
| Invesco Equal Weight 0-30 Year Treasury ETF |  |  | X |
| Invesco ESG NASDAQ 100 ETF |  |  | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X |  | X |
| Invesco ESG S&P 500 Equal Weight ETF | X |  | X |
| Invesco Floating Rate Municipal Income ETF |  | N/A | X |
| Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF |  | X | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF |  |  | X |
| Invesco Global Clean Energy ETF |  | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF |  | X | X |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Corporate Bond ETF |  |  | X |
| Invesco KBW Bank ETF | X |  | X |
| Invesco KBW High Dividend Yield Financial ETF | X |  | X |
| Invesco KBW Premium Yield Equity REIT ETF | X |  | X |
| Invesco KBW Property & Casualty Insurance ETF | X |  | X |
| Invesco KBW Regional Banking ETF | X |  | X |
| Invesco MSCI Global Climate 500 ETF | X | X | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | X | X |
| Invesco Nasdaq Biotechnology ETF | X |  | X |
| Invesco Nasdaq Free Cash Flow Achievers ETF |  | X | X |
| Invesco NASDAQ Future Gen 200 ETF |  |  | X |
| Invesco NASDAQ Next Gen 100 ETF | X |  | X |
| Invesco National AMT-Free Municipal Bond ETF |  |  | X |
| Invesco New York AMT-Free Municipal Bond ETF |  | N/A | X |
| Invesco PHLX Semiconductor ETF | X |  | X |
| Invesco Preferred ETF |  | N/A | X |
| Invesco RAFI Developed Markets ex-U.S. ETF |  |  | X |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF |  |  | X |
| Invesco RAFI Emerging Markets ETF |  |  | X |

---

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**27**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal to/Lower**<br> **than ETF**<br> **Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Russell 1000 Equal Weight ETF | X |  | X |
| Invesco S&P 500 Enhanced Value ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> ex-Rate Sensitive Low Volatility ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> High Beta ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> High Dividend Growers ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Low Volatility ETF | X |  | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Momentum ETF | X |  | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF |  |  | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X |  | X |
| Invesco S&P Emerging Markets Momentum ETF | X |  | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X |  | X |
| Invesco S&P International Developed Quality ETF | X |  | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF |  |  | X |
| Invesco S&P MidCap Low Volatility ETF |  |  | X |
| Invesco S&P SmallCap 600 GARP ETF |  |  | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF |  | X | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X |  | X |
| Invesco S&P SmallCap Consumer Staples ETF | X |  | X |
| Invesco S&P SmallCap Energy ETF | X |  | X |
| Invesco S&P SmallCap Financials ETF | X |  | X |
| Invesco S&P SmallCap Health Care ETF | X |  | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X |  | X |
| Invesco S&P SmallCap Information Technology ETF | X |  | X |
| Invesco S&P SmallCap Low Volatility ETF |  |  | X |
| Invesco S&P SmallCap Materials ETF | X |  | X |
| Invesco S&P SmallCap Quality ETF |  |  | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF |  | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X |  | X |
| Invesco Taxable Municipal Bond ETF |  | X | X |
| Invesco Variable Rate Preferred ETF |  | X | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dorsey Wright Emerging Markets Momentum ETF's, Invesco Global Clean Energy ETF's, Invesco International Corporate Bond ETF's, Invesco RAFI Developed Markets ex-U.S. ETF's, Invesco California AMT-Free Municipal Bond ETF's, Invesco National AMT-Free Municipal Bond ETF's, Invesco New York AMT-Free Municipal Bond ETF's, Invesco Taxable Municipal Bond ETF's and Invesco Floating Rate Municipal Income ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained

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**28**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco S&P SmallCap 600 GARP ETF or Invesco MSCI Global Climate 500 ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Investment Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 24, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

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**29**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF's and Invesco Short Term Treasury ETF's assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 13 and April 24, 2025 Board meetings, and Invesco Advisers, Inc., in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale*. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board's analysis.

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**30**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

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**31**

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-AG-NCSRS

invesco.com/ETFs

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![](imgff8111261.jpg)

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

April 30, 2025

---

| | |
|:---|:---|
| **PBTP** | Invesco 0-5 Yr US TIPS ETF |
| **PCY** | Invesco Emerging Markets Sovereign Debt ETF |
| **PGHY** | Invesco Global ex-US High Yield Corporate Bond ETF |
| **PICB** | Invesco International Corporate Bond ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco 0-5 Yr US TIPS ETF (PBTP)](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_SOI-Continued-430_1) | **3** |
| [Invesco Emerging Markets Sovereign Debt ETF (PCY)](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_SOI-Continued-430_2) | **4** |
| [Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_SOI-Continued-430_5) | **7** |
| [Invesco International Corporate Bond ETF (PICB)](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_SOI-Continued-430_15) | **17** |
| [Statements of Assets and Liabilities](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_FS-Continued-430_1) | **25** |
| [Statements of Operations](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_FS-Continued-430_2) | **26** |
| [Statements of Changes in Net Assets](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_FS-Continued-430_4) | **28** |
| [Financial Highlights](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_FIHI-Continued-430_1) | **30** |
| [Notes to Financial Statements](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_NTF-Continued-430_1) | **34** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_BCRC-Continued_1) | **45** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_f84eff08-3660-4ae4-9477-3842d2d74788_OIRSR-Continued-430_1) | **52** |

---

------

**2**

------

**Invesco 0-5 Yr US TIPS ETF (PBTP)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Securities-99.86%** | **U.S. Treasury Securities-99.86%** | **U.S. Treasury Securities-99.86%** |
| **U.S. Treasury Inflation — Indexed Bonds-18.82%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Bonds-18.82%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Bonds-18.82%**<sup>(a)</sup> |
| 2.00%, 01/15/2026 | $1631765 | &nbsp;&nbsp; $1646103 |
| 2.38%, 01/15/2027 | 1325601 | &nbsp;&nbsp; 1361893 |
| 1.75%, 01/15/2028 | 1206287 | &nbsp;&nbsp; 1231333 |
| 3.63%, 04/15/2028 | 1680497 | &nbsp;&nbsp; 1804904 |
| 2.50%, 01/15/2029 | 1069306 | &nbsp;&nbsp; 1119909 |
| 3.88%, 04/15/2029 | 1906711 | &nbsp;&nbsp; 2099698 |
| 1.63%, 04/15/2030 | 1363209 | &nbsp;&nbsp; 1377091 |
|  |  | &nbsp;&nbsp; 10640931 |
| **U.S. Treasury Inflation — Indexed Notes-81.04%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Notes-81.04%**<sup>(a)</sup> | **U.S. Treasury Inflation — Indexed Notes-81.04%**<sup>(a)</sup> |
| 0.38%, 07/15/2025 | 2808773 | &nbsp;&nbsp; 2805973 |
| 0.13%, 10/15/2025 | 2140995 | &nbsp;&nbsp; 2140089 |
| 0.63%, 01/15/2026 | 2876159 | &nbsp;&nbsp; 2874014 |
| 0.13%, 04/15/2026 | 2465663 | &nbsp;&nbsp; 2450172 |
| 0.13%, 07/15/2026 | 2495126 | &nbsp;&nbsp; 2488737 |
| 0.13%, 10/15/2026 | 2268140 | &nbsp;&nbsp; 2256284 |
| 0.38%, 01/15/2027 | 2569077 | &nbsp;&nbsp; 2552254 |
| 0.13%, 04/15/2027 | 2266775 | &nbsp;&nbsp; 2235066 |
| 0.38%, 07/15/2027 | 2447986 | &nbsp;&nbsp; 2431843 |
| 1.63%, 10/15/2027 | 2188230 | &nbsp;&nbsp; 2233389 |
| 0.50%, 01/15/2028 | 2548999 | &nbsp;&nbsp; 2517310 |
| 1.25%, 04/15/2028 | 2159494 | &nbsp;&nbsp; 2170018 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Inflation — Indexed Notes-(continued)** | **U.S. Treasury Inflation — Indexed Notes-(continued)** | **U.S. Treasury Inflation — Indexed Notes-(continued)** | **U.S. Treasury Inflation — Indexed Notes-(continued)** |
| 0.75%, 07/15/2028 | $| 2359909 | &nbsp;&nbsp; $2343319 |
| 2.38%, 10/15/2028 |  | 2226116 | &nbsp;&nbsp; 2326615 |
| 0.88%, 01/15/2029 |  | 2323149 | &nbsp;&nbsp; 2296235 |
| 2.13%, 04/15/2029 |  | 2304388 | &nbsp;&nbsp; 2380038 |
| 0.25%, 07/15/2029 |  | 2520786 | &nbsp;&nbsp; 2425963 |
| 1.63%, 10/15/2029 |  | 2404664 | &nbsp;&nbsp; 2444879 |
| 0.13%, 01/15/2030 |  | 2586189 | &nbsp;&nbsp; 2442773 |
|  |  |  | &nbsp;&nbsp; 45814971 |
| Total U.S. Treasury Securities <br>(Cost $56,172,479) | Total U.S. Treasury Securities <br>(Cost $56,172,479) | Total U.S. Treasury Securities <br>(Cost $56,172,479) | &nbsp;&nbsp; 56455902 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.31%** | **Money Market Funds-0.31%** | **Money Market Funds-0.31%** | **Money Market Funds-0.31%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(b)(c)</sup> <br>(Cost $176,679)<br>|  | 176679 | &nbsp;&nbsp; 176679 |
| TOTAL INVESTMENTS IN SECURITIES-100.17% <br>(Cost $56,349,158) | TOTAL INVESTMENTS IN SECURITIES-100.17% <br>(Cost $56,349,158) | TOTAL INVESTMENTS IN SECURITIES-100.17% <br>(Cost $56,349,158) | &nbsp;&nbsp; 56632581 |
| OTHER ASSETS LESS LIABILITIES-(0.17)% | OTHER ASSETS LESS LIABILITIES-(0.17)% | OTHER ASSETS LESS LIABILITIES-(0.17)% | &nbsp;&nbsp; (94588)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $56537993 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal amount of security and interest payments are adjusted for inflation. See Note 2K. |
| <sup>(b)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $158159 | &nbsp;&nbsp; $986903 | &nbsp;&nbsp; $(968383)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $176679 | &nbsp;&nbsp; $991 |

---

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

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

------

**3**

------

**Invesco Emerging Markets Sovereign Debt ETF (PCY)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.33%** | **U.S. Dollar Denominated Bonds & Notes-98.33%** | **U.S. Dollar Denominated Bonds & Notes-98.33%** |
| **Angola-2.68%** | **Angola-2.68%** | **Angola-2.68%** |
| Angolan Government International Bond |  |  |
| 8.75%, 04/14/2032<sup>(a)</sup> | $13445000 | &nbsp;&nbsp; $10587837 |
| 9.38%, 05/08/2048<sup>(a)</sup> | 14764000 | &nbsp;&nbsp; 10383078 |
| 9.13%, 11/26/2049<sup>(a)</sup> | 15045000 | &nbsp;&nbsp; 10311504 |
|  |  | &nbsp;&nbsp; 31282419 |
| **Bahrain-3.03%** | **Bahrain-3.03%** | **Bahrain-3.03%** |
| Bahrain Government International Bond |  |  |
| 6.00%, 09/19/2044<sup>(a)(b)</sup> | 14217000 | &nbsp;&nbsp; 11652076 |
| 7.50%, 09/20/2047<sup>(a)(b)</sup> | 12203000 | &nbsp;&nbsp; 11809758 |
| 6.25%, 01/25/2051<sup>(a)</sup> | 14467000 | &nbsp;&nbsp; 11940411 |
|  |  | &nbsp;&nbsp; 35402245 |
| **Brazil-3.18%** | **Brazil-3.18%** | **Brazil-3.18%** |
| Brazilian Government International Bond |  |  |
| 5.63%, 02/21/2047 | 15329000 | &nbsp;&nbsp; 12541883 |
| 4.75%, 01/14/2050 | 17623000 | &nbsp;&nbsp; 12451935 |
| 7.13%, 05/13/2054 | 12740000 | &nbsp;&nbsp; 12115988 |
|  |  | &nbsp;&nbsp; 37109806 |
| **Chile-3.19%** | **Chile-3.19%** | **Chile-3.19%** |
| Chile Government International Bond |  |  |
| 4.34%, 03/07/2042 | 14377000 | &nbsp;&nbsp; 12352718 |
| 4.00%, 01/31/2052 | 16492000 | &nbsp;&nbsp; 12449811 |
| 5.33%, 01/05/2054<sup>(b)</sup> | 13326997 | &nbsp;&nbsp; 12424160 |
|  |  | &nbsp;&nbsp; 37226689 |
| **China-3.18%** | **China-3.18%** | **China-3.18%** |
| China Government International Bond |  |  |
| 4.00%, 10/19/2048<sup>(a)(b)</sup> | 13465000 | &nbsp;&nbsp; 12528081 |
| 2.25%, 10/21/2050<sup>(a)(b)</sup> | 18703000 | &nbsp;&nbsp; 12293877 |
| 2.50%, 10/26/2051<sup>(a)(b)</sup> | 18043000 | &nbsp;&nbsp; 12322158 |
|  |  | &nbsp;&nbsp; 37144116 |
| **Colombia-2.94%** | **Colombia-2.94%** | **Colombia-2.94%** |
| Colombia Government International Bond |  |  |
| 5.63%, 02/26/2044 | 16071000 | &nbsp;&nbsp; 11515585 |
| 8.75%, 11/14/2053 | 11914000 | &nbsp;&nbsp; 11431984 |
| 8.38%, 11/07/2054 | 12412000 | &nbsp;&nbsp; 11392657 |
|  |  | &nbsp;&nbsp; 34340226 |
| **Costa Rica-3.11%** | **Costa Rica-3.11%** | **Costa Rica-3.11%** |
| Costa Rica Government International Bond |  |  |
| 5.63%, 04/30/2043<sup>(a)</sup> | 13706000 | &nbsp;&nbsp; 12200076 |
| 7.00%, 04/04/2044<sup>(a)</sup> | 11905000 | &nbsp;&nbsp; 11994288 |
| 7.16%, 03/12/2045<sup>(a)(b)</sup> | 11883000 | &nbsp;&nbsp; 12138920 |
|  |  | &nbsp;&nbsp; 36333284 |
| **Dominican Republic-3.09%** | **Dominican Republic-3.09%** | **Dominican Republic-3.09%** |
| Dominican Republic International Bond |  |  |
| 7.45%, 04/30/2044<sup>(a)</sup> | 11610000 | &nbsp;&nbsp; 11912440 |
| 6.85%, 01/27/2045<sup>(a)(b)</sup> | 12533000 | &nbsp;&nbsp; 12071786 |
| 6.50%, 02/15/2048<sup>(a)(b)</sup> | 13096000 | &nbsp;&nbsp; 12082370 |
|  |  | &nbsp;&nbsp; 36066596 |
| **Egypt-2.86%** | **Egypt-2.86%** | **Egypt-2.86%** |
| Egypt Government International Bond |  |  |
| 8.70%, 03/01/2049<sup>(a)</sup> | 14847000 | &nbsp;&nbsp; 10989285 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Egypt-(continued)** | **Egypt-(continued)** | **Egypt-(continued)** | **Egypt-(continued)** |
| 8.88%, 05/29/2050<sup>(a)</sup> | $| 15112000 | &nbsp;&nbsp; $11337835 |
| 8.75%, 09/30/2051<sup>(a)</sup> |  | 14983000 | &nbsp;&nbsp; 11089578 |
|  |  |  | &nbsp;&nbsp; 33416698 |
| **El Salvador-3.02%** | **El Salvador-3.02%** | **El Salvador-3.02%** | **El Salvador-3.02%** |
| El Salvador Government International Bond |  |  |  |
| 7.63%, 02/01/2041<sup>(a)</sup> |  | 13259000 | &nbsp;&nbsp; 11876063 |
| 7.13%, 01/20/2050<sup>(a)</sup> |  | 14449000 | &nbsp;&nbsp; 11696029 |
| 9.50%, 07/15/2052<sup>(a)</sup> |  | 11630000 | &nbsp;&nbsp; 11658598 |
|  |  |  | &nbsp;&nbsp; 35230690 |
| **Guatemala-3.19%** | **Guatemala-3.19%** | **Guatemala-3.19%** | **Guatemala-3.19%** |
| Guatemala Government Bond |  |  |  |
| 3.70%, 10/07/2033<sup>(a)</sup> |  | 14866000 | &nbsp;&nbsp; 12377983 |
| 6.55%, 02/06/2037<sup>(a)</sup> |  | 12653000 | &nbsp;&nbsp; 12628549 |
| 4.65%, 10/07/2041<sup>(a)(b)</sup> |  | 15742000 | &nbsp;&nbsp; 12205739 |
|  |  |  | &nbsp;&nbsp; 37212271 |
| **Hungary-3.05%** | **Hungary-3.05%** | **Hungary-3.05%** | **Hungary-3.05%** |
| Hungary Government International Bond |  |  |  |
| 7.63%, 03/29/2041 |  | 10808000 | &nbsp;&nbsp; 11965040 |
| 3.13%, 09/21/2051<sup>(a)</sup> |  | 20247000 | &nbsp;&nbsp; 11887267 |
| 6.75%, 09/25/2052<sup>(a)</sup> |  | 11727000 | &nbsp;&nbsp; 11773761 |
|  |  |  | &nbsp;&nbsp; 35626068 |
| **Indonesia-3.11%** | **Indonesia-3.11%** | **Indonesia-3.11%** | **Indonesia-3.11%** |
| Indonesia Government International Bond |  |  |  |
| 3.50%, 02/14/2050 |  | 17424000 | &nbsp;&nbsp; 12398759 |
| 4.45%, 04/15/2070 |  | 15011000 | &nbsp;&nbsp; 11883694 |
| 3.35%, 03/12/2071 |  | 19185000 | &nbsp;&nbsp; 11975985 |
|  |  |  | &nbsp;&nbsp; 36258438 |
| **Jordan-3.11%** | **Jordan-3.11%** | **Jordan-3.11%** | **Jordan-3.11%** |
| Jordan Government International Bond |  |  |  |
| 7.50%, 01/13/2029<sup>(a)</sup> |  | 12505000 | &nbsp;&nbsp; 12491338 |
| 5.85%, 07/07/2030<sup>(a)</sup> |  | 13370000 | &nbsp;&nbsp; 12358693 |
| 7.38%, 10/10/2047<sup>(a)</sup> |  | 13636000 | &nbsp;&nbsp; 11466342 |
|  |  |  | &nbsp;&nbsp; 36316373 |
| **Kazakhstan-3.12%** | **Kazakhstan-3.12%** | **Kazakhstan-3.12%** | **Kazakhstan-3.12%** |
| Kazakhstan Government International <br> Bond<br>|  |  |  |
| 4.71%, 04/09/2035<sup>(a)</sup> |  | 12745000 | &nbsp;&nbsp; 12329296 |
| 4.88%, 10/14/2044<sup>(a)</sup> |  | 13457000 | &nbsp;&nbsp; 11957453 |
| 6.50%, 07/21/2045<sup>(a)</sup> |  | 11610000 | &nbsp;&nbsp; 12181050 |
|  |  |  | &nbsp;&nbsp; 36467799 |
| **Mexico-3.05%** | **Mexico-3.05%** | **Mexico-3.05%** | **Mexico-3.05%** |
| Mexico Government International Bond |  |  |  |
| 6.34%, 05/04/2053 |  | 13506000 | &nbsp;&nbsp; 11899839 |
| 3.75%, 04/19/2071 |  | 21618000 | &nbsp;&nbsp; 11834623 |
| 5.75%, 10/12/2110 |  | 15630000 | &nbsp;&nbsp; 11887678 |
|  |  |  | &nbsp;&nbsp; 35622140 |
| **Morocco-3.13%** | **Morocco-3.13%** | **Morocco-3.13%** | **Morocco-3.13%** |
| Morocco Government International Bond |  |  |  |
| 6.50%, 09/08/2033<sup>(a)</sup> |  | 11837000 | &nbsp;&nbsp; 12257509 |
| 5.50%, 12/11/2042<sup>(a)</sup> |  | 13921000 | &nbsp;&nbsp; 12161420 |
| 4.00%, 12/15/2050<sup>(a)</sup> |  | 18238000 | &nbsp;&nbsp; 12087235 |
|  |  |  | &nbsp;&nbsp; 36506164 |

---

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

------

**4**

------

**Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Nigeria-2.83%** | **Nigeria-2.83%** | **Nigeria-2.83%** |
| Nigeria Government International Bond |  |  |
| 7.70%, 02/23/2038<sup>(a)</sup> | $14092000 | &nbsp;&nbsp; $10969125 |
| 7.63%, 11/28/2047<sup>(a)</sup> | 15392000 | &nbsp;&nbsp; 10955275 |
| 9.25%, 01/21/2049<sup>(a)(b)</sup> | 13157000 | &nbsp;&nbsp; 11137677 |
|  |  | &nbsp;&nbsp; 33062077 |
| **Oman-3.16%** | **Oman-3.16%** | **Oman-3.16%** |
| Oman Government International Bond |  |  |
| 6.50%, 03/08/2047<sup>(a)</sup> | 12125000 | &nbsp;&nbsp; 12054787 |
| 6.75%, 01/17/2048<sup>(a)</sup> | 12238000 | &nbsp;&nbsp; 12403256 |
| 7.00%, 01/25/2051<sup>(a)</sup> | 11891000 | &nbsp;&nbsp; 12405369 |
|  |  | &nbsp;&nbsp; 36863412 |
| **Pakistan-2.72%** | **Pakistan-2.72%** | **Pakistan-2.72%** |
| Pakistan Government International Bond |  |  |
| 7.38%, 04/08/2031<sup>(a)</sup> | 20546000 | &nbsp;&nbsp; 16249272 |
| 8.88%, 04/08/2051<sup>(a)</sup> | 21784000 | &nbsp;&nbsp; 15565757 |
|  |  | &nbsp;&nbsp; 31815029 |
| **Panama-3.15%** | **Panama-3.15%** | **Panama-3.15%** |
| Panama Government International Bond |  |  |
| 6.40%, 02/14/2035 | 13242000 | &nbsp;&nbsp; 12553151 |
| 6.88%, 01/31/2036 | 12893000 | &nbsp;&nbsp; 12489061 |
| 7.88%, 03/01/2057<sup>(b)</sup> | 12095000 | &nbsp;&nbsp; 11732679 |
|  |  | &nbsp;&nbsp; 36774891 |
| **Peru-3.16%** | **Peru-3.16%** | **Peru-3.16%** |
| Peruvian Government International Bond |  |  |
| 5.63%, 11/18/2050 | 13064000 | &nbsp;&nbsp; 12274038 |
| 5.88%, 08/08/2054 | 12947000 | &nbsp;&nbsp; 12306123 |
| 3.60%, 01/15/2072 | 20081000 | &nbsp;&nbsp; 12302117 |
|  |  | &nbsp;&nbsp; 36882278 |
| **Philippines-3.18%** | **Philippines-3.18%** | **Philippines-3.18%** |
| Philippine Government International Bond |  |  |
| 3.20%, 07/06/2046 | 18001000 | &nbsp;&nbsp; 12623372 |
| 4.20%, 03/29/2047 | 15080000 | &nbsp;&nbsp; 12318493 |
| 5.95%, 10/13/2047 | 11844000 | &nbsp;&nbsp; 12162661 |
|  |  | &nbsp;&nbsp; 37104526 |
| **Qatar-3.16%** | **Qatar-3.16%** | **Qatar-3.16%** |
| Qatar Government International Bond |  |  |
| 4.63%, 06/02/2046<sup>(a)</sup> | 13802000 | &nbsp;&nbsp; 12429412 |
| 5.10%, 04/23/2048<sup>(a)</sup> | 12913000 | &nbsp;&nbsp; 12245591 |
| 4.82%, 03/14/2049<sup>(a)</sup> | 13450000 | &nbsp;&nbsp; 12229816 |
|  |  | &nbsp;&nbsp; 36904819 |
| **Romania-3.09%** | **Romania-3.09%** | **Romania-3.09%** |
| Romanian Government International Bond |  |  |
| 5.13%, 06/15/2048<sup>(a)</sup> | 16606000 | &nbsp;&nbsp; 12138405 |
| 4.00%, 02/14/2051<sup>(a)</sup> | 19880000 | &nbsp;&nbsp; 11887284 |
| 7.63%, 01/17/2053<sup>(a)</sup> | 12454000 | &nbsp;&nbsp; 12034746 |
|  |  | &nbsp;&nbsp; 36060435 |
| **Saudi Arabia-3.15%** | **Saudi Arabia-3.15%** | **Saudi Arabia-3.15%** |
| Saudi Government International Bond |  |  |
| 5.75%, 01/16/2054<sup>(a)</sup> | 12955000 | &nbsp;&nbsp; 12255171 |
| 4.50%, 04/22/2060<sup>(a)</sup> | 15769000 | &nbsp;&nbsp; 12143766 |
| 3.45%, 02/02/2061<sup>(a)</sup> | 20078000 | &nbsp;&nbsp; 12370332 |
|  |  | &nbsp;&nbsp; 36769269 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Serbia-3.21%** | **Serbia-3.21%** | **Serbia-3.21%** |
| Serbia International Bond |  |  |
| 2.13%, 12/01/2030<sup>(a)</sup> | $15285000 | &nbsp;&nbsp; $12789293 |
| 6.50%, 09/26/2033<sup>(a)</sup> | 11909000 | &nbsp;&nbsp; 12312537 |
| 6.00%, 06/12/2034<sup>(a)</sup> | 12554000 | &nbsp;&nbsp; 12429584 |
|  |  | &nbsp;&nbsp; 37531414 |
| **South Africa-3.00%** | **South Africa-3.00%** | **South Africa-3.00%** |
| Republic of South Africa Government <br> International Bond<br>|  |  |
| 6.30%, 06/22/2048 | 15223000 | &nbsp;&nbsp; 11838680 |
| 5.75%, 09/30/2049 | 16172000 | &nbsp;&nbsp; 11589542 |
| 7.30%, 04/20/2052 | 13479000 | &nbsp;&nbsp; 11561275 |
|  |  | &nbsp;&nbsp; 34989497 |
| **Trinidad-3.13%** | **Trinidad-3.13%** | **Trinidad-3.13%** |
| Trinidad & Tobago Government <br> International Bond<br>|  |  |
| 4.50%, 06/26/2030<sup>(a)</sup> | 13491000 | &nbsp;&nbsp; 12219488 |
| 5.95%, 01/14/2031<sup>(a)</sup> | 12707000 | &nbsp;&nbsp; 12185377 |
| 6.40%, 06/26/2034<sup>(a)</sup> | 12772000 | &nbsp;&nbsp; 12097736 |
|  |  | &nbsp;&nbsp; 36502601 |
| **Turkey-3.02%** | **Turkey-3.02%** | **Turkey-3.02%** |
| Turkey Government International Bond |  |  |
| 4.88%, 04/16/2043 | 17248000 | &nbsp;&nbsp; 11687909 |
| 6.63%, 02/17/2045 | 14556000 | &nbsp;&nbsp; 11910665 |
| 5.75%, 05/11/2047 | 16069000 | &nbsp;&nbsp; 11644007 |
|  |  | &nbsp;&nbsp; 35242581 |
| **United Arab Emirates-3.15%** | **United Arab Emirates-3.15%** | **United Arab Emirates-3.15%** |
| Finance Department Government of <br> Sharjah<br>|  |  |
| 6.13%, 03/06/2036<sup>(a)(b)</sup> | 12373000 | &nbsp;&nbsp; 12369913 |
| 4.00%, 07/28/2050<sup>(a)</sup> | 19273000 | &nbsp;&nbsp; 12313703 |
| 4.38%, 03/10/2051<sup>(a)</sup> | 17681000 | &nbsp;&nbsp; 12040827 |
|  |  | &nbsp;&nbsp; 36724443 |
| **Uzbekistan-3.18%** | **Uzbekistan-3.18%** | **Uzbekistan-3.18%** |
| Republic of Uzbekistan International Bond |  |  |
| 3.70%, 11/25/2030<sup>(a)</sup> | 14588000 | &nbsp;&nbsp; 12560724 |
| 3.90%, 10/19/2031<sup>(a)</sup> | 14677000 | &nbsp;&nbsp; 12457294 |
| 6.90%, 02/28/2032<sup>(a)</sup> | 12061000 | &nbsp;&nbsp; 12080298 |
|  |  | &nbsp;&nbsp; 37098316 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,340,340,010) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $1,340,340,010) | &nbsp;&nbsp; 1147887610 |
|  | **Shares** |  |
| **Money Market Funds-0.18%** | **Money Market Funds-0.18%** | **Money Market Funds-0.18%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $2,136,615)<br>| 2136615 | &nbsp;&nbsp; 2136615 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.51% <br>(Cost $1,342,476,625) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.51% <br>(Cost $1,342,476,625) | &nbsp;&nbsp; 1150024225 |

---

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

------

**5**

------

**Invesco Emerging Markets Sovereign Debt ETF (PCY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-4.73%** | **Money Market Funds-4.73%** | **Money Market Funds-4.73%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 15331714 | &nbsp;&nbsp; $15331714 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 39896795 | &nbsp;&nbsp; 39904774 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $55,238,513) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $55,238,513) | &nbsp;&nbsp; 55236488 |
| TOTAL INVESTMENTS IN SECURITIES-103.24% <br>(Cost $1,397,715,138) | TOTAL INVESTMENTS IN SECURITIES-103.24% <br>(Cost $1,397,715,138) | &nbsp;&nbsp; 1205260713 |
| OTHER ASSETS LESS LIABILITIES-(3.24)% | OTHER ASSETS LESS LIABILITIES-(3.24)% | &nbsp;&nbsp; (37851605)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1167409108 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $774,371,498, which represented 66.33% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1189395 | &nbsp;&nbsp; $48181109 | &nbsp;&nbsp; $(47233889)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2136615 | &nbsp;&nbsp; $54535 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 13407358 | &nbsp;&nbsp; 61641840 | &nbsp;&nbsp; (59717484)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15331714 | &nbsp;&nbsp; 412,514<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 35021651 | &nbsp;&nbsp; 143933177 | &nbsp;&nbsp; (139045894)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; (4176)<br>| &nbsp;&nbsp; 39904774 | &nbsp;&nbsp; 1,097,453<br> \*<br>|
| Total | &nbsp;&nbsp; $49618404 | &nbsp;&nbsp; $253756126 | &nbsp;&nbsp; $(245997267)<br>| &nbsp;&nbsp; $16 | &nbsp;&nbsp; $(4176)<br>| &nbsp;&nbsp; $57373103 | &nbsp;&nbsp; $1564502 |

---

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

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

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

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

------

**6**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-97.28%** | **U.S. Dollar Denominated Bonds & Notes-97.28%** | **U.S. Dollar Denominated Bonds & Notes-97.28%** |
| **Angola-0.28%** | **Angola-0.28%** | **Angola-0.28%** |
| Azule Energy Finance PLC, 8.13%, <br> 01/23/2030<sup>(a)</sup><br>| $450000 | &nbsp;&nbsp; $433890 |
| **Argentina-1.48%** | **Argentina-1.48%** | **Argentina-1.48%** |
| Telecom Argentina S.A., 9.50%, <br> 07/18/2031<sup>(a)</sup><br>| 300000 | &nbsp;&nbsp; 314850 |
| Vista Energy Argentina S.A.U, 7.63%, <br> 12/10/2035<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 210485 |
| YPF S.A. |  |  |
| 6.95%, 07/21/2027<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 255114 |
| 9.00%, 06/30/2029<sup>(a)</sup> | 285942 | &nbsp;&nbsp; 293687 |
| 9.50%, 01/17/2031<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 278709 |
| 8.75%, 09/11/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 202645 |
| 7.00%, 09/30/2033<sup>(a)</sup> | 160000 | &nbsp;&nbsp; 153176 |
| 8.25%, 01/17/2034<sup>(a)</sup> | 400000 | &nbsp;&nbsp; 389031 |
| 7.00%, 12/15/2047<sup>(a)</sup> | 205000 | &nbsp;&nbsp; 174648 |
|  |  | &nbsp;&nbsp; 2272345 |
| **Australia-1.60%** | **Australia-1.60%** | **Australia-1.60%** |
| FMG Resources (August 2006) Pty. Ltd. |  |  |
| 4.50%, 09/15/2027<sup>(a)</sup> | 232000 | &nbsp;&nbsp; 226528 |
| 5.88%, 04/15/2030<sup>(a)(b)</sup> | 269000 | &nbsp;&nbsp; 266252 |
| 4.38%, 04/01/2031<sup>(a)</sup> | 544000 | &nbsp;&nbsp; 492876 |
| 6.13%, 04/15/2032<sup>(a)</sup> | 311000 | &nbsp;&nbsp; 306784 |
| Infrabuild Australia Pty Ltd., 14.50%, <br> 11/15/2028<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 210050 |
| Mineral Resources Ltd. |  |  |
| 8.13%, 05/01/2027<sup>(a)</sup> | 210000 | &nbsp;&nbsp; 204420 |
| 8.00%, 11/01/2027<sup>(a)</sup> | 143000 | &nbsp;&nbsp; 136000 |
| 9.25%, 10/01/2028<sup>(a)</sup> | 414000 | &nbsp;&nbsp; 392043 |
| 8.50%, 05/01/2030<sup>(a)</sup> | 242000 | &nbsp;&nbsp; 220091 |
|  |  | &nbsp;&nbsp; 2455044 |
| **Austria-0.15%** | **Austria-0.15%** | **Austria-0.15%** |
| Benteler International AG, 10.50%, <br> 05/15/2028<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 224843 |
| **Azerbaijan-0.23%** | **Azerbaijan-0.23%** | **Azerbaijan-0.23%** |
| State Oil Co. of the Azerbaijan Republic (The), <br> 6.95%, 03/18/2030<sup>(a)</sup><br>| 340000 | &nbsp;&nbsp; 354595 |
| **Bahrain-1.14%** | **Bahrain-1.14%** | **Bahrain-1.14%** |
| Bank of Bahrain and Kuwait B.S.C., 6.88%, <br> 06/06/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 202775 |
| Bapco Energies B.S.C. Closed |  |  |
| 7.50%, 10/25/2027<sup>(a)</sup> | 370000 | &nbsp;&nbsp; 379649 |
| 8.38%, 11/07/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 212440 |
| Bapco Energies Sukuk Ltd. |  |  |
| 5.25%, 04/08/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 196000 |
| 6.63%, 05/25/2033<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 207150 |
| 6.25%, 01/29/2035<sup>(a)(b)</sup> | 350000 | &nbsp;&nbsp; 356832 |
| GFH Senior Sukuk Ltd., 7.50%, <br> 11/06/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 198152 |
|  |  | &nbsp;&nbsp; 1752998 |
| **Belgium-0.25%** | **Belgium-0.25%** | **Belgium-0.25%** |
| Telenet Finance Luxembourg Notes S.a.r.l., <br> 5.50%, 03/01/2028<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 392078 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Bermuda-0.14%** | **Bermuda-0.14%** | **Bermuda-0.14%** |
| RLGH Finance Bermuda Ltd., 8.25%, <br> 07/17/2031<sup>(a)</sup><br>| $200000 | &nbsp;&nbsp; $218448 |
| **Brazil-12.37%** | **Brazil-12.37%** | **Brazil-12.37%** |
| 3R Lux S.a.r.l., 9.75%, 02/05/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 196437 |
| Acu Petroleo (Luxembourg) S.a.r.l., 7.50%, <br> 01/13/2032<sup>(a)</sup><br>| 249114 | &nbsp;&nbsp; 250165 |
| Aegea Finance S.a.r.l. |  |  |
| 6.75%, 05/20/2029<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 218092 |
| 9.00%, 01/20/2031<sup>(a)(b)</sup> | 300000 | &nbsp;&nbsp; 313230 |
| Amaggi (Luxembourg) International S.a.r.l., <br> 5.25%, 01/28/2028<sup>(a)</sup><br>| 260000 | &nbsp;&nbsp; 254139 |
| Ambipar Lux S.a.r.l., 9.88%, 02/06/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 192578 |
| Arcos Dorados B.V., 6.38%, 01/29/2032<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 203904 |
| Azul Secured Finance LLP, 10.88%, <br> 08/28/2030<br>| 130000 | &nbsp;&nbsp; 24806 |
| B3 S.A. - Brasil, Bolsa, Balcao, 4.13%, <br> 09/20/2031<sup>(a)</sup><br>| 210000 | &nbsp;&nbsp; 190825 |
| Banco Bradesco S.A. |  |  |
| 4.38%, 03/18/2027<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 217874 |
| 6.50%, 01/22/2030<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 363412 |
| Banco BTG Pactual S.A. |  |  |
| 2.75%, 01/11/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 216116 |
| 6.25%, 04/08/2029<sup>(a)</sup> | 170000 | &nbsp;&nbsp; 174677 |
| 5.75%, 01/22/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 199540 |
| Banco do Brasil S.A. |  |  |
| 3.25%, 09/30/2026<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 255363 |
| 4.88%, 01/11/2029<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 217424 |
| 6.25%, 04/18/2030<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 266916 |
| 6.00%, 03/18/2031<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 262762 |
| Braskem America Finance Co., 7.13%, <br> 07/22/2041<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 155488 |
| Braskem Netherlands Finance B.V. |  |  |
| 4.50%, 01/10/2028<sup>(a)</sup> | 450000 | &nbsp;&nbsp; 405082 |
| 4.50%, 01/31/2030<sup>(a)</sup> | 540000 | &nbsp;&nbsp; 448060 |
| 8.50%, 01/12/2031<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 288073 |
| 7.25%, 02/13/2033<sup>(a)</sup> | 360000 | &nbsp;&nbsp; 315177 |
| 8.00%, 10/15/2034<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 267900 |
| 5.88%, 01/31/2050<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 183051 |
| BRF S.A. |  |  |
| 4.88%, 01/24/2030<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 246678 |
| 5.75%, 09/21/2050<sup>(a)</sup> | 230000 | &nbsp;&nbsp; 186182 |
| Centrais Eletricas Brasileiras S.A. |  |  |
| 4.63%, 02/04/2030<sup>(a)</sup> | 250000 | &nbsp;&nbsp; 235911 |
| 6.50%, 01/11/2035<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 255575 |
| Cosan (Luxembourg) S.A., 5.50%, <br> 09/20/2029<sup>(a)</sup><br>| 180000 | &nbsp;&nbsp; 176355 |
| CSN Inova Ventures, 6.75%, 01/28/2028<sup>(a)</sup> | 480000 | &nbsp;&nbsp; 448221 |
| CSN Resources S.A. |  |  |
| 8.88%, 12/05/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 191630 |
| 4.63%, 06/10/2031<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 227497 |
| 5.88%, 04/08/2032<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 176817 |
| FS (Luxembourg) S.a.r.l., 8.88%, <br> 02/12/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 201213 |
| Itau Unibanco Holding S.A., 6.00%, <br> 02/27/2030<sup>(a)</sup><br>| 400000 | &nbsp;&nbsp; 409670 |

---

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

------

**7**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Brazil-(continued)** | **Brazil-(continued)** | **Brazil-(continued)** | **Brazil-(continued)** |
| Klabin Austria GmbH |  |  |  |
| 5.75%, 04/03/2029<sup>(a)</sup> | $| 330000 | &nbsp;&nbsp; $332505 |
| 3.20%, 01/12/2031<sup>(a)</sup> |  | 170000 | &nbsp;&nbsp; 148045 |
| 7.00%, 04/03/2049<sup>(a)</sup> |  | 240000 | &nbsp;&nbsp; 236366 |
| LD Celulose International GmbH, 7.95%, <br> 01/26/2032<sup>(a)</sup><br>|  | 270000 | &nbsp;&nbsp; 277560 |
| MARB BondCo PLC, 3.95%, 01/29/2031<sup>(a)</sup> |  | 410000 | &nbsp;&nbsp; 354872 |
| MC Brazil Downstream Trading S.a.r.l., 7.25%, <br> 06/30/2031<sup>(a)</sup><br>|  | 635246 | &nbsp;&nbsp; 491490 |
| MercadoLibre, Inc., 3.13%, 01/14/2031 |  | 200000 | &nbsp;&nbsp; 177602 |
| Minerva (Luxembourg) S.A. |  |  |  |
| 4.38%, 03/18/2031<sup>(a)</sup> |  | 438000 | &nbsp;&nbsp; 385769 |
| 8.88%, 09/13/2033<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 362905 |
| Movida Europe S.A., 7.85%, 04/11/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 176337 |
| MV24 Capital B.V., 6.75%, 06/01/2034<sup>(a)</sup> |  | 300840 | &nbsp;&nbsp; 286990 |
| NewCo Holding 20 S.a.r.l., 9.38%, <br> 11/07/2029<sup>(a)</sup><br>|  | 300000 | &nbsp;&nbsp; 296550 |
| Petrobras Global Finance B.V. |  |  |  |
| 7.38%, 01/17/2027 |  | 235000 | &nbsp;&nbsp; 243918 |
| 6.00%, 01/27/2028 |  | 398000 | &nbsp;&nbsp; 404712 |
| 5.60%, 01/03/2031<sup>(b)</sup> |  | 277000 | &nbsp;&nbsp; 275724 |
| 6.50%, 07/03/2033<sup>(b)</sup> |  | 340000 | &nbsp;&nbsp; 343876 |
| 6.00%, 01/13/2035<sup>(b)</sup> |  | 350000 | &nbsp;&nbsp; 331872 |
| 6.88%, 01/20/2040 |  | 243000 | &nbsp;&nbsp; 239071 |
| 6.75%, 01/27/2041 |  | 253000 | &nbsp;&nbsp; 245488 |
| 7.25%, 03/17/2044<sup>(b)</sup> |  | 306000 | &nbsp;&nbsp; 305926 |
| 5.50%, 06/10/2051 |  | 181000 | &nbsp;&nbsp; 136892 |
| 6.85%, 06/05/2115 |  | 560000 | &nbsp;&nbsp; 489713 |
| Petrorio Luxembourg Holding S.a.r.l., 6.13%, <br> 06/09/2026<sup>(a)</sup><br>|  | 270000 | &nbsp;&nbsp; 270535 |
| Rede D'or Finance S.a.r.l. |  |  |  |
| 4.95%, 01/17/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 216309 |
| 4.50%, 01/22/2030<sup>(a)</sup> |  | 260000 | &nbsp;&nbsp; 242329 |
| Rumo Luxembourg S.a.r.l. |  |  |  |
| 5.25%, 01/10/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 217320 |
| 4.20%, 01/18/2032<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 175275 |
| Samarco Mineracao S.A., 9.00% PIK Rate, <br> 0.50% Cash Rate, 06/30/2031<sup>(a)(b)(c)</sup><br>|  | 1570852 | &nbsp;&nbsp; 1479428 |
| Simpar Europe S.A., 5.20%, 01/26/2031<sup>(a)</sup> |  | 180000 | &nbsp;&nbsp; 139725 |
| Trident Energy Finance PLC, 12.50%, <br> 11/30/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 189636 |
| Usiminas International S.a.r.l., 7.50%, <br> 01/27/2032<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 200250 |
| XP, Inc., 6.75%, 07/02/2029<sup>(a)</sup> |  | 170000 | &nbsp;&nbsp; 172906 |
| Yinson Boronia Production B.V., 8.95%, <br> 07/31/2042<sup>(a)</sup><br>|  | 346913 | &nbsp;&nbsp; 356453 |
|  |  |  | &nbsp;&nbsp; 19041189 |
| **Canada-12.20%** | **Canada-12.20%** | **Canada-12.20%** | **Canada-12.20%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |  |
| 3.88%, 01/15/2028<sup>(a)</sup> |  | 528000 | &nbsp;&nbsp; 507531 |
| 4.38%, 01/15/2028<sup>(a)</sup> |  | 287000 | &nbsp;&nbsp; 278159 |
| 3.50%, 02/15/2029<sup>(a)</sup> |  | 287000 | &nbsp;&nbsp; 268669 |
| 6.13%, 06/15/2029<sup>(a)</sup> |  | 600000 | &nbsp;&nbsp; 610203 |
| 5.63%, 09/15/2029<sup>(a)</sup> |  | 225000 | &nbsp;&nbsp; 224536 |
| 4.00%, 10/15/2030<sup>(a)</sup> |  | 1162000 | &nbsp;&nbsp; 1058939 |
| Air Canada, 3.88%, 08/15/2026<sup>(a)</sup> |  | 413000 | &nbsp;&nbsp; 405585 |
| Algonquin Power & Utilities Corp., 4.75%, <br> 01/18/2082<sup>(b)(d)</sup><br>|  | 292000 | &nbsp;&nbsp; 274337 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| AltaGas Ltd., 7.20%, 10/15/2054<sup>(a)(d)</sup> | $400000 | &nbsp;&nbsp; $391647 |
| Baffinland Iron Mines Corp./Baffinland Iron <br> Mines L.P., 8.75%, 07/15/2026<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 193551 |
| Baytex Energy Corp. |  |  |
| 8.50%, 04/30/2030<sup>(a)</sup> | 275000 | &nbsp;&nbsp; 255813 |
| 7.38%, 03/15/2032<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 172652 |
| Bell Canada |  |  |
| 6.88%, 09/15/2055<sup>(b)(d)</sup> | 380000 | &nbsp;&nbsp; 380505 |
| 7.00%, 09/15/2055<sup>(d)</sup> | 450000 | &nbsp;&nbsp; 447679 |
| Bombardier, Inc. |  |  |
| 7.88%, 04/15/2027<sup>(a)</sup> | 242000 | &nbsp;&nbsp; 242742 |
| 6.00%, 02/15/2028<sup>(a)</sup> | 292000 | &nbsp;&nbsp; 289063 |
| 7.50%, 02/01/2029<sup>(a)</sup> | 287000 | &nbsp;&nbsp; 295909 |
| 8.75%, 11/15/2030<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 278918 |
| 7.25%, 07/01/2031<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 358787 |
| 7.00%, 06/01/2032<sup>(a)</sup> | 260000 | &nbsp;&nbsp; 263375 |
| 7.45%, 05/01/2034<sup>(a)</sup> | 239000 | &nbsp;&nbsp; 251436 |
| Brookfield Residential Properties, <br> Inc./Brookfield Residential U.S. LLC<br>|  |  |
| 6.25%, 09/15/2027<sup>(a)</sup> | 240000 | &nbsp;&nbsp; 235547 |
| 4.88%, 02/15/2030<sup>(a)</sup> | 190000 | &nbsp;&nbsp; 165650 |
| Dye & Durham Ltd., 8.63%, 04/15/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 203646 |
| Emera, Inc., Series 16-A, 6.75%, <br> 06/15/2076<sup>(d)</sup><br>| 420000 | &nbsp;&nbsp; 421618 |
| Enerflex Ltd., 9.00%, 10/15/2027<sup>(a)</sup> | 215000 | &nbsp;&nbsp; 220649 |
| Garda World Security Corp. |  |  |
| 4.63%, 02/15/2027<sup>(a)</sup> | 218000 | &nbsp;&nbsp; 214472 |
| 6.00%, 06/01/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 187400 |
| 8.25%, 08/01/2032<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 196758 |
| goeasy Ltd., 9.25%, 12/01/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 209562 |
| Great Canadian Gaming Corp., 8.75%, <br> 11/15/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 198475 |
| Hudbay Minerals, Inc. |  |  |
| 4.50%, 04/01/2026<sup>(a)</sup> | 182000 | &nbsp;&nbsp; 178772 |
| 6.13%, 04/01/2029<sup>(a)</sup> | 182000 | &nbsp;&nbsp; 181389 |
| Husky Injection Molding Systems Ltd./Titan <br> Co-Borrower LLC, 9.00%, 02/15/2029<sup>(a)</sup><br>| 330000 | &nbsp;&nbsp; 335405 |
| Intelligent Packaging Ltd. Finco, Inc./Intelligent <br> Packaging Ltd. Co-Issuer LLC, 6.00%, <br> 09/15/2028<sup>(a)</sup><br>| 268000 | &nbsp;&nbsp; 266415 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 195364 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| 8.50%, 03/15/2030<sup>(a)</sup> | 276000 | &nbsp;&nbsp; 291389 |
| 10.50%, 12/15/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 215327 |
| Kronos Acquisition Holdings, Inc., 8.25%, <br> 06/30/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 165605 |
| Mattamy Group Corp. |  |  |
| 5.25%, 12/15/2027<sup>(a)</sup> | 190000 | &nbsp;&nbsp; 184735 |
| 4.63%, 03/01/2030<sup>(a)</sup> | 230000 | &nbsp;&nbsp; 210629 |
| MEG Energy Corp., 5.88%, 02/01/2029<sup>(a)</sup> | 232000 | &nbsp;&nbsp; 224087 |
| Methanex Corp. |  |  |
| 5.13%, 10/15/2027 | 229000 | &nbsp;&nbsp; 224989 |
| 5.25%, 12/15/2029<sup>(b)</sup> | 265000 | &nbsp;&nbsp; 251999 |
| Northriver Midstream Finance L.P., 6.75%, <br> 07/15/2032<sup>(a)</sup><br>| 300000 | &nbsp;&nbsp; 298432 |
| NOVA Chemicals Corp. |  |  |
| 5.00%, 05/01/2025<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 200000 |
| 5.25%, 06/01/2027<sup>(a)</sup> | 357000 | &nbsp;&nbsp; 353260 |

---

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

------

**8**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| 4.25%, 05/15/2029<sup>(a)</sup> | $| 220000 | &nbsp;&nbsp; $208133 |
| 9.00%, 02/15/2030<sup>(a)</sup> |  | 225000 | &nbsp;&nbsp; 240684 |
| Open Text Corp. |  |  |  |
| 3.88%, 02/15/2028<sup>(a)</sup> |  | 342000 | &nbsp;&nbsp; 327244 |
| 3.88%, 12/01/2029<sup>(a)</sup> |  | 291000 | &nbsp;&nbsp; 268486 |
| Open Text Holdings, Inc. |  |  |  |
| 4.13%, 02/15/2030<sup>(a)</sup> |  | 342000 | &nbsp;&nbsp; 316498 |
| 4.13%, 12/01/2031<sup>(a)</sup> |  | 253000 | &nbsp;&nbsp; 226606 |
| Parkland Corp. |  |  |  |
| 5.88%, 07/15/2027<sup>(a)</sup> |  | 190000 | &nbsp;&nbsp; 188529 |
| 4.50%, 10/01/2029<sup>(a)</sup> |  | 309000 | &nbsp;&nbsp; 291691 |
| 4.63%, 05/01/2030<sup>(a)</sup> |  | 309000 | &nbsp;&nbsp; 291193 |
| 6.63%, 08/15/2032<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 199277 |
| RB Global Holdings, Inc. |  |  |  |
| 6.75%, 03/15/2028<sup>(a)</sup> |  | 210000 | &nbsp;&nbsp; 214380 |
| 7.75%, 03/15/2031<sup>(a)</sup> |  | 308000 | &nbsp;&nbsp; 323318 |
| Rogers Communications, Inc. |  |  |  |
| 7.00%, 04/15/2055<sup>(b)(d)</sup> |  | 400000 | &nbsp;&nbsp; 403229 |
| 7.13%, 04/15/2055<sup>(d)</sup> |  | 380000 | &nbsp;&nbsp; 378867 |
| 5.25%, 03/15/2082<sup>(a)(d)</sup> |  | 252000 | &nbsp;&nbsp; 245849 |
| South Bow Canadian Infrastructure Holdings <br> Ltd., 7.50%, 03/01/2055<sup>(a)(d)</sup><br>|  | 250000 | &nbsp;&nbsp; 245994 |
| Strathcona Resources Ltd., 6.88%, <br> 08/01/2026<sup>(a)</sup><br>|  | 195000 | &nbsp;&nbsp; 191428 |
| Superior Plus L.P./Superior General Partner, <br> Inc., 4.50%, 03/15/2029<sup>(a)</sup><br>|  | 230000 | &nbsp;&nbsp; 215004 |
| Taseko Mines Ltd., 8.25%, 05/01/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 202191 |
| Telesat Canada/Telesat LLC, 5.63%, <br> 12/06/2026<sup>(a)</sup><br>|  | 190000 | &nbsp;&nbsp; 108300 |
| Wrangler Holdco Corp. ˂˂No Caption <br> Available˃˃, 0.00%, <sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 205510 |
|  |  |  | &nbsp;&nbsp; 18774021 |
| **Cayman Islands-0.26%** | **Cayman Islands-0.26%** | **Cayman Islands-0.26%** | **Cayman Islands-0.26%** |
| Global Aircraft Leasing Co. Ltd., 8.75%, <br> 09/01/2027<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 399051 |
| **Chile-0.93%** | **Chile-0.93%** | **Chile-0.93%** | **Chile-0.93%** |
| AES Andes S.A., 8.15%, 06/10/2055<sup>(a)(d)</sup> |  | 200000 | &nbsp;&nbsp; 204200 |
| Agrosuper S.A., 4.60%, 01/20/2032<sup>(a)</sup> |  | 170000 | &nbsp;&nbsp; 155118 |
| Falabella S.A., 3.38%, 01/15/2032<sup>(a)</sup> |  | 240000 | &nbsp;&nbsp; 203850 |
| LATAM Airlines Group S.A. |  |  |  |
| 13.38%, 10/15/2029<sup>(a)</sup> |  | 230000 | &nbsp;&nbsp; 257567 |
| 7.88%, 04/15/2030<sup>(a)(b)</sup> |  | 500000 | &nbsp;&nbsp; 490000 |
| Telefonica Moviles Chile S.A., 3.54%, <br> 11/18/2031<sup>(a)</sup><br>|  | 180000 | &nbsp;&nbsp; 119330 |
|  |  |  | &nbsp;&nbsp; 1430065 |
| **China-3.82%** | **China-3.82%** | **China-3.82%** | **China-3.82%** |
| Bank of Communications Co. Ltd., <br> 3.80%<sup>(a)(d)(e)</sup><br>|  | 850000 | &nbsp;&nbsp; 845656 |
| CFAMC III Co. Ltd. |  |  |  |
| 4.75%, 04/27/2027<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 297675 |
| 4.25%, 11/07/2027<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 292617 |
| CFAMC IV Co. Ltd., 4.50%, 05/29/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 192398 |
| Fortune Star (BVI) Ltd. |  |  |  |
| 5.00%, 05/18/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 213073 |
| 5.05%, 01/27/2027<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 207519 |
| 8.50%, 05/19/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 198781 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** | **China-(continued)** |
| Franshion Brilliant Ltd. |  |  |  |
| 4.25%, 07/23/2029<sup>(a)</sup> | $| 200000 | &nbsp;&nbsp; $174722 |
| 6.00%<sup>(a)(d)(e)</sup> |  | 220000 | &nbsp;&nbsp; 217322 |
| Industrial and Commercial Bank of China Ltd., <br> 3.20%<sup>(a)(d)(e)</sup><br>|  | 2282000 | &nbsp;&nbsp; 2223599 |
| Longfor Group Holdings Ltd., 4.50%, <br> 01/16/2028<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 176978 |
| Vanke Real Estate (Hong Kong) Co. Ltd., <br> 3.98%, 11/09/2027<sup>(a)</sup><br>|  | 330000 | &nbsp;&nbsp; 254431 |
| West China Cement Ltd., 4.95%, <br> 07/08/2026<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 172335 |
| Westwood Group Holdings Ltd., 2.80%, <br> 01/20/2026<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 196090 |
| Yanlord Land (HK) Co. Ltd., 5.13%, <br> 05/20/2026<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 213179 |
|  |  |  | &nbsp;&nbsp; 5876375 |
| **Colombia-3.50%** | **Colombia-3.50%** | **Colombia-3.50%** | **Colombia-3.50%** |
| AI Candelaria (Spain) S.A., 5.75%, <br> 06/15/2033<sup>(a)</sup><br>|  | 195000 | &nbsp;&nbsp; 160107 |
| Banco de Bogota S.A., 6.25%, 05/12/2026<sup>(a)</sup> |  | 390000 | &nbsp;&nbsp; 391056 |
| Canacol Energy Ltd., 5.75%, 11/24/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 102315 |
| Ecopetrol S.A. |  |  |  |
| 8.63%, 01/19/2029 |  | 289000 | &nbsp;&nbsp; 302396 |
| 6.88%, 04/29/2030 |  | 591000 | &nbsp;&nbsp; 575692 |
| 4.63%, 11/02/2031 |  | 310000 | &nbsp;&nbsp; 253458 |
| 7.75%, 02/01/2032 |  | 380000 | &nbsp;&nbsp; 362551 |
| 8.88%, 01/13/2033 |  | 610000 | &nbsp;&nbsp; 610999 |
| 8.38%, 01/19/2036 |  | 450000 | &nbsp;&nbsp; 421521 |
| 7.38%, 09/18/2043 |  | 208000 | &nbsp;&nbsp; 168851 |
| 5.88%, 05/28/2045 |  | 470000 | &nbsp;&nbsp; 315278 |
| 5.88%, 11/02/2051 |  | 130000 | &nbsp;&nbsp; 83124 |
| Empresas Publicas de Medellin E.S.P. |  |  |  |
| 4.25%, 07/18/2029<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 317003 |
| 4.38%, 02/15/2031<sup>(a)(b)</sup> |  | 260000 | &nbsp;&nbsp; 225209 |
| EnfraGen Energia Sur S.A./EnfraGen Spain <br> S.A./Prime Energia S.p.A., 5.38%, <br> 12/30/2030<sup>(a)</sup><br>|  | 245000 | &nbsp;&nbsp; 210794 |
| GeoPark Ltd., 8.75%, 01/31/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 173115 |
| Gran Tierra Energy, Inc., 9.50%, <br> 10/15/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 155726 |
| Grupo Aval Ltd., 4.38%, 02/04/2030<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 308283 |
| SierraCol Energy Andina LLC, 6.00%, <br> 06/15/2028<sup>(a)</sup><br>|  | 270000 | &nbsp;&nbsp; 248618 |
|  |  |  | &nbsp;&nbsp; 5386096 |
| **Costa Rica-0.10%** | **Costa Rica-0.10%** | **Costa Rica-0.10%** | **Costa Rica-0.10%** |
| Instituto Costarricense de Electricidad, 6.38%, <br> 05/15/2043<sup>(a)</sup><br>|  | 170000 | &nbsp;&nbsp; 150391 |
| **Czech Republic-0.21%** | **Czech Republic-0.21%** | **Czech Republic-0.21%** | **Czech Republic-0.21%** |
| Allwyn Entertainment Financing (UK) PLC, <br> 7.88%, 04/30/2029<sup>(a)</sup><br>|  | 310000 | &nbsp;&nbsp; 321744 |
| **Dominican Republic-0.13%** | **Dominican Republic-0.13%** | **Dominican Republic-0.13%** | **Dominican Republic-0.13%** |
| Aeropuertos Dominicanos Siglo XXI S.A., <br> 7.00%, 06/30/2034<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 203312 |
| **Finland-0.16%** | **Finland-0.16%** | **Finland-0.16%** | **Finland-0.16%** |
| Amer Sports Co., 6.75%, 02/16/2031<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 253196 |

---

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

------

**9**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **France-2.78%** | **France-2.78%** | **France-2.78%** |
| Altice France S.A. |  |  |
| 8.13%, 02/01/2027<sup>(a)</sup> | $560000 | &nbsp;&nbsp; $513046 |
| 5.50%, 01/15/2028<sup>(a)</sup> | 380000 | &nbsp;&nbsp; 315014 |
| 5.13%, 07/15/2029<sup>(a)</sup> | 900000 | &nbsp;&nbsp; 735596 |
| 5.50%, 10/15/2029<sup>(a)</sup> | 670000 | &nbsp;&nbsp; 549430 |
| Calderys Financing LLC, 11.25%, <br> 06/01/2028<sup>(a)</sup><br>| 210000 | &nbsp;&nbsp; 222137 |
| Electricite de France S.A., 9.13%<sup>(a)(d)(e)</sup> | 520000 | &nbsp;&nbsp; 582907 |
| Iliad Holding S.A.S.U. |  |  |
| 7.00%, 10/15/2028<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 303923 |
| 8.50%, 04/15/2031<sup>(a)</sup> | 420000 | &nbsp;&nbsp; 443468 |
| 7.00%, 04/15/2032<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 304465 |
| Vallourec SACA, 7.50%, 04/15/2032<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 310974 |
|  |  | &nbsp;&nbsp; 4280960 |
| **Georgia-0.13%** | **Georgia-0.13%** | **Georgia-0.13%** |
| Georgian Railway JSC, 4.00%, 06/17/2028<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 195514 |
| **Germany-1.55%** | **Germany-1.55%** | **Germany-1.55%** |
| Cerdia Finanz GmbH, 9.38%, 10/03/2031<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 302625 |
| Cheplapharm Arzneimittel GmbH, 5.50%, <br> 01/15/2028<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 194818 |
| IHO Verwaltungs GmbH, 7.75% PIK Rate, <br> 8.50% Cash Rate, 11/15/2030<sup>(a)(c)</sup><br>| 200000 | &nbsp;&nbsp; 195469 |
| Mercer International, Inc., 5.13%, <br> 02/01/2029<sup>(b)</sup><br>| 309000 | &nbsp;&nbsp; 254574 |
| TK Elevator U.S. Newco, Inc., 5.25%, <br> 07/15/2027<sup>(a)</sup><br>| 550000 | &nbsp;&nbsp; 542111 |
| ZF North America Capital, Inc. |  |  |
| 6.88%, 04/14/2028<sup>(a)</sup> | 217000 | &nbsp;&nbsp; 207497 |
| 7.13%, 04/14/2030<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 202681 |
| 6.75%, 04/23/2030<sup>(a)</sup> | 265000 | &nbsp;&nbsp; 242082 |
| 6.88%, 04/23/2032<sup>(a)</sup> | 280000 | &nbsp;&nbsp; 246042 |
|  |  | &nbsp;&nbsp; 2387899 |
| **Ghana-0.35%** | **Ghana-0.35%** | **Ghana-0.35%** |
| Kosmos Energy Ltd., 8.75%, 10/01/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 161698 |
| Tullow Oil PLC, 10.25%, 05/15/2026<sup>(a)</sup> | 483000 | &nbsp;&nbsp; 382415 |
|  |  | &nbsp;&nbsp; 544113 |
| **Guatemala-0.56%** | **Guatemala-0.56%** | **Guatemala-0.56%** |
| Central American Bottling Corp./CBC Bottling <br> Holdco S.L./Beliv Holdco S.L., 5.25%, <br> 04/27/2029<sup>(a)</sup><br>| 379000 | &nbsp;&nbsp; 362981 |
| CT Trust, 5.13%, 02/03/2032<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 273322 |
| Investment Energy Resources Ltd., 6.25%, <br> 04/26/2029<sup>(a)</sup><br>| 240000 | &nbsp;&nbsp; 229155 |
|  |  | &nbsp;&nbsp; 865458 |
| **Hong Kong-2.06%** | **Hong Kong-2.06%** | **Hong Kong-2.06%** |
| Bank of East Asia Ltd. (The), 5.83%<sup>(a)(d)(e)</sup> | 290000 | &nbsp;&nbsp; 286312 |
| CAS Capital No. 1 Ltd., 4.00%<sup>(a)(d)(e)</sup> | 340000 | &nbsp;&nbsp; 326400 |
| China CITIC Bank International Ltd. |  |  |
| 3.25%<sup>(a)(d)(e)</sup> | 270000 | &nbsp;&nbsp; 264610 |
| 4.80%<sup>(a)(d)(e)</sup> | 270000 | &nbsp;&nbsp; 268248 |
| Melco Resorts Finance Ltd. |  |  |
| 4.88%, 06/06/2025<sup>(a)</sup> | 250000 | &nbsp;&nbsp; 249546 |
| 5.25%, 04/26/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 215965 |
| 5.63%, 07/17/2027<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 260844 |
| 5.75%, 07/21/2028<sup>(a)</sup> | 280000 | &nbsp;&nbsp; 264780 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** |
| 5.38%, 12/04/2029<sup>(a)</sup> | $| 320000 | &nbsp;&nbsp; $290200 |
| 7.63%, 04/17/2032<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 241567 |
| Nanyang Commercial Bank Ltd., 6.50%<sup>(a)(d)(e)</sup> |  | 290000 | &nbsp;&nbsp; 292538 |
| Seaspan Corp., 5.50%, 08/01/2029<sup>(a)(b)</sup> |  | 237000 | &nbsp;&nbsp; 216575 |
|  |  |  | &nbsp;&nbsp; 3177585 |
| **Hungary-0.30%** | **Hungary-0.30%** | **Hungary-0.30%** | **Hungary-0.30%** |
| OTP Bank Nyrt. |  |  |  |
| 8.75%, 05/15/2033<sup>(a)(d)</sup> |  | 240000 | &nbsp;&nbsp; 254566 |
| 7.30%, 07/30/2035<sup>(a)(d)</sup> |  | 200000 | &nbsp;&nbsp; 201759 |
|  |  |  | &nbsp;&nbsp; 456325 |
| **India-3.49%** | **India-3.49%** | **India-3.49%** | **India-3.49%** |
| Biocon Biologics Global PLC, 6.67%, <br> 10/09/2029<sup>(a)</sup><br>|  | 270000 | &nbsp;&nbsp; 243503 |
| CA Magnum Holdings, 5.38%, 10/31/2026<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 245045 |
| Continuum Green Energy India Pvt./Co-<br> Issuers, 7.50%, 06/26/2033<sup>(a)</sup><br>|  | 214995 | &nbsp;&nbsp; 216088 |
| Delhi International Airport Ltd. |  |  |  |
| 6.13%, 10/31/2026<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 200029 |
| 6.45%, 06/04/2029<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 221278 |
| Greenko Dutch B.V., 3.85%, 03/29/2026<sup>(a)</sup> |  | 398640 | &nbsp;&nbsp; 386576 |
| Greenko Power II Ltd., 4.30%, 12/13/2028<sup>(a)</sup> |  | 208750 | &nbsp;&nbsp; 191928 |
| IRB Infrastructure Developers Ltd., 7.11%, <br> 03/11/2032<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 196006 |
| JSW Hydro Energy Ltd., 4.13%, <br> 05/18/2031<sup>(a)</sup><br>|  | 236000 | &nbsp;&nbsp; 210552 |
| JSW Steel Ltd. |  |  |  |
| 3.95%, 04/05/2027<sup>(a)</sup> |  | 428000 | &nbsp;&nbsp; 409035 |
| 5.05%, 04/05/2032<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 195610 |
| Muthoot Finance Ltd. |  |  |  |
| 7.13%, 02/14/2028<sup>(a)</sup> |  | 260000 | &nbsp;&nbsp; 258415 |
| 6.38%, 04/23/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 193510 |
| Periama Holdings LLC, 5.95%, 04/19/2026<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 338969 |
| ReNew Wind Energy AP2/ReNew Power Pvt <br> Ltd. other 9 Subsidiaries, 4.50%, <br> 07/14/2028<sup>(a)</sup><br>|  | 260000 | &nbsp;&nbsp; 241044 |
| Shriram Finance Ltd. |  |  |  |
| 6.63%, 04/22/2027<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 199755 |
| 6.15%, 04/03/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 196596 |
| UPL Corp. Ltd., 4.63%, 06/16/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 174462 |
| Vedanta Resources Finance II PLC |  |  |  |
| 10.88%, 09/17/2029<sup>(a)</sup> |  | 500000 | &nbsp;&nbsp; 486473 |
| 9.48%, 07/24/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 183902 |
| 11.25%, 12/03/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 197152 |
| 9.85%, 04/24/2033<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 181531 |
|  |  |  | &nbsp;&nbsp; 5367459 |
| **Indonesia-0.13%** | **Indonesia-0.13%** | **Indonesia-0.13%** | **Indonesia-0.13%** |
| Medco Maple Tree Pte. Ltd., 8.96%, <br> 04/27/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 205750 |
| **Israel-2.98%** | **Israel-2.98%** | **Israel-2.98%** | **Israel-2.98%** |
| Energean Israel Finance Ltd. |  |  |  |
| 4.88%, 03/30/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 217165 |
| 5.38%, 03/30/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 207900 |
| 5.88%, 03/30/2031<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 199571 |
| 8.50%, 09/30/2033<sup>(a)</sup> |  | 280000 | &nbsp;&nbsp; 281414 |
| Leviathan Bond Ltd. |  |  |  |
| 6.13%, 06/30/2025<sup>(a)</sup> |  | 210000 | &nbsp;&nbsp; 210082 |

---

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

------

**10**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Israel-(continued)** | **Israel-(continued)** | **Israel-(continued)** | **Israel-(continued)** |
| 6.50%, 06/30/2027<sup>(a)</sup> | $| 210000 | &nbsp;&nbsp; $207071 |
| 6.75%, 06/30/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 194128 |
| Teva Pharmaceutical Finance Co. LLC, 6.15%, <br> 02/01/2036<sup>(b)</sup><br>|  | 220000 | &nbsp;&nbsp; 215344 |
| Teva Pharmaceutical Finance Netherlands III <br> B.V.<br>|  |  |  |
| 3.15%, 10/01/2026 |  | 1045000 | &nbsp;&nbsp; 1010513 |
| 4.75%, 05/09/2027<sup>(b)</sup> |  | 310000 | &nbsp;&nbsp; 304505 |
| 6.75%, 03/01/2028<sup>(b)</sup> |  | 420000 | &nbsp;&nbsp; 430515 |
| 5.13%, 05/09/2029<sup>(b)</sup> |  | 270000 | &nbsp;&nbsp; 262663 |
| 7.88%, 09/15/2029 |  | 200000 | &nbsp;&nbsp; 214623 |
| 8.13%, 09/15/2031 |  | 138000 | &nbsp;&nbsp; 152108 |
| 4.10%, 10/01/2046<sup>(b)</sup> |  | 681000 | &nbsp;&nbsp; 481784 |
|  |  |  | &nbsp;&nbsp; 4589386 |
| **Italy-1.11%** | **Italy-1.11%** | **Italy-1.11%** | **Italy-1.11%** |
| Efesto Bidco S.p.A. Efesto US LLC, Series XR, <br> 7.50%, 02/15/2032<sup>(a)</sup><br>|  | 260000 | &nbsp;&nbsp; 258298 |
| F-Brasile S.p.A./F-Brasile U.S. LLC, 7.38%, <br> 08/15/2026<sup>(a)</sup><br>|  | 300000 | &nbsp;&nbsp; 300533 |
| FiberCop S.p.A. |  |  |  |
| 6.38%, 11/15/2033<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 191850 |
| 6.00%, 09/30/2034<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 185694 |
| 7.20%, 07/18/2036<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 193073 |
| 7.72%, 06/04/2038<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 198646 |
| Kedrion S.p.A., 6.50%, 09/01/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 191876 |
| Telecom Italia Capital S.A., 7.20%, <br> 07/18/2036<br>|  | 186000 | &nbsp;&nbsp; 190723 |
|  |  |  | &nbsp;&nbsp; 1710693 |
| **Ivory Coast-0.14%** | **Ivory Coast-0.14%** | **Ivory Coast-0.14%** | **Ivory Coast-0.14%** |
| Endeavour Mining PLC, 5.00%, <br> 10/14/2026<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 216095 |
| **Japan-4.54%** | **Japan-4.54%** | **Japan-4.54%** | **Japan-4.54%** |
| Nissan Motor Co. Ltd. |  |  |  |
| 3.52%, 09/17/2025<sup>(a)</sup> |  | 520000 | &nbsp;&nbsp; 515428 |
| 4.35%, 09/17/2027<sup>(a)</sup> |  | 870000 | &nbsp;&nbsp; 835492 |
| 4.81%, 09/17/2030<sup>(a)</sup> |  | 870000 | &nbsp;&nbsp; 804628 |
| Rakuten Group, Inc. |  |  |  |
| 11.25%, 02/15/2027<sup>(a)</sup> |  | 650000 | &nbsp;&nbsp; 696800 |
| 9.75%, 04/15/2029<sup>(a)</sup> |  | 700000 | &nbsp;&nbsp; 740336 |
| 5.13%<sup>(a)(d)(e)</sup> |  | 270000 | &nbsp;&nbsp; 255976 |
| 6.25%<sup>(a)(b)(d)(e)</sup> |  | 280000 | &nbsp;&nbsp; 245918 |
| 8.13%<sup>(a)(d)(e)</sup> |  | 200000 | &nbsp;&nbsp; 189120 |
| SoftBank Group Corp. |  |  |  |
| 6.00%, 07/30/2025<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 199999 |
| 4.00%, 07/06/2026<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 294038 |
| 5.13%, 09/19/2027<sup>(a)</sup> |  | 550000 | &nbsp;&nbsp; 538419 |
| 4.63%, 07/06/2028<sup>(a)</sup> |  | 360000 | &nbsp;&nbsp; 344280 |
| 5.25%, 07/06/2031<sup>(a)</sup> |  | 610000 | &nbsp;&nbsp; 566028 |
| 7.00%, 07/08/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 204036 |
| 6.88%<sup>(a)(b)(d)(e)</sup> |  | 590000 | &nbsp;&nbsp; 560742 |
|  |  |  | &nbsp;&nbsp; 6991240 |
| **Jersey-0.17%** | **Jersey-0.17%** | **Jersey-0.17%** | **Jersey-0.17%** |
| Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/2029<sup>(a)</sup><br>|  | 300000 | &nbsp;&nbsp; 258131 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Luxembourg-1.01%** | **Luxembourg-1.01%** | **Luxembourg-1.01%** |
| Albion Financing 1 S.a.r.l./Aggreko Holdings, <br> Inc., 6.13%, 10/15/2026<sup>(a)</sup><br>| $250000 | &nbsp;&nbsp; $249260 |
| Altice Financing S.A. |  |  |
| 5.00%, 01/15/2028<sup>(a)</sup> | 440000 | &nbsp;&nbsp; 338405 |
| 5.75%, 08/15/2029<sup>(a)</sup> | 720000 | &nbsp;&nbsp; 531901 |
| INEOS Finance PLC, 7.50%, 04/15/2029<sup>(a)</sup> | 250000 | &nbsp;&nbsp; 235130 |
| ION Trading Technologies S.a.r.l., 9.50%, <br> 05/30/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 194689 |
|  |  | &nbsp;&nbsp; 1549385 |
| **Macau-2.00%** | **Macau-2.00%** | **Macau-2.00%** |
| Champion Path Holdings Ltd. |  |  |
| 4.50%, 01/27/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 216856 |
| 4.85%, 01/27/2028<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 206067 |
| MGM China Holdings Ltd. |  |  |
| 5.25%, 06/18/2025<sup>(a)</sup> | 150000 | &nbsp;&nbsp; 149983 |
| 5.88%, 05/15/2026<sup>(a)</sup> | 240000 | &nbsp;&nbsp; 238982 |
| 4.75%, 02/01/2027<sup>(a)</sup> | 140000 | &nbsp;&nbsp; 136725 |
| 7.13%, 06/26/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 201035 |
| Studio City Finance Ltd. |  |  |
| 6.50%, 01/15/2028<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 211664 |
| 5.00%, 01/15/2029<sup>(a)</sup> | 383000 | &nbsp;&nbsp; 336730 |
| Wynn Macau Ltd. |  |  |
| 5.50%, 01/15/2026<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 298589 |
| 5.50%, 10/01/2027<sup>(a)</sup> | 250000 | &nbsp;&nbsp; 243853 |
| 5.63%, 08/26/2028<sup>(a)</sup> | 510000 | &nbsp;&nbsp; 487248 |
| 5.13%, 12/15/2029<sup>(a)</sup> | 378000 | &nbsp;&nbsp; 349316 |
|  |  | &nbsp;&nbsp; 3077048 |
| **Mexico-3.86%** | **Mexico-3.86%** | **Mexico-3.86%** |
| Alsea S.A.B. de C.V., 7.75%, 12/14/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 221454 |
| Borr IHC Ltd./Borr Finance LLC |  |  |
| 10.00%, 11/15/2028<sup>(a)</sup> | 417073 | &nbsp;&nbsp; 358971 |
| 10.38%, 11/15/2030<sup>(a)</sup> | 285437 | &nbsp;&nbsp; 247102 |
| Braskem Idesa S.A.P.I. |  |  |
| 7.45%, 11/15/2029<sup>(a)</sup> | 320000 | &nbsp;&nbsp; 247456 |
| 6.99%, 02/20/2032<sup>(a)(b)</sup> | 440000 | &nbsp;&nbsp; 317096 |
| CEMEX S.A.B. de C.V., 5.13%<sup>(a)(d)(e)</sup> | 350000 | &nbsp;&nbsp; 344973 |
| Grupo Aeromexico S.A.B. de C.V., 8.63%, <br> 11/15/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 185550 |
| Grupo Aeromexico, S.A.B. De C.V., 8.25%, <br> 11/15/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 187500 |
| Nemak S.A.B. de C.V., 3.63%, 06/28/2031<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 177356 |
| Petroleos Mexicanos |  |  |
| 6.88%, 10/16/2025 | 60000 | &nbsp;&nbsp; 59826 |
| 4.50%, 01/23/2026 | 70000 | &nbsp;&nbsp; 68402 |
| 6.88%, 08/04/2026 | 134000 | &nbsp;&nbsp; 132386 |
| 6.49%, 01/23/2027 | 100000 | &nbsp;&nbsp; 97773 |
| 6.50%, 03/13/2027 | 270000 | &nbsp;&nbsp; 263975 |
| 5.35%, 02/12/2028 | 100000 | &nbsp;&nbsp; 92494 |
| 6.50%, 01/23/2029 | 80000 | &nbsp;&nbsp; 74027 |
| 8.75%, 06/02/2029 | 125000 | &nbsp;&nbsp; 123010 |
| 6.84%, 01/23/2030 | 160000 | &nbsp;&nbsp; 142618 |
| 5.95%, 01/28/2031 | 250000 | &nbsp;&nbsp; 206997 |
| 6.70%, 02/16/2032 | 450000 | &nbsp;&nbsp; 386004 |
| 10.00%, 02/07/2033 | 110000 | &nbsp;&nbsp; 110242 |
| 6.63%, 06/15/2035 | 185000 | &nbsp;&nbsp; 142900 |
| 6.50%, 06/02/2041 | 70000 | &nbsp;&nbsp; 48255 |
| 5.50%, 06/27/2044 | 50000 | &nbsp;&nbsp; 30837 |
| 6.38%, 01/23/2045 | 94000 | &nbsp;&nbsp; 62110 |

---

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

------

**11**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Mexico-(continued)** | **Mexico-(continued)** | **Mexico-(continued)** | **Mexico-(continued)** |
| 5.63%, 01/23/2046 | $| 40000 | &nbsp;&nbsp; $25217 |
| 6.75%, 09/21/2047 |  | 396000 | &nbsp;&nbsp; 266211 |
| 6.35%, 02/12/2048 |  | 120000 | &nbsp;&nbsp; 77554 |
| 7.69%, 01/23/2050 |  | 590000 | &nbsp;&nbsp; 430832 |
| 6.95%, 01/28/2060 |  | 230000 | &nbsp;&nbsp; 153369 |
| Saavi Energia S.a.r.l., 8.88%, 02/10/2035<sup>(a)</sup> |  | 390000 | &nbsp;&nbsp; 392437 |
| Total Play Telecomunicaciones S.A. de C.V., <br> 11.13%, 12/31/2032<sup>(a)</sup><br>|  | 300000 | &nbsp;&nbsp; 271232 |
|  |  |  | &nbsp;&nbsp; 5946166 |
| **Moldova-0.13%** | **Moldova-0.13%** | **Moldova-0.13%** | **Moldova-0.13%** |
| Aragvi Finance International DAC, 11.13%, <br> 11/20/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 199148 |
| **Morocco-0.92%** | **Morocco-0.92%** | **Morocco-0.92%** | **Morocco-0.92%** |
| OCP S.A. |  |  |  |
| 3.75%, 06/23/2031<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 300453 |
| 6.75%, 05/02/2034<sup>(a)</sup> |  | 410000 | &nbsp;&nbsp; 414920 |
| 6.88%, 04/25/2044<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 207031 |
| 5.13%, 06/23/2051<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 250111 |
| 7.50%, 05/02/2054<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 246250 |
|  |  |  | &nbsp;&nbsp; 1418765 |
| **Netherlands-1.67%** | **Netherlands-1.67%** | **Netherlands-1.67%** | **Netherlands-1.67%** |
| OCI N.V., 6.70%, 03/16/2033<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 240269 |
| Sunrise FinCo I B.V., 4.88%, 07/15/2031<sup>(a)</sup> |  | 360000 | &nbsp;&nbsp; 330408 |
| Trivium Packaging Finance B.V. |  |  |  |
| 5.50%, 08/15/2026<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 336988 |
| 8.50%, 08/15/2027<sup>(a)</sup> |  | 210000 | &nbsp;&nbsp; 207844 |
| VEON Holdings B.V., 3.38%, 11/25/2027<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 269758 |
| VZ Secured Financing B.V., 5.00%, <br> 01/15/2032<sup>(a)</sup><br>|  | 521000 | &nbsp;&nbsp; 455159 |
| Ziggo B.V., 4.88%, 01/15/2030<sup>(a)</sup> |  | 531000 | &nbsp;&nbsp; 489491 |
| Ziggo Bond Co. B.V., 5.13%, 02/28/2030<sup>(a)</sup> |  | 269000 | &nbsp;&nbsp; 238823 |
|  |  |  | &nbsp;&nbsp; 2568740 |
| **Nigeria-0.65%** | **Nigeria-0.65%** | **Nigeria-0.65%** | **Nigeria-0.65%** |
| Access Bank PLC, 6.13%, 09/21/2026<sup>(a)</sup> |  | 229000 | &nbsp;&nbsp; 220875 |
| IHS Holding Ltd. |  |  |  |
| 6.25%, 11/29/2028<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 209554 |
| 7.88%, 05/29/2030<sup>(a)</sup> |  | 150000 | &nbsp;&nbsp; 144974 |
| 8.25%, 11/29/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 193090 |
| Seplat Energy PLC, 9.13%, 03/21/2030<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 238431 |
|  |  |  | &nbsp;&nbsp; 1006924 |
| **Norway-0.32%** | **Norway-0.32%** | **Norway-0.32%** | **Norway-0.32%** |
| Seadrill Finance Ltd., 8.38%, 08/01/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 187535 |
| TGS ASA, 8.50%, 01/15/2030<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 297919 |
|  |  |  | &nbsp;&nbsp; 485454 |
| **Oman-1.45%** | **Oman-1.45%** | **Oman-1.45%** | **Oman-1.45%** |
| Bank muscat SAOG, 4.75%, 03/17/2026<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 219123 |
| Lamar Funding Ltd., 3.96%, 05/07/2025<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 250035 |
| Mazoon Assets Co. SAOC |  |  |  |
| 5.20%, 11/08/2027<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 219850 |
| 5.50%, 02/14/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 201723 |
| 5.25%, 10/09/2031<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 197750 |
| OmGrid Funding Ltd., 5.20%, 05/16/2027<sup>(a)</sup> |  | 20000 | &nbsp;&nbsp; 19917 |
| OQ SAOC, 5.13%, 05/06/2028<sup>(a)</sup> |  | 340000 | &nbsp;&nbsp; 334535 |
| Oryx Funding Ltd., 5.80%, 02/03/2031<sup>(a)</sup> |  | 270000 | &nbsp;&nbsp; 270721 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oman-(continued)** | **Oman-(continued)** | **Oman-(continued)** | **Oman-(continued)** |
| OTEL Sukuk Ltd., 5.38%, 01/24/2031<sup>(a)</sup> | $| 200000 | &nbsp;&nbsp; $199455 |
| Oztel Holdings SPC Ltd., 6.63%, <br> 04/24/2028<sup>(a)</sup><br>|  | 310000 | &nbsp;&nbsp; 320060 |
|  |  |  | &nbsp;&nbsp; 2233169 |
| **Pakistan-0.11%** | **Pakistan-0.11%** | **Pakistan-0.11%** | **Pakistan-0.11%** |
| Pakistan Water & Power Development <br> Authority, 7.50%, 06/04/2031<sup>(a)</sup><br>|  | 235000 | &nbsp;&nbsp; 170005 |
| **Panama-0.85%** | **Panama-0.85%** | **Panama-0.85%** | **Panama-0.85%** |
| AES Panama Generation Holdings S.R.L., <br> 4.38%, 05/31/2030<sup>(a)</sup><br>|  | 493995 | &nbsp;&nbsp; 432332 |
| C&W Senior Finance Ltd., 9.00%, <br> 01/15/2033<sup>(a)</sup><br>|  | 250000 | &nbsp;&nbsp; 251038 |
| Empresa de Transmision Electrica S.A., <br> 5.13%, 05/02/2049<sup>(a)</sup><br>|  | 170000 | &nbsp;&nbsp; 123453 |
| Sable International Finance Ltd., 7.13%, <br> 10/15/2032<sup>(a)(b)</sup><br>|  | 338000 | &nbsp;&nbsp; 332624 |
| Telecomunicaciones Digitales S.A., 4.50%, <br> 01/30/2030<sup>(a)</sup><br>|  | 190000 | &nbsp;&nbsp; 172277 |
|  |  |  | &nbsp;&nbsp; 1311724 |
| **Peru-0.77%** | **Peru-0.77%** | **Peru-0.77%** | **Peru-0.77%** |
| Compania de Minas Buenaventura S.A.A., <br> 6.80%, 02/04/2032<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 199002 |
| Peru LNG S.r.l., 5.38%, 03/22/2030<sup>(a)</sup> |  | 266688 | &nbsp;&nbsp; 241440 |
| Petroleos del Peru S.A. |  |  |  |
| 4.75%, 06/19/2032<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 258165 |
| 5.63%, 06/19/2047<sup>(a)</sup> |  | 800000 | &nbsp;&nbsp; 493488 |
|  |  |  | &nbsp;&nbsp; 1192095 |
| **Poland-0.15%** | **Poland-0.15%** | **Poland-0.15%** | **Poland-0.15%** |
| Canpack S.A./Canpack US LLC, 3.88%, <br> 11/15/2029<sup>(a)</sup><br>|  | 250000 | &nbsp;&nbsp; 229097 |
| **Puerto Rico-0.42%** | **Puerto Rico-0.42%** | **Puerto Rico-0.42%** | **Puerto Rico-0.42%** |
| LCPR Senior Secured Financing DAC |  |  |  |
| 6.75%, 10/15/2027<sup>(a)</sup> |  | 535000 | &nbsp;&nbsp; 440300 |
| 5.13%, 07/15/2029<sup>(a)</sup> |  | 270000 | &nbsp;&nbsp; 200604 |
|  |  |  | &nbsp;&nbsp; 640904 |
| **Russia-0.03%** | **Russia-0.03%** | **Russia-0.03%** | **Russia-0.03%** |
| O1 Properties Finance PLC, 0.50% PIK Rate, <br> 7.75% Cash Rate, 09/27/2028<sup>(a)(f)</sup><br>|  | 500000 | &nbsp;&nbsp; 38750 |
| **Saudi Arabia-0.57%** | **Saudi Arabia-0.57%** | **Saudi Arabia-0.57%** | **Saudi Arabia-0.57%** |
| Arabian Centres Sukuk II Ltd., 5.63%, <br> 10/07/2026<sup>(a)</sup><br>|  | 390000 | &nbsp;&nbsp; 369376 |
| Arabian Centres Sukuk III Ltd., 9.50%, <br> 03/06/2029<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 199686 |
| Dar Al-Arkan Sukuk Co. Ltd., 8.00%, <br> 02/25/2029<sup>(a)</sup><br>|  | 300000 | &nbsp;&nbsp; 310447 |
|  |  |  | &nbsp;&nbsp; 879509 |
| **Serbia-0.19%** | **Serbia-0.19%** | **Serbia-0.19%** | **Serbia-0.19%** |
| Telecommunications co Telekom Srbija AD <br> Belgrade, 7.00%, 10/28/2029<sup>(a)</sup><br>|  | 300000 | &nbsp;&nbsp; 298404 |

---

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

------

**12**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Singapore-0.51%** | **Singapore-0.51%** | **Singapore-0.51%** |
| GLP Pte. Ltd. |  |  |
| 3.88%, 06/04/2025<sup>(a)</sup> | $350000 | &nbsp;&nbsp; $347001 |
| 4.50%<sup>(a)(d)(e)</sup> | 399000 | &nbsp;&nbsp; 235454 |
| Puma International Financing S.A., 7.75%, <br> 04/25/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 198745 |
|  |  | &nbsp;&nbsp; 781200 |
| **South Africa-1.59%** | **South Africa-1.59%** | **South Africa-1.59%** |
| Eskom Holdings SOC Ltd., 8.45%, <br> 08/10/2028<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 224896 |
| Liquid Telecommunications Financing PLC, <br> 5.50%, 09/04/2026<sup>(a)</sup><br>| 280000 | &nbsp;&nbsp; 229755 |
| MTN (Mauritius) Investments Ltd., 6.50%, <br> 10/13/2026<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 221991 |
| Sasol Financing USA LLC |  |  |
| 4.38%, 09/18/2026 | 190000 | &nbsp;&nbsp; 182045 |
| 6.50%, 09/27/2028<sup>(b)</sup> | 250000 | &nbsp;&nbsp; 232390 |
| 8.75%, 05/03/2029<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 332112 |
| 5.50%, 03/18/2031<sup>(b)</sup> | 287000 | &nbsp;&nbsp; 222467 |
| Stillwater Mining Co. |  |  |
| 4.00%, 11/16/2026<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 191706 |
| 4.50%, 11/16/2029<sup>(a)</sup> | 177000 | &nbsp;&nbsp; 149303 |
| Transnet SOC Ltd., 8.25%, 02/06/2028<sup>(a)</sup> | 450000 | &nbsp;&nbsp; 453981 |
|  |  | &nbsp;&nbsp; 2440646 |
| **Spain-0.14%** | **Spain-0.14%** | **Spain-0.14%** |
| Grifols S.A., 4.75%, 10/15/2028<sup>(a)</sup> | 238000 | &nbsp;&nbsp; 221778 |
| **Sweden-0.16%** | **Sweden-0.16%** | **Sweden-0.16%** |
| Stena International S.A., 7.25%, <br> 01/15/2031<sup>(a)(b)</sup><br>| 250000 | &nbsp;&nbsp; 247019 |
| **Switzerland-0.74%** | **Switzerland-0.74%** | **Switzerland-0.74%** |
| Consolidated Energy Finance S.A. |  |  |
| 5.63%, 10/15/2028<sup>(a)</sup> | 290000 | &nbsp;&nbsp; 226510 |
| 12.00%, 02/15/2031<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 180545 |
| Oriflame Investment Holding PLC, 5.13%, <br> 05/04/2026<sup>(a)</sup><br>| 260000 | &nbsp;&nbsp; 56909 |
| VistaJet Malta Finance PLC/Vista <br> Management Holding, Inc.<br>|  |  |
| 7.88%, 05/01/2027<sup>(a)</sup> | 195000 | &nbsp;&nbsp; 189617 |
| 9.50%, 06/01/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 195584 |
| 6.38%, 02/01/2030<sup>(a)</sup> | 330000 | &nbsp;&nbsp; 285304 |
|  |  | &nbsp;&nbsp; 1134469 |
| **Thailand-0.43%** | **Thailand-0.43%** | **Thailand-0.43%** |
| Bangkok Bank PCL, 3.73%, 09/25/2034<sup>(a)(d)</sup> | 340000 | &nbsp;&nbsp; 313806 |
| Kasikornbank PCL, 3.34%, 10/02/2031<sup>(a)(d)</sup> | 360000 | &nbsp;&nbsp; 348694 |
|  |  | &nbsp;&nbsp; 662500 |
| **Trinidad-0.25%** | **Trinidad-0.25%** | **Trinidad-0.25%** |
| Heritage Petroleum Co. Ltd., 9.00%, <br> 08/12/2029<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 223009 |
| Trinidad Generation Unlimited, 5.25%, <br> 11/04/2027<sup>(a)</sup><br>| 170000 | &nbsp;&nbsp; 162930 |
|  |  | &nbsp;&nbsp; 385939 |
| **Turkey-6.80%** | **Turkey-6.80%** | **Turkey-6.80%** |
| Akbank T.A.S. |  |  |
| 6.80%, 02/06/2026<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 201264 |
| 7.50%, 01/20/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 200488 |
| 6.80%, 06/22/2031<sup>(a)(d)</sup> | 240000 | &nbsp;&nbsp; 236892 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** |
| Akbank Turk A.S., 7.88%, 09/04/2035<sup>(a)(d)</sup> | $200000 | &nbsp;&nbsp; $195576 |
| Anadolu Efes Biracilik ve Malt Sanayii A.S., <br> 3.38%, 06/29/2028<sup>(a)</sup><br>| 220000 | &nbsp;&nbsp; 195068 |
| Aydem Yenilenebilir Enerji A.S., 7.75%, <br> 02/02/2027<sup>(a)</sup><br>| 279000 | &nbsp;&nbsp; 278139 |
| Eldorado Gold Corp., 6.25%, 09/01/2029<sup>(a)</sup> | 95000 | &nbsp;&nbsp; 93738 |
| Eregli Demir ve Celik Fabrikalari T.A.S., 8.38%, <br> 07/23/2029<sup>(a)</sup><br>| 325000 | &nbsp;&nbsp; 328121 |
| Ford Otomotiv Sanayi A.S., 7.13%, <br> 04/25/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 198400 |
| GDZ Elektrik Dagitim AS, 9.00%, <br> 10/15/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 187409 |
| Limak Cimento Sanayi ve Ticaret A.S., 9.75%, <br> 07/25/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 196677 |
| Limak Yenilenebilir Enerji AS, 9.63%, <br> 08/12/2030<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 194815 |
| Mersin Uluslararasi Liman Isletmeciligi A.S., <br> 8.25%, 11/15/2028<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 205856 |
| Pegasus Hava Tasimaciligi A.S., 8.00%, <br> 09/11/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 196090 |
| QNB Bank A.S., 7.25%, 05/21/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 205563 |
| Sisecam UK PLC |  |  |
| 8.25%, 05/02/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 200625 |
| 8.63%, 05/02/2032<sup>(a)(b)</sup> | 275000 | &nbsp;&nbsp; 272749 |
| T.C. Ziraat Bankasi A.S. |  |  |
| 5.38%, 03/02/2026<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 269190 |
| 9.50%, 08/01/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 229350 |
| 8.00%, 01/16/2029<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 203811 |
| Turk Telekomunikasyon A.S., 7.38%, <br> 05/20/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 200682 |
| Turkcell Iletisim Hizmetleri A.S. |  |  |
| 7.45%, 01/24/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 201078 |
| 7.65%, 01/24/2032<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 200296 |
| Turkiye Cumhuriyeti Ziraat Bankasi A.S. |  |  |
| 7.25%, 02/04/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 197214 |
| 8.99%, 08/02/2034<sup>(a)(d)</sup> | 200000 | &nbsp;&nbsp; 203792 |
| Turkiye Garanti Bankasi A.S. |  |  |
| 8.38%, 02/28/2034<sup>(a)(d)</sup> | 200000 | &nbsp;&nbsp; 199603 |
| 8.13%, 01/03/2035<sup>(a)(d)</sup> | 200000 | &nbsp;&nbsp; 197411 |
| Turkiye Ihracat Kredi Bankasi A.S. |  |  |
| 9.38%, 01/31/2026<sup>(a)</sup> | 220000 | &nbsp;&nbsp; 225708 |
| 5.75%, 07/06/2026<sup>(a)</sup> | 340000 | &nbsp;&nbsp; 338436 |
| 9.00%, 01/28/2027<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 207912 |
| 7.50%, 02/06/2028<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 202048 |
| Turkiye Is Bankasi A.S., 7.75%, <br> 06/12/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 202453 |
| Turkiye Vakiflar Bankasi T.A.O. |  |  |
| 6.50%, 01/08/2026<sup>(a)</sup> | 140000 | &nbsp;&nbsp; 140480 |
| 5.50%, 10/01/2026<sup>(a)</sup> | 235000 | &nbsp;&nbsp; 233355 |
| 9.00%, 10/12/2028<sup>(a)</sup> | 270000 | &nbsp;&nbsp; 283910 |
| 6.88%, 01/07/2030<sup>(a)</sup> | 200000 | &nbsp;&nbsp; 194846 |
| 8.99%, 10/05/2034<sup>(a)(d)</sup> | 200000 | &nbsp;&nbsp; 203017 |
| Ulker Biskuvi Sanayi A.S., 7.88%, <br> 07/08/2031<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 200276 |
| Vestel Elektronik Sanayi ve Ticaret A.S., <br> 9.75%, 05/15/2029<sup>(a)</sup><br>| 200000 | &nbsp;&nbsp; 161648 |
| WE Soda Investments Holding PLC |  |  |
| 9.50%, 10/06/2028<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 358564 |
| 9.38%, 02/14/2031<sup>(a)</sup> | 300000 | &nbsp;&nbsp; 304537 |

---

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

------

**13**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** |
| Yapi Ve Kredi Bankasi A.S. |  |  |  |
| 9.25%, 10/16/2028<sup>(a)</sup> | $| 290000 | &nbsp;&nbsp; $306820 |
| 7.13%, 10/10/2029<sup>(a)</sup> |  | 150000 | &nbsp;&nbsp; 148154 |
| 7.25%, 03/03/2030<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 197352 |
| 7.88%, 01/22/2031<sup>(a)(d)</sup> |  | 100000 | &nbsp;&nbsp; 99969 |
| 9.25%, 01/17/2034<sup>(a)(d)</sup> |  | 220000 | &nbsp;&nbsp; 225161 |
| Ziraat Katilim Varlik Kiralama A.S., 9.38%, <br> 11/12/2026<sup>(a)</sup><br>|  | 210000 | &nbsp;&nbsp; 219975 |
| Zorlu Enerji Elektrik Uretim A.S., 11.00%, <br> 04/23/2030<sup>(a)</sup><br>|  | 350000 | &nbsp;&nbsp; 321290 |
|  |  |  | &nbsp;&nbsp; 10465808 |
| **Ukraine-0.13%** | **Ukraine-0.13%** | **Ukraine-0.13%** | **Ukraine-0.13%** |
| Ukraine Railways Via Rail Capital Markets PLC, <br> 8.25%, 07/09/2026<sup>(a)(f)</sup><br>|  | 236403 | &nbsp;&nbsp; 206754 |
| **United Arab Emirates-1.21%** | **United Arab Emirates-1.21%** | **United Arab Emirates-1.21%** | **United Arab Emirates-1.21%** |
| Alpha Star Holding IX Ltd., 7.00%, <br> 08/26/2028<sup>(a)</sup><br>|  | 275000 | &nbsp;&nbsp; 277269 |
| Alpha Star Holding VIII Ltd., 8.38%, <br> 04/12/2027<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 206415 |
| Arada Sukuk 2 Ltd., 8.00%, 06/24/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 203945 |
| Binghatti Sukuk SPC Ltd., 9.63%, <br> 02/28/2027<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 204625 |
| DP World Salaam, 6.00%<sup>(a)(d)(e)</sup> |  | 470000 | &nbsp;&nbsp; 469589 |
| MAF Global Securities Ltd., 7.88%<sup>(a)(d)(e)</sup> |  | 220000 | &nbsp;&nbsp; 226646 |
| Shelf Drilling Holdings Ltd., 9.63%, <br> 04/15/2029<sup>(a)</sup><br>|  | 384000 | &nbsp;&nbsp; 272199 |
|  |  |  | &nbsp;&nbsp; 1860688 |
| **United Kingdom-6.85%** | **United Kingdom-6.85%** | **United Kingdom-6.85%** | **United Kingdom-6.85%** |
| 180 Medical, Inc., 3.88%, 10/15/2029<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 206274 |
| Ardonagh Finco Ltd., 7.75%, 02/15/2031<sup>(a)</sup> |  | 450000 | &nbsp;&nbsp; 458509 |
| Ardonagh Group Finance Ltd., 8.88%, <br> 02/15/2032<sup>(a)</sup><br>|  | 700000 | &nbsp;&nbsp; 714597 |
| Belron UK Finance PLC, 5.75%, <br> 10/15/2029<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 399888 |
| British Telecommunications PLC, 4.25%, <br> 11/23/2081<sup>(a)(d)</sup><br>|  | 240000 | &nbsp;&nbsp; 233111 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 6.38%, 02/15/2032<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 196624 |
| Connect Finco S.a.r.l./Connect US Finco LLC, <br> 9.00%, 09/15/2029<sup>(a)</sup><br>|  | 800000 | &nbsp;&nbsp; 749375 |
| eG Global Finance PLC, 12.00%, <br> 11/30/2028<sup>(a)</sup><br>|  | 400000 | &nbsp;&nbsp; 440385 |
| Global Auto Holdings Ltd./AAG FH UK Ltd. |  |  |  |
| 8.38%, 01/15/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 176711 |
| 11.50%, 08/15/2029<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 192252 |
| 8.75%, 01/15/2032<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 160377 |
| Howden UK Refinance PLC/Howden UK <br> Refinance 2 PLC/Howden US Refinance LLC<br>|  |  |  |
| 7.25%, 02/15/2031<sup>(a)</sup> |  | 325000 | &nbsp;&nbsp; 334114 |
| 8.13%, 02/15/2032<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 203138 |
| Ithaca Energy (North Sea) PLC, 8.13%, <br> 10/15/2029<sup>(a)</sup><br>|  | 250000 | &nbsp;&nbsp; 250864 |
| Jaguar Land Rover Automotive PLC |  |  |  |
| 7.75%, 10/15/2025<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 200248 |
| 4.50%, 10/01/2027<sup>(a)</sup> |  | 220000 | &nbsp;&nbsp; 210397 |
| 5.88%, 01/15/2028<sup>(a)</sup> |  | 200000 | &nbsp;&nbsp; 197569 |
| Mclaren Finance PLC, 7.50%, 08/01/2026<sup>(a)</sup> |  | 280000 | &nbsp;&nbsp; 280761 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Merlin Entertainments Group U.S. Holdings, <br> Inc., 7.38%, 02/15/2031<sup>(a)</sup><br>| $| 200000 | &nbsp;&nbsp; $186489 |
| Standard Chartered PLC, 7.01%<sup>(a)(d)(e)</sup> |  | 400000 | &nbsp;&nbsp; 405296 |
| Virgin Media Finance PLC, 5.00%, <br> 07/15/2030<sup>(a)</sup><br>|  | 420000 | &nbsp;&nbsp; 368783 |
| Virgin Media Secured Finance PLC |  |  |  |
| 5.50%, 05/15/2029<sup>(a)</sup> |  | 440000 | &nbsp;&nbsp; 424197 |
| 4.50%, 08/15/2030<sup>(a)</sup> |  | 410000 | &nbsp;&nbsp; 368982 |
| Virgin Media Vendor Financing Notes IV DAC, <br> 5.00%, 07/15/2028<sup>(a)</sup><br>|  | 220000 | &nbsp;&nbsp; 213013 |
| VMED 02 UK Financing I PLC, 7.75%, <br> 04/15/2032<sup>(a)</sup><br>|  | 250000 | &nbsp;&nbsp; 252553 |
| VMED O2 UK Financing I PLC |  |  |  |
| 4.25%, 01/31/2031<sup>(a)</sup> |  | 446000 | &nbsp;&nbsp; 389634 |
| 4.75%, 07/15/2031<sup>(a)</sup> |  | 530000 | &nbsp;&nbsp; 466377 |
| Vodafone Group PLC |  |  |  |
| 7.00%, 04/04/2079<sup>(d)</sup> |  | 771000 | &nbsp;&nbsp; 793539 |
| 3.25%, 06/04/2081<sup>(d)</sup> |  | 188000 | &nbsp;&nbsp; 181603 |
| 4.13%, 06/04/2081<sup>(b)(d)</sup> |  | 380000 | &nbsp;&nbsp; 338256 |
| 5.13%, 06/04/2081<sup>(d)</sup> |  | 313000 | &nbsp;&nbsp; 233324 |
| Zegona Finance PLC, 8.63%, 07/15/2029<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 319900 |
|  |  |  | &nbsp;&nbsp; 10547140 |
| **United States-2.52%** | **United States-2.52%** | **United States-2.52%** | **United States-2.52%** |
| Ardagh Packaging Finance PLC/Ardagh <br> Holdings USA, Inc., 4.13%, 08/15/2026<sup>(a)</sup><br>|  | 350000 | &nbsp;&nbsp; 309267 |
| Avianca Midco 2 PLC |  |  |  |
| 9.00%, 12/01/2028<sup>(a)</sup> |  | 400000 | &nbsp;&nbsp; 360500 |
| 9.63%, 02/14/2030<sup>(a)</sup> |  | 350000 | &nbsp;&nbsp; 306033 |
| CNG Holdings, Inc., 14.50%, 06/30/2026<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 271692 |
| Constellium SE, 3.75%, 04/15/2029<sup>(a)</sup> |  | 250000 | &nbsp;&nbsp; 229997 |
| Dresdner Funding Trust I, 8.15%, <br> 06/30/2031<sup>(a)</sup><br>|  | 350000 | &nbsp;&nbsp; 381784 |
| Garrett Motion Holdings, Inc./Garrett LX I <br> S.a.r.l., 7.75%, 05/31/2032<sup>(a)</sup><br>|  | 275000 | &nbsp;&nbsp; 274746 |
| GFL Environmental, Inc. |  |  |  |
| 4.00%, 08/01/2028<sup>(a)</sup> |  | 287000 | &nbsp;&nbsp; 273659 |
| 4.75%, 06/15/2029<sup>(a)</sup> |  | 286000 | &nbsp;&nbsp; 277783 |
| 4.38%, 08/15/2029<sup>(a)</sup> |  | 210000 | &nbsp;&nbsp; 200675 |
| 6.75%, 01/15/2031<sup>(a)</sup> |  | 300000 | &nbsp;&nbsp; 312225 |
| Methanex US Operations, Inc., 6.25%, <br> 03/15/2032<sup>(a)</sup><br>|  | 200000 | &nbsp;&nbsp; 189584 |
| OCP Group, 0.00%, |  | 200000 | &nbsp;&nbsp; 198897 |
| OPENLANE, Inc., 5.13%, 06/01/2025<sup>(a)</sup> |  | 86000 | &nbsp;&nbsp; 86194 |
| Playtika Holding Corp., 4.25%, <br> 03/15/2029<sup>(a)</sup><br>|  | 231000 | &nbsp;&nbsp; 203050 |
| WeWork Cos. US LLC, 7.88%, <br> 12/21/2049<sup>(a)(f)(g)</sup><br>|  | 100000 | &nbsp;&nbsp; 3910 |
|  |  |  | &nbsp;&nbsp; 3879996 |
| **Uzbekistan-0.35%** | **Uzbekistan-0.35%** | **Uzbekistan-0.35%** | **Uzbekistan-0.35%** |
| Navoi Mining & Metallurgical Combinat, 6.95%, <br> 10/17/2031<sup>(a)</sup><br>|  | 250000 | &nbsp;&nbsp; 252442 |
| Uzbekneftegaz JSC, 4.75%, 11/16/2028<sup>(a)</sup> |  | 310000 | &nbsp;&nbsp; 280628 |
|  |  |  | &nbsp;&nbsp; 533070 |
| **Vietnam-0.14%** | **Vietnam-0.14%** | **Vietnam-0.14%** | **Vietnam-0.14%** |
| Mong Duong Finance Holdings B.V., 5.13%, <br> 05/07/2029<sup>(a)</sup><br>|  | 228735 | &nbsp;&nbsp; 219892 |

---

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

------

**14**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Zambia-1.12%** | **Zambia-1.12%** | **Zambia-1.12%** |
| First Quantum Minerals Ltd. |  |  |
| 6.88%, 10/15/2027<sup>(a)</sup> | $270000 | &nbsp;&nbsp; $266957 |
| 9.38%, 03/01/2029<sup>(a)</sup> | 500000 | &nbsp;&nbsp; 525101 |
| 8.63%, 06/01/2031<sup>(a)</sup> | 581000 | &nbsp;&nbsp; 589601 |
| 8.00%, 03/01/2033<sup>(a)</sup> | 350000 | &nbsp;&nbsp; 346720 |
|  |  | &nbsp;&nbsp; 1728379 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $149,221,990) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $149,221,990) | &nbsp;&nbsp; 149746854 |
|  | **Shares** |  |
| **Common Stocks & Other Equity Interests-0.19%** | **Common Stocks & Other Equity Interests-0.19%** | **Common Stocks & Other Equity Interests-0.19%** |
| **Brazil-0.02%** | **Brazil-0.02%** | **Brazil-0.02%** |
| Azul S.A., ADR<sup>(h)</sup> | 38282 | &nbsp;&nbsp; 29217 |
| **Spain-0.00%** | **Spain-0.00%** | **Spain-0.00%** |
| Codere Online Luxembourg S.A., Wts., expiring <br> 10/15/2034<sup>(a)(h)(i)</sup><br>| 10 | &nbsp;&nbsp; 0 |
| **United States-0.17%** | **United States-0.17%** | **United States-0.17%** |
| Hornbeck Offshore Services, Inc.<sup>(h)(j)</sup> | 323 | &nbsp;&nbsp; 15665 |
| Hornbeck Offshore Services, Inc., Wts., <br> TBA<sup>(h)(j)</sup><br>| 3246 | &nbsp;&nbsp; 157431 |
| Hornbeck Offshore Services, Inc., Wts., <br> TBA<sup>(h)(j)</sup><br>| 2673 | &nbsp;&nbsp; 73729 |
| Incora Top Holdco LLC<sup>(h)(i)</sup> | 333 | &nbsp;&nbsp; 0 |
| Premier Brands Group Holdings Co.<sup>(h)(k)</sup> | 3222 | &nbsp;&nbsp; 7519 |
| TRU Taj LLC/TRU Taj Finance, Inc.<sup>(h)</sup> | 2156 | &nbsp;&nbsp; 2874 |
|  |  | &nbsp;&nbsp; 257218 |
| Total Common Stocks & Other Equity Interests <br>(Cost $236,143) | Total Common Stocks & Other Equity Interests <br>(Cost $236,143) | &nbsp;&nbsp; 286435 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks-0.00%** | **Preferred Stocks-0.00%** | **Preferred Stocks-0.00%** |
| Guitar Center Holdings, Inc., Series A, Pfd., <br> 0.00%<sup>(i)(l)</sup> <br>(Cost $220,500)<br>| 2000 | &nbsp;&nbsp; $4000 |
| **Money Market Funds-0.43%** | **Money Market Funds-0.43%** | **Money Market Funds-0.43%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(m)(n)</sup> <br>(Cost $658,928)<br>| 658928 | &nbsp;&nbsp; 658928 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-97.90% <br>(Cost $150,337,561) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-97.90% <br>(Cost $150,337,561) | &nbsp;&nbsp; 150696217 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-5.20%** | **Money Market Funds-5.20%** | **Money Market Funds-5.20%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(m)(n)(o)</sup><br>| 2389356 | &nbsp;&nbsp; 2389356 |
| Invesco Private Prime Fund, 4.46%<sup>(m)(n)(o)</sup> | 5620062 | &nbsp;&nbsp; 5621186 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,010,854) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,010,854) | &nbsp;&nbsp; 8010542 |
| TOTAL INVESTMENTS IN SECURITIES-103.10% <br>(Cost $158,348,415) | TOTAL INVESTMENTS IN SECURITIES-103.10% <br>(Cost $158,348,415) | &nbsp;&nbsp; 158706759 |
| OTHER ASSETS LESS LIABILITIES-(3.10)% | OTHER ASSETS LESS LIABILITIES-(3.10)% | &nbsp;&nbsp; (4775699)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $153931060 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| DAC-Designated Activity Co. |
| Pfd.-Preferred |
| PIK-Pay-in-Kind |
| RB-Revenue Bonds |
| TBA-To Be Announced |
| Wts.-Warrants |

---

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

------

**15**

------

**Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $131,755,249, which represented 85.59% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities. |
| <sup>(d)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(e)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(f)</sup> | Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at April 30, <br> 2025 was $249,414, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(g)</sup> | The borrower has filed for protection in federal bankruptcy court. |
| <sup>(h)</sup> | Non-income producing security. |
| <sup>(i)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(j)</sup> | Acquired as part of the Hornbeck Offshore Services, Inc. reorganization. |
| <sup>(k)</sup> | Acquired as part of the Nine West Holding, Inc. reorganization. |
| <sup>(l)</sup> | Acquired as part of the Guitar Center, Inc. reorganization. |
| <sup>(m)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $2305374 | &nbsp;&nbsp; $15055756 | &nbsp;&nbsp; $(16702202)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $658928 | &nbsp;&nbsp; $22077 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 3371166 | &nbsp;&nbsp; 6920985 | &nbsp;&nbsp; (7902795)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2389356 | &nbsp;&nbsp; 43,874<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 8773029 | &nbsp;&nbsp; 17574838 | &nbsp;&nbsp; (20726068)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; (600)<br>| &nbsp;&nbsp; 5621186 | &nbsp;&nbsp; 116,860<br> \*<br>|
| Total | &nbsp;&nbsp; $14449569 | &nbsp;&nbsp; $39551579 | &nbsp;&nbsp; $(45331065)<br>| &nbsp;&nbsp; $(13)<br>| &nbsp;&nbsp; $(600)<br>| &nbsp;&nbsp; $8669470 | &nbsp;&nbsp; $182811 |

---

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

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

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

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

------

**16**

------

**Invesco International Corporate Bond ETF (PICB)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Non-U.S. Dollar Denominated Bonds & Notes-98.31%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-98.31%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-98.31%**<sup>(a)</sup>  | **Non-U.S. Dollar Denominated Bonds & Notes-98.31%**<sup>(a)</sup>  |
| **Australia-2.48%** | **Australia-2.48%** | **Australia-2.48%** | **Australia-2.48%** |
| APA Infrastructure Ltd., 3.50%, <br> 03/22/2030<sup>(b)</sup><br>| GBP | 349000 | &nbsp;&nbsp; $431857 |
| Australia & New Zealand Banking Group <br> Ltd., 0.75%, 09/29/2026<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 111164 |
| Australia and New Zealand Banking <br> Group Ltd., 4.95%, 02/05/2029<br>| AUD | 300000 | &nbsp;&nbsp; 197032 |
| BHP Billiton Finance Ltd., Series 12, <br> 4.30%, 09/25/2042<br>| GBP | 450000 | &nbsp;&nbsp; 497213 |
| Commonwealth Bank of Australia, <br> 4.90%, 08/17/2028<br>| AUD | 500000 | &nbsp;&nbsp; 327846 |
| National Australia Bank Ltd. |  |  |  |
| 2.90%, 02/25/2027 | AUD | 600000 | &nbsp;&nbsp; 376885 |
| 1.38%, 08/30/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 219184 |
| 4.85%, 03/22/2029 | AUD | 500000 | &nbsp;&nbsp; 327382 |
| 3.13%, 02/28/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231221 |
| Sydney Airport Finance Co. Pty. Ltd., <br> 4.38%, 05/03/2033<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 119703 |
| Westpac Banking Corp. |  |  |  |
| 5.00%, 01/15/2029 | AUD | 400000 | &nbsp;&nbsp; 263109 |
| 5.10%, 05/14/2029 | AUD | 700000 | &nbsp;&nbsp; 462613 |
|  |  |  | &nbsp;&nbsp; 3565209 |
| **Belgium-0.17%** | **Belgium-0.17%** | **Belgium-0.17%** | **Belgium-0.17%** |
| Belfius Bank S.A., 4.13%, 09/12/2029 | EUR | 200000 | &nbsp;&nbsp; 238829 |
| **Canada-18.51%** | **Canada-18.51%** | **Canada-18.51%** | **Canada-18.51%** |
| Bank of Montreal |  |  |  |
| 3.65%, 04/01/2027 | CAD | 820000 | &nbsp;&nbsp; 599295 |
| 4.31%, 06/01/2027 | CAD | 1050000 | &nbsp;&nbsp; 777052 |
| 4.71%, 12/07/2027 | CAD | 1050000 | &nbsp;&nbsp; 786744 |
| 5.04%, 05/29/2028 | CAD | 900000 | &nbsp;&nbsp; 683024 |
| 4.54%, 12/18/2028 | CAD | 900000 | &nbsp;&nbsp; 675753 |
| 4.42%, 07/17/2029 | CAD | 850000 | &nbsp;&nbsp; 636826 |
| Bank of Nova Scotia (The) |  |  |  |
| 2.95%, 03/08/2027 | CAD | 950000 | &nbsp;&nbsp; 685736 |
| 4.68%, 02/01/2029 | CAD | 900000 | &nbsp;&nbsp; 679336 |
| 3.50%, 04/17/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115925 |
| Bell Canada |  |  |  |
| 3.80%, 08/21/2028 | CAD | 450000 | &nbsp;&nbsp; 328852 |
| 4.55%, 02/09/2030 | CAD | 500000 | &nbsp;&nbsp; 374318 |
| 2.50%, 05/14/2030 | CAD | 550000 | &nbsp;&nbsp; 376670 |
| 3.00%, 03/17/2031 | CAD | 500000 | &nbsp;&nbsp; 344531 |
| 5.85%, 11/10/2032 | CAD | 550000 | &nbsp;&nbsp; 437846 |
| 5.15%, 08/24/2034 | CAD | 400000 | &nbsp;&nbsp; 304024 |
| Brookfield Finance II, Inc., 5.43%, <br> 12/14/2032<sup>(b)</sup><br>| CAD | 400000 | &nbsp;&nbsp; 310244 |
| Canadian Imperial Bank of Commerce |  |  |  |
| 5.00%, 12/07/2026 | CAD | 500000 | &nbsp;&nbsp; 372569 |
| 2.25%, 01/07/2027 | CAD | 690000 | &nbsp;&nbsp; 492686 |
| 4.95%, 06/29/2027 | CAD | 900000 | &nbsp;&nbsp; 674612 |
| 5.05%, 10/07/2027 | CAD | 800000 | &nbsp;&nbsp; 602696 |
| 5.50%, 01/14/2028 | CAD | 500000 | &nbsp;&nbsp; 382198 |
| CDP Financial, Inc., 2.75%, <br> 02/13/2032<sup>(b)</sup><br>| EUR | 250000 | &nbsp;&nbsp; 283497 |
| Cenovus Energy, Inc., 3.50%, <br> 02/07/2028<br>| CAD | 550000 | &nbsp;&nbsp; 396686 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Coastal Gaslink Pipeline L.P. |  |  |  |
| Series J, 5.86%, 03/30/2049 | CAD | 500000 | &nbsp;&nbsp; $404688 |
| Series K, 5.86%, 06/30/2049 | CAD | 400000 | &nbsp;&nbsp; 324929 |
| Federation des caisses Desjardins du <br> Quebec<br>|  |  |  |
| 4.41%, 05/19/2027 | CAD | 400000 | &nbsp;&nbsp; 297146 |
| 5.47%, 11/17/2028 | CAD | 500000 | &nbsp;&nbsp; 386125 |
| 3.80%, 09/24/2029 | CAD | 550000 | &nbsp;&nbsp; 401994 |
| Hydro One, Inc., 4.25%, 01/04/2035 | CAD | 530000 | &nbsp;&nbsp; 390803 |
| National Bank of Canada |  |  |  |
| 5.22%, 06/14/2028 | CAD | 750000 | &nbsp;&nbsp; 574171 |
| 5.02%, 02/01/2029 | CAD | 600000 | &nbsp;&nbsp; 458055 |
| OMERS Finance Trust, 3.25%, <br> 01/28/2035<sup>(b)</sup><br>| EUR | 250000 | &nbsp;&nbsp; 286229 |
| Ontario Teachers' Finance Trust |  |  |  |
| 1.85%, 05/03/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 106546 |
| 0.90%, 05/20/2041<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 156519 |
| Original Wempi, Inc., 7.79%, <br> 10/04/2027<br>| CAD | 500000 | &nbsp;&nbsp; 392608 |
| Rogers Communications, Inc. |  |  |  |
| 3.65%, 03/31/2027 | CAD | 600000 | &nbsp;&nbsp; 437045 |
| 3.25%, 05/01/2029 | CAD | 400000 | &nbsp;&nbsp; 284851 |
| 4.25%, 04/15/2032 | CAD | 450000 | &nbsp;&nbsp; 325888 |
| 6.75%, 11/09/2039 | CAD | 620000 | &nbsp;&nbsp; 517828 |
| Royal Bank of Canada |  |  |  |
| 5.34%, 06/23/2026 | CAD | 500000 | &nbsp;&nbsp; 371570 |
| 4.63%, 05/01/2028 | CAD | 1050000 | &nbsp;&nbsp; 789115 |
| 2.13%, 04/26/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222175 |
| 5.23%, 06/24/2030 | CAD | 600000 | &nbsp;&nbsp; 467794 |
| TELUS Corp. |  |  |  |
| 5.25%, 11/15/2032 | CAD | 400000 | &nbsp;&nbsp; 307342 |
| Series CY, 3.30%, 05/02/2029 | CAD | 450000 | &nbsp;&nbsp; 322014 |
| Toronto-Dominion Bank (The) |  |  |  |
| 5.42%, 07/10/2026 | CAD | 650000 | &nbsp;&nbsp; 483691 |
| 2.26%, 01/07/2027 | CAD | 750000 | &nbsp;&nbsp; 535887 |
| 0.50%, 01/18/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 110023 |
| 4.21%, 06/01/2027 | CAD | 1200000 | &nbsp;&nbsp; 887851 |
| 5.38%, 10/21/2027 | CAD | 900000 | &nbsp;&nbsp; 685089 |
| 4.48%, 01/18/2028 | CAD | 900000 | &nbsp;&nbsp; 672260 |
| 5.49%, 09/08/2028 | CAD | 600000 | &nbsp;&nbsp; 463559 |
| 4.68%, 01/08/2029 | CAD | 1050000 | &nbsp;&nbsp; 793106 |
| 3.63%, 12/13/2029<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 174723 |
| 1.95%, 04/08/2030<sup>(b)</sup> | EUR | 350000 | &nbsp;&nbsp; 375826 |
| 3.56%, 04/16/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115177 |
| 3.13%, 08/03/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 111250 |
| TransCanada PipeLines Ltd. |  |  |  |
| 3.80%, 04/05/2027 | CAD | 850000 | &nbsp;&nbsp; 620574 |
| 5.28%, 07/15/2030<sup>(b)</sup> | CAD | 600000 | &nbsp;&nbsp; 462317 |
| 4.58%, 02/20/2035 | CAD | 400000 | &nbsp;&nbsp; 290277 |
| 4.34%, 10/15/2049<sup>(b)</sup> | CAD | 400000 | &nbsp;&nbsp; 253969 |
|  |  |  | &nbsp;&nbsp; 26582134 |
| **Denmark-1.63%** | **Denmark-1.63%** | **Denmark-1.63%** | **Denmark-1.63%** |
| Carlsberg Breweries A/S |  |  |  |
| 3.00%, 08/28/2029<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 172031 |
| 3.25%, 02/28/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 113801 |

---

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

------

**17**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Denmark-(continued)** | **Denmark-(continued)** | **Denmark-(continued)** | **Denmark-(continued)** |
| 3.50%, 02/28/2035<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; $170132 |
| 5.50%, 02/28/2039<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 263382 |
| DSV Finance B.V. |  |  |  |
| 3.13%, 11/06/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115281 |
| 3.25%, 11/06/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229798 |
| Novo Nordisk Finance (Netherlands) <br> B.V., 3.38%, 05/21/2034<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 229996 |
| Orsted A/S |  |  |  |
| 4.88%, 01/12/2032<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 386264 |
| 5.75%, 04/09/2040<sup>(b)</sup> | GBP | 338000 | &nbsp;&nbsp; 427520 |
| 5.38%, 09/13/2042<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 236857 |
|  |  |  | &nbsp;&nbsp; 2345062 |
| **Finland-0.65%** | **Finland-0.65%** | **Finland-0.65%** | **Finland-0.65%** |
| Nordea Bank Abp |  |  |  |
| 1.13%, 02/16/2027<sup>(b)</sup> | EUR | 130000 | &nbsp;&nbsp; 144100 |
| 4.13%, 05/05/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236435 |
| 0.50%, 11/02/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 105131 |
| 2.50%, 05/23/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 224326 |
| 3.38%, 06/11/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116690 |
| 3.63%, 03/15/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114581 |
|  |  |  | &nbsp;&nbsp; 941263 |
| **France-24.74%** | **France-24.74%** | **France-24.74%** | **France-24.74%** |
| Action Logement Services |  |  |  |
| 0.38%, 10/05/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 97100 |
| 1.38%, 04/13/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 204438 |
| 0.50%, 10/30/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 88047 |
| 4.13%, 10/03/2038<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 118156 |
| 0.75%, 07/19/2041<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 72022 |
| 3.63%, 05/25/2043<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 218343 |
| Aeroports de Paris S.A., 2.75%, <br> 04/02/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 224971 |
| Airbus SE |  |  |  |
| 1.63%, 06/09/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 216460 |
| 2.38%, 04/07/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109763 |
| 2.38%, 06/09/2040<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 95150 |
| Autoroutes du Sud de la France S.A., <br> 1.38%, 02/21/2031<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 104244 |
| Ayvens S.A. |  |  |  |
| 3.88%, 02/22/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116161 |
| 4.88%, 10/06/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 120598 |
| Banque Federative du Credit Mutuel, <br> 3.63%, 03/07/2035<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 222549 |
| Banque Federative du Credit Mutuel S.A. |  |  |  |
| 0.75%, 06/08/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223455 |
| 3.13%, 09/14/2027<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 345382 |
| 3.88%, 01/26/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234544 |
| 0.25%, 07/19/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 104674 |
| 0.63%, 11/03/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 105183 |
| 4.13%, 03/13/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237833 |
| 1.75%, 03/15/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 108534 |
| 1.88%, 06/18/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 213546 |
| 2.63%, 11/06/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 111527 |
| 0.75%, 01/17/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 101614 |
| 4.38%, 05/02/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237988 |
| 1.25%, 06/03/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 102644 |
| 0.63%, 02/21/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 193976 |
| 3.25%, 10/17/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 227679 |
| 4.75%, 11/10/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 242942 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** | **France-(continued)** |
| 1.13%, 01/19/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; $194773 |
| 5.13%, 01/13/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 243576 |
| 3.75%, 02/01/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232743 |
| 4.13%, 06/14/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238429 |
| 4.38%, 01/11/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 230380 |
| 3.75%, 02/03/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115439 |
| BNP Paribas S.A. |  |  |  |
| 1.13%, 06/11/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 224136 |
| 0.13%, 09/04/2026<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 110195 |
| 2.25%, 01/11/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 225656 |
| 1.50%, 05/23/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109732 |
| 1.38%, 05/28/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 213024 |
| 3.63%, 09/01/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232646 |
| 1.63%, 07/02/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 202511 |
| 1.25%, 07/13/2031<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 527071 |
| 2.10%, 04/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 206616 |
| 5.75%, 06/13/2032<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 543555 |
| 0.63%, 12/03/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 183239 |
| 4.13%, 05/24/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 241229 |
| 4.10%, 02/13/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232598 |
| 2.00%, 09/13/2036<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 184508 |
| Bouygues S.A. |  |  |  |
| 2.25%, 06/29/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 111936 |
| 0.50%, 02/11/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 204624 |
| 3.88%, 07/17/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 118837 |
| 4.63%, 06/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 247402 |
| 3.25%, 06/30/2037<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109945 |
| 5.38%, 06/30/2042<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 129391 |
| BPCE S.A. |  |  |  |
| 0.50%, 02/24/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109433 |
| 3.50%, 01/25/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232850 |
| 4.38%, 07/13/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237494 |
| 3.88%, 01/11/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116924 |
| 5.25%, 04/16/2029<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 398639 |
| 0.25%, 01/14/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 193787 |
| 0.75%, 03/03/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 195330 |
| 1.00%, 01/14/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 96422 |
| 4.00%, 11/29/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237649 |
| 4.50%, 01/13/2033<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 119391 |
| 3.88%, 01/25/2036<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 231708 |
| Capgemini SE, 2.38%, 04/15/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 214654 |
| Carrefour S.A., 2.63%, 12/15/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 113798 |
| Cie de Saint-Gobain S.A. |  |  |  |
| 3.75%, 11/29/2026<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115889 |
| 3.38%, 04/08/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115595 |
| 3.88%, 11/29/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 354679 |
| 1.88%, 03/15/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 106397 |
| 3.63%, 04/08/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115216 |
| Cie Generale des Etablissements Michelin <br> S.C.A., 1.75%, 09/03/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 215112 |
| Coentreprise de Transport d'Electricite <br> S.A.<br>|  |  |  |
| 1.50%, 07/29/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109610 |
| 2.13%, 07/29/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 209988 |
| Credit Agricole Assurances S.A. |  |  |  |
| 2.00%, 07/17/2030<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 314346 |
| 1.50%, 10/06/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 196855 |
| Credit Agricole S.A. |  |  |  |
| 1.88%, 12/20/2026<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 337481 |

---

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

------

**18**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** | **France-(continued)** |
| 0.13%, 12/09/2027 | EUR | 300000 | &nbsp;&nbsp; $320190 |
| 0.38%, 04/20/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 212605 |
| 1.13%, 02/24/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 214686 |
| 1.75%, 03/05/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 325946 |
| 2.00%, 03/25/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 327061 |
| 1.00%, 07/03/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 211553 |
| 2.50%, 08/29/2029<sup>(b)(c)</sup> | EUR | 400000 | &nbsp;&nbsp; 450357 |
| 4.13%, 03/07/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238862 |
| 3.88%, 04/20/2031<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 474047 |
| 0.88%, 01/14/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 289105 |
| 1.13%, 07/12/2032<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 289627 |
| 4.00%, 01/18/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237364 |
| 4.38%, 11/27/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238764 |
| 3.75%, 01/22/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232090 |
| 3.88%, 11/28/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235230 |
| 4.13%, 02/26/2036<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 349470 |
| Credit Mutuel Arkea S.A., 3.38%, <br> 09/19/2027<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 231581 |
| Dassault Systemes SE, 0.38%, <br> 09/16/2029<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 205147 |
| Electricite de France S.A. |  |  |  |
| 1.00%, 10/13/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222986 |
| 3.75%, 06/05/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233081 |
| 6.25%, 05/30/2028<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 278889 |
| 4.38%, 10/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 240913 |
| 4.63%, 04/26/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 244303 |
| 2.00%, 10/02/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 107727 |
| 4.13%, 06/17/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 119308 |
| 5.88%, 07/18/2031 | GBP | 352000 | &nbsp;&nbsp; 485813 |
| 4.25%, 01/25/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 119932 |
| 1.00%, 11/29/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 277430 |
| 6.13%, 06/02/2034<sup>(b)</sup> | GBP | 650000 | &nbsp;&nbsp; 892485 |
| 4.75%, 10/12/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 247203 |
| 5.50%, 03/27/2037<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 252729 |
| 5.50%, 10/17/2041<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 716289 |
| 4.63%, 01/25/2043<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114013 |
| 4.75%, 06/17/2044<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229611 |
| 2.00%, 12/09/2049<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 141090 |
| 5.13%, 09/22/2050<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 431669 |
| 5.63%, 01/25/2053<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 226195 |
| 6.50%, 11/08/2064<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 377957 |
| 6.00%, 01/23/2114<sup>(b)</sup> | GBP | 600000 | &nbsp;&nbsp; 705843 |
| ENGIE S.A. |  |  |  |
| 3.63%, 01/11/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 117042 |
| 4.00%, 01/11/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233731 |
| 5.75%, 10/28/2050<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 249712 |
| 5.63%, 04/03/2053<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 360233 |
| 5.00%, 10/01/2060<sup>(b)</sup> | GBP | 450000 | &nbsp;&nbsp; 487536 |
| Holding d'Infrastructures de Transport <br> S.A.S.U., 1.48%, 01/18/2031<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 102935 |
| Kering S.A. |  |  |  |
| 3.63%, 09/05/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114842 |
| 3.38%, 03/11/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 111907 |
| 3.88%, 09/05/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 224406 |
| La Banque Postale S.A., 4.00%, <br> 05/03/2028<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 118622 |
| LVMH Moet Hennessy Louis Vuitton SE, <br> 3.50%, 09/07/2033<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 232180 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** | **France-(continued)** |
| Orange S.A. |  |  |  |
| 1.88%, 09/12/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; $217058 |
| 0.50%, 09/04/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 94620 |
| 8.13%, 01/28/2033 | EUR | 150000 | &nbsp;&nbsp; 229182 |
| 0.63%, 12/16/2033<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 275126 |
| 5.63%, 01/23/2034 | GBP | 228000 | &nbsp;&nbsp; 313211 |
| 5.38%, 11/22/2050<sup>(b)</sup> | GBP | 250000 | &nbsp;&nbsp; 309304 |
| Pernod Ricard S.A., 1.75%, <br> 04/08/2030<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 107437 |
| RTE Reseau de Transport d'Electricite <br> SADIR, 3.75%, 07/04/2035<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 116088 |
| Societe Generale S.A. |  |  |  |
| 4.25%, 09/28/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232985 |
| 0.75%, 01/25/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 219932 |
| 3.00%, 02/12/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 228643 |
| 4.13%, 06/02/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234715 |
| 0.25%, 07/08/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 216351 |
| 4.00%, 11/16/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235062 |
| 0.13%, 02/18/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 105982 |
| 2.13%, 09/27/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221234 |
| 4.13%, 11/21/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 119184 |
| 1.75%, 03/22/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215845 |
| 2.63%, 05/30/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 113040 |
| 1.25%, 06/12/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 204980 |
| 4.25%, 11/16/2032<sup>(b)(c)</sup> | EUR | 200000 | &nbsp;&nbsp; 241779 |
| 5.63%, 06/02/2033<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 123192 |
| 6.25%, 06/22/2033<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 280389 |
| Suez S.A. |  |  |  |
| 2.88%, 05/24/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 106154 |
| 6.63%, 10/05/2043<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 410696 |
| TotalEnergies Capital International |  |  |  |
| 3.16%, 03/03/2033<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 112797 |
| 3.85%, 03/03/2045<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 216496 |
| TotalEnergies Capital International S.A. |  |  |  |
| 1.99%, 04/08/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 211938 |
| 1.62%, 05/18/2040<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 85290 |
| Unibail-Rodamco-Westfield SE |  |  |  |
| 0.63%, 05/04/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109262 |
| 1.38%, 12/04/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 198199 |
| Vinci S.A., 1.75%, 09/26/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215225 |
|  |  |  | &nbsp;&nbsp; 35526654 |
| **Germany-11.06%** | **Germany-11.06%** | **Germany-11.06%** | **Germany-11.06%** |
| Allianz Finance II B.V., Series 62, <br> 4.50%, 03/13/2043<sup>(b)</sup><br>| GBP | 400000 | &nbsp;&nbsp; 466056 |
| Amprion GmbH, 3.97%, 09/22/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236185 |
| Aroundtown S.A., 0.38%, <br> 04/15/2027<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 214722 |
| BASF SE, 1.50%, 03/17/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 209998 |
| Bayer AG |  |  |  |
| 0.75%, 01/06/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220707 |
| 0.38%, 01/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 206500 |
| 1.13%, 01/06/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 103776 |
| 0.63%, 07/12/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 191165 |
| 1.38%, 07/06/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 194992 |
| 4.63%, 05/26/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 239201 |
| Bayer Capital Corp. B.V. |  |  |  |
| 1.50%, 06/26/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 224369 |
| 2.13%, 12/15/2029<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 325469 |

---

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

------

**19**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| BMW International Investment B.V., <br> 3.00%, 08/27/2027<sup>(b)</sup><br>| EUR | 284000 | &nbsp;&nbsp; $326884 |
| BMW US Capital LLC |  |  |  |
| 3.00%, 11/02/2027<sup>(b)</sup> | EUR | 204000 | &nbsp;&nbsp; 234584 |
| 3.38%, 02/02/2034<sup>(b)</sup> | EUR | 135000 | &nbsp;&nbsp; 150836 |
| Deutsche Bahn Finance GmbH |  |  |  |
| 0.63%, 04/15/2036<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 172924 |
| 0.63%, 12/08/2050<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 86634 |
| 1.13%, 05/29/2051<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 99356 |
| Deutsche Bank AG, 1.63%, <br> 01/20/2027<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 223419 |
| Deutsche Boerse AG, 3.88%, <br> 09/28/2033<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 238865 |
| Deutsche Post AG, 3.50%, <br> 03/25/2036<sup>(b)</sup><br>| EUR | 150000 | &nbsp;&nbsp; 168744 |
| Deutsche Telekom AG, 3.63%, <br> 02/03/2045<sup>(b)</sup><br>| EUR | 150000 | &nbsp;&nbsp; 159043 |
| E.ON International Finance B.V. |  |  |  |
| 6.25%, 06/03/2030<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 424160 |
| 6.38%, 06/07/2032 | GBP | 382000 | &nbsp;&nbsp; 547511 |
| 4.75%, 01/31/2034<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 381499 |
| 5.88%, 10/30/2037<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 536607 |
| 6.75%, 01/27/2039<sup>(b)</sup> | GBP | 250000 | &nbsp;&nbsp; 358731 |
| 6.13%, 07/06/2039<sup>(b)</sup> | GBP | 500000 | &nbsp;&nbsp; 678511 |
| E.ON SE |  |  |  |
| 3.88%, 01/12/2035<sup>(b)</sup> | EUR | 166000 | &nbsp;&nbsp; 193315 |
| 4.13%, 03/25/2044<sup>(b)(c)</sup> | EUR | 175000 | &nbsp;&nbsp; 198137 |
| EnBW International Finance B.V., <br> 3.75%, 11/20/2035<sup>(b)</sup><br>| EUR | 174000 | &nbsp;&nbsp; 197875 |
| Grand City Properties S.A., 0.13%, <br> 01/11/2028<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 104692 |
| Landesbank Baden-Wuerttemberg, <br> 0.38%, 02/18/2027<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 109452 |
| Landesbank Hessen-Thueringen <br> Girozentrale, 3.00%, 03/05/2032<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 114479 |
| Mercedes-Benz Group AG |  |  |  |
| 1.50%, 07/03/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215898 |
| 0.75%, 09/10/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 101557 |
| 1.13%, 11/06/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 99838 |
| 0.75%, 03/11/2033<sup>(b)(c)</sup> | EUR | 129000 | &nbsp;&nbsp; 120811 |
| 2.13%, 07/03/2037<sup>(b)</sup> | EUR | 250000 | &nbsp;&nbsp; 244056 |
| Mercedes-Benz International Finance <br> B.V.<br>|  |  |  |
| 1.38%, 06/26/2026<sup>(b)</sup> | EUR | 175000 | &nbsp;&nbsp; 196792 |
| 2.00%, 08/22/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 226390 |
| 0.38%, 11/08/2026<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 110330 |
| 3.25%, 11/15/2030<sup>(b)</sup> | EUR | 228000 | &nbsp;&nbsp; 260999 |
| 3.70%, 05/30/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 117513 |
| Robert Bosch GmbH |  |  |  |
| 3.63%, 06/02/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 117056 |
| 4.00%, 06/02/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234406 |
| 4.38%, 06/02/2043<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229317 |
| RWE AG, 2.75%, 05/24/2030<sup>(b)</sup> | EUR | 175000 | &nbsp;&nbsp; 198630 |
| Siemens Financieringsmaatschappij N.V. |  |  |  |
| 3.38%, 08/24/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235358 |
| 3.13%, 05/22/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 229870 |
| 3.00%, 09/08/2033<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 113760 |
| 0.50%, 09/05/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 183415 |
| 3.38%, 02/22/2037<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223295 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| 3.75%, 09/10/2042<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; $321420 |
| 3.63%, 02/22/2044<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 218725 |
| Traton Finance Luxembourg S.A., <br> 0.75%, 03/24/2029<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 207479 |
| Volkswagen Financial Services AG |  |  |  |
| 0.13%, 02/12/2027<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 163357 |
| 3.25%, 05/19/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114679 |
| 0.88%, 01/31/2028<sup>(b)</sup> | EUR | 130000 | &nbsp;&nbsp; 139884 |
| 3.63%, 05/19/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 228918 |
| Volkswagen Financial Services N.V., <br> 2.13%, 01/18/2028<sup>(b)</sup><br>| GBP | 200000 | &nbsp;&nbsp; 245293 |
| Volkswagen International Finance N.V. |  |  |  |
| 1.88%, 03/30/2027<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 447460 |
| 0.88%, 09/22/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 105758 |
| 1.63%, 01/16/2030<sup>(b)</sup> | EUR | 185000 | &nbsp;&nbsp; 195399 |
| 3.25%, 11/18/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 112028 |
| 4.13%, 11/16/2038<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223232 |
| Volkswagen Leasing GmbH |  |  |  |
| 0.38%, 07/20/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221730 |
| 3.88%, 10/11/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116942 |
| Vonovia SE |  |  |  |
| 0.38%, 06/16/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 108701 |
| 0.25%, 09/01/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 208110 |
| 0.75%, 09/01/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 185764 |
| Wintershall Dea Finance B.V. |  |  |  |
| 1.33%, 09/25/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 212436 |
| 1.82%, 09/25/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 98588 |
|  |  |  | &nbsp;&nbsp; 15874592 |
| **Italy-4.70%** | **Italy-4.70%** | **Italy-4.70%** | **Italy-4.70%** |
| ASTM S.p.A. |  |  |  |
| 1.50%, 01/25/2030<sup>(b)</sup> | EUR | 125000 | &nbsp;&nbsp; 132109 |
| 2.38%, 11/25/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 202685 |
| Autostrade per l'Italia S.p.A. |  |  |  |
| 2.00%, 12/04/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220770 |
| 2.00%, 01/15/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215967 |
| Enel Finance International N.V. |  |  |  |
| 3.88%, 03/09/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235907 |
| 0.88%, 09/28/2034<sup>(b)</sup> | EUR | 170000 | &nbsp;&nbsp; 152029 |
| 3.88%, 01/23/2035<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115273 |
| 0.88%, 06/17/2036<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 84321 |
| 5.75%, 09/14/2040<sup>(b)</sup> | GBP | 550000 | &nbsp;&nbsp; 715865 |
| Enel S.p.A., 5.75%, 06/22/2037<sup>(b)</sup> | GBP | 339000 | &nbsp;&nbsp; 449104 |
| Eni S.p.A. |  |  |  |
| 0.38%, 06/14/2028<sup>(b)</sup> | EUR | 286000 | &nbsp;&nbsp; 304862 |
| 3.63%, 01/29/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 117466 |
| 0.63%, 01/23/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 102493 |
| 2.00%, 05/18/2031<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 160086 |
| 4.25%, 05/19/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238163 |
| 3.88%, 01/15/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115152 |
| Intesa Sanpaolo S.p.A. |  |  |  |
| 1.00%, 11/19/2026<sup>(b)</sup> | EUR | 202000 | &nbsp;&nbsp; 224973 |
| 4.75%, 09/06/2027<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 178382 |
| 0.75%, 03/16/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 215664 |
| 1.75%, 03/20/2028<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 165953 |
| 1.75%, 07/04/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 108497 |
| 4.88%, 05/19/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 246314 |
| 3.63%, 10/16/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232831 |

---

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

------

**20**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Italy-(continued)** | **Italy-(continued)** | **Italy-(continued)** | **Italy-(continued)** |
| 5.13%, 08/29/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; $250419 |
| 6.63%, 05/31/2033<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 425191 |
| Italgas S.p.A., 3.13%, 02/08/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114710 |
| Snam S.p.A. |  |  |  |
| 3.88%, 02/19/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115503 |
| 5.75%, 11/26/2036<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 267942 |
| UniCredit S.p.A. |  |  |  |
| 0.85%, 01/19/2031<sup>(b)</sup> | EUR | 113000 | &nbsp;&nbsp; 112385 |
| 4.00%, 03/05/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234076 |
| 4.20%, 06/11/2034<sup>(b)</sup> | EUR | 150000 | &nbsp;&nbsp; 175354 |
| Unipol Assicurazioni S.p.A., 3.25%, <br> 09/23/2030<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 114707 |
|  |  |  | &nbsp;&nbsp; 6745153 |
| **Japan-2.13%** | **Japan-2.13%** | **Japan-2.13%** | **Japan-2.13%** |
| East Japan Railway Co., 5.56%, <br> 09/04/2054<sup>(b)</sup><br>| GBP | 200000 | &nbsp;&nbsp; 252771 |
| Mizuho Financial Group, Inc. |  |  |  |
| 5.63%, 06/13/2028<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 274216 |
| 0.69%, 10/07/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 99779 |
| NTT Finance Corp. |  |  |  |
| 0.34%, 03/03/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 202327 |
| Series 17, 0.28%, 12/20/2027 | JPY | 100000000 | &nbsp;&nbsp; 687605 |
| Series 18, 0.38%, 09/20/2030 | JPY | 100000000 | &nbsp;&nbsp; 667347 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |  |
| 1.55%, 06/15/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 225213 |
| 0.63%, 10/23/2029<sup>(b)</sup> | EUR | 125000 | &nbsp;&nbsp; 128086 |
| Takeda Pharmaceutical Co. Ltd. |  |  |  |
| 3.00%, 11/21/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 227703 |
| 1.38%, 07/09/2032 | EUR | 200000 | &nbsp;&nbsp; 201410 |
| 2.00%, 07/09/2040 | EUR | 100000 | &nbsp;&nbsp; 88962 |
|  |  |  | &nbsp;&nbsp; 3055419 |
| **Luxembourg-0.08%** | **Luxembourg-0.08%** | **Luxembourg-0.08%** | **Luxembourg-0.08%** |
| Logicor Financing S.a.r.l., 1.63%, <br> 07/15/2027<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 110210 |
| **Netherlands-3.24%** | **Netherlands-3.24%** | **Netherlands-3.24%** | **Netherlands-3.24%** |
| ABN AMRO Bank N.V. |  |  |  |
| 0.60%, 01/15/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220525 |
| 4.00%, 01/16/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 117891 |
| 4.38%, 10/20/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 238863 |
| 0.50%, 09/23/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 102118 |
| 4.75%, 10/24/2029<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 267545 |
| 4.25%, 02/21/2030<sup>(b)</sup> | EUR | 400000 | &nbsp;&nbsp; 476921 |
| 3.88%, 01/15/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116383 |
| 1.00%, 06/02/2033<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 94427 |
| 1.25%, 01/20/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 94850 |
| 4.50%, 11/21/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 122258 |
| Ayvens Bank N.V., 0.25%, <br> 09/07/2026<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 221015 |
| Cooperatieve Rabobank U.A. |  |  |  |
| 4.63%, 05/23/2029<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 523433 |
| 4.00%, 01/10/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 237596 |
| 1.13%, 05/07/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 101374 |
| 3.82%, 07/26/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115830 |
| ING Groep N.V. |  |  |  |
| 2.00%, 09/20/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221304 |
| 2.50%, 11/15/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 219975 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Netherlands-(continued)** | **Netherlands-(continued)** | **Netherlands-(continued)** | **Netherlands-(continued)** |
| Koninklijke KPN N.V. |  |  |  |
| 5.75%, 09/17/2029<sup>(b)</sup> | GBP | 264000 | &nbsp;&nbsp; $366040 |
| 3.88%, 02/16/2036<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114738 |
| Prosus N.V., 1.29%, 07/13/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 103611 |
| TenneT Holding B.V. |  |  |  |
| 1.63%, 11/17/2026<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 112720 |
| 2.13%, 11/17/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 112066 |
| 4.50%, 10/28/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 250544 |
| 0.88%, 06/16/2035<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 93861 |
|  |  |  | &nbsp;&nbsp; 4645888 |
| **New Zealand-0.32%** | **New Zealand-0.32%** | **New Zealand-0.32%** | **New Zealand-0.32%** |
| Bank of New Zealand, 5.87%, <br> 09/01/2028<sup>(b)</sup><br>| NZD | 350000 | &nbsp;&nbsp; 219660 |
| Westpac New Zealand Ltd., 4.34%, <br> 09/24/2029<br>| NZD | 400000 | &nbsp;&nbsp; 237625 |
|  |  |  | &nbsp;&nbsp; 457285 |
| **Norway-1.90%** | **Norway-1.90%** | **Norway-1.90%** | **Norway-1.90%** |
| Equinor ASA |  |  |  |
| 1.25%, 02/17/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223032 |
| 1.38%, 05/22/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 101989 |
| 1.63%, 02/17/2035<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 97474 |
| Norway Government Bond |  |  |  |
| 3.63%, 05/31/2039<sup>(b)</sup> | NOK | 600000 | &nbsp;&nbsp; 56448 |
| Series 479, 1.75%, 02/17/2027<sup>(b)</sup> | NOK | 7400000 | &nbsp;&nbsp; 691240 |
| Series 480, 2.00%, 04/26/2028<sup>(b)</sup> | NOK | 4570000 | &nbsp;&nbsp; 421686 |
| Series 481, 1.75%, 09/06/2029<sup>(b)</sup> | NOK | 2600000 | &nbsp;&nbsp; 231864 |
| Series 482, 1.38%, 08/19/2030<sup>(b)</sup> | NOK | 2000000 | &nbsp;&nbsp; 171483 |
| Series 483, 1.25%, 09/17/2031<sup>(b)</sup> | NOK | 350000 | &nbsp;&nbsp; 29023 |
| Series 484, 2.13%, 05/18/2032<sup>(b)</sup> | NOK | 1642000 | &nbsp;&nbsp; 142196 |
| Series 486, 3.00%, 08/15/2033<sup>(b)</sup> | NOK | 900000 | &nbsp;&nbsp; 81814 |
| Series 487, 3.63%, 04/13/2034<sup>(b)</sup> | NOK | 2500000 | &nbsp;&nbsp; 237162 |
| SpareBank 1 Sør-Norge ASA, 3.75%, <br> 11/23/2027<sup>(b)</sup><br>| EUR | 203000 | &nbsp;&nbsp; 237342 |
|  |  |  | &nbsp;&nbsp; 2722753 |
| **Portugal-0.15%** | **Portugal-0.15%** | **Portugal-0.15%** | **Portugal-0.15%** |
| EDP Finance B.V., 1.88%, <br> 09/21/2029<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 217375 |
| **Spain-5.39%** | **Spain-5.39%** | **Spain-5.39%** | **Spain-5.39%** |
| Abertis Infraestructuras S.A. |  |  |  |
| 2.38%, 09/27/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 226191 |
| 3.00%, 03/27/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 112426 |
| Banco Bilbao Vizcaya Argentaria S.A. |  |  |  |
| 1.00%, 06/21/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 224307 |
| 0.50%, 01/14/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220723 |
| 3.50%, 02/10/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 115172 |
| 4.38%, 10/14/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 242529 |
| 3.50%, 03/26/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 116971 |
| 3.88%, 01/15/2034<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235071 |
| Banco Santander S.A. |  |  |  |
| 1.75%, 02/17/2027<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 252937 |
| 2.13%, 02/08/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222471 |
| 0.20%, 02/11/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 212528 |
| 3.88%, 04/22/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 234549 |
| 5.13%, 01/25/2030<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 405640 |
| 4.25%, 06/12/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 241822 |
| 1.63%, 10/22/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 103538 |
| 5.38%, 01/17/2031<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 271156 |

---

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

------

**21**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** |
| 4.88%, 10/18/2031<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; $368238 |
| 1.00%, 11/04/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 98028 |
| 3.50%, 10/02/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 113366 |
| 3.75%, 01/09/2034<sup>(b)</sup> | EUR | 300000 | &nbsp;&nbsp; 349430 |
| 3.50%, 02/17/2035<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222789 |
| CaixaBank S.A. |  |  |  |
| 1.38%, 06/19/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 224759 |
| 3.75%, 09/07/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 236292 |
| 4.25%, 09/06/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 241118 |
| 4.38%, 11/29/2033<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 121289 |
| Cellnex Finance Co. S.A. |  |  |  |
| 1.00%, 09/15/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109803 |
| 1.50%, 06/08/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 219488 |
| 2.00%, 02/15/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 201631 |
| Cellnex Telecom S.A., 1.75%, <br> 10/23/2030<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 105343 |
| Iberdrola Finanzas S.A. |  |  |  |
| 1.38%, 03/11/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 203178 |
| 5.25%, 10/31/2036<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 261392 |
| Santander Consumer Finance S.A., <br> 3.75%, 01/17/2029<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 117401 |
| Telefonica Emisiones S.A. |  |  |  |
| 1.45%, 01/22/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 112195 |
| 1.20%, 08/21/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 221326 |
| 1.79%, 03/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220300 |
| 0.66%, 02/03/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 205301 |
| 2.59%, 05/25/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 110152 |
| 3.70%, 01/24/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 232246 |
|  |  |  | &nbsp;&nbsp; 7733096 |
| **Sweden-2.29%** | **Sweden-2.29%** | **Sweden-2.29%** | **Sweden-2.29%** |
| Skandinaviska Enskilda Banken AB |  |  |  |
| 4.00%, 11/09/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 233054 |
| 0.38%, 02/11/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 219163 |
| 0.75%, 08/09/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 218381 |
| 3.75%, 02/07/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 117276 |
| 0.38%, 06/21/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 211934 |
| 0.63%, 11/12/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 204552 |
| Svenska Handelsbanken AB |  |  |  |
| 1.38%, 02/23/2029<sup>(b)</sup> | EUR | 130000 | &nbsp;&nbsp; 139945 |
| 0.50%, 02/18/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 202285 |
| Sweden Government Bond |  |  |  |
| Series 1056, 2.25%, 06/01/2032<sup>(b)</sup> | SEK | 500000 | &nbsp;&nbsp; 52209 |
| Series 1059, 1.00%, 11/12/2026<sup>(b)</sup> | SEK | 4500000 | &nbsp;&nbsp; 460922 |
| Series 1060, 0.75%, 05/12/2028<sup>(b)</sup> | SEK | 4000000 | &nbsp;&nbsp; 401414 |
| Series 1061, 0.75%, 11/12/2029<sup>(b)</sup> | SEK | 4000000 | &nbsp;&nbsp; 393182 |
| Vattenfall AB, 6.88%, 04/15/2039<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 438751 |
|  |  |  | &nbsp;&nbsp; 3293068 |
| **Switzerland-1.78%** | **Switzerland-1.78%** | **Switzerland-1.78%** | **Switzerland-1.78%** |
| Holcim Finance (Luxembourg) S.A., <br> 0.50%, 09/03/2030<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 198891 |
| Lonza Finance International N.V., <br> 3.88%, 04/24/2036<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 115548 |
| Richemont International Holding S.A. |  |  |  |
| 1.50%, 03/26/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 214076 |
| 2.00%, 03/26/2038<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 189681 |
| Sika Capital B.V., 3.75%, <br> 11/03/2026<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 115734 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| Swisscom Finance B.V. |  |  |  |
| 3.50%, 11/29/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; $233897 |
| 3.63%, 11/29/2036<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114275 |
| UBS AG, 0.25%, 09/01/2028<sup>(b)</sup> | EUR | 220000 | &nbsp;&nbsp; 230847 |
| UBS Group AG |  |  |  |
| 1.25%, 09/01/2026<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 223612 |
| 0.25%, 02/24/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 212245 |
| 0.65%, 09/10/2029<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 102787 |
| 0.88%, 11/03/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 195503 |
| 0.63%, 01/18/2033<sup>(b)</sup> | EUR | 248000 | &nbsp;&nbsp; 226504 |
| 0.63%, 02/24/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 183611 |
|  |  |  | &nbsp;&nbsp; 2557211 |
| **United Kingdom-14.18%** | **United Kingdom-14.18%** | **United Kingdom-14.18%** | **United Kingdom-14.18%** |
| Anglian Water Services Financing PLC |  |  |  |
| 6.00%, 06/20/2039<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 257074 |
| 5.75%, 06/07/2043<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 360228 |
| 6.25%, 09/12/2044<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 380066 |
| B.A.T. International Finance PLC |  |  |  |
| 2.25%, 06/26/2028<sup>(b)</sup> | GBP | 127000 | &nbsp;&nbsp; 157168 |
| 2.25%, 01/16/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 218657 |
| 6.00%, 11/24/2034<sup>(b)</sup> | GBP | 275000 | &nbsp;&nbsp; 372605 |
| Barclays PLC, 3.25%, 02/12/2027<sup>(b)</sup> | GBP | 550000 | &nbsp;&nbsp; 714602 |
| Blend Funding PLC |  |  |  |
| 3.46%, 09/21/2047<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 278934 |
| 2.92%, 04/05/2054<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 236919 |
| British Telecommunications PLC |  |  |  |
| 1.50%, 06/23/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 222952 |
| 3.13%, 11/21/2031<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 238492 |
| 6.38%, 06/23/2037<sup>(b)</sup> | GBP | 250000 | &nbsp;&nbsp; 346476 |
| Cadent Finance PLC |  |  |  |
| 2.63%, 09/22/2038<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 275562 |
| 2.75%, 09/22/2046<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 232923 |
| CCEP Finance (Ireland) DAC, 0.88%, <br> 05/06/2033<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 188664 |
| Centrica PLC |  |  |  |
| 4.38%, 03/13/2029<sup>(b)</sup> | GBP | 250000 | &nbsp;&nbsp; 328143 |
| 4.25%, 09/12/2044<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 306120 |
| Clarion Funding PLC, 3.13%, <br> 04/19/2048<sup>(b)</sup><br>| GBP | 230000 | &nbsp;&nbsp; 197728 |
| Community Finance Co. 1 PLC, 5.02%, <br> 07/31/2034<br>| GBP | 300000 | &nbsp;&nbsp; 400199 |
| Connect Plus (M25) Issuer PLC, 2.61%, <br> 03/31/2039<sup>(b)</sup><br>| GBP | 323400 | &nbsp;&nbsp; 360196 |
| Diageo Finance PLC |  |  |  |
| 2.50%, 03/27/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109674 |
| 2.75%, 06/08/2038<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 200550 |
| DWR Cymru (Financing) UK PLC, 5.75%, <br> 09/10/2044<sup>(b)</sup><br>| GBP | 300000 | &nbsp;&nbsp; 377354 |
| easyJet FinCo B.V., 1.88%, <br> 03/03/2028<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 111222 |
| GlaxoSmithKline Capital PLC |  |  |  |
| 1.63%, 05/12/2035<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 290167 |
| 6.38%, 03/09/2039 | GBP | 300000 | &nbsp;&nbsp; 431166 |
| Heathrow Funding Ltd. |  |  |  |
| 6.75%, 12/03/2026<sup>(b)</sup> | GBP | 350000 | &nbsp;&nbsp; 480549 |
| 6.45%, 12/10/2031<sup>(b)</sup> | GBP | 350000 | &nbsp;&nbsp; 496687 |
| 5.88%, 05/13/2041<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 389313 |
| 4.63%, 10/31/2046<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 322561 |

---

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

------

**22**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| High Speed Rail Finance 1 PLC, 4.38%, <br> 11/01/2038<sup>(b)</sup><br>| GBP | 250000 | &nbsp;&nbsp; $308767 |
| Housing & Care 21, 3.29%, <br> 11/08/2049<sup>(b)</sup><br>| GBP | 200000 | &nbsp;&nbsp; 176500 |
| HSBC Holdings PLC, 7.00%, <br> 04/07/2038<sup>(b)</sup><br>| GBP | 350000 | &nbsp;&nbsp; 487845 |
| Imperial Brands Finance Netherlands <br> B.V.<br>|  |  |  |
| 5.25%, 02/15/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 123786 |
| 1.75%, 03/18/2033<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 97788 |
| Imperial Brands Finance PLC |  |  |  |
| 5.50%, 09/28/2026<sup>(b)</sup> | GBP | 250000 | &nbsp;&nbsp; 336888 |
| 4.88%, 06/07/2032<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 256023 |
| Lloyds Bank PLC, 6.50%, <br> 09/17/2040<sup>(b)</sup><br>| GBP | 360000 | &nbsp;&nbsp; 516699 |
| Lloyds Banking Group PLC, 1.50%, <br> 09/12/2027<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 111043 |
| Motability Operations Group PLC |  |  |  |
| 4.00%, 01/17/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 118391 |
| 3.88%, 01/24/2034<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 114999 |
| 4.25%, 06/17/2035<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 117929 |
| 3.63%, 03/10/2036<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 337362 |
| 2.38%, 07/03/2039<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 179508 |
| 2.13%, 01/18/2042<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 157710 |
| 5.75%, 06/17/2051<sup>(b)</sup> | GBP | 250000 | &nbsp;&nbsp; 313871 |
| 5.63%, 01/24/2054<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 243977 |
| National Grid Electricity Distribution <br> (West Midlands) PLC, 5.75%, <br> 04/16/2032<sup>(b)</sup><br>| GBP | 325000 | &nbsp;&nbsp; 444912 |
| National Grid PLC, 4.28%, <br> 01/16/2035<sup>(b)</sup><br>| EUR | 100000 | &nbsp;&nbsp; 118598 |
| Nationwide Building Society, 4.50%, <br> 11/01/2026<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 234475 |
| NatWest Markets PLC |  |  |  |
| 6.63%, 06/22/2026<sup>(b)</sup> | GBP | 420000 | &nbsp;&nbsp; 573255 |
| 2.75%, 11/04/2027<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 228203 |
| 5.00%, 11/18/2029<sup>(b)</sup> | GBP | 100000 | &nbsp;&nbsp; 134894 |
| Places For People Treasury PLC |  |  |  |
| 6.25%, 12/06/2041<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 267216 |
| 5.75%, 05/11/2055<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 238305 |
| Reckitt Benckiser Treasury Services <br> PLC, 1.75%, 05/19/2032<sup>(b)</sup><br>| GBP | 200000 | &nbsp;&nbsp; 219569 |
| Rolls-Royce PLC, 5.75%, <br> 10/15/2027<sup>(b)</sup><br>| GBP | 200000 | &nbsp;&nbsp; 272923 |
| Rothesay Life PLC |  |  |  |
| 3.38%, 07/12/2026<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 262300 |
| 7.73%, 05/16/2033<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 284034 |
| 7.02%, 12/10/2034<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 272884 |
| Sanctuary Capital PLC, 2.38%, <br> 04/14/2050<sup>(b)</sup><br>| GBP | 200000 | &nbsp;&nbsp; 145768 |
| Scottish Hydro Electric Transmission <br> PLC, 5.50%, 01/15/2044<sup>(b)</sup><br>| GBP | 200000 | &nbsp;&nbsp; 247293 |
| Scottish Widows Ltd., 7.00%, <br> 06/16/2043<sup>(b)</sup><br>| GBP | 250000 | &nbsp;&nbsp; 332872 |
| Standard Chartered PLC |  |  |  |
| 5.13%, 06/06/2034<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 246310 |
| 4.38%, 01/18/2038<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 231791 |
| T.H.F.C. (Funding No.3) PLC, 5.20%, <br> 10/11/2043<sup>(b)</sup><br>| GBP | 300000 | &nbsp;&nbsp; 367686 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| University of Oxford, 2.54%, <br> 12/08/2117<sup>(b)</sup><br>| GBP | 450000 | &nbsp;&nbsp; $291289 |
| Vodafone Group PLC |  |  |  |
| 1.63%, 11/24/2030<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 106541 |
| 3.38%, 08/08/2049<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 336890 |
| 5.13%, 12/02/2052<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 331750 |
| 3.00%, 08/12/2056<sup>(b)</sup> | GBP | 400000 | &nbsp;&nbsp; 286975 |
| Wellcome Trust Ltd. (The) |  |  |  |
| 1.50%, 07/14/2071<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 139479 |
| 2.52%, 02/07/2118<sup>(b)</sup> | GBP | 300000 | &nbsp;&nbsp; 192725 |
| Yorkshire Water Finance PLC, 6.38%, <br> 11/18/2034<sup>(b)</sup><br>| GBP | 200000 | &nbsp;&nbsp; 275509 |
|  |  |  | &nbsp;&nbsp; 20366483 |
| **United States-2.91%** | **United States-2.91%** | **United States-2.91%** | **United States-2.91%** |
| BG Energy Capital PLC, 5.00%, <br> 11/04/2036<sup>(b)</sup><br>| GBP | 350000 | &nbsp;&nbsp; 457251 |
| BP Capital Markets PLC |  |  |  |
| 2.52%, 04/07/2028<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 227125 |
| 1.23%, 05/08/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 101452 |
| 2.82%, 04/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 220071 |
| Medtronic Global Holdings S.C.A. |  |  |  |
| 1.63%, 03/07/2031 | EUR | 200000 | &nbsp;&nbsp; 210690 |
| 3.13%, 10/15/2031 | EUR | 100000 | &nbsp;&nbsp; 114082 |
| 0.75%, 10/15/2032 | EUR | 200000 | &nbsp;&nbsp; 190124 |
| 3.38%, 10/15/2034 | EUR | 100000 | &nbsp;&nbsp; 113444 |
| 1.38%, 10/15/2040 | EUR | 200000 | &nbsp;&nbsp; 159603 |
| 1.63%, 10/15/2050 | EUR | 100000 | &nbsp;&nbsp; 68969 |
| Sanofi S.A., Series 20FX, 1.88%, <br> 03/21/2038<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 193428 |
| Shell International Finance B.V. |  |  |  |
| 0.50%, 11/08/2031<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 97264 |
| 1.88%, 04/07/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 210660 |
| 1.25%, 11/11/2032<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 99396 |
| 0.88%, 11/08/2039<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 76844 |
| 1.75%, 09/10/2052<sup>(b)</sup> | GBP | 200000 | &nbsp;&nbsp; 118469 |
| Stellantis N.V. |  |  |  |
| 0.63%, 03/30/2027<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 109814 |
| 4.50%, 07/07/2028<sup>(b)</sup> | EUR | 100000 | &nbsp;&nbsp; 118240 |
| 0.75%, 01/18/2029<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 207217 |
| 4.38%, 03/14/2030<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 235190 |
| 4.25%, 06/16/2031<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 230734 |
| 2.75%, 04/01/2032<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 208664 |
| 1.25%, 06/20/2033<sup>(b)</sup> | EUR | 200000 | &nbsp;&nbsp; 181249 |
| Toyota Motor Credit Corp., 3.63%, <br> 07/15/2031<sup>(b)</sup><br>| EUR | 200000 | &nbsp;&nbsp; 232694 |
|  |  |  | &nbsp;&nbsp; 4182674 |
| Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $141,440,208) | Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $141,440,208) | Total Non-U.S. Dollar Denominated Bonds & Notes <br>(Cost $141,440,208) | &nbsp;&nbsp; 141160358 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.24%** | **Money Market Funds-0.24%** | **Money Market Funds-0.24%** | **Money Market Funds-0.24%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $344,920)<br>|  | 344920 | &nbsp;&nbsp; 344920 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.55% <br>(Cost $141,785,128) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.55% <br>(Cost $141,785,128) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.55% <br>(Cost $141,785,128) | &nbsp;&nbsp; 141505278 |

---

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

------

**23**

------

**Invesco International Corporate Bond ETF (PICB)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-0.37%** | **Money Market Funds-0.37%** | **Money Market Funds-0.37%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 147653 | &nbsp;&nbsp; $147653 |
| Invesco Private Prime Fund, <br> 4.46%<sup>(d)(e)(f)</sup><br>| 382145 | &nbsp;&nbsp; 382221 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $529,890) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $529,890) | &nbsp;&nbsp; 529874 |
| TOTAL INVESTMENTS IN SECURITIES-98.92% <br>(Cost $142,315,018) | TOTAL INVESTMENTS IN SECURITIES-98.92% <br>(Cost $142,315,018) | &nbsp;&nbsp; 142035152 |
| OTHER ASSETS LESS LIABILITIES-1.08% | OTHER ASSETS LESS LIABILITIES-1.08% | &nbsp;&nbsp; 1551071 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $143586223 |

---

---

| |
|:---|
| Investment Abbreviations: |
| AUD-Australian Dollar |
| CAD-Canadian Dollar |
| EUR-Euro |
| GBP-British Pound Sterling |
| JPY-Japanese Yen |
| NOK-Norwegian Krone |
| NZD-New Zealand Dollar |
| SEK-Swedish Krona |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Foreign denominated security. Principal amount is denominated in the currency indicated. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $109,504,602, which represented 76.26% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $745439 | &nbsp;&nbsp; $5424453 | &nbsp;&nbsp; $(5824972)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $344920 | &nbsp;&nbsp; $6793 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 232112 | &nbsp;&nbsp; 558553 | &nbsp;&nbsp; (643012)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 147653 | &nbsp;&nbsp; 3,049<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 604170 | &nbsp;&nbsp; 1281760 | &nbsp;&nbsp; (1503693)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; 382221 | &nbsp;&nbsp; 8,054<br> \*<br>|
| Total | &nbsp;&nbsp; $1581721 | &nbsp;&nbsp; $7264766 | &nbsp;&nbsp; $(7971677)<br>| &nbsp;&nbsp; $(5)<br>| &nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp; $874794 | &nbsp;&nbsp; $17896 |

---

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

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

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

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

------

**24**

------

**Statements of Assets and Liabilities**

April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**0-5 Yr** <br>**US TIPS ETF** <br>**(PBTP)**<br>| **Invesco Emerging** <br>**Markets Sovereign** <br>**Debt ETF (PCY)**<br>| **Invesco** <br>**Global ex-US** <br>**High Yield Corporate** <br>**Bond ETF (PGHY)**<br>| **Invesco International** <br>**Corporate Bond** <br>**ETF (PICB)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $56455902 | &nbsp;&nbsp;&nbsp; $1147887610 | &nbsp;&nbsp;&nbsp; $150037289 | &nbsp;&nbsp;&nbsp; $141160358 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 176679 | &nbsp;&nbsp;&nbsp; 57373103 | &nbsp;&nbsp;&nbsp; 8669470 | &nbsp;&nbsp;&nbsp; 874794 |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1125601 | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 154497 | &nbsp;&nbsp;&nbsp; 23214 | &nbsp;&nbsp;&nbsp; 25466 |
| Cash collateral-failed in-kind securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 214145 | &nbsp;&nbsp;&nbsp; 1978828 |
| Receivable for: |  |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 81799 | &nbsp;&nbsp;&nbsp; 17758866 | &nbsp;&nbsp;&nbsp; 2492012 | &nbsp;&nbsp;&nbsp; 2236010 |
| Securities lending | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 23062 | &nbsp;&nbsp;&nbsp; 4812 | &nbsp;&nbsp;&nbsp; 62 |
| Investments sold | &nbsp;&nbsp; 1204996 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1662142 | &nbsp;&nbsp;&nbsp; 3597116 |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 665089 | &nbsp;&nbsp;&nbsp; 1659485 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1611 |
| Investments matured, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 106225 | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 57919376 | &nbsp;&nbsp;&nbsp; 1223197138 | &nbsp;&nbsp;&nbsp; 164999999 | &nbsp;&nbsp;&nbsp; 151533730 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 60979 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 1378241 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2799823 | &nbsp;&nbsp;&nbsp; 5383823 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 55238513 | &nbsp;&nbsp;&nbsp; 8010854 | &nbsp;&nbsp;&nbsp; 529890 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 214145 | &nbsp;&nbsp;&nbsp; 1978828 |
| Accrued unitary management fees | &nbsp;&nbsp; 3142 | &nbsp;&nbsp;&nbsp; 488538 | &nbsp;&nbsp;&nbsp; 44117 | &nbsp;&nbsp;&nbsp; 54966 |
| **Total liabilities** | &nbsp;&nbsp; 1381383 | &nbsp;&nbsp;&nbsp; 55788030 | &nbsp;&nbsp;&nbsp; 11068939 | &nbsp;&nbsp;&nbsp; 7947507 |
| **Net Assets** | &nbsp;&nbsp; $56537993 | &nbsp;&nbsp;&nbsp; $1167409108 | &nbsp;&nbsp;&nbsp; $153931060 | &nbsp;&nbsp;&nbsp; $143586223 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $57307065 | &nbsp;&nbsp;&nbsp; $2404790092 | &nbsp;&nbsp;&nbsp; $199567016 | &nbsp;&nbsp;&nbsp; $155694792 |
| Distributable earnings (loss) | &nbsp;&nbsp; (769072)<br>| &nbsp;&nbsp;&nbsp; (1237380984)<br>| &nbsp;&nbsp;&nbsp; (45635956)<br>| &nbsp;&nbsp;&nbsp; (12108569)<br>|
| **Net Assets** | &nbsp;&nbsp; $56537993 | &nbsp;&nbsp;&nbsp; $1167409108 | &nbsp;&nbsp;&nbsp; $153931060 | &nbsp;&nbsp;&nbsp; $143586223 |
| Shares outstanding (unlimited amount authorized, $0.01 par <br> value)<br>| &nbsp;&nbsp; 2160001 | &nbsp;&nbsp;&nbsp; 59200000 | &nbsp;&nbsp;&nbsp; 7900000 | &nbsp;&nbsp;&nbsp; 6150000 |
| Net asset value | &nbsp;&nbsp; $26.17 | &nbsp;&nbsp;&nbsp; $19.72 | &nbsp;&nbsp;&nbsp; $19.48 | &nbsp;&nbsp;&nbsp; $23.35 |
| Market price | &nbsp;&nbsp; $26.17 | &nbsp;&nbsp;&nbsp; $19.65 | &nbsp;&nbsp;&nbsp; $19.59 | &nbsp;&nbsp;&nbsp; $23.39 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $56172479 | &nbsp;&nbsp;&nbsp; $1340340010 | &nbsp;&nbsp;&nbsp; $149678633 | &nbsp;&nbsp;&nbsp; $141440208 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $176679 | &nbsp;&nbsp;&nbsp; $57375128 | &nbsp;&nbsp;&nbsp; $8669782 | &nbsp;&nbsp;&nbsp; $874810 |
| Foreign currencies, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $146150 | &nbsp;&nbsp;&nbsp; $20234 | &nbsp;&nbsp;&nbsp; $24581 |
| Investments matured, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $3661152 | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $53167548 | &nbsp;&nbsp;&nbsp; $7685184 | &nbsp;&nbsp;&nbsp; $499268 |

---

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

------

**25**

------

**Statements of Operations**

For the six months ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**0-5 Yr** <br>**US TIPS ETF** <br>**(PBTP)**<br>| **Invesco Emerging** <br>**Markets Sovereign** <br>**Debt ETF (PCY)**<br>| **Invesco** <br>**Global ex-US** <br>**High Yield Corporate** <br>**Bond ETF (PGHY)**<br>| **Invesco International** <br>**Corporate Bond** <br>**ETF (PICB)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $874122 | &nbsp;&nbsp;&nbsp; $44458790 | &nbsp;&nbsp;&nbsp; $5612476 | &nbsp;&nbsp;&nbsp; $2309031 |
| Unaffiliated dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 16656 | &nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 144 |
| Affiliated dividend income | &nbsp;&nbsp; 991 | &nbsp;&nbsp;&nbsp; 54535 | &nbsp;&nbsp;&nbsp; 22077 | &nbsp;&nbsp;&nbsp; 6793 |
| Securities lending income, net | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 198362 | &nbsp;&nbsp;&nbsp; 22679 | &nbsp;&nbsp;&nbsp; 705 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2372)<br>|
| Total investment income | &nbsp;&nbsp; 875113 | &nbsp;&nbsp;&nbsp; 44728343 | &nbsp;&nbsp;&nbsp; 5657479 | &nbsp;&nbsp;&nbsp; 2314301 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 19021 | &nbsp;&nbsp;&nbsp; 3192805 | &nbsp;&nbsp;&nbsp; 251968 | &nbsp;&nbsp;&nbsp; 312904 |
| Less: Waivers | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; (1171)<br>| &nbsp;&nbsp;&nbsp; (471)<br>| &nbsp;&nbsp;&nbsp; (144)<br>|
| Net expenses | &nbsp;&nbsp; 18999 | &nbsp;&nbsp;&nbsp; 3191634 | &nbsp;&nbsp;&nbsp; 251497 | &nbsp;&nbsp;&nbsp; 312760 |
| Net investment income | &nbsp;&nbsp; 856114 | &nbsp;&nbsp;&nbsp; 41536709 | &nbsp;&nbsp;&nbsp; 5405982 | &nbsp;&nbsp;&nbsp; 2001541 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (68973)<br>| &nbsp;&nbsp;&nbsp; (12740661)<br>| &nbsp;&nbsp;&nbsp; (445215)<br>| &nbsp;&nbsp;&nbsp; (1626265)<br>|
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (4176)<br>| &nbsp;&nbsp;&nbsp; (600)<br>| &nbsp;&nbsp;&nbsp; (11)<br>|
| In-kind redemptions | &nbsp;&nbsp; 92903 | &nbsp;&nbsp;&nbsp; (10197331)<br>| &nbsp;&nbsp;&nbsp; 157242 | &nbsp;&nbsp;&nbsp; (19168)<br>|
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (336)<br>| &nbsp;&nbsp;&nbsp; (54570)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 23930 | &nbsp;&nbsp;&nbsp; (22942170)<br>| &nbsp;&nbsp;&nbsp; (288909)<br>| &nbsp;&nbsp;&nbsp; (1700014)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1390108 | &nbsp;&nbsp;&nbsp; (34249997)<br>| &nbsp;&nbsp;&nbsp; (3118053)<br>| &nbsp;&nbsp;&nbsp; 7183750 |
| Affiliated investment securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 6202 | &nbsp;&nbsp;&nbsp; 503 | &nbsp;&nbsp;&nbsp; 111842 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1390108 | &nbsp;&nbsp;&nbsp; (34243779)<br>| &nbsp;&nbsp;&nbsp; (3117563)<br>| &nbsp;&nbsp;&nbsp; 7295587 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 1414038 | &nbsp;&nbsp;&nbsp; (57185949)<br>| &nbsp;&nbsp;&nbsp; (3406472)<br>| &nbsp;&nbsp;&nbsp; 5595573 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $2270152 | &nbsp;&nbsp;&nbsp; $(15649240)<br>| &nbsp;&nbsp;&nbsp; $1999510 | &nbsp;&nbsp;&nbsp; $7597114 |

---

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

------

**26**

------

**27**

------

**Statements of Changes in Net Assets**

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

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco 0-5 Yr US** <br>**TIPS ETF (PBTP)** | **Invesco 0-5 Yr US** <br>**TIPS ETF (PBTP)** | **Invesco Emerging** <br>**Markets Sovereign** <br>**Debt ETF (PCY)** | **Invesco Emerging** <br>**Markets Sovereign** <br>**Debt ETF (PCY)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $856114 | &nbsp;&nbsp;&nbsp; $1350903 | &nbsp;&nbsp;&nbsp; $41536709 | &nbsp;&nbsp;&nbsp; $94476391 |
| Net realized gain (loss) | &nbsp;&nbsp; 23930 | &nbsp;&nbsp;&nbsp; (968288)<br>| &nbsp;&nbsp;&nbsp; (22942170)<br>| &nbsp;&nbsp;&nbsp; (29946869)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1390108 | &nbsp;&nbsp;&nbsp; 3556761 | &nbsp;&nbsp;&nbsp; (34243779)<br>| &nbsp;&nbsp;&nbsp; 228026937 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 2270152 | &nbsp;&nbsp;&nbsp; 3939376 | &nbsp;&nbsp;&nbsp; (15649240)<br>| &nbsp;&nbsp;&nbsp; 292556459 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (660678)<br>| &nbsp;&nbsp;&nbsp; (1578803)<br>| &nbsp;&nbsp;&nbsp; (41892930)<br>| &nbsp;&nbsp;&nbsp; (95756117)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 8006409 | &nbsp;&nbsp;&nbsp; 8157881 | &nbsp;&nbsp;&nbsp; 18335793 | &nbsp;&nbsp;&nbsp; 246901542 |
| Value of shares repurchased | &nbsp;&nbsp; (8219545)<br>| &nbsp;&nbsp;&nbsp; (24470403)<br>| &nbsp;&nbsp;&nbsp; (148243586)<br>| &nbsp;&nbsp;&nbsp; (373074363)<br>|
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (213136)<br>| &nbsp;&nbsp;&nbsp; (16312522)<br>| &nbsp;&nbsp;&nbsp; (129907793)<br>| &nbsp;&nbsp;&nbsp; (126172821)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 1396338 | &nbsp;&nbsp;&nbsp; (13951949)<br>| &nbsp;&nbsp;&nbsp; (187449963)<br>| &nbsp;&nbsp;&nbsp; 70627521 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 55141655 | &nbsp;&nbsp;&nbsp; 69093604 | &nbsp;&nbsp;&nbsp; 1354859071 | &nbsp;&nbsp;&nbsp; 1284231550 |
| End of period | &nbsp;&nbsp; $56537993 | &nbsp;&nbsp;&nbsp; $55141655 | &nbsp;&nbsp;&nbsp; $1167409108 | &nbsp;&nbsp;&nbsp; $1354859071 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 12200000 |
| Shares repurchased | &nbsp;&nbsp; (320000)<br>| &nbsp;&nbsp;&nbsp; (980000)<br>| &nbsp;&nbsp;&nbsp; (7400000)<br>| &nbsp;&nbsp;&nbsp; (18300000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 2170001 | &nbsp;&nbsp;&nbsp; 2820001 | &nbsp;&nbsp;&nbsp; 65700000 | &nbsp;&nbsp;&nbsp; 71800000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 2160001 | &nbsp;&nbsp;&nbsp; 2170001 | &nbsp;&nbsp;&nbsp; 59200000 | &nbsp;&nbsp;&nbsp; 65700000 |

---

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

------

**28**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Global ex-US High Yield** <br>**Corporate Bond ETF (PGHY)** | **Invesco Global ex-US High Yield** <br>**Corporate Bond ETF (PGHY)** | **Invesco International Corporate** <br>**Bond ETF (PICB)** | **Invesco International Corporate** <br>**Bond ETF (PICB)** |
| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| $5405982 | &nbsp;&nbsp;&nbsp; $10336513 | &nbsp;&nbsp;&nbsp; $2001541 | &nbsp;&nbsp;&nbsp; $3815308 |
| (288909)<br>| &nbsp;&nbsp;&nbsp; (5047979)<br>| &nbsp;&nbsp;&nbsp; (1700014)<br>| &nbsp;&nbsp;&nbsp; (1522133)<br>|
| (3117563)<br>| &nbsp;&nbsp;&nbsp; 14324131 | &nbsp;&nbsp;&nbsp; 7295587 | &nbsp;&nbsp;&nbsp; 10877175 |
| 1999510 | &nbsp;&nbsp;&nbsp; 19612665 | &nbsp;&nbsp;&nbsp; 7597114 | &nbsp;&nbsp;&nbsp; 13170350 |
| (5520505)<br>| &nbsp;&nbsp;&nbsp; (10312284)<br>| &nbsp;&nbsp;&nbsp; (1974658)<br>| &nbsp;&nbsp;&nbsp; (3800844)<br>|
| 22815270 | &nbsp;&nbsp;&nbsp; 7922147 | &nbsp;&nbsp;&nbsp; 15889046 | &nbsp;&nbsp;&nbsp; 12262589 |
| (5883242)<br>| &nbsp;&nbsp;&nbsp; (6858552)<br>| &nbsp;&nbsp;&nbsp; (4387888)<br>| &nbsp;&nbsp;&nbsp; (11101056)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 16710 |
| 16932028 | &nbsp;&nbsp;&nbsp; 1063595 | &nbsp;&nbsp;&nbsp; 11501158 | &nbsp;&nbsp;&nbsp; 1178243 |
| 13411033 | &nbsp;&nbsp;&nbsp; 10363976 | &nbsp;&nbsp;&nbsp; 17123614 | &nbsp;&nbsp;&nbsp; 10547749 |
| 140520027 | &nbsp;&nbsp;&nbsp; 130156051 | &nbsp;&nbsp;&nbsp; 126462609 | &nbsp;&nbsp;&nbsp; 115914860 |
| $153931060 | &nbsp;&nbsp;&nbsp; $140520027 | &nbsp;&nbsp;&nbsp; $143586223 | &nbsp;&nbsp;&nbsp; $126462609 |
| 1150000 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 550000 |
| (300000)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (500000)<br>|
| 7050000 | &nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp; 5650000 | &nbsp;&nbsp;&nbsp; 5600000 |
| 7900000 | &nbsp;&nbsp;&nbsp; 7050000 | &nbsp;&nbsp;&nbsp; 6150000 | &nbsp;&nbsp;&nbsp; 5650000 |

---

------

**29**

------

**Financial Highlights**

Invesco 0-5 Yr US TIPS ETF (PBTP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.41 | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $26.68 | &nbsp;&nbsp;&nbsp; $25.74 | &nbsp;&nbsp;&nbsp; $24.89 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $26.17 | &nbsp;&nbsp;&nbsp; $25.41 | &nbsp;&nbsp;&nbsp; $24.50 | &nbsp;&nbsp;&nbsp; $24.57 | &nbsp;&nbsp;&nbsp; $26.68 | &nbsp;&nbsp;&nbsp; $25.74 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $26.17 | &nbsp;&nbsp;&nbsp; $25.41 | &nbsp;&nbsp;&nbsp; $24.51 | &nbsp;&nbsp;&nbsp; $24.59 | &nbsp;&nbsp;&nbsp; $26.70 | &nbsp;&nbsp;&nbsp; $25.75 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp; (2.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> %<br>| &nbsp;&nbsp;&nbsp; (2.78)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.28<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $56538 | &nbsp;&nbsp;&nbsp; $55142 | &nbsp;&nbsp;&nbsp; $69094 | &nbsp;&nbsp;&nbsp; $121635 | &nbsp;&nbsp;&nbsp; $52826 | &nbsp;&nbsp;&nbsp; $12870 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.07 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.15 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>|

---

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

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

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

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

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

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

------

**30**

------

**Financial Highlights—(continued)**

Invesco Emerging Markets Sovereign Debt ETF (PCY)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $20.62 | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $17.12 | &nbsp;&nbsp;&nbsp; $26.76 | &nbsp;&nbsp;&nbsp; $26.89 | &nbsp;&nbsp;&nbsp; $29.12 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (9.61)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (2.20)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp; (8.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp; (0.92)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.31)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $19.72 | &nbsp;&nbsp;&nbsp; $20.62 | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $17.12 | &nbsp;&nbsp;&nbsp; $26.76 | &nbsp;&nbsp;&nbsp; $26.89 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $19.65 | &nbsp;&nbsp;&nbsp; $20.48 | &nbsp;&nbsp;&nbsp; $17.83 | &nbsp;&nbsp;&nbsp; $16.88 | &nbsp;&nbsp;&nbsp; $26.73 | &nbsp;&nbsp;&nbsp; $26.81 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (1.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.89<br> %<br>| &nbsp;&nbsp;&nbsp; (31.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> %<br>| &nbsp;&nbsp;&nbsp; (3.07)%<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.12<br> %<br>| &nbsp;&nbsp;&nbsp; (32.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> %<br>| &nbsp;&nbsp;&nbsp; (3.38)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1167409 | &nbsp;&nbsp;&nbsp; $1354859 | &nbsp;&nbsp;&nbsp; $1284232 | &nbsp;&nbsp;&nbsp; $1429380 | &nbsp;&nbsp;&nbsp; $2723916 | &nbsp;&nbsp;&nbsp; $2675446 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.50 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.63<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>|

---

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

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

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

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

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

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

------

**31**

------

**Financial Highlights—(continued)**

Invesco Global ex-US High Yield Corporate Bond ETF (PGHY)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $18.59 | &nbsp;&nbsp;&nbsp; $19.06 | &nbsp;&nbsp;&nbsp; $21.59 | &nbsp;&nbsp;&nbsp; $21.58 | &nbsp;&nbsp;&nbsp; $22.82 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp; (1.20)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp; (0.02)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $19.48 | &nbsp;&nbsp;&nbsp; $19.93 | &nbsp;&nbsp;&nbsp; $18.59 | &nbsp;&nbsp;&nbsp; $19.06 | &nbsp;&nbsp;&nbsp; $21.59 | &nbsp;&nbsp;&nbsp; $21.58 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $19.59 | &nbsp;&nbsp;&nbsp; $19.92 | &nbsp;&nbsp;&nbsp; $18.55 | &nbsp;&nbsp;&nbsp; $18.96 | &nbsp;&nbsp;&nbsp; $21.62 | &nbsp;&nbsp;&nbsp; $21.59 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.06<br> %<br>| &nbsp;&nbsp;&nbsp; (7.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.40<br> %<br>| &nbsp;&nbsp;&nbsp; (7.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $153931 | &nbsp;&nbsp;&nbsp; $140520 | &nbsp;&nbsp;&nbsp; $130156 | &nbsp;&nbsp;&nbsp; $186805 | &nbsp;&nbsp;&nbsp; $236363 | &nbsp;&nbsp;&nbsp; $196355 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.51 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 141<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> Portfolio turnover rate is not annualized for periods less than one year, if applicable, and does not include securities received or delivered from processing creations or redemptions. For the year ended October 31, 2023, the portfolio turnover calculation includes the value of securities purchased and sold in the effort to realign the Fund's portfolio holdings due to the underlying index change. 

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

------

**32**

------

**Financial Highlights—(continued)**

Invesco International Corporate Bond ETF (PICB)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $22.38 | &nbsp;&nbsp;&nbsp; $20.70 | &nbsp;&nbsp;&nbsp; $19.72 | &nbsp;&nbsp;&nbsp; $28.27 | &nbsp;&nbsp;&nbsp; $28.10 | &nbsp;&nbsp;&nbsp; $26.96 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp; (8.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp; (8.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - |
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $23.35 | &nbsp;&nbsp;&nbsp; $22.38 | &nbsp;&nbsp;&nbsp; $20.70 | &nbsp;&nbsp;&nbsp; $19.72 | &nbsp;&nbsp;&nbsp; $28.27 | &nbsp;&nbsp;&nbsp; $28.10 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $23.39 | &nbsp;&nbsp;&nbsp; $22.48 | &nbsp;&nbsp;&nbsp; $20.75 | &nbsp;&nbsp;&nbsp; $19.73 | &nbsp;&nbsp;&nbsp; $28.31 | &nbsp;&nbsp;&nbsp; $28.15 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.38<br> %<br>| &nbsp;&nbsp;&nbsp; (29.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.57<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.58<br> %<br>| &nbsp;&nbsp;&nbsp; (29.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.24<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $143586 | &nbsp;&nbsp;&nbsp; $126463 | &nbsp;&nbsp;&nbsp; $115915 | &nbsp;&nbsp;&nbsp; $97609 | &nbsp;&nbsp;&nbsp; $122979 | &nbsp;&nbsp;&nbsp; $118025 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.20 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|

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

<sup>(b)</sup> Amount represents less than $0.005.

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

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

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

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

April 30, 2025

*(Unaudited)*

**NOTE 1—Organization**

Invesco Exchange-Traded Fund Trust II (the "Trust") was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco 0-5 Yr US TIPS ETF (PBTP) | "0-5 Yr US TIPS ETF" |
| Invesco Emerging Markets Sovereign Debt ETF (PCY) | "Emerging Markets Sovereign Debt ETF" |
| Invesco Global ex-US High Yield Corporate Bond ETF (PGHY) | "Global ex-US High Yield Corporate Bond ETF" |
| Invesco International Corporate Bond ETF (PICB) | "International Corporate Bond ETF" |

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Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the following exchanges:

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| | |
|:---|:---|
| **Fund** | **Exchange** |
| 0-5 Yr US TIPS ETF | Cboe BZX Exchange, Inc. |
| Emerging Markets Sovereign Debt ETF | NYSE Arca, Inc. |
| Global ex-US High Yield Corporate Bond ETF | NYSE Arca, Inc. |
| International Corporate Bond ETF | NYSE Arca, Inc. |

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

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

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| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| 0-5 Yr US TIPS ETF | ICE BofA 0-5 Year US Inflation-Linked Treasury Index<sup>SM</sup> |
| Emerging Markets Sovereign Debt ETF | DBIQ Emerging Market USD Liquid Balanced Index |
| Global ex-US High Yield Corporate Bond ETF | ICE USD Global High Yield Excluding US Issuers Constrained Index |
| International Corporate Bond ETF | S&P International Corporate Bond Index<sup>®</sup> |

---

**NOTE 2—Significant Accounting Policies**

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

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

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

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

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

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

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

**D.** **Dividends and Distributions to Shareholders** - Each Fund (except 0-5 Yr US TIPS ETF) declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. 0-5 Yr US TIPS ETF declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. Generally, each Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in such Fund's financial statements as a tax return of capital at fiscal year-end.

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

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

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

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

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

**F.** **Foreign Withholding Taxes** - Certain Funds are subject to foreign withholding tax imposed by certain foreign countries in which the Funds may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Certain Funds may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Certain Funds will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Certain Funds may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended April 30, 2025, the Funds did not enter into any closing agreements.

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

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

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **Treasury Inflation-Protected Securities** - 0-5 Yr US TIPS ETF will invest in Treasury Inflation-Protected Securities ("TIPS"). TIPS are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The principal value of

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TIPS will be adjusted upward or downward, and any increase or decrease in the principal amount of TIPS will be included as Treasury Inflation-Protected Securities inflation adjustment in the Statements of Operations, even though investors do not receive their principal until maturity.

**L.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, there were no affiliated securities lending transactions with Invesco.

**M.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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**N.** **Other Risks**

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Call Risk*. If interest rates fall, it is possible that issuers of callable securities with high interest coupons will "call" (or prepay) their bonds before their maturity date. If an issuer exercises such a call during a period of declining interest rates, a Fund may have to replace such called security with a lower yielding security. If that were to happen, such Fund's net investment income could fall.

*Changing Fixed-Income Market Conditions Risk*. Fluctuations in the federal funds and equivalent foreign interest rates or other changes to monetary policy or regulatory actions may expose fixed-income markets to heightened volatility, perhaps suddenly and to a significant degree, and to reduced liquidity for certain fixed-income investments, particularly those with longer maturities, when rates increase. Such changes and resulting increased volatility may adversely impact a Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of a Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets. This could result in higher than normal redemptions by APs, which could potentially increase a Fund's portfolio turnover rate and transaction costs.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Emerging Markets Sovereign Debt Risk*. Government obligors in emerging market countries are among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. Historically, certain issuers of the government debt securities in which Emerging Markets Sovereign Debt ETF may invest have experienced substantial difficulties in meeting their external debt obligations, resulting in defaults on certain obligations and the restructuring of certain indebtedness. Such restructuring arrangements have included obtaining additional credit to finance outstanding obligations and the reduction and rescheduling of payments of interest and principal through the negotiation of new or amended credit agreements.

*Fixed-Income Securities Risk*. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*Foreign Fixed-Income Investment Risk*. For certain Funds, investments in fixed-income securities of non-U.S. issuers are subject to the same risks as other debt securities, notably credit risk, market risk, interest rate risk and liquidity risk, while also facing risks beyond those associated with investments in U.S. securities. For example, foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or

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economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

*Geographic Concentration Risk*. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund's investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund's investments in the affected region.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Inflation-Linked Security Risk.* The value of inflation-linked securities generally will fluctuate in response to changes in real interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation -indexed securities will generally vary up or down along with the rate of inflation.

*Liquidity Risk*. Liquidity risk exists when a particular investment is difficult to purchase or sell. If a Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund's use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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*Non-Investment Grade Securities Risk*. Non-investment grade securities (commonly known as "junk bonds" or "high yield bonds") and unrated securities of comparable credit quality are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the non-investment grade securities markets generally, real or perceived adverse economic and competitive industry conditions and less secondary market liquidity. If the issuer of non-investment grade securities defaults, a Fund may incur additional expenses to seek recovery.

*Restricted Securities Risk*. Certain Funds may invest in restricted securities, including those that may be resold only in accordance with Regulation S under the Securities Act of 1933. Regulation S securities are securities of U.S. and non-U.S. issuers initially offered and sold outside the United States without registration with the SEC. Accordingly, the liquidity of the market for specific Regulation S securities may vary. Delay or difficulty in selling such securities may result in a loss to the Funds.

*Sampling Risk*. Certain Funds' use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

*U.S. Government Obligations Risk*. Certain Funds may invest in U.S. Government obligations issued or guaranteed by the U.S. Government, its agencies and instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. U.S. Government securities include securities that are issued or guaranteed by the U.S. Treasury, by various agencies of the U.S. Government, or by various instrumentalities which have been established or sponsored by the U.S. Government. U.S. Treasury securities are backed by the "full faith and credit" of the United States, which may be negatively affected by an actual or threatened failure of the U.S. Government to pay its obligation. Securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may or may not be backed by the full faith and credit of the United States. In the case of those U.S. Government securities not backed by the full faith and credit of the United States, the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

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| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>|
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| International Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|

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Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are

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attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended April 30, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp;&nbsp; $22 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp;&nbsp; 1171 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 471 |
| International Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 144 |

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The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a "Licensor"):

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| | |
|:---|:---|
| **Fund** | **Licensor** |
| 0-5 Yr US TIPS ETF | ICE Data Indices, LLC |
| Emerging Markets Sovereign Debt ETF | Deutsche Bank Securities Inc. |
| Global ex-US High Yield Corporate Bond ETF | ICE Data Indices, LLC |
| International Corporate Bond ETF | S&P Dow Jones Indices LLC |

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Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| 0-5 Yr US TIPS ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp; $- | &nbsp;&nbsp; $56455902 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $56455902 |
| Money Market Funds | &nbsp;&nbsp; 176679 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 176679 |
| **Total Investments** | &nbsp;&nbsp; $176679 | &nbsp;&nbsp; $56455902 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $56632581 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Emerging Markets Sovereign Debt ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1147887610 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1147887610 |
| Money Market Funds | &nbsp;&nbsp; 2136615 | &nbsp;&nbsp; 55236488 | &nbsp;&nbsp; - | &nbsp;&nbsp; 57373103 |
| **Total Investments** | &nbsp;&nbsp; $2136615 | &nbsp;&nbsp; $1203124098 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1205260713 |
| Global ex-US High Yield Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $149746854 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $149746854 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; 29217 | &nbsp;&nbsp; 257218 | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 286435 |
| Preferred Stocks | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 |
| Money Market Funds | &nbsp;&nbsp; 658928 | &nbsp;&nbsp; 8010542 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8669470 |
| **Total Investments in Securities** | &nbsp;&nbsp; 688145 | &nbsp;&nbsp; 158014614 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 158706759 |
| **Other Investments - Assets** |  |  |  |  |
| Investments Matured | &nbsp;&nbsp; - | &nbsp;&nbsp; 101350 | &nbsp;&nbsp; 4875 | &nbsp;&nbsp; 106225 |
| **Total Investments** | &nbsp;&nbsp; $688145 | &nbsp;&nbsp; $158115964 | &nbsp;&nbsp; $8875 | &nbsp;&nbsp; $158812984 |
| International Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Non-U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $141160358 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $141160358 |
| Money Market Funds | &nbsp;&nbsp; 344920 | &nbsp;&nbsp; 529874 | &nbsp;&nbsp; - | &nbsp;&nbsp; 874794 |
| **Total Investments** | &nbsp;&nbsp; $344920 | &nbsp;&nbsp; $141690232 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $142035152 |

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**NOTE 5—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of October 31, 2024, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $142328 | &nbsp;&nbsp; $1022932 | &nbsp;&nbsp; $1165260 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 302905622 | &nbsp;&nbsp; 715796703 | &nbsp;&nbsp; 1018702325 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 9884793 | &nbsp;&nbsp; 32182972 | &nbsp;&nbsp; 42067765 |
| International Corporate Bond ETF | &nbsp;&nbsp; 3032330 | &nbsp;&nbsp; 6805348 | &nbsp;&nbsp; 9837678 |

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\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 6—Investment Transactions**

For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 155174414 | &nbsp;&nbsp; 154474209 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 22904973 | &nbsp;&nbsp; 24967582 |
| International Corporate Bond ETF | &nbsp;&nbsp; 19658232 | &nbsp;&nbsp; 19581321 |

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For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

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| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $6305474 | &nbsp;&nbsp; $7330705 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 13538256 | &nbsp;&nbsp; 144657413 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 20391639 | &nbsp;&nbsp; 5500785 |
| International Corporate Bond ETF | &nbsp;&nbsp; 15204314 | &nbsp;&nbsp; 4296307 |

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Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| 0-5 Yr US TIPS ETF | &nbsp;&nbsp; $579812 | &nbsp;&nbsp; $(460519)<br>| &nbsp;&nbsp; $119293 | &nbsp;&nbsp; $56513288 |
| Emerging Markets Sovereign Debt ETF | &nbsp;&nbsp; 14221617 | &nbsp;&nbsp; (209611452)<br>| &nbsp;&nbsp; (195389835)<br>| &nbsp;&nbsp; 1400650548 |
| Global ex-US High Yield Corporate Bond ETF | &nbsp;&nbsp; 3695278 | &nbsp;&nbsp; (6924447)<br>| &nbsp;&nbsp; (3229169)<br>| &nbsp;&nbsp; 162042153 |
| International Corporate Bond ETF | &nbsp;&nbsp; 4936384 | &nbsp;&nbsp; (5627645)<br>| &nbsp;&nbsp; (691261)<br>| &nbsp;&nbsp; 142726413 |

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**NOTE 7—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 8—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco 0-5 Yr US TIPS ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Invesco Alerian Galaxy Crypto Economy ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco Dorsey Wright Developed Markets Momentum ETF

Invesco Dorsey Wright Emerging Markets Momentum ETF

Invesco Dorsey Wright SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco Equal Weight 0-30 Year Treasury ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco Floating Rate Municipal Income ETF

Invesco Fundamental High Yield® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global ex-US High Yield Corporate Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Global Climate 500 ETF

Invesco MSCI Green Building ETF

Invesco MSCI USA ETF

Invesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco Nasdaq Free Cash Flow Achievers ETF

Invesco NASDAQ Future Gen 200 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

Invesco RAFI Developed Markets ex-U.S. ETF

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

Invesco RAFI Emerging Markets ETF

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500<sup>®</sup> Enhanced Value ETF

Invesco S&P 500<sup>®</sup> ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500<sup>®</sup> High Beta ETF

Invesco S&P 500<sup>®</sup> High Dividend Growers ETF

Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF

Invesco S&P 500<sup>®</sup> Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500<sup>®</sup> Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 GARP ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Short Term Treasury ETF

Invesco Taxable Municipal Bond ETF

Invesco Variable Rate Preferred ETF

Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the "Sub-Advisory Agreement"): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

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**45**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

***Investment Advisory Agreement***

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds ("ETFs") businesses of Guggenheim Capital LLC ("Guggenheim") on May 18, 2018 and Massachusetts Mutual Life Insurance Company ("Oppenheimer") on May 24, 2019 (each, a "Transaction"), and that each such Fund's performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF and for Invesco Senior Loan ETF, was within the targeted range set forth in the Trust's registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF's and Invesco Senior Loan ETF's correlation to its respective underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund's correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund's particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.04% of the Fund's average daily net assets for Invesco MSCI USA ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco 0-5 Yr US TIPS ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.08% of the Fund's average daily net assets for Invesco Short Term Treasury ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.10% of the Fund's average daily net assets for Invesco MSCI Global Climate 500 ETF and Invesco S&P 500 Minimum Variance ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.11% of the Fund's average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;

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**46**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.13% of the Fund's average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco Equal Weight

0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.22% of the Fund's average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.25% of the Fund's average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.28% of the Fund's average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.30% of the Fund's average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco S&P SmallCap 600 GARP ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco MSCI Green Building ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco S&P 500 High Dividend Growers ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.43% of the Fund's average daily net assets for Invesco RAFI Developed Markets ex-U.S. ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.47% of the Fund's average daily net assets for Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco RAFI Emerging Markets ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.55% of the Fund's average daily net assets for Invesco International BuyBack AchieversTM ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.65% of the Fund's average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.75% of the Fund's average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.80% of the Fund's average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.90% of the Fund's average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The

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**47**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

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| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal to/Lower** <br>**than ETF** <br>**Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco 0-5 Yr US TIPS ETF | X |  | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF |  | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF |  | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF |  |  | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF |  |  | X |
| Invesco Dorsey Wright SmallCap Momentum ETF |  |  | X |
| Invesco Emerging Markets Sovereign Debt ETF |  |  | X |
| Invesco Equal Weight 0-30 Year Treasury ETF |  |  | X |
| Invesco ESG NASDAQ 100 ETF |  |  | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X |  | X |
| Invesco ESG S&P 500 Equal Weight ETF | X |  | X |
| Invesco Floating Rate Municipal Income ETF |  | N/A | X |
| Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF |  | X | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF |  |  | X |
| Invesco Global Clean Energy ETF |  | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF |  | X | X |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Corporate Bond ETF |  |  | X |
| Invesco KBW Bank ETF | X |  | X |
| Invesco KBW High Dividend Yield Financial ETF | X |  | X |
| Invesco KBW Premium Yield Equity REIT ETF | X |  | X |
| Invesco KBW Property & Casualty Insurance ETF | X |  | X |
| Invesco KBW Regional Banking ETF | X |  | X |
| Invesco MSCI Global Climate 500 ETF | X | X | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | X | X |
| Invesco Nasdaq Biotechnology ETF | X |  | X |
| Invesco Nasdaq Free Cash Flow Achievers ETF |  | X | X |
| Invesco NASDAQ Future Gen 200 ETF |  |  | X |
| Invesco NASDAQ Next Gen 100 ETF | X |  | X |
| Invesco National AMT-Free Municipal Bond ETF |  |  | X |
| Invesco New York AMT-Free Municipal Bond ETF |  | N/A | X |
| Invesco PHLX Semiconductor ETF | X |  | X |
| Invesco Preferred ETF |  | N/A | X |
| Invesco RAFI Developed Markets ex-U.S. ETF |  |  | X |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF |  |  | X |
| Invesco RAFI Emerging Markets ETF |  |  | X |

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**48**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

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| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal to/Lower**<br> **than ETF**<br> **Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Russell 1000 Equal Weight ETF | X |  | X |
| Invesco S&P 500 Enhanced Value ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> ex-Rate Sensitive Low Volatility ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> High Beta ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> High Dividend Growers ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Low Volatility ETF | X |  | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Momentum ETF | X |  | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF |  |  | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X |  | X |
| Invesco S&P Emerging Markets Momentum ETF | X |  | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X |  | X |
| Invesco S&P International Developed Quality ETF | X |  | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF |  |  | X |
| Invesco S&P MidCap Low Volatility ETF |  |  | X |
| Invesco S&P SmallCap 600 GARP ETF |  |  | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF |  | X | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X |  | X |
| Invesco S&P SmallCap Consumer Staples ETF | X |  | X |
| Invesco S&P SmallCap Energy ETF | X |  | X |
| Invesco S&P SmallCap Financials ETF | X |  | X |
| Invesco S&P SmallCap Health Care ETF | X |  | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X |  | X |
| Invesco S&P SmallCap Information Technology ETF | X |  | X |
| Invesco S&P SmallCap Low Volatility ETF |  |  | X |
| Invesco S&P SmallCap Materials ETF | X |  | X |
| Invesco S&P SmallCap Quality ETF |  |  | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF |  | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X |  | X |
| Invesco Taxable Municipal Bond ETF |  | X | X |
| Invesco Variable Rate Preferred ETF |  | X | X |

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\* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dorsey Wright Emerging Markets Momentum ETF's, Invesco Global Clean Energy ETF's, Invesco International Corporate Bond ETF's, Invesco RAFI Developed Markets ex-U.S. ETF's, Invesco California AMT-Free Municipal Bond ETF's, Invesco National AMT-Free Municipal Bond ETF's, Invesco New York AMT-Free Municipal Bond ETF's, Invesco Taxable Municipal Bond ETF's and Invesco Floating Rate Municipal Income ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained

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**49**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco S&P SmallCap 600 GARP ETF or Invesco MSCI Global Climate 500 ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Investment Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 24, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

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**50**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF's and Invesco Short Term Treasury ETF's assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 13 and April 24, 2025 Board meetings, and Invesco Advisers, Inc., in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale*. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board's analysis.

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**51**

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**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

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**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-FI-NCSRS

invesco.com/ETFs

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![](imgdc17e7391.jpg)

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

April 30, 2025

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| | |
|:---|:---|
| **EELV** | Invesco S&P Emerging Markets Low Volatility ETF |
| **EEMO** | Invesco S&P Emerging Markets Momentum ETF |
| **IDLV** | Invesco S&P International Developed Low Volatility ETF |
| **IDMO** | Invesco S&P International Developed Momentum ETF |

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**Table of Contents**

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| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco S&P Emerging Markets Low Volatility ETF (EELV)](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_SOI-Continued-528_1) | **3** |
| [Invesco S&P Emerging Markets Momentum ETF (EEMO)](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_SOI-Continued-528_5) | **7** |
| [Invesco S&P International Developed Low Volatility ETF (IDLV)](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_SOI-Continued-528_9) | **11** |
| [Invesco S&P International Developed Momentum ETF (IDMO)](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_SOI-Continued-528_13) | **15** |
| [Statements of Assets and Liabilities](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_FS-Continued-528_1) | **18** |
| [Statements of Operations](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_FS-Continued-528_2) | **19** |
| [Statements of Changes in Net Assets](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_FS-Continued-528_3) | **20** |
| [Financial Highlights](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_FIHI-Continued-528_1) | **22** |
| [Notes to Financial Statements](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_NTF-Continued-528_1) | **26** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_BCRC-Continued_1) | **38** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_1e8efa2f-aa5f-451b-a4ec-e8490e6f21b6_OIRSR-Continued-528_1) | **45** |

---

------

**2**

------

**Invesco S&P Emerging Markets Low Volatility ETF (EELV)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.44%** | **Common Stocks & Other Equity Interests-99.44%** | **Common Stocks & Other Equity Interests-99.44%** |
| **Brazil-10.99%** | **Brazil-10.99%** | **Brazil-10.99%** |
| Ambev S.A. | 707186 | &nbsp;&nbsp; $1819992 |
| Banco Bradesco S.A., Preference Shares | 771000 | &nbsp;&nbsp; 1869825 |
| Banco do Brasil S.A. | 410900 | &nbsp;&nbsp; 2099717 |
| Banco Santander Brasil S.A., Series CPO | 354000 | &nbsp;&nbsp; 1845847 |
| BB Seguridade Participacoes S.A. | 306400 | &nbsp;&nbsp; 2314750 |
| Caixa Seguridade Participacoes S.A. | 565301 | &nbsp;&nbsp; 1633576 |
| CCR S.A. | 708700 | &nbsp;&nbsp; 1683685 |
| Centrais Eletricas Brasileiras S.A. | 226600 | &nbsp;&nbsp; 1759118 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 89800 | &nbsp;&nbsp; 1806501 |
| Cia Energetica de Minas Gerais, Preference <br> Shares<br>| 739500 | &nbsp;&nbsp; 1430304 |
| Cia Paranaense de Energia - Copel, Class B, <br> Preference Shares<br>| 950500 | &nbsp;&nbsp; 1935787 |
| CPFL Energia S.A. | 286000 | &nbsp;&nbsp; 1929265 |
| ENGIE Brasil Energia S.A. | 305500 | &nbsp;&nbsp; 2243197 |
| Equatorial Energia S.A. | 270600 | &nbsp;&nbsp; 1759421 |
| Itau Unibanco Holding S.A., Preference <br> Shares<br>| 357375 | &nbsp;&nbsp; 2245982 |
| Itausa S.A., Preference Shares | 1155157 | &nbsp;&nbsp; 2183237 |
| Klabin S.A. | 554957 | &nbsp;&nbsp; 1816398 |
| Neoenergia S.A. | 480200 | &nbsp;&nbsp; 1942378 |
| Porto Seguro S.A. | 255200 | &nbsp;&nbsp; 1982946 |
| Rumo S.A. | 449200 | &nbsp;&nbsp; 1539280 |
| Telefonica Brasil S.A. | 339280 | &nbsp;&nbsp; 1665417 |
| Vale S.A. | 158700 | &nbsp;&nbsp; 1481768 |
|  |  | &nbsp;&nbsp; 40988391 |
| **Chile-5.40%** | **Chile-5.40%** | **Chile-5.40%** |
| Banco de Chile | 15712646 | &nbsp;&nbsp; 2283600 |
| Banco de Credito e Inversiones S.A. | 51945 | &nbsp;&nbsp; 2036718 |
| Banco Santander Chile | 37498105 | &nbsp;&nbsp; 2244609 |
| Cencosud S.A. | 616311 | &nbsp;&nbsp; 2087857 |
| Empresas CMPC S.A. | 903036 | &nbsp;&nbsp; 1402127 |
| Empresas COPEC S.A. | 196884 | &nbsp;&nbsp; 1338073 |
| Enel Americas S.A. | 22112008 | &nbsp;&nbsp; 2149679 |
| Enel Chile S.A. | 22662715 | &nbsp;&nbsp; 1587606 |
| Falabella S.A. | 370027 | &nbsp;&nbsp; 1663479 |
| LATAM Airlines Group S.A. | 98667961 | &nbsp;&nbsp; 1542315 |
| Plaza S.A. | 766004 | &nbsp;&nbsp; 1782038 |
|  |  | &nbsp;&nbsp; 20118101 |
| **China-2.75%** | **China-2.75%** | **China-2.75%** |
| Bank of China Ltd., H Shares | 2584309 | &nbsp;&nbsp; 1443178 |
| Bank of Communications Co. Ltd., H Shares | 1579000 | &nbsp;&nbsp; 1380932 |
| China CITIC Bank Corp. Ltd., H Shares | 1811000 | &nbsp;&nbsp; 1432534 |
| China Construction Bank Corp., H Shares | 1658278 | &nbsp;&nbsp; 1362314 |
| China Zheshang Bank Co. Ltd., H Shares | 5310000 | &nbsp;&nbsp; 1795493 |
| Industrial & Commercial Bank of China Ltd., H <br> Shares<br>| 1952089 | &nbsp;&nbsp; 1337359 |
| Jiangsu Expressway Co. Ltd., H Shares | 1202000 | &nbsp;&nbsp; 1495921 |
|  |  | &nbsp;&nbsp; 10247731 |
| **Colombia-0.42%** | **Colombia-0.42%** | **Colombia-0.42%** |
| Bancolombia S.A., Preference Shares | 151774 | &nbsp;&nbsp; 1559430 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Czech Republic-1.10%** | **Czech Republic-1.10%** | **Czech Republic-1.10%** |
| CEZ A.S.<sup>(a)</sup> | 41512 | &nbsp;&nbsp; $2115405 |
| Komercni banka A.S. | 41040 | &nbsp;&nbsp; 2002449 |
|  |  | &nbsp;&nbsp; 4117854 |
| **Greece-2.80%** | **Greece-2.80%** | **Greece-2.80%** |
| Danaos Corp. | 17929 | &nbsp;&nbsp; 1454400 |
| GEK TERNA Holdings S.A.<sup>(b)</sup> | 89619 | &nbsp;&nbsp; 1866459 |
| Hellenic Telecommunications Organization <br> S.A.<br>| 95459 | &nbsp;&nbsp; 1817764 |
| Metlen Energy & Metals S.A. | 35517 | &nbsp;&nbsp; 1686712 |
| OPAP S.A. | 97876 | &nbsp;&nbsp; 2182216 |
| Public Power Corp. S.A. | 95449 | &nbsp;&nbsp; 1435688 |
|  |  | &nbsp;&nbsp; 10443239 |
| **Hungary-1.13%** | **Hungary-1.13%** | **Hungary-1.13%** |
| MOL Hungarian Oil & Gas PLC | 271193 | &nbsp;&nbsp; 2304288 |
| OTP Bank Nyrt. | 25882 | &nbsp;&nbsp; 1918435 |
|  |  | &nbsp;&nbsp; 4222723 |
| **India-2.32%** | **India-2.32%** | **India-2.32%** |
| Dr. Reddy's Laboratories Ltd., ADR<sup>(a)</sup> | 129606 | &nbsp;&nbsp; 1804116 |
| HDFC Bank Ltd., ADR<sup>(a)</sup> | 23488 | &nbsp;&nbsp; 1707343 |
| ICICI Bank Ltd., ADR<sup>(a)</sup> | 55945 | &nbsp;&nbsp; 1877514 |
| Infosys Ltd., ADR<sup>(a)</sup> | 84828 | &nbsp;&nbsp; 1492973 |
| Reliance Industries Ltd., GDR<sup>(c)</sup> | 27146 | &nbsp;&nbsp; 1768998 |
|  |  | &nbsp;&nbsp; 8650944 |
| **Indonesia-0.79%** | **Indonesia-0.79%** | **Indonesia-0.79%** |
| PT Bank Central Asia Tbk | 2604415 | &nbsp;&nbsp; 1384743 |
| PT Indofood Sukses Makmur Tbk | 3245355 | &nbsp;&nbsp; 1565470 |
|  |  | &nbsp;&nbsp; 2950213 |
| **Kuwait-4.52%** | **Kuwait-4.52%** | **Kuwait-4.52%** |
| Al Ahli Bank of Kuwait K.S.C.P. | 1556167 | &nbsp;&nbsp; 1542347 |
| Boubyan Bank K.S.C.P. | 1242918 | &nbsp;&nbsp; 2755311 |
| Burgan Bank SAK | 2303423 | &nbsp;&nbsp; 1694985 |
| Gulf Bank K.S.C.P. | 1662839 | &nbsp;&nbsp; 1825628 |
| Kuwait Finance House K.S.C.P. | 1638261 | &nbsp;&nbsp; 3869900 |
| Mobile Telecommunications Co. K.S.C.P. | 1745680 | &nbsp;&nbsp; 2697412 |
| National Bank of Kuwait S.A.K.P. | 795298 | &nbsp;&nbsp; 2474114 |
|  |  | &nbsp;&nbsp; 16859697 |
| **Malaysia-8.41%** | **Malaysia-8.41%** | **Malaysia-8.41%** |
| AMMB Holdings Bhd. | 1392500 | &nbsp;&nbsp; 1666008 |
| CIMB Group Holdings Bhd. | 1231800 | &nbsp;&nbsp; 2034816 |
| Genting Bhd. | 2006800 | &nbsp;&nbsp; 1489835 |
| Hong Leong Bank Bhd. | 661800 | &nbsp;&nbsp; 3067519 |
| IHH Healthcare Bhd. | 1662547 | &nbsp;&nbsp; 2664619 |
| KPJ Healthcare Bhd. | 2494100 | &nbsp;&nbsp; 1662635 |
| Malayan Banking Bhd. | 1360992 | &nbsp;&nbsp; 3153838 |
| MISC Bhd. | 1261900 | &nbsp;&nbsp; 2194281 |
| Public Bank Bhd. | 2082000 | &nbsp;&nbsp; 2158313 |
| RHB Bank Bhd. | 1731600 | &nbsp;&nbsp; 2670928 |
| SD Guthrie Bhd. | 1336100 | &nbsp;&nbsp; 1469365 |
| Sime Darby Bhd. | 3044600 | &nbsp;&nbsp; 1467276 |
| Telekom Malaysia Bhd. | 1094700 | &nbsp;&nbsp; 1725231 |
| Tenaga Nasional Bhd. | 626772 | &nbsp;&nbsp; 2015787 |
| United Plantations Bhd. | 364000 | &nbsp;&nbsp; 1932407 |
|  |  | &nbsp;&nbsp; 31372858 |

---

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

------

**3**

------

**Invesco S&P Emerging Markets Low Volatility ETF (EELV)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mexico-3.47%** | **Mexico-3.47%** | **Mexico-3.47%** |
| America Movil S.A.B. de C.V., Class B | 2243130 | &nbsp;&nbsp; $1938890 |
| Arca Continental S.A.B. de C.V. | 138341 | &nbsp;&nbsp; 1458464 |
| Coca-Cola FEMSA S.A.B. de C.V., Series CPO | 166295 | &nbsp;&nbsp; 1569162 |
| El Puerto de Liverpool S.A.B. de C.V., <br> Class C-1<br>| 309697 | &nbsp;&nbsp; 1424211 |
| Fomento Economico Mexicano S.A.B. de <br> C.V., Series CPO<sup>(d)</sup><br>| 161041 | &nbsp;&nbsp; 1697779 |
| Gruma S.A.B. de C.V., Class B | 76500 | &nbsp;&nbsp; 1464579 |
| Grupo Comercial Chedraui S.A. de C.V.<sup>(a)</sup> | 262383 | &nbsp;&nbsp; 1700027 |
| Kimberly-Clark de Mexico S.A.B. de C.V., <br> Class A<br>| 951323 | &nbsp;&nbsp; 1680063 |
|  |  | &nbsp;&nbsp; 12933175 |
| **Peru-0.46%** | **Peru-0.46%** | **Peru-0.46%** |
| Credicorp Ltd. | 8438 | &nbsp;&nbsp; 1706079 |
| **Qatar-5.07%** | **Qatar-5.07%** | **Qatar-5.07%** |
| AlRayan Bank | 3498705 | &nbsp;&nbsp; 2148352 |
| Commercial Bank P.S.Q.C. (The) | 1602708 | &nbsp;&nbsp; 1894848 |
| Dukhan Bank | 2322669 | &nbsp;&nbsp; 2232410 |
| Industries Qatar Q.S.C. | 659418 | &nbsp;&nbsp; 2274446 |
| Mesaieed Petrochemical Holding Co. <br> Q.P.S.C.<br>| 5257201 | &nbsp;&nbsp; 2035457 |
| Ooredoo Q.P.S.C. | 550553 | &nbsp;&nbsp; 1961439 |
| Qatar Gas Transport Co. Ltd. | 1346775 | &nbsp;&nbsp; 1693242 |
| Qatar Islamic Bank Q.P.S.C. | 395052 | &nbsp;&nbsp; 2291343 |
| Qatar National Bank Q.P.S.C. | 513917 | &nbsp;&nbsp; 2357086 |
|  |  | &nbsp;&nbsp; 18888623 |
| **Romania-0.65%** | **Romania-0.65%** | **Romania-0.65%** |
| NEPI Rockcastle N.V.<sup>(b)</sup> | 317964 | &nbsp;&nbsp; 2438238 |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| X5 Retail Group N.V., GDR<sup>(b)(c)(e)</sup> | 51546 | &nbsp;&nbsp; 0 |
| **Saudi Arabia-13.18%** | **Saudi Arabia-13.18%** | **Saudi Arabia-13.18%** |
| Abdullah Al Othaim Markets Co. | 702426 | &nbsp;&nbsp; 1689685 |
| Al Rajhi Bank | 68444 | &nbsp;&nbsp; 1778060 |
| Alinma Bank | 237552 | &nbsp;&nbsp; 1839929 |
| Almarai Co. JSC | 113330 | &nbsp;&nbsp; 1596392 |
| Arab National Bank | 292433 | &nbsp;&nbsp; 1677399 |
| Arabian Drilling Co. | 56759 | &nbsp;&nbsp; 1308111 |
| Bank AlBilad | 193474 | &nbsp;&nbsp; 1495157 |
| Bank Al-Jazira<sup>(b)</sup> | 421395 | &nbsp;&nbsp; 1518975 |
| Banque Saudi Fransi | 392736 | &nbsp;&nbsp; 1923780 |
| Dr. Sulaiman Al Habib Medical Services Group <br> Co., Class H<br>| 21772 | &nbsp;&nbsp; 1661979 |
| Etihad Etisalat Co. | 87813 | &nbsp;&nbsp; 1471098 |
| Jarir Marketing Co. | 753070 | &nbsp;&nbsp; 2536078 |
| Nahdi Medical Co. | 75628 | &nbsp;&nbsp; 2290873 |
| Power and Water Utility Co. for Jubail and <br> Yanbu<br>| 121209 | &nbsp;&nbsp; 1414641 |
| Riyad Bank | 196017 | &nbsp;&nbsp; 1609177 |
| SABIC Agri-Nutrients Co. | 53989 | &nbsp;&nbsp; 1422230 |
| Sahara International Petrochemical Co. | 279780 | &nbsp;&nbsp; 1418239 |
| Saudi Arabian Oil Co.<sup>(c)</sup> | 482209 | &nbsp;&nbsp; 3260257 |
| Saudi Aramco Base Oil Co. | 61160 | &nbsp;&nbsp; 1620174 |
| Saudi Awwal Bank | 166900 | &nbsp;&nbsp; 1561772 |
| Saudi Basic Industries Corp. | 104989 | &nbsp;&nbsp; 1707215 |
| Saudi Electricity Co. | 464682 | &nbsp;&nbsp; 1855684 |
| Saudi Industrial Investment Group | 367864 | &nbsp;&nbsp; 1483753 |
| Saudi Investment Bank (The) | 531839 | &nbsp;&nbsp; 2136768 |
| Saudi Kayan Petrochemical Co.<sup>(b)</sup> | 946034 | &nbsp;&nbsp; 1455555 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Saudi Arabia-(continued)** | **Saudi Arabia-(continued)** | **Saudi Arabia-(continued)** |
| Saudi National Bank (The) | 164972 | &nbsp;&nbsp; $1571878 |
| Saudi Telecom Co. | 169611 | &nbsp;&nbsp; 2153371 |
| Yanbu National Petrochemical Co., Class A | 197587 | &nbsp;&nbsp; 1684609 |
|  |  | &nbsp;&nbsp; 49142839 |
| **South Africa-5.63%** | **South Africa-5.63%** | **South Africa-5.63%** |
| Bid Corp. Ltd. | 74569 | &nbsp;&nbsp; 1873418 |
| Bidvest Group Ltd. (The) | 107069 | &nbsp;&nbsp; 1356989 |
| Capitec Bank Holdings Ltd. | 9135 | &nbsp;&nbsp; 1695058 |
| Clicks Group Ltd. | 91705 | &nbsp;&nbsp; 1952838 |
| FirstRand Ltd. | 378999 | &nbsp;&nbsp; 1483512 |
| Growthpoint Properties Ltd.<sup>(a)</sup> | 2338364 | &nbsp;&nbsp; 1648001 |
| Investec Ltd. | 259699 | &nbsp;&nbsp; 1620368 |
| Nedbank Group Ltd. | 102328 | &nbsp;&nbsp; 1397259 |
| OUTsurance Group Ltd. | 435498 | &nbsp;&nbsp; 1790719 |
| Pepkor Holdings Ltd.<sup>(c)</sup> | 1074386 | &nbsp;&nbsp; 1554879 |
| Sanlam Ltd. | 327237 | &nbsp;&nbsp; 1489525 |
| Shoprite Holdings Ltd. | 100724 | &nbsp;&nbsp; 1549341 |
| Standard Bank Group Ltd. | 126926 | &nbsp;&nbsp; 1584646 |
|  |  | &nbsp;&nbsp; 20996553 |
| **South Korea-1.89%** | **South Korea-1.89%** | **South Korea-1.89%** |
| Industrial Bank of Korea | 151580 | &nbsp;&nbsp; 1635914 |
| Kangwon Land, Inc. | 136483 | &nbsp;&nbsp; 1557973 |
| Korean Air Lines Co. Ltd. | 92155 | &nbsp;&nbsp; 1358628 |
| LG Uplus Corp. | 296359 | &nbsp;&nbsp; 2502332 |
|  |  | &nbsp;&nbsp; 7054847 |
| **Taiwan-15.07%** | **Taiwan-15.07%** | **Taiwan-15.07%** |
| Asia Cement Corp. | 1372872 | &nbsp;&nbsp; 1933753 |
| Cathay Financial Holding Co. Ltd. | 693198 | &nbsp;&nbsp; 1277225 |
| Chang Hwa Commercial Bank Ltd. | 5678776 | &nbsp;&nbsp; 3238162 |
| China Steel Corp. | 2128689 | &nbsp;&nbsp; 1376609 |
| Chunghwa Telecom Co. Ltd. | 854137 | &nbsp;&nbsp; 3453194 |
| CTBC Financial Holding Co. Ltd. | 1151000 | &nbsp;&nbsp; 1418308 |
| E.Sun Financial Holding Co. Ltd. | 2223600 | &nbsp;&nbsp; 1972282 |
| Far EasTone Telecommunications Co. Ltd. | 669810 | &nbsp;&nbsp; 1796135 |
| First Financial Holding Co. Ltd. | 2930386 | &nbsp;&nbsp; 2333489 |
| Fubon Financial Holding Co. Ltd. | 559304 | &nbsp;&nbsp; 1482397 |
| Hotai Motor Co. Ltd. | 90000 | &nbsp;&nbsp; 1751811 |
| Hua Nan Financial Holdings Co. Ltd. | 2089146 | &nbsp;&nbsp; 1768917 |
| KGI Financial Holding Co. Ltd. | 2425000 | &nbsp;&nbsp; 1257789 |
| Mega Financial Holding Co. Ltd. | 1868012 | &nbsp;&nbsp; 2212250 |
| Poya International Co. Ltd. | 119000 | &nbsp;&nbsp; 1781699 |
| President Chain Store Corp. | 304000 | &nbsp;&nbsp; 2485980 |
| Shanghai Commercial & Savings Bank Ltd. <br> (The)<br>| 1264902 | &nbsp;&nbsp; 1865312 |
| SinoPac Financial Holdings Co. Ltd. | 2395581 | &nbsp;&nbsp; 1600782 |
| Synnex Technology International Corp. | 692021 | &nbsp;&nbsp; 1535275 |
| Taishin Financial Holding Co. Ltd. | 3667277 | &nbsp;&nbsp; 1916409 |
| Taiwan Business Bank | 3786453 | &nbsp;&nbsp; 1676975 |
| Taiwan Cooperative Financial Holding Co. <br> Ltd.<br>| 3819595 | &nbsp;&nbsp; 2917289 |
| Taiwan Fertilizer Co. Ltd. | 1267677 | &nbsp;&nbsp; 2033384 |
| Taiwan High Speed Rail Corp. | 3476000 | &nbsp;&nbsp; 2950995 |
| Taiwan Mobile Co. Ltd. | 502800 | &nbsp;&nbsp; 1785196 |
| TCC Group Holdings Co. Ltd. | 2064900 | &nbsp;&nbsp; 1918928 |
| Uni-President Enterprises Corp. | 717181 | &nbsp;&nbsp; 1723503 |
| United Microelectronics Corp. | 1016000 | &nbsp;&nbsp; 1425704 |
| Yuanta Financial Holding Co. Ltd. | 1342694 | &nbsp;&nbsp; 1315518 |
|  |  | &nbsp;&nbsp; 56205270 |

---

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

------

**4**

------

**Invesco S&P Emerging Markets Low Volatility ETF (EELV)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Thailand-7.43%** | **Thailand-7.43%** | **Thailand-7.43%** |
| Advanced Info Service PCL, NVDR | 189356 | &nbsp;&nbsp; $1670249 |
| Airports of Thailand PCL, NVDR | 1231955 | &nbsp;&nbsp; 1406874 |
| Bangkok Bank PCL, NVDR | 426065 | &nbsp;&nbsp; 1784493 |
| Bangkok Dusit Medical Services PCL, NVDR | 2291124 | &nbsp;&nbsp; 1643048 |
| Bangkok Expressway & Metro PCL, NVDR | 9650671 | &nbsp;&nbsp; 1706314 |
| Kasikornbank PCL, NVDR | 444751 | &nbsp;&nbsp; 2123903 |
| Krung Thai Bank PCL, NVDR | 2442796 | &nbsp;&nbsp; 1594065 |
| Krungthai Card PCL, NVDR | 1279270 | &nbsp;&nbsp; 1784174 |
| PTT Exploration & Production PCL, NVDR | 480310 | &nbsp;&nbsp; 1429441 |
| PTT PCL, NVDR | 2471411 | &nbsp;&nbsp; 2291939 |
| SCB X PCL, NVDR | 534940 | &nbsp;&nbsp; 1906142 |
| Thai Beverage PCL | 4279299 | &nbsp;&nbsp; 1640541 |
| Thai Union Group PCL, NVDR | 4404148 | &nbsp;&nbsp; 1422821 |
| Tisco Financial Group PCL, NVDR | 1215576 | &nbsp;&nbsp; 3573064 |
| TMBThanachart Bank PCL, NVDR | 31254150 | &nbsp;&nbsp; 1712063 |
|  |  | &nbsp;&nbsp; 27689131 |
| **United Arab Emirates-5.96%** | **United Arab Emirates-5.96%** | **United Arab Emirates-5.96%** |
| Abu Dhabi Commercial Bank PJSC | 505747 | &nbsp;&nbsp; 1602637 |
| Abu Dhabi Islamic Bank PJSC | 358653 | &nbsp;&nbsp; 1785651 |
| Abu Dhabi National Oil Co. for Distribution <br> PJSC<br>| 2098519 | &nbsp;&nbsp; 1925740 |
| ADNOC Drilling Co. PJSC, Class C | 1038989 | &nbsp;&nbsp; 1386199 |
| ADNOC Gas PLC | 2398691 | &nbsp;&nbsp; 2070557 |
| ADNOC Logistics & Services | 1120478 | &nbsp;&nbsp; 1479766 |
| Borouge PLC | 4237607 | &nbsp;&nbsp; 2979121 |
| Dubai Electricity and Water Authority PJSC | 2923168 | &nbsp;&nbsp; 2133019 |
| Dubai Islamic Bank PJSC | 903122 | &nbsp;&nbsp; 1860695 |
| Emirates NBD Bank PJSC | 253713 | &nbsp;&nbsp; 1419900 |
| Emirates Telecommunications Group Co. <br> PJSC<br>| 375341 | &nbsp;&nbsp; 1778649 |
| First Abu Dhabi Bank PJSC | 439555 | &nbsp;&nbsp; 1798488 |
|  |  | &nbsp;&nbsp; 22220422 |
| Total Common Stocks & Other Equity Interests <br>(Cost $339,343,956) | Total Common Stocks & Other Equity Interests <br>(Cost $339,343,956) | &nbsp;&nbsp; 370806358 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(f)(g)</sup> <br>(Cost $405,679)<br>| 405679 | &nbsp;&nbsp; $405679 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.55% <br>(Cost $339,749,635) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.55% <br>(Cost $339,749,635) | &nbsp;&nbsp; 371212037 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.52%** | **Money Market Funds-3.52%** | **Money Market Funds-3.52%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(f)(g)(h)</sup><br>| 3764731 | &nbsp;&nbsp; 3764731 |
| Invesco Private Prime Fund, 4.46%<sup>(f)(g)(h)</sup> | 9354835 | &nbsp;&nbsp; 9356706 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,122,070) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,122,070) | &nbsp;&nbsp; 13121437 |
| TOTAL INVESTMENTS IN SECURITIES-103.07% <br>(Cost $352,871,705) | TOTAL INVESTMENTS IN SECURITIES-103.07% <br>(Cost $352,871,705) | &nbsp;&nbsp; 384333474 |
| OTHER ASSETS LESS LIABILITIES-(3.07)% | OTHER ASSETS LESS LIABILITIES-(3.07)% | &nbsp;&nbsp; (11451319)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $372882155 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| CPO-Certificates of Ordinary Participation |
| GDR-Global Depositary Receipt |
| NVDR-Non-Voting Depositary Receipt |

---

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

------

**5**

------

**Invesco S&P Emerging Markets Low Volatility ETF (EELV)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $6,584,134, which represented 1.77% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
| <sup>(e)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $30856 | &nbsp;&nbsp; $16360825 | &nbsp;&nbsp; $(15986002)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $405679 | &nbsp;&nbsp; $3873 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 4053634 | &nbsp;&nbsp; 14349245 | &nbsp;&nbsp; (14638148)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3764731 | &nbsp;&nbsp; 80,133<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 5364341 | &nbsp;&nbsp; 24726301 | &nbsp;&nbsp; (20732756)<br>| &nbsp;&nbsp; (537)<br>| &nbsp;&nbsp; (643)<br>| &nbsp;&nbsp; 9356706 | &nbsp;&nbsp; 210,618<br> \*<br>|
| Total | &nbsp;&nbsp; $9448831 | &nbsp;&nbsp; $55436371 | &nbsp;&nbsp; $(51356906)<br>| &nbsp;&nbsp; $(537)<br>| &nbsp;&nbsp; $(643)<br>| &nbsp;&nbsp; $13527116 | &nbsp;&nbsp; $294624 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 25 | June-2025 | &nbsp;&nbsp; $1387500 | &nbsp;&nbsp; $(9794)<br>| &nbsp;&nbsp; $(9794)<br>|

---

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

------

**6**

------

**Invesco S&P Emerging Markets Momentum ETF (EEMO)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.65%** | **Common Stocks & Other Equity Interests-99.65%** | **Common Stocks & Other Equity Interests-99.65%** |
| **Argentina-0.12%** | **Argentina-0.12%** | **Argentina-0.12%** |
| Vista Energy, S.A.B. de C.V., ADR<sup>(a)</sup> | 317 | &nbsp;&nbsp; $14319 |
| **Brazil-2.78%** | **Brazil-2.78%** | **Brazil-2.78%** |
| BB Seguridade Participacoes S.A. | 2463 | &nbsp;&nbsp; 18607 |
| BRF S.A. | 2177 | &nbsp;&nbsp; 8729 |
| Cia Energetica de Minas Gerais, Preference <br> Shares<br>| 7710 | &nbsp;&nbsp; 14912 |
| Embraer S.A.<sup>(a)</sup> | 5524 | &nbsp;&nbsp; 63345 |
| NU Holdings Ltd., Class A<sup>(a)(b)</sup> | 11869 | &nbsp;&nbsp; 147532 |
| Porto Seguro S.A. | 1135 | &nbsp;&nbsp; 8819 |
| WEG S.A. | 9317 | &nbsp;&nbsp; 73464 |
|  |  | &nbsp;&nbsp; 335408 |
| **Chile-0.73%** | **Chile-0.73%** | **Chile-0.73%** |
| Banco de Chile | 177243 | &nbsp;&nbsp; 25760 |
| Cencosud S.A. | 7188 | &nbsp;&nbsp; 24350 |
| Falabella S.A. | 5244 | &nbsp;&nbsp; 23575 |
| LATAM Airlines Group S.A. | 685655 | &nbsp;&nbsp; 10718 |
| Plaza S.A. | 1636 | &nbsp;&nbsp; 3806 |
|  |  | &nbsp;&nbsp; 88209 |
| **China-41.71%** | **China-41.71%** | **China-41.71%** |
| AAC Technologies Holdings, Inc. | 4212 | &nbsp;&nbsp; 20165 |
| Agricultural Bank of China Ltd., H Shares | 161953 | &nbsp;&nbsp; 98838 |
| Atour Lifestyle Holdings Ltd., ADR | 166 | &nbsp;&nbsp; 4057 |
| Bank of China Ltd., H Shares | 458919 | &nbsp;&nbsp; 256278 |
| Bank of Communications Co. Ltd., H Shares | 104298 | &nbsp;&nbsp; 91215 |
| Bilibili, Inc., Z Shares<sup>(a)</sup> | 1039 | &nbsp;&nbsp; 18241 |
| Brilliance China Automotive Holdings Ltd. | 15772 | &nbsp;&nbsp; 5583 |
| BYD Co. Ltd., H Shares | 4370 | &nbsp;&nbsp; 207583 |
| China CITIC Bank Corp. Ltd., H Shares | 53004 | &nbsp;&nbsp; 41927 |
| China Communications Services Corp. Ltd., H <br> Shares<br>| 9829 | &nbsp;&nbsp; 5120 |
| China Construction Bank Corp., H Shares | 515177 | &nbsp;&nbsp; 423230 |
| China Everbright Bank Co. Ltd., H Shares | 12931 | &nbsp;&nbsp; 5616 |
| China Feihe Ltd.<sup>(c)</sup> | 15155 | &nbsp;&nbsp; 11454 |
| China Galaxy Securities Co. Ltd., H Shares | 13456 | &nbsp;&nbsp; 12225 |
| China Hongqiao Group Ltd.<sup>(b)</sup> | 15798 | &nbsp;&nbsp; 28361 |
| China Life Insurance Co. Ltd., H Shares | 28824 | &nbsp;&nbsp; 52685 |
| China Merchants Bank Co. Ltd., H Shares | 12998 | &nbsp;&nbsp; 70908 |
| China Merchants Port Holdings Co. Ltd. | 5119 | &nbsp;&nbsp; 8312 |
| China Merchants Securities Co. Ltd., H Shares<sup>(c)</sup> | 3441 | &nbsp;&nbsp; 5219 |
| China Minsheng Banking Corp. Ltd., H Shares | 37036 | &nbsp;&nbsp; 17381 |
| China Pacific Insurance (Group) Co. Ltd., H <br> Shares<br>| 9805 | &nbsp;&nbsp; 26680 |
| China State Construction International Holdings <br> Ltd.<br>| 7095 | &nbsp;&nbsp; 10459 |
| China Taiping Insurance Holdings Co. Ltd. | 6256 | &nbsp;&nbsp; 8664 |
| China Tower Corp. Ltd., H Shares<sup>(c)</sup> | 16755 | &nbsp;&nbsp; 24272 |
| Chongqing Rural Commercial Bank Co. Ltd., H <br> Shares<br>| 13333 | &nbsp;&nbsp; 10237 |
| Full Truck Alliance Co. Ltd., ADR<sup>(b)</sup> | 3427 | &nbsp;&nbsp; 38931 |
| Fuyao Glass Industry Group Co. Ltd., H Shares<sup>(c)</sup> | 2431 | &nbsp;&nbsp; 17194 |
| GDS Holdings Ltd., A Shares<sup>(a)</sup> | 7643 | &nbsp;&nbsp; 24247 |
| Geely Automobile Holdings Ltd. | 27775 | &nbsp;&nbsp; 58315 |
| Giant Biogene Holding Co. Ltd.<sup>(c)</sup> | 2087 | &nbsp;&nbsp; 21565 |
| Goldwind Science & Technology Co. Ltd., H <br> Shares<br>| 3476 | &nbsp;&nbsp; 2395 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| Great Wall Motor Co. Ltd. | 8858 | &nbsp;&nbsp; $12659 |
| Guotai Haitong Securities Co. Ltd., H Shares<sup>(b)(c)</sup> | 8246 | &nbsp;&nbsp; 11754 |
| Industrial & Commercial Bank of China Ltd., H <br> Shares<br>| 398632 | &nbsp;&nbsp; 273099 |
| JD Logistics, Inc.<sup>(a)(c)</sup> | 8850 | &nbsp;&nbsp; 13882 |
| JD.com, Inc., A Shares | 12421 | &nbsp;&nbsp; 202255 |
| Kingboard Laminates Holdings Ltd. | 3051 | &nbsp;&nbsp; 3186 |
| Kingsoft Corp. Ltd. | 5018 | &nbsp;&nbsp; 25005 |
| Meituan, B Shares<sup>(a)(c)</sup> | 32614 | &nbsp;&nbsp; 540067 |
| New China Life Insurance Co. Ltd., H Shares | 3456 | &nbsp;&nbsp; 12622 |
| People's Insurance Co. (Group) of China Ltd. <br> (The), H Shares<br>| 43847 | &nbsp;&nbsp; 25952 |
| Pop Mart International Group Ltd.<sup>(c)</sup> | 4902 | &nbsp;&nbsp; 122276 |
| Qifu Technology, Inc., ADR<sup>(b)</sup> | 861 | &nbsp;&nbsp; 35327 |
| Qingdao Port International Co. Ltd., H Shares<sup>(c)</sup> | 3935 | &nbsp;&nbsp; 2845 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. <br> Ltd.<sup>(a)</sup><br>| 86 | &nbsp;&nbsp; 3679 |
| Sinopec Engineering Group Co. Ltd., H Shares | 7668 | &nbsp;&nbsp; 5457 |
| SITC International Holdings Co. Ltd. | 5151 | &nbsp;&nbsp; 14265 |
| Smoore International Holdings Ltd.<sup>(c)</sup> | 12269 | &nbsp;&nbsp; 21238 |
| Tencent Holdings Ltd. | 17774 | &nbsp;&nbsp; 1088801 |
| Tingyi Cayman Islands Holding Corp. | 8178 | &nbsp;&nbsp; 14774 |
| Trip.com Group Ltd. | 2889 | &nbsp;&nbsp; 174056 |
| Uni-President China Holdings Ltd. | 6758 | &nbsp;&nbsp; 8109 |
| Xiaomi Corp., B Shares<sup>(a)(c)</sup> | 114488 | &nbsp;&nbsp; 733061 |
| Yangzijiang Shipbuilding Holdings Ltd. | 14814 | &nbsp;&nbsp; 25384 |
| Zhaojin Mining Industry Co. Ltd., H Shares<sup>(b)</sup> | 5562 | &nbsp;&nbsp; 13252 |
| Zhuzhou CRRC Times Electric Co. Ltd. | 1744 | &nbsp;&nbsp; 7001 |
| ZTE Corp., H Shares | 3519 | &nbsp;&nbsp; 10390 |
|  |  | &nbsp;&nbsp; 5027753 |
| **Colombia-0.20%** | **Colombia-0.20%** | **Colombia-0.20%** |
| Bancolombia S.A., Preference Shares | 2344 | &nbsp;&nbsp; 24084 |
| **Czech Republic-0.44%** | **Czech Republic-0.44%** | **Czech Republic-0.44%** |
| CEZ A.S. | 664 | &nbsp;&nbsp; 33837 |
| Komercni banka A.S.<sup>(b)</sup> | 386 | &nbsp;&nbsp; 18834 |
|  |  | &nbsp;&nbsp; 52671 |
| **Egypt-0.03%** | **Egypt-0.03%** | **Egypt-0.03%** |
| Talaat Moustafa Group | 3094 | &nbsp;&nbsp; 3163 |
| **Greece-0.29%** | **Greece-0.29%** | **Greece-0.29%** |
| Eurobank Ergasias Services and Holdings S.A. | 10028 | &nbsp;&nbsp; 28558 |
| GEK TERNA Holdings S.A.<sup>(a)</sup> | 295 | &nbsp;&nbsp; 6144 |
|  |  | &nbsp;&nbsp; 34702 |
| **Hong Kong-0.29%** | **Hong Kong-0.29%** | **Hong Kong-0.29%** |
| United Laboratories International Holdings Ltd. <br> (The)<sup>(b)</sup><br>| 4880 | &nbsp;&nbsp; 8746 |
| WH Group Ltd. | 28854 | &nbsp;&nbsp; 25805 |
|  |  | &nbsp;&nbsp; 34551 |
| **Hungary-0.91%** | **Hungary-0.91%** | **Hungary-0.91%** |
| OTP Bank Nyrt. | 1486 | &nbsp;&nbsp; 110146 |
| **India-11.57%** | **India-11.57%** | **India-11.57%** |
| 360 One Wam Ltd. | 978 | &nbsp;&nbsp; 11392 |
| Bharat Electronics Ltd. | 14059 | &nbsp;&nbsp; 52293 |
| Bharti Airtel Ltd. | 12029 | &nbsp;&nbsp; 265339 |
| Blue Star Ltd. | 514 | &nbsp;&nbsp; 10388 |

---

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

------

**7**

------

**Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India-(continued)** | **India-(continued)** | **India-(continued)** |
| Coromandel International Ltd. | 747 | &nbsp;&nbsp; $19607 |
| Divi's Laboratories Ltd. | 639 | &nbsp;&nbsp; 46125 |
| Dixon Technologies India Ltd.<sup>(c)</sup> | 264 | &nbsp;&nbsp; 51466 |
| Eicher Motors Ltd. | 540 | &nbsp;&nbsp; 35560 |
| Eternal Ltd.<sup>(a)</sup> | 30002 | &nbsp;&nbsp; 82115 |
| Fortis Healthcare Ltd. | 2022 | &nbsp;&nbsp; 16397 |
| GE Vernova T&D India Ltd. | 978 | &nbsp;&nbsp; 18104 |
| Glenmark Pharmaceuticals Ltd. | 731 | &nbsp;&nbsp; 11954 |
| Hitachi Energy India Ltd. | 51 | &nbsp;&nbsp; 8749 |
| Indian Hotels Co. Ltd. (The) | 3804 | &nbsp;&nbsp; 35395 |
| Indus Towers Ltd.<sup>(a)</sup> | 4715 | &nbsp;&nbsp; 22722 |
| Info Edge India Ltd. | 309 | &nbsp;&nbsp; 25848 |
| InterGlobe Aviation Ltd.<sup>(a)(c)</sup> | 750 | &nbsp;&nbsp; 46733 |
| Jyoti CNC Automation Ltd.<sup>(a)(c)</sup> | 106 | &nbsp;&nbsp; 1351 |
| Lloyds Metals and Energy Ltd. | 898 | &nbsp;&nbsp; 12833 |
| Lupin Ltd. | 935 | &nbsp;&nbsp; 23251 |
| Mahindra & Mahindra Ltd. | 5402 | &nbsp;&nbsp; 187164 |
| MakeMyTrip Ltd.<sup>(a)</sup> | 262 | &nbsp;&nbsp; 27463 |
| Mazagon Dock Shipbuilders Ltd. | 279 | &nbsp;&nbsp; 10147 |
| Muthoot Finance Ltd. | 601 | &nbsp;&nbsp; 15472 |
| Oberoi Realty Ltd. | 354 | &nbsp;&nbsp; 6872 |
| Oil India Ltd. | 1619 | &nbsp;&nbsp; 7868 |
| Oracle Financial Services Software Ltd. | 76 | &nbsp;&nbsp; 7853 |
| PB Fintech Ltd.<sup>(a)</sup> | 1369 | &nbsp;&nbsp; 26304 |
| Persistent Systems Ltd. | 365 | &nbsp;&nbsp; 22971 |
| Siemens Energy India Ltd.<sup>(a)(d)</sup> | 318 | &nbsp;&nbsp; 9328 |
| Siemens Ltd. | 318 | &nbsp;&nbsp; 10906 |
| Solar Industries India Ltd. | 90 | &nbsp;&nbsp; 14018 |
| Sun Pharmaceutical Industries Ltd. | 3655 | &nbsp;&nbsp; 79272 |
| Tech Mahindra Ltd. | 2080 | &nbsp;&nbsp; 36996 |
| Torrent Pharmaceuticals Ltd. | 329 | &nbsp;&nbsp; 12939 |
| Trent Ltd. | 959 | &nbsp;&nbsp; 58618 |
| United Spirits Ltd. | 1006 | &nbsp;&nbsp; 18603 |
| Vedanta Ltd. | 8847 | &nbsp;&nbsp; 43930 |
|  |  | &nbsp;&nbsp; 1394346 |
| **Indonesia-0.23%** | **Indonesia-0.23%** | **Indonesia-0.23%** |
| PT Alamtri Resources (Indonesia) Tbk | 52221 | &nbsp;&nbsp; 5982 |
| PT Indofood Sukses Makmur Tbk | 15681 | &nbsp;&nbsp; 7564 |
| PT Pantai Indah Kapuk Dua Tbk | 9754 | &nbsp;&nbsp; 6698 |
| PT Perusahaan Gas Negara Tbk | 43373 | &nbsp;&nbsp; 4401 |
| PT Petrindo Jaya Kreasi Tbk<sup>(a)</sup> | 6829 | &nbsp;&nbsp; 2932 |
|  |  | &nbsp;&nbsp; 27577 |
| **Kuwait-1.01%** | **Kuwait-1.01%** | **Kuwait-1.01%** |
| Kuwait Finance House K.S.C.P. | 51381 | &nbsp;&nbsp; 121372 |
| **Malaysia-2.43%** | **Malaysia-2.43%** | **Malaysia-2.43%** |
| AMMB Holdings Bhd. | 10707 | &nbsp;&nbsp; 12810 |
| CIMB Group Holdings Bhd. | 40087 | &nbsp;&nbsp; 66220 |
| Gamuda Bhd. | 28860 | &nbsp;&nbsp; 28435 |
| IHH Healthcare Bhd. | 11724 | &nbsp;&nbsp; 18791 |
| KPJ Healthcare Bhd. | 11581 | &nbsp;&nbsp; 7720 |
| Malayan Banking Bhd. | 33051 | &nbsp;&nbsp; 76589 |
| RHB Bank Bhd. | 9184 | &nbsp;&nbsp; 14166 |
| Sime Darby Property Bhd. | 16378 | &nbsp;&nbsp; 4704 |
| Sunway Bhd. | 11844 | &nbsp;&nbsp; 12485 |
| Tenaga Nasional Bhd. | 11979 | &nbsp;&nbsp; 38526 |
| United Plantations Bhd. | 2258 | &nbsp;&nbsp; 11987 |
|  |  | &nbsp;&nbsp; 292433 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mexico-0.29%** | **Mexico-0.29%** | **Mexico-0.29%** |
| Grupo Aeroportuario del Pacifico S.A.B. de C.V., <br> Class B<br>| 1704 | &nbsp;&nbsp; $34660 |
| **Peru-0.43%** | **Peru-0.43%** | **Peru-0.43%** |
| Credicorp Ltd. | 258 | &nbsp;&nbsp; 52165 |
| **Philippines-0.15%** | **Philippines-0.15%** | **Philippines-0.15%** |
| International Container Terminal Services, Inc. | 2991 | &nbsp;&nbsp; 18294 |
| **Poland-0.94%** | **Poland-0.94%** | **Poland-0.94%** |
| CCC S.A.<sup>(a)</sup> | 359 | &nbsp;&nbsp; 20853 |
| CD Projekt S.A.<sup>(b)</sup> | 484 | &nbsp;&nbsp; 30106 |
| Powszechna Kasa Oszczednosci Bank Polski S.A. | 3219 | &nbsp;&nbsp; 62170 |
|  |  | &nbsp;&nbsp; 113129 |
| **Qatar-0.20%** | **Qatar-0.20%** | **Qatar-0.20%** |
| Industries Qatar Q.S.C. | 7078 | &nbsp;&nbsp; 24413 |
| **Romania-0.15%** | **Romania-0.15%** | **Romania-0.15%** |
| NEPI Rockcastle N.V.<sup>(a)</sup> | 2348 | &nbsp;&nbsp; 18005 |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| Alrosa PJSC<sup>(d)</sup> | 11439 | &nbsp;&nbsp; 0 |
| Gazprom PJSC<sup>(a)(d)</sup> | 43562 | &nbsp;&nbsp; 0 |
| Severstal PAO<sup>(d)</sup> | 1045 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Saudi Arabia-0.80%** | **Saudi Arabia-0.80%** | **Saudi Arabia-0.80%** |
| ACWA Power Co. | 912 | &nbsp;&nbsp; 78207 |
| Al Rajhi Co. for Cooperative Insurance<sup>(a)</sup> | 387 | &nbsp;&nbsp; 13532 |
| Astra Industrial Group Co. | 133 | &nbsp;&nbsp; 5302 |
|  |  | &nbsp;&nbsp; 97041 |
| **South Africa-1.67%** | **South Africa-1.67%** | **South Africa-1.67%** |
| Capitec Bank Holdings Ltd. | 480 | &nbsp;&nbsp; 89067 |
| Harmony Gold Mining Co. Ltd. | 2539 | &nbsp;&nbsp; 39883 |
| Mr Price Group Ltd. | 1216 | &nbsp;&nbsp; 15537 |
| Nedbank Group Ltd. | 1806 | &nbsp;&nbsp; 24661 |
| OUTsurance Group Ltd. | 4916 | &nbsp;&nbsp; 20214 |
| Pepkor Holdings Ltd.<sup>(c)</sup> | 7970 | &nbsp;&nbsp; 11534 |
|  |  | &nbsp;&nbsp; 200896 |
| **South Korea-7.59%** | **South Korea-7.59%** | **South Korea-7.59%** |
| Alteogen, Inc.<sup>(a)</sup> | 334 | &nbsp;&nbsp; 82384 |
| Coupang, Inc.<sup>(a)</sup> | 6036 | &nbsp;&nbsp; 141061 |
| Hanmi Semiconductor Co. Ltd. | 146 | &nbsp;&nbsp; 7814 |
| Hanwha Aerospace Co. Ltd. | 186 | &nbsp;&nbsp; 104533 |
| Hanwha Ocean Co. Ltd.<sup>(a)</sup> | 669 | &nbsp;&nbsp; 36964 |
| HD Hyundai Electric Co. Ltd. | 180 | &nbsp;&nbsp; 39172 |
| HD Hyundai Heavy Industries Co. Ltd.<sup>(a)</sup> | 166 | &nbsp;&nbsp; 46950 |
| HD Hyundai Mipo Co. Ltd. | 103 | &nbsp;&nbsp; 12100 |
| HD Korea Shipbuilding & Offshore Engineering Co. <br> Ltd.<br>| 254 | &nbsp;&nbsp; 48589 |
| Hyundai Glovis Co. Ltd. | 225 | &nbsp;&nbsp; 18041 |
| Hyundai Motor Co., First Pfd. | 79 | &nbsp;&nbsp; 8326 |
| Hyundai Motor Co., Second Pfd. | 135 | &nbsp;&nbsp; 14492 |
| Hyundai Rotem Co. Ltd. | 364 | &nbsp;&nbsp; 28690 |
| Industrial Bank of Korea | 992 | &nbsp;&nbsp; 10706 |
| KB Financial Group, Inc. | 1546 | &nbsp;&nbsp; 97705 |
| Krafton, Inc.<sup>(a)</sup> | 131 | &nbsp;&nbsp; 34296 |
| LIG Nex1 Co. Ltd. | 54 | &nbsp;&nbsp; 12200 |
| LS Electric Co. Ltd. | 109 | &nbsp;&nbsp; 15743 |
| Meritz Financial Group, Inc. | 394 | &nbsp;&nbsp; 34420 |
| NH Investment & Securities Co. Ltd. | 599 | &nbsp;&nbsp; 6476 |
| Rainbow Robotics<sup>(a)</sup> | 37 | &nbsp;&nbsp; 7019 |

---

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

------

**8**

------

**Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> | 3252 | &nbsp;&nbsp; $33319 |
| Samyang Foods Co. Ltd. | 34 | &nbsp;&nbsp; 23206 |
| SK Square Co. Ltd.<sup>(a)</sup> | 320 | &nbsp;&nbsp; 19784 |
| SKC Co. Ltd.<sup>(a)</sup> | 71 | &nbsp;&nbsp; 5094 |
| Yuhan Corp. | 320 | &nbsp;&nbsp; 25644 |
|  |  | &nbsp;&nbsp; 914728 |
| **Taiwan-18.67%** | **Taiwan-18.67%** | **Taiwan-18.67%** |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(a)</sup> | 950 | &nbsp;&nbsp; 19854 |
| Cathay Financial Holding Co. Ltd. | 50970 | &nbsp;&nbsp; 93913 |
| Chroma ATE, Inc. | 1881 | &nbsp;&nbsp; 17195 |
| CTBC Financial Holding Co. Ltd. | 87246 | &nbsp;&nbsp; 107508 |
| Delta Electronics, Inc. | 8042 | &nbsp;&nbsp; 84266 |
| Eva Airways Corp. | 13391 | &nbsp;&nbsp; 16084 |
| Fubon Financial Holding Co. Ltd. | 51352 | &nbsp;&nbsp; 136105 |
| Hon Hai Precision Industry Co. Ltd. | 58925 | &nbsp;&nbsp; 262529 |
| Hua Nan Financial Holdings Co. Ltd. | 49033 | &nbsp;&nbsp; 41517 |
| International Games System Co. Ltd. | 1723 | &nbsp;&nbsp; 44670 |
| Jentech Precision Industrial Co. Ltd. | 354 | &nbsp;&nbsp; 11147 |
| KGI Financial Holding Co. Ltd. | 77445 | &nbsp;&nbsp; 40169 |
| Lotes Co. Ltd. | 413 | &nbsp;&nbsp; 16239 |
| MediaTek, Inc. | 5865 | &nbsp;&nbsp; 249222 |
| MiTAC Holdings Corp.<sup>(a)</sup> | 3308 | &nbsp;&nbsp; 5509 |
| PharmaEssentia Corp.<sup>(a)</sup> | 1896 | &nbsp;&nbsp; 31172 |
| Radiant Opto-Electronics Corp. | 1905 | &nbsp;&nbsp; 8849 |
| SinoPac Financial Holdings Co. Ltd. | 40862 | &nbsp;&nbsp; 27305 |
| Taiwan Business Bank | 24253 | &nbsp;&nbsp; 10741 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 34515 | &nbsp;&nbsp; 977967 |
| Yuanta Financial Holding Co. Ltd. | 49449 | &nbsp;&nbsp; 48448 |
|  |  | &nbsp;&nbsp; 2250409 |
| **Thailand-1.57%** | **Thailand-1.57%** | **Thailand-1.57%** |
| Advanced Info Service PCL, NVDR | 4423 | &nbsp;&nbsp; 39014 |
| Delta Electronics Thailand PCL, NVDR | 17308 | &nbsp;&nbsp; 50734 |
| Kasikornbank PCL, NVDR | 6547 | &nbsp;&nbsp; 31265 |
| Krung Thai Bank PCL, NVDR | 20872 | &nbsp;&nbsp; 13620 |
| SCB X PCL, NVDR | 3919 | &nbsp;&nbsp; 13965 |
| True Corp. PCL, NVDR<sup>(a)</sup> | 114028 | &nbsp;&nbsp; 41282 |
|  |  | &nbsp;&nbsp; 189880 |
| **Turkey-1.11%** | **Turkey-1.11%** | **Turkey-1.11%** |
| Akbank T.A.S. | 12815 | &nbsp;&nbsp; 16299 |
| Aksa Akrilik Kimya Sanayii A.S. | 5275 | &nbsp;&nbsp; 1314 |
| Aselsan Elektronik Sanayi Ve Ticaret A.S. | 6012 | &nbsp;&nbsp; 21199 |
| BIM Birlesik Magazalar A.S. | 1561 | &nbsp;&nbsp; 18356 |
| Gubre Fabrikalari T.A.S.<sup>(a)</sup> | 358 | &nbsp;&nbsp; 2571 |
| Haci Omer Sabanci Holding A.S. | 4287 | &nbsp;&nbsp; 8207 |
| Migros Ticaret A.S. | 337 | &nbsp;&nbsp; 4206 |
| MLP Saglik Hizmetleri A.S.<sup>(a)(c)</sup> | 382 | &nbsp;&nbsp; 3255 |
| Pegasus Hava Tasimaciligi A.S.<sup>(a)</sup> | 841 | &nbsp;&nbsp; 4896 |
| TAV Havalimanlari Holding A.S.<sup>(a)</sup> | 1331 | &nbsp;&nbsp; 7930 |
| Turk Telekomunikasyon A.S.<sup>(a)</sup> | 1728 | &nbsp;&nbsp; 2363 |
| Turkcell Iletisim Hizmetleri A.S. | 5670 | &nbsp;&nbsp; 13311 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** |
| Turkiye Garanti Bankasi A.S. | 3894 | &nbsp;&nbsp; $10476 |
| Turkiye Halk Bankasi A.S.<sup>(a)</sup> | 2394 | &nbsp;&nbsp; 1258 |
| Turkiye Is Bankasi A.S., Class C | 26514 | &nbsp;&nbsp; 7145 |
| Turkiye Sigorta A.S. | 3832 | &nbsp;&nbsp; 1747 |
| Turkiye Vakiflar Bankasi T.A.O.<sup>(a)</sup> | 5326 | &nbsp;&nbsp; 2887 |
| Yapi Ve Kredi Bankasi A.S.<sup>(a)</sup> | 10162 | &nbsp;&nbsp; 6049 |
|  |  | &nbsp;&nbsp; 133469 |
| **United Arab Emirates-3.01%** | **United Arab Emirates-3.01%** | **United Arab Emirates-3.01%** |
| Abu Dhabi Commercial Bank PJSC | 15014 | &nbsp;&nbsp; 47577 |
| Abu Dhabi Islamic Bank PJSC | 8329 | &nbsp;&nbsp; 41468 |
| ADNOC Drilling Co. PJSC, Class C | 13526 | &nbsp;&nbsp; 18046 |
| ADNOC Logistics & Services | 5521 | &nbsp;&nbsp; 7291 |
| Aldar Properties PJSC | 17789 | &nbsp;&nbsp; 40060 |
| Dubai Islamic Bank PJSC | 13271 | &nbsp;&nbsp; 27342 |
| Emaar Development PJSC | 5437 | &nbsp;&nbsp; 19814 |
| Emaar Properties PJSC | 41999 | &nbsp;&nbsp; 150073 |
| Salik Co. PJSC | 8188 | &nbsp;&nbsp; 11282 |
|  |  | &nbsp;&nbsp; 362953 |
| **United States-0.33%** | **United States-0.33%** | **United States-0.33%** |
| JBS S.A. | 3425 | &nbsp;&nbsp; 26667 |
| Titan Cement International S.A. | 288 | &nbsp;&nbsp; 13416 |
|  |  | &nbsp;&nbsp; 40083 |
| Total Common Stocks & Other Equity Interests <br>(Cost $12,158,919) | Total Common Stocks & Other Equity Interests <br>(Cost $12,158,919) | &nbsp;&nbsp; 12010859 |
| **Money Market Funds-0.12%** | **Money Market Funds-0.12%** | **Money Market Funds-0.12%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $14,623)<br>| 14623 | &nbsp;&nbsp; 14623 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.77% <br>(Cost $12,173,542) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.77% <br>(Cost $12,173,542) | &nbsp;&nbsp; 12025482 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.63%** | **Money Market Funds-2.63%** | **Money Market Funds-2.63%** |
| Invesco Private Government Fund, 4.32%<sup>(e)(f)(g)</sup> | 88378 | &nbsp;&nbsp; 88378 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 228557 | &nbsp;&nbsp; 228603 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $316,981) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $316,981) | &nbsp;&nbsp; 316981 |
| TOTAL INVESTMENTS IN SECURITIES-102.40% <br>(Cost $12,490,523) | TOTAL INVESTMENTS IN SECURITIES-102.40% <br>(Cost $12,490,523) | &nbsp;&nbsp; 12342463 |
| OTHER ASSETS LESS LIABILITIES-(2.40)% | OTHER ASSETS LESS LIABILITIES-(2.40)% | &nbsp;&nbsp; (289844)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $12052619 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| MLP-Master Limited Partnership |
| NVDR-Non-Voting Depositary Receipt |
| Pfd.-Preferred |

---

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

------

**9**

------

**Invesco S&P Emerging Markets Momentum ETF (EEMO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $1,639,166, which represented 13.60% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $125162 | &nbsp;&nbsp; $909018 | &nbsp;&nbsp; $(1019557)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $14623 | &nbsp;&nbsp; $1516 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 13135 | &nbsp;&nbsp; 604776 | &nbsp;&nbsp; (529533)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 88378 | &nbsp;&nbsp; 848<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 34752 | &nbsp;&nbsp; 1278015 | &nbsp;&nbsp; (1084156)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; 228603 | &nbsp;&nbsp; 2,263<br> \*<br>|
| Total | &nbsp;&nbsp; $173049 | &nbsp;&nbsp; $2791809 | &nbsp;&nbsp; $(2633246)<br>| &nbsp;&nbsp; $4 | &nbsp;&nbsp; $(12)<br>| &nbsp;&nbsp; $331604 | &nbsp;&nbsp; $4627 |

---

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

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

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

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

------

**10**

------

**Invesco S&P International Developed Low Volatility ETF (IDLV)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.00%** | **Common Stocks & Other Equity Interests-99.00%** | **Common Stocks & Other Equity Interests-99.00%** |
| **Australia-9.97%** | **Australia-9.97%** | **Australia-9.97%** |
| ANZ Group Holdings Ltd. | 67767 | &nbsp;&nbsp; $1294442 |
| ASX Ltd.<sup>(a)</sup> | 27563 | &nbsp;&nbsp; 1246743 |
| Aurizon Holdings Ltd.<sup>(a)</sup> | 679881 | &nbsp;&nbsp; 1329558 |
| Coles Group Ltd. | 135671 | &nbsp;&nbsp; 1840373 |
| Commonwealth Bank of Australia | 12351 | &nbsp;&nbsp; 1315044 |
| CSL Ltd. | 8745 | &nbsp;&nbsp; 1402152 |
| Dyno Nobel Ltd. | 708661 | &nbsp;&nbsp; 1027569 |
| Lottery Corp. Ltd. (The) | 468995 | &nbsp;&nbsp; 1561231 |
| Macquarie Group Ltd. | 9620 | &nbsp;&nbsp; 1187493 |
| Medibank Pvt. Ltd. | 409214 | &nbsp;&nbsp; 1215969 |
| Orica Ltd. | 123373 | &nbsp;&nbsp; 1279194 |
| QBE Insurance Group Ltd. | 87115 | &nbsp;&nbsp; 1202607 |
| Santos Ltd. | 292935 | &nbsp;&nbsp; 1124918 |
| Scentre Group | 547790 | &nbsp;&nbsp; 1267702 |
| Telstra Group Ltd. | 602197 | &nbsp;&nbsp; 1736100 |
| Transurban Group | 178895 | &nbsp;&nbsp; 1610328 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(a)</sup> | 73882 | &nbsp;&nbsp; 1756660 |
| Wesfarmers Ltd. | 24976 | &nbsp;&nbsp; 1249837 |
| Westpac Banking Corp. | 59513 | &nbsp;&nbsp; 1247526 |
| Woolworths Group Ltd. | 76558 | &nbsp;&nbsp; 1543455 |
|  |  | &nbsp;&nbsp; 27438901 |
| **Belgium-2.11%** | **Belgium-2.11%** | **Belgium-2.11%** |
| Ackermans & van Haaren N.V. | 6145 | &nbsp;&nbsp; 1508165 |
| Ageas S.A./N.V. | 22669 | &nbsp;&nbsp; 1426609 |
| Groupe Bruxelles Lambert N.V. | 21554 | &nbsp;&nbsp; 1784200 |
| KBC Group N.V. | 11794 | &nbsp;&nbsp; 1091254 |
|  |  | &nbsp;&nbsp; 5810228 |
| **Canada-19.71%** | **Canada-19.71%** | **Canada-19.71%** |
| Bank of Montreal | 11771 | &nbsp;&nbsp; 1125629 |
| Bank of Nova Scotia (The) | 32145 | &nbsp;&nbsp; 1605272 |
| Canadian Apartment Properties REIT | 39860 | &nbsp;&nbsp; 1214874 |
| Canadian Imperial Bank of Commerce | 23313 | &nbsp;&nbsp; 1467505 |
| Canadian National Railway Co. | 12911 | &nbsp;&nbsp; 1247917 |
| Canadian Pacific Kansas City Ltd. | 14920 | &nbsp;&nbsp; 1081546 |
| CCL Industries, Inc., Class B | 24091 | &nbsp;&nbsp; 1256436 |
| CGI, Inc., Class A | 11465 | &nbsp;&nbsp; 1213316 |
| Choice Properties REIT<sup>(a)</sup> | 149503 | &nbsp;&nbsp; 1580210 |
| Element Fleet Management Corp. | 59945 | &nbsp;&nbsp; 1310171 |
| Emera, Inc.<sup>(a)</sup> | 34470 | &nbsp;&nbsp; 1548442 |
| Empire Co. Ltd., Class A | 41027 | &nbsp;&nbsp; 1520729 |
| Enbridge, Inc.<sup>(a)</sup> | 37085 | &nbsp;&nbsp; 1730884 |
| FirstService Corp. | 7413 | &nbsp;&nbsp; 1298523 |
| Fortis, Inc. | 36960 | &nbsp;&nbsp; 1826728 |
| George Weston Ltd. | 8410 | &nbsp;&nbsp; 1635362 |
| Great-West Lifeco, Inc. | 34643 | &nbsp;&nbsp; 1344539 |
| Hydro One Ltd.<sup>(b)</sup> | 50091 | &nbsp;&nbsp; 1923425 |
| IGM Financial, Inc.<sup>(a)</sup> | 41278 | &nbsp;&nbsp; 1309194 |
| Intact Financial Corp. | 7203 | &nbsp;&nbsp; 1596570 |
| Loblaw Cos. Ltd. | 10761 | &nbsp;&nbsp; 1743511 |
| Manulife Financial Corp. | 39340 | &nbsp;&nbsp; 1203298 |
| Metro, Inc. | 23317 | &nbsp;&nbsp; 1793382 |
| National Bank of Canada | 17218 | &nbsp;&nbsp; 1509270 |
| Pembina Pipeline Corp. | 37848 | &nbsp;&nbsp; 1443994 |
| Power Corp. of Canada | 38250 | &nbsp;&nbsp; 1444932 |
| Quebecor, Inc., Class B | 47378 | &nbsp;&nbsp; 1297210 |
| Rogers Communications, Inc., Class B | 42769 | &nbsp;&nbsp; 1112805 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Royal Bank of Canada<sup>(a)</sup> | 14235 | &nbsp;&nbsp; $1705253 |
| Saputo, Inc. | 62787 | &nbsp;&nbsp; 1222740 |
| Sun Life Financial, Inc. | 23701 | &nbsp;&nbsp; 1409569 |
| TC Energy Corp. | 27717 | &nbsp;&nbsp; 1397588 |
| TELUS Corp. | 90660 | &nbsp;&nbsp; 1392750 |
| Thomson Reuters Corp. | 7433 | &nbsp;&nbsp; 1380430 |
| TMX Group Ltd. | 35361 | &nbsp;&nbsp; 1430261 |
| Toromont Industries Ltd. | 17089 | &nbsp;&nbsp; 1443033 |
| Toronto-Dominion Bank (The) | 20782 | &nbsp;&nbsp; 1325336 |
| WSP Global, Inc. | 6632 | &nbsp;&nbsp; 1173239 |
|  |  | &nbsp;&nbsp; 54265873 |
| **China-0.42%** | **China-0.42%** | **China-0.42%** |
| Wilmar International Ltd. | 492641 | &nbsp;&nbsp; 1155833 |
| **Denmark-0.50%** | **Denmark-0.50%** | **Denmark-0.50%** |
| Tryg A/S | 57264 | &nbsp;&nbsp; 1370665 |
| **Finland-1.86%** | **Finland-1.86%** | **Finland-1.86%** |
| Elisa OYJ<sup>(a)</sup> | 24498 | &nbsp;&nbsp; 1311419 |
| Kone OYJ, Class B | 20430 | &nbsp;&nbsp; 1269623 |
| Nordea Bank Abp | 79258 | &nbsp;&nbsp; 1089962 |
| Sampo OYJ | 145635 | &nbsp;&nbsp; 1464083 |
|  |  | &nbsp;&nbsp; 5135087 |
| **France-6.36%** | **France-6.36%** | **France-6.36%** |
| Air Liquide S.A. | 7045 | &nbsp;&nbsp; 1452578 |
| AXA S.A. | 28524 | &nbsp;&nbsp; 1353713 |
| Bollore SE | 192620 | &nbsp;&nbsp; 1195538 |
| Bouygues S.A. | 31811 | &nbsp;&nbsp; 1403077 |
| Cie Generale des Etablissements Michelin <br> S.C.A.<br>| 30523 | &nbsp;&nbsp; 1119938 |
| Credit Agricole S.A. | 65513 | &nbsp;&nbsp; 1233031 |
| Danone S.A. | 21771 | &nbsp;&nbsp; 1879767 |
| ENGIE S.A. | 71751 | &nbsp;&nbsp; 1488079 |
| EssilorLuxottica S.A. | 3843 | &nbsp;&nbsp; 1111184 |
| Orange S.A. | 109225 | &nbsp;&nbsp; 1590098 |
| TotalEnergies SE | 19186 | &nbsp;&nbsp; 1096505 |
| Veolia Environnement S.A. | 35853 | &nbsp;&nbsp; 1314007 |
| Vinci S.A. | 9107 | &nbsp;&nbsp; 1283640 |
|  |  | &nbsp;&nbsp; 17521155 |
| **Germany-4.03%** | **Germany-4.03%** | **Germany-4.03%** |
| Allianz SE | 3855 | &nbsp;&nbsp; 1599828 |
| Beiersdorf AG | 9123 | &nbsp;&nbsp; 1289839 |
| Deutsche Boerse AG | 5013 | &nbsp;&nbsp; 1620216 |
| Deutsche Telekom AG | 39073 | &nbsp;&nbsp; 1408237 |
| E.ON SE | 80123 | &nbsp;&nbsp; 1406143 |
| Hannover Rueck SE | 3669 | &nbsp;&nbsp; 1181803 |
| Henkel AG & Co. KGaA, Preference Shares | 16426 | &nbsp;&nbsp; 1280140 |
| Symrise AG | 11290 | &nbsp;&nbsp; 1306575 |
|  |  | &nbsp;&nbsp; 11092781 |
| **Hong Kong-1.85%** | **Hong Kong-1.85%** | **Hong Kong-1.85%** |
| CLP Holdings Ltd. | 163195 | &nbsp;&nbsp; 1391667 |
| HKT Trust & HKT Ltd. | 992561 | &nbsp;&nbsp; 1412558 |
| Hong Kong & China Gas Co. Ltd. (The) | 1334550 | &nbsp;&nbsp; 1200934 |
| Power Assets Holdings Ltd. | 164416 | &nbsp;&nbsp; 1087442 |
|  |  | &nbsp;&nbsp; 5092601 |

---

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

------

**11**

------

**Invesco S&P International Developed Low Volatility ETF (IDLV)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ireland-0.45%** | **Ireland-0.45%** | **Ireland-0.45%** |
| Kerry Group PLC, Class A | 11680 | &nbsp;&nbsp; $1240723 |
| **Italy-4.15%** | **Italy-4.15%** | **Italy-4.15%** |
| Assicurazioni Generali S.p.A.<sup>(a)</sup> | 37774 | &nbsp;&nbsp; 1385307 |
| Banca Mediolanum S.p.A.<sup>(a)</sup> | 76654 | &nbsp;&nbsp; 1149912 |
| Enel S.p.A. | 172708 | &nbsp;&nbsp; 1502356 |
| Eni S.p.A. | 85834 | &nbsp;&nbsp; 1233507 |
| Infrastrutture Wireless Italiane S.p.A.<sup>(a)(b)</sup> | 124610 | &nbsp;&nbsp; 1493235 |
| Poste Italiane S.p.A.<sup>(b)</sup> | 72782 | &nbsp;&nbsp; 1482357 |
| Snam S.p.A. | 266897 | &nbsp;&nbsp; 1537125 |
| Terna S.p.A. | 163633 | &nbsp;&nbsp; 1632738 |
|  |  | &nbsp;&nbsp; 11416537 |
| **Japan-10.03%** | **Japan-10.03%** | **Japan-10.03%** |
| Advance Residence Investment Corp. | 1360 | &nbsp;&nbsp; 1404694 |
| ANA Holdings, Inc.<sup>(a)</sup> | 64274 | &nbsp;&nbsp; 1237610 |
| Daito Trust Construction Co. Ltd. | 11425 | &nbsp;&nbsp; 1275058 |
| Daiwa House REIT Investment Corp. | 956 | &nbsp;&nbsp; 1605091 |
| GLP J-Reit | 1574 | &nbsp;&nbsp; 1360885 |
| Japan Metropolitan Fund Investment Corp. | 2037 | &nbsp;&nbsp; 1360447 |
| Japan Real Estate Investment Corp. | 1913 | &nbsp;&nbsp; 1521801 |
| KDDI Corp. | 71606 | &nbsp;&nbsp; 1272143 |
| KDX Realty Investment Corp.<sup>(a)</sup> | 1280 | &nbsp;&nbsp; 1336128 |
| Kirin Holdings Co. Ltd. | 92157 | &nbsp;&nbsp; 1397353 |
| McDonald's Holdings Co. (Japan) Ltd. | 32758 | &nbsp;&nbsp; 1388421 |
| MEIJI Holdings Co. Ltd. | 55853 | &nbsp;&nbsp; 1376522 |
| Nippon Building Fund, Inc.<sup>(a)</sup> | 1544 | &nbsp;&nbsp; 1436571 |
| Nippon Telegraph & Telephone Corp. | 1337988 | &nbsp;&nbsp; 1401902 |
| Nomura Real Estate Master Fund, Inc. | 1196 | &nbsp;&nbsp; 1193526 |
| ORIX JREIT, Inc. | 1261 | &nbsp;&nbsp; 1591985 |
| SoftBank Corp. | 892093 | &nbsp;&nbsp; 1353173 |
| Takeda Pharmaceutical Co. Ltd. | 41885 | &nbsp;&nbsp; 1269984 |
| United Urban Investment Corp. | 1530 | &nbsp;&nbsp; 1613867 |
| Yamada Holdings Co. Ltd. | 378535 | &nbsp;&nbsp; 1222842 |
|  |  | &nbsp;&nbsp; 27620003 |
| **Netherlands-2.18%** | **Netherlands-2.18%** | **Netherlands-2.18%** |
| EXOR N.V. | 12693 | &nbsp;&nbsp; 1202533 |
| Koninklijke Ahold Delhaize N.V. | 36899 | &nbsp;&nbsp; 1520255 |
| Koninklijke KPN N.V. | 419153 | &nbsp;&nbsp; 1956552 |
| Wolters Kluwer N.V. | 7412 | &nbsp;&nbsp; 1313161 |
|  |  | &nbsp;&nbsp; 5992501 |
| **Norway-3.14%** | **Norway-3.14%** | **Norway-3.14%** |
| DNB Bank ASA | 48843 | &nbsp;&nbsp; 1224921 |
| Gjensidige Forsikring ASA | 49976 | &nbsp;&nbsp; 1173153 |
| Mowi ASA | 65240 | &nbsp;&nbsp; 1200131 |
| Orkla ASA | 112013 | &nbsp;&nbsp; 1253250 |
| SpareBank 1 Sør-Norge ASA, Class B | 76699 | &nbsp;&nbsp; 1227853 |
| Storebrand ASA | 92945 | &nbsp;&nbsp; 1125802 |
| Telenor ASA | 95735 | &nbsp;&nbsp; 1442577 |
|  |  | &nbsp;&nbsp; 8647687 |
| **Singapore-7.35%** | **Singapore-7.35%** | **Singapore-7.35%** |
| CapitaLand Ascendas REIT | 745164 | &nbsp;&nbsp; 1518855 |
| CapitaLand Integrated Commercial Trust | 855449 | &nbsp;&nbsp; 1408244 |
| City Developments Ltd. | 356472 | &nbsp;&nbsp; 1357699 |
| DBS Group Holdings Ltd. | 38903 | &nbsp;&nbsp; 1264315 |
| Genting Singapore Ltd. | 2052830 | &nbsp;&nbsp; 1164450 |
| Jardine Cycle & Carriage Ltd. | 59535 | &nbsp;&nbsp; 1182830 |
| Keppel Ltd. | 280809 | &nbsp;&nbsp; 1412256 |
| Mapletree Industrial Trust | 889284 | &nbsp;&nbsp; 1376038 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore-(continued)** | **Singapore-(continued)** | **Singapore-(continued)** |
| Mapletree Logistics Trust<sup>(a)</sup> | 1223355 | &nbsp;&nbsp; $1053059 |
| Oversea-Chinese Banking Corp. Ltd. | 116902 | &nbsp;&nbsp; 1447195 |
| Singapore Airlines Ltd. | 274275 | &nbsp;&nbsp; 1407987 |
| Singapore Technologies Engineering Ltd. | 267724 | &nbsp;&nbsp; 1520668 |
| Singapore Telecommunications Ltd. | 468136 | &nbsp;&nbsp; 1354824 |
| United Overseas Bank Ltd. | 50261 | &nbsp;&nbsp; 1335283 |
| UOL Group Ltd. | 323516 | &nbsp;&nbsp; 1431570 |
|  |  | &nbsp;&nbsp; 20235273 |
| **Spain-3.02%** | **Spain-3.02%** | **Spain-3.02%** |
| ACS Actividades de Construccion y Servicios <br> S.A.<br>| 19754 | &nbsp;&nbsp; 1241945 |
| Aena SME S.A.<sup>(a)(b)</sup> | 5360 | &nbsp;&nbsp; 1351154 |
| Endesa S.A. | 48292 | &nbsp;&nbsp; 1455327 |
| Iberdrola S.A. | 91727 | &nbsp;&nbsp; 1659151 |
| Repsol S.A. | 88926 | &nbsp;&nbsp; 1090744 |
| Telefonica S.A.<sup>(a)</sup> | 293741 | &nbsp;&nbsp; 1514214 |
|  |  | &nbsp;&nbsp; 8312535 |
| **Sweden-4.04%** | **Sweden-4.04%** | **Sweden-4.04%** |
| Alfa Laval AB<sup>(a)</sup> | 24425 | &nbsp;&nbsp; 1015211 |
| Assa Abloy AB, Class B | 37802 | &nbsp;&nbsp; 1149892 |
| Essity AB, Class B | 43896 | &nbsp;&nbsp; 1272142 |
| Holmen AB, Class B<sup>(a)</sup> | 29448 | &nbsp;&nbsp; 1166832 |
| Industrivarden AB, Class C<sup>(a)</sup> | 34471 | &nbsp;&nbsp; 1213094 |
| Investor AB, Class B<sup>(a)</sup> | 45108 | &nbsp;&nbsp; 1339335 |
| L E Lundbergforetagen AB, Class B<sup>(a)</sup> | 26345 | &nbsp;&nbsp; 1393038 |
| Tele2 AB, Class B | 91664 | &nbsp;&nbsp; 1355302 |
| Telia Co. AB | 322180 | &nbsp;&nbsp; 1212846 |
|  |  | &nbsp;&nbsp; 11117692 |
| **Switzerland-5.47%** | **Switzerland-5.47%** | **Switzerland-5.47%** |
| Chocoladefabriken Lindt & Spruengli AG, <br> PC<sup>(a)</sup><br>| 87 | &nbsp;&nbsp; 1273493 |
| EMS-Chemie Holding AG | 1653 | &nbsp;&nbsp; 1224098 |
| Geberit AG | 1701 | &nbsp;&nbsp; 1183480 |
| Givaudan S.A. | 262 | &nbsp;&nbsp; 1269520 |
| Nestle S.A. | 12834 | &nbsp;&nbsp; 1372002 |
| Roche Holding AG | 3391 | &nbsp;&nbsp; 1113669 |
| Schindler Holding AG, PC | 4436 | &nbsp;&nbsp; 1629553 |
| Sika AG | 4188 | &nbsp;&nbsp; 1051198 |
| Swiss Life Holding AG<sup>(a)</sup> | 1543 | &nbsp;&nbsp; 1547373 |
| Swisscom AG<sup>(a)</sup> | 2615 | &nbsp;&nbsp; 1751540 |
| Zurich Insurance Group AG | 2305 | &nbsp;&nbsp; 1642031 |
|  |  | &nbsp;&nbsp; 15057957 |
| **United Kingdom-9.45%** | **United Kingdom-9.45%** | **United Kingdom-9.45%** |
| Aviva PLC | 168253 | &nbsp;&nbsp; 1263457 |
| British American Tobacco PLC | 28202 | &nbsp;&nbsp; 1231198 |
| Bunzl PLC | 33017 | &nbsp;&nbsp; 1039878 |
| Coca-Cola Europacific Partners PLC | 16038 | &nbsp;&nbsp; 1455288 |
| Compass Group PLC | 41810 | &nbsp;&nbsp; 1412790 |
| Haleon PLC | 253814 | &nbsp;&nbsp; 1280034 |
| HSBC Holdings PLC | 100517 | &nbsp;&nbsp; 1123023 |
| Imperial Brands PLC | 38161 | &nbsp;&nbsp; 1569387 |
| Informa PLC | 134471 | &nbsp;&nbsp; 1316595 |
| InterContinental Hotels Group PLC | 10495 | &nbsp;&nbsp; 1122442 |
| Intertek Group PLC | 17621 | &nbsp;&nbsp; 1084628 |
| Legal & General Group PLC | 352746 | &nbsp;&nbsp; 1113326 |
| London Stock Exchange Group PLC | 9756 | &nbsp;&nbsp; 1522541 |
| M&G PLC | 437685 | &nbsp;&nbsp; 1217260 |

---

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

------

**12**

------

**Invesco S&P International Developed Low Volatility ETF (IDLV)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Pearson PLC | 82750 | &nbsp;&nbsp; $1329571 |
| RELX PLC | 29413 | &nbsp;&nbsp; 1608833 |
| Shell PLC | 36864 | &nbsp;&nbsp; 1192344 |
| SSE PLC | 57524 | &nbsp;&nbsp; 1299860 |
| Tesco PLC | 280625 | &nbsp;&nbsp; 1391941 |
| Unilever PLC | 22651 | &nbsp;&nbsp; 1445433 |
|  |  | &nbsp;&nbsp; 26019829 |
| **United States-2.91%** | **United States-2.91%** | **United States-2.91%** |
| Alcon AG | 12557 | &nbsp;&nbsp; 1225390 |
| Experian PLC | 23681 | &nbsp;&nbsp; 1180807 |
| Ferrovial SE | 26645 | &nbsp;&nbsp; 1304284 |
| Novartis AG | 11774 | &nbsp;&nbsp; 1348794 |
| Sanofi S.A. | 10976 | &nbsp;&nbsp; 1204819 |
| Waste Connections, Inc. | 8815 | &nbsp;&nbsp; 1737537 |
|  |  | &nbsp;&nbsp; 8001631 |
| Total Common Stocks & Other Equity Interests <br>(Cost $245,399,509) | Total Common Stocks & Other Equity Interests <br>(Cost $245,399,509) | &nbsp;&nbsp; 272545492 |
| **Money Market Funds-0.14%** | **Money Market Funds-0.14%** | **Money Market Funds-0.14%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $399,588)<br>| 399588 | &nbsp;&nbsp; 399588 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.14% <br>(Cost $245,799,097) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.14% <br>(Cost $245,799,097) | &nbsp;&nbsp; 272945080 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-8.26%** | **Money Market Funds-8.26%** | **Money Market Funds-8.26%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 6310533 | &nbsp;&nbsp; $6310533 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 16427043 | &nbsp;&nbsp; 16430328 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $22,741,776) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $22,741,776) | &nbsp;&nbsp; 22740861 |
| TOTAL INVESTMENTS IN SECURITIES-107.40% <br>(Cost $268,540,873) | TOTAL INVESTMENTS IN SECURITIES-107.40% <br>(Cost $268,540,873) | &nbsp;&nbsp; 295685941 |
| OTHER ASSETS LESS LIABILITIES-(7.40)% | OTHER ASSETS LESS LIABILITIES-(7.40)% | &nbsp;&nbsp; (20380699)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $275305242 |

---

Investment Abbreviations: <br> PC-Participation Certificate <br> REIT-Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $6,250,171, which represented 2.27% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $2144855 | &nbsp;&nbsp; $(1745267)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $399588 | &nbsp;&nbsp; $2715 |

---

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

------

**13**

------

**Invesco S&P International Developed Low Volatility ETF (IDLV)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $5055427 | &nbsp;&nbsp; $34477253 | &nbsp;&nbsp; $(33222147)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6310533 | &nbsp;&nbsp; $159,814<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 13130209 | &nbsp;&nbsp; 62745420 | &nbsp;&nbsp; (59443820)<br>| &nbsp;&nbsp; (49)<br>| &nbsp;&nbsp; (1432)<br>| &nbsp;&nbsp; 16430328 | &nbsp;&nbsp; 431,368<br> \*<br>|
| Total | &nbsp;&nbsp; $18185636 | &nbsp;&nbsp; $99367528 | &nbsp;&nbsp; $(94411234)<br>| &nbsp;&nbsp; $(49)<br>| &nbsp;&nbsp; $(1432)<br>| &nbsp;&nbsp; $23140449 | &nbsp;&nbsp; $593897 |

---

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

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

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

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

------

**14**

------

**Invesco S&P International Developed Momentum ETF (IDMO)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** |
| **Australia-8.56%** | **Australia-8.56%** | **Australia-8.56%** |
| Aristocrat Leisure Ltd. | 76749 | &nbsp;&nbsp; $3274295 |
| Brambles Ltd. | 111139 | &nbsp;&nbsp; 1458955 |
| Coles Group Ltd. | 114287 | &nbsp;&nbsp; 1550299 |
| Commonwealth Bank of Australia | 159703 | &nbsp;&nbsp; 17004006 |
| Computershare Ltd. | 48374 | &nbsp;&nbsp; 1262700 |
| Evolution Mining Ltd. | 193995 | &nbsp;&nbsp; 971826 |
| Goodman Group | 150080 | &nbsp;&nbsp; 2869968 |
| Insurance Australia Group Ltd. | 283755 | &nbsp;&nbsp; 1488786 |
| JB Hi-Fi Ltd. | 14476 | &nbsp;&nbsp; 958244 |
| Macquarie Group Ltd. | 27367 | &nbsp;&nbsp; 3378184 |
| National Australia Bank Ltd. | 227168 | &nbsp;&nbsp; 5239737 |
| Pro Medicus Ltd. | 8959 | &nbsp;&nbsp; 1312226 |
| Qantas Airways Ltd. | 84096 | &nbsp;&nbsp; 474953 |
| QBE Insurance Group Ltd. | 129131 | &nbsp;&nbsp; 1782631 |
| SGH Ltd. | 13311 | &nbsp;&nbsp; 434856 |
| Suncorp Group Ltd. | 126095 | &nbsp;&nbsp; 1637959 |
| Technology One Ltd. | 47653 | &nbsp;&nbsp; 918801 |
| Wesfarmers Ltd. | 90566 | &nbsp;&nbsp; 4532059 |
| Westpac Banking Corp. | 376485 | &nbsp;&nbsp; 7891971 |
|  |  | &nbsp;&nbsp; 58442456 |
| **Austria-0.59%** | **Austria-0.59%** | **Austria-0.59%** |
| BAWAG Group AG<sup>(a)(b)</sup> | 12898 | &nbsp;&nbsp; 1418591 |
| Erste Group Bank AG | 37922 | &nbsp;&nbsp; 2576983 |
|  |  | &nbsp;&nbsp; 3995574 |
| **Belgium-0.67%** | **Belgium-0.67%** | **Belgium-0.67%** |
| Ageas S.A./N.V. | 14547 | &nbsp;&nbsp; 915474 |
| UCB S.A. | 19825 | &nbsp;&nbsp; 3647214 |
|  |  | &nbsp;&nbsp; 4562688 |
| **Cameroon-0.08%** | **Cameroon-0.08%** | **Cameroon-0.08%** |
| Golar LNG Ltd.<sup>(c)</sup> | 12412 | &nbsp;&nbsp; 527572 |
| **Canada-15.94%** | **Canada-15.94%** | **Canada-15.94%** |
| Agnico Eagle Mines Ltd. | 77199 | &nbsp;&nbsp; 9055639 |
| Alamos Gold, Inc., Class A<sup>(c)</sup> | 48305 | &nbsp;&nbsp; 1378194 |
| AtkinsRealis Group, Inc. | 14562 | &nbsp;&nbsp; 719719 |
| Bank of Nova Scotia (The) | 100614 | &nbsp;&nbsp; 5024509 |
| Brookfield Asset Management Ltd., Class A | 42723 | &nbsp;&nbsp; 2275178 |
| Brookfield Corp. | 167039 | &nbsp;&nbsp; 8955989 |
| Canadian Imperial Bank of Commerce | 136781 | &nbsp;&nbsp; 8610083 |
| Descartes Systems Group, Inc. (The)<sup>(b)</sup> | 7091 | &nbsp;&nbsp; 745292 |
| Dollarama, Inc. | 21825 | &nbsp;&nbsp; 2687637 |
| Enbridge, Inc.<sup>(c)</sup> | 292575 | &nbsp;&nbsp; 13655477 |
| Fairfax Financial Holdings Ltd. | 1658 | &nbsp;&nbsp; 2583446 |
| George Weston Ltd. | 4893 | &nbsp;&nbsp; 951466 |
| iA Financial Corp., Inc. | 8507 | &nbsp;&nbsp; 824772 |
| IGM Financial, Inc. | 7233 | &nbsp;&nbsp; 229405 |
| Intact Financial Corp. | 13063 | &nbsp;&nbsp; 2895460 |
| Kinross Gold Corp. | 158995 | &nbsp;&nbsp; 2342394 |
| Loblaw Cos. Ltd. | 14315 | &nbsp;&nbsp; 2319335 |
| Manulife Financial Corp. | 195297 | &nbsp;&nbsp; 5973574 |
| Metro, Inc. | 18547 | &nbsp;&nbsp; 1426506 |
| National Bank of Canada | 34594 | &nbsp;&nbsp; 3032391 |
| Pan American Silver Corp. | 31909 | &nbsp;&nbsp; 801825 |
| Pembina Pipeline Corp.<sup>(c)</sup> | 41833 | &nbsp;&nbsp; 1596032 |
| Royal Bank of Canada | 177019 | &nbsp;&nbsp; 21205628 |
| Sun Life Financial, Inc. | 44267 | &nbsp;&nbsp; 2632690 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| TC Energy Corp.<sup>(c)</sup> | 113677 | &nbsp;&nbsp; $5731994 |
| TMX Group Ltd. | 28809 | &nbsp;&nbsp; 1165249 |
|  |  | &nbsp;&nbsp; 108819884 |
| **China-0.23%** | **China-0.23%** | **China-0.23%** |
| BOC Hong Kong (Holdings) Ltd. | 372519 | &nbsp;&nbsp; 1545530 |
| **Finland-0.05%** | **Finland-0.05%** | **Finland-0.05%** |
| Amer Sports, Inc.<sup>(b)(c)</sup> | 12731 | &nbsp;&nbsp; 308727 |
| **France-3.16%** | **France-3.16%** | **France-3.16%** |
| Cie de Saint-Gobain S.A. | 40981 | &nbsp;&nbsp; 4470713 |
| EssilorLuxottica S.A. | 32747 | &nbsp;&nbsp; 9468632 |
| Safran S.A. | 28657 | &nbsp;&nbsp; 7652447 |
|  |  | &nbsp;&nbsp; 21591792 |
| **Germany-17.76%** | **Germany-17.76%** | **Germany-17.76%** |
| adidas AG | 12853 | &nbsp;&nbsp; 2967550 |
| Allianz SE | 38800 | &nbsp;&nbsp; 16102026 |
| Commerzbank AG | 104373 | &nbsp;&nbsp; 2772009 |
| Deutsche Bank AG | 181869 | &nbsp;&nbsp; 4785086 |
| Deutsche Boerse AG | 17134 | &nbsp;&nbsp; 5537758 |
| Deutsche Telekom AG | 473906 | &nbsp;&nbsp; 17080138 |
| Fresenius SE & Co. KGaA<sup>(b)</sup> | 37355 | &nbsp;&nbsp; 1780357 |
| Heidelberg Materials AG | 15116 | &nbsp;&nbsp; 3032296 |
| MTU Aero Engines AG | 5717 | &nbsp;&nbsp; 1985498 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R<br>| 11134 | &nbsp;&nbsp; 7648686 |
| Rheinmetall AG | 6940 | &nbsp;&nbsp; 11859880 |
| SAP SE | 130915 | &nbsp;&nbsp; 38436127 |
| Siemens Energy AG, Class A<sup>(b)</sup> | 93951 | &nbsp;&nbsp; 7276452 |
|  |  | &nbsp;&nbsp; 121263863 |
| **Hong Kong-0.07%** | **Hong Kong-0.07%** | **Hong Kong-0.07%** |
| Cathay Pacific Airways Ltd. | 75210 | &nbsp;&nbsp; 86431 |
| Hongkong Land Holdings Ltd. | 83409 | &nbsp;&nbsp; 408204 |
|  |  | &nbsp;&nbsp; 494635 |
| **Ireland-0.13%** | **Ireland-0.13%** | **Ireland-0.13%** |
| AIB Group PLC | 134969 | &nbsp;&nbsp; 910258 |
| **Israel-1.74%** | **Israel-1.74%** | **Israel-1.74%** |
| Bank Hapoalim B.M. | 146596 | &nbsp;&nbsp; 2150358 |
| Bank Leumi le-Israel B.M. | 192984 | &nbsp;&nbsp; 2740572 |
| Big Shopping Centers Ltd.<sup>(b)</sup> | 1467 | &nbsp;&nbsp; 214199 |
| Cellebrite DI Ltd.<sup>(b)</sup> | 13388 | &nbsp;&nbsp; 264949 |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | 5860 | &nbsp;&nbsp; 1286622 |
| Clal Insurance Enterprises Holdings Ltd. | 6441 | &nbsp;&nbsp; 176729 |
| Elbit Systems Ltd. | 2137 | &nbsp;&nbsp; 821634 |
| First International Bank of Israel Ltd. (The) | 4092 | &nbsp;&nbsp; 224751 |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| 16187 | &nbsp;&nbsp; 269060 |
| Israel Discount Bank Ltd., Class A | 122839 | &nbsp;&nbsp; 917544 |
| Menora Mivtachim Holdings Ltd. | 2954 | &nbsp;&nbsp; 156465 |
| Migdal Insurance & Financial Holdings Ltd. | 48578 | &nbsp;&nbsp; 93425 |
| Nova Ltd.<sup>(b)</sup> | 2021 | &nbsp;&nbsp; 390200 |
| Phoenix Finance Ltd. | 20124 | &nbsp;&nbsp; 396303 |
| Plus500 Ltd. | 8692 | &nbsp;&nbsp; 357107 |
| Shufersal Ltd. | 28810 | &nbsp;&nbsp; 269744 |

---

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

------

**15**

------

**Invesco S&P International Developed Momentum ETF (IDMO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Israel-(continued)** | **Israel-(continued)** | **Israel-(continued)** |
| Tower Semiconductor Ltd.<sup>(b)</sup> | 9220 | &nbsp;&nbsp; $336979 |
| Wix.com Ltd.<sup>(b)</sup> | 4986 | &nbsp;&nbsp; 845576 |
|  |  | &nbsp;&nbsp; 11912217 |
| **Italy-4.96%** | **Italy-4.96%** | **Italy-4.96%** |
| Assicurazioni Generali S.p.A.<sup>(c)</sup> | 149578 | &nbsp;&nbsp; 5485558 |
| Banca Mediolanum S.p.A. | 27260 | &nbsp;&nbsp; 408936 |
| FinecoBank Banca Fineco S.p.A. | 52470 | &nbsp;&nbsp; 1053588 |
| Intesa Sanpaolo S.p.A. | 1895503 | &nbsp;&nbsp; 10153581 |
| Leonardo S.p.A. | 47815 | &nbsp;&nbsp; 2494380 |
| Mediobanca Banca di Credito Finanziario <br> S.p.A.<sup>(c)</sup><br>| 47228 | &nbsp;&nbsp; 969328 |
| Poste Italiane S.p.A.<sup>(a)</sup> | 64095 | &nbsp;&nbsp; 1305428 |
| Prysmian S.p.A. | 29326 | &nbsp;&nbsp; 1616489 |
| UniCredit S.p.A. | 178081 | &nbsp;&nbsp; 10396579 |
|  |  | &nbsp;&nbsp; 33883867 |
| **Japan-8.84%** | **Japan-8.84%** | **Japan-8.84%** |
| ASICS Corp. | 124907 | &nbsp;&nbsp; 2691157 |
| BayCurrent, Inc. | 11691 | &nbsp;&nbsp; 631455 |
| Fujikura Ltd. | 45294 | &nbsp;&nbsp; 1689266 |
| Hitachi Ltd. | 330822 | &nbsp;&nbsp; 8195926 |
| IHI Corp. | 25412 | &nbsp;&nbsp; 1995322 |
| Kawasaki Heavy Industries Ltd. | 15319 | &nbsp;&nbsp; 915982 |
| Konami Group Corp. | 8344 | &nbsp;&nbsp; 1194497 |
| Mitsubishi Heavy Industries Ltd. | 361073 | &nbsp;&nbsp; 7134743 |
| Mizuho Financial Group, Inc. | 200174 | &nbsp;&nbsp; 5016807 |
| MonotaRO Co. Ltd. | 23086 | &nbsp;&nbsp; 445068 |
| MS&AD Insurance Group Holdings, Inc. | 92551 | &nbsp;&nbsp; 2108681 |
| NEC Corp. | 92018 | &nbsp;&nbsp; 2245317 |
| NS Solutions Corp.<sup>(c)</sup> | 6170 | &nbsp;&nbsp; 146731 |
| Obayashi Corp.<sup>(c)</sup> | 50029 | &nbsp;&nbsp; 778059 |
| Otsuka Holdings Co. Ltd. | 40392 | &nbsp;&nbsp; 1973835 |
| Rakuten Bank Ltd.<sup>(b)</sup> | 8343 | &nbsp;&nbsp; 351724 |
| Recruit Holdings Co. Ltd. | 155676 | &nbsp;&nbsp; 8647394 |
| Ricoh Co. Ltd. | 44597 | &nbsp;&nbsp; 470195 |
| Ryohin Keikaku Co. Ltd. | 27154 | &nbsp;&nbsp; 920008 |
| Sanrio Co. Ltd. | 30598 | &nbsp;&nbsp; 1222121 |
| Sanwa Holdings Corp. | 34231 | &nbsp;&nbsp; 1126232 |
| Seibu Holdings, Inc.<sup>(c)</sup> | 17798 | &nbsp;&nbsp; 431180 |
| Sompo Holdings, Inc. | 83781 | &nbsp;&nbsp; 2752141 |
| Sumitomo Mitsui Financial Group, Inc. | 290730 | &nbsp;&nbsp; 6952541 |
| ZOZO, Inc.<sup>(c)</sup> | 34930 | &nbsp;&nbsp; 355577 |
|  |  | &nbsp;&nbsp; 60391959 |
| **Netherlands-2.41%** | **Netherlands-2.41%** | **Netherlands-2.41%** |
| argenx SE<sup>(b)</sup> | 6618 | &nbsp;&nbsp; 4292931 |
| ING Groep N.V. | 232715 | &nbsp;&nbsp; 4534726 |
| Koninklijke Ahold Delhaize N.V. | 97001 | &nbsp;&nbsp; 3996483 |
| Wolters Kluwer N.V. | 20360 | &nbsp;&nbsp; 3607119 |
|  |  | &nbsp;&nbsp; 16431259 |
| **New Zealand-0.39%** | **New Zealand-0.39%** | **New Zealand-0.39%** |
| Fisher & Paykel Healthcare Corp. Ltd. | 56727 | &nbsp;&nbsp; 1143295 |
| Xero Ltd.<sup>(b)</sup> | 14367 | &nbsp;&nbsp; 1511380 |
|  |  | &nbsp;&nbsp; 2654675 |
| **Norway-0.78%** | **Norway-0.78%** | **Norway-0.78%** |
| Gjensidige Forsikring ASA | 18389 | &nbsp;&nbsp; 431669 |
| Kongsberg Gruppen ASA | 14489 | &nbsp;&nbsp; 2341836 |
| Orkla ASA | 69557 | &nbsp;&nbsp; 778234 |
| Schibsted ASA, Class B | 6932 | &nbsp;&nbsp; 200822 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Norway-(continued)** | **Norway-(continued)** | **Norway-(continued)** |
| SpareBank 1 Sør-Norge ASA, Class B | 15233 | &nbsp;&nbsp; $243861 |
| Storebrand ASA | 50656 | &nbsp;&nbsp; 613574 |
| Telenor ASA | 48222 | &nbsp;&nbsp; 726630 |
|  |  | &nbsp;&nbsp; 5336626 |
| **Singapore-4.61%** | **Singapore-4.61%** | **Singapore-4.61%** |
| DBS Group Holdings Ltd. | 297286 | &nbsp;&nbsp; 9661547 |
| Oversea-Chinese Banking Corp. Ltd. | 468875 | &nbsp;&nbsp; 5804464 |
| Sea Ltd., ADR<sup>(b)</sup> | 57789 | &nbsp;&nbsp; 7746616 |
| Singapore Exchange Ltd. | 76240 | &nbsp;&nbsp; 838963 |
| Singapore Technologies Engineering Ltd. | 132983 | &nbsp;&nbsp; 755341 |
| Singapore Telecommunications Ltd. | 805589 | &nbsp;&nbsp; 2331441 |
| United Overseas Bank Ltd. | 163442 | &nbsp;&nbsp; 4342160 |
|  |  | &nbsp;&nbsp; 31480532 |
| **Spain-2.73%** | **Spain-2.73%** | **Spain-2.73%** |
| ACS Actividades de Construccion y Servicios <br> S.A.<br>| 17670 | &nbsp;&nbsp; 1110923 |
| Aena SME S.A.<sup>(a)(c)</sup> | 5912 | &nbsp;&nbsp; 1490302 |
| CaixaBank S.A.<sup>(c)</sup> | 397718 | &nbsp;&nbsp; 3058687 |
| Iberdrola S.A. | 462058 | &nbsp;&nbsp; 8357671 |
| Industria de Diseno Textil S.A.<sup>(c)</sup> | 85474 | &nbsp;&nbsp; 4612187 |
|  |  | &nbsp;&nbsp; 18629770 |
| **Sweden-4.28%** | **Sweden-4.28%** | **Sweden-4.28%** |
| AAK AB<sup>(c)</sup> | 15099 | &nbsp;&nbsp; 395711 |
| Addtech AB, Class B | 18913 | &nbsp;&nbsp; 637639 |
| Investor AB, Class A<sup>(c)</sup> | 51432 | &nbsp;&nbsp; 1535037 |
| Investor AB, Class B<sup>(c)</sup> | 158838 | &nbsp;&nbsp; 4716178 |
| Lifco AB, Class B<sup>(c)</sup> | 17648 | &nbsp;&nbsp; 684697 |
| Nordnet AB publ<sup>(c)</sup> | 15444 | &nbsp;&nbsp; 409710 |
| Securitas AB, Class B<sup>(c)</sup> | 43622 | &nbsp;&nbsp; 692743 |
| Skanska AB, Class B<sup>(c)</sup> | 28508 | &nbsp;&nbsp; 663845 |
| Spotify Technology S.A.<sup>(b)</sup> | 24888 | &nbsp;&nbsp; 15280734 |
| Tele2 AB, Class B | 59097 | &nbsp;&nbsp; 873782 |
| Telefonaktiebolaget LM Ericsson, Class B<sup>(c)</sup> | 270050 | &nbsp;&nbsp; 2286087 |
| Telia Co. AB | 169879 | &nbsp;&nbsp; 639509 |
| Trelleborg AB, Class B | 12842 | &nbsp;&nbsp; 443759 |
|  |  | &nbsp;&nbsp; 29259431 |
| **Switzerland-3.28%** | **Switzerland-3.28%** | **Switzerland-3.28%** |
| ABB Ltd. | 125489 | &nbsp;&nbsp; 6656201 |
| Galderma Group AG, Class A<sup>(c)</sup> | 5746 | &nbsp;&nbsp; 670297 |
| Sandoz Group AG<sup>(c)</sup> | 37453 | &nbsp;&nbsp; 1631629 |
| Schindler Holding AG | 1641 | &nbsp;&nbsp; 584355 |
| Swiss Life Holding AG<sup>(c)</sup> | 2265 | &nbsp;&nbsp; 2271419 |
| Zurich Insurance Group AG | 14897 | &nbsp;&nbsp; 10612296 |
|  |  | &nbsp;&nbsp; 22426197 |
| **United Kingdom-15.93%** | **United Kingdom-15.93%** | **United Kingdom-15.93%** |
| 3i Group PLC | 105926 | &nbsp;&nbsp; 6018574 |
| Aviva PLC | 197241 | &nbsp;&nbsp; 1481135 |
| Barclays PLC | 2238529 | &nbsp;&nbsp; 8937575 |
| British American Tobacco PLC | 231857 | &nbsp;&nbsp; 10122042 |
| Compass Group PLC | 149195 | &nbsp;&nbsp; 5041407 |
| HSBC Holdings PLC | 1866890 | &nbsp;&nbsp; 20857774 |
| Imperial Brands PLC | 102243 | &nbsp;&nbsp; 4204785 |
| InterContinental Hotels Group PLC | 16787 | &nbsp;&nbsp; 1795372 |
| International Consolidated Airlines Group <br> S.A.<sup>(c)</sup><br>| 396336 | &nbsp;&nbsp; 1380157 |
| Lloyds Banking Group PLC | 6186439 | &nbsp;&nbsp; 6091726 |
| London Stock Exchange Group PLC | 51217 | &nbsp;&nbsp; 7993031 |

---

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

------

**16**

------

**Invesco S&P International Developed Momentum ETF (IDMO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| NatWest Group PLC | 1039376 | &nbsp;&nbsp; $6700616 |
| Pearson PLC | 69781 | &nbsp;&nbsp; 1121194 |
| RELX PLC | 139688 | &nbsp;&nbsp; 7640656 |
| Rolls-Royce Holdings PLC | 1162943 | &nbsp;&nbsp; 11798362 |
| Standard Chartered PLC | 270022 | &nbsp;&nbsp; 3897950 |
| Tesco PLC | 618174 | &nbsp;&nbsp; 3066233 |
| Weir Group PLC (The) | 20343 | &nbsp;&nbsp; 614590 |
|  |  | &nbsp;&nbsp; 108763179 |
| **United States-2.61%** | **United States-2.61%** | **United States-2.61%** |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 7768 | &nbsp;&nbsp; 885940 |
| CyberArk Software Ltd.<sup>(b)</sup> | 4309 | &nbsp;&nbsp; 1517458 |
| Holcim AG<sup>(b)</sup> | 52047 | &nbsp;&nbsp; 5841627 |
| Swiss Re AG | 28547 | &nbsp;&nbsp; 5146758 |
| Waste Connections, Inc.<sup>(c)</sup> | 22469 | &nbsp;&nbsp; 4428897 |
|  |  | &nbsp;&nbsp; 17820680 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.80% <br>(Cost $609,898,606) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.80% <br>(Cost $609,898,606) | &nbsp;&nbsp; 681453371 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.37%** | **Money Market Funds-3.37%** | **Money Market Funds-3.37%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 6338245 | &nbsp;&nbsp; $6338245 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 16705588 | &nbsp;&nbsp; 16708929 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $23,047,174) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $23,047,174) | &nbsp;&nbsp; 23047174 |
| TOTAL INVESTMENTS IN SECURITIES-103.17% <br>(Cost $632,945,780) | TOTAL INVESTMENTS IN SECURITIES-103.17% <br>(Cost $632,945,780) | &nbsp;&nbsp; 704500545 |
| OTHER ASSETS LESS LIABILITIES-(3.17)% | OTHER ASSETS LESS LIABILITIES-(3.17)% | &nbsp;&nbsp; (21653214)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $682847331 |

---

Investment Abbreviations: <br> ADR-American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $4,214,321, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $5872983 | &nbsp;&nbsp; $(5872983)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4100 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 3796768 | &nbsp;&nbsp; 40126110 | &nbsp;&nbsp; (37584633)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6338245 | &nbsp;&nbsp; 122,601<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 9913593 | &nbsp;&nbsp; 83809551 | &nbsp;&nbsp; (77012758)<br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; (1547)<br>| &nbsp;&nbsp; 16708929 | &nbsp;&nbsp; 330,809<br> \*<br>|
| Total | &nbsp;&nbsp; $13710361 | &nbsp;&nbsp; $129808644 | &nbsp;&nbsp; $(120470374)<br>| &nbsp;&nbsp; $90 | &nbsp;&nbsp; $(1547)<br>| &nbsp;&nbsp; $23047174 | &nbsp;&nbsp; $457510 |

---

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

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

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

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

------

**17**

------

**Statements of Assets and Liabilities**

April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P** <br>**Emerging** <br>**Markets** <br>**Low Volatility** <br>**ETF (EELV)**<br>| **Invesco S&P** <br>**Emerging** <br>**Markets** <br>**Momentum** <br>**ETF (EEMO)**<br>| **Invesco S&P** <br>**International** <br>**Developed Low** <br>**Volatility** <br>**ETF (IDLV)**<br>| **Invesco S&P** <br>**International** <br>**Developed** <br>**Momentum** <br>**ETF (IDMO)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $370806358 | &nbsp;&nbsp;&nbsp; $12010859 | &nbsp;&nbsp;&nbsp; $272545492 | &nbsp;&nbsp;&nbsp; $681453371 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 13527116 | &nbsp;&nbsp;&nbsp; 331604 | &nbsp;&nbsp;&nbsp; 23140449 | &nbsp;&nbsp;&nbsp; 23047174 |
| Cash | &nbsp;&nbsp; 30784 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; 52577 | &nbsp;&nbsp;&nbsp; 10078 | &nbsp;&nbsp;&nbsp; 74120 | &nbsp;&nbsp;&nbsp; 58055 |
| Deposits with brokers: |  |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 200323 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash collateral-options | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1907642 |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 2041693 | &nbsp;&nbsp;&nbsp; 32723 | &nbsp;&nbsp;&nbsp; 1311054 | &nbsp;&nbsp;&nbsp; 1792876 |
| Securities lending | &nbsp;&nbsp; 8022 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 10115 | &nbsp;&nbsp;&nbsp; 10621 |
| Investments sold | &nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 13394838 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1033261 | &nbsp;&nbsp;&nbsp; 241673 |
| **Total assets** | &nbsp;&nbsp; 386667074 | &nbsp;&nbsp;&nbsp; 12385339 | &nbsp;&nbsp;&nbsp; 298114508 | &nbsp;&nbsp;&nbsp; 721906250 |
| **Liabilities:** |  |  |  |  |
| Other investments: |  |  |  |  |
| Unrealized depreciation on futures contracts | &nbsp;&nbsp; 9794 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; 618217 |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 543607 | &nbsp;&nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 13374399 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 13122070 | &nbsp;&nbsp;&nbsp; 316981 | &nbsp;&nbsp;&nbsp; 22741776 | &nbsp;&nbsp;&nbsp; 23047174 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1907642 |
| Expenses recaptured | &nbsp;&nbsp; 24359 | &nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp; 13203 | &nbsp;&nbsp;&nbsp; 110 |
| Accrued unitary management fees | &nbsp;&nbsp; 85089 | &nbsp;&nbsp;&nbsp; 2746 | &nbsp;&nbsp;&nbsp; 53701 | &nbsp;&nbsp;&nbsp; 111377 |
| Accrued tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7554 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other payables | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3954 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 13784919 | &nbsp;&nbsp;&nbsp; 332720 | &nbsp;&nbsp;&nbsp; 22809266 | &nbsp;&nbsp;&nbsp; 39058919 |
| **Net Assets** | &nbsp;&nbsp; $372882155 | &nbsp;&nbsp;&nbsp; $12052619 | &nbsp;&nbsp;&nbsp; $275305242 | &nbsp;&nbsp;&nbsp; $682847331 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $509740377 | &nbsp;&nbsp;&nbsp; $14634228 | &nbsp;&nbsp;&nbsp; $482843956 | &nbsp;&nbsp;&nbsp; $610873558 |
| Distributable earnings (loss) | &nbsp;&nbsp; (136858222)<br>| &nbsp;&nbsp;&nbsp; (2581609)<br>| &nbsp;&nbsp;&nbsp; (207538714)<br>| &nbsp;&nbsp;&nbsp; 71973773 |
| **Net Assets** | &nbsp;&nbsp; $372882155 | &nbsp;&nbsp;&nbsp; $12052619 | &nbsp;&nbsp;&nbsp; $275305242 | &nbsp;&nbsp;&nbsp; $682847331 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 14900000 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 8600000 | &nbsp;&nbsp;&nbsp; 14550000 |
| Net asset value | &nbsp;&nbsp; $25.03 | &nbsp;&nbsp;&nbsp; $15.07 | &nbsp;&nbsp;&nbsp; $32.01 | &nbsp;&nbsp;&nbsp; $46.93 |
| Market price | &nbsp;&nbsp; $24.97 | &nbsp;&nbsp;&nbsp; $15.00 | &nbsp;&nbsp;&nbsp; $32.06 | &nbsp;&nbsp;&nbsp; $46.82 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $339343956 | &nbsp;&nbsp;&nbsp; $12158919 | &nbsp;&nbsp;&nbsp; $245399509 | &nbsp;&nbsp;&nbsp; $609898606 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $13527749 | &nbsp;&nbsp;&nbsp; $331604 | &nbsp;&nbsp;&nbsp; $23141364 | &nbsp;&nbsp;&nbsp; $23047174 |
| Foreign currencies, at cost | &nbsp;&nbsp; $52607 | &nbsp;&nbsp;&nbsp; $9937 | &nbsp;&nbsp;&nbsp; $72344 | &nbsp;&nbsp;&nbsp; $58022 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $9031169 | &nbsp;&nbsp;&nbsp; $306310 | &nbsp;&nbsp;&nbsp; $21272953 | &nbsp;&nbsp;&nbsp; $22116266 |

---

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

------

**18**

------

**Statements of Operations**

For the six months ended April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P** <br>**Emerging** <br>**Markets** <br>**Low Volatility** <br>**ETF (EELV)**<br>| **Invesco S&P** <br>**Emerging** <br>**Markets** <br>**Momentum** <br>**ETF (EEMO)**<br>| **Invesco S&P** <br>**International** <br>**Developed Low** <br>**Volatility** <br>**ETF (IDLV)**<br>| **Invesco S&P** <br>**International** <br>**Developed** <br>**Momentum** <br>**ETF (IDMO)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $322 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| Unaffiliated dividend income | &nbsp;&nbsp; 9281177 | &nbsp;&nbsp;&nbsp; 157332 | &nbsp;&nbsp;&nbsp; 5206132 | &nbsp;&nbsp;&nbsp; 5844809 |
| Affiliated dividend income | &nbsp;&nbsp; 3873 | &nbsp;&nbsp;&nbsp; 1516 | &nbsp;&nbsp;&nbsp; 2715 | &nbsp;&nbsp;&nbsp; 4100 |
| Non-cash dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9180 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Securities lending income, net | &nbsp;&nbsp; 20972 | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 68940 | &nbsp;&nbsp;&nbsp; 43372 |
| Foreign withholding tax | &nbsp;&nbsp; (599571)<br>| &nbsp;&nbsp;&nbsp; (18911)<br>| &nbsp;&nbsp;&nbsp; (472207)<br>| &nbsp;&nbsp;&nbsp; (510746)<br>|
| Total investment income | &nbsp;&nbsp; 8706773 | &nbsp;&nbsp;&nbsp; 149268 | &nbsp;&nbsp;&nbsp; 4805580 | &nbsp;&nbsp;&nbsp; 5381535 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 561023 | &nbsp;&nbsp;&nbsp; 17226 | &nbsp;&nbsp;&nbsp; 308610 | &nbsp;&nbsp;&nbsp; 469665 |
| Less: Waivers | &nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp; (89)<br>|
| Net expenses | &nbsp;&nbsp; 560939 | &nbsp;&nbsp;&nbsp; 17195 | &nbsp;&nbsp;&nbsp; 308555 | &nbsp;&nbsp;&nbsp; 469576 |
| Net investment income | &nbsp;&nbsp; 8145834 | &nbsp;&nbsp;&nbsp; 132073 | &nbsp;&nbsp;&nbsp; 4497025 | &nbsp;&nbsp;&nbsp; 4911959 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (11067400)<br>| &nbsp;&nbsp;&nbsp; (186742)<br>| &nbsp;&nbsp;&nbsp; 539022 | &nbsp;&nbsp;&nbsp; (885369)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (643)<br>| &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (1432)<br>| &nbsp;&nbsp;&nbsp; (1547)<br>|
| In-kind redemptions | &nbsp;&nbsp; 656492 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2880690 | &nbsp;&nbsp;&nbsp; 3916655 |
| Short Sales | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 739 |
| Foreign currencies | &nbsp;&nbsp; (137355)<br>| &nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp; (26320)<br>| &nbsp;&nbsp;&nbsp; (119611)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (10548906)<br>| &nbsp;&nbsp;&nbsp; (185946)<br>| &nbsp;&nbsp;&nbsp; 3391960 | &nbsp;&nbsp;&nbsp; 2910867 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 13817937 | &nbsp;&nbsp;&nbsp; (1006739)<br>| &nbsp;&nbsp;&nbsp; 21794931 | &nbsp;&nbsp;&nbsp; 58511996 |
| Affiliated investment securities | &nbsp;&nbsp; (537)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; 90 |
| Foreign currencies | &nbsp;&nbsp; 13054 | &nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 106204 | &nbsp;&nbsp;&nbsp; 80857 |
| Futures contracts | &nbsp;&nbsp; (9794)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 13820660 | &nbsp;&nbsp;&nbsp; (1005839)<br>| &nbsp;&nbsp;&nbsp; 21901086 | &nbsp;&nbsp;&nbsp; 58592943 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 3271754 | &nbsp;&nbsp;&nbsp; (1191785)<br>| &nbsp;&nbsp;&nbsp; 25293046 | &nbsp;&nbsp;&nbsp; 61503810 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $11417588 | &nbsp;&nbsp;&nbsp; $(1059712)<br>| &nbsp;&nbsp;&nbsp; $29790071 | &nbsp;&nbsp;&nbsp; $66415769 |

---

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

------

**19**

------

**Statements of Changes in Net Assets**

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

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P Emerging Markets** <br>**Low Volatility ETF (EELV)** | **Invesco S&P Emerging Markets** <br>**Low Volatility ETF (EELV)** | **Invesco S&P Emerging Markets** <br>**Momentum ETF (EEMO)** | **Invesco S&P Emerging Markets** <br>**Momentum ETF (EEMO)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $8145834 | &nbsp;&nbsp;&nbsp; $18263123 | &nbsp;&nbsp;&nbsp; $132073 | &nbsp;&nbsp;&nbsp; $177346 |
| Net realized gain (loss) | &nbsp;&nbsp; (10548906)<br>| &nbsp;&nbsp;&nbsp; 25529665 | &nbsp;&nbsp;&nbsp; (185946)<br>| &nbsp;&nbsp;&nbsp; 193572 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 13820660 | &nbsp;&nbsp;&nbsp; 55606019 | &nbsp;&nbsp;&nbsp; (1005839)<br>| &nbsp;&nbsp;&nbsp; 1070865 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 11417588 | &nbsp;&nbsp;&nbsp; 99398807 | &nbsp;&nbsp;&nbsp; (1059712)<br>| &nbsp;&nbsp;&nbsp; 1441783 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (10164597)<br>| &nbsp;&nbsp;&nbsp; (24879054)<br>| &nbsp;&nbsp;&nbsp; (67040)<br>| &nbsp;&nbsp;&nbsp; (84802)<br>|
| Return of capital | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (129583)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (10164597)<br>| &nbsp;&nbsp;&nbsp; (24879054)<br>| &nbsp;&nbsp;&nbsp; (67040)<br>| &nbsp;&nbsp;&nbsp; (214385)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 3826715 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4107875 | &nbsp;&nbsp;&nbsp; 3288256 |
| Value of shares repurchased | &nbsp;&nbsp; (44974478)<br>| &nbsp;&nbsp;&nbsp; (357587780)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 452468 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2571 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (41147763)<br>| &nbsp;&nbsp;&nbsp; (357135312)<br>| &nbsp;&nbsp;&nbsp; 4107875 | &nbsp;&nbsp;&nbsp; 3290827 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (39894772)<br>| &nbsp;&nbsp;&nbsp; (282615559)<br>| &nbsp;&nbsp;&nbsp; 2981123 | &nbsp;&nbsp;&nbsp; 4518225 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 412776927 | &nbsp;&nbsp;&nbsp; 695392486 | &nbsp;&nbsp;&nbsp; 9071496 | &nbsp;&nbsp;&nbsp; 4553271 |
| End of period | &nbsp;&nbsp; $372882155 | &nbsp;&nbsp;&nbsp; $412776927 | &nbsp;&nbsp;&nbsp; $12052619 | &nbsp;&nbsp;&nbsp; $9071496 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 200000 |
| Shares repurchased | &nbsp;&nbsp; (1850000)<br>| &nbsp;&nbsp;&nbsp; (14900000)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, beginning of period | &nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; 31500000 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 350000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 14900000 | &nbsp;&nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 550000 |

---

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

------

**20**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P International** <br>**Developed Low Volatility ETF** <br>**(IDLV)** | **Invesco S&P International** <br>**Developed Low Volatility ETF** <br>**(IDLV)** | **Invesco S&P International** <br>**Developed Momentum ETF** <br>**(IDMO)** | **Invesco S&P International** <br>**Developed Momentum ETF** <br>**(IDMO)** |
| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| $4497025 | &nbsp;&nbsp;&nbsp; $13312543 | &nbsp;&nbsp;&nbsp; $4911959 | &nbsp;&nbsp;&nbsp; $3567384 |
| 3391960 | &nbsp;&nbsp;&nbsp; 18187082 | &nbsp;&nbsp;&nbsp; 2910867 | &nbsp;&nbsp;&nbsp; 11082517 |
| 21901086 | &nbsp;&nbsp;&nbsp; 47323205 | &nbsp;&nbsp;&nbsp; 58592943 | &nbsp;&nbsp;&nbsp; 14153262 |
| 29790071 | &nbsp;&nbsp;&nbsp; 78822830 | &nbsp;&nbsp;&nbsp; 66415769 | &nbsp;&nbsp;&nbsp; 28803163 |
| (3503036)<br>| &nbsp;&nbsp;&nbsp; (14829662)<br>| &nbsp;&nbsp;&nbsp; (3136494)<br>| &nbsp;&nbsp;&nbsp; (4437254)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| (3503036)<br>| &nbsp;&nbsp;&nbsp; (14829662)<br>| &nbsp;&nbsp;&nbsp; (3136494)<br>| &nbsp;&nbsp;&nbsp; (4437254)<br>|
| 24630184 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 368450888 | &nbsp;&nbsp;&nbsp; 222533951 |
| (33305636)<br>| &nbsp;&nbsp;&nbsp; (343262093)<br>| &nbsp;&nbsp;&nbsp; (8978291)<br>| &nbsp;&nbsp;&nbsp; (52242648)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| (8675452)<br>| &nbsp;&nbsp;&nbsp; (343262093)<br>| &nbsp;&nbsp;&nbsp; 359472597 | &nbsp;&nbsp;&nbsp; 170291303 |
| 17611583 | &nbsp;&nbsp;&nbsp; (279268925)<br>| &nbsp;&nbsp;&nbsp; 422751872 | &nbsp;&nbsp;&nbsp; 194657212 |
| 257693659 | &nbsp;&nbsp;&nbsp; 536962584 | &nbsp;&nbsp;&nbsp; 260095459 | &nbsp;&nbsp;&nbsp; 65438247 |
| $275305242 | &nbsp;&nbsp;&nbsp; $257693659 | &nbsp;&nbsp;&nbsp; $682847331 | &nbsp;&nbsp;&nbsp; $260095459 |
| 850000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8400000 | &nbsp;&nbsp;&nbsp; 5550000 |
| (1150000)<br>| &nbsp;&nbsp;&nbsp; (12100000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (1250000)<br>|
| 8900000 | &nbsp;&nbsp;&nbsp; 21000000 | &nbsp;&nbsp;&nbsp; 6350000 | &nbsp;&nbsp;&nbsp; 2050000 |
| 8600000 | &nbsp;&nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp; 14550000 | &nbsp;&nbsp;&nbsp; 6350000 |

---

------

**21**

------

**Financial Highlights**

Invesco S&P Emerging Markets Low Volatility ETF (EELV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $24.87 | &nbsp;&nbsp;&nbsp; $22.08 | &nbsp;&nbsp;&nbsp; $21.30 | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $19.94 | &nbsp;&nbsp;&nbsp; $23.23 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp; (3.33)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.77 | &nbsp;&nbsp;&nbsp; (2.61)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.03 | &nbsp;&nbsp;&nbsp; $24.87 | &nbsp;&nbsp;&nbsp; $22.08 | &nbsp;&nbsp;&nbsp; $21.30 | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $19.94 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $24.97 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $22.00 | &nbsp;&nbsp;&nbsp; $21.40 | &nbsp;&nbsp;&nbsp; $25.08 | &nbsp;&nbsp;&nbsp; $19.82 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.01<br> %<br>| &nbsp;&nbsp;&nbsp; (10.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.21<br> %<br>| &nbsp;&nbsp;&nbsp; (10.92)%<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.13<br> %<br>| &nbsp;&nbsp;&nbsp; (10.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.16<br> %<br>| &nbsp;&nbsp;&nbsp; (11.03)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $372882 | &nbsp;&nbsp;&nbsp; $412777 | &nbsp;&nbsp;&nbsp; $695392 | &nbsp;&nbsp;&nbsp; $904397 | &nbsp;&nbsp;&nbsp; $360698 | &nbsp;&nbsp;&nbsp; $269207 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.21 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.42<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 136<br> %<br>| &nbsp;&nbsp;&nbsp; 92<br> %<br>| &nbsp;&nbsp;&nbsp; 114<br> %<br>|

---

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

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

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

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

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

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

------

**22**

------

**Financial Highlights—(continued)**

Invesco S&P Emerging Markets Momentum ETF (EEMO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $16.49 | &nbsp;&nbsp;&nbsp; $13.01 | &nbsp;&nbsp;&nbsp; $14.12 | &nbsp;&nbsp;&nbsp; $17.90 | &nbsp;&nbsp;&nbsp; $16.49 | &nbsp;&nbsp;&nbsp; $16.97 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp; 0.43 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp; (0.46)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp; (0.14)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $15.07 | &nbsp;&nbsp;&nbsp; $16.49 | &nbsp;&nbsp;&nbsp; $13.01 | &nbsp;&nbsp;&nbsp; $14.12 | &nbsp;&nbsp;&nbsp; $17.90 | &nbsp;&nbsp;&nbsp; $16.49 |
| Market price at end of period<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; $15.00 | &nbsp;&nbsp;&nbsp; $16.61 | &nbsp;&nbsp;&nbsp; $13.03 | &nbsp;&nbsp;&nbsp; $14.07 | &nbsp;&nbsp;&nbsp; $17.72 | &nbsp;&nbsp;&nbsp; $16.51 |
| **Net Asset Value Total Return**<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (8.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.19<br> %<br>| &nbsp;&nbsp;&nbsp; (3.27)%<br>| &nbsp;&nbsp;&nbsp; (18.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| **Market Price Total Return**<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; (9.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.92<br> %<br>| &nbsp;&nbsp;&nbsp; (2.76)%<br>| &nbsp;&nbsp;&nbsp; (18.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $12053 | &nbsp;&nbsp;&nbsp; $9071 | &nbsp;&nbsp;&nbsp; $4553 | &nbsp;&nbsp;&nbsp; $4942 | &nbsp;&nbsp;&nbsp; $6263 | &nbsp;&nbsp;&nbsp; $5770 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.22 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp;&nbsp; 166<br> %<br>| &nbsp;&nbsp;&nbsp; 172<br> %<br>|

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.32 and 1.98%, respectively. 

<sup>(c)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.22 and 1.14%, respectively. 

<sup>(d)</sup> Amount represents less than $0.005.

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

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

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

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

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

------

**23**

------

**Financial Highlights—(continued)**

Invesco S&P International Developed Low Volatility ETF (IDLV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $28.95 | &nbsp;&nbsp;&nbsp; $25.57 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $31.63 | &nbsp;&nbsp;&nbsp; $27.37 | &nbsp;&nbsp;&nbsp; $34.58 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (6.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp; (6.40)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp; (5.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp; (5.57)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $32.01 | &nbsp;&nbsp;&nbsp; $28.95 | &nbsp;&nbsp;&nbsp; $25.57 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $31.63 | &nbsp;&nbsp;&nbsp; $27.37 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $32.06 | &nbsp;&nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp; $25.75 | &nbsp;&nbsp;&nbsp; $24.92 | &nbsp;&nbsp;&nbsp; $31.69 | &nbsp;&nbsp;&nbsp; $27.43 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.42<br> %<br>| &nbsp;&nbsp;&nbsp; (17.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.34<br> %<br>| &nbsp;&nbsp;&nbsp; (16.49)%<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.17<br> %<br>| &nbsp;&nbsp;&nbsp; (17.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.31<br> %<br>| &nbsp;&nbsp;&nbsp; (16.28)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $275305 | &nbsp;&nbsp;&nbsp; $257694 | &nbsp;&nbsp;&nbsp; $536963 | &nbsp;&nbsp;&nbsp; $431159 | &nbsp;&nbsp;&nbsp; $700694 | &nbsp;&nbsp;&nbsp; $774564 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.64 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.77<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 78<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 99<br> %<br>|

---

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

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

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

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

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

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

------

**24**

------

**Financial Highlights—(continued)**

Invesco S&P International Developed Momentum ETF (IDMO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $40.96 | &nbsp;&nbsp;&nbsp; $31.92 | &nbsp;&nbsp;&nbsp; $28.98 | &nbsp;&nbsp;&nbsp; $37.11 | &nbsp;&nbsp;&nbsp; $28.96 | &nbsp;&nbsp;&nbsp; $26.85 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;9.18 | &nbsp;&nbsp;&nbsp;&nbsp; 2.87 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (7.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp; (6.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $46.93 | &nbsp;&nbsp;&nbsp; $40.96 | &nbsp;&nbsp;&nbsp; $31.92 | &nbsp;&nbsp;&nbsp; $28.98 | &nbsp;&nbsp;&nbsp; $37.11 | &nbsp;&nbsp;&nbsp; $28.96 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $46.82 | &nbsp;&nbsp;&nbsp; $40.94 | &nbsp;&nbsp;&nbsp; $32.41 | &nbsp;&nbsp;&nbsp; $29.21 | &nbsp;&nbsp;&nbsp; $37.16 | &nbsp;&nbsp;&nbsp; $28.92 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.82<br> %<br>| &nbsp;&nbsp;&nbsp; (18.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.14<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.62<br> %<br>| &nbsp;&nbsp;&nbsp; (18.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.24<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $682847 | &nbsp;&nbsp;&nbsp; $260095 | &nbsp;&nbsp;&nbsp; $65438 | &nbsp;&nbsp;&nbsp; $8695 | &nbsp;&nbsp;&nbsp; $16701 | &nbsp;&nbsp;&nbsp; $298237 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.61 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>| &nbsp;&nbsp;&nbsp; 131<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|

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

<sup>(b)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

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

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

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

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

April 30, 2025

*(Unaudited)*

**NOTE 1—Organization**

Invesco Exchange-Traded Fund Trust II (the "Trust") was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco S&P Emerging Markets Low Volatility ETF (EELV) | "S&P Emerging Markets Low Volatility ETF" |
| Invesco S&P Emerging Markets Momentum ETF (EEMO) | "S&P Emerging Markets Momentum ETF" |
| Invesco S&P International Developed Low Volatility ETF (IDLV) | "S&P International Developed Low Volatility ETF" |
| Invesco S&P International Developed Momentum ETF (IDMO) | "S&P International Developed Momentum ETF" |

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Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on NYSE Arca, Inc.

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

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

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| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| S&P Emerging Markets Low Volatility ETF | S&P BMI Emerging Markets Low Volatility Index<sup>TM</sup> |
| S&P Emerging Markets Momentum ETF | S&P Momentum Emerging Plus LargeMidCap Index |
| S&P International Developed Low Volatility ETF | S&P BMI International Developed Low Volatility<sup>TM</sup> Index |
| S&P International Developed Momentum ETF | S&P World Ex-U.S. Momentum Index |

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**NOTE 2—Significant Accounting Policies**

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a

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demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

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

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

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

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

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

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

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

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

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest

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

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

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

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

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

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

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

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

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

**F.** **Foreign Withholding Taxes** - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In

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the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended April 30, 2025, the Funds did not enter into any closing agreements.

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

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

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

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

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

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to

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replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, each Fund had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Statements of Operations, were incurred by each Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| S&P Emerging Markets Low Volatility ETF | $498  |
| S&P Emerging Markets Momentum ETF | 4 |
| S&P International Developed Low Volatility ETF | 13 |
| S&P International Developed Momentum ETF | 30 |

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**L.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Futures Contracts** - The Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity and market price movements and/or currency risks and provide exposure to markets and indexes.

A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected

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as a receivable or payable on the Statements of Assets and Liabilities. The Fund may utilize excess cash or otherwise transfer cash to the broker to satisfy variation margin requirements. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.

The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.

**N.** **Other Risks**

*ADR and GDR Risk*. Certain Funds may invest in American depositary receipts ("ADRs") and global depositary receipts ("GDRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Emerging Markets Investment Risk*. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at

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federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund's index provider selects securities for inclusion in the Fund's Underlying Index or rebalances the Underlying Index.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Geographic Concentration Risk*. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund's investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund's investments in the affected region.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect

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supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Momentum Investing Risk*. For certain Funds, the momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum are less than returns on other styles of investing. Momentum can turn quickly, and stocks that previously have exhibited high momentum may not experience continued positive momentum. In addition, there may be periods when the momentum style of investing is out of favor and therefore, the investment performance of a Fund may suffer.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its corresponding Underlying Index. Additionally, a Fund's use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its corresponding Underlying Index as would be the case if the Fund purchased all of the securities in its corresponding Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Non-Diversification Risk*. To the extent certain Funds become non-diversified, such Funds may invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase certain Funds' volatility and cause the performance of a relatively small number of issuers to have a greater impact on such Funds' performance.

*Portfolio Turnover Risk*. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund's shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

*Sampling Risk*. Certain Funds' use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

*Small- and Mid-Capitalization Company Risk*. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

*Valuation Risk*. Financial information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which may make it difficult to obtain a current price for a non-U.S. security held by a Fund. In certain circumstances, market quotations may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a security is sold at a discount to its established value.

*Valuation Time Risk*. Because foreign exchanges may be open on days when a Fund does not price its Shares, the value of the non-U.S. securities in a Fund's portfolio may change on days when you will not be able to purchase or sell your Shares. As

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a result, trading spreads and the resulting premium or discount on the Shares may widen, and, therefore, increase the difference between the market price of the Shares and the NAV of such Shares.

**NOTE 3—Investment Advisory Agreement and Other Agreements**

The Trust has entered into an Investment Advisory Agreement with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to the Investment Advisory Agreement, each Fund accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund to the Adviser at the following annual rates:

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| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| S&P International Developed Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

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Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended April 30, 2025, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp;&nbsp; $84 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 31 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp;&nbsp; 55 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp;&nbsp; 89 |

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The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with S&P Dow Jones Indices LLC (the "Licensor").

Each Underlying Index name trademark is owned by the Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensor, and the Licensor makes no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended April 30, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

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| | |
|:---|:---|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp;&nbsp; $1213 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 214 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp;&nbsp; 4903 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp;&nbsp; 7829 |

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Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

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**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P Emerging Markets Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $85641522 | &nbsp;&nbsp; $285164836 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $370806358 |
| Money Market Funds | &nbsp;&nbsp; 405679 | &nbsp;&nbsp; 13121437 | &nbsp;&nbsp; - | &nbsp;&nbsp; 13527116 |
| **Total Investments in Securities** | &nbsp;&nbsp; 86047201 | &nbsp;&nbsp; 298286273 | &nbsp;&nbsp; - | &nbsp;&nbsp; 384333474 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (9794)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (9794)<br>|
| **Total Investments** | &nbsp;&nbsp; $86037407 | &nbsp;&nbsp; $298286273 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $384323680 |
| S&P Emerging Markets Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $825514 | &nbsp;&nbsp; $11176017 | &nbsp;&nbsp; $9328 | &nbsp;&nbsp; $12010859 |
| Money Market Funds | &nbsp;&nbsp; 14623 | &nbsp;&nbsp; 316981 | &nbsp;&nbsp; - | &nbsp;&nbsp; 331604 |
| **Total Investments** | &nbsp;&nbsp; $840137 | &nbsp;&nbsp; $11492998 | &nbsp;&nbsp; $9328 | &nbsp;&nbsp; $12342463 |
| S&P International Developed Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $57458698 | &nbsp;&nbsp; $215086794 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $272545492 |
| Money Market Funds | &nbsp;&nbsp; 399588 | &nbsp;&nbsp; 22740861 | &nbsp;&nbsp; - | &nbsp;&nbsp; 23140449 |
| **Total Investments** | &nbsp;&nbsp; $57858286 | &nbsp;&nbsp; $237827655 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $295685941 |
| S&P International Developed Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $141912975 | &nbsp;&nbsp; $539540396 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $681453371 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 23047174 | &nbsp;&nbsp; - | &nbsp;&nbsp; 23047174 |
| **Total Investments** | &nbsp;&nbsp; $141912975 | &nbsp;&nbsp; $562587570 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $704500545 |

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\* Unrealized appreciation (depreciation).

**NOTE 5—Derivative Investments**

The Funds may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

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For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of each Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

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| | |
|:---|:---|
| **Derivative Liabilities** | **Equity** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts—Exchange-Traded | &nbsp;&nbsp; $(9794)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; 9794 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp; $- |

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**Effect of Derivative Investments for the Six-Month Period Ended April 30, 2025**

The table below summarizes each Fund's gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

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| | |
|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** |
|  | **S&P Emerging Markets Low Volatility ETF** |
|  | **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp; $(9794)<br>|
| Total | &nbsp;&nbsp; $(9794)<br>|

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The table below summarizes the average notional value of derivatives held during the period.

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| | |
|:---|:---|
|  | **Average Notional Value** |
|  | **S&P Emerging Markets Low Volatility ETF** |
| Futures contracts | &nbsp;&nbsp; $106970300 |

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**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds had capital loss carryforwards as of October 31, 2024, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $107618054 | &nbsp;&nbsp; $42876852 | &nbsp;&nbsp; $150494906 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 2289149 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2289149 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 127552776 | &nbsp;&nbsp; 111213523 | &nbsp;&nbsp; 238766299 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 3094460 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3094460 |

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\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

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**NOTE 7—Investment Transactions**

For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $139855433 | &nbsp;&nbsp; $173636122 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 11624349 | &nbsp;&nbsp; 7741306 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 64696232 | &nbsp;&nbsp; 65096832 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 207818261 | &nbsp;&nbsp; 194854364 |

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For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

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| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $906855 | &nbsp;&nbsp; $11585766 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 386813 | &nbsp;&nbsp; - |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 24126087 | &nbsp;&nbsp; 32861216 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 358107431 | &nbsp;&nbsp; 10629639 |

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Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| S&P Emerging Markets Low Volatility ETF | &nbsp;&nbsp; $48323536 | &nbsp;&nbsp; $(27159145)<br>| &nbsp;&nbsp; $21164391 | &nbsp;&nbsp; $363159289 |
| S&P Emerging Markets Momentum ETF | &nbsp;&nbsp; 930303 | &nbsp;&nbsp; (1094507)<br>| &nbsp;&nbsp; (164204)<br>| &nbsp;&nbsp; 12506667 |
| S&P International Developed Low Volatility ETF | &nbsp;&nbsp; 36287290 | &nbsp;&nbsp; (10105340)<br>| &nbsp;&nbsp; 26181950 | &nbsp;&nbsp; 269503991 |
| S&P International Developed Momentum ETF | &nbsp;&nbsp; 75451355 | &nbsp;&nbsp; (5109036)<br>| &nbsp;&nbsp; 70342319 | &nbsp;&nbsp; 634158226 |

---

**NOTE 8—Trustees' and Officer's Fees**

The Adviser, as a result of each Fund's unitary management fee, pays remuneration to the Independent Trustees and an Officer of the Trust on behalf of the Funds. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 9—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

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**37**

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco 0-5 Yr US TIPS ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Invesco Alerian Galaxy Crypto Economy ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco Dorsey Wright Developed Markets Momentum ETF

Invesco Dorsey Wright Emerging Markets Momentum ETF

Invesco Dorsey Wright SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco Equal Weight 0-30 Year Treasury ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco Floating Rate Municipal Income ETF

Invesco Fundamental High Yield® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global ex-US High Yield Corporate Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Global Climate 500 ETF

Invesco MSCI Green Building ETF

Invesco MSCI USA ETF

Invesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco Nasdaq Free Cash Flow Achievers ETF

Invesco NASDAQ Future Gen 200 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

Invesco RAFI Developed Markets ex-U.S. ETF

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

Invesco RAFI Emerging Markets ETF

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500<sup>®</sup> Enhanced Value ETF

Invesco S&P 500<sup>®</sup> ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500<sup>®</sup> High Beta ETF

Invesco S&P 500<sup>®</sup> High Dividend Growers ETF

Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF

Invesco S&P 500<sup>®</sup> Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500<sup>®</sup> Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 GARP ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Short Term Treasury ETF

Invesco Taxable Municipal Bond ETF

Invesco Variable Rate Preferred ETF

Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the "Sub-Advisory Agreement"): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

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**38**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

***Investment Advisory Agreement***

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds ("ETFs") businesses of Guggenheim Capital LLC ("Guggenheim") on May 18, 2018 and Massachusetts Mutual Life Insurance Company ("Oppenheimer") on May 24, 2019 (each, a "Transaction"), and that each such Fund's performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF and for Invesco Senior Loan ETF, was within the targeted range set forth in the Trust's registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF's and Invesco Senior Loan ETF's correlation to its respective underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund's correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund's particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.04% of the Fund's average daily net assets for Invesco MSCI USA ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco 0-5 Yr US TIPS ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.08% of the Fund's average daily net assets for Invesco Short Term Treasury ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.10% of the Fund's average daily net assets for Invesco MSCI Global Climate 500 ETF and Invesco S&P 500 Minimum Variance ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.11% of the Fund's average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;

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**39**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.13% of the Fund's average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco Equal Weight

0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.22% of the Fund's average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.25% of the Fund's average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.28% of the Fund's average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.30% of the Fund's average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco S&P SmallCap 600 GARP ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco MSCI Green Building ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco S&P 500 High Dividend Growers ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.43% of the Fund's average daily net assets for Invesco RAFI Developed Markets ex-U.S. ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.47% of the Fund's average daily net assets for Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco RAFI Emerging Markets ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.55% of the Fund's average daily net assets for Invesco International BuyBack AchieversTM ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.65% of the Fund's average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.75% of the Fund's average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.80% of the Fund's average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.90% of the Fund's average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The

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**40**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

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| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal to/Lower** <br>**than ETF** <br>**Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco 0-5 Yr US TIPS ETF | X |  | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF |  | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF |  | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF |  |  | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF |  |  | X |
| Invesco Dorsey Wright SmallCap Momentum ETF |  |  | X |
| Invesco Emerging Markets Sovereign Debt ETF |  |  | X |
| Invesco Equal Weight 0-30 Year Treasury ETF |  |  | X |
| Invesco ESG NASDAQ 100 ETF |  |  | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X |  | X |
| Invesco ESG S&P 500 Equal Weight ETF | X |  | X |
| Invesco Floating Rate Municipal Income ETF |  | N/A | X |
| Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF |  | X | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF |  |  | X |
| Invesco Global Clean Energy ETF |  | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF |  | X | X |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Corporate Bond ETF |  |  | X |
| Invesco KBW Bank ETF | X |  | X |
| Invesco KBW High Dividend Yield Financial ETF | X |  | X |
| Invesco KBW Premium Yield Equity REIT ETF | X |  | X |
| Invesco KBW Property & Casualty Insurance ETF | X |  | X |
| Invesco KBW Regional Banking ETF | X |  | X |
| Invesco MSCI Global Climate 500 ETF | X | X | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | X | X |
| Invesco Nasdaq Biotechnology ETF | X |  | X |
| Invesco Nasdaq Free Cash Flow Achievers ETF |  | X | X |
| Invesco NASDAQ Future Gen 200 ETF |  |  | X |
| Invesco NASDAQ Next Gen 100 ETF | X |  | X |
| Invesco National AMT-Free Municipal Bond ETF |  |  | X |
| Invesco New York AMT-Free Municipal Bond ETF |  | N/A | X |
| Invesco PHLX Semiconductor ETF | X |  | X |
| Invesco Preferred ETF |  | N/A | X |
| Invesco RAFI Developed Markets ex-U.S. ETF |  |  | X |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF |  |  | X |
| Invesco RAFI Emerging Markets ETF |  |  | X |

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**41**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

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| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal to/Lower**<br> **than ETF**<br> **Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Russell 1000 Equal Weight ETF | X |  | X |
| Invesco S&P 500 Enhanced Value ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> ex-Rate Sensitive Low Volatility ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> High Beta ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> High Dividend Growers ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Low Volatility ETF | X |  | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Momentum ETF | X |  | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF |  |  | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X |  | X |
| Invesco S&P Emerging Markets Momentum ETF | X |  | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X |  | X |
| Invesco S&P International Developed Quality ETF | X |  | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF |  |  | X |
| Invesco S&P MidCap Low Volatility ETF |  |  | X |
| Invesco S&P SmallCap 600 GARP ETF |  |  | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF |  | X | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X |  | X |
| Invesco S&P SmallCap Consumer Staples ETF | X |  | X |
| Invesco S&P SmallCap Energy ETF | X |  | X |
| Invesco S&P SmallCap Financials ETF | X |  | X |
| Invesco S&P SmallCap Health Care ETF | X |  | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X |  | X |
| Invesco S&P SmallCap Information Technology ETF | X |  | X |
| Invesco S&P SmallCap Low Volatility ETF |  |  | X |
| Invesco S&P SmallCap Materials ETF | X |  | X |
| Invesco S&P SmallCap Quality ETF |  |  | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF |  | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X |  | X |
| Invesco Taxable Municipal Bond ETF |  | X | X |
| Invesco Variable Rate Preferred ETF |  | X | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dorsey Wright Emerging Markets Momentum ETF's, Invesco Global Clean Energy ETF's, Invesco International Corporate Bond ETF's, Invesco RAFI Developed Markets ex-U.S. ETF's, Invesco California AMT-Free Municipal Bond ETF's, Invesco National AMT-Free Municipal Bond ETF's, Invesco New York AMT-Free Municipal Bond ETF's, Invesco Taxable Municipal Bond ETF's and Invesco Floating Rate Municipal Income ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained

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**42**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco S&P SmallCap 600 GARP ETF or Invesco MSCI Global Climate 500 ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Investment Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 24, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

------

**43**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF's and Invesco Short Term Treasury ETF's assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 13 and April 24, 2025 Board meetings, and Invesco Advisers, Inc., in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale*. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board's analysis.

------

**44**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

------

**45**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-HBLV-NCSRS

invesco.com/ETFs

------

![](imgfe1f2c341.jpg)

------

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

April 30, 2025

---

| | |
|:---|:---|
| **CQQQ** | Invesco China Technology ETF |
| **PIZ** | Invesco Dorsey Wright Developed Markets Momentum ETF |
| **PIE** | Invesco Dorsey Wright Emerging Markets Momentum ETF |
| **PBD** | Invesco Global Clean Energy ETF |
| **PIO** | Invesco Global Water ETF |
| **IPKW** | Invesco International BuyBack Achievers<sup>TM</sup> ETF |
| **KLMT** | Invesco MSCI Global Climate 500 ETF |
| **CUT** | Invesco MSCI Global Timber ETF |
| **GBLD** | Invesco MSCI Green Building ETF |
| **PXF** | Invesco RAFI Developed Markets ex-U.S. ETF (formerly, Invesco FTSE RAFI Developed <br> Markets ex-U.S. ETF)<br>|
| **PDN** | Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (formerly, Invesco FTSE RAFI <br> Developed Markets ex-U.S. Small-Mid ETF)<br>|
| **PXH** | Invesco RAFI Emerging Markets ETF (formerly, Invesco FTSE RAFI Emerging Markets ETF) |
| **CGW** | Invesco S&P Global Water Index ETF |
| **IDHQ** | Invesco S&P International Developed Quality ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco China Technology ETF (CQQQ)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_1) | **3** |
| [Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_5) | **7** |
| [Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_8) | **10** |
| [Invesco Global Clean Energy ETF (PBD)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_11) | **13** |
| [Invesco Global Water ETF (PIO)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_14) | **16** |
| [Invesco International BuyBack Achievers](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_16)<sup>TM</sup>[ETF (IPKW)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_16) | **18** |
| [Invesco MSCI Global Climate 500 ETF (KLMT)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_19) | **21** |
| [Invesco MSCI Global Timber ETF (CUT)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_25) | **27** |
| [Invesco MSCI Green Building ETF (GBLD)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_27) | **29** |
| [Invesco RAFI Developed Markets ex-U.S. ETF (PXF)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_30) | **32** |
| [Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_42) | **44** |
| [Invesco RAFI Emerging Markets ETF (PXH)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_60) | **62** |
| [Invesco S&P Global Water Index ETF (CGW)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_66) | **68** |
| [Invesco S&P International Developed Quality ETF (IDHQ)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_SOI-Continued-386_68) | **70** |
| [Statements of Assets and Liabilities](#xx_93e67fd3-2476-4663-9054-77eeccab3125_FS-Continued-386_1) | **74** |
| [Statements of Operations](#xx_93e67fd3-2476-4663-9054-77eeccab3125_FS-Continued-386_5) | **78** |
| [Statements of Changes in Net Assets](#xx_93e67fd3-2476-4663-9054-77eeccab3125_FS-Continued-386_9) | **82** |
| [Financial Highlights](#xx_93e67fd3-2476-4663-9054-77eeccab3125_FIHI-Continued-386_1) | **87** |
| [Notes to Financial Statements](#xx_93e67fd3-2476-4663-9054-77eeccab3125_NTF-Continued-386_1) | **101** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_93e67fd3-2476-4663-9054-77eeccab3125_BCRC-Continued_1) | **118** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_93e67fd3-2476-4663-9054-77eeccab3125_OIRSR-Continued_1) | **128** |

---

------

**2**

------

**Invesco China Technology ETF (CQQQ)**

April 30, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** | **Common Stocks & Other Equity Interests-99.97%** |
| **Broadline Retail-7.95%** | **Broadline Retail-7.95%** | **Broadline Retail-7.95%** |
| PDD Holdings, Inc., ADR (China)<sup>(b)(c)</sup> | 714627 | &nbsp;&nbsp; $75443172 |
| **Capital Markets-0.88%** | **Capital Markets-0.88%** | **Capital Markets-0.88%** |
| Hithink RoyalFlush Information Network <br> Co. Ltd., A Shares (China)<br>| 234700 | &nbsp;&nbsp; 8327075 |
| **Electrical Equipment-0.71%** | **Electrical Equipment-0.71%** | **Electrical Equipment-0.71%** |
| China XD Electric Co. Ltd., A Shares <br> (China)<br>| 2237501 | &nbsp;&nbsp; 1914308 |
| Qingdao TGOOD Electric Co. Ltd., A <br> Shares (China)<br>| 460918 | &nbsp;&nbsp; 1468537 |
| Sieyuan Electric Co. Ltd., A Shares <br> (China)<br>| 337820 | &nbsp;&nbsp; 3350997 |
|  |  | &nbsp;&nbsp; 6733842 |
| **Electronic Equipment, Instruments & Components-12.46%** | **Electronic Equipment, Instruments & Components-12.46%** | **Electronic Equipment, Instruments & Components-12.46%** |
| Avary Holding Shenzhen Co. Ltd., A <br> Shares (China)<br>| 361756 | &nbsp;&nbsp; 1429058 |
| Beijing Yuanliu Hongyuan Electronic <br> Technology Co. Ltd., A Shares (China)<br>| 90586 | &nbsp;&nbsp; 652001 |
| BOE Technology Group Co. Ltd., A Shares <br> (China)<br>| 16132874 | &nbsp;&nbsp; 8532195 |
| BOE Technology Group Co. Ltd., B Shares <br> (China)<br>| 4320660 | &nbsp;&nbsp; 1437691 |
| Chaozhou Three-Circle (Group) Co. Ltd., A <br> Shares (China)<br>| 836590 | &nbsp;&nbsp; 3960808 |
| China Zhenhua (Group) Science & <br> Technology Co. Ltd., A Shares (China)<br>| 241859 | &nbsp;&nbsp; 1708432 |
| Everdisplay Optronics (Shanghai) Co. Ltd., <br> A Shares (China)<sup>(b)</sup><br>| 4976800 | &nbsp;&nbsp; 1494235 |
| Guangzhou Shiyuan Electronic Technology <br> Co. Ltd., A Shares (China)<br>| 306260 | &nbsp;&nbsp; 1417834 |
| Hengdian Group DMEGC Magnetics Co. <br> Ltd., A Shares (China)<br>| 710100 | &nbsp;&nbsp; 1278511 |
| Huagong Tech Co. Ltd., A Shares (China) | 438900 | &nbsp;&nbsp; 2451562 |
| IRICO Display Devices Co. Ltd. (China)<sup>(b)</sup> | 1566300 | &nbsp;&nbsp; 1444389 |
| Kingboard Laminates Holdings Ltd. <br> (China)<sup>(c)</sup><br>| 6509909 | &nbsp;&nbsp; 6797490 |
| Lens Technology Co. Ltd., A Shares <br> (China)<br>| 2175200 | &nbsp;&nbsp; 6257152 |
| Leyard Optoelectronic Co. Ltd., A Shares <br> (China)<br>| 1184900 | &nbsp;&nbsp; 1003723 |
| Lingyi iTech Guangdong Co., A Shares <br> (China)<br>| 3059200 | &nbsp;&nbsp; 3370050 |
| Maxscend Microelectronics Co. Ltd., A <br> Shares (China)<br>| 207946 | &nbsp;&nbsp; 2148999 |
| Raytron Technology Co. Ltd., A Shares <br> (China)<br>| 198771 | &nbsp;&nbsp; 1530541 |
| Shanghai BOCHU Electronic Technology <br> Corp. Ltd., A Shares (China)<br>| 82526 | &nbsp;&nbsp; 2210601 |
| Shengyi Electronics Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 346400 | &nbsp;&nbsp; 1240953 |
| Shengyi Technology Co. Ltd., A Shares <br> (China)<br>| 1060419 | &nbsp;&nbsp; 3558378 |
| Shennan Circuits Co. Ltd., A Shares <br> (China)<br>| 80864 | &nbsp;&nbsp; 1220000 |
| Shenzhen Everwin Precision Technology <br> Co. Ltd., A Shares (China)<sup>(b)</sup><br>| 590180 | &nbsp;&nbsp; 1754217 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** | **Electronic Equipment, Instruments & Components-(continued)** |
| Shenzhen Huaqiang Industry Co. Ltd., A <br> Shares (China)<br>| 423875 | &nbsp;&nbsp; $1493719 |
| Shenzhen Kaifa Technology Co. Ltd., A <br> Shares (China)<br>| 681217 | &nbsp;&nbsp; 1682051 |
| Shenzhen Kinwong Electronic Co. Ltd., A <br> Shares (China)<br>| 407020 | &nbsp;&nbsp; 1565541 |
| Sunny Optical Technology Group Co. Ltd. <br> (China)<sup>(c)</sup><br>| 4052468 | &nbsp;&nbsp; 34102481 |
| TCL Technology Group Corp., A Shares <br> (China)<br>| 8197110 | &nbsp;&nbsp; 4678110 |
| Tianma Microelectronics Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 1008252 | &nbsp;&nbsp; 1107773 |
| Tunghsu Optoelectronic Technology Co. <br> Ltd., A Shares (China)<sup>(b)(d)</sup><br>| 2101000 | &nbsp;&nbsp; 10965 |
| Unisplendour Corp. Ltd., A Shares <br> (China)<br>| 579658 | &nbsp;&nbsp; 2012965 |
| Universal Scientific Industrial Shanghai Co. <br> Ltd., A Shares (China)<br>| 364200 | &nbsp;&nbsp; 695552 |
| Victory Giant Technology (HuiZhou) Co. <br> Ltd. (China)<br>| 376600 | &nbsp;&nbsp; 3838713 |
| WUS Printed Circuit Kunshan Co. Ltd., A <br> Shares (China)<br>| 834610 | &nbsp;&nbsp; 3229180 |
| Xiamen Faratronic Co. Ltd., A Shares <br> (China)<br>| 98300 | &nbsp;&nbsp; 1408878 |
| Zhejiang Crystal-Optech Co. Ltd., A <br> Shares (China)<br>| 606970 | &nbsp;&nbsp; 1644985 |
| Zhejiang Dahua Technology Co. Ltd., A <br> Shares (China)<br>| 1438100 | &nbsp;&nbsp; 3119820 |
| Zhuzhou Hongda Electronics Corp. Ltd., A <br> Shares (China)<br>| 174200 | &nbsp;&nbsp; 808140 |
|  |  | &nbsp;&nbsp; 118297693 |
| **Entertainment-2.76%** | **Entertainment-2.76%** | **Entertainment-2.76%** |
| Hangzhou Shunwang Technology Co. Ltd., <br> A Shares (China)<br>| 303300 | &nbsp;&nbsp; 782167 |
| Kingsoft Corp. Ltd. (China)<sup>(c)</sup> | 5095533 | &nbsp;&nbsp; 25390961 |
|  |  | &nbsp;&nbsp; 26173128 |
| **Hotels, Restaurants & Leisure-8.55%** | **Hotels, Restaurants & Leisure-8.55%** | **Hotels, Restaurants & Leisure-8.55%** |
| Meituan, B Shares (China)<sup>(b)(e)</sup> | 4415643 | &nbsp;&nbsp; 73120220 |
| TravelSky Technology Ltd., H Shares <br> (China)<br>| 5815463 | &nbsp;&nbsp; 8096415 |
|  |  | &nbsp;&nbsp; 81216635 |
| **Interactive Media & Services-29.23%** | **Interactive Media & Services-29.23%** | **Interactive Media & Services-29.23%** |
| Autohome, Inc., ADR (China)<sup>(c)</sup> | 404770 | &nbsp;&nbsp; 11042126 |
| Baidu, Inc., A Shares (China)<sup>(b)</sup> | 6497924 | &nbsp;&nbsp; 71661053 |
| Bilibili, Inc., Z Shares (China)<sup>(b)(c)</sup> | 1768035 | &nbsp;&nbsp; 31039772 |
| JOYY, Inc., ADR (China) | 180102 | &nbsp;&nbsp; 7412998 |
| Kuaishou Technology (China)<sup>(b)(c)(e)</sup> | 7865222 | &nbsp;&nbsp; 51918785 |
| Tencent Holdings Ltd. (China) | 1631315 | &nbsp;&nbsp; 99931197 |
| Visual China Group Co. Ltd., A Shares <br> (China)<br>| 239600 | &nbsp;&nbsp; 676767 |
| Weibo Corp., A Shares (China) | 455960 | &nbsp;&nbsp; 3768911 |
|  |  | &nbsp;&nbsp; 277451609 |
| **IT Services-2.80%** | **IT Services-2.80%** | **IT Services-2.80%** |
| Beijing Sinnet Technology Co. Ltd., A <br> Shares (China)<br>| 784700 | &nbsp;&nbsp; 1563797 |

---

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

------

**3**

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**Invesco China Technology ETF (CQQQ)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Services-(continued)** | **IT Services-(continued)** | **IT Services-(continued)** |
| China TransInfo Technology Co. Ltd., A <br> Shares (China)<br>| 443871 | &nbsp;&nbsp; $559736 |
| DHC Software Co. Ltd., A Shares (China) | 1399200 | &nbsp;&nbsp; 1898512 |
| Digital China Information Service Group <br> Co. Ltd., A Shares (China)<br>| 259000 | &nbsp;&nbsp; 381420 |
| GDS Holdings Ltd., A Shares (China)<sup>(b)</sup> | 4912446 | &nbsp;&nbsp; 15584617 |
| iSoftStone Information Technology <br> (Group) Co. Ltd., A Shares (China)<br>| 415900 | &nbsp;&nbsp; 3328026 |
| Taiji Computer Corp. Ltd., A Shares <br> (China)<br>| 272373 | &nbsp;&nbsp; 904039 |
| Wangsu Science & Technology Co. Ltd., A <br> Shares (China)<br>| 1065345 | &nbsp;&nbsp; 1721250 |
| Wonders Information Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 630500 | &nbsp;&nbsp; 644958 |
|  |  | &nbsp;&nbsp; 26586355 |
| **Media-1.12%** | **Media-1.12%** | **Media-1.12%** |
| China Literature Ltd. (China)<sup>(b)(c)(e)</sup> | 2500453 | &nbsp;&nbsp; 8683733 |
| NanJi E-Commerce Co. Ltd., A Shares <br> (China)<br>| 1072668 | &nbsp;&nbsp; 650013 |
| People.cn Co. Ltd., A Shares (China) | 482600 | &nbsp;&nbsp; 1316722 |
|  |  | &nbsp;&nbsp; 10650468 |
| **Semiconductors & Semiconductor Equipment-18.98%** | **Semiconductors & Semiconductor Equipment-18.98%** | **Semiconductors & Semiconductor Equipment-18.98%** |
| 3Peak, Inc., A Shares (China)<sup>(b)</sup> | 57915 | &nbsp;&nbsp; 1242340 |
| ACM Research (Shanghai), Inc., A Shares <br> (China)<br>| 103400 | &nbsp;&nbsp; 1495561 |
| Advanced Micro-Fabrication Equipment, <br> Inc., A Shares (China)<br>| 270849 | &nbsp;&nbsp; 7030523 |
| All Winner Technology Co. Ltd., A Shares <br> (China)<br>| 307259 | &nbsp;&nbsp; 1706891 |
| Amlogic Shanghai Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 182615 | &nbsp;&nbsp; 1819510 |
| ASR Microelectronics Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 182600 | &nbsp;&nbsp; 2416382 |
| Bestechnic (Shanghai) Co. Ltd. (China) | 52400 | &nbsp;&nbsp; 3202574 |
| Cambricon Technologies Corp. Ltd. <br> (China)<sup>(b)</sup><br>| 182000 | &nbsp;&nbsp; 17667529 |
| China Resources Microelectronics Ltd., A <br> Shares (China)<br>| 422473 | &nbsp;&nbsp; 2680553 |
| GalaxyCore, Inc., A Shares (China) | 1135200 | &nbsp;&nbsp; 2158189 |
| GigaDevice Semiconductor, Inc., A Shares <br> (China)<sup>(b)</sup><br>| 291064 | &nbsp;&nbsp; 5163428 |
| Goke Microelectronics Co. Ltd., A Shares <br> (China)<br>| 94900 | &nbsp;&nbsp; 904451 |
| Guobo Electronics Co. Ltd., A Shares <br> (China)<br>| 260163 | &nbsp;&nbsp; 1783583 |
| Hangzhou Chang Chuan Technology Co. <br> Ltd., A Shares (China)<br>| 273602 | &nbsp;&nbsp; 1581653 |
| Hangzhou Lion Microelectronics Co. Ltd., <br> A Shares (China)<br>| 295484 | &nbsp;&nbsp; 1058506 |
| Hangzhou Silan Microelectronics Co. Ltd., <br> A Shares (China)<sup>(b)</sup><br>| 726400 | &nbsp;&nbsp; 2507957 |
| Hoyuan Green Energy Co. Ltd., A Shares <br> (China)<br>| 268335 | &nbsp;&nbsp; 525108 |
| Hua Hong Semiconductor Ltd. <br> (China)<sup>(c)(e)</sup><br>| 3694989 | &nbsp;&nbsp; 16898535 |
| Hua Hong Semiconductor Ltd., A Shares <br> (China)<br>| 162089 | &nbsp;&nbsp; 1148298 |
| Hwatsing Technology Co. Ltd., A Shares <br> (China)<br>| 82734 | &nbsp;&nbsp; 1887534 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Hygon Information Technology Co. Ltd., A <br> Shares (China)<br>| 1014560 | &nbsp;&nbsp; $20798037 |
| Ingenic Semiconductor Co. Ltd., A Shares <br> (China)<br>| 169600 | &nbsp;&nbsp; 1585957 |
| JCET Group Co. Ltd., A Shares (China) | 780900 | &nbsp;&nbsp; 3597312 |
| Jiangsu Pacific Quartz Co. Ltd., A Shares <br> (China)<br>| 211150 | &nbsp;&nbsp; 942021 |
| Loongson Technology Corp. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 175090 | &nbsp;&nbsp; 3135909 |
| Montage Technology Co. Ltd., A Shares <br> (China)<br>| 498289 | &nbsp;&nbsp; 5274822 |
| National Silicon Industry Group Co. Ltd., A <br> Shares (China)<br>| 1199200 | &nbsp;&nbsp; 2886260 |
| NAURA Technology Group Co. Ltd., A <br> Shares (China)<br>| 231457 | &nbsp;&nbsp; 14393592 |
| Nexchip Semiconductor Corp., A Shares <br> (China)<sup>(b)</sup><br>| 547394 | &nbsp;&nbsp; 1612483 |
| Piotech, Inc., A Shares (China) | 94711 | &nbsp;&nbsp; 2042070 |
| Rockchip Electronics Co. Ltd., A Shares <br> (China)<br>| 66408 | &nbsp;&nbsp; 1563566 |
| Sanan Optoelectronics Co. Ltd., A Shares <br> (China)<br>| 2177800 | &nbsp;&nbsp; 3685522 |
| SG Micro Corp., A Shares (China) | 204020 | &nbsp;&nbsp; 2846002 |
| Shanghai Awinic Technology Co. Ltd., A <br> Shares (China)<br>| 101200 | &nbsp;&nbsp; 1018778 |
| Shanghai Fudan Microelectronics Group <br> Co. Ltd., A Shares (China)<br>| 125417 | &nbsp;&nbsp; 825474 |
| Shanghai Fudan Microelectronics Group <br> Co. Ltd., H Shares (China)<sup>(c)</sup><br>| 1770892 | &nbsp;&nbsp; 6373528 |
| Shenzhen Goodix Technology Co. Ltd., A <br> Shares (China)<br>| 199800 | &nbsp;&nbsp; 1931724 |
| SICC Co. Ltd., A Shares (China)<sup>(b)</sup> | 187600 | &nbsp;&nbsp; 1500670 |
| StarPower Semiconductor Ltd., A Shares <br> (China)<br>| 93380 | &nbsp;&nbsp; 1060141 |
| Suzhou Centec Communications Co. Ltd. <br> (China)<sup>(b)</sup><br>| 105227 | &nbsp;&nbsp; 966998 |
| Suzhou Novosense Microelectronics Co. <br> Ltd., A Shares (China)<sup>(b)</sup><br>| 50200 | &nbsp;&nbsp; 1296482 |
| Tianshui Huatian Technology Co. Ltd., A <br> Shares (China)<br>| 1398800 | &nbsp;&nbsp; 1786782 |
| TongFu Microelectronics Co. Ltd., A <br> Shares (China)<br>| 662100 | &nbsp;&nbsp; 2335460 |
| Unigroup Guoxin Microelectronics Co. <br> Ltd., A Shares (China)<br>| 370959 | &nbsp;&nbsp; 3273817 |
| United Nova Technology Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 1716070 | &nbsp;&nbsp; 1096907 |
| Vanchip (Tianjin) Technology Co. Ltd., A <br> Shares (China)<br>| 165400 | &nbsp;&nbsp; 714738 |
| Verisilicon Microelectronics (Shanghai) Co. <br> Ltd. (China)<sup>(b)</sup><br>| 218400 | &nbsp;&nbsp; 2894917 |
| Will Semiconductor Co. Ltd., A Shares <br> (China)<br>| 530649 | &nbsp;&nbsp; 9638750 |
| Wuxi Autowell Technology Co. Ltd., A <br> Shares (China)<br>| 104887 | &nbsp;&nbsp; 477887 |
| Yangzhou Yangjie Electronic Technology <br> Co. Ltd., A Shares (China)<br>| 236645 | &nbsp;&nbsp; 1578516 |
| Zhejiang Jingsheng Mechanical & <br> Electrical Co. Ltd., A Shares (China)<br>| 571600 | &nbsp;&nbsp; 2160158 |
|  |  | &nbsp;&nbsp; 180174385 |

---

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

------

**4**

------

**Invesco China Technology ETF (CQQQ)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software-12.26%** | **Software-12.26%** | **Software-12.26%** |
| 360 Security Technology, Inc., A Shares <br> (China)<br>| 3055300 | &nbsp;&nbsp; $4309541 |
| Beijing E-Hualu Information Technology <br> Co. Ltd., A Shares (China)<sup>(b)</sup><br>| 316000 | &nbsp;&nbsp; 969874 |
| Beijing Kingsoft Office Software, Inc., A <br> Shares (China)<br>| 201836 | &nbsp;&nbsp; 8199129 |
| Beijing Shiji Information Technology Co. <br> Ltd., A Shares (China)<br>| 1192425 | &nbsp;&nbsp; 1368436 |
| Business-intelligence of Oriental Nations <br> Corp. Ltd., A Shares (China)<sup>(b)</sup><br>| 497500 | &nbsp;&nbsp; 674943 |
| China National Software & Service Co. <br> Ltd., A Shares (China)<sup>(b)</sup><br>| 371130 | &nbsp;&nbsp; 2325004 |
| Empyrean Technology Co. Ltd., A Shares <br> (China)<br>| 114385 | &nbsp;&nbsp; 1877233 |
| Hundsun Technologies, Inc., A Shares <br> (China)<br>| 826825 | &nbsp;&nbsp; 2964616 |
| Iflytek Co. Ltd., A Shares (China) | 1010650 | &nbsp;&nbsp; 6558639 |
| Jiangsu Hoperun Software Co. Ltd. <br> (China)<sup>(b)</sup><br>| 347700 | &nbsp;&nbsp; 2487145 |
| Kingdee International Software Group Co. <br> Ltd. (China)<sup>(b)(c)</sup><br>| 17999664 | &nbsp;&nbsp; 30617107 |
| Longshine Technology Group Co. Ltd., A <br> Shares (China)<br>| 474267 | &nbsp;&nbsp; 918126 |
| Neusoft Corp., A Shares (China) | 530300 | &nbsp;&nbsp; 735413 |
| Newland Digital Technology Co. Ltd., A <br> Shares (China)<br>| 450400 | &nbsp;&nbsp; 1660860 |
| Qi An Xin Technology Group, Inc. <br> (China)<sup>(b)</sup><br>| 299200 | &nbsp;&nbsp; 1274194 |
| Sangfor Technologies, Inc., A Shares <br> (China)<br>| 64914 | &nbsp;&nbsp; 881446 |
| SenseTime Group, Inc., B Shares <br> (China)<sup>(b)(c)(e)</sup><br>| 158269255 | &nbsp;&nbsp; 30565068 |
| Shanghai Baosight Software Co. Ltd., A <br> Shares (China)<br>| 578620 | &nbsp;&nbsp; 2142964 |
| Shanghai Baosight Software Co. Ltd., B <br> Shares (China)<br>| 4513679 | &nbsp;&nbsp; 6626938 |
| Shanghai Stonehill Technology Co. Ltd., A <br> Shares (China)<br>| 2498900 | &nbsp;&nbsp; 1787631 |
| Shenzhen Infogem Technologies Co. Ltd., <br> A Shares (China)<sup>(b)</sup><br>| 308500 | &nbsp;&nbsp; 1342320 |
| Shenzhen Kingdom Sci-Tech Co. Ltd., A <br> Shares (China)<br>| 412900 | &nbsp;&nbsp; 839095 |
| Sinosoft Co. Ltd., A Shares (China) | 129648 | &nbsp;&nbsp; 340963 |
| Thunder Software Technology Co. Ltd., A <br> Shares (China)<br>| 179187 | &nbsp;&nbsp; 1379065 |
| Topsec Technologies Group, Inc., A <br> Shares (China)<br>| 515700 | &nbsp;&nbsp; 513414 |
| Yonyou Network Technology Co. Ltd., A <br> Shares (China)<sup>(b)</sup><br>| 1492204 | &nbsp;&nbsp; 3031057 |
|  |  | &nbsp;&nbsp; 116390221 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals-1.93%** | **Technology Hardware, Storage & Peripherals-1.93%** | **Technology Hardware, Storage & Peripherals-1.93%** |
| China Greatwall Technology Group Co. <br> Ltd., A Shares (China)<sup>(b)</sup><br>| 1408146 | &nbsp;&nbsp; $2837711 |
| GRG Banking Equipment Co. Ltd., A <br> Shares (China)<br>| 1084000 | &nbsp;&nbsp; 1845094 |
| Huaqin Technology Co. Ltd. (China) | 129900 | &nbsp;&nbsp; 1182908 |
| IEIT Systems Co. Ltd., A Shares (China) | 642658 | &nbsp;&nbsp; 4523489 |
| Legend Holdings Corp., H Shares <br> (China)<sup>(b)(e)</sup><br>| 3217302 | &nbsp;&nbsp; 3194142 |
| Ninestar Corp., A Shares (China)<sup>(b)</sup> | 618350 | &nbsp;&nbsp; 1874277 |
| Shenzhen Longsys Electronics Co. Ltd., A <br> Shares (China)<br>| 135800 | &nbsp;&nbsp; 1461447 |
| Tsinghua Tongfang Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 1462500 | &nbsp;&nbsp; 1403197 |
|  |  | &nbsp;&nbsp; 18322265 |
| **Textiles, Apparel & Luxury Goods-0.23%** | **Textiles, Apparel & Luxury Goods-0.23%** | **Textiles, Apparel & Luxury Goods-0.23%** |
| Shijiazhuang Changshan BeiMing <br> Technology Co. Ltd., A Shares <br> (China)<sup>(b)</sup><br>| 697700 | &nbsp;&nbsp; 2164874 |
| **Trading Companies & Distributors-0.11%** | **Trading Companies & Distributors-0.11%** | **Trading Companies & Distributors-0.11%** |
| Beijing United Information Technology Co. <br> Ltd., A Shares (China)<br>| 315579 | &nbsp;&nbsp; 1028506 |
| Total Common Stocks & Other Equity Interests <br>(Cost $851,719,523) | Total Common Stocks & Other Equity Interests <br>(Cost $851,719,523) | &nbsp;&nbsp; 948960228 |
| **Money Market Funds-0.02%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(f)(g)</sup> <br>(Cost $233,503)<br>| 233503 | &nbsp;&nbsp; 233503 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.99% <br>(Cost $851,953,026) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.99% <br>(Cost $851,953,026) | &nbsp;&nbsp; 949193731 |
| **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-11.39%** | **Money Market Funds-11.39%** | **Money Market Funds-11.39%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(f)(g)(h)</sup><br>| 30005434 | &nbsp;&nbsp; 30005434 |
| Invesco Private Prime Fund, 4.46%<sup>(f)(g)(h)</sup> | 78093533 | &nbsp;&nbsp; 78109152 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $108,117,343) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $108,117,343) | &nbsp;&nbsp; 108114586 |
| TOTAL INVESTMENTS IN SECURITIES-111.38% <br>(Cost $960,070,369) | TOTAL INVESTMENTS IN SECURITIES-111.38% <br>(Cost $960,070,369) | &nbsp;&nbsp; 1057308317 |
| OTHER ASSETS LESS LIABILITIES-(11.38)% | OTHER ASSETS LESS LIABILITIES-(11.38)% | &nbsp;&nbsp; (108066370)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $949241947 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

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

------

**5**

------

**Invesco China Technology ETF (CQQQ)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $184,380,483, which represented 19.42% of the Fund's Net Assets.<br>|
| <sup>(f)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $319705 | &nbsp;&nbsp; $180725643 | &nbsp;&nbsp; $(180811845)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $233503 | &nbsp;&nbsp; $41508 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 8211483 | &nbsp;&nbsp; 139181097 | &nbsp;&nbsp; (117387146)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 30005434 | &nbsp;&nbsp; 401,011<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 21404078 | &nbsp;&nbsp; 264221062 | &nbsp;&nbsp; (207510894)<br>| &nbsp;&nbsp; (1082)<br>| &nbsp;&nbsp; (4012)<br>| &nbsp;&nbsp; 78109152 | &nbsp;&nbsp; 1,032,150<br> \*<br>|
| Total | &nbsp;&nbsp; $29935266 | &nbsp;&nbsp; $584127802 | &nbsp;&nbsp; $(505709885)<br>| &nbsp;&nbsp; $(1082)<br>| &nbsp;&nbsp; $(4012)<br>| &nbsp;&nbsp; $108348089 | &nbsp;&nbsp; $1474669 |

---

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

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

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

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: | This Fund has holdings greater than 10% of net assets in the following country: |
| China | 99.97% |

---

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

------

**6**

------

**Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.61%** | **Common Stocks & Other Equity Interests-99.61%** | **Common Stocks & Other Equity Interests-99.61%** |
| **Australia-2.66%** | **Australia-2.66%** | **Australia-2.66%** |
| SGH Ltd. | 43826 | &nbsp;&nbsp; $1431749 |
| Sigma Healthcare Ltd.<sup>(a)</sup> | 1104780 | &nbsp;&nbsp; 2129534 |
| Telix Pharmaceuticals Ltd.<sup>(a)(b)</sup> | 106140 | &nbsp;&nbsp; 1843105 |
| Wesfarmers Ltd. | 33164 | &nbsp;&nbsp; 1659577 |
|  |  | &nbsp;&nbsp; 7063965 |
| **Austria-0.54%** | **Austria-0.54%** | **Austria-0.54%** |
| BAWAG Group AG<sup>(b)(c)</sup> | 12912 | &nbsp;&nbsp; 1420131 |
| **Belgium-0.77%** | **Belgium-0.77%** | **Belgium-0.77%** |
| D'Ieteren Group<sup>(a)</sup> | 10162 | &nbsp;&nbsp; 2036347 |
| **Canada-14.82%** | **Canada-14.82%** | **Canada-14.82%** |
| Alamos Gold, Inc., Class A | 52957 | &nbsp;&nbsp; 1510921 |
| Constellation Software, Inc. | 2330 | &nbsp;&nbsp; 8380696 |
| Dollarama, Inc. | 58238 | &nbsp;&nbsp; 7171711 |
| Element Fleet Management Corp. | 100083 | &nbsp;&nbsp; 2187436 |
| Fairfax Financial Holdings Ltd. | 1084 | &nbsp;&nbsp; 1689056 |
| Intact Financial Corp. | 8952 | &nbsp;&nbsp; 1984242 |
| Kinross Gold Corp. | 107984 | &nbsp;&nbsp; 1590874 |
| Loblaw Cos. Ltd. | 9904 | &nbsp;&nbsp; 1604659 |
| Metro, Inc. | 34646 | &nbsp;&nbsp; 2664730 |
| Royal Bank of Canada<sup>(a)</sup> | 39457 | &nbsp;&nbsp; 4726670 |
| Thomson Reuters Corp. | 8784 | &nbsp;&nbsp; 1631332 |
| TMX Group Ltd. | 48419 | &nbsp;&nbsp; 1958423 |
| WSP Global, Inc. | 12417 | &nbsp;&nbsp; 2196640 |
|  |  | &nbsp;&nbsp; 39297390 |
| **Denmark-0.58%** | **Denmark-0.58%** | **Denmark-0.58%** |
| Sydbank A/S | 24036 | &nbsp;&nbsp; 1544796 |
| **Finland-0.45%** | **Finland-0.45%** | **Finland-0.45%** |
| Konecranes OYJ | 17950 | &nbsp;&nbsp; 1206755 |
| **France-5.03%** | **France-5.03%** | **France-5.03%** |
| Cie de Saint-Gobain S.A. | 12170 | &nbsp;&nbsp; 1327654 |
| EssilorLuxottica S.A. | 16839 | &nbsp;&nbsp; 4868913 |
| Hermes International S.C.A. | 1603 | &nbsp;&nbsp; 4423716 |
| Technip Energies N.V. | 39039 | &nbsp;&nbsp; 1336758 |
| Thales S.A. | 4907 | &nbsp;&nbsp; 1379293 |
|  |  | &nbsp;&nbsp; 13336334 |
| **Germany-10.06%** | **Germany-10.06%** | **Germany-10.06%** |
| Allianz SE | 4122 | &nbsp;&nbsp; 1710633 |
| Deutsche Boerse AG | 4775 | &nbsp;&nbsp; 1543294 |
| Hannover Rueck SE | 9329 | &nbsp;&nbsp; 3004917 |
| Heidelberg Materials AG | 7317 | &nbsp;&nbsp; 1467803 |
| HOCHTIEF AG | 6916 | &nbsp;&nbsp; 1312979 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R<br>| 3173 | &nbsp;&nbsp; 2179745 |
| Rheinmetall AG | 4441 | &nbsp;&nbsp; 7589298 |
| SAP SE | 9206 | &nbsp;&nbsp; 2702845 |
| Siemens Energy AG, Class A<sup>(b)</sup> | 46826 | &nbsp;&nbsp; 3626647 |
| thyssenkrupp AG | 133989 | &nbsp;&nbsp; 1541911 |
|  |  | &nbsp;&nbsp; 26680072 |
| **Greece-1.88%** | **Greece-1.88%** | **Greece-1.88%** |
| National Bank of Greece S.A. | 272861 | &nbsp;&nbsp; 2905973 |
| Piraeus Financial Holdings S.A. | 367999 | &nbsp;&nbsp; 2073810 |
|  |  | &nbsp;&nbsp; 4979783 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ireland-1.48%** | **Ireland-1.48%** | **Ireland-1.48%** |
| AIB Group PLC | 263659 | &nbsp;&nbsp; $1778169 |
| Bank of Ireland Group PLC | 182040 | &nbsp;&nbsp; 2144775 |
|  |  | &nbsp;&nbsp; 3922944 |
| **Israel-4.21%** | **Israel-4.21%** | **Israel-4.21%** |
| Bank Hapoalim B.M. | 97568 | &nbsp;&nbsp; 1431186 |
| Israel Discount Bank Ltd., Class A | 203686 | &nbsp;&nbsp; 1521430 |
| Mizrahi Tefahot Bank Ltd. | 120721 | &nbsp;&nbsp; 6113010 |
| Plus500 Ltd. | 51437 | &nbsp;&nbsp; 2113267 |
|  |  | &nbsp;&nbsp; 11178893 |
| **Italy-5.66%** | **Italy-5.66%** | **Italy-5.66%** |
| BPER Banca S.p.A.<sup>(a)</sup> | 247570 | &nbsp;&nbsp; 2017708 |
| Intesa Sanpaolo S.p.A. | 245128 | &nbsp;&nbsp; 1313069 |
| Leonardo S.p.A. | 59034 | &nbsp;&nbsp; 3079645 |
| Recordati Industria Chimica e Farmaceutica <br> S.p.A.<sup>(a)</sup><br>| 60912 | &nbsp;&nbsp; 3606692 |
| UniCredit S.p.A. | 42661 | &nbsp;&nbsp; 2490600 |
| Unipol Assicurazioni S.p.A. | 138391 | &nbsp;&nbsp; 2490825 |
|  |  | &nbsp;&nbsp; 14998539 |
| **Japan-8.43%** | **Japan-8.43%** | **Japan-8.43%** |
| ASICS Corp. | 79198 | &nbsp;&nbsp; 1706343 |
| Chugai Pharmaceutical Co. Ltd. | 29828 | &nbsp;&nbsp; 1722474 |
| Fujitsu Ltd. | 71417 | &nbsp;&nbsp; 1590343 |
| Hitachi Ltd. | 61707 | &nbsp;&nbsp; 1528756 |
| IHI Corp. | 19869 | &nbsp;&nbsp; 1560092 |
| Mitsubishi Heavy Industries Ltd. | 177525 | &nbsp;&nbsp; 3507865 |
| Mitsubishi UFJ Financial Group, Inc. | 94950 | &nbsp;&nbsp; 1199139 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 66038 | &nbsp;&nbsp; 2204560 |
| Sankyo Co. Ltd. | 88475 | &nbsp;&nbsp; 1349849 |
| Sanrio Co. Ltd. | 79505 | &nbsp;&nbsp; 3175525 |
| Sanwa Holdings Corp. | 41220 | &nbsp;&nbsp; 1356176 |
| Sompo Holdings, Inc. | 44040 | &nbsp;&nbsp; 1446680 |
|  |  | &nbsp;&nbsp; 22347802 |
| **Netherlands-0.48%** | **Netherlands-0.48%** | **Netherlands-0.48%** |
| ING Groep N.V. | 64772 | &nbsp;&nbsp; 1262159 |
| **Norway-2.38%** | **Norway-2.38%** | **Norway-2.38%** |
| Kongsberg Gruppen ASA | 30521 | &nbsp;&nbsp; 4933064 |
| SpareBank 1 Sør-Norge ASA, Class B | 86012 | &nbsp;&nbsp; 1376942 |
|  |  | &nbsp;&nbsp; 6310006 |
| **Portugal-0.73%** | **Portugal-0.73%** | **Portugal-0.73%** |
| Banco Comercial Portugues S.A., Class R | 3015654 | &nbsp;&nbsp; 1935447 |
| **Singapore-6.27%** | **Singapore-6.27%** | **Singapore-6.27%** |
| DBS Group Holdings Ltd. | 39150 | &nbsp;&nbsp; 1272342 |
| Oversea-Chinese Banking Corp. Ltd. | 213003 | &nbsp;&nbsp; 2636883 |
| Sembcorp Industries Ltd. | 569314 | &nbsp;&nbsp; 2880570 |
| Singapore Exchange Ltd. | 595919 | &nbsp;&nbsp; 6557630 |
| Singapore Technologies Engineering Ltd. | 578665 | &nbsp;&nbsp; 3286807 |
|  |  | &nbsp;&nbsp; 16634232 |
| **South Korea-5.21%** | **South Korea-5.21%** | **South Korea-5.21%** |
| Alteogen, Inc.<sup>(b)</sup> | 13040 | &nbsp;&nbsp; 3216448 |
| Hanwha Aerospace Co. Ltd. | 13377 | &nbsp;&nbsp; 7517929 |
| Hyundai Rotem Co. Ltd. | 18188 | &nbsp;&nbsp; 1433561 |
| Meritz Financial Group, Inc. | 18768 | &nbsp;&nbsp; 1639585 |
|  |  | &nbsp;&nbsp; 13807523 |

---

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

------

**7**

------

**Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Spain-1.05%** | **Spain-1.05%** | **Spain-1.05%** |
| Banco Bilbao Vizcaya Argentaria S.A. | 89757 | &nbsp;&nbsp; $1236070 |
| CaixaBank S.A. | 202266 | &nbsp;&nbsp; 1555546 |
|  |  | &nbsp;&nbsp; 2791616 |
| **Sweden-4.73%** | **Sweden-4.73%** | **Sweden-4.73%** |
| Industrivarden AB, Class A | 35547 | &nbsp;&nbsp; 1251864 |
| Investor AB, Class B<sup>(a)</sup> | 135817 | &nbsp;&nbsp; 4032644 |
| Lifco AB, Class B<sup>(a)</sup> | 36257 | &nbsp;&nbsp; 1406678 |
| Saab AB, Class B<sup>(a)</sup> | 57489 | &nbsp;&nbsp; 2682665 |
| Swedbank AB, Class A | 126448 | &nbsp;&nbsp; 3163371 |
|  |  | &nbsp;&nbsp; 12537222 |
| **Switzerland-11.24%** | **Switzerland-11.24%** | **Switzerland-11.24%** |
| BKW AG | 9737 | &nbsp;&nbsp; 1960697 |
| Flughafen Zureich AG<sup>(b)</sup> | 30621 | &nbsp;&nbsp; 7749763 |
| Partners Group Holding AG | 3653 | &nbsp;&nbsp; 4807392 |
| Schindler Holding AG, PC | 15975 | &nbsp;&nbsp; 5868373 |
| Swiss Life Holding AG | 3383 | &nbsp;&nbsp; 3392588 |
| Swissquote Group Holding S.A. | 8880 | &nbsp;&nbsp; 4603913 |
| Zurich Insurance Group AG | 2020 | &nbsp;&nbsp; 1439004 |
|  |  | &nbsp;&nbsp; 29821730 |
| **United Kingdom-8.98%** | **United Kingdom-8.98%** | **United Kingdom-8.98%** |
| 3i Group PLC | 32985 | &nbsp;&nbsp; 1874164 |
| BAE Systems PLC | 66730 | &nbsp;&nbsp; 1550460 |
| Centrica PLC | 710141 | &nbsp;&nbsp; 1523857 |
| Cranswick PLC | 23822 | &nbsp;&nbsp; 1652452 |
| Halma PLC | 184808 | &nbsp;&nbsp; 6836923 |
| Intermediate Capital Group PLC | 186760 | &nbsp;&nbsp; 4708330 |
| RELX PLC | 32768 | &nbsp;&nbsp; 1792345 |
| Rolls-Royce Holdings PLC | 382177 | &nbsp;&nbsp; 3877286 |
|  |  | &nbsp;&nbsp; 23815817 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-1.97%** | **United States-1.97%** | **United States-1.97%** |
| Experian PLC | 36860 | &nbsp;&nbsp; $1837951 |
| Ferrovial SE | 39918 | &nbsp;&nbsp; 1954004 |
| Novartis AG | 12553 | &nbsp;&nbsp; 1438034 |
|  |  | &nbsp;&nbsp; 5229989 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.61% <br>(Cost $216,700,061) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.61% <br>(Cost $216,700,061) | &nbsp;&nbsp; 264159492 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.55%** | **Money Market Funds-3.55%** | **Money Market Funds-3.55%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 2606511 | &nbsp;&nbsp; 2606511 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 6818791 | &nbsp;&nbsp; 6820155 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,426,747) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,426,747) | &nbsp;&nbsp; 9426666 |
| TOTAL INVESTMENTS IN SECURITIES-103.16% <br>(Cost $226,126,808) | TOTAL INVESTMENTS IN SECURITIES-103.16% <br>(Cost $226,126,808) | &nbsp;&nbsp; 273586158 |
| OTHER ASSETS LESS LIABILITIES-(3.16)% | OTHER ASSETS LESS LIABILITIES-(3.16)% | &nbsp;&nbsp; (8379127)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $265207031 |

---

Investment Abbreviations: <br> PC-Participation Certificate

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $11219424 | &nbsp;&nbsp; $(11219424)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3014 |

---

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

------

**8**

------

**Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $1835807 | &nbsp;&nbsp; $13265933 | &nbsp;&nbsp; $(12495229)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2606511 | &nbsp;&nbsp; $47,334<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 4788155 | &nbsp;&nbsp; 28591530 | &nbsp;&nbsp; (26558992)<br>| &nbsp;&nbsp; 263 | &nbsp;&nbsp; (801)<br>| &nbsp;&nbsp; 6820155 | &nbsp;&nbsp; 128,021<br> \*<br>|
| Total | &nbsp;&nbsp; $6623962 | &nbsp;&nbsp; $53076887 | &nbsp;&nbsp; $(50273645)<br>| &nbsp;&nbsp; $263 | &nbsp;&nbsp; $(801)<br>| &nbsp;&nbsp; $9426666 | &nbsp;&nbsp; $178369 |

---

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

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

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

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

------

**9**

------

**Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** |
| **Brazil-4.63%** | **Brazil-4.63%** | **Brazil-4.63%** |
| Banco do Brasil S.A. | 116500 | &nbsp;&nbsp; $595320 |
| BB Seguridade Participacoes S.A. | 97400 | &nbsp;&nbsp; 735825 |
| Cia Energetica de Minas Gerais, Preference <br> Shares<br>| 436477 | &nbsp;&nbsp; 844212 |
| Embraer S.A.<sup>(a)</sup> | 107864 | &nbsp;&nbsp; 1236890 |
| Porto Seguro S.A. | 66255 | &nbsp;&nbsp; 514812 |
|  |  | &nbsp;&nbsp; 3927059 |
| **China-29.40%** | **China-29.40%** | **China-29.40%** |
| AAC Technologies Holdings, Inc. | 122025 | &nbsp;&nbsp; 584197 |
| Agricultural Bank of China Ltd., H Shares | 840748 | &nbsp;&nbsp; 513098 |
| Bank of China Ltd., H Shares | 899648 | &nbsp;&nbsp; 502398 |
| BYD Electronic International Co. Ltd. | 109065 | &nbsp;&nbsp; 452719 |
| China CITIC Bank Corp. Ltd., H Shares | 648814 | &nbsp;&nbsp; 513224 |
| China Galaxy Securities Co. Ltd., H Shares | 467066 | &nbsp;&nbsp; 424347 |
| China Hongqiao Group Ltd.<sup>(b)</sup> | 253241 | &nbsp;&nbsp; 454624 |
| China Reinsurance Group Corp., H Shares | 3326535 | &nbsp;&nbsp; 385814 |
| China State Construction International <br> Holdings Ltd.<br>| 605914 | &nbsp;&nbsp; 893236 |
| Chongqing Rural Commercial Bank Co. Ltd., H <br> Shares<sup>(b)</sup><br>| 730983 | &nbsp;&nbsp; 561273 |
| COSCO SHIPPING Holdings Co. Ltd., H <br> Shares<sup>(b)</sup><br>| 303913 | &nbsp;&nbsp; 458669 |
| Dongfeng Motor Group Co. Ltd., H Shares | 761272 | &nbsp;&nbsp; 421408 |
| Everest Medicines Ltd.<sup>(a)(c)</sup> | 113789 | &nbsp;&nbsp; 722829 |
| Fufeng Group Ltd. | 950010 | &nbsp;&nbsp; 793776 |
| Hisense Home Appliances Group Co. Ltd., H <br> Shares<sup>(b)</sup><br>| 317638 | &nbsp;&nbsp; 963382 |
| Hua Hong Semiconductor Ltd.<sup>(b)(c)</sup> | 95877 | &nbsp;&nbsp; 438481 |
| Kingdee International Software Group Co. <br> Ltd.<sup>(a)(b)</sup><br>| 268729 | &nbsp;&nbsp; 457103 |
| Lenovo Group Ltd. | 644970 | &nbsp;&nbsp; 746044 |
| Meitu, Inc.<sup>(a)(c)</sup> | 716337 | &nbsp;&nbsp; 505372 |
| New China Life Insurance Co. Ltd., H Shares | 114277 | &nbsp;&nbsp; 417378 |
| People's Insurance Co. (Group) of China Ltd. <br> (The), H Shares<br>| 891061 | &nbsp;&nbsp; 527406 |
| PICC Property & Casualty Co. Ltd., H Shares | 477154 | &nbsp;&nbsp; 878752 |
| Pop Mart International Group Ltd.<sup>(c)</sup> | 122218 | &nbsp;&nbsp; 3048625 |
| Shanghai Fudan Microelectronics Group Co. <br> Ltd., H Shares<br>| 156897 | &nbsp;&nbsp; 564680 |
| Shanghai MicroPort MedBot Group Co. Ltd.<sup>(a)</sup> | 231560 | &nbsp;&nbsp; 562161 |
| Sichuan Kelun-Biotech Biopharmaceutical Co. <br> Ltd.<sup>(a)</sup><br>| 28932 | &nbsp;&nbsp; 1237812 |
| Sinotruk Hong Kong Ltd. | 185773 | &nbsp;&nbsp; 446446 |
| Sunny Optical Technology Group Co. Ltd. | 40383 | &nbsp;&nbsp; 339832 |
| TCL Electronics Holdings Ltd. | 607866 | &nbsp;&nbsp; 767944 |
| WuXi AppTec Co. Ltd., H Shares<sup>(c)</sup> | 52005 | &nbsp;&nbsp; 401972 |
| Wuxi Biologics (Cayman), Inc.<sup>(a)(c)</sup> | 141759 | &nbsp;&nbsp; 411777 |
| XD, Inc.<sup>(a)(c)</sup> | 237263 | &nbsp;&nbsp; 1091457 |
| Xiaomi Corp., B Shares<sup>(a)(c)</sup> | 187974 | &nbsp;&nbsp; 1203588 |
| XPeng, Inc.<sup>(a)(b)</sup> | 57234 | &nbsp;&nbsp; 532854 |
| Zai Lab Ltd.<sup>(a)(b)</sup> | 125993 | &nbsp;&nbsp; 401385 |
| Zhaojin Mining Industry Co. Ltd., H Shares<sup>(b)</sup> | 321515 | &nbsp;&nbsp; 766049 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(a)(c)</sup> | 73277 | &nbsp;&nbsp; 524453 |
|  |  | &nbsp;&nbsp; 24916565 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hungary-2.78%** | **Hungary-2.78%** | **Hungary-2.78%** |
| Magyar Telekom Telecommunications PLC | 358662 | &nbsp;&nbsp; $1701747 |
| OTP Bank Nyrt. | 8811 | &nbsp;&nbsp; 653092 |
|  |  | &nbsp;&nbsp; 2354839 |
| **Indonesia-0.59%** | **Indonesia-0.59%** | **Indonesia-0.59%** |
| PT Bumi Resources Minerals Tbk<sup>(a)</sup> | 21796753 | &nbsp;&nbsp; 502553 |
| **Malaysia-5.72%** | **Malaysia-5.72%** | **Malaysia-5.72%** |
| Alliance Bank Malaysia Bhd. | 443149 | &nbsp;&nbsp; 449647 |
| AMMB Holdings Bhd. | 355400 | &nbsp;&nbsp; 425206 |
| KPJ Healthcare Bhd. | 1111601 | &nbsp;&nbsp; 741023 |
| QL Resources Bhd. | 1727407 | &nbsp;&nbsp; 1921475 |
| Sunway Bhd. | 771259 | &nbsp;&nbsp; 812995 |
| Telekom Malaysia Bhd. | 316334 | &nbsp;&nbsp; 498538 |
|  |  | &nbsp;&nbsp; 4848884 |
| **Mexico-5.87%** | **Mexico-5.87%** | **Mexico-5.87%** |
| Gentera S.A.B. de C.V. | 1244627 | &nbsp;&nbsp; 2177064 |
| Grupo Aeroportuario del Pacifico S.A.B. de <br> C.V., Class B<br>| 39118 | &nbsp;&nbsp; 795669 |
| Qualitas Controladora S.A.B. de C.V. | 181434 | &nbsp;&nbsp; 2002957 |
|  |  | &nbsp;&nbsp; 4975690 |
| **Peru-0.58%** | **Peru-0.58%** | **Peru-0.58%** |
| Credicorp Ltd. | 2439 | &nbsp;&nbsp; 493141 |
| **South Africa-9.41%** | **South Africa-9.41%** | **South Africa-9.41%** |
| Fortress REIT Ltd. | 1873348 | &nbsp;&nbsp; 1990238 |
| Gold Fields Ltd. | 33269 | &nbsp;&nbsp; 745988 |
| Investec Ltd. | 197177 | &nbsp;&nbsp; 1230268 |
| Nedbank Group Ltd. | 44055 | &nbsp;&nbsp; 601558 |
| OUTsurance Group Ltd. | 337103 | &nbsp;&nbsp; 1386130 |
| Resilient REIT Ltd.<sup>(b)</sup> | 145131 | &nbsp;&nbsp; 473355 |
| Vukile Property Fund Ltd. | 1520267 | &nbsp;&nbsp; 1548041 |
|  |  | &nbsp;&nbsp; 7975578 |
| **Taiwan-34.11%** | **Taiwan-34.11%** | **Taiwan-34.11%** |
| Advancetek Enterprise Co. Ltd. | 944477 | &nbsp;&nbsp; 2128797 |
| ASE Technology Holding Co. Ltd. | 105000 | &nbsp;&nbsp; 447426 |
| Asustek Computer, Inc. | 83523 | &nbsp;&nbsp; 1527377 |
| Capital Securities Corp. | 1027000 | &nbsp;&nbsp; 835566 |
| CTBC Financial Holding Co. Ltd. | 379920 | &nbsp;&nbsp; 468153 |
| Delta Electronics, Inc. | 65535 | &nbsp;&nbsp; 686689 |
| Eva Airways Corp. | 670449 | &nbsp;&nbsp; 805296 |
| Evergreen Marine Corp. Taiwan Ltd. | 66437 | &nbsp;&nbsp; 430444 |
| Everlight Electronics Co. Ltd. | 231741 | &nbsp;&nbsp; 555836 |
| Fubon Financial Holding Co. Ltd. | 170867 | &nbsp;&nbsp; 452871 |
| Fusheng Precision Co. Ltd. | 46000 | &nbsp;&nbsp; 513117 |
| Gold Circuit Electronics Ltd. | 187900 | &nbsp;&nbsp; 1130348 |
| Hua Nan Financial Holdings Co. Ltd. | 568348 | &nbsp;&nbsp; 481230 |
| Johnson Health Tech. Co. Ltd. | 113492 | &nbsp;&nbsp; 612389 |
| KGI Financial Holding Co. Ltd. | 884542 | &nbsp;&nbsp; 458790 |
| L&K Engineering Co. Ltd. | 297985 | &nbsp;&nbsp; 2202455 |
| Mega Financial Holding Co. Ltd. | 612739 | &nbsp;&nbsp; 725655 |
| Pan-International Industrial Corp. | 327000 | &nbsp;&nbsp; 386768 |
| President Securities Corp. | 702823 | &nbsp;&nbsp; 518066 |
| Sercomm Corp. | 117000 | &nbsp;&nbsp; 383450 |
| Shin Zu Shing Co. Ltd. | 79714 | &nbsp;&nbsp; 465054 |
| Sinbon Electronics Co. Ltd. | 312000 | &nbsp;&nbsp; 2173787 |
| Solomon Technology Corp. | 454000 | &nbsp;&nbsp; 1875460 |
| Systex Corp. | 117652 | &nbsp;&nbsp; 444575 |

---

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

------

**10**

------

**Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan-(continued)** | **Taiwan-(continued)** | **Taiwan-(continued)** |
| Taichung Commercial Bank Co. Ltd. | 1668750 | &nbsp;&nbsp; $1034960 |
| Taiwan Business Bank | 1025976 | &nbsp;&nbsp; 454393 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 84175 | &nbsp;&nbsp; 2385061 |
| Tong Yang Industry Co. Ltd. | 268965 | &nbsp;&nbsp; 1106713 |
| Topco Scientific Co. Ltd. | 293220 | &nbsp;&nbsp; 2252414 |
| Wistron NeWeb Corp. | 107000 | &nbsp;&nbsp; 421981 |
| Yuanta Financial Holding Co. Ltd. | 558110 | &nbsp;&nbsp; 546814 |
|  |  | &nbsp;&nbsp; 28911935 |
| **Thailand-1.11%** | **Thailand-1.11%** | **Thailand-1.11%** |
| Krung Thai Bank PCL, NVDR | 730423 | &nbsp;&nbsp; 476643 |
| Thanachart Capital PCL, NVDR | 325040 | &nbsp;&nbsp; 464535 |
|  |  | &nbsp;&nbsp; 941178 |
| **Turkey-4.45%** | **Turkey-4.45%** | **Turkey-4.45%** |
| Akbank T.A.S. | 777097 | &nbsp;&nbsp; 988371 |
| Aselsan Elektronik Sanayi Ve Ticaret A.S. | 374708 | &nbsp;&nbsp; 1321252 |
| Pegasus Hava Tasimaciligi A.S.<sup>(a)</sup> | 251038 | &nbsp;&nbsp; 1461301 |
|  |  | &nbsp;&nbsp; 3770924 |
| **United States-1.15%** | **United States-1.15%** | **United States-1.15%** |
| GCC S.A.B. de C.V. | 52760 | &nbsp;&nbsp; 443238 |
| JBS S.A. | 68207 | &nbsp;&nbsp; 531064 |
|  |  | &nbsp;&nbsp; 974302 |
| Total Common Stocks & Other Equity Interests <br>(Cost $76,345,067) | Total Common Stocks & Other Equity Interests <br>(Cost $76,345,067) | &nbsp;&nbsp; 84592648 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $65,501)<br>| 65501 | &nbsp;&nbsp; $65501 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.88% <br>(Cost $76,410,568) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.88% <br>(Cost $76,410,568) | &nbsp;&nbsp; 84658149 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-3.56%** | **Money Market Funds-3.56%** | **Money Market Funds-3.56%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 837811 | &nbsp;&nbsp; 837811 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 2179355 | &nbsp;&nbsp; 2179791 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,017,654) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,017,654) | &nbsp;&nbsp; 3017602 |
| TOTAL INVESTMENTS IN SECURITIES-103.44% <br>(Cost $79,428,222) | TOTAL INVESTMENTS IN SECURITIES-103.44% <br>(Cost $79,428,222) | &nbsp;&nbsp; 87675751 |
| OTHER ASSETS LESS LIABILITIES-(3.44)% | OTHER ASSETS LESS LIABILITIES-(3.44)% | &nbsp;&nbsp; (2915254)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $84760497 |

---

Investment Abbreviations: <br> NVDR-Non-Voting Depositary Receipt <br> REIT-Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $8,348,554, which represented 9.85% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $1693229 | &nbsp;&nbsp; $(1627728)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $65501 | &nbsp;&nbsp; $493 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 503535 | &nbsp;&nbsp; 8346288 | &nbsp;&nbsp; (8012012)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 837811 | &nbsp;&nbsp; 20,645<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 1318246 | &nbsp;&nbsp; 19385905 | &nbsp;&nbsp; (18524197)<br>| &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; (111)<br>| &nbsp;&nbsp; 2179791 | &nbsp;&nbsp; 55,216<br> \*<br>|
| Total | &nbsp;&nbsp; $1821781 | &nbsp;&nbsp; $29425422 | &nbsp;&nbsp; $(28163937)<br>| &nbsp;&nbsp; $(52)<br>| &nbsp;&nbsp; $(111)<br>| &nbsp;&nbsp; $3083103 | &nbsp;&nbsp; $76354 |

---

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

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

------

**11**

------

**Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)—(continued)**

April 30, 2025

*(Unaudited)*

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

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

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

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

------

**12**

------

**Invesco Global Clean Energy ETF (PBD)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.59%** | **Common Stocks & Other Equity Interests-99.59%** | **Common Stocks & Other Equity Interests-99.59%** |
| **Austria-1.02%** | **Austria-1.02%** | **Austria-1.02%** |
| Verbund AG | 8535 | &nbsp;&nbsp; $658181 |
| **Belgium-1.96%** | **Belgium-1.96%** | **Belgium-1.96%** |
| Elia Group S.A./N.V.<sup>(a)</sup> | 11707 | &nbsp;&nbsp; 1273638 |
| **Canada-5.92%** | **Canada-5.92%** | **Canada-5.92%** |
| Ballard Power Systems, Inc.<sup>(a)(b)</sup> | 427345 | &nbsp;&nbsp; 519756 |
| Boralex, Inc., Class A<sup>(a)</sup> | 35301 | &nbsp;&nbsp; 782536 |
| Canadian Solar, Inc.<sup>(a)(b)</sup> | 63148 | &nbsp;&nbsp; 569595 |
| Innergex Renewable Energy, Inc. | 123388 | &nbsp;&nbsp; 1213067 |
| NFI Group, Inc.<sup>(b)</sup> | 89813 | &nbsp;&nbsp; 754239 |
|  |  | &nbsp;&nbsp; 3839193 |
| **Chile-0.83%** | **Chile-0.83%** | **Chile-0.83%** |
| Sociedad Quimica y Minera de Chile S.A., <br> ADR<sup>(a)</sup><br>| 15828 | &nbsp;&nbsp; 541318 |
| **China-9.23%** | **China-9.23%** | **China-9.23%** |
| China Datang Corp. Renewable Power Co. <br> Ltd., H Shares<br>| 2410068 | &nbsp;&nbsp; 673563 |
| Flat Glass Group Co. Ltd., H Shares<sup>(a)</sup> | 409018 | &nbsp;&nbsp; 462290 |
| Ganfeng Lithium Group Co. Ltd., H <br> Shares<sup>(a)(c)</sup><br>| 236919 | &nbsp;&nbsp; 577692 |
| JinkoSolar Holding Co. Ltd., ADR | 29229 | &nbsp;&nbsp; 501570 |
| NIO, Inc., ADR<sup>(a)(b)</sup> | 149273 | &nbsp;&nbsp; 604556 |
| Tianneng Power International Ltd. | 637393 | &nbsp;&nbsp; 530660 |
| Wasion Holdings Ltd. | 627026 | &nbsp;&nbsp; 648736 |
| Xinyi Solar Holdings Ltd.<sup>(a)</sup> | 1477714 | &nbsp;&nbsp; 491486 |
| XPeng, Inc., ADR<sup>(a)(b)</sup> | 39796 | &nbsp;&nbsp; 740205 |
| Yadea Group Holdings Ltd.<sup>(c)</sup> | 417621 | &nbsp;&nbsp; 753833 |
|  |  | &nbsp;&nbsp; 5984591 |
| **Denmark-3.09%** | **Denmark-3.09%** | **Denmark-3.09%** |
| NKT A/S<sup>(b)</sup> | 9669 | &nbsp;&nbsp; 790092 |
| Orsted A/S<sup>(a)(b)(c)</sup> | 15285 | &nbsp;&nbsp; 610418 |
| Vestas Wind Systems A/S | 45180 | &nbsp;&nbsp; 604510 |
|  |  | &nbsp;&nbsp; 2005020 |
| **Finland-0.94%** | **Finland-0.94%** | **Finland-0.94%** |
| Kempower OYJ<sup>(a)(b)</sup> | 48763 | &nbsp;&nbsp; 608197 |
| **France-4.41%** | **France-4.41%** | **France-4.41%** |
| Legrand S.A. | 5716 | &nbsp;&nbsp; 630350 |
| Nexans S.A. | 6394 | &nbsp;&nbsp; 704853 |
| Rexel S.A. | 22472 | &nbsp;&nbsp; 626503 |
| SPIE S.A. | 18202 | &nbsp;&nbsp; 895199 |
|  |  | &nbsp;&nbsp; 2856905 |
| **Germany-4.83%** | **Germany-4.83%** | **Germany-4.83%** |
| Nordex SE<sup>(b)</sup> | 52910 | &nbsp;&nbsp; 994062 |
| SMA Solar Technology AG<sup>(a)</sup> | 42740 | &nbsp;&nbsp; 743802 |
| Verbio SE<sup>(a)</sup> | 65150 | &nbsp;&nbsp; 771575 |
| Wacker Chemie AG | 8163 | &nbsp;&nbsp; 619212 |
|  |  | &nbsp;&nbsp; 3128651 |
| **Ireland-1.16%** | **Ireland-1.16%** | **Ireland-1.16%** |
| Kingspan Group PLC | 8850 | &nbsp;&nbsp; 749374 |
| **Israel-1.84%** | **Israel-1.84%** | **Israel-1.84%** |
| Energix-Renewable Energies Ltd. | 194240 | &nbsp;&nbsp; 575263 |
| Enlight Renewable Energy Ltd.<sup>(b)</sup> | 38033 | &nbsp;&nbsp; 616014 |
|  |  | &nbsp;&nbsp; 1191277 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Italy-1.96%** | **Italy-1.96%** | **Italy-1.96%** |
| Prysmian S.p.A. | 9015 | &nbsp;&nbsp; $496919 |
| Terna S.p.A. | 77344 | &nbsp;&nbsp; 771742 |
|  |  | &nbsp;&nbsp; 1268661 |
| **Japan-6.05%** | **Japan-6.05%** | **Japan-6.05%** |
| GS Yuasa Corp.<sup>(a)</sup> | 39095 | &nbsp;&nbsp; 688336 |
| RENOVA, Inc.<sup>(b)</sup> | 148669 | &nbsp;&nbsp; 682621 |
| Sanyo Denki Co. Ltd. | 10280 | &nbsp;&nbsp; 708177 |
| Tamura Corp. | 163198 | &nbsp;&nbsp; 521812 |
| Toyo Tanso Co. Ltd.<sup>(a)</sup> | 23828 | &nbsp;&nbsp; 671215 |
| West Holdings Corp.<sup>(a)</sup> | 58411 | &nbsp;&nbsp; 648280 |
|  |  | &nbsp;&nbsp; 3920441 |
| **Netherlands-1.42%** | **Netherlands-1.42%** | **Netherlands-1.42%** |
| Alfen N.V.<sup>(a)(b)(c)</sup> | 52083 | &nbsp;&nbsp; 918908 |
| **New Zealand-0.90%** | **New Zealand-0.90%** | **New Zealand-0.90%** |
| Mercury NZ Ltd. | 175443 | &nbsp;&nbsp; 581638 |
| **Norway-1.39%** | **Norway-1.39%** | **Norway-1.39%** |
| Aker Carbon Capture ASA | 957807 | &nbsp;&nbsp; 237351 |
| NEL ASA<sup>(a)(b)</sup> | 3049417 | &nbsp;&nbsp; 662405 |
|  |  | &nbsp;&nbsp; 899756 |
| **South Africa-1.09%** | **South Africa-1.09%** | **South Africa-1.09%** |
| Scatec ASA<sup>(b)(c)</sup> | 92265 | &nbsp;&nbsp; 706406 |
| **South Korea-6.94%** | **South Korea-6.94%** | **South Korea-6.94%** |
| CS Wind Corp. | 21452 | &nbsp;&nbsp; 585594 |
| Doosan Fuel Cell Co. Ltd.<sup>(b)</sup> | 58321 | &nbsp;&nbsp; 625771 |
| Ecopro BM Co. Ltd.<sup>(b)</sup> | 7021 | &nbsp;&nbsp; 500106 |
| HD Hyundai Electric Co. Ltd. | 2262 | &nbsp;&nbsp; 492268 |
| Lotte Energy Materials Corp.<sup>(b)</sup> | 36375 | &nbsp;&nbsp; 580180 |
| LS Corp. | 7165 | &nbsp;&nbsp; 663775 |
| LS Electric Co. Ltd. | 3496 | &nbsp;&nbsp; 504935 |
| Samsung SDI Co. Ltd. | 4302 | &nbsp;&nbsp; 532719 |
| Samsung SDI Co. Ltd., Rts., expiring <br> 06/30/2025<sup>(b)</sup><br>| 628 | &nbsp;&nbsp; 15220 |
|  |  | &nbsp;&nbsp; 4500568 |
| **Spain-5.54%** | **Spain-5.54%** | **Spain-5.54%** |
| Acciona S.A.<sup>(a)</sup> | 5487 | &nbsp;&nbsp; 802337 |
| Corporacion ACCIONA Energias Renovables <br> S.A.<sup>(a)</sup><br>| 33747 | &nbsp;&nbsp; 633012 |
| EDP Renovaveis S.A.<sup>(a)</sup> | 70704 | &nbsp;&nbsp; 664405 |
| EDP Renovaveis S.A., Rts., expiring <br> 05/05/2025<sup>(a)(b)</sup><br>| 73092 | &nbsp;&nbsp; 7478 |
| Grenergy Renovables S.A.<sup>(a)(b)</sup> | 15660 | &nbsp;&nbsp; 902726 |
| Solaria Energia y Medio Ambiente S.A.<sup>(a)(b)</sup> | 76760 | &nbsp;&nbsp; 580573 |
|  |  | &nbsp;&nbsp; 3590531 |
| **Sweden-0.94%** | **Sweden-0.94%** | **Sweden-0.94%** |
| NIBE Industrier AB, Class B<sup>(a)</sup> | 142980 | &nbsp;&nbsp; 611026 |
| **Switzerland-1.16%** | **Switzerland-1.16%** | **Switzerland-1.16%** |
| Landis+Gyr Group AG<sup>(b)</sup> | 11602 | &nbsp;&nbsp; 749476 |
| **Taiwan-12.04%** | **Taiwan-12.04%** | **Taiwan-12.04%** |
| AcBel Polytech, Inc. | 659068 | &nbsp;&nbsp; 531046 |
| Allis Electric Co. Ltd. | 209292 | &nbsp;&nbsp; 607504 |
| Chung-Hsin Electric and Machinery <br> Manufacturing Corp.<br>| 139440 | &nbsp;&nbsp; 556389 |
| Delta Electronics, Inc. | 51110 | &nbsp;&nbsp; 535541 |

---

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

------

**13**

------

**Invesco Global Clean Energy ETF (PBD)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan-(continued)** | **Taiwan-(continued)** | **Taiwan-(continued)** |
| Fortune Electric Co. Ltd. | 39466 | &nbsp;&nbsp; $520177 |
| FSP Technology, Inc. | 316618 | &nbsp;&nbsp; 534273 |
| Motech Industries, Inc. | 993539 | &nbsp;&nbsp; 583859 |
| Phihong Technology Co. Ltd.<sup>(b)</sup> | 604772 | &nbsp;&nbsp; 487682 |
| Shihlin Electric & Engineering Corp. | 114676 | &nbsp;&nbsp; 514144 |
| Sino-American Silicon Products, Inc. | 181337 | &nbsp;&nbsp; 628632 |
| Ta Ya Electric Wire & Cable Co. Ltd. | 500784 | &nbsp;&nbsp; 561152 |
| Teco Electric and Machinery Co. Ltd. | 389833 | &nbsp;&nbsp; 597421 |
| United Renewable Energy Co. Ltd.<sup>(b)</sup> | 2102663 | &nbsp;&nbsp; 565563 |
| Voltronic Power Technology Corp. | 12370 | &nbsp;&nbsp; 580045 |
|  |  | &nbsp;&nbsp; 7803428 |
| **United Kingdom-1.37%** | **United Kingdom-1.37%** | **United Kingdom-1.37%** |
| Ceres Power Holdings PLC<sup>(a)(b)</sup> | 358368 | &nbsp;&nbsp; 280349 |
| ITM Power PLC<sup>(a)(b)</sup> | 1480387 | &nbsp;&nbsp; 609473 |
|  |  | &nbsp;&nbsp; 889822 |
| **United States-23.56%** | **United States-23.56%** | **United States-23.56%** |
| Array Technologies, Inc.<sup>(b)</sup> | 95864 | &nbsp;&nbsp; 458230 |
| Atkore, Inc. | 9089 | &nbsp;&nbsp; 580514 |
| Bloom Energy Corp., Class A<sup>(a)(b)</sup> | 25653 | &nbsp;&nbsp; 469963 |
| Blue Bird Corp.<sup>(b)</sup> | 17518 | &nbsp;&nbsp; 610853 |
| ChargePoint Holdings, Inc.<sup>(a)(b)</sup> | 806629 | &nbsp;&nbsp; 502368 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 11739 | &nbsp;&nbsp; 618410 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 15702 | &nbsp;&nbsp; 505447 |
| Enphase Energy, Inc.<sup>(b)</sup> | 10158 | &nbsp;&nbsp; 452945 |
| Eos Energy Enterprises, Inc.<sup>(a)(b)</sup> | 121589 | &nbsp;&nbsp; 634695 |
| EVgo, Inc.<sup>(b)</sup> | 215563 | &nbsp;&nbsp; 594954 |
| First Solar, Inc.<sup>(b)</sup> | 3957 | &nbsp;&nbsp; 497870 |
| FuelCell Energy, Inc.<sup>(a)(b)</sup> | 81122 | &nbsp;&nbsp; 332600 |
| Gevo, Inc.<sup>(b)</sup> | 350030 | &nbsp;&nbsp; 385033 |
| Green Plains, Inc.<sup>(b)</sup> | 96796 | &nbsp;&nbsp; 346530 |
| HA Sustainable Infrastructure Capital, Inc. | 22705 | &nbsp;&nbsp; 567171 |
| Hubbell, Inc. | 1615 | &nbsp;&nbsp; 586536 |
| Itron, Inc.<sup>(b)</sup> | 6433 | &nbsp;&nbsp; 715929 |
| Lucid Group, Inc.<sup>(b)</sup> | 194447 | &nbsp;&nbsp; 488062 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Ormat Technologies, Inc. | 10092 | &nbsp;&nbsp; $732679 |
| Plug Power, Inc.<sup>(a)(b)</sup> | 359523 | &nbsp;&nbsp; 313720 |
| QuantumScape Corp.<sup>(a)(b)</sup> | 122601 | &nbsp;&nbsp; 479370 |
| Rivian Automotive, Inc., Class A<sup>(a)(b)</sup> | 47689 | &nbsp;&nbsp; 651432 |
| SES AI Corp.<sup>(a)(b)</sup> | 609565 | &nbsp;&nbsp; 547877 |
| Shoals Technologies Group, Inc., Class A<sup>(b)</sup> | 156948 | &nbsp;&nbsp; 566582 |
| Signify N.V.<sup>(a)</sup> | 28855 | &nbsp;&nbsp; 600197 |
| SolarEdge Technologies, Inc.<sup>(b)</sup> | 42701 | &nbsp;&nbsp; 522447 |
| Sunnova Energy International, Inc.<sup>(b)</sup> | 327773 | &nbsp;&nbsp; 61785 |
| Sunrun, Inc.<sup>(b)</sup> | 73900 | &nbsp;&nbsp; 509171 |
| Universal Display Corp. | 4414 | &nbsp;&nbsp; 554531 |
| Wolfspeed, Inc.<sup>(a)(b)</sup> | 107451 | &nbsp;&nbsp; 381451 |
|  |  | &nbsp;&nbsp; 15269352 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.59% <br>(Cost $96,856,434) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.59% <br>(Cost $96,856,434) | &nbsp;&nbsp; 64546358 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-26.29%** | **Money Market Funds-26.29%** | **Money Market Funds-26.29%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 4700430 | &nbsp;&nbsp; 4700430 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 12335137 | &nbsp;&nbsp; 12337604 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $17,039,032) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $17,039,032) | &nbsp;&nbsp; 17038034 |
| TOTAL INVESTMENTS IN SECURITIES-125.88% <br>(Cost $113,895,466) | TOTAL INVESTMENTS IN SECURITIES-125.88% <br>(Cost $113,895,466) | &nbsp;&nbsp; 81584392 |
| OTHER ASSETS LESS LIABILITIES-(25.88)% | OTHER ASSETS LESS LIABILITIES-(25.88)% | &nbsp;&nbsp; (16775253)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $64809139 |

---

Investment Abbreviations: <br> ADR-American Depositary Receipt <br> Rts.-Rights

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $3,567,257, which represented 5.50% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $679402 | &nbsp;&nbsp; $(679402)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $212 |

---

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

------

**14**

------

**Invesco Global Clean Energy ETF (PBD)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $8450766 | &nbsp;&nbsp; $12836195 | &nbsp;&nbsp; $(16586531)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4700430 | &nbsp;&nbsp; $138,668<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 22004229 | &nbsp;&nbsp; 26643229 | &nbsp;&nbsp; (36308614)<br>| &nbsp;&nbsp; (96)<br>| &nbsp;&nbsp; (1144)<br>| &nbsp;&nbsp; 12337604 | &nbsp;&nbsp; 368,851<br> \*<br>|
| Total | &nbsp;&nbsp; $30454995 | &nbsp;&nbsp; $40158826 | &nbsp;&nbsp; $(53574547)<br>| &nbsp;&nbsp; $(96)<br>| &nbsp;&nbsp; $(1144)<br>| &nbsp;&nbsp; $17038034 | &nbsp;&nbsp; $507731 |

---

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

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

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

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

------

**15**

------

**Invesco Global Water ETF (PIO)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.37%** | **Common Stocks & Other Equity Interests-99.37%** | **Common Stocks & Other Equity Interests-99.37%** |
| **Brazil-4.85%** | **Brazil-4.85%** | **Brazil-4.85%** |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| 614041 | &nbsp;&nbsp; $12352621 |
| **Canada-2.21%** | **Canada-2.21%** | **Canada-2.21%** |
| Stantec, Inc. | 64427 | &nbsp;&nbsp; 5643718 |
| **Chile-0.27%** | **Chile-0.27%** | **Chile-0.27%** |
| Aguas Andinas S.A., Class A | 1910180 | &nbsp;&nbsp; 698834 |
| **China-0.35%** | **China-0.35%** | **China-0.35%** |
| China Water Affairs Group Ltd.<sup>(a)</sup> | 1147553 | &nbsp;&nbsp; 883623 |
| **France-6.27%** | **France-6.27%** | **France-6.27%** |
| Veolia Environnement S.A.<sup>(a)</sup> | 436065 | &nbsp;&nbsp; 15981710 |
| **Japan-16.81%** | **Japan-16.81%** | **Japan-16.81%** |
| Ebara Corp. | 605358 | &nbsp;&nbsp; 9115240 |
| Ebara Jitsugyo Co. Ltd. | 4533 | &nbsp;&nbsp; 113871 |
| Kurita Water Industries Ltd. | 147696 | &nbsp;&nbsp; 4901526 |
| METAWATER Co. Ltd. | 28155 | &nbsp;&nbsp; 402560 |
| Miura Co. Ltd. | 110416 | &nbsp;&nbsp; 2357516 |
| Nomura Micro Science Co. Ltd.<sup>(a)</sup> | 778691 | &nbsp;&nbsp; 12798148 |
| Organo Corp. | 94476 | &nbsp;&nbsp; 4533244 |
| TOTO Ltd. | 326352 | &nbsp;&nbsp; 8625919 |
|  |  | &nbsp;&nbsp; 42848024 |
| **Mexico-0.04%** | **Mexico-0.04%** | **Mexico-0.04%** |
| Grupo Rotoplas S.A.B. de C.V.<sup>(b)</sup> | 180556 | &nbsp;&nbsp; 111700 |
| **Netherlands-1.53%** | **Netherlands-1.53%** | **Netherlands-1.53%** |
| Aalberts N.V. | 45979 | &nbsp;&nbsp; 1532065 |
| Arcadis N.V. | 48707 | &nbsp;&nbsp; 2369988 |
|  |  | &nbsp;&nbsp; 3902053 |
| **South Korea-1.12%** | **South Korea-1.12%** | **South Korea-1.12%** |
| Coway Co. Ltd. | 46258 | &nbsp;&nbsp; 2848126 |
| **Switzerland-8.38%** | **Switzerland-8.38%** | **Switzerland-8.38%** |
| Belimo Holding AG | 7028 | &nbsp;&nbsp; 5997585 |
| Geberit AG | 16972 | &nbsp;&nbsp; 11808360 |
| Georg Fischer AG<sup>(a)</sup> | 48853 | &nbsp;&nbsp; 3547778 |
|  |  | &nbsp;&nbsp; 21353723 |
| **United Kingdom-10.53%** | **United Kingdom-10.53%** | **United Kingdom-10.53%** |
| Genuit Group PLC | 219935 | &nbsp;&nbsp; 1122496 |
| Halma PLC | 193888 | &nbsp;&nbsp; 7172835 |
| Severn Trent PLC | 185233 | &nbsp;&nbsp; 6905670 |
| Spirax Group PLC | 62136 | &nbsp;&nbsp; 4908336 |
| United Utilities Group PLC | 445397 | &nbsp;&nbsp; 6711333 |
|  |  | &nbsp;&nbsp; 26820670 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-47.01%** | **United States-47.01%** | **United States-47.01%** |
| A.O. Smith Corp. | 76124 | &nbsp;&nbsp; $5165775 |
| Advanced Drainage Systems, Inc. | 40697 | &nbsp;&nbsp; 4618703 |
| American Water Works Co., Inc. | 68579 | &nbsp;&nbsp; 10081799 |
| Consolidated Water Co. Ltd. | 24232 | &nbsp;&nbsp; 563152 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 120810 | &nbsp;&nbsp; 6364271 |
| Ecolab, Inc. | 73894 | &nbsp;&nbsp; 18579168 |
| Ferguson Enterprises, Inc. | 24589 | &nbsp;&nbsp; 4184831 |
| IDEX Corp.<sup>(a)</sup> | 33167 | &nbsp;&nbsp; 5770063 |
| Pentair PLC | 211167 | &nbsp;&nbsp; 19159182 |
| Roper Technologies, Inc. | 34040 | &nbsp;&nbsp; 19065123 |
| Veralto Corp. | 82947 | &nbsp;&nbsp; 7954617 |
| Waters Corp.<sup>(b)</sup> | 26341 | &nbsp;&nbsp; 9159556 |
| Xylem, Inc. | 75592 | &nbsp;&nbsp; 9114127 |
|  |  | &nbsp;&nbsp; 119780367 |
| Total Common Stocks & Other Equity Interests <br>(Cost $204,063,344) | Total Common Stocks & Other Equity Interests <br>(Cost $204,063,344) | &nbsp;&nbsp; 253225169 |
| **Money Market Funds-0.10%** | **Money Market Funds-0.10%** | **Money Market Funds-0.10%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(c)(d)</sup> <br>(Cost $245,379)<br>| 245379 | &nbsp;&nbsp; 245379 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.47% <br>(Cost $204,308,723) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.47% <br>(Cost $204,308,723) | &nbsp;&nbsp; 253470548 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-15.44%** | **Money Market Funds-15.44%** | **Money Market Funds-15.44%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 10937811 | &nbsp;&nbsp; 10937811 |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 28393478 | &nbsp;&nbsp; 28399157 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $39,337,241) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $39,337,241) | &nbsp;&nbsp; 39336968 |
| TOTAL INVESTMENTS IN SECURITIES-114.91% <br>(Cost $243,645,964) | TOTAL INVESTMENTS IN SECURITIES-114.91% <br>(Cost $243,645,964) | &nbsp;&nbsp; 292807516 |
| OTHER ASSETS LESS LIABILITIES-(14.91)% | OTHER ASSETS LESS LIABILITIES-(14.91)% | &nbsp;&nbsp; (37983623)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $254823893 |

---

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

------

**16**

------

**Invesco Global Water ETF (PIO)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $122640 | &nbsp;&nbsp; $5536034 | &nbsp;&nbsp; $(5413295)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $245379 | &nbsp;&nbsp; $2319 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2058065 | &nbsp;&nbsp; 49052381 | &nbsp;&nbsp; (40172635)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 10937811 | &nbsp;&nbsp; 122,988<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 5364901 | &nbsp;&nbsp; 121240799 | &nbsp;&nbsp; (98204709)<br>| &nbsp;&nbsp; 216 | &nbsp;&nbsp; (2050)<br>| &nbsp;&nbsp; 28399157 | &nbsp;&nbsp; 328,832<br> \*<br>|
| Total | &nbsp;&nbsp; $7545606 | &nbsp;&nbsp; $175829214 | &nbsp;&nbsp; $(143790639)<br>| &nbsp;&nbsp; $216 | &nbsp;&nbsp; $(2050)<br>| &nbsp;&nbsp; $39582347 | &nbsp;&nbsp; $454139 |

---

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

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

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

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

------

**17**

------

**Invesco International BuyBack Achievers**<sup>TM</sup> **ETF (IPKW)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.28%** | **Common Stocks & Other Equity Interests-99.28%** | **Common Stocks & Other Equity Interests-99.28%** |
| **Australia-1.15%** | **Australia-1.15%** | **Australia-1.15%** |
| AMP Ltd. | 429522 | &nbsp;&nbsp; $354379 |
| Helia Group Ltd. | 40218 | &nbsp;&nbsp; 124516 |
| Qantas Airways Ltd. | 243886 | &nbsp;&nbsp; 1377405 |
|  |  | &nbsp;&nbsp; 1856300 |
| **Brazil-0.53%** | **Brazil-0.53%** | **Brazil-0.53%** |
| BRF S.A. | 91300 | &nbsp;&nbsp; 366077 |
| StoneCo Ltd., Class A<sup>(a)(b)</sup> | 35461 | &nbsp;&nbsp; 498582 |
|  |  | &nbsp;&nbsp; 864659 |
| **Canada-5.38%** | **Canada-5.38%** | **Canada-5.38%** |
| Athabasca Oil Corp.<sup>(a)</sup> | 76700 | &nbsp;&nbsp; 252094 |
| Baytex Energy Corp. | 113913 | &nbsp;&nbsp; 175657 |
| Canada Goose Holdings, Inc.<sup>(a)</sup> | 5361 | &nbsp;&nbsp; 44788 |
| Canadian Tire Corp. Ltd., Class A<sup>(b)</sup> | 8855 | &nbsp;&nbsp; 967236 |
| Cargojet, Inc. | 2368 | &nbsp;&nbsp; 146232 |
| Cogeco Communications, Inc. | 4006 | &nbsp;&nbsp; 196631 |
| Docebo, Inc.<sup>(a)</sup> | 2363 | &nbsp;&nbsp; 73868 |
| Finning International, Inc. | 22990 | &nbsp;&nbsp; 647608 |
| Gildan Activewear, Inc. | 22692 | &nbsp;&nbsp; 1043671 |
| iA Financial Corp., Inc. | 15832 | &nbsp;&nbsp; 1534946 |
| Imperial Oil Ltd. | 19863 | &nbsp;&nbsp; 1337190 |
| Martinrea International, Inc. | 11114 | &nbsp;&nbsp; 59058 |
| MEG Energy Corp. | 43664 | &nbsp;&nbsp; 611353 |
| Obsidian Energy Ltd.<sup>(a)(b)</sup> | 12501 | &nbsp;&nbsp; 52582 |
| Onex Corp. | 9361 | &nbsp;&nbsp; 661498 |
| Russel Metals, Inc. | 9668 | &nbsp;&nbsp; 279968 |
| Secure Waste Infrastructure Corp. | 39518 | &nbsp;&nbsp; 375640 |
| Trican Well Service Ltd. | 31958 | &nbsp;&nbsp; 93702 |
| Vermilion Energy, Inc.<sup>(b)</sup> | 26308 | &nbsp;&nbsp; 158461 |
|  |  | &nbsp;&nbsp; 8712183 |
| **China-8.33%** | **China-8.33%** | **China-8.33%** |
| Alibaba Group Holding Ltd. | 493264 | &nbsp;&nbsp; 7365302 |
| China Shenhua Energy Co. Ltd., H Shares | 544165 | &nbsp;&nbsp; 2045291 |
| Chinasoft International Ltd.<sup>(a)</sup> | 369929 | &nbsp;&nbsp; 235806 |
| Dongyue Group Ltd.<sup>(b)</sup> | 217379 | &nbsp;&nbsp; 256565 |
| Inner Mongolia Yitai Coal Co. Ltd., B Shares | 193700 | &nbsp;&nbsp; 385228 |
| JD.com, Inc., A Shares | 196318 | &nbsp;&nbsp; 3196708 |
|  |  | &nbsp;&nbsp; 13484900 |
| **Colombia-0.03%** | **Colombia-0.03%** | **Colombia-0.03%** |
| GeoPark Ltd.<sup>(b)</sup> | 6688 | &nbsp;&nbsp; 44943 |
| **Denmark-1.09%** | **Denmark-1.09%** | **Denmark-1.09%** |
| A.P. Moller - Maersk A/S, Class B<sup>(b)</sup> | 618 | &nbsp;&nbsp; 1067943 |
| D/S Norden A/S | 3692 | &nbsp;&nbsp; 100902 |
| Sydbank A/S | 9262 | &nbsp;&nbsp; 595269 |
|  |  | &nbsp;&nbsp; 1764114 |
| **Finland-0.20%** | **Finland-0.20%** | **Finland-0.20%** |
| Hiab OYJ, Class B | 6740 | &nbsp;&nbsp; 321812 |
| **France-4.60%** | **France-4.60%** | **France-4.60%** |
| TotalEnergies SE | 125921 | &nbsp;&nbsp; 7196547 |
| Virbac SACA | 711 | &nbsp;&nbsp; 251538 |
|  |  | &nbsp;&nbsp; 7448085 |
| **Germany-8.49%** | **Germany-8.49%** | **Germany-8.49%** |
| CANCOM SE | 3261 | &nbsp;&nbsp; 100472 |
| K+S AG | 26739 | &nbsp;&nbsp; 467984 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Mercedes-Benz Group AG | 69316 | &nbsp;&nbsp; $4158589 |
| SAP SE | 30738 | &nbsp;&nbsp; 9024555 |
|  |  | &nbsp;&nbsp; 13751600 |
| **Hong Kong-0.04%** | **Hong Kong-0.04%** | **Hong Kong-0.04%** |
| Skyworth Group Ltd.<sup>(b)</sup> | 175166 | &nbsp;&nbsp; 67237 |
| **Ireland-1.53%** | **Ireland-1.53%** | **Ireland-1.53%** |
| AIB Group PLC | 347627 | &nbsp;&nbsp; 2344466 |
| Greencore Group PLC | 52308 | &nbsp;&nbsp; 129277 |
|  |  | &nbsp;&nbsp; 2473743 |
| **Israel-0.37%** | **Israel-0.37%** | **Israel-0.37%** |
| Airport City Ltd.<sup>(a)</sup> | 6131 | &nbsp;&nbsp; 91130 |
| Plus500 Ltd. | 12355 | &nbsp;&nbsp; 507600 |
|  |  | &nbsp;&nbsp; 598730 |
| **Italy-5.37%** | **Italy-5.37%** | **Italy-5.37%** |
| F.I.L.A - Fabbrica Italiana Lapis ed Affini - <br> S.p.A.<br>| 5323 | &nbsp;&nbsp; 69588 |
| OVS S.p.A.<sup>(c)</sup> | 30206 | &nbsp;&nbsp; 109397 |
| UniCredit S.p.A.<sup>(b)</sup> | 145787 | &nbsp;&nbsp; 8511217 |
|  |  | &nbsp;&nbsp; 8690202 |
| **Japan-14.38%** | **Japan-14.38%** | **Japan-14.38%** |
| Alfresa Holdings Corp. | 32477 | &nbsp;&nbsp; 491446 |
| Citizen Watch Co. Ltd. | 38831 | &nbsp;&nbsp; 225155 |
| Dai Nippon Printing Co. Ltd. | 88940 | &nbsp;&nbsp; 1242667 |
| Dai-ichi Life Holdings, Inc. | 535498 | &nbsp;&nbsp; 3875751 |
| Eiken Chemical Co. Ltd. | 4940 | &nbsp;&nbsp; 76982 |
| Hokkoku Financial Holdings, Inc. | 3967 | &nbsp;&nbsp; 148189 |
| Idemitsu Kosan Co. Ltd. | 166157 | &nbsp;&nbsp; 1032132 |
| Japan Aviation Electronics Industry Ltd. | 8108 | &nbsp;&nbsp; 130192 |
| Japan Post Holdings Co. Ltd. | 348146 | &nbsp;&nbsp; 3392138 |
| JVCKenwood Corp. | 27803 | &nbsp;&nbsp; 207991 |
| Kansai Paint Co. Ltd. | 22068 | &nbsp;&nbsp; 333431 |
| Kato Sangyo Co. Ltd. | 5956 | &nbsp;&nbsp; 208868 |
| Kureha Corp. | 7111 | &nbsp;&nbsp; 124763 |
| Megachips Corp. | 3071 | &nbsp;&nbsp; 100157 |
| Nippon Yusen K.K.<sup>(b)</sup> | 78220 | &nbsp;&nbsp; 2561767 |
| Okinawa Cellular Telephone Co. | 3919 | &nbsp;&nbsp; 116483 |
| Olympus Corp. | 183632 | &nbsp;&nbsp; 2411865 |
| Sankyo Co. Ltd. | 41935 | &nbsp;&nbsp; 639795 |
| Sankyu, Inc. | 9397 | &nbsp;&nbsp; 412249 |
| Seino Holdings Co. Ltd.<sup>(b)</sup> | 27369 | &nbsp;&nbsp; 431768 |
| Sojitz Corp. | 35891 | &nbsp;&nbsp; 851128 |
| Suruga Bank Ltd. | 27419 | &nbsp;&nbsp; 243454 |
| Suzuken Co. Ltd. | 12270 | &nbsp;&nbsp; 444343 |
| Toho Holdings Co. Ltd.<sup>(b)</sup> | 10058 | &nbsp;&nbsp; 329594 |
| Tokai Rika Co. Ltd. | 11074 | &nbsp;&nbsp; 165325 |
| Tokyo Gas Co. Ltd. | 60736 | &nbsp;&nbsp; 2022629 |
| TSI Holdings Co. Ltd.<sup>(b)</sup> | 11730 | &nbsp;&nbsp; 88485 |
| Ushio, Inc. | 11887 | &nbsp;&nbsp; 143316 |
| Wacom Co. Ltd. | 19789 | &nbsp;&nbsp; 75935 |
| Yamato Holdings Co. Ltd.<sup>(b)</sup> | 53232 | &nbsp;&nbsp; 757577 |
|  |  | &nbsp;&nbsp; 23285575 |
| **Malaysia-0.03%** | **Malaysia-0.03%** | **Malaysia-0.03%** |
| Malaysian Pacific Industries Bhd. | 12500 | &nbsp;&nbsp; 54362 |

---

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

------

**18**

------

**Invesco International BuyBack Achievers**<sup>TM</sup> **ETF (IPKW)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mexico-0.09%** | **Mexico-0.09%** | **Mexico-0.09%** |
| Grupo Televisa S.A.B., Series CPO<sup>(b)</sup> | 416229 | &nbsp;&nbsp; $151820 |
| **Netherlands-8.53%** | **Netherlands-8.53%** | **Netherlands-8.53%** |
| Aegon Ltd. | 215912 | &nbsp;&nbsp; 1393516 |
| ING Groep N.V. | 208794 | &nbsp;&nbsp; 4068597 |
| Prosus N.V.<sup>(a)</sup> | 176451 | &nbsp;&nbsp; 8301320 |
| TomTom N.V.<sup>(a)(b)</sup> | 7847 | &nbsp;&nbsp; 41620 |
|  |  | &nbsp;&nbsp; 13805053 |
| **Norway-2.22%** | **Norway-2.22%** | **Norway-2.22%** |
| Equinor ASA | 153396 | &nbsp;&nbsp; 3483416 |
| Stolt-Nielsen Ltd. | 4865 | &nbsp;&nbsp; 109582 |
|  |  | &nbsp;&nbsp; 3592998 |
| **Poland-0.23%** | **Poland-0.23%** | **Poland-0.23%** |
| Asseco Poland S.A.<sup>(b)</sup> | 9153 | &nbsp;&nbsp; 379673 |
| **Portugal-0.57%** | **Portugal-0.57%** | **Portugal-0.57%** |
| Galp Energia SGPS S.A. | 58803 | &nbsp;&nbsp; 914218 |
| **South Africa-0.12%** | **South Africa-0.12%** | **South Africa-0.12%** |
| Exxaro Resources Ltd. | 23705 | &nbsp;&nbsp; 194017 |
| **South Korea-2.52%** | **South Korea-2.52%** | **South Korea-2.52%** |
| CJ Corp. | 2277 | &nbsp;&nbsp; 199041 |
| CJ Logistics Corp. | 1548 | &nbsp;&nbsp; 90304 |
| Hanwha Aerospace Co. Ltd. | 4563 | &nbsp;&nbsp; 2564425 |
| MegaStudyEdu Co. Ltd. | 1042 | &nbsp;&nbsp; 35146 |
| Meritz Financial Group, Inc. | 13590 | &nbsp;&nbsp; 1187232 |
|  |  | &nbsp;&nbsp; 4076148 |
| **Spain-1.47%** | **Spain-1.47%** | **Spain-1.47%** |
| Laboratorios Farmaceuticos Rovi S.A. | 3217 | &nbsp;&nbsp; 189246 |
| Neinor Homes S.A.<sup>(a)(b)(c)</sup> | 4197 | &nbsp;&nbsp; 73311 |
| Repsol S.A. | 172795 | &nbsp;&nbsp; 2119461 |
|  |  | &nbsp;&nbsp; 2382018 |
| **Sweden-1.05%** | **Sweden-1.05%** | **Sweden-1.05%** |
| Ambea AB<sup>(b)(c)</sup> | 13720 | &nbsp;&nbsp; 166099 |
| Autoliv, Inc., SDR | 13135 | &nbsp;&nbsp; 1234710 |
| Truecaller AB, Class B | 39725 | &nbsp;&nbsp; 299588 |
|  |  | &nbsp;&nbsp; 1700397 |
| **Switzerland-0.10%** | **Switzerland-0.10%** | **Switzerland-0.10%** |
| Daetwyler Holding AG, BR<sup>(b)</sup> | 1090 | &nbsp;&nbsp; 158075 |
| **Thailand-0.40%** | **Thailand-0.40%** | **Thailand-0.40%** |
| Charoen Pokphand Foods PCL, NVDR | 811128 | &nbsp;&nbsp; 642480 |
| **United Kingdom-25.54%** | **United Kingdom-25.54%** | **United Kingdom-25.54%** |
| Aberdeen Group PLC<sup>(b)</sup> | 232889 | &nbsp;&nbsp; 460993 |
| BAE Systems PLC | 201570 | &nbsp;&nbsp; 4683444 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Balfour Beatty PLC | 68620 | &nbsp;&nbsp; $420651 |
| Centrica PLC | 678572 | &nbsp;&nbsp; 1456115 |
| Cranswick PLC | 7281 | &nbsp;&nbsp; 505058 |
| Deliveroo PLC<sup>(a)(c)</sup> | 123937 | &nbsp;&nbsp; 282071 |
| Future PLC | 11383 | &nbsp;&nbsp; 108497 |
| Grafton Group PLC | 23482 | &nbsp;&nbsp; 284891 |
| HSBC Holdings PLC | 719416 | &nbsp;&nbsp; 8037654 |
| IG Group Holdings PLC | 44340 | &nbsp;&nbsp; 633399 |
| Imperial Brands PLC | 76651 | &nbsp;&nbsp; 3152304 |
| Indivior PLC<sup>(a)(b)</sup> | 14932 | &nbsp;&nbsp; 169827 |
| Informa PLC | 169444 | &nbsp;&nbsp; 1659013 |
| InterContinental Hotels Group PLC | 17137 | &nbsp;&nbsp; 1832805 |
| Mears Group PLC | 7116 | &nbsp;&nbsp; 36919 |
| NatWest Group PLC | 695770 | &nbsp;&nbsp; 4485468 |
| OSB Group PLC | 49781 | &nbsp;&nbsp; 317133 |
| Pearson PLC | 85043 | &nbsp;&nbsp; 1366413 |
| Shell PLC | 222548 | &nbsp;&nbsp; 7198180 |
| Standard Chartered PLC | 244214 | &nbsp;&nbsp; 3525395 |
| Whitbread PLC | 21142 | &nbsp;&nbsp; 735936 |
|  |  | &nbsp;&nbsp; 41352166 |
| **United States-4.92%** | **United States-4.92%** | **United States-4.92%** |
| BP PLC | 1441637 | &nbsp;&nbsp; 6671589 |
| Tenaris S.A. | 76934 | &nbsp;&nbsp; 1287287 |
|  |  | &nbsp;&nbsp; 7958876 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.28% <br>(Cost $156,882,431) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.28% <br>(Cost $156,882,431) | &nbsp;&nbsp; 160726384 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-4.05%** | **Money Market Funds-4.05%** | **Money Market Funds-4.05%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 1794917 | &nbsp;&nbsp; 1794917 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 4765276 | &nbsp;&nbsp; 4766229 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,561,146) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,561,146) | &nbsp;&nbsp; 6561146 |
| TOTAL INVESTMENTS IN SECURITIES-103.33% <br>(Cost $163,443,577) | TOTAL INVESTMENTS IN SECURITIES-103.33% <br>(Cost $163,443,577) | &nbsp;&nbsp; 167287530 |
| OTHER ASSETS LESS LIABILITIES-(3.33)% | OTHER ASSETS LESS LIABILITIES-(3.33)% | &nbsp;&nbsp; (5383658)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $161903872 |

---

---

| |
|:---|
| Investment Abbreviations: |
| BR-Bearer Shares |
| CPO-Certificates of Ordinary Participation |
| NVDR-Non-Voting Depositary Receipt |
| SDR-Swedish Depository Receipt |

---

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

------

**19**

------

**Invesco International BuyBack Achievers**<sup>TM</sup> **ETF (IPKW)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $630,878, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $5244641 | &nbsp;&nbsp; $(5244641)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1347 |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 978498 | &nbsp;&nbsp; 9410685 | &nbsp;&nbsp; (8594266)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1794917 | &nbsp;&nbsp; 30,720<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 2686409 | &nbsp;&nbsp; 23432686 | &nbsp;&nbsp; (21352548)<br>| &nbsp;&nbsp; 173 | &nbsp;&nbsp; (491)<br>| &nbsp;&nbsp; 4766229 | &nbsp;&nbsp; 82,483<br> \*<br>|
| Total | &nbsp;&nbsp; $3664907 | &nbsp;&nbsp; $38088012 | &nbsp;&nbsp; $(35191455)<br>| &nbsp;&nbsp; $173 | &nbsp;&nbsp; $(491)<br>| &nbsp;&nbsp; $6561146 | &nbsp;&nbsp; $114550 |

---

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

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

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

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

------

**20**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.81%** | **Common Stocks & Other Equity Interests-99.81%** | **Common Stocks & Other Equity Interests-99.81%** |
| **Australia-1.90%** | **Australia-1.90%** | **Australia-1.90%** |
| ANZ Group Holdings Ltd. | 82583 | &nbsp;&nbsp; $1577448 |
| Commonwealth Bank of Australia | 32679 | &nbsp;&nbsp; 3479421 |
| CSL Ltd. | 10722 | &nbsp;&nbsp; 1719140 |
| Fortescue Ltd. | 87753 | &nbsp;&nbsp; 905295 |
| Goodman Group | 55315 | &nbsp;&nbsp; 1057785 |
| Macquarie Group Ltd. | 11860 | &nbsp;&nbsp; 1463999 |
| National Australia Bank Ltd. | 79695 | &nbsp;&nbsp; 1838203 |
| Rio Tinto Ltd.<sup>(a)</sup> | 14825 | &nbsp;&nbsp; 1107953 |
| Telstra Group Ltd. | 588996 | &nbsp;&nbsp; 1698042 |
| Transurban Group | 217979 | &nbsp;&nbsp; 1962143 |
| Wesfarmers Ltd. | 29683 | &nbsp;&nbsp; 1485382 |
| Westpac Banking Corp. | 86125 | &nbsp;&nbsp; 1805373 |
| Woodside Energy Group Ltd. | 80512 | &nbsp;&nbsp; 1048338 |
| Woolworths Group Ltd. | 54702 | &nbsp;&nbsp; 1102825 |
|  |  | &nbsp;&nbsp; 22251347 |
| **Belgium-0.31%** | **Belgium-0.31%** | **Belgium-0.31%** |
| Anheuser-Busch InBev S.A./N.V. | 26775 | &nbsp;&nbsp; 1770789 |
| Groupe Bruxelles Lambert N.V. | 23078 | &nbsp;&nbsp; 1910354 |
|  |  | &nbsp;&nbsp; 3681143 |
| **Brazil-0.59%** | **Brazil-0.59%** | **Brazil-0.59%** |
| Ambev S.A. | 601572 | &nbsp;&nbsp; 1548186 |
| Itau Unibanco Holding S.A., Preference <br> Shares<br>| 235279 | &nbsp;&nbsp; 1478651 |
| Itausa S.A., Preference Shares | 628802 | &nbsp;&nbsp; 1188431 |
| MercadoLibre, Inc.<sup>(b)</sup> | 808 | &nbsp;&nbsp; 1883327 |
| NU Holdings Ltd., Class A<sup>(a)(b)</sup> | 64209 | &nbsp;&nbsp; 798118 |
|  |  | &nbsp;&nbsp; 6896713 |
| **Canada-3.00%** | **Canada-3.00%** | **Canada-3.00%** |
| Agnico Eagle Mines Ltd. | 16102 | &nbsp;&nbsp; 1888806 |
| Bank of Montreal | 17113 | &nbsp;&nbsp; 1636470 |
| Bank of Nova Scotia (The) | 30138 | &nbsp;&nbsp; 1505045 |
| Brookfield Corp. | 30748 | &nbsp;&nbsp; 1648590 |
| Canadian Imperial Bank of Commerce | 22658 | &nbsp;&nbsp; 1426275 |
| Canadian National Railway Co. | 15107 | &nbsp;&nbsp; 1460172 |
| Canadian Pacific Kansas City Ltd. | 23605 | &nbsp;&nbsp; 1711119 |
| Constellation Software, Inc. | 451 | &nbsp;&nbsp; 1622186 |
| Enbridge, Inc.<sup>(a)</sup> | 48261 | &nbsp;&nbsp; 2252506 |
| Loblaw Cos. Ltd. | 7774 | &nbsp;&nbsp; 1259553 |
| Manulife Financial Corp. | 44136 | &nbsp;&nbsp; 1349994 |
| National Bank of Canada | 12134 | &nbsp;&nbsp; 1063625 |
| Pembina Pipeline Corp. | 28092 | &nbsp;&nbsp; 1071779 |
| Restaurant Brands International, Inc. | 15219 | &nbsp;&nbsp; 978718 |
| Royal Bank of Canada | 26141 | &nbsp;&nbsp; 3131507 |
| Shopify, Inc., Class A<sup>(b)</sup> | 21344 | &nbsp;&nbsp; 2026081 |
| Sun Life Financial, Inc. | 19705 | &nbsp;&nbsp; 1171915 |
| TC Energy Corp. | 24241 | &nbsp;&nbsp; 1222316 |
| Thomson Reuters Corp. | 7589 | &nbsp;&nbsp; 1409401 |
| Toronto-Dominion Bank (The) | 34084 | &nbsp;&nbsp; 2173648 |
| Wheaton Precious Metals Corp. | 22355 | &nbsp;&nbsp; 1862944 |
| WSP Global, Inc. | 7407 | &nbsp;&nbsp; 1310341 |
|  |  | &nbsp;&nbsp; 35182991 |
| **China-2.58%** | **China-2.58%** | **China-2.58%** |
| Alibaba Group Holding Ltd. | 308424 | &nbsp;&nbsp; 4605314 |
| Bank of China Ltd., H Shares | 2742203 | &nbsp;&nbsp; 1531352 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| BYD Co. Ltd., H Shares | 34946 | &nbsp;&nbsp; $1659996 |
| China Construction Bank Corp., H Shares | 2243230 | &nbsp;&nbsp; 1842866 |
| China Merchants Bank Co. Ltd., H Shares | 223560 | &nbsp;&nbsp; 1219582 |
| China Overseas Land & Investment Ltd. | 645710 | &nbsp;&nbsp; 1145720 |
| Industrial & Commercial Bank of China Ltd., <br> H Shares<br>| 1928817 | &nbsp;&nbsp; 1321416 |
| JD.com, Inc., A Shares | 79766 | &nbsp;&nbsp; 1298855 |
| Meituan, B Shares<sup>(b)(c)</sup> | 105297 | &nbsp;&nbsp; 1743651 |
| PDD Holdings, Inc., ADR<sup>(b)</sup> | 13438 | &nbsp;&nbsp; 1418650 |
| Ping An Insurance (Group) Co. of China <br> Ltd., H Shares<br>| 280620 | &nbsp;&nbsp; 1679716 |
| Tencent Holdings Ltd. | 119953 | &nbsp;&nbsp; 7348088 |
| Trip.com Group Ltd. | 19366 | &nbsp;&nbsp; 1166759 |
| Xiaomi Corp., B Shares<sup>(b)(c)</sup> | 359883 | &nbsp;&nbsp; 2304312 |
|  |  | &nbsp;&nbsp; 30286277 |
| **Denmark-0.41%** | **Denmark-0.41%** | **Denmark-0.41%** |
| DSV A/S | 5065 | &nbsp;&nbsp; 1077428 |
| Novo Nordisk A/S, Class B | 54989 | &nbsp;&nbsp; 3689838 |
|  |  | &nbsp;&nbsp; 4767266 |
| **France-2.70%** | **France-2.70%** | **France-2.70%** |
| Air Liquide S.A. | 11852 | &nbsp;&nbsp; 2443713 |
| AXA S.A.<sup>(a)</sup> | 38461 | &nbsp;&nbsp; 1825311 |
| BNP Paribas S.A. | 22522 | &nbsp;&nbsp; 1914848 |
| Cie de Saint-Gobain S.A. | 14151 | &nbsp;&nbsp; 1543766 |
| Danone S.A. | 22462 | &nbsp;&nbsp; 1939429 |
| EssilorLuxottica S.A. | 5823 | &nbsp;&nbsp; 1683691 |
| Hermes International S.C.A. | 725 | &nbsp;&nbsp; 2000745 |
| Legrand S.A. | 14163 | &nbsp;&nbsp; 1561870 |
| L'Oreal S.A. | 5472 | &nbsp;&nbsp; 2426213 |
| LVMH Moet Hennessy Louis Vuitton SE | 5083 | &nbsp;&nbsp; 2825317 |
| Orange S.A. | 121788 | &nbsp;&nbsp; 1772990 |
| Pernod Ricard S.A. | 9631 | &nbsp;&nbsp; 1047551 |
| Publicis Groupe S.A. | 11599 | &nbsp;&nbsp; 1184226 |
| Schneider Electric SE | 12390 | &nbsp;&nbsp; 2904839 |
| TotalEnergies SE | 41189 | &nbsp;&nbsp; 2354004 |
| Vinci S.A. | 16047 | &nbsp;&nbsp; 2261839 |
|  |  | &nbsp;&nbsp; 31690352 |
| **Germany-2.28%** | **Germany-2.28%** | **Germany-2.28%** |
| adidas AG | 4291 | &nbsp;&nbsp; 990723 |
| Allianz SE | 7350 | &nbsp;&nbsp; 3050255 |
| Bayerische Motoren Werke AG | 19996 | &nbsp;&nbsp; 1701850 |
| Deutsche Boerse AG | 6797 | &nbsp;&nbsp; 2196810 |
| Deutsche Post AG | 29394 | &nbsp;&nbsp; 1260271 |
| Deutsche Telekom AG | 78454 | &nbsp;&nbsp; 2827576 |
| Mercedes-Benz Group AG | 31172 | &nbsp;&nbsp; 1870153 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen, Class R<br>| 2886 | &nbsp;&nbsp; 1982586 |
| SAP SE | 19195 | &nbsp;&nbsp; 5635576 |
| Siemens AG | 14887 | &nbsp;&nbsp; 3439703 |
| Volkswagen AG, Preference Shares | 17025 | &nbsp;&nbsp; 1858874 |
|  |  | &nbsp;&nbsp; 26814377 |
| **Hong Kong-0.42%** | **Hong Kong-0.42%** | **Hong Kong-0.42%** |
| AIA Group Ltd. | 285130 | &nbsp;&nbsp; 2136703 |

---

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

------

**21**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** |
| Hong Kong Exchanges & Clearing Ltd. | 37453 | &nbsp;&nbsp; $1636500 |
| MTR Corp. Ltd.<sup>(a)</sup> | 337047 | &nbsp;&nbsp; 1163732 |
|  |  | &nbsp;&nbsp; 4936935 |
| **India-1.41%** | **India-1.41%** | **India-1.41%** |
| Axis Bank Ltd. | 73183 | &nbsp;&nbsp; 1026546 |
| Bharti Airtel Ltd. | 79207 | &nbsp;&nbsp; 1747168 |
| HDFC Bank Ltd. | 109204 | &nbsp;&nbsp; 2480455 |
| Hindustan Unilever Ltd. | 37354 | &nbsp;&nbsp; 1037057 |
| ICICI Bank Ltd. | 122812 | &nbsp;&nbsp; 2064382 |
| Infosys Ltd. | 78469 | &nbsp;&nbsp; 1387170 |
| Kotak Mahindra Bank Ltd. | 50498 | &nbsp;&nbsp; 1319807 |
| Mahindra & Mahindra Ltd. | 32937 | &nbsp;&nbsp; 1141175 |
| Power Grid Corp. of India Ltd. | 285985 | &nbsp;&nbsp; 1038680 |
| Reliance Industries Ltd. | 145288 | &nbsp;&nbsp; 2412409 |
| Tata Consultancy Services Ltd. | 20469 | &nbsp;&nbsp; 835543 |
|  |  | &nbsp;&nbsp; 16490392 |
| **Ireland-0.37%** | **Ireland-0.37%** | **Ireland-0.37%** |
| Accenture PLC, Class A | 10966 | &nbsp;&nbsp; 3280479 |
| Flutter Entertainment PLC<sup>(b)</sup> | 4441 | &nbsp;&nbsp; 1070236 |
|  |  | &nbsp;&nbsp; 4350715 |
| **Italy-0.65%** | **Italy-0.65%** | **Italy-0.65%** |
| Enel S.p.A. | 186022 | &nbsp;&nbsp; 1618172 |
| Ferrari N.V. | 2620 | &nbsp;&nbsp; 1203515 |
| Intesa Sanpaolo S.p.A. | 326719 | &nbsp;&nbsp; 1750125 |
| Terna S.p.A. | 136191 | &nbsp;&nbsp; 1358920 |
| UniCredit S.p.A. | 29350 | &nbsp;&nbsp; 1713488 |
|  |  | &nbsp;&nbsp; 7644220 |
| **Japan-5.04%** | **Japan-5.04%** | **Japan-5.04%** |
| Advantest Corp. | 16690 | &nbsp;&nbsp; 699906 |
| Bridgestone Corp. | 39594 | &nbsp;&nbsp; 1659577 |
| Canon, Inc.<sup>(a)</sup> | 37158 | &nbsp;&nbsp; 1149420 |
| Daiichi Sankyo Co. Ltd. | 43447 | &nbsp;&nbsp; 1114051 |
| Daiwa House Industry Co. Ltd. | 42245 | &nbsp;&nbsp; 1532191 |
| Denso Corp. | 107813 | &nbsp;&nbsp; 1395393 |
| FANUC Corp. | 40159 | &nbsp;&nbsp; 1021651 |
| Fast Retailing Co. Ltd. | 4562 | &nbsp;&nbsp; 1504223 |
| FUJIFILM Holdings Corp. | 62434 | &nbsp;&nbsp; 1281846 |
| Hitachi Ltd. | 95998 | &nbsp;&nbsp; 2378296 |
| Honda Motor Co. Ltd. | 201606 | &nbsp;&nbsp; 2056179 |
| Hoya Corp. | 7913 | &nbsp;&nbsp; 933312 |
| Hulic Co. Ltd. | 118062 | &nbsp;&nbsp; 1237506 |
| KDDI Corp. | 97188 | &nbsp;&nbsp; 1726629 |
| Keyence Corp. | 4091 | &nbsp;&nbsp; 1714490 |
| Komatsu Ltd. | 45086 | &nbsp;&nbsp; 1306976 |
| Kyocera Corp. | 119591 | &nbsp;&nbsp; 1420739 |
| Mitsubishi Corp. | 80942 | &nbsp;&nbsp; 1540475 |
| Mitsubishi Electric Corp. | 65339 | &nbsp;&nbsp; 1267022 |
| Mitsubishi Heavy Industries Ltd. | 74330 | &nbsp;&nbsp; 1468749 |
| Mitsubishi UFJ Financial Group, Inc. | 213601 | &nbsp;&nbsp; 2697601 |
| Mizuho Financial Group, Inc. | 63992 | &nbsp;&nbsp; 1603782 |
| Murata Manufacturing Co. Ltd. | 67910 | &nbsp;&nbsp; 969790 |
| Nintendo Co. Ltd. | 24617 | &nbsp;&nbsp; 2048575 |
| Nippon Telegraph & Telephone Corp. | 1164293 | &nbsp;&nbsp; 1219910 |
| Obayashi Corp.<sup>(a)</sup> | 79671 | &nbsp;&nbsp; 1239056 |
| Recruit Holdings Co. Ltd. | 28471 | &nbsp;&nbsp; 1581489 |
| SECOM Co. Ltd. | 31144 | &nbsp;&nbsp; 1147908 |
| Sekisui House Ltd. | 53740 | &nbsp;&nbsp; 1238438 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Shin-Etsu Chemical Co. Ltd. | 40500 | &nbsp;&nbsp; $1235413 |
| SMC Corp. | 2530 | &nbsp;&nbsp; 820763 |
| SoftBank Corp. | 1185229 | &nbsp;&nbsp; 1797818 |
| SoftBank Group Corp. | 20628 | &nbsp;&nbsp; 1045637 |
| Sony Group Corp. | 127491 | &nbsp;&nbsp; 3371587 |
| Sumitomo Mitsui Financial Group, Inc. | 79915 | &nbsp;&nbsp; 1911094 |
| Takeda Pharmaceutical Co. Ltd. | 76213 | &nbsp;&nbsp; 2310834 |
| Terumo Corp. | 55992 | &nbsp;&nbsp; 1074283 |
| Tokio Marine Holdings, Inc. | 42844 | &nbsp;&nbsp; 1721383 |
| Tokyo Electron Ltd. | 11422 | &nbsp;&nbsp; 1704771 |
|  |  | &nbsp;&nbsp; 59148763 |
| **Mexico-0.19%** | **Mexico-0.19%** | **Mexico-0.19%** |
| Grupo Financiero Banorte S.A.B. de C.V., <br> Class O<br>| 145223 | &nbsp;&nbsp; 1250216 |
| Southern Copper Corp. | 10480 | &nbsp;&nbsp; 938170 |
|  |  | &nbsp;&nbsp; 2188386 |
| **Netherlands-1.05%** | **Netherlands-1.05%** | **Netherlands-1.05%** |
| Akzo Nobel N.V.<sup>(a)</sup> | 19115 | &nbsp;&nbsp; 1210971 |
| ASML Holding N.V. | 7025 | &nbsp;&nbsp; 4719022 |
| ING Groep N.V. | 69680 | &nbsp;&nbsp; 1357797 |
| Koninklijke Ahold Delhaize N.V. | 31708 | &nbsp;&nbsp; 1306383 |
| NXP Semiconductors N.V. | 5683 | &nbsp;&nbsp; 1047434 |
| Prosus N.V.<sup>(b)</sup> | 26947 | &nbsp;&nbsp; 1267749 |
| Wolters Kluwer N.V. | 8157 | &nbsp;&nbsp; 1445151 |
|  |  | &nbsp;&nbsp; 12354507 |
| **New Zealand-0.10%** | **New Zealand-0.10%** | **New Zealand-0.10%** |
| Meridian Energy Ltd. | 378786 | &nbsp;&nbsp; 1231873 |
| **Norway-0.19%** | **Norway-0.19%** | **Norway-0.19%** |
| Aker BP ASA | 54827 | &nbsp;&nbsp; 1180796 |
| Equinor ASA | 45295 | &nbsp;&nbsp; 1028588 |
|  |  | &nbsp;&nbsp; 2209384 |
| **Portugal-0.11%** | **Portugal-0.11%** | **Portugal-0.11%** |
| EDP S.A. | 335213 | &nbsp;&nbsp; 1325846 |
| **Singapore-0.96%** | **Singapore-0.96%** | **Singapore-0.96%** |
| CapitaLand Ascendas REIT | 758642 | &nbsp;&nbsp; 1546327 |
| CapitaLand Integrated Commercial Trust | 1132242 | &nbsp;&nbsp; 1863903 |
| DBS Group Holdings Ltd. | 52101 | &nbsp;&nbsp; 1693239 |
| Oversea-Chinese Banking Corp. Ltd. | 119754 | &nbsp;&nbsp; 1482501 |
| Singapore Exchange Ltd. | 172810 | &nbsp;&nbsp; 1901641 |
| Singapore Telecommunications Ltd. | 484852 | &nbsp;&nbsp; 1403202 |
| United Overseas Bank Ltd. | 50967 | &nbsp;&nbsp; 1354039 |
|  |  | &nbsp;&nbsp; 11244852 |
| **South Africa-0.27%** | **South Africa-0.27%** | **South Africa-0.27%** |
| FirstRand Ltd. | 246305 | &nbsp;&nbsp; 964109 |
| Naspers Ltd. | 4470 | &nbsp;&nbsp; 1175036 |
| Standard Bank Group Ltd. | 79340 | &nbsp;&nbsp; 990545 |
|  |  | &nbsp;&nbsp; 3129690 |
| **South Korea-0.45%** | **South Korea-0.45%** | **South Korea-0.45%** |
| Samsung Electronics Co. Ltd. | 97233 | &nbsp;&nbsp; 3793792 |
| SK hynix, Inc. | 11586 | &nbsp;&nbsp; 1445621 |
|  |  | &nbsp;&nbsp; 5239413 |
| **Spain-1.02%** | **Spain-1.02%** | **Spain-1.02%** |
| Amadeus IT Group S.A. | 17251 | &nbsp;&nbsp; 1362553 |
| Banco Bilbao Vizcaya Argentaria S.A. | 128709 | &nbsp;&nbsp; 1772490 |
| Banco Santander S.A. | 331406 | &nbsp;&nbsp; 2341417 |

---

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

------

**22**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** |
| Iberdrola S.A. | 183586 | &nbsp;&nbsp; $3320690 |
| Industria de Diseno Textil S.A. | 30227 | &nbsp;&nbsp; 1631052 |
| Redeia Corp. S.A. | 71217 | &nbsp;&nbsp; 1498582 |
|  |  | &nbsp;&nbsp; 11926784 |
| **Sweden-0.79%** | **Sweden-0.79%** | **Sweden-0.79%** |
| Assa Abloy AB, Class B | 47134 | &nbsp;&nbsp; 1433761 |
| Atlas Copco AB, Class A | 103279 | &nbsp;&nbsp; 1602039 |
| Boliden AB<sup>(b)</sup> | 44727 | &nbsp;&nbsp; 1373364 |
| Investor AB, Class B | 48334 | &nbsp;&nbsp; 1435121 |
| Sandvik AB<sup>(a)</sup> | 79676 | &nbsp;&nbsp; 1648379 |
| Volvo AB, Class B | 65979 | &nbsp;&nbsp; 1797372 |
|  |  | &nbsp;&nbsp; 9290036 |
| **Switzerland-2.25%** | **Switzerland-2.25%** | **Switzerland-2.25%** |
| ABB Ltd. | 43165 | &nbsp;&nbsp; 2289562 |
| Chocoladefabriken Lindt & Spruengli AG, <br> PC<br>| 92 | &nbsp;&nbsp; 1346683 |
| Cie Financiere Richemont S.A. | 12235 | &nbsp;&nbsp; 2171460 |
| Givaudan S.A. | 309 | &nbsp;&nbsp; 1497258 |
| Lonza Group AG | 1737 | &nbsp;&nbsp; 1253518 |
| Nestle S.A. | 48719 | &nbsp;&nbsp; 5208240 |
| Roche Holding AG | 12436 | &nbsp;&nbsp; 4084219 |
| Schindler Holding AG, PC | 3662 | &nbsp;&nbsp; 1345226 |
| Sika AG | 5656 | &nbsp;&nbsp; 1419670 |
| TE Connectivity PLC | 11541 | &nbsp;&nbsp; 1689372 |
| UBS Group AG | 64419 | &nbsp;&nbsp; 1964029 |
| Zurich Insurance Group AG | 3056 | &nbsp;&nbsp; 2177027 |
|  |  | &nbsp;&nbsp; 26446264 |
| **Taiwan-2.15%** | **Taiwan-2.15%** | **Taiwan-2.15%** |
| Cathay Financial Holding Co. Ltd. | 669116 | &nbsp;&nbsp; 1232854 |
| E.Sun Financial Holding Co. Ltd. | 1527115 | &nbsp;&nbsp; 1354516 |
| First Financial Holding Co. Ltd. | 1742000 | &nbsp;&nbsp; 1387168 |
| Fubon Financial Holding Co. Ltd. | 496150 | &nbsp;&nbsp; 1315011 |
| Hon Hai Precision Industry Co. Ltd. | 256700 | &nbsp;&nbsp; 1143675 |
| MediaTek, Inc. | 32213 | &nbsp;&nbsp; 1368830 |
| Mega Financial Holding Co. Ltd. | 1054000 | &nbsp;&nbsp; 1248232 |
| SinoPac Financial Holdings Co. Ltd. | 1655413 | &nbsp;&nbsp; 1106185 |
| Taishin Financial Holding Co. Ltd. | 2277511 | &nbsp;&nbsp; 1190159 |
| Taiwan Cooperative Financial Holding Co. <br> Ltd.<br>| 1936800 | &nbsp;&nbsp; 1479268 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| 394148 | &nbsp;&nbsp; 11168008 |
| Yuanta Financial Holding Co. Ltd. | 1299155 | &nbsp;&nbsp; 1272861 |
|  |  | &nbsp;&nbsp; 25266767 |
| **United Kingdom-2.94%** | **United Kingdom-2.94%** | **United Kingdom-2.94%** |
| 3i Group PLC | 30964 | &nbsp;&nbsp; 1759333 |
| Aviva PLC | 244487 | &nbsp;&nbsp; 1835918 |
| Barclays PLC | 338203 | &nbsp;&nbsp; 1350313 |
| Compass Group PLC | 48737 | &nbsp;&nbsp; 1646858 |
| Diageo PLC | 55228 | &nbsp;&nbsp; 1554315 |
| Haleon PLC | 262721 | &nbsp;&nbsp; 1324954 |
| HSBC Holdings PLC | 324131 | &nbsp;&nbsp; 3621344 |
| Informa PLC | 119825 | &nbsp;&nbsp; 1173198 |
| Lloyds Banking Group PLC | 1544959 | &nbsp;&nbsp; 1521306 |
| London Stock Exchange Group PLC | 14735 | &nbsp;&nbsp; 2299575 |
| Reckitt Benckiser Group PLC | 21652 | &nbsp;&nbsp; 1400708 |
| RELX PLC | 47475 | &nbsp;&nbsp; 2596788 |
| Rolls-Royce Holdings PLC | 187064 | &nbsp;&nbsp; 1897813 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Segro PLC | 113378 | &nbsp;&nbsp; $1033682 |
| Shell PLC | 105353 | &nbsp;&nbsp; 3407579 |
| Smiths Group PLC | 58837 | &nbsp;&nbsp; 1469495 |
| Tesco PLC | 287828 | &nbsp;&nbsp; 1427669 |
| Unilever PLC | 50527 | &nbsp;&nbsp; 3224291 |
|  |  | &nbsp;&nbsp; 34545139 |
| **United States-65.68%** | **United States-65.68%** | **United States-65.68%** |
| 3M Co. | 10661 | &nbsp;&nbsp; 1480920 |
| Abbott Laboratories | 33025 | &nbsp;&nbsp; 4318019 |
| AbbVie, Inc. | 29910 | &nbsp;&nbsp; 5835441 |
| Adobe, Inc.<sup>(b)</sup> | 7493 | &nbsp;&nbsp; 2809725 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 27473 | &nbsp;&nbsp; 2674497 |
| Aflac, Inc.<sup>(a)</sup> | 10607 | &nbsp;&nbsp; 1152769 |
| Agilent Technologies, Inc. | 8226 | &nbsp;&nbsp; 885118 |
| Air Products and Chemicals, Inc. | 3939 | &nbsp;&nbsp; 1067824 |
| Airbnb, Inc., Class A<sup>(a)(b)</sup> | 9382 | &nbsp;&nbsp; 1143853 |
| Alcon AG | 12158 | &nbsp;&nbsp; 1186453 |
| Allstate Corp. (The) | 5385 | &nbsp;&nbsp; 1068330 |
| Alphabet, Inc., Class A | 108497 | &nbsp;&nbsp; 17229324 |
| Alphabet, Inc., Class C | 62911 | &nbsp;&nbsp; 10121751 |
| Amazon.com, Inc.<sup>(b)</sup> | 147015 | &nbsp;&nbsp; 27112506 |
| American Express Co. | 10035 | &nbsp;&nbsp; 2673424 |
| American International Group, Inc. | 17889 | &nbsp;&nbsp; 1458311 |
| American Tower Corp. | 9834 | &nbsp;&nbsp; 2216682 |
| American Water Works Co., Inc.<sup>(a)</sup> | 8292 | &nbsp;&nbsp; 1219007 |
| Ameriprise Financial, Inc. | 2238 | &nbsp;&nbsp; 1054143 |
| AMETEK, Inc. | 6433 | &nbsp;&nbsp; 1090908 |
| Amgen, Inc. | 9869 | &nbsp;&nbsp; 2871089 |
| Amphenol Corp., Class A | 26232 | &nbsp;&nbsp; 2018552 |
| Analog Devices, Inc. | 11488 | &nbsp;&nbsp; 2239241 |
| Aon PLC, Class A | 4080 | &nbsp;&nbsp; 1447543 |
| Apollo Global Management, Inc.<sup>(a)</sup> | 8654 | &nbsp;&nbsp; 1181098 |
| Apple, Inc. | 237058 | &nbsp;&nbsp; 50374825 |
| Applied Materials, Inc. | 18008 | &nbsp;&nbsp; 2713986 |
| AppLovin Corp., Class A<sup>(b)</sup> | 3832 | &nbsp;&nbsp; 1031996 |
| Ares Management Corp., Class A<sup>(a)</sup> | 6596 | &nbsp;&nbsp; 1006088 |
| Arista Networks, Inc.<sup>(b)</sup> | 18725 | &nbsp;&nbsp; 1540506 |
| Arthur J. Gallagher & Co. | 4542 | &nbsp;&nbsp; 1456574 |
| AT&T, Inc. | 131396 | &nbsp;&nbsp; 3639669 |
| Autodesk, Inc.<sup>(b)</sup> | 5532 | &nbsp;&nbsp; 1517151 |
| Automatic Data Processing, Inc. | 7450 | &nbsp;&nbsp; 2239470 |
| AutoZone, Inc.<sup>(b)</sup> | 338 | &nbsp;&nbsp; 1271759 |
| AvalonBay Communities, Inc. | 6324 | &nbsp;&nbsp; 1327914 |
| Avery Dennison Corp.<sup>(a)</sup> | 5274 | &nbsp;&nbsp; 902434 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 1705 | &nbsp;&nbsp; 1045676 |
| Baker Hughes Co., Class A<sup>(a)</sup> | 28357 | &nbsp;&nbsp; 1003838 |
| Bank of America Corp. | 115996 | &nbsp;&nbsp; 4625920 |
| Bank of New York Mellon Corp. (The) | 18542 | &nbsp;&nbsp; 1490962 |
| Becton, Dickinson and Co. | 7564 | &nbsp;&nbsp; 1566429 |
| BlackRock, Inc. | 2634 | &nbsp;&nbsp; 2408161 |
| Blackstone, Inc., Class A | 13071 | &nbsp;&nbsp; 1721581 |
| Block, Inc., Class A<sup>(a)(b)</sup> | 12741 | &nbsp;&nbsp; 744966 |
| Booking Holdings, Inc. | 604 | &nbsp;&nbsp; 3079965 |
| Boston Scientific Corp.<sup>(b)</sup> | 33092 | &nbsp;&nbsp; 3404174 |
| BP PLC | 398379 | &nbsp;&nbsp; 1843613 |
| Bristol-Myers Squibb Co. | 36438 | &nbsp;&nbsp; 1829188 |
| Broadcom, Inc. | 69819 | &nbsp;&nbsp; 13438063 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 5187 | &nbsp;&nbsp; 1544377 |
| Capital One Financial Corp. | 8398 | &nbsp;&nbsp; 1513823 |

---

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

------

**23**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Cardinal Health, Inc. | 7929 | &nbsp;&nbsp; $1120288 |
| Carrier Global Corp. | 19399 | &nbsp;&nbsp; 1213213 |
| Carvana Co.<sup>(b)</sup> | 2324 | &nbsp;&nbsp; 567869 |
| Caterpillar, Inc. | 8442 | &nbsp;&nbsp; 2610857 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 7802 | &nbsp;&nbsp; 953248 |
| Cencora, Inc. | 5416 | &nbsp;&nbsp; 1585101 |
| Charles Schwab Corp. (The) | 27852 | &nbsp;&nbsp; 2267153 |
| Cheniere Energy, Inc. | 5059 | &nbsp;&nbsp; 1169185 |
| Chevron Corp. | 29177 | &nbsp;&nbsp; 3969823 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 27588 | &nbsp;&nbsp; 1393746 |
| Chubb Ltd. | 6995 | &nbsp;&nbsp; 2001130 |
| Church & Dwight Co., Inc. | 10566 | &nbsp;&nbsp; 1049626 |
| Cigna Group (The) | 5195 | &nbsp;&nbsp; 1766508 |
| Cintas Corp. | 7110 | &nbsp;&nbsp; 1505045 |
| Cisco Systems, Inc. | 73124 | &nbsp;&nbsp; 4221449 |
| Citigroup, Inc. | 35729 | &nbsp;&nbsp; 2443149 |
| CME Group, Inc., Class A | 7348 | &nbsp;&nbsp; 2035984 |
| Coca-Cola Co. (The) | 75835 | &nbsp;&nbsp; 5501829 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 16777 | &nbsp;&nbsp; 1234284 |
| Coinbase Global, Inc., Class A<sup>(b)</sup> | 3758 | &nbsp;&nbsp; 762461 |
| Colgate-Palmolive Co. | 19740 | &nbsp;&nbsp; 1819831 |
| Comcast Corp., Class A | 70494 | &nbsp;&nbsp; 2410895 |
| ConocoPhillips | 23835 | &nbsp;&nbsp; 2124175 |
| Consolidated Edison, Inc. | 13809 | &nbsp;&nbsp; 1556965 |
| Constellation Energy Corp. | 5684 | &nbsp;&nbsp; 1270033 |
| Copart, Inc.<sup>(b)</sup> | 19426 | &nbsp;&nbsp; 1185569 |
| Corning, Inc. | 23917 | &nbsp;&nbsp; 1061436 |
| Corteva, Inc. | 20129 | &nbsp;&nbsp; 1247797 |
| Costco Wholesale Corp. | 6985 | &nbsp;&nbsp; 6946582 |
| Coterra Energy, Inc. | 41741 | &nbsp;&nbsp; 1025159 |
| CRH PLC | 12922 | &nbsp;&nbsp; 1233017 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 4351 | &nbsp;&nbsp; 1866013 |
| CSX Corp. | 47433 | &nbsp;&nbsp; 1331444 |
| Cummins, Inc. | 4170 | &nbsp;&nbsp; 1225313 |
| CVS Health Corp. | 26177 | &nbsp;&nbsp; 1746268 |
| D.R. Horton, Inc. | 6081 | &nbsp;&nbsp; 768274 |
| Danaher Corp. | 11412 | &nbsp;&nbsp; 2274754 |
| Deere & Co. | 5391 | &nbsp;&nbsp; 2499052 |
| Devon Energy Corp. | 32227 | &nbsp;&nbsp; 980023 |
| Diamondback Energy, Inc. | 7557 | &nbsp;&nbsp; 997600 |
| Digital Realty Trust, Inc. | 6986 | &nbsp;&nbsp; 1121532 |
| Discover Financial Services | 6438 | &nbsp;&nbsp; 1176029 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 6127 | &nbsp;&nbsp; 1181837 |
| Dover Corp. | 7989 | &nbsp;&nbsp; 1363323 |
| DuPont de Nemours, Inc. | 14941 | &nbsp;&nbsp; 985957 |
| Eaton Corp. PLC | 7989 | &nbsp;&nbsp; 2351722 |
| Ecolab, Inc. | 6887 | &nbsp;&nbsp; 1731598 |
| Edison International | 14514 | &nbsp;&nbsp; 776644 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 17731 | &nbsp;&nbsp; 1338513 |
| Elevance Health, Inc. | 4295 | &nbsp;&nbsp; 1806391 |
| Eli Lilly and Co. | 12759 | &nbsp;&nbsp; 11469703 |
| Emerson Electric Co. | 14307 | &nbsp;&nbsp; 1503809 |
| EOG Resources, Inc. | 14381 | &nbsp;&nbsp; 1586656 |
| Equifax, Inc. | 4105 | &nbsp;&nbsp; 1067834 |
| Equinix, Inc. | 2003 | &nbsp;&nbsp; 1724082 |
| Equity Residential | 16295 | &nbsp;&nbsp; 1144887 |
| Eversource Energy | 17220 | &nbsp;&nbsp; 1024246 |
| Exelon Corp. | 29082 | &nbsp;&nbsp; 1363946 |
| Experian PLC | 29139 | &nbsp;&nbsp; 1452959 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Exxon Mobil Corp. | 71405 | &nbsp;&nbsp; $7542510 |
| Fair Isaac Corp.<sup>(b)</sup> | 475 | &nbsp;&nbsp; 945098 |
| Fastenal Co. | 12663 | &nbsp;&nbsp; 1025323 |
| FedEx Corp. | 3986 | &nbsp;&nbsp; 838375 |
| Ferguson Enterprises, Inc. | 4842 | &nbsp;&nbsp; 821494 |
| Ferrovial SE | 32594 | &nbsp;&nbsp; 1595491 |
| Fidelity National Information Services, Inc. | 11612 | &nbsp;&nbsp; 915955 |
| Fiserv, Inc.<sup>(b)</sup> | 10776 | &nbsp;&nbsp; 1988926 |
| Ford Motor Co. | 103146 | &nbsp;&nbsp; 1032491 |
| Fortinet, Inc.<sup>(b)</sup> | 13432 | &nbsp;&nbsp; 1393704 |
| Freeport-McMoRan, Inc. | 50824 | &nbsp;&nbsp; 1831189 |
| Garmin Ltd. | 4729 | &nbsp;&nbsp; 883708 |
| Gartner, Inc.<sup>(b)</sup> | 2278 | &nbsp;&nbsp; 959220 |
| GE HealthCare Technologies, Inc. | 11787 | &nbsp;&nbsp; 828980 |
| GE Vernova, Inc. | 4907 | &nbsp;&nbsp; 1819614 |
| General Electric Co. | 18987 | &nbsp;&nbsp; 3826640 |
| General Mills, Inc. | 19812 | &nbsp;&nbsp; 1124133 |
| General Motors Co. | 24912 | &nbsp;&nbsp; 1127019 |
| Gilead Sciences, Inc. | 24302 | &nbsp;&nbsp; 2589135 |
| Goldman Sachs Group, Inc. (The) | 5699 | &nbsp;&nbsp; 3120487 |
| GSK PLC | 105796 | &nbsp;&nbsp; 2097641 |
| Halliburton Co. | 39884 | &nbsp;&nbsp; 790501 |
| HCA Healthcare, Inc. | 3532 | &nbsp;&nbsp; 1218823 |
| Healthpeak Properties, Inc. | 46850 | &nbsp;&nbsp; 835804 |
| HEICO Corp., Class A | 5293 | &nbsp;&nbsp; 1063522 |
| Hershey Co. (The)<sup>(a)</sup> | 6017 | &nbsp;&nbsp; 1005982 |
| Hess Corp. | 8267 | &nbsp;&nbsp; 1066856 |
| Hilton Worldwide Holdings, Inc. | 7563 | &nbsp;&nbsp; 1705305 |
| Home Depot, Inc. (The) | 16779 | &nbsp;&nbsp; 6048662 |
| Host Hotels & Resorts, Inc. | 55508 | &nbsp;&nbsp; 783773 |
| Howmet Aerospace, Inc. | 10558 | &nbsp;&nbsp; 1463128 |
| HP, Inc. | 30794 | &nbsp;&nbsp; 787403 |
| Illinois Tool Works, Inc.<sup>(a)</sup> | 5817 | &nbsp;&nbsp; 1395556 |
| Ingersoll Rand, Inc. | 12002 | &nbsp;&nbsp; 905311 |
| Intel Corp. | 76278 | &nbsp;&nbsp; 1533188 |
| Intercontinental Exchange, Inc. | 11345 | &nbsp;&nbsp; 1905620 |
| International Business Machines Corp. | 15443 | &nbsp;&nbsp; 3734426 |
| Interpublic Group of Cos., Inc. (The) | 34203 | &nbsp;&nbsp; 859179 |
| Intuit, Inc. | 5188 | &nbsp;&nbsp; 3255314 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 6202 | &nbsp;&nbsp; 3198992 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 6578 | &nbsp;&nbsp; 1020050 |
| Iron Mountain, Inc. | 9495 | &nbsp;&nbsp; 851417 |
| Johnson & Johnson | 43314 | &nbsp;&nbsp; 6770411 |
| Johnson Controls International PLC | 16926 | &nbsp;&nbsp; 1420091 |
| JPMorgan Chase & Co. | 45567 | &nbsp;&nbsp; 11146600 |
| Kenvue, Inc. | 46213 | &nbsp;&nbsp; 1090627 |
| Keurig Dr Pepper, Inc. | 36483 | &nbsp;&nbsp; 1261947 |
| Kimberly-Clark Corp. | 9848 | &nbsp;&nbsp; 1297769 |
| Kimco Realty Corp.<sup>(a)</sup> | 46626 | &nbsp;&nbsp; 931587 |
| Kinder Morgan, Inc. | 44838 | &nbsp;&nbsp; 1179239 |
| KKR & Co., Inc., Class A | 12159 | &nbsp;&nbsp; 1389409 |
| KLA Corp. | 2680 | &nbsp;&nbsp; 1883209 |
| Lam Research Corp. | 31305 | &nbsp;&nbsp; 2243629 |
| Lennar Corp., Class A | 6060 | &nbsp;&nbsp; 658177 |
| Linde PLC | 8542 | &nbsp;&nbsp; 3871491 |
| Lowe's Cos., Inc. | 9449 | &nbsp;&nbsp; 2112418 |
| Marriott International, Inc., Class A | 5985 | &nbsp;&nbsp; 1427901 |
| Marsh & McLennan Cos., Inc. | 11680 | &nbsp;&nbsp; 2633490 |
| Marvell Technology, Inc. | 17137 | &nbsp;&nbsp; 1000287 |
| Mastercard, Inc., Class A | 14018 | &nbsp;&nbsp; 7682705 |

---

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

------

**24**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| McDonald's Corp. | 13213 | &nbsp;&nbsp; $4223535 |
| McKesson Corp. | 3029 | &nbsp;&nbsp; 2159041 |
| Medtronic PLC | 24706 | &nbsp;&nbsp; 2094081 |
| Merck & Co., Inc. | 45928 | &nbsp;&nbsp; 3913066 |
| Meta Platforms, Inc., Class A | 34441 | &nbsp;&nbsp; 18908109 |
| MetLife, Inc. | 13600 | &nbsp;&nbsp; 1025032 |
| Microchip Technology, Inc. | 15122 | &nbsp;&nbsp; 696822 |
| Micron Technology, Inc.<sup>(a)</sup> | 19774 | &nbsp;&nbsp; 1521609 |
| Microsoft Corp. | 110562 | &nbsp;&nbsp; 43700736 |
| MicroStrategy, Inc., Class A<sup>(b)</sup> | 3364 | &nbsp;&nbsp; 1278690 |
| Mondelez International, Inc., Class A | 31567 | &nbsp;&nbsp; 2150660 |
| Moody's Corp. | 3898 | &nbsp;&nbsp; 1766262 |
| Morgan Stanley | 22105 | &nbsp;&nbsp; 2551359 |
| Motorola Solutions, Inc. | 3065 | &nbsp;&nbsp; 1349795 |
| Nasdaq, Inc. | 15452 | &nbsp;&nbsp; 1177597 |
| Netflix, Inc.<sup>(b)</sup> | 7028 | &nbsp;&nbsp; 7953728 |
| Newmont Corp. | 28866 | &nbsp;&nbsp; 1520661 |
| NextEra Energy, Inc. | 34887 | &nbsp;&nbsp; 2333243 |
| NIKE, Inc., Class B | 23091 | &nbsp;&nbsp; 1302332 |
| Norfolk Southern Corp. | 5371 | &nbsp;&nbsp; 1203373 |
| Novartis AG | 38575 | &nbsp;&nbsp; 4419036 |
| Nucor Corp. | 7034 | &nbsp;&nbsp; 839649 |
| NVIDIA Corp. | 380675 | &nbsp;&nbsp; 41463121 |
| Omnicom Group, Inc.<sup>(a)</sup> | 11308 | &nbsp;&nbsp; 861217 |
| ONEOK, Inc. | 13408 | &nbsp;&nbsp; 1101601 |
| Oracle Corp. | 26804 | &nbsp;&nbsp; 3771859 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 1088 | &nbsp;&nbsp; 1539738 |
| Otis Worldwide Corp. | 13572 | &nbsp;&nbsp; 1306576 |
| PACCAR, Inc. | 14374 | &nbsp;&nbsp; 1296679 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 34753 | &nbsp;&nbsp; 4116145 |
| Palo Alto Networks, Inc.<sup>(a)(b)</sup> | 12192 | &nbsp;&nbsp; 2279051 |
| Parker-Hannifin Corp. | 2852 | &nbsp;&nbsp; 1725631 |
| Paychex, Inc.<sup>(a)</sup> | 7468 | &nbsp;&nbsp; 1098692 |
| PayPal Holdings, Inc.<sup>(b)</sup> | 18656 | &nbsp;&nbsp; 1228311 |
| PepsiCo, Inc. | 25767 | &nbsp;&nbsp; 3493490 |
| Pfizer, Inc. | 110588 | &nbsp;&nbsp; 2699453 |
| PG&E Corp. | 60024 | &nbsp;&nbsp; 991596 |
| Phillips 66 | 8860 | &nbsp;&nbsp; 921972 |
| PNC Financial Services Group, Inc. (The) | 8042 | &nbsp;&nbsp; 1292269 |
| PPG Industries, Inc. | 12826 | &nbsp;&nbsp; 1396238 |
| Procter & Gamble Co. (The) | 40151 | &nbsp;&nbsp; 6527348 |
| Progressive Corp. (The) | 9696 | &nbsp;&nbsp; 2731751 |
| Prologis, Inc. | 20469 | &nbsp;&nbsp; 2091932 |
| Prudential Financial, Inc. | 10407 | &nbsp;&nbsp; 1068903 |
| Public Service Enterprise Group, Inc. | 14166 | &nbsp;&nbsp; 1132288 |
| Public Storage | 3505 | &nbsp;&nbsp; 1053007 |
| QUALCOMM, Inc. | 20557 | &nbsp;&nbsp; 3051892 |
| Quanta Services, Inc. | 3418 | &nbsp;&nbsp; 1000414 |
| Realty Income Corp. | 23225 | &nbsp;&nbsp; 1343798 |
| Regency Centers Corp.<sup>(a)</sup> | 16772 | &nbsp;&nbsp; 1210603 |
| Regeneron Pharmaceuticals, Inc. | 2065 | &nbsp;&nbsp; 1236439 |
| Republic Services, Inc. | 6260 | &nbsp;&nbsp; 1569695 |
| Roper Technologies, Inc. | 2612 | &nbsp;&nbsp; 1462929 |
| Ross Stores, Inc. | 7823 | &nbsp;&nbsp; 1087397 |
| Royal Caribbean Cruises Ltd. | 4827 | &nbsp;&nbsp; 1037371 |
| S&P Global, Inc. | 6582 | &nbsp;&nbsp; 3291329 |
| Salesforce, Inc. | 16622 | &nbsp;&nbsp; 4466498 |
| Sanofi S.A. | 25904 | &nbsp;&nbsp; 2843442 |
| Schlumberger N.V. | 35293 | &nbsp;&nbsp; 1173492 |
| ServiceNow, Inc.<sup>(b)</sup> | 3858 | &nbsp;&nbsp; 3684429 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Sherwin-Williams Co. (The) | 4481 | &nbsp;&nbsp; $1581435 |
| Simon Property Group, Inc. | 8967 | &nbsp;&nbsp; 1411226 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 7939 | &nbsp;&nbsp; 1266191 |
| Starbucks Corp. | 22301 | &nbsp;&nbsp; 1785195 |
| Stryker Corp. | 6049 | &nbsp;&nbsp; 2261842 |
| Swiss Re AG | 7911 | &nbsp;&nbsp; 1426280 |
| Synopsys, Inc.<sup>(b)</sup> | 3334 | &nbsp;&nbsp; 1530339 |
| Sysco Corp. | 15347 | &nbsp;&nbsp; 1095776 |
| Target Corp. | 8914 | &nbsp;&nbsp; 861984 |
| Tesla, Inc.<sup>(b)</sup> | 45117 | &nbsp;&nbsp; 12730213 |
| Texas Instruments, Inc. | 15606 | &nbsp;&nbsp; 2497740 |
| Thermo Fisher Scientific, Inc. | 7197 | &nbsp;&nbsp; 3087513 |
| TJX Cos., Inc. (The) | 20128 | &nbsp;&nbsp; 2590071 |
| T-Mobile US, Inc. | 10821 | &nbsp;&nbsp; 2672246 |
| Trade Desk, Inc. (The), Class A<sup>(a)(b)</sup> | 8679 | &nbsp;&nbsp; 465455 |
| Trane Technologies PLC | 4873 | &nbsp;&nbsp; 1867870 |
| TransDigm Group, Inc. | 1318 | &nbsp;&nbsp; 1862426 |
| Travelers Cos., Inc. (The) | 5106 | &nbsp;&nbsp; 1348648 |
| Truist Financial Corp. | 28631 | &nbsp;&nbsp; 1097713 |
| U.S. Bancorp | 31645 | &nbsp;&nbsp; 1276559 |
| Uber Technologies, Inc.<sup>(b)</sup> | 33289 | &nbsp;&nbsp; 2696742 |
| Union Pacific Corp. | 11651 | &nbsp;&nbsp; 2512655 |
| United Parcel Service, Inc., Class B | 12525 | &nbsp;&nbsp; 1193632 |
| United Rentals, Inc. | 1439 | &nbsp;&nbsp; 908657 |
| UnitedHealth Group, Inc.<sup>(a)</sup> | 14627 | &nbsp;&nbsp; 6018133 |
| Ventas, Inc.<sup>(a)</sup> | 17475 | &nbsp;&nbsp; 1224648 |
| Verizon Communications, Inc. | 75895 | &nbsp;&nbsp; 3343934 |
| Vertex Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 4653 | &nbsp;&nbsp; 2370703 |
| VICI Properties, Inc.<sup>(a)</sup> | 35149 | &nbsp;&nbsp; 1125471 |
| Visa, Inc., Class A | 28083 | &nbsp;&nbsp; 9702676 |
| Vulcan Materials Co. | 3618 | &nbsp;&nbsp; 949110 |
| W.W. Grainger, Inc. | 914 | &nbsp;&nbsp; 936219 |
| Wabtec Corp. | 5328 | &nbsp;&nbsp; 984295 |
| Walmart, Inc. | 72844 | &nbsp;&nbsp; 7084079 |
| Walt Disney Co. (The) | 33219 | &nbsp;&nbsp; 3021268 |
| Waste Management, Inc. | 8654 | &nbsp;&nbsp; 2019497 |
| Wells Fargo & Co. | 55878 | &nbsp;&nbsp; 3967897 |
| Welltower, Inc. | 14324 | &nbsp;&nbsp; 2185699 |
| Weyerhaeuser Co. | 38005 | &nbsp;&nbsp; 984710 |
| Williams Cos., Inc. (The) | 25790 | &nbsp;&nbsp; 1510520 |
| Workday, Inc., Class A<sup>(a)(b)</sup> | 5075 | &nbsp;&nbsp; 1243375 |
| Yum! Brands, Inc. | 8783 | &nbsp;&nbsp; 1321315 |
| Zimmer Biomet Holdings, Inc. | 10595 | &nbsp;&nbsp; 1091815 |
| Zoetis, Inc. | 8530 | &nbsp;&nbsp; 1334092 |
|  |  | &nbsp;&nbsp; 770875260 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,141,182,183) | Total Common Stocks & Other Equity Interests <br>(Cost $1,141,182,183) | &nbsp;&nbsp; 1171415692 |
| **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $184,764)<br>| 184764 | &nbsp;&nbsp; 184764 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.83% <br>(Cost $1,141,366,947) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.83% <br>(Cost $1,141,366,947) | &nbsp;&nbsp; 1171600456 |

---

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

------

**25**

------

**Invesco MSCI Global Climate 500 ETF (KLMT)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.81%** | **Money Market Funds-2.81%** | **Money Market Funds-2.81%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 9147650 | &nbsp;&nbsp; $9147650 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 23792110 | &nbsp;&nbsp; 23796868 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $32,945,042) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $32,945,042) | &nbsp;&nbsp; 32944518 |
| TOTAL INVESTMENTS IN SECURITIES-102.64% <br>(Cost $1,174,311,989) | TOTAL INVESTMENTS IN SECURITIES-102.64% <br>(Cost $1,174,311,989) | &nbsp;&nbsp; 1204544974 |
| OTHER ASSETS LESS LIABILITIES-(2.64)% | OTHER ASSETS LESS LIABILITIES-(2.64)% | &nbsp;&nbsp; (30930568)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1173614406 |

---

---

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

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $4,047,963, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1973306 | &nbsp;&nbsp; $22498397 | &nbsp;&nbsp; $(24286939)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $184764 | &nbsp;&nbsp; $20839 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 1184555 | &nbsp;&nbsp; 63918023 | &nbsp;&nbsp; (55954928)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9147650 | &nbsp;&nbsp; 126,483<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 5474506 | &nbsp;&nbsp; 118656208 | &nbsp;&nbsp; (100332363)<br>| &nbsp;&nbsp; (524)<br>| &nbsp;&nbsp; (959)<br>| &nbsp;&nbsp; 23796868 | &nbsp;&nbsp; 337,331<br> \*<br>|
| Total | &nbsp;&nbsp; $8632367 | &nbsp;&nbsp; $205072628 | &nbsp;&nbsp; $(180574230)<br>| &nbsp;&nbsp; $(524)<br>| &nbsp;&nbsp; $(959)<br>| &nbsp;&nbsp; $33129282 | &nbsp;&nbsp; $484653 |

---

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

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

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

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

------

**26**

------

**Invesco MSCI Global Timber ETF (CUT)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.74%** | **Common Stocks & Other Equity Interests-99.74%** | **Common Stocks & Other Equity Interests-99.74%** |
| **Austria-4.14%** | **Austria-4.14%** | **Austria-4.14%** |
| Mondi PLC | 125052 | &nbsp;&nbsp; $1902455 |
| **Brazil-5.71%** | **Brazil-5.71%** | **Brazil-5.71%** |
| Dexco S.A. | 116195 | &nbsp;&nbsp; 113499 |
| Klabin S.A. | 233847 | &nbsp;&nbsp; 765391 |
| Suzano S.A. | 196953 | &nbsp;&nbsp; 1742220 |
|  |  | &nbsp;&nbsp; 2621110 |
| **Canada-4.99%** | **Canada-4.99%** | **Canada-4.99%** |
| Canfor Corp.<sup>(a)</sup> | 16782 | &nbsp;&nbsp; 160008 |
| Cascades, Inc. | 21229 | &nbsp;&nbsp; 135707 |
| Interfor Corp.<sup>(a)</sup> | 14582 | &nbsp;&nbsp; 140193 |
| Resolute Forest Products, Inc.<sup>(a)</sup> | 13637 | &nbsp;&nbsp; 19365 |
| Stella-Jones, Inc. | 14237 | &nbsp;&nbsp; 696750 |
| West Fraser Timber Co. Ltd. | 15462 | &nbsp;&nbsp; 1142552 |
|  |  | &nbsp;&nbsp; 2294575 |
| **Chile-1.08%** | **Chile-1.08%** | **Chile-1.08%** |
| Empresas CMPC S.A. | 318710 | &nbsp;&nbsp; 494855 |
| **China-0.78%** | **China-0.78%** | **China-0.78%** |
| Lee & Man Paper Manufacturing Ltd.<sup>(b)</sup> | 364578 | &nbsp;&nbsp; 97984 |
| Nine Dragons Paper Holdings Ltd.<sup>(a)(b)</sup> | 464620 | &nbsp;&nbsp; 170537 |
| Shandong Sun Paper Industry JSC Ltd., A <br> Shares<br>| 47400 | &nbsp;&nbsp; 91393 |
|  |  | &nbsp;&nbsp; 359914 |
| **Finland-10.65%** | **Finland-10.65%** | **Finland-10.65%** |
| Huhtamaki OYJ | 27478 | &nbsp;&nbsp; 1015160 |
| Metsa Board OYJ<sup>(b)</sup> | 45729 | &nbsp;&nbsp; 167529 |
| Stora Enso OYJ, Class R<sup>(b)</sup> | 164963 | &nbsp;&nbsp; 1537516 |
| UPM-Kymmene OYJ<sup>(b)</sup> | 81774 | &nbsp;&nbsp; 2173332 |
|  |  | &nbsp;&nbsp; 4893537 |
| **India-1.27%** | **India-1.27%** | **India-1.27%** |
| Aditya Birla Real Estate Ltd. | 14236 | &nbsp;&nbsp; 323864 |
| Century Plyboards (India) Ltd. | 15720 | &nbsp;&nbsp; 130104 |
| Greenpanel Industries Ltd. | 17562 | &nbsp;&nbsp; 48399 |
| JK Paper Ltd. | 21566 | &nbsp;&nbsp; 80294 |
|  |  | &nbsp;&nbsp; 582661 |
| **Indonesia-0.74%** | **Indonesia-0.74%** | **Indonesia-0.74%** |
| PT Indah Kiat Pulp & Paper Tbk | 697441 | &nbsp;&nbsp; 216547 |
| PT Pabrik Kertas Tjiwi Kimia Tbk | 396878 | &nbsp;&nbsp; 122594 |
|  |  | &nbsp;&nbsp; 339141 |
| **Japan-4.32%** | **Japan-4.32%** | **Japan-4.32%** |
| Daio Paper Corp. | 23899 | &nbsp;&nbsp; 152839 |
| Hokuetsu Corp.<sup>(b)</sup> | 29276 | &nbsp;&nbsp; 224594 |
| Nippon Paper Industries Co. Ltd. | 28039 | &nbsp;&nbsp; 217303 |
| Oji Holdings Corp. | 229894 | &nbsp;&nbsp; 1087809 |
| Rengo Co. Ltd. | 53752 | &nbsp;&nbsp; 300786 |
|  |  | &nbsp;&nbsp; 1983331 |
| **Norway-0.34%** | **Norway-0.34%** | **Norway-0.34%** |
| Elopak ASA | 38162 | &nbsp;&nbsp; 156307 |
| **Portugal-1.00%** | **Portugal-1.00%** | **Portugal-1.00%** |
| Altri SGPS S.A.<sup>(b)</sup> | 20365 | &nbsp;&nbsp; 140616 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Portugal-(continued)** | **Portugal-(continued)** | **Portugal-(continued)** |
| Navigator Co. S.A. (The)<sup>(b)</sup> | 60525 | &nbsp;&nbsp; $230482 |
| Semapa-Sociedade de Investimento e Gestao<sup>(b)</sup> | 4620 | &nbsp;&nbsp; 86894 |
|  |  | &nbsp;&nbsp; 457992 |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| Segezha Group PJSC<sup>(a)(c)(d)</sup> | 1310077 | &nbsp;&nbsp; 0 |
| **Saudi Arabia-0.40%** | **Saudi Arabia-0.40%** | **Saudi Arabia-0.40%** |
| Middle East Paper Co.<sup>(a)</sup> | 12033 | &nbsp;&nbsp; 89672 |
| Saudi Paper Manufacturing Co. | 5147 | &nbsp;&nbsp; 93994 |
|  |  | &nbsp;&nbsp; 183666 |
| **South Africa-0.70%** | **South Africa-0.70%** | **South Africa-0.70%** |
| Sappi Ltd. | 171289 | &nbsp;&nbsp; 321094 |
| **Spain-0.24%** | **Spain-0.24%** | **Spain-0.24%** |
| Ence Energia y Celulosa S.A.<sup>(b)</sup> | 34235 | &nbsp;&nbsp; 110783 |
| **Sweden-8.18%** | **Sweden-8.18%** | **Sweden-8.18%** |
| Billerud AB | 63649 | &nbsp;&nbsp; 673061 |
| Holmen AB, Class B<sup>(b)</sup> | 21597 | &nbsp;&nbsp; 855748 |
| Svenska Cellulosa AB S.C.A., Class B<sup>(b)</sup> | 171880 | &nbsp;&nbsp; 2227252 |
|  |  | &nbsp;&nbsp; 3756061 |
| **Switzerland-3.65%** | **Switzerland-3.65%** | **Switzerland-3.65%** |
| SIG Group AG<sup>(a)(b)</sup> | 86641 | &nbsp;&nbsp; 1678624 |
| **Taiwan-1.01%** | **Taiwan-1.01%** | **Taiwan-1.01%** |
| Cheng Loong Corp. | 204000 | &nbsp;&nbsp; 111480 |
| Chung Hwa Pulp Corp.<sup>(a)</sup> | 111000 | &nbsp;&nbsp; 44368 |
| Longchen Paper & Packaging Co. Ltd.<sup>(a)</sup> | 210000 | &nbsp;&nbsp; 59929 |
| YFY, Inc. | 305000 | &nbsp;&nbsp; 249056 |
|  |  | &nbsp;&nbsp; 464833 |
| **Thailand-0.33%** | **Thailand-0.33%** | **Thailand-0.33%** |
| SCG Packaging PCL, NVDR | 364800 | &nbsp;&nbsp; 153234 |
| **United States-50.21%** | **United States-50.21%** | **United States-50.21%** |
| Amcor PLC<sup>(b)</sup> | 393793 | &nbsp;&nbsp; 3622896 |
| Avery Dennison Corp. | 13799 | &nbsp;&nbsp; 2361147 |
| Clearwater Paper Corp.<sup>(a)(b)</sup> | 4693 | &nbsp;&nbsp; 126054 |
| Graphic Packaging Holding Co.<sup>(b)</sup> | 85028 | &nbsp;&nbsp; 2152059 |
| International Paper Co. | 44245 | &nbsp;&nbsp; 2021112 |
| Louisiana-Pacific Corp. | 17907 | &nbsp;&nbsp; 1545553 |
| Magnera Corp.<sup>(a)(b)</sup> | 8999 | &nbsp;&nbsp; 132015 |
| Packaging Corp. of America | 11948 | &nbsp;&nbsp; 2217668 |
| PotlatchDeltic Corp.<sup>(b)</sup> | 22313 | &nbsp;&nbsp; 856596 |
| Ranpak Holdings Corp.<sup>(a)(b)</sup> | 12518 | &nbsp;&nbsp; 51449 |
| Rayonier, Inc. | 40100 | &nbsp;&nbsp; 980846 |
| Sealed Air Corp. | 41274 | &nbsp;&nbsp; 1137511 |
| Smurfit WestRock PLC | 45830 | &nbsp;&nbsp; 1925777 |
| Sonoco Products Co. | 27839 | &nbsp;&nbsp; 1141399 |
| Sylvamo Corp.<sup>(b)</sup> | 9875 | &nbsp;&nbsp; 588747 |
| Weyerhaeuser Co. | 85243 | &nbsp;&nbsp; 2208646 |
|  |  | &nbsp;&nbsp; 23069475 |
| Total Common Stocks & Other Equity Interests <br>(Cost $47,938,897) | Total Common Stocks & Other Equity Interests <br>(Cost $47,938,897) | &nbsp;&nbsp; 45823648 |

---

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

------

**27**

------

**Invesco MSCI Global Timber ETF (CUT)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $14,378)<br>| 14378 | &nbsp;&nbsp; $14378 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.77% <br>(Cost $47,953,275) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.77% <br>(Cost $47,953,275) | &nbsp;&nbsp; 45838026 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-20.55%** | **Money Market Funds-20.55%** | **Money Market Funds-20.55%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 2618931 | &nbsp;&nbsp; 2618931 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 6819041 | &nbsp;&nbsp; $6820405 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,439,846) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,439,846) | &nbsp;&nbsp; 9439336 |
| TOTAL INVESTMENTS IN SECURITIES-120.32% <br>(Cost $57,393,121) | TOTAL INVESTMENTS IN SECURITIES-120.32% <br>(Cost $57,393,121) | &nbsp;&nbsp; 55277362 |
| OTHER ASSETS LESS LIABILITIES-(20.32)% | OTHER ASSETS LESS LIABILITIES-(20.32)% | &nbsp;&nbsp; (9334992)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $45942370 |

---

Investment Abbreviations: <br> NVDR-Non-Voting Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at April 30, 2025 <br> represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $704 | &nbsp;&nbsp; $3751661 | &nbsp;&nbsp; $(3737987)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $14378 | &nbsp;&nbsp; $1481 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 2368371 | &nbsp;&nbsp; 16425076 | &nbsp;&nbsp; (16174516)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2618931 | &nbsp;&nbsp; 70,577<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 6192193 | &nbsp;&nbsp; 33436491 | &nbsp;&nbsp; (32807331)<br>| &nbsp;&nbsp; (411)<br>| &nbsp;&nbsp; (537)<br>| &nbsp;&nbsp; 6820405 | &nbsp;&nbsp; 188,636<br> \*<br>|
| Total | &nbsp;&nbsp; $8561268 | &nbsp;&nbsp; $53613228 | &nbsp;&nbsp; $(52719834)<br>| &nbsp;&nbsp; $(411)<br>| &nbsp;&nbsp; $(537)<br>| &nbsp;&nbsp; $9453714 | &nbsp;&nbsp; $260694 |

---

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

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

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

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

------

**28**

------

**Invesco MSCI Green Building ETF (GBLD)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.64%** | **Common Stocks & Other Equity Interests-99.64%** | **Common Stocks & Other Equity Interests-99.64%** |
| **Australia-2.70%** | **Australia-2.70%** | **Australia-2.70%** |
| Centuria Office REIT | 7217 | &nbsp;&nbsp; $5666 |
| Cromwell Property Group<sup>(a)</sup> | 26775 | &nbsp;&nbsp; 6418 |
| Growthpoint Properties Australia Ltd.<sup>(a)</sup> | 5149 | &nbsp;&nbsp; 7630 |
| Vicinity Ltd. | 75520 | &nbsp;&nbsp; 114088 |
|  |  | &nbsp;&nbsp; 133802 |
| **Austria-0.40%** | **Austria-0.40%** | **Austria-0.40%** |
| CA Immobilien Anlagen AG | 726 | &nbsp;&nbsp; 19723 |
| **Brazil-0.56%** | **Brazil-0.56%** | **Brazil-0.56%** |
| ALLOS S.A. | 7400 | &nbsp;&nbsp; 27789 |
| **Canada-1.76%** | **Canada-1.76%** | **Canada-1.76%** |
| First Capital REIT | 2037 | &nbsp;&nbsp; 25188 |
| RioCan REIT<sup>(a)</sup> | 2875 | &nbsp;&nbsp; 35841 |
| SmartCentres REIT<sup>(a)</sup> | 1426 | &nbsp;&nbsp; 26315 |
|  |  | &nbsp;&nbsp; 87344 |
| **China-0.27%** | **China-0.27%** | **China-0.27%** |
| China Merchants Shekou Industrial Zone Holdings <br> Co. Ltd.<br>| 10600 | &nbsp;&nbsp; 13357 |
| **Finland-0.14%** | **Finland-0.14%** | **Finland-0.14%** |
| Citycon OYJ<sup>(a)</sup> | 1713 | &nbsp;&nbsp; 6902 |
| **France-11.24%** | **France-11.24%** | **France-11.24%** |
| Carmila S.A. | 1104 | &nbsp;&nbsp; 24081 |
| Covivio S.A. | 1088 | &nbsp;&nbsp; 61219 |
| Gecina S.A. | 897 | &nbsp;&nbsp; 92402 |
| Klepierre S.A. | 4194 | &nbsp;&nbsp; 154042 |
| Mercialys S.A. | 1829 | &nbsp;&nbsp; 24569 |
| Unibail-Rodamco-Westfield | 2363 | &nbsp;&nbsp; 200729 |
|  |  | &nbsp;&nbsp; 557042 |
| **Hong Kong-2.64%** | **Hong Kong-2.64%** | **Hong Kong-2.64%** |
| Fortune REIT | 29564 | &nbsp;&nbsp; 16544 |
| Hang Lung Properties Ltd. | 36900 | &nbsp;&nbsp; 30267 |
| Henderson Land Development Co. Ltd. | 28029 | &nbsp;&nbsp; 79498 |
| Yuexiu REIT | 47253 | &nbsp;&nbsp; 4439 |
|  |  | &nbsp;&nbsp; 130748 |
| **India-2.49%** | **India-2.49%** | **India-2.49%** |
| Brookfield India Real Estate Trust<sup>(b)</sup> | 5922 | &nbsp;&nbsp; 20295 |
| Embassy Office Parks REIT | 16624 | &nbsp;&nbsp; 75104 |
| Max Estates Ltd.<sup>(c)</sup> | 1098 | &nbsp;&nbsp; 5310 |
| Mindspace Business Parks REIT<sup>(b)</sup> | 4045 | &nbsp;&nbsp; 18450 |
| Nesco Ltd. | 393 | &nbsp;&nbsp; 4386 |
|  |  | &nbsp;&nbsp; 123545 |
| **Japan-24.29%** | **Japan-24.29%** | **Japan-24.29%** |
| Activia Properties, Inc. | 13 | &nbsp;&nbsp; 31246 |
| AEON REIT Investment Corp. | 34 | &nbsp;&nbsp; 29827 |
| CRE Logistics REIT, Inc. | 10 | &nbsp;&nbsp; 10061 |
| Daiwa House REIT Investment Corp. | 45 | &nbsp;&nbsp; 75553 |
| Daiwa Office Investment Corp. | 10 | &nbsp;&nbsp; 21476 |
| Frontier Real Estate Investment Corp. | 51 | &nbsp;&nbsp; 28380 |
| Fukuoka REIT Corp. | 14 | &nbsp;&nbsp; 15354 |
| Global One Real Estate Investment Corp. | 20 | &nbsp;&nbsp; 16740 |
| GLP J-Reit | 91 | &nbsp;&nbsp; 78679 |
| Hulic Reit, Inc. | 25 | &nbsp;&nbsp; 25651 |
| Isetan Mitsukoshi Holdings Ltd.<sup>(a)</sup> | 6336 | &nbsp;&nbsp; 81640 |
| Japan Excellent, Inc. | 23 | &nbsp;&nbsp; 20830 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Japan Logistics Fund, Inc. | 49 | &nbsp;&nbsp; $32121 |
| Japan Metropolitan Fund Investment Corp. | 140 | &nbsp;&nbsp; 93501 |
| Japan Prime Realty Investment Corp. | 16 | &nbsp;&nbsp; 39609 |
| Japan Real Estate Investment Corp. | 124 | &nbsp;&nbsp; 98643 |
| LaSalle Logiport REIT | 34 | &nbsp;&nbsp; 32512 |
| Mirai Corp.<sup>(a)</sup> | 38 | &nbsp;&nbsp; 11078 |
| Mitsubishi Estate Logistics REIT Investment Corp. | 27 | &nbsp;&nbsp; 22098 |
| Mori Hills REIT Investment Corp. | 30 | &nbsp;&nbsp; 27680 |
| Nippon Building Fund, Inc. | 148 | &nbsp;&nbsp; 137702 |
| Nippon Prologis REIT, Inc. | 44 | &nbsp;&nbsp; 72942 |
| Nomura Real Estate Master Fund, Inc. | 77 | &nbsp;&nbsp; 76841 |
| ORIX JREIT, Inc. | 52 | &nbsp;&nbsp; 65649 |
| Sekisui House Reit, Inc.<sup>(a)</sup> | 86 | &nbsp;&nbsp; 46506 |
| SOSiLA Logistics REIT, Inc.<sup>(a)</sup> | 14 | &nbsp;&nbsp; 10857 |
|  |  | &nbsp;&nbsp; 1203176 |
| **Mexico-2.92%** | **Mexico-2.92%** | **Mexico-2.92%** |
| Fibra Uno Administracion S.A. de C.V. | 55860 | &nbsp;&nbsp; 72168 |
| Prologis Property Mexico S.A. de C.V. | 20310 | &nbsp;&nbsp; 72473 |
|  |  | &nbsp;&nbsp; 144641 |
| **Netherlands-0.78%** | **Netherlands-0.78%** | **Netherlands-0.78%** |
| Eurocommercial Properties N.V. | 851 | &nbsp;&nbsp; 24675 |
| Wereldhave N.V. | 727 | &nbsp;&nbsp; 13779 |
|  |  | &nbsp;&nbsp; 38454 |
| **Romania-1.83%** | **Romania-1.83%** | **Romania-1.83%** |
| NEPI Rockcastle N.V.<sup>(c)</sup> | 11799 | &nbsp;&nbsp; 90478 |
| **Singapore-11.29%** | **Singapore-11.29%** | **Singapore-11.29%** |
| CapitaLand Ascendas REIT | 72899 | &nbsp;&nbsp; 148589 |
| CapitaLand India Trust | 19694 | &nbsp;&nbsp; 14698 |
| CapitaLand Integrated Commercial Trust | 113818 | &nbsp;&nbsp; 187368 |
| City Developments Ltd.<sup>(a)</sup> | 9755 | &nbsp;&nbsp; 37154 |
| Frasers Centrepoint Trust | 26104 | &nbsp;&nbsp; 45236 |
| Frasers Logistics & Commercial Trust<sup>(a)(b)</sup> | 54987 | &nbsp;&nbsp; 37729 |
| Keppel REIT | 48721 | &nbsp;&nbsp; 31927 |
| Lendlease Global Commercial REIT | 33080 | &nbsp;&nbsp; 13055 |
| Mapletree Pan Asia Commercial Trust | 46197 | &nbsp;&nbsp; 43278 |
|  |  | &nbsp;&nbsp; 559034 |
| **South Africa-0.67%** | **South Africa-0.67%** | **South Africa-0.67%** |
| Redefine Properties Ltd. | 133341 | &nbsp;&nbsp; 33165 |
| **Spain-2.72%** | **Spain-2.72%** | **Spain-2.72%** |
| Inmobiliaria Colonial SOCIMI S.A. | 6112 | &nbsp;&nbsp; 39749 |
| Merlin Properties SOCIMI S.A. | 7694 | &nbsp;&nbsp; 87552 |
| Neinor Homes S.A.<sup>(b)(c)</sup> | 417 | &nbsp;&nbsp; 7284 |
|  |  | &nbsp;&nbsp; 134585 |
| **Sweden-1.30%** | **Sweden-1.30%** | **Sweden-1.30%** |
| Atrium Ljungberg AB<sup>(a)</sup> | 5037 | &nbsp;&nbsp; 17874 |
| Fabege AB<sup>(a)</sup> | 4512 | &nbsp;&nbsp; 38627 |
| Platzer Fastigheter Holding AB, Class B | 1023 | &nbsp;&nbsp; 8057 |
|  |  | &nbsp;&nbsp; 64558 |
| **Switzerland-4.31%** | **Switzerland-4.31%** | **Switzerland-4.31%** |
| Swiss Prime Site AG | 1507 | &nbsp;&nbsp; 213427 |
| **United Kingdom-4.14%** | **United Kingdom-4.14%** | **United Kingdom-4.14%** |
| Berkeley Group Holdings PLC (The) | 1972 | &nbsp;&nbsp; 110173 |

---

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

------

**29**

------

**Invesco MSCI Green Building ETF (GBLD)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Crest Nicholson Holdings PLC<sup>(a)</sup> | 4756 | &nbsp;&nbsp; $11481 |
| Tritax Big Box REIT PLC | 43551 | &nbsp;&nbsp; 83496 |
|  |  | &nbsp;&nbsp; 205150 |
| **United States-23.19%** | **United States-23.19%** | **United States-23.19%** |
| Alexandria Real Estate Equities, Inc.<sup>(a)</sup> | 3064 | &nbsp;&nbsp; 222630 |
| American Assets Trust, Inc.<sup>(a)</sup> | 950 | &nbsp;&nbsp; 17794 |
| Beazer Homes USA, Inc.<sup>(c)</sup> | 578 | &nbsp;&nbsp; 11306 |
| Brandywine Realty Trust<sup>(a)</sup> | 3364 | &nbsp;&nbsp; 13321 |
| BXP, Inc.<sup>(a)</sup> | 2928 | &nbsp;&nbsp; 186601 |
| Cousins Properties, Inc. | 3268 | &nbsp;&nbsp; 90001 |
| Douglas Emmett, Inc.<sup>(a)</sup> | 3262 | &nbsp;&nbsp; 45113 |
| Empire State Realty Trust, Inc., Class A | 2745 | &nbsp;&nbsp; 19544 |
| Highwoods Properties, Inc.<sup>(a)</sup> | 2067 | &nbsp;&nbsp; 58785 |
| Hudson Pacific Properties, Inc. | 2614 | &nbsp;&nbsp; 5359 |
| JBG SMITH Properties, (Acquired 04/20/2021 - <br> 10/18/2024; Cost $39,124)<sup>(d)</sup><br>| 1563 | &nbsp;&nbsp; 21851 |
| KB Home | 1432 | &nbsp;&nbsp; 77371 |
| Kilroy Realty Corp.<sup>(a)</sup> | 2187 | &nbsp;&nbsp; 68912 |
| Meritage Homes Corp.<sup>(a)</sup> | 1413 | &nbsp;&nbsp; 96282 |
| Paramount Group, Inc.<sup>(a)</sup> | 3391 | &nbsp;&nbsp; 14547 |
| Piedmont Office Realty Trust, Inc., Class A<sup>(a)</sup> | 2416 | &nbsp;&nbsp; 14279 |
| SL Green Realty Corp.<sup>(a)</sup> | 1401 | &nbsp;&nbsp; 73707 |
| Vornado Realty Trust | 3163 | &nbsp;&nbsp; 111591 |
|  |  | &nbsp;&nbsp; 1148994 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.64% <br>(Cost $6,272,975) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.64% <br>(Cost $6,272,975) | &nbsp;&nbsp; 4935914 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-20.14%** | **Money Market Funds-20.14%** | **Money Market Funds-20.14%** |
| Invesco Private Government Fund, 4.32%<sup>(e)(f)(g)</sup> | 277494 | &nbsp;&nbsp; $277494 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 720069 | &nbsp;&nbsp; 720213 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $997,732) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $997,732) | &nbsp;&nbsp; 997707 |
| TOTAL INVESTMENTS IN SECURITIES-119.78% <br>(Cost $7,270,707) | TOTAL INVESTMENTS IN SECURITIES-119.78% <br>(Cost $7,270,707) | &nbsp;&nbsp; 5933621 |
| OTHER ASSETS LESS LIABILITIES-(19.78)% | OTHER ASSETS LESS LIABILITIES-(19.78)% | &nbsp;&nbsp; (979924)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4953697 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $83,758, which represented 1.69% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Restricted security. The value of this security at April 30, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $268532 | &nbsp;&nbsp; $(268532)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $151 |

---

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

------

**30**

------

**Invesco MSCI Green Building ETF (GBLD)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $263099 | &nbsp;&nbsp; $2458644 | &nbsp;&nbsp; $(2444249)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $277494 | &nbsp;&nbsp; $6,870<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 686794 | &nbsp;&nbsp; 5235876 | &nbsp;&nbsp; (5202378)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp; 720213 | &nbsp;&nbsp; 18,450<br> \*<br>|
| Total | &nbsp;&nbsp; $949893 | &nbsp;&nbsp; $7963052 | &nbsp;&nbsp; $(7915159)<br>| &nbsp;&nbsp; $(17)<br>| &nbsp;&nbsp; $(62)<br>| &nbsp;&nbsp; $997707 | &nbsp;&nbsp; $25471 |

---

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

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

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

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

------

**31**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.36%** | **Common Stocks & Other Equity Interests-99.36%** | **Common Stocks & Other Equity Interests-99.36%** |
| **Australia-5.23%** | **Australia-5.23%** | **Australia-5.23%** |
| AGL Energy Ltd. | 93525 | &nbsp;&nbsp; $636677 |
| Ampol Ltd. | 31096 | &nbsp;&nbsp; 471653 |
| ANZ Group Holdings Ltd. | 220959 | &nbsp;&nbsp; 4220619 |
| APA Group<sup>(a)</sup> | 97593 | &nbsp;&nbsp; 512971 |
| Aristocrat Leisure Ltd. | 20764 | &nbsp;&nbsp; 885842 |
| ASX Ltd. | 7252 | &nbsp;&nbsp; 328026 |
| Aurizon Holdings Ltd. | 207949 | &nbsp;&nbsp; 406660 |
| Bank of Queensland Ltd.<sup>(a)</sup> | 72370 | &nbsp;&nbsp; 345324 |
| Bendigo & Adelaide Bank Ltd. | 51763 | &nbsp;&nbsp; 369899 |
| BHP Group Ltd. | 553629 | &nbsp;&nbsp; 13180584 |
| BlueScope Steel Ltd. | 66750 | &nbsp;&nbsp; 1021257 |
| Brambles Ltd. | 87859 | &nbsp;&nbsp; 1153352 |
| Coles Group Ltd. | 102068 | &nbsp;&nbsp; 1384549 |
| Commonwealth Bank of Australia | 71890 | &nbsp;&nbsp; 7654321 |
| Computershare Ltd. | 26540 | &nbsp;&nbsp; 692770 |
| Coronado Global Resources, Inc., CDI<sup>(b)</sup> | 39104 | &nbsp;&nbsp; 4872 |
| CSL Ltd. | 14752 | &nbsp;&nbsp; 2365300 |
| Dexus | 125560 | &nbsp;&nbsp; 603738 |
| Downer EDI Ltd. | 22609 | &nbsp;&nbsp; 82470 |
| Dyno Nobel Ltd. | 239827 | &nbsp;&nbsp; 347753 |
| EBOS Group Ltd. | 1654 | &nbsp;&nbsp; 35963 |
| Endeavour Group Ltd.<sup>(a)</sup> | 169067 | &nbsp;&nbsp; 431986 |
| Evolution Mining Ltd. | 138167 | &nbsp;&nbsp; 692154 |
| Fortescue Ltd. | 200333 | &nbsp;&nbsp; 2066715 |
| Glencore PLC<sup>(c)</sup> | 1845138 | &nbsp;&nbsp; 6063341 |
| Goodman Group | 49681 | &nbsp;&nbsp; 950046 |
| GPT Group (The) | 196552 | &nbsp;&nbsp; 582013 |
| Insurance Australia Group Ltd. | 201692 | &nbsp;&nbsp; 1058224 |
| James Hardie Industries PLC, CDI<sup>(a)(c)</sup> | 13770 | &nbsp;&nbsp; 322859 |
| JB Hi-Fi Ltd. | 11188 | &nbsp;&nbsp; 740594 |
| Lendlease Corp. Ltd.<sup>(a)</sup> | 84714 | &nbsp;&nbsp; 285133 |
| Macquarie Group Ltd. | 22779 | &nbsp;&nbsp; 2811841 |
| Medibank Pvt. Ltd. | 236198 | &nbsp;&nbsp; 701856 |
| Metcash Ltd. | 159588 | &nbsp;&nbsp; 328356 |
| Mineral Resources Ltd.<sup>(c)</sup> | 13249 | &nbsp;&nbsp; 174047 |
| Mirvac Group | 455148 | &nbsp;&nbsp; 663177 |
| National Australia Bank Ltd. | 156615 | &nbsp;&nbsp; 3612398 |
| Northern Star Resources Ltd. | 58119 | &nbsp;&nbsp; 713135 |
| Orica Ltd. | 37169 | &nbsp;&nbsp; 385387 |
| Origin Energy Ltd. | 155700 | &nbsp;&nbsp; 1060093 |
| Orora Ltd. | 131533 | &nbsp;&nbsp; 152230 |
| Qantas Airways Ltd. | 66046 | &nbsp;&nbsp; 373011 |
| QBE Insurance Group Ltd. | 116144 | &nbsp;&nbsp; 1603347 |
| Ramsay Health Care Ltd. | 19088 | &nbsp;&nbsp; 405952 |
| Rio Tinto Ltd.<sup>(a)</sup> | 46676 | &nbsp;&nbsp; 3488352 |
| Rio Tinto PLC | 173003 | &nbsp;&nbsp; 10332356 |
| Santos Ltd. | 354261 | &nbsp;&nbsp; 1360420 |
| Scentre Group | 447138 | &nbsp;&nbsp; 1034772 |
| Sonic Healthcare Ltd. | 41603 | &nbsp;&nbsp; 693885 |
| South32 Ltd. | 778697 | &nbsp;&nbsp; 1340459 |
| Stockland | 264031 | &nbsp;&nbsp; 926854 |
| Suncorp Group Ltd. | 81341 | &nbsp;&nbsp; 1056610 |
| Telstra Group Ltd. | 490729 | &nbsp;&nbsp; 1414744 |
| Transurban Group | 164752 | &nbsp;&nbsp; 1483019 |
| Treasury Wine Estates Ltd. | 56463 | &nbsp;&nbsp; 322389 |
| Vicinity Ltd. | 405754 | &nbsp;&nbsp; 612973 |
| Viva Energy Group Ltd.<sup>(b)</sup> | 184883 | &nbsp;&nbsp; 203061 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Australia-(continued)** | **Australia-(continued)** | **Australia-(continued)** |
| Washington H Soul Pattinson & Co. Ltd.<sup>(a)</sup> | 9763 | &nbsp;&nbsp; $232131 |
| Wesfarmers Ltd. | 49776 | &nbsp;&nbsp; 2490866 |
| Westpac Banking Corp. | 224708 | &nbsp;&nbsp; 4710384 |
| Whitehaven Coal Ltd.<sup>(a)</sup> | 125255 | &nbsp;&nbsp; 400220 |
| Woodside Energy Group Ltd. | 221923 | &nbsp;&nbsp; 2889636 |
| Woolworths Group Ltd. | 78215 | &nbsp;&nbsp; 1576861 |
| Worley Ltd. | 49009 | &nbsp;&nbsp; 390032 |
|  |  | &nbsp;&nbsp; 99842519 |
| **Austria-0.43%** | **Austria-0.43%** | **Austria-0.43%** |
| ams-OSRAM AG<sup>(a)(c)</sup> | 25414 | &nbsp;&nbsp; 226601 |
| ANDRITZ AG | 4420 | &nbsp;&nbsp; 318713 |
| BAWAG Group AG<sup>(b)(c)</sup> | 10493 | &nbsp;&nbsp; 1154076 |
| Erste Group Bank AG | 35636 | &nbsp;&nbsp; 2421638 |
| Mondi PLC | 76075 | &nbsp;&nbsp; 1157353 |
| OMV AG | 25534 | &nbsp;&nbsp; 1324746 |
| Raiffeisen Bank International AG | 24229 | &nbsp;&nbsp; 649416 |
| voestalpine AG | 18455 | &nbsp;&nbsp; 488002 |
| Wienerberger AG | 13479 | &nbsp;&nbsp; 474903 |
|  |  | &nbsp;&nbsp; 8215448 |
| **Belgium-0.70%** | **Belgium-0.70%** | **Belgium-0.70%** |
| Ackermans & van Haaren N.V. | 461 | &nbsp;&nbsp; 113143 |
| Ageas S.A./N.V. | 19353 | &nbsp;&nbsp; 1217926 |
| Anheuser-Busch InBev S.A./N.V. | 77456 | &nbsp;&nbsp; 5122623 |
| Cofinimmo S.A. | 3263 | &nbsp;&nbsp; 261805 |
| Colruyt Group N.V | 5463 | &nbsp;&nbsp; 263607 |
| Elia Group S.A./N.V.<sup>(a)</sup> | 2221 | &nbsp;&nbsp; 241629 |
| Groupe Bruxelles Lambert N.V. | 6969 | &nbsp;&nbsp; 576881 |
| KBC Group N.V. | 31934 | &nbsp;&nbsp; 2954733 |
| Proximus SADP | 40699 | &nbsp;&nbsp; 313670 |
| Syensqo S.A.<sup>(a)</sup> | 7342 | &nbsp;&nbsp; 527002 |
| UCB S.A. | 7103 | &nbsp;&nbsp; 1306742 |
| Umicore S.A. | 45333 | &nbsp;&nbsp; 413498 |
|  |  | &nbsp;&nbsp; 13313259 |
| **Brazil-0.06%** | **Brazil-0.06%** | **Brazil-0.06%** |
| Yara International ASA | 36672 | &nbsp;&nbsp; 1193976 |
| **Canada-9.37%** | **Canada-9.37%** | **Canada-9.37%** |
| Agnico Eagle Mines Ltd. | 25346 | &nbsp;&nbsp; 2973150 |
| Air Canada<sup>(c)</sup> | 18254 | &nbsp;&nbsp; 184615 |
| Algonquin Power & Utilities Corp.<sup>(a)</sup> | 132079 | &nbsp;&nbsp; 710452 |
| Alimentation Couche-Tard, Inc. | 56149 | &nbsp;&nbsp; 2925130 |
| Allied Properties REIT<sup>(a)</sup> | 21017 | &nbsp;&nbsp; 233404 |
| AltaGas Ltd. | 34719 | &nbsp;&nbsp; 1025509 |
| ARC Resources Ltd. | 45576 | &nbsp;&nbsp; 841703 |
| ATCO Ltd., Class I | 3614 | &nbsp;&nbsp; 135607 |
| AtkinsRealis Group, Inc. | 12173 | &nbsp;&nbsp; 601644 |
| B2Gold Corp. | 176173 | &nbsp;&nbsp; 549704 |
| Bank of Montreal<sup>(a)</sup> | 68628 | &nbsp;&nbsp; 6562711 |
| Bank of Nova Scotia (The) | 177326 | &nbsp;&nbsp; 8855388 |
| Barrick Gold Corp. | 195754 | &nbsp;&nbsp; 3725746 |
| BCE, Inc.<sup>(a)</sup> | 53013 | &nbsp;&nbsp; 1175935 |
| Bombardier, Inc., Class B<sup>(a)(c)</sup> | 10159 | &nbsp;&nbsp; 670157 |
| Brookfield Corp. | 139564 | &nbsp;&nbsp; 7482886 |
| Brookfield Renewable Corp. | 8990 | &nbsp;&nbsp; 255714 |
| CAE, Inc.<sup>(c)</sup> | 17249 | &nbsp;&nbsp; 430694 |
| Cameco Corp. | 5439 | &nbsp;&nbsp; 245037 |
| Canadian Apartment Properties REIT | 15875 | &nbsp;&nbsp; 483847 |

---

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

------

**32**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Canadian Imperial Bank of Commerce | 104938 | &nbsp;&nbsp; $6605632 |
| Canadian National Railway Co. | 25584 | &nbsp;&nbsp; 2472830 |
| Canadian Natural Resources Ltd.<sup>(a)</sup> | 193867 | &nbsp;&nbsp; 5552290 |
| Canadian Pacific Kansas City Ltd.<sup>(a)</sup> | 30445 | &nbsp;&nbsp; 2206948 |
| Canadian Tire Corp. Ltd., Class A<sup>(a)</sup> | 9770 | &nbsp;&nbsp; 1067181 |
| Capital Power Corp. | 12875 | &nbsp;&nbsp; 487857 |
| CCL Industries, Inc., Class B | 2561 | &nbsp;&nbsp; 133566 |
| Celestica, Inc.<sup>(c)</sup> | 9195 | &nbsp;&nbsp; 783036 |
| Cenovus Energy, Inc. | 138398 | &nbsp;&nbsp; 1626149 |
| CGI, Inc., Class A | 9868 | &nbsp;&nbsp; 1044309 |
| CI Financial Corp. | 18766 | &nbsp;&nbsp; 424555 |
| Constellation Software, Inc. | 211 | &nbsp;&nbsp; 758939 |
| Dollarama, Inc. | 4395 | &nbsp;&nbsp; 541222 |
| Element Fleet Management Corp. | 20111 | &nbsp;&nbsp; 439551 |
| Emera, Inc.<sup>(a)</sup> | 33464 | &nbsp;&nbsp; 1503251 |
| Empire Co. Ltd., Class A | 6455 | &nbsp;&nbsp; 239264 |
| Enbridge, Inc.<sup>(a)</sup> | 251897 | &nbsp;&nbsp; 11756895 |
| Fairfax Financial Holdings Ltd. | 1893 | &nbsp;&nbsp; 2949616 |
| Finning International, Inc. | 15630 | &nbsp;&nbsp; 440283 |
| First Capital REIT | 18281 | &nbsp;&nbsp; 226048 |
| Fortis, Inc. | 51538 | &nbsp;&nbsp; 2547238 |
| Franco-Nevada Corp. | 5261 | &nbsp;&nbsp; 902326 |
| George Weston Ltd. | 5718 | &nbsp;&nbsp; 1111891 |
| Gibson Energy, Inc. | 18517 | &nbsp;&nbsp; 290765 |
| Gildan Activewear, Inc. | 10508 | &nbsp;&nbsp; 483293 |
| Great-West Lifeco, Inc. | 32419 | &nbsp;&nbsp; 1258222 |
| H&R REIT | 13096 | &nbsp;&nbsp; 93008 |
| Hydro One Ltd.<sup>(b)</sup> | 23011 | &nbsp;&nbsp; 883590 |
| iA Financial Corp., Inc. | 9753 | &nbsp;&nbsp; 945574 |
| Imperial Oil Ltd. | 17029 | &nbsp;&nbsp; 1146403 |
| Intact Financial Corp. | 8840 | &nbsp;&nbsp; 1959417 |
| Keyera Corp. | 24602 | &nbsp;&nbsp; 762122 |
| Kinross Gold Corp. | 128043 | &nbsp;&nbsp; 1886393 |
| Linamar Corp. | 2872 | &nbsp;&nbsp; 105187 |
| Loblaw Cos. Ltd. | 12903 | &nbsp;&nbsp; 2090561 |
| Magna International, Inc. | 62208 | &nbsp;&nbsp; 2157217 |
| Manulife Financial Corp. | 204698 | &nbsp;&nbsp; 6261124 |
| MEG Energy Corp. | 28422 | &nbsp;&nbsp; 397945 |
| Methanex Corp. | 9093 | &nbsp;&nbsp; 284383 |
| Metro, Inc. | 20160 | &nbsp;&nbsp; 1550567 |
| National Bank of Canada | 27829 | &nbsp;&nbsp; 2439394 |
| Northland Power, Inc.<sup>(a)</sup> | 30734 | &nbsp;&nbsp; 416744 |
| Nutrien Ltd.<sup>(a)</sup> | 87922 | &nbsp;&nbsp; 5009383 |
| Onex Corp. | 5536 | &nbsp;&nbsp; 391203 |
| Open Text Corp. | 19737 | &nbsp;&nbsp; 533255 |
| Pan American Silver Corp. | 4579 | &nbsp;&nbsp; 115063 |
| Parkland Corp. | 22180 | &nbsp;&nbsp; 557671 |
| Pembina Pipeline Corp. | 56700 | &nbsp;&nbsp; 2163245 |
| Power Corp. of Canada | 90621 | &nbsp;&nbsp; 3423300 |
| Quebecor, Inc., Class B | 4118 | &nbsp;&nbsp; 112751 |
| RB Global, Inc. | 1192 | &nbsp;&nbsp; 119890 |
| Restaurant Brands International, Inc. | 12095 | &nbsp;&nbsp; 777817 |
| RioCan REIT<sup>(a)</sup> | 38951 | &nbsp;&nbsp; 485583 |
| Rogers Communications, Inc., Class B | 13625 | &nbsp;&nbsp; 354508 |
| Royal Bank of Canada | 119640 | &nbsp;&nbsp; 14332028 |
| Saputo, Inc. | 27441 | &nbsp;&nbsp; 534397 |
| Shopify, Inc., Class A<sup>(c)</sup> | 6985 | &nbsp;&nbsp; 663052 |
| SmartCentres REIT<sup>(a)</sup> | 12724 | &nbsp;&nbsp; 234804 |
| South Bow Corp. | 18245 | &nbsp;&nbsp; 449752 |
| SSR Mining, Inc.<sup>(c)</sup> | 53132 | &nbsp;&nbsp; 564669 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Stantec, Inc. | 2708 | &nbsp;&nbsp; $237217 |
| Sun Life Financial, Inc. | 55475 | &nbsp;&nbsp; 3299262 |
| Suncor Energy, Inc. | 183939 | &nbsp;&nbsp; 6483740 |
| TC Energy Corp.<sup>(a)</sup> | 109699 | &nbsp;&nbsp; 5531409 |
| Teck Resources Ltd., Class B | 49721 | &nbsp;&nbsp; 1686403 |
| TELUS Corp. | 59877 | &nbsp;&nbsp; 919851 |
| TFI International, Inc. | 3975 | &nbsp;&nbsp; 322507 |
| Thomson Reuters Corp. | 4210 | &nbsp;&nbsp; 781866 |
| TMX Group Ltd. | 9878 | &nbsp;&nbsp; 399539 |
| Toromont Industries Ltd. | 3855 | &nbsp;&nbsp; 325525 |
| Toronto-Dominion Bank (The) | 186500 | &nbsp;&nbsp; 11893712 |
| Tourmaline Oil Corp.<sup>(a)</sup> | 26825 | &nbsp;&nbsp; 1182685 |
| Veren, Inc. | 80386 | &nbsp;&nbsp; 474879 |
| Vermilion Energy, Inc.<sup>(a)</sup> | 41974 | &nbsp;&nbsp; 252822 |
| West Fraser Timber Co. Ltd. | 13148 | &nbsp;&nbsp; 971560 |
| Wheaton Precious Metals Corp.<sup>(a)</sup> | 13156 | &nbsp;&nbsp; 1096349 |
| Whitecap Resources, Inc.<sup>(a)</sup> | 20518 | &nbsp;&nbsp; 116159 |
| WSP Global, Inc. | 4460 | &nbsp;&nbsp; 789000 |
|  |  | &nbsp;&nbsp; 178888675 |
| **Chile-0.06%** | **Chile-0.06%** | **Chile-0.06%** |
| Antofagasta PLC<sup>(a)</sup> | 27104 | &nbsp;&nbsp; 596151 |
| Lundin Mining Corp.<sup>(a)</sup> | 67533 | &nbsp;&nbsp; 551489 |
|  |  | &nbsp;&nbsp; 1147640 |
| **China-0.23%** | **China-0.23%** | **China-0.23%** |
| BeiGene Ltd.<sup>(c)</sup> | 6900 | &nbsp;&nbsp; 139462 |
| BOC Hong Kong (Holdings) Ltd. | 233192 | &nbsp;&nbsp; 967482 |
| China Gas Holdings Ltd. | 146000 | &nbsp;&nbsp; 132019 |
| GCL Technology Holdings Ltd.<sup>(a)(c)</sup> | 607000 | &nbsp;&nbsp; 61700 |
| JOYY, Inc., ADR | 3040 | &nbsp;&nbsp; 125126 |
| Kingboard Holdings Ltd. | 21500 | &nbsp;&nbsp; 57765 |
| Lenovo Group Ltd. | 1368369 | &nbsp;&nbsp; 1582808 |
| Sino Biopharmaceutical Ltd. | 249000 | &nbsp;&nbsp; 125062 |
| SITC International Holdings Co. Ltd. | 223937 | &nbsp;&nbsp; 620145 |
| Wilmar International Ltd. | 158395 | &nbsp;&nbsp; 371626 |
| Xinyi Glass Holdings Ltd.<sup>(a)</sup> | 237078 | &nbsp;&nbsp; 221998 |
|  |  | &nbsp;&nbsp; 4405193 |
| **Colombia-0.00%** | **Colombia-0.00%** | **Colombia-0.00%** |
| Parex Resources, Inc. | 9955 | &nbsp;&nbsp; 79997 |
| **Denmark-0.89%** | **Denmark-0.89%** | **Denmark-0.89%** |
| A.P. Moller - Maersk A/S, Class B<sup>(a)</sup> | 2713 | &nbsp;&nbsp; 4688233 |
| Carlsberg A/S, Class B | 6944 | &nbsp;&nbsp; 949539 |
| Coloplast A/S, Class B | 4111 | &nbsp;&nbsp; 466882 |
| Danske Bank A/S | 58577 | &nbsp;&nbsp; 2062697 |
| DSV A/S<sup>(a)</sup> | 9051 | &nbsp;&nbsp; 1925330 |
| Genmab A/S<sup>(c)</sup> | 1926 | &nbsp;&nbsp; 409852 |
| ISS A/S<sup>(a)</sup> | 22294 | &nbsp;&nbsp; 561396 |
| Jyske Bank A/S | 3134 | &nbsp;&nbsp; 257968 |
| Novo Nordisk A/S, Class B | 44350 | &nbsp;&nbsp; 2975947 |
| Novonesis (Novozymes) B, Class B | 2629 | &nbsp;&nbsp; 171385 |
| Orsted A/S<sup>(a)(b)(c)</sup> | 17123 | &nbsp;&nbsp; 683820 |
| Pandora A/S | 2951 | &nbsp;&nbsp; 440870 |
| Rockwool A/S | 2508 | &nbsp;&nbsp; 114901 |
| Svitzer Group A/S | 4083 | &nbsp;&nbsp; 171830 |
| Tryg A/S | 22605 | &nbsp;&nbsp; 541071 |
| Vestas Wind Systems A/S | 44417 | &nbsp;&nbsp; 594301 |
|  |  | &nbsp;&nbsp; 17016022 |

---

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

------

**33**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Finland-1.23%** | **Finland-1.23%** | **Finland-1.23%** |
| Elisa OYJ<sup>(a)</sup> | 12063 | &nbsp;&nbsp; $645753 |
| Fortum OYJ<sup>(a)</sup> | 97074 | &nbsp;&nbsp; 1633200 |
| Huhtamaki OYJ | 7716 | &nbsp;&nbsp; 285063 |
| Kesko OYJ, Class B<sup>(a)</sup> | 32860 | &nbsp;&nbsp; 757025 |
| Kone OYJ, Class B | 23005 | &nbsp;&nbsp; 1429647 |
| Konecranes OYJ | 4627 | &nbsp;&nbsp; 311067 |
| Mandatum OYJ<sup>(a)</sup> | 57850 | &nbsp;&nbsp; 410264 |
| Metso OYJ<sup>(a)</sup> | 35119 | &nbsp;&nbsp; 382906 |
| Neste OYJ<sup>(a)</sup> | 71399 | &nbsp;&nbsp; 743196 |
| Nokia OYJ | 770250 | &nbsp;&nbsp; 3863870 |
| Nordea Bank Abp | 444342 | &nbsp;&nbsp; 6174858 |
| Orion OYJ, Class B | 6883 | &nbsp;&nbsp; 432439 |
| Outokumpu OYJ<sup>(a)</sup> | 100725 | &nbsp;&nbsp; 389039 |
| Sampo OYJ | 177657 | &nbsp;&nbsp; 1786004 |
| Stora Enso OYJ, Class R<sup>(a)</sup> | 107811 | &nbsp;&nbsp; 1004839 |
| TietoEVRY OYJ<sup>(a)</sup> | 15159 | &nbsp;&nbsp; 272509 |
| UPM-Kymmene OYJ | 69930 | &nbsp;&nbsp; 1858550 |
| Valmet OYJ<sup>(a)</sup> | 16940 | &nbsp;&nbsp; 519028 |
| Wartsila OYJ Abp | 31812 | &nbsp;&nbsp; 589793 |
|  |  | &nbsp;&nbsp; 23489050 |
| **France-8.46%** | **France-8.46%** | **France-8.46%** |
| Accor S.A. | 9704 | &nbsp;&nbsp; 479785 |
| Air France-KLM<sup>(a)(c)</sup> | 44977 | &nbsp;&nbsp; 394040 |
| Air Liquide S.A. | 27831 | &nbsp;&nbsp; 5738354 |
| Airbus SE | 23184 | &nbsp;&nbsp; 3947651 |
| Alstom S.A.<sup>(c)</sup> | 78659 | &nbsp;&nbsp; 1906089 |
| Amundi S.A.<sup>(a)(b)</sup> | 6986 | &nbsp;&nbsp; 553733 |
| Arkema S.A. | 10219 | &nbsp;&nbsp; 779579 |
| AXA S.A. | 201837 | &nbsp;&nbsp; 9578931 |
| Ayvens S.A.<sup>(b)</sup> | 11432 | &nbsp;&nbsp; 116282 |
| BNP Paribas S.A. | 176018 | &nbsp;&nbsp; 14965264 |
| Bollore SE | 60120 | &nbsp;&nbsp; 373148 |
| Bouygues S.A.<sup>(a)</sup> | 41757 | &nbsp;&nbsp; 1841762 |
| Bureau Veritas S.A. | 15177 | &nbsp;&nbsp; 483423 |
| Capgemini SE | 8851 | &nbsp;&nbsp; 1417948 |
| Carrefour S.A.<sup>(a)</sup> | 130118 | &nbsp;&nbsp; 2013812 |
| Cie de Saint-Gobain S.A. | 54558 | &nbsp;&nbsp; 5951860 |
| Cie Generale des Etablissements Michelin <br> S.C.A.<br>| 90231 | &nbsp;&nbsp; 3310722 |
| Clariane SE<sup>(c)</sup> | 29870 | &nbsp;&nbsp; 127358 |
| Covivio S.A. | 8066 | &nbsp;&nbsp; 453857 |
| Credit Agricole S.A. | 208224 | &nbsp;&nbsp; 3919019 |
| Danone S.A. | 56739 | &nbsp;&nbsp; 4898998 |
| Dassault Systemes SE | 13029 | &nbsp;&nbsp; 489958 |
| Edenred SE<sup>(a)</sup> | 5515 | &nbsp;&nbsp; 172588 |
| Eiffage S.A. | 13186 | &nbsp;&nbsp; 1800433 |
| Elis S.A.<sup>(a)</sup> | 18526 | &nbsp;&nbsp; 477183 |
| Emeis S.A.<sup>(a)(c)</sup> | 10589 | &nbsp;&nbsp; 136964 |
| ENGIE S.A. | 289018 | &nbsp;&nbsp; 5994085 |
| EssilorLuxottica S.A.<sup>(a)</sup> | 13635 | &nbsp;&nbsp; 3942492 |
| Eurazeo SE | 5971 | &nbsp;&nbsp; 438100 |
| Forvia SE | 82824 | &nbsp;&nbsp; 641994 |
| Gecina S.A. | 6586 | &nbsp;&nbsp; 678437 |
| Getlink SE | 12746 | &nbsp;&nbsp; 242857 |
| Hermes International S.C.A. | 354 | &nbsp;&nbsp; 976915 |
| Kering S.A.<sup>(a)</sup> | 5639 | &nbsp;&nbsp; 1151219 |
| Klepierre S.A. | 26744 | &nbsp;&nbsp; 982286 |
| Legrand S.A. | 13556 | &nbsp;&nbsp; 1494932 |
| L'Oreal S.A. | 7726 | &nbsp;&nbsp; 3425607 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** |
| Louis Hachette Group<sup>(c)</sup> | 62380 | &nbsp;&nbsp; $98693 |
| LVMH Moet Hennessy Louis Vuitton SE | 7922 | &nbsp;&nbsp; 4403337 |
| Nexans S.A. | 2533 | &nbsp;&nbsp; 279230 |
| Orange S.A. | 361431 | &nbsp;&nbsp; 5261713 |
| Pernod Ricard S.A. | 13776 | &nbsp;&nbsp; 1498397 |
| Publicis Groupe S.A. | 16081 | &nbsp;&nbsp; 1641827 |
| Renault S.A. | 54064 | &nbsp;&nbsp; 2881290 |
| Rexel S.A. | 40594 | &nbsp;&nbsp; 1131731 |
| Rubis S.C.A. | 4581 | &nbsp;&nbsp; 149628 |
| Safran S.A. | 10411 | &nbsp;&nbsp; 2780110 |
| Schneider Electric SE | 22211 | &nbsp;&nbsp; 5207375 |
| SCOR SE | 22504 | &nbsp;&nbsp; 711524 |
| SEB S.A. | 3002 | &nbsp;&nbsp; 284150 |
| Societe Generale S.A. | 187517 | &nbsp;&nbsp; 9810610 |
| Sodexo S.A. | 10227 | &nbsp;&nbsp; 651413 |
| Sopra Steria Group | 957 | &nbsp;&nbsp; 196898 |
| SPIE S.A.<sup>(a)</sup> | 12432 | &nbsp;&nbsp; 611422 |
| STMicroelectronics N.V. | 42405 | &nbsp;&nbsp; 967496 |
| Technip Energies N.V. | 13248 | &nbsp;&nbsp; 453633 |
| Teleperformance SE | 5898 | &nbsp;&nbsp; 648972 |
| Thales S.A. | 6114 | &nbsp;&nbsp; 1718565 |
| TotalEnergies SE | 361791 | &nbsp;&nbsp; 20676819 |
| Ubisoft Entertainment S.A.<sup>(c)</sup> | 9892 | &nbsp;&nbsp; 116952 |
| Unibail-Rodamco-Westfield | 15549 | &nbsp;&nbsp; 1320833 |
| Valeo SE<sup>(a)</sup> | 106319 | &nbsp;&nbsp; 1059507 |
| Veolia Environnement S.A.<sup>(a)</sup> | 90250 | &nbsp;&nbsp; 3307648 |
| Vinci S.A. | 47160 | &nbsp;&nbsp; 6647245 |
| Vivendi SE | 62378 | &nbsp;&nbsp; 195193 |
| Wendel SE | 2629 | &nbsp;&nbsp; 259389 |
| Worldline S.A.<sup>(a)(b)(c)</sup> | 61486 | &nbsp;&nbsp; 341838 |
|  |  | &nbsp;&nbsp; 161611103 |
| **Germany-9.95%** | **Germany-9.95%** | **Germany-9.95%** |
| adidas AG | 9645 | &nbsp;&nbsp; 2226875 |
| Allianz SE | 41170 | &nbsp;&nbsp; 17085578 |
| Aroundtown S.A.<sup>(a)(c)</sup> | 219158 | &nbsp;&nbsp; 657013 |
| Aurubis AG<sup>(a)</sup> | 8054 | &nbsp;&nbsp; 705604 |
| BASF SE | 162934 | &nbsp;&nbsp; 8349604 |
| Bayer AG | 286548 | &nbsp;&nbsp; 7535470 |
| Bayerische Motoren Werke AG<sup>(a)</sup> | 75376 | &nbsp;&nbsp; 6415215 |
| Beiersdorf AG | 3347 | &nbsp;&nbsp; 473209 |
| BioNTech SE, ADR<sup>(c)</sup> | 6044 | &nbsp;&nbsp; 629483 |
| Brenntag SE | 13540 | &nbsp;&nbsp; 907367 |
| Commerzbank AG | 148699 | &nbsp;&nbsp; 3949249 |
| Continental AG | 25074 | &nbsp;&nbsp; 1966900 |
| Daimler Truck Holding AG | 72950 | &nbsp;&nbsp; 2940967 |
| Deutsche Bank AG | 397549 | &nbsp;&nbsp; 10459760 |
| Deutsche Boerse AG | 6986 | &nbsp;&nbsp; 2257895 |
| Deutsche Lufthansa AG | 133669 | &nbsp;&nbsp; 963805 |
| Deutsche Post AG | 141737 | &nbsp;&nbsp; 6076992 |
| Deutsche Telekom AG | 395838 | &nbsp;&nbsp; 14266474 |
| Dr. Ing. h.c. F. Porsche AG, Preference <br> Shares<sup>(a)(b)</sup><br>| 2188 | &nbsp;&nbsp; 110373 |
| E.ON SE | 322031 | &nbsp;&nbsp; 5651581 |
| Evonik Industries AG | 51461 | &nbsp;&nbsp; 1160457 |
| Freenet AG | 15402 | &nbsp;&nbsp; 642668 |
| Fresenius Medical Care AG | 34518 | &nbsp;&nbsp; 1762170 |
| Fresenius SE & Co. KGaA<sup>(c)</sup> | 73160 | &nbsp;&nbsp; 3486840 |
| FUCHS SE, Preference Shares<sup>(a)</sup> | 6749 | &nbsp;&nbsp; 339578 |
| GEA Group AG | 12985 | &nbsp;&nbsp; 850054 |

---

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

------

**34**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Hannover Rueck SE | 4564 | &nbsp;&nbsp; $1470087 |
| Hapag-Lloyd AG<sup>(a)(b)</sup> | 522 | &nbsp;&nbsp; 82472 |
| Heidelberg Materials AG | 20408 | &nbsp;&nbsp; 4093880 |
| HelloFresh SE<sup>(a)(c)</sup> | 18127 | &nbsp;&nbsp; 189403 |
| Henkel AG & Co. KGaA, Preference Shares | 25284 | &nbsp;&nbsp; 1970478 |
| HOCHTIEF AG | 3251 | &nbsp;&nbsp; 617191 |
| HUGO BOSS AG | 3066 | &nbsp;&nbsp; 128321 |
| Infineon Technologies AG | 57278 | &nbsp;&nbsp; 1903753 |
| K+S AG | 55530 | &nbsp;&nbsp; 971883 |
| KION Group AG | 12897 | &nbsp;&nbsp; 550734 |
| Knorr-Bremse AG | 5815 | &nbsp;&nbsp; 578698 |
| LANXESS AG | 27150 | &nbsp;&nbsp; 817958 |
| LEG Immobilien SE | 9084 | &nbsp;&nbsp; 772695 |
| Mercedes-Benz Group AG | 168487 | &nbsp;&nbsp; 10108317 |
| Merck KGaA | 7365 | &nbsp;&nbsp; 1028886 |
| MTU Aero Engines AG | 2193 | &nbsp;&nbsp; 761623 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen, Class R<br>| 12291 | &nbsp;&nbsp; 8443506 |
| Porsche Automobil Holding SE, <br> Preference Shares<br>| 12154 | &nbsp;&nbsp; 502845 |
| ProSiebenSat.1 Media SE | 45391 | &nbsp;&nbsp; 317861 |
| Puma SE | 10001 | &nbsp;&nbsp; 259124 |
| Rheinmetall AG | 1404 | &nbsp;&nbsp; 2399319 |
| RWE AG | 88705 | &nbsp;&nbsp; 3456642 |
| SAP SE | 35044 | &nbsp;&nbsp; 10288780 |
| Schaeffler AG<sup>(a)</sup> | 17313 | &nbsp;&nbsp; 74972 |
| Siemens AG | 50563 | &nbsp;&nbsp; 11682790 |
| Siemens Energy AG, Class A<sup>(c)</sup> | 79000 | &nbsp;&nbsp; 6118505 |
| Siemens Healthineers AG<sup>(b)</sup> | 13339 | &nbsp;&nbsp; 721546 |
| Symrise AG | 5712 | &nbsp;&nbsp; 661041 |
| TAG Immobilien AG<sup>(c)</sup> | 18819 | &nbsp;&nbsp; 307446 |
| Talanx AG | 7864 | &nbsp;&nbsp; 905644 |
| thyssenkrupp AG | 204653 | &nbsp;&nbsp; 2355095 |
| Traton SE | 2690 | &nbsp;&nbsp; 88927 |
| TUI AG<sup>(c)</sup> | 83664 | &nbsp;&nbsp; 645968 |
| United Internet AG | 10199 | &nbsp;&nbsp; 232077 |
| Volkswagen AG, Preference Shares | 80603 | &nbsp;&nbsp; 8800638 |
| Vonovia SE | 85537 | &nbsp;&nbsp; 2847039 |
| Wacker Chemie AG | 1922 | &nbsp;&nbsp; 145795 |
| Zalando SE<sup>(b)(c)</sup> | 23798 | &nbsp;&nbsp; 872006 |
|  |  | &nbsp;&nbsp; 190045126 |
| **Guatemala-0.01%** | **Guatemala-0.01%** | **Guatemala-0.01%** |
| Millicom International Cellular S.A. | 3874 | &nbsp;&nbsp; 133808 |
| **Hong Kong-1.17%** | **Hong Kong-1.17%** | **Hong Kong-1.17%** |
| AIA Group Ltd. | 798707 | &nbsp;&nbsp; 5985339 |
| CK Asset Holdings Ltd. | 179738 | &nbsp;&nbsp; 734381 |
| CK Hutchison Holdings Ltd. | 186917 | &nbsp;&nbsp; 1054162 |
| CLP Holdings Ltd. | 88006 | &nbsp;&nbsp; 750483 |
| Hang Lung Group Ltd. | 19000 | &nbsp;&nbsp; 27277 |
| Hang Seng Bank Ltd. | 50722 | &nbsp;&nbsp; 708100 |
| Henderson Land Development Co. Ltd. | 122867 | &nbsp;&nbsp; 348484 |
| HKT Trust & HKT Ltd. | 81000 | &nbsp;&nbsp; 115275 |
| Hong Kong & China Gas Co. Ltd. (The) | 579425 | &nbsp;&nbsp; 521412 |
| Hong Kong Exchanges & Clearing Ltd. | 34478 | &nbsp;&nbsp; 1506508 |
| Hongkong Land Holdings Ltd. | 41698 | &nbsp;&nbsp; 204070 |
| Jardine Matheson Holdings Ltd. | 9974 | &nbsp;&nbsp; 443196 |
| Kerry Properties Ltd. | 21500 | &nbsp;&nbsp; 50497 |
| Link REIT | 309676 | &nbsp;&nbsp; 1450027 |
| MTR Corp. Ltd.<sup>(a)</sup> | 117090 | &nbsp;&nbsp; 404280 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-(continued)** | **Hong Kong-(continued)** | **Hong Kong-(continued)** |
| New World Development Co. Ltd.<sup>(c)</sup> | 474075 | &nbsp;&nbsp; $290349 |
| Orient Overseas International Ltd. | 24762 | &nbsp;&nbsp; 345928 |
| Pacific Basin Shipping Ltd.<sup>(a)</sup> | 239000 | &nbsp;&nbsp; 53595 |
| Power Assets Holdings Ltd. | 45798 | &nbsp;&nbsp; 302907 |
| Prudential PLC | 290916 | &nbsp;&nbsp; 3100209 |
| Sino Land Co. Ltd. | 98000 | &nbsp;&nbsp; 100726 |
| Sun Hung Kai Properties Ltd. | 141426 | &nbsp;&nbsp; 1341781 |
| Swire Pacific Ltd., Class A<sup>(a)</sup> | 48565 | &nbsp;&nbsp; 420023 |
| Swire Properties Ltd. | 47000 | &nbsp;&nbsp; 103881 |
| Techtronic Industries Co. Ltd. | 79334 | &nbsp;&nbsp; 798509 |
| WH Group Ltd. | 875300 | &nbsp;&nbsp; 782790 |
| Wharf Real Estate Investment Co. Ltd. | 123481 | &nbsp;&nbsp; 295345 |
| Yue Yuen Industrial Holdings Ltd. | 47000 | &nbsp;&nbsp; 67486 |
|  |  | &nbsp;&nbsp; 22307020 |
| **Indonesia-0.00%** | **Indonesia-0.00%** | **Indonesia-0.00%** |
| Golden Agri-Resources Ltd. | 72866 | &nbsp;&nbsp; 13398 |
| **Ireland-0.26%** | **Ireland-0.26%** | **Ireland-0.26%** |
| AerCap Holdings N.V. | 3169 | &nbsp;&nbsp; 335914 |
| AIB Group PLC | 139421 | &nbsp;&nbsp; 940283 |
| Bank of Ireland Group PLC | 99651 | &nbsp;&nbsp; 1174077 |
| Flutter Entertainment PLC<sup>(c)</sup> | 3020 | &nbsp;&nbsp; 727790 |
| Glanbia PLC<sup>(a)</sup> | 6395 | &nbsp;&nbsp; 83069 |
| Kerry Group PLC, Class A | 10053 | &nbsp;&nbsp; 1067893 |
| Kingspan Group PLC | 6510 | &nbsp;&nbsp; 551234 |
|  |  | &nbsp;&nbsp; 4880260 |
| **Israel-0.38%** | **Israel-0.38%** | **Israel-0.38%** |
| Bank Hapoalim B.M. | 81552 | &nbsp;&nbsp; 1196254 |
| Bank Leumi le-Israel B.M. | 101007 | &nbsp;&nbsp; 1434404 |
| Check Point Software Technologies <br> Ltd.<sup>(c)</sup><br>| 826 | &nbsp;&nbsp; 181356 |
| ICL Group Ltd. | 89337 | &nbsp;&nbsp; 596363 |
| Israel Discount Bank Ltd., Class A | 96288 | &nbsp;&nbsp; 719222 |
| Mizrahi Tefahot Bank Ltd. | 11772 | &nbsp;&nbsp; 596105 |
| Nice Ltd.<sup>(c)</sup> | 1943 | &nbsp;&nbsp; 303543 |
| Oil Refineries Ltd. | 109625 | &nbsp;&nbsp; 27524 |
| Teva Pharmaceutical Industries Ltd., <br> ADR<sup>(c)</sup><br>| 103649 | &nbsp;&nbsp; 1607596 |
| Tower Semiconductor Ltd.<sup>(c)</sup> | 6185 | &nbsp;&nbsp; 226054 |
| ZIM Integrated Shipping Services Ltd. | 19313 | &nbsp;&nbsp; 296454 |
|  |  | &nbsp;&nbsp; 7184875 |
| **Italy-3.72%** | **Italy-3.72%** | **Italy-3.72%** |
| A2A S.p.A. | 288953 | &nbsp;&nbsp; 737415 |
| Assicurazioni Generali S.p.A.<sup>(a)</sup> | 145462 | &nbsp;&nbsp; 5334610 |
| Azimut Holding S.p.A. | 8759 | &nbsp;&nbsp; 244243 |
| Banca Monte dei Paschi di Siena S.p.A.<sup>(a)</sup> | 118982 | &nbsp;&nbsp; 1009669 |
| Banca Popolare di Sondrio S.p.A. | 30790 | &nbsp;&nbsp; 387154 |
| Banco BPM S.p.A.<sup>(a)</sup> | 187418 | &nbsp;&nbsp; 2099260 |
| BPER Banca S.p.A.<sup>(a)</sup> | 148080 | &nbsp;&nbsp; 1206860 |
| Coca-Cola HBC AG<sup>(c)</sup> | 15340 | &nbsp;&nbsp; 800609 |
| Enel S.p.A. | 1375316 | &nbsp;&nbsp; 11963626 |
| Eni S.p.A.<sup>(a)</sup> | 531658 | &nbsp;&nbsp; 7640376 |
| Ferrari N.V. | 1406 | &nbsp;&nbsp; 645856 |
| FinecoBank Banca Fineco S.p.A.<sup>(a)</sup> | 26717 | &nbsp;&nbsp; 536472 |
| Hera S.p.A. | 119306 | &nbsp;&nbsp; 566767 |
| Intesa Sanpaolo S.p.A. | 2222914 | &nbsp;&nbsp; 11907413 |
| Italgas S.p.A.<sup>(a)</sup> | 52092 | &nbsp;&nbsp; 429463 |
| Iveco Group N.V. | 52965 | &nbsp;&nbsp; 849087 |
| Leonardo S.p.A. | 40370 | &nbsp;&nbsp; 2105994 |

---

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

------

**35**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Italy-(continued)** | **Italy-(continued)** | **Italy-(continued)** |
| Mediobanca Banca di Credito Finanziario <br> S.p.A.<sup>(a)</sup><br>| 70324 | &nbsp;&nbsp; $1443360 |
| Moncler S.p.A. | 6232 | &nbsp;&nbsp; 385969 |
| Nexi S.p.A.<sup>(a)(b)(c)</sup> | 82280 | &nbsp;&nbsp; 482257 |
| Pirelli & C. S.p.A.<sup>(b)</sup> | 55195 | &nbsp;&nbsp; 342418 |
| Poste Italiane S.p.A.<sup>(b)</sup> | 61933 | &nbsp;&nbsp; 1261395 |
| Prysmian S.p.A. | 18711 | &nbsp;&nbsp; 1031375 |
| Ryanair Holdings PLC | 11094 | &nbsp;&nbsp; 264997 |
| Snam S.p.A. | 220883 | &nbsp;&nbsp; 1272119 |
| Telecom Italia S.p.A.<sup>(a)(c)</sup> | 7207323 | &nbsp;&nbsp; 2864182 |
| Terna S.p.A. | 105523 | &nbsp;&nbsp; 1052913 |
| UniCredit S.p.A.<sup>(a)</sup> | 193519 | &nbsp;&nbsp; 11297868 |
| Unipol Assicurazioni S.p.A. | 51351 | &nbsp;&nbsp; 924239 |
|  |  | &nbsp;&nbsp; 71087966 |
| **Ivory Coast-0.02%** | **Ivory Coast-0.02%** | **Ivory Coast-0.02%** |
| Endeavour Mining PLC | 13371 | &nbsp;&nbsp; 361548 |
| **Japan-22.01%** | **Japan-22.01%** | **Japan-22.01%** |
| Advantest Corp. | 13321 | &nbsp;&nbsp; 558625 |
| AEON Co. Ltd.<sup>(a)</sup> | 60827 | &nbsp;&nbsp; 1803013 |
| AGC, Inc. | 39691 | &nbsp;&nbsp; 1242183 |
| Air Water, Inc. | 8142 | &nbsp;&nbsp; 111292 |
| Aisin Corp.<sup>(a)</sup> | 102309 | &nbsp;&nbsp; 1302557 |
| Ajinomoto Co., Inc. | 57292 | &nbsp;&nbsp; 1174649 |
| Alfresa Holdings Corp. | 7542 | &nbsp;&nbsp; 114126 |
| Alps Alpine Co. Ltd. | 13218 | &nbsp;&nbsp; 134592 |
| Amada Co. Ltd. | 42014 | &nbsp;&nbsp; 421690 |
| ANA Holdings, Inc. | 21197 | &nbsp;&nbsp; 408153 |
| Aozora Bank Ltd.<sup>(a)</sup> | 21960 | &nbsp;&nbsp; 303925 |
| Asahi Group Holdings Ltd. | 187561 | &nbsp;&nbsp; 2598704 |
| Asahi Kasei Corp. | 163809 | &nbsp;&nbsp; 1144264 |
| Astellas Pharma, Inc.<sup>(a)</sup> | 210999 | &nbsp;&nbsp; 2118012 |
| Bandai Namco Holdings, Inc. | 41541 | &nbsp;&nbsp; 1447097 |
| Bridgestone Corp. | 70107 | &nbsp;&nbsp; 2938525 |
| Brother Industries Ltd. | 38087 | &nbsp;&nbsp; 670921 |
| Canon, Inc.<sup>(a)</sup> | 103750 | &nbsp;&nbsp; 3209331 |
| Central Japan Railway Co. | 92313 | &nbsp;&nbsp; 1947252 |
| Chiba Bank Ltd. (The) | 62680 | &nbsp;&nbsp; 558646 |
| Chubu Electric Power Co., Inc. | 89752 | &nbsp;&nbsp; 1168237 |
| Chugai Pharmaceutical Co. Ltd. | 22017 | &nbsp;&nbsp; 1271413 |
| Chugoku Electric Power Co., Inc. (The)<sup>(a)</sup> | 78956 | &nbsp;&nbsp; 420736 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 26009 | &nbsp;&nbsp; 489791 |
| COMSYS Holdings Corp. | 5576 | &nbsp;&nbsp; 123881 |
| Concordia Financial Group Ltd.<sup>(a)</sup> | 117930 | &nbsp;&nbsp; 764584 |
| Cosmo Energy Holdings Co. Ltd. | 16446 | &nbsp;&nbsp; 676587 |
| Credit Saison Co. Ltd. | 17962 | &nbsp;&nbsp; 420465 |
| CyberAgent, Inc. | 31939 | &nbsp;&nbsp; 274050 |
| Dai Nippon Printing Co. Ltd. | 50099 | &nbsp;&nbsp; 699981 |
| Daicel Corp. | 34227 | &nbsp;&nbsp; 292040 |
| Daifuku Co. Ltd. | 18018 | &nbsp;&nbsp; 477793 |
| Dai-ichi Life Holdings, Inc. | 398548 | &nbsp;&nbsp; 2884554 |
| Daiichi Sankyo Co. Ltd. | 57580 | &nbsp;&nbsp; 1476444 |
| Daikin Industries Ltd. | 21112 | &nbsp;&nbsp; 2410882 |
| Daito Trust Construction Co. Ltd. | 6789 | &nbsp;&nbsp; 757669 |
| Daiwa House Industry Co. Ltd. | 66153 | &nbsp;&nbsp; 2399315 |
| Daiwa House REIT Investment Corp. | 154 | &nbsp;&nbsp; 258561 |
| Daiwa Securities Group, Inc. | 141879 | &nbsp;&nbsp; 935210 |
| Daiwabo Holdings Co. Ltd. | 3510 | &nbsp;&nbsp; 59577 |
| Denka Co. Ltd. | 7220 | &nbsp;&nbsp; 98766 |
| Denso Corp. | 242149 | &nbsp;&nbsp; 3134066 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Dentsu Group, Inc.<sup>(a)</sup> | 27946 | &nbsp;&nbsp; $587316 |
| DIC Corp. | 4854 | &nbsp;&nbsp; 94951 |
| Disco Corp. | 1450 | &nbsp;&nbsp; 281214 |
| Dowa Holdings Co. Ltd. | 3210 | &nbsp;&nbsp; 103237 |
| East Japan Railway Co. | 108237 | &nbsp;&nbsp; 2351832 |
| Ebara Corp. | 34008 | &nbsp;&nbsp; 512079 |
| Eisai Co. Ltd. | 29493 | &nbsp;&nbsp; 854497 |
| Electric Power Development Co. Ltd. | 25906 | &nbsp;&nbsp; 455876 |
| ENEOS Holdings, Inc.<sup>(a)</sup> | 527414 | &nbsp;&nbsp; 2545145 |
| EXEO Group, Inc. | 8664 | &nbsp;&nbsp; 101412 |
| FANUC Corp. | 65906 | &nbsp;&nbsp; 1676659 |
| Fast Retailing Co. Ltd. | 4062 | &nbsp;&nbsp; 1339359 |
| Fuji Electric Co. Ltd. | 12158 | &nbsp;&nbsp; 541915 |
| Fuji Media Holdings, Inc.<sup>(a)</sup> | 5476 | &nbsp;&nbsp; 113664 |
| FUJIFILM Holdings Corp. | 123929 | &nbsp;&nbsp; 2544412 |
| Fujikura Ltd. | 27473 | &nbsp;&nbsp; 1024622 |
| Fujitsu Ltd. | 150494 | &nbsp;&nbsp; 3351263 |
| Fukuoka Financial Group, Inc. | 20772 | &nbsp;&nbsp; 550110 |
| Furukawa Electric Co. Ltd. | 14990 | &nbsp;&nbsp; 474537 |
| GLP J-Reit | 268 | &nbsp;&nbsp; 231714 |
| GS Yuasa Corp. | 5576 | &nbsp;&nbsp; 98175 |
| Hakuhodo DY Holdings, Inc.<sup>(a)</sup> | 25531 | &nbsp;&nbsp; 192410 |
| Hankyu Hanshin Holdings, Inc. | 19318 | &nbsp;&nbsp; 552305 |
| Hanwa Co. Ltd. | 1344 | &nbsp;&nbsp; 44666 |
| Haseko Corp.<sup>(a)</sup> | 30205 | &nbsp;&nbsp; 432435 |
| Hikari Tsushin, Inc. | 1479 | &nbsp;&nbsp; 411219 |
| Hino Motors Ltd.<sup>(a)(c)</sup> | 34256 | &nbsp;&nbsp; 109189 |
| Hirose Electric Co. Ltd. | 2106 | &nbsp;&nbsp; 238785 |
| Hitachi Construction Machinery Co. <br> Ltd.<sup>(a)</sup><br>| 16742 | &nbsp;&nbsp; 501525 |
| Hitachi Ltd. | 331862 | &nbsp;&nbsp; 8221691 |
| Honda Motor Co. Ltd. | 825071 | &nbsp;&nbsp; 8414895 |
| Hoya Corp. | 9235 | &nbsp;&nbsp; 1089237 |
| Hulic Co. Ltd. | 41519 | &nbsp;&nbsp; 435195 |
| IBIDEN Co. Ltd.<sup>(a)</sup> | 9824 | &nbsp;&nbsp; 272982 |
| Idemitsu Kosan Co. Ltd. | 186532 | &nbsp;&nbsp; 1158697 |
| IHI Corp. | 27530 | &nbsp;&nbsp; 2161625 |
| Iida Group Holdings Co. Ltd. | 26622 | &nbsp;&nbsp; 422399 |
| INFRONEER Holdings, Inc. | 12996 | &nbsp;&nbsp; 111111 |
| Inpex Corp. | 170027 | &nbsp;&nbsp; 2132023 |
| Isetan Mitsukoshi Holdings Ltd.<sup>(a)</sup> | 32620 | &nbsp;&nbsp; 420312 |
| Isuzu Motors Ltd. | 98378 | &nbsp;&nbsp; 1326184 |
| ITOCHU Corp. | 119789 | &nbsp;&nbsp; 6140965 |
| Iwatani Corp. | 26426 | &nbsp;&nbsp; 253629 |
| J. Front Retailing Co. Ltd. | 27444 | &nbsp;&nbsp; 336719 |
| Japan Airlines Co. Ltd. | 23340 | &nbsp;&nbsp; 423869 |
| Japan Exchange Group, Inc. | 41580 | &nbsp;&nbsp; 463712 |
| Japan Metropolitan Fund Investment <br> Corp.<br>| 547 | &nbsp;&nbsp; 365324 |
| Japan Post Bank Co. Ltd.<sup>(a)</sup> | 213613 | &nbsp;&nbsp; 2201594 |
| Japan Post Holdings Co. Ltd. | 329638 | &nbsp;&nbsp; 3211806 |
| Japan Post Insurance Co. Ltd. | 40296 | &nbsp;&nbsp; 812008 |
| Japan Real Estate Investment Corp. | 432 | &nbsp;&nbsp; 343658 |
| Japan Tobacco, Inc.<sup>(a)</sup> | 124698 | &nbsp;&nbsp; 3850859 |
| JFE Holdings, Inc.<sup>(a)</sup> | 155250 | &nbsp;&nbsp; 1812355 |
| JGC Holdings Corp. | 36963 | &nbsp;&nbsp; 296332 |
| JTEKT Corp. | 44217 | &nbsp;&nbsp; 342305 |
| Kajima Corp. | 54665 | &nbsp;&nbsp; 1308383 |
| Kaneka Corp. | 2888 | &nbsp;&nbsp; 70749 |
| Kansai Electric Power Co., Inc. (The) | 122986 | &nbsp;&nbsp; 1518853 |

---

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

------

**36**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Kansai Paint Co. Ltd. | 20979 | &nbsp;&nbsp; $316977 |
| Kao Corp. | 45648 | &nbsp;&nbsp; 1959377 |
| Kawasaki Heavy Industries Ltd.<sup>(a)</sup> | 28186 | &nbsp;&nbsp; 1685350 |
| Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> | 54810 | &nbsp;&nbsp; 753473 |
| KDDI Corp. | 277892 | &nbsp;&nbsp; 4936993 |
| Keio Corp. | 8390 | &nbsp;&nbsp; 228769 |
| Keyence Corp. | 3628 | &nbsp;&nbsp; 1520452 |
| Kikkoman Corp. | 39702 | &nbsp;&nbsp; 389576 |
| Kintetsu Group Holdings Co. Ltd. | 18841 | &nbsp;&nbsp; 406661 |
| Kirin Holdings Co. Ltd. | 98948 | &nbsp;&nbsp; 1500323 |
| Kobe Steel Ltd.<sup>(a)</sup> | 82756 | &nbsp;&nbsp; 972867 |
| Koito Manufacturing Co. Ltd.<sup>(a)</sup> | 41827 | &nbsp;&nbsp; 507839 |
| Komatsu Ltd. | 112310 | &nbsp;&nbsp; 3255699 |
| Konami Group Corp. | 4098 | &nbsp;&nbsp; 586655 |
| Konica Minolta, Inc.<sup>(c)</sup> | 123056 | &nbsp;&nbsp; 378597 |
| K's Holdings Corp. | 10630 | &nbsp;&nbsp; 102047 |
| Kubota Corp. | 141532 | &nbsp;&nbsp; 1648578 |
| Kuraray Co. Ltd. | 56261 | &nbsp;&nbsp; 658779 |
| Kurita Water Industries Ltd. | 8974 | &nbsp;&nbsp; 297816 |
| Kyocera Corp.<sup>(a)</sup> | 155381 | &nbsp;&nbsp; 1845923 |
| Kyoto Financial Group, Inc.<sup>(a)</sup> | 17269 | &nbsp;&nbsp; 297121 |
| Kyowa Kirin Co. Ltd. | 20410 | &nbsp;&nbsp; 319454 |
| Kyushu Electric Power Co., Inc. | 68974 | &nbsp;&nbsp; 616218 |
| Kyushu Financial Group, Inc. | 32834 | &nbsp;&nbsp; 166141 |
| Kyushu Railway Co. | 18273 | &nbsp;&nbsp; 474057 |
| Lion Corp. | 25157 | &nbsp;&nbsp; 309084 |
| Lixil Corp. | 73003 | &nbsp;&nbsp; 862290 |
| LY Corp. | 264848 | &nbsp;&nbsp; 1004049 |
| Makita Corp. | 23736 | &nbsp;&nbsp; 695791 |
| Marubeni Corp. | 204427 | &nbsp;&nbsp; 3632856 |
| Marui Group Co. Ltd. | 12878 | &nbsp;&nbsp; 256954 |
| MatsukiyoCocokara & Co. | 30047 | &nbsp;&nbsp; 552876 |
| Mazda Motor Corp. | 198792 | &nbsp;&nbsp; 1191374 |
| Mebuki Financial Group, Inc. | 118882 | &nbsp;&nbsp; 582257 |
| Medipal Holdings Corp. | 5576 | &nbsp;&nbsp; 94714 |
| MEIJI Holdings Co. Ltd. | 35709 | &nbsp;&nbsp; 880064 |
| MINEBEA MITSUMI, Inc. | 45749 | &nbsp;&nbsp; 672097 |
| MISUMI Group, Inc. | 25804 | &nbsp;&nbsp; 362357 |
| Mitsubishi Chemical Group Corp. | 202216 | &nbsp;&nbsp; 985428 |
| Mitsubishi Corp. | 443399 | &nbsp;&nbsp; 8438700 |
| Mitsubishi Electric Corp. | 211467 | &nbsp;&nbsp; 4100666 |
| Mitsubishi Estate Co. Ltd. | 123590 | &nbsp;&nbsp; 2176154 |
| Mitsubishi Gas Chemical Co., Inc. | 29248 | &nbsp;&nbsp; 446698 |
| Mitsubishi HC Capital, Inc. | 92918 | &nbsp;&nbsp; 658882 |
| Mitsubishi Heavy Industries Ltd. | 272051 | &nbsp;&nbsp; 5375683 |
| Mitsubishi Materials Corp.<sup>(a)</sup> | 31210 | &nbsp;&nbsp; 493434 |
| Mitsubishi Motors Corp.<sup>(a)</sup> | 190112 | &nbsp;&nbsp; 527563 |
| Mitsubishi UFJ Financial Group, Inc. | 1160563 | &nbsp;&nbsp; 14656936 |
| Mitsui & Co. Ltd. | 276004 | &nbsp;&nbsp; 5594414 |
| Mitsui Chemicals, Inc. | 32759 | &nbsp;&nbsp; 721586 |
| Mitsui Fudosan Co. Ltd. | 263407 | &nbsp;&nbsp; 2616756 |
| Mitsui Mining & Smelting Co. Ltd. | 13345 | &nbsp;&nbsp; 363675 |
| Mitsui OSK Lines Ltd.<sup>(a)</sup> | 47386 | &nbsp;&nbsp; 1581897 |
| Mizuho Financial Group, Inc. | 335185 | &nbsp;&nbsp; 8400484 |
| MS&AD Insurance Group Holdings, Inc. | 114453 | &nbsp;&nbsp; 2607696 |
| Murata Manufacturing Co. Ltd. | 130204 | &nbsp;&nbsp; 1859380 |
| Nabtesco Corp. | 13733 | &nbsp;&nbsp; 206611 |
| Nagase & Co. Ltd. | 4232 | &nbsp;&nbsp; 74718 |
| Nagoya Railroad Co. Ltd. | 7420 | &nbsp;&nbsp; 90704 |
| NEC Corp. | 148183 | &nbsp;&nbsp; 3615791 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Nexon Co. Ltd. | 19410 | &nbsp;&nbsp; $305263 |
| NGK Insulators Ltd. | 42631 | &nbsp;&nbsp; 527321 |
| NH Foods Ltd. | 15925 | &nbsp;&nbsp; 602655 |
| Nichirei Corp. | 28282 | &nbsp;&nbsp; 388882 |
| Nidec Corp. | 82055 | &nbsp;&nbsp; 1461703 |
| Nikon Corp.<sup>(a)</sup> | 57393 | &nbsp;&nbsp; 553175 |
| Nintendo Co. Ltd. | 51576 | &nbsp;&nbsp; 4292046 |
| Nippon Building Fund, Inc. | 607 | &nbsp;&nbsp; 564766 |
| Nippon Electric Glass Co. Ltd. | 14987 | &nbsp;&nbsp; 343731 |
| Nippon Express Holdings, Inc., Class H | 42219 | &nbsp;&nbsp; 755738 |
| Nippon Paint Holdings Co. Ltd. | 62713 | &nbsp;&nbsp; 478935 |
| Nippon Paper Industries Co. Ltd. | 9808 | &nbsp;&nbsp; 76012 |
| Nippon Prologis REIT, Inc. | 120 | &nbsp;&nbsp; 198932 |
| Nippon Sanso Holdings Corp. | 13514 | &nbsp;&nbsp; 433523 |
| Nippon Steel Corp. | 191121 | &nbsp;&nbsp; 4032248 |
| Nippon Telegraph & Telephone Corp. | 4345613 | &nbsp;&nbsp; 4553198 |
| Nippon Television Holdings, Inc. | 4654 | &nbsp;&nbsp; 108034 |
| Nippon Yusen K.K.<sup>(a)</sup> | 81317 | &nbsp;&nbsp; 2663196 |
| Nissan Chemical Corp. | 9678 | &nbsp;&nbsp; 283743 |
| Nissan Motor Co. Ltd.<sup>(a)(c)</sup> | 1054788 | &nbsp;&nbsp; 2517046 |
| Nisshin Seifun Group, Inc. | 32350 | &nbsp;&nbsp; 418365 |
| Nissin Foods Holdings Co. Ltd.<sup>(a)</sup> | 14226 | &nbsp;&nbsp; 314414 |
| Nissui Corp. | 16406 | &nbsp;&nbsp; 100023 |
| Niterra Co. Ltd.<sup>(a)</sup> | 22040 | &nbsp;&nbsp; 687892 |
| Nitori Holdings Co. Ltd.<sup>(a)</sup> | 4625 | &nbsp;&nbsp; 551616 |
| Nitto Denko Corp. | 61043 | &nbsp;&nbsp; 1075499 |
| Nomura Holdings, Inc. | 406039 | &nbsp;&nbsp; 2268479 |
| Nomura Real Estate Holdings, Inc. | 65459 | &nbsp;&nbsp; 390242 |
| Nomura Real Estate Master Fund, Inc. | 334 | &nbsp;&nbsp; 333309 |
| Nomura Research Institute Ltd. | 18985 | &nbsp;&nbsp; 720627 |
| NSK Ltd. | 78282 | &nbsp;&nbsp; 342758 |
| NTN Corp. | 108048 | &nbsp;&nbsp; 166803 |
| NTT DATA Group Corp. | 56948 | &nbsp;&nbsp; 1133706 |
| Obayashi Corp.<sup>(a)</sup> | 80619 | &nbsp;&nbsp; 1253800 |
| Odakyu Electric Railway Co. Ltd. | 19558 | &nbsp;&nbsp; 216441 |
| Oji Holdings Corp. | 192752 | &nbsp;&nbsp; 912061 |
| Olympus Corp. | 63278 | &nbsp;&nbsp; 831108 |
| Omron Corp. | 22907 | &nbsp;&nbsp; 681614 |
| Ono Pharmaceutical Co. Ltd. | 49676 | &nbsp;&nbsp; 573180 |
| Open House Group Co. Ltd.<sup>(a)</sup> | 7078 | &nbsp;&nbsp; 314600 |
| Oriental Land Co. Ltd. | 12040 | &nbsp;&nbsp; 255609 |
| ORIX Corp. | 112693 | &nbsp;&nbsp; 2266014 |
| Osaka Gas Co. Ltd. | 47120 | &nbsp;&nbsp; 1197720 |
| Otsuka Corp. | 17572 | &nbsp;&nbsp; 390660 |
| Otsuka Holdings Co. Ltd. | 38744 | &nbsp;&nbsp; 1893302 |
| Pan Pacific International Holdings Corp. | 21844 | &nbsp;&nbsp; 674124 |
| Panasonic Holdings Corp. | 358859 | &nbsp;&nbsp; 4124474 |
| Persol Holdings Co. Ltd. | 285458 | &nbsp;&nbsp; 518275 |
| Rakuten Group, Inc.<sup>(c)</sup> | 75109 | &nbsp;&nbsp; 443923 |
| Recruit Holdings Co. Ltd. | 49437 | &nbsp;&nbsp; 2746096 |
| Renesas Electronics Corp. | 82148 | &nbsp;&nbsp; 966326 |
| Rengo Co. Ltd. | 12496 | &nbsp;&nbsp; 69925 |
| Resona Holdings, Inc. | 277982 | &nbsp;&nbsp; 2235230 |
| Resonac Holdings Corp.<sup>(a)</sup> | 39095 | &nbsp;&nbsp; 712754 |
| Ricoh Co. Ltd. | 72014 | &nbsp;&nbsp; 759257 |
| Rohm Co. Ltd.<sup>(a)</sup> | 43322 | &nbsp;&nbsp; 395387 |
| Ryohin Keikaku Co. Ltd. | 19571 | &nbsp;&nbsp; 663087 |
| Sankyu, Inc. | 2166 | &nbsp;&nbsp; 95023 |
| Santen Pharmaceutical Co. Ltd. | 34882 | &nbsp;&nbsp; 354141 |
| Sanwa Holdings Corp. | 17569 | &nbsp;&nbsp; 578036 |

---

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

------

**37**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| SBI Holdings, Inc. | 31980 | &nbsp;&nbsp; $842902 |
| SCREEN Holdings Co. Ltd. | 3301 | &nbsp;&nbsp; 220030 |
| SECOM Co. Ltd. | 32127 | &nbsp;&nbsp; 1184139 |
| Seibu Holdings, Inc.<sup>(a)</sup> | 14508 | &nbsp;&nbsp; 351475 |
| Seiko Epson Corp. | 39449 | &nbsp;&nbsp; 548584 |
| Seino Holdings Co. Ltd. | 19938 | &nbsp;&nbsp; 314538 |
| Sekisui Chemical Co. Ltd. | 49033 | &nbsp;&nbsp; 858842 |
| Sekisui House Ltd. | 89205 | &nbsp;&nbsp; 2055729 |
| Seven & i Holdings Co. Ltd. | 262333 | &nbsp;&nbsp; 3870910 |
| SG Holdings Co. Ltd.<sup>(a)</sup> | 48275 | &nbsp;&nbsp; 509531 |
| Sharp Corp.<sup>(a)(c)</sup> | 64789 | &nbsp;&nbsp; 385014 |
| Shimadzu Corp. | 18095 | &nbsp;&nbsp; 464290 |
| SHIMAMURA Co. Ltd. | 1866 | &nbsp;&nbsp; 124458 |
| Shimano, Inc. | 5330 | &nbsp;&nbsp; 752709 |
| Shimizu Corp. | 89560 | &nbsp;&nbsp; 959059 |
| Shin-Etsu Chemical Co. Ltd. | 111565 | &nbsp;&nbsp; 3403182 |
| Shionogi & Co. Ltd. | 63127 | &nbsp;&nbsp; 1063094 |
| Shiseido Co. Ltd. | 39766 | &nbsp;&nbsp; 655361 |
| Shizuoka Financial Group, Inc. | 46788 | &nbsp;&nbsp; 521173 |
| SMC Corp. | 2805 | &nbsp;&nbsp; 909977 |
| SoftBank Corp. | 2852335 | &nbsp;&nbsp; 4326571 |
| SoftBank Group Corp. | 108071 | &nbsp;&nbsp; 5478140 |
| Sojitz Corp. | 44117 | &nbsp;&nbsp; 1046201 |
| Sompo Holdings, Inc. | 93410 | &nbsp;&nbsp; 3068446 |
| Sony Group Corp. | 450343 | &nbsp;&nbsp; 11909629 |
| Stanley Electric Co. Ltd. | 23114 | &nbsp;&nbsp; 434164 |
| Subaru Corp. | 100286 | &nbsp;&nbsp; 1820299 |
| SUMCO Corp.<sup>(a)</sup> | 50133 | &nbsp;&nbsp; 346546 |
| Sumitomo Chemical Co. Ltd. | 527096 | &nbsp;&nbsp; 1277191 |
| Sumitomo Corp. | 117842 | &nbsp;&nbsp; 2884134 |
| Sumitomo Electric Industries Ltd. | 90019 | &nbsp;&nbsp; 1450361 |
| Sumitomo Forestry Co. Ltd.<sup>(a)</sup> | 22764 | &nbsp;&nbsp; 657034 |
| Sumitomo Heavy Industries Ltd. | 15226 | &nbsp;&nbsp; 317789 |
| Sumitomo Metal Mining Co. Ltd.<sup>(a)</sup> | 45538 | &nbsp;&nbsp; 1012761 |
| Sumitomo Mitsui Financial Group, Inc. | 475240 | &nbsp;&nbsp; 11364927 |
| Sumitomo Mitsui Trust Group, Inc. | 78300 | &nbsp;&nbsp; 1941660 |
| Sumitomo Realty & Development Co. Ltd. | 37442 | &nbsp;&nbsp; 1397900 |
| Sumitomo Rubber Industries Ltd. | 38047 | &nbsp;&nbsp; 480278 |
| Suntory Beverage & Food Ltd. | 16607 | &nbsp;&nbsp; 581646 |
| Suzuken Co. Ltd. | 10691 | &nbsp;&nbsp; 387161 |
| Suzuki Motor Corp. | 240802 | &nbsp;&nbsp; 2892570 |
| Sysmex Corp. | 25758 | &nbsp;&nbsp; 479290 |
| T&D Holdings, Inc. | 65354 | &nbsp;&nbsp; 1393958 |
| Taiheiyo Cement Corp. | 17981 | &nbsp;&nbsp; 485299 |
| Taisei Corp. | 22379 | &nbsp;&nbsp; 1216327 |
| Taiyo Yuden Co. Ltd.<sup>(a)</sup> | 18876 | &nbsp;&nbsp; 285371 |
| Takashimaya Co. Ltd.<sup>(a)</sup> | 44505 | &nbsp;&nbsp; 343958 |
| Takeda Pharmaceutical Co. Ltd.<sup>(a)</sup> | 191145 | &nbsp;&nbsp; 5795656 |
| TDK Corp. | 163475 | &nbsp;&nbsp; 1748673 |
| Teijin Ltd. | 11652 | &nbsp;&nbsp; 97931 |
| Terumo Corp. | 58115 | &nbsp;&nbsp; 1115015 |
| THK Co. Ltd. | 11419 | &nbsp;&nbsp; 281977 |
| TIS, Inc. | 18011 | &nbsp;&nbsp; 521094 |
| Tobu Railway Co. Ltd. | 16312 | &nbsp;&nbsp; 298370 |
| Toho Gas Co. Ltd. | 4032 | &nbsp;&nbsp; 120896 |
| Tohoku Electric Power Co., Inc. | 90730 | &nbsp;&nbsp; 653591 |
| Tokai Carbon Co. Ltd.<sup>(a)</sup> | 32326 | &nbsp;&nbsp; 209090 |
| Tokio Marine Holdings, Inc. | 119295 | &nbsp;&nbsp; 4793025 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(c)</sup> | 867582 | &nbsp;&nbsp; 2660394 |
| Tokyo Electron Ltd. | 14895 | &nbsp;&nbsp; 2223128 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Tokyo Gas Co. Ltd. | 52842 | &nbsp;&nbsp; $1759744 |
| Tokyo Tatemono Co. Ltd. | 27496 | &nbsp;&nbsp; 494132 |
| Tokyu Corp.<sup>(a)</sup> | 42785 | &nbsp;&nbsp; 520136 |
| Tokyu Fudosan Holdings Corp. | 94461 | &nbsp;&nbsp; 663165 |
| TOPPAN Holdings, Inc. | 35470 | &nbsp;&nbsp; 998107 |
| Toray Industries, Inc. | 201022 | &nbsp;&nbsp; 1286891 |
| Tosoh Corp. | 55685 | &nbsp;&nbsp; 786847 |
| TOTO Ltd. | 21576 | &nbsp;&nbsp; 570283 |
| Toyo Seikan Group Holdings Ltd. | 6598 | &nbsp;&nbsp; 115467 |
| Toyo Suisan Kaisha Ltd. | 6215 | &nbsp;&nbsp; 402731 |
| Toyo Tire Corp.<sup>(a)</sup> | 5676 | &nbsp;&nbsp; 106376 |
| Toyoda Gosei Co. Ltd. | 14902 | &nbsp;&nbsp; 286825 |
| Toyota Boshoku Corp. | 7220 | &nbsp;&nbsp; 103845 |
| Toyota Industries Corp. | 17964 | &nbsp;&nbsp; 2111748 |
| Toyota Motor Corp. | 1065941 | &nbsp;&nbsp; 20407382 |
| Toyota Tsusho Corp. | 89093 | &nbsp;&nbsp; 1774741 |
| Trend Micro, Inc. | 6946 | &nbsp;&nbsp; 499568 |
| Tsuruha Holdings, Inc. | 5848 | &nbsp;&nbsp; 471530 |
| UBE Corp. | 20463 | &nbsp;&nbsp; 300938 |
| Unicharm Corp. | 56457 | &nbsp;&nbsp; 525461 |
| West Japan Railway Co. | 56858 | &nbsp;&nbsp; 1198916 |
| Yakult Honsha Co. Ltd.<sup>(a)</sup> | 19645 | &nbsp;&nbsp; 404510 |
| Yamada Holdings Co. Ltd. | 130629 | &nbsp;&nbsp; 421992 |
| Yamaha Corp. | 58598 | &nbsp;&nbsp; 429310 |
| Yamaha Motor Co. Ltd.<sup>(a)</sup> | 159459 | &nbsp;&nbsp; 1255334 |
| Yamato Holdings Co. Ltd. | 48835 | &nbsp;&nbsp; 695001 |
| Yamazaki Baking Co. Ltd.<sup>(a)</sup> | 14911 | &nbsp;&nbsp; 357799 |
| Yaskawa Electric Corp.<sup>(a)</sup> | 13992 | &nbsp;&nbsp; 295504 |
| Yokogawa Electric Corp. | 21040 | &nbsp;&nbsp; 456394 |
| Yokohama Rubber Co. Ltd. (The) | 20260 | &nbsp;&nbsp; 444037 |
|  |  | &nbsp;&nbsp; 420158723 |
| **Jersey-0.02%** | **Jersey-0.02%** | **Jersey-0.02%** |
| Aptiv PLC<sup>(c)</sup> | 7334 | &nbsp;&nbsp; 418478 |
| **Jordan-0.01%** | **Jordan-0.01%** | **Jordan-0.01%** |
| Hikma Pharmaceuticals PLC | 9051 | &nbsp;&nbsp; 240387 |
| **Luxembourg-0.29%** | **Luxembourg-0.29%** | **Luxembourg-0.29%** |
| Aperam S.A. | 10898 | &nbsp;&nbsp; 318196 |
| ArcelorMittal S.A. | 157124 | &nbsp;&nbsp; 4662428 |
| Eurofins Scientific SE<sup>(a)</sup> | 8640 | &nbsp;&nbsp; 547116 |
| SES S.A., FDR<sup>(a)</sup> | 20305 | &nbsp;&nbsp; 108028 |
|  |  | &nbsp;&nbsp; 5635768 |
| **Macau-0.02%** | **Macau-0.02%** | **Macau-0.02%** |
| Galaxy Entertainment Group Ltd. | 90569 | &nbsp;&nbsp; 327137 |
| Sands China Ltd.<sup>(c)</sup> | 71077 | &nbsp;&nbsp; 127310 |
|  |  | &nbsp;&nbsp; 454447 |
| **Netherlands-2.38%** | **Netherlands-2.38%** | **Netherlands-2.38%** |
| Aalberts N.V. | 10120 | &nbsp;&nbsp; 337208 |
| ABN AMRO Bank N.V., CVA<sup>(b)</sup> | 95712 | &nbsp;&nbsp; 1990254 |
| Adyen N.V.<sup>(b)(c)</sup> | 328 | &nbsp;&nbsp; 532601 |
| Aegon Ltd. | 304206 | &nbsp;&nbsp; 1963374 |
| Akzo Nobel N.V.<sup>(a)</sup> | 25184 | &nbsp;&nbsp; 1595454 |
| argenx SE, ADR<sup>(c)</sup> | 140 | &nbsp;&nbsp; 90320 |
| ASM International N.V. | 674 | &nbsp;&nbsp; 330577 |
| ASML Holding N.V. | 4890 | &nbsp;&nbsp; 3284842 |
| ASR Nederland N.V.<sup>(a)</sup> | 18009 | &nbsp;&nbsp; 1140259 |
| BE Semiconductor Industries N.V. | 1206 | &nbsp;&nbsp; 131064 |
| Euronext N.V.<sup>(b)</sup> | 3385 | &nbsp;&nbsp; 567741 |

---

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

------

**38**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands-(continued)** | **Netherlands-(continued)** | **Netherlands-(continued)** |
| EXOR N.V. | 6572 | &nbsp;&nbsp; $622630 |
| Heineken Holding N.V. | 10226 | &nbsp;&nbsp; 802322 |
| Heineken N.V. | 20338 | &nbsp;&nbsp; 1826829 |
| IMCD N.V.<sup>(a)</sup> | 2349 | &nbsp;&nbsp; 313447 |
| ING Groep N.V. | 529349 | &nbsp;&nbsp; 10314989 |
| JDE Peet's N.V. | 5688 | &nbsp;&nbsp; 138174 |
| Koninklijke Ahold Delhaize N.V. | 149021 | &nbsp;&nbsp; 6139730 |
| Koninklijke KPN N.V. | 356953 | &nbsp;&nbsp; 1666211 |
| Koninklijke Philips N.V.<sup>(c)</sup> | 107456 | &nbsp;&nbsp; 2736604 |
| NN Group N.V. | 56515 | &nbsp;&nbsp; 3477455 |
| NXP Semiconductors N.V. | 2681 | &nbsp;&nbsp; 494135 |
| OCI N.V.<sup>(c)</sup> | 8913 | &nbsp;&nbsp; 74310 |
| Prosus N.V.<sup>(c)</sup> | 37336 | &nbsp;&nbsp; 1756511 |
| Randstad N.V.<sup>(a)</sup> | 23551 | &nbsp;&nbsp; 948585 |
| SBM Offshore N.V.<sup>(a)</sup> | 25762 | &nbsp;&nbsp; 543487 |
| Universal Music Group N.V.<sup>(a)</sup> | 17659 | &nbsp;&nbsp; 521059 |
| Wolters Kluwer N.V. | 6307 | &nbsp;&nbsp; 1117392 |
|  |  | &nbsp;&nbsp; 45457564 |
| **New Zealand-0.02%** | **New Zealand-0.02%** | **New Zealand-0.02%** |
| Fisher & Paykel Healthcare Corp. Ltd. | 13884 | &nbsp;&nbsp; 279823 |
| Fletcher Building Ltd.<sup>(c)</sup> | 30223 | &nbsp;&nbsp; 54977 |
| Spark New Zealand Ltd. | 67768 | &nbsp;&nbsp; 83882 |
|  |  | &nbsp;&nbsp; 418682 |
| **Norway-0.64%** | **Norway-0.64%** | **Norway-0.64%** |
| Aker BP ASA | 43304 | &nbsp;&nbsp; 932628 |
| DNB Bank ASA | 86719 | &nbsp;&nbsp; 2174804 |
| Equinor ASA | 196183 | &nbsp;&nbsp; 4455051 |
| Mowi ASA | 40289 | &nbsp;&nbsp; 741141 |
| Norsk Hydro ASA | 240117 | &nbsp;&nbsp; 1277789 |
| Orkla ASA | 51663 | &nbsp;&nbsp; 578028 |
| Schibsted ASA, Class A | 6563 | &nbsp;&nbsp; 200375 |
| Storebrand ASA | 33235 | &nbsp;&nbsp; 402561 |
| Telenor ASA | 73762 | &nbsp;&nbsp; 1111478 |
| Var Energi ASA | 87274 | &nbsp;&nbsp; 240753 |
| Wallenius Wilhelmsen ASA | 10080 | &nbsp;&nbsp; 73290 |
|  |  | &nbsp;&nbsp; 12187898 |
| **Poland-0.24%** | **Poland-0.24%** | **Poland-0.24%** |
| Bank Polska Kasa Opieki S.A. | 12724 | &nbsp;&nbsp; 640654 |
| KGHM Polska Miedz S.A. | 17773 | &nbsp;&nbsp; 569944 |
| ORLEN S.A.<sup>(a)</sup> | 84188 | &nbsp;&nbsp; 1527226 |
| PGE Polska Grupa Energetyczna S.A.<sup>(c)</sup> | 31132 | &nbsp;&nbsp; 68306 |
| Powszechna Kasa Oszczednosci Bank <br> Polski S.A.<br>| 46141 | &nbsp;&nbsp; 891148 |
| Powszechny Zaklad Ubezpieczen S.A. | 58340 | &nbsp;&nbsp; 914300 |
| Tauron Polska Energia S.A.<sup>(a)(c)</sup> | 39542 | &nbsp;&nbsp; 62341 |
|  |  | &nbsp;&nbsp; 4673919 |
| **Portugal-0.22%** | **Portugal-0.22%** | **Portugal-0.22%** |
| Banco Comercial Portugues S.A., Class R | 742833 | &nbsp;&nbsp; 476750 |
| EDP S.A. | 476991 | &nbsp;&nbsp; 1886611 |
| Galp Energia SGPS S.A. | 76489 | &nbsp;&nbsp; 1189184 |
| Jeronimo Martins SGPS S.A. | 27179 | &nbsp;&nbsp; 660061 |
|  |  | &nbsp;&nbsp; 4212606 |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| Evraz PLC<sup>(c)(d)</sup> | 48360 | &nbsp;&nbsp; 0 |
| Raspadskaya OJSC<sup>(c)(d)</sup> | 546 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore-0.75%** | **Singapore-0.75%** | **Singapore-0.75%** |
| CapitaLand Ascendas REIT | 265624 | &nbsp;&nbsp; $541417 |
| CapitaLand Integrated Commercial Trust | 418185 | &nbsp;&nbsp; 688418 |
| CapitaLand Investment Ltd. | 172487 | &nbsp;&nbsp; 363644 |
| ComfortDelGro Corp. Ltd. | 64802 | &nbsp;&nbsp; 76047 |
| DBS Group Holdings Ltd. | 112264 | &nbsp;&nbsp; 3648486 |
| Genting Singapore Ltd. | 273587 | &nbsp;&nbsp; 155190 |
| Keppel Ltd. | 103818 | &nbsp;&nbsp; 522126 |
| Mapletree Logistics Trust<sup>(a)</sup> | 177188 | &nbsp;&nbsp; 152523 |
| Olam Group Ltd. | 19294 | &nbsp;&nbsp; 14286 |
| Oversea-Chinese Banking Corp. Ltd. | 159605 | &nbsp;&nbsp; 1975839 |
| Sea Ltd., ADR<sup>(c)</sup> | 1545 | &nbsp;&nbsp; 207107 |
| Singapore Airlines Ltd.<sup>(a)</sup> | 128174 | &nbsp;&nbsp; 657980 |
| Singapore Exchange Ltd. | 30183 | &nbsp;&nbsp; 332141 |
| Singapore Technologies Engineering Ltd. | 73616 | &nbsp;&nbsp; 418137 |
| Singapore Telecommunications Ltd. | 710530 | &nbsp;&nbsp; 2056333 |
| United Overseas Bank Ltd. | 77570 | &nbsp;&nbsp; 2060801 |
| UOL Group Ltd. | 62368 | &nbsp;&nbsp; 275981 |
| Venture Corp. Ltd. | 10108 | &nbsp;&nbsp; 89756 |
|  |  | &nbsp;&nbsp; 14236212 |
| **South Africa-0.34%** | **South Africa-0.34%** | **South Africa-0.34%** |
| Anglo American PLC | 240220 | &nbsp;&nbsp; 6572377 |
| **South Korea-3.66%** | **South Korea-3.66%** | **South Korea-3.66%** |
| BNK Financial Group, Inc. | 16948 | &nbsp;&nbsp; 123535 |
| Celltrion, Inc. | 1183 | &nbsp;&nbsp; 134160 |
| CJ CheilJedang Corp. | 733 | &nbsp;&nbsp; 123280 |
| CJ Corp. | 1286 | &nbsp;&nbsp; 112414 |
| DB Insurance Co. Ltd. | 4437 | &nbsp;&nbsp; 285855 |
| Delivery Hero SE<sup>(b)(c)</sup> | 9531 | &nbsp;&nbsp; 270298 |
| DL E&C Co. Ltd. | 2351 | &nbsp;&nbsp; 71857 |
| Doosan Enerbility Co. Ltd.<sup>(c)</sup> | 53814 | &nbsp;&nbsp; 1093317 |
| E-MART, Inc. | 2425 | &nbsp;&nbsp; 156008 |
| GS Engineering & Construction Corp. | 5536 | &nbsp;&nbsp; 71165 |
| GS Holdings Corp. | 2640 | &nbsp;&nbsp; 71785 |
| Hana Financial Group, Inc. | 28767 | &nbsp;&nbsp; 1304587 |
| Hankook Tire & Technology Co. Ltd. | 10115 | &nbsp;&nbsp; 293799 |
| Hanwha Corp. | 3377 | &nbsp;&nbsp; 114537 |
| Hanwha Solutions Corp. | 21865 | &nbsp;&nbsp; 459691 |
| HD Hyundai Co. Ltd. | 7946 | &nbsp;&nbsp; 439454 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd.<br>| 4429 | &nbsp;&nbsp; 847253 |
| HMM Co. Ltd. | 57133 | &nbsp;&nbsp; 735326 |
| Hyundai Engineering & Construction Co. <br> Ltd.<br>| 18044 | &nbsp;&nbsp; 528791 |
| Hyundai Glovis Co. Ltd. | 1617 | &nbsp;&nbsp; 129654 |
| Hyundai Mobis Co. Ltd. | 5601 | &nbsp;&nbsp; 1051356 |
| Hyundai Motor Co. | 21926 | &nbsp;&nbsp; 2938074 |
| Hyundai Steel Co. | 8456 | &nbsp;&nbsp; 145573 |
| Industrial Bank of Korea | 31452 | &nbsp;&nbsp; 339443 |
| Kakao Corp. | 12478 | &nbsp;&nbsp; 335218 |
| KB Financial Group, Inc. | 36873 | &nbsp;&nbsp; 2330328 |
| Kia Corp. | 40095 | &nbsp;&nbsp; 2548170 |
| Korea Electric Power Corp. | 45053 | &nbsp;&nbsp; 812534 |
| Korea Gas Corp. | 5547 | &nbsp;&nbsp; 151111 |
| Korea Zinc Co. Ltd. | 1097 | &nbsp;&nbsp; 611758 |
| Korean Air Lines Co. Ltd. | 26540 | &nbsp;&nbsp; 391275 |
| KT&G Corp. | 7931 | &nbsp;&nbsp; 640145 |
| Kumho Petrochemical Co. Ltd. | 1279 | &nbsp;&nbsp; 107016 |
| LG Chem Ltd. | 9026 | &nbsp;&nbsp; 1367984 |
| LG Corp. | 7466 | &nbsp;&nbsp; 349625 |

---

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

------

**39**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| LG Display Co. Ltd.<sup>(c)</sup> | 60390 | &nbsp;&nbsp; $358771 |
| LG Electronics, Inc. | 19607 | &nbsp;&nbsp; 984185 |
| LG Energy Solution Ltd.<sup>(c)</sup> | 944 | &nbsp;&nbsp; 215375 |
| LG H&H Co. Ltd. | 1873 | &nbsp;&nbsp; 443791 |
| LG Innotek Co. Ltd. | 3600 | &nbsp;&nbsp; 353870 |
| LG Uplus Corp. | 14845 | &nbsp;&nbsp; 125345 |
| LOTTE Chemical Corp. | 4226 | &nbsp;&nbsp; 179266 |
| LS Corp. | 4564 | &nbsp;&nbsp; 422815 |
| Meritz Financial Group, Inc. | 5155 | &nbsp;&nbsp; 450344 |
| NAVER Corp. | 7947 | &nbsp;&nbsp; 1118187 |
| NCSoft Corp. | 1303 | &nbsp;&nbsp; 134124 |
| POSCO Holdings, Inc. | 17830 | &nbsp;&nbsp; 3258485 |
| Posco International Corp. | 5393 | &nbsp;&nbsp; 185922 |
| Samsung C&T Corp. | 7327 | &nbsp;&nbsp; 630557 |
| Samsung E&A Co. Ltd. | 20105 | &nbsp;&nbsp; 271847 |
| Samsung Electro-Mechanics Co. Ltd. | 6959 | &nbsp;&nbsp; 574144 |
| Samsung Electronics Co. Ltd. | 675801 | &nbsp;&nbsp; 26368092 |
| Samsung Fire & Marine Insurance Co. Ltd. | 2399 | &nbsp;&nbsp; 632923 |
| Samsung Heavy Industries Co. Ltd.<sup>(c)</sup> | 42169 | &nbsp;&nbsp; 432047 |
| Samsung Life Insurance Co. Ltd. | 7579 | &nbsp;&nbsp; 460179 |
| Samsung SDI Co. Ltd. | 5672 | &nbsp;&nbsp; 702367 |
| Samsung SDI Co. Ltd., Rts., expiring <br> 06/30/2025<sup>(c)</sup><br>| 691 | &nbsp;&nbsp; 16746 |
| Samsung SDS Co. Ltd. | 4665 | &nbsp;&nbsp; 420394 |
| Shinhan Financial Group Co. Ltd. | 41135 | &nbsp;&nbsp; 1486619 |
| SK hynix, Inc. | 43806 | &nbsp;&nbsp; 5465810 |
| SK Innovation Co. Ltd. | 12619 | &nbsp;&nbsp; 838169 |
| SK Telecom Co. Ltd. | 7022 | &nbsp;&nbsp; 268288 |
| SK, Inc. | 3995 | &nbsp;&nbsp; 371818 |
| S-Oil Corp. | 8034 | &nbsp;&nbsp; 293449 |
| Woori Financial Group, Inc. | 71672 | &nbsp;&nbsp; 892500 |
|  |  | &nbsp;&nbsp; 69842805 |
| **Spain-3.46%** | **Spain-3.46%** | **Spain-3.46%** |
| Acciona S.A.<sup>(a)</sup> | 2867 | &nbsp;&nbsp; 419227 |
| Acerinox S.A.<sup>(a)</sup> | 41006 | &nbsp;&nbsp; 465016 |
| ACS Actividades de Construccion y <br> Servicios S.A.<br>| 29023 | &nbsp;&nbsp; 1824692 |
| Aena SME S.A.<sup>(a)(b)</sup> | 2847 | &nbsp;&nbsp; 717674 |
| Amadeus IT Group S.A. | 13249 | &nbsp;&nbsp; 1046459 |
| Banco Bilbao Vizcaya Argentaria S.A. | 753847 | &nbsp;&nbsp; 10381450 |
| Banco de Sabadell S.A. | 950707 | &nbsp;&nbsp; 2783507 |
| Banco Santander S.A.<sup>(a)</sup> | 2211121 | &nbsp;&nbsp; 15621794 |
| Bankinter S.A.<sup>(a)</sup> | 70726 | &nbsp;&nbsp; 826719 |
| CaixaBank S.A.<sup>(a)</sup> | 344815 | &nbsp;&nbsp; 2651832 |
| Cellnex Telecom S.A.<sup>(a)(b)</sup> | 21830 | &nbsp;&nbsp; 886488 |
| Enagas S.A.<sup>(a)</sup> | 40119 | &nbsp;&nbsp; 627683 |
| Endesa S.A. | 55675 | &nbsp;&nbsp; 1677821 |
| Grifols S.A.<sup>(a)(c)</sup> | 67862 | &nbsp;&nbsp; 644772 |
| Iberdrola S.A.<sup>(a)</sup> | 640733 | &nbsp;&nbsp; 11589531 |
| Industria de Diseno Textil S.A.<sup>(a)</sup> | 44719 | &nbsp;&nbsp; 2413043 |
| Logista Integral S.A. | 8127 | &nbsp;&nbsp; 278805 |
| Mapfre S.A.<sup>(a)</sup> | 153323 | &nbsp;&nbsp; 547709 |
| Merlin Properties SOCIMI S.A.<sup>(a)</sup> | 44876 | &nbsp;&nbsp; 510659 |
| Naturgy Energy Group S.A.<sup>(a)</sup> | 18147 | &nbsp;&nbsp; 542498 |
| Redeia Corp. S.A. | 53654 | &nbsp;&nbsp; 1129013 |
| Repsol S.A. | 304486 | &nbsp;&nbsp; 3734751 |
| Telefonica S.A.<sup>(a)</sup> | 828223 | &nbsp;&nbsp; 4269430 |
| Unicaja Banco S.A.<sup>(a)(b)</sup> | 222533 | &nbsp;&nbsp; 425620 |
|  |  | &nbsp;&nbsp; 66016193 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden-2.29%** | **Sweden-2.29%** | **Sweden-2.29%** |
| Alfa Laval AB<sup>(a)</sup> | 14651 | &nbsp;&nbsp; $608961 |
| Asmodee Group AB<sup>(a)(c)</sup> | 25515 | &nbsp;&nbsp; 281739 |
| Assa Abloy AB, Class B | 48489 | &nbsp;&nbsp; 1474978 |
| Atlas Copco AB, Class A | 114795 | &nbsp;&nbsp; 1780672 |
| Autoliv, Inc. | 1980 | &nbsp;&nbsp; 184595 |
| Billerud AB | 9017 | &nbsp;&nbsp; 95351 |
| Boliden AB<sup>(c)</sup> | 40342 | &nbsp;&nbsp; 1238721 |
| Castellum AB<sup>(a)(c)</sup> | 42728 | &nbsp;&nbsp; 521120 |
| Electrolux AB, Class B<sup>(a)(c)</sup> | 74901 | &nbsp;&nbsp; 468601 |
| Embracer Group AB, Class A<sup>(a)(c)</sup> | 25517 | &nbsp;&nbsp; 322707 |
| Epiroc AB, Class A<sup>(a)</sup> | 37484 | &nbsp;&nbsp; 812688 |
| EQT AB<sup>(a)</sup> | 2665 | &nbsp;&nbsp; 77176 |
| Essity AB, Class B | 61662 | &nbsp;&nbsp; 1787015 |
| Evolution AB<sup>(a)(b)</sup> | 4044 | &nbsp;&nbsp; 280745 |
| Fastighets AB Balder, Class B<sup>(a)(c)</sup> | 40626 | &nbsp;&nbsp; 292661 |
| Getinge AB, Class B<sup>(a)</sup> | 13341 | &nbsp;&nbsp; 258393 |
| H & M Hennes & Mauritz AB, Class B<sup>(a)</sup> | 73670 | &nbsp;&nbsp; 1069801 |
| Hexagon AB, Class B<sup>(a)</sup> | 87813 | &nbsp;&nbsp; 856471 |
| Holmen AB, Class B<sup>(a)</sup> | 8384 | &nbsp;&nbsp; 332203 |
| Husqvarna AB, Class B<sup>(a)</sup> | 54488 | &nbsp;&nbsp; 253979 |
| Industrivarden AB, Class A | 6347 | &nbsp;&nbsp; 223523 |
| Industrivarden AB, Class C<sup>(a)</sup> | 7559 | &nbsp;&nbsp; 266014 |
| Investor AB, Class A | 22468 | &nbsp;&nbsp; 670579 |
| Investor AB, Class B | 86896 | &nbsp;&nbsp; 2580094 |
| Kinnevik AB, Class B<sup>(a)(c)</sup> | 20619 | &nbsp;&nbsp; 165382 |
| NIBE Industrier AB, Class B<sup>(a)</sup> | 63567 | &nbsp;&nbsp; 271654 |
| Saab AB, Class B | 11902 | &nbsp;&nbsp; 555395 |
| Sandvik AB<sup>(a)</sup> | 68624 | &nbsp;&nbsp; 1419729 |
| Securitas AB, Class B<sup>(a)</sup> | 64807 | &nbsp;&nbsp; 1029174 |
| Skandinaviska Enskilda Banken AB, <br> Class A<sup>(a)</sup><br>| 152733 | &nbsp;&nbsp; 2428694 |
| Skanska AB, Class B<sup>(a)</sup> | 37620 | &nbsp;&nbsp; 876030 |
| SKF AB, Class B | 44950 | &nbsp;&nbsp; 882964 |
| Spotify Technology S.A.<sup>(c)</sup> | 215 | &nbsp;&nbsp; 132006 |
| SSAB AB, Class A<sup>(a)</sup> | 152908 | &nbsp;&nbsp; 968264 |
| Svenska Cellulosa AB S.C.A., Class B<sup>(a)</sup> | 50924 | &nbsp;&nbsp; 659882 |
| Svenska Handelsbanken AB, Class A | 164503 | &nbsp;&nbsp; 2157914 |
| Swedbank AB, Class A<sup>(a)</sup> | 109986 | &nbsp;&nbsp; 2751539 |
| Tele2 AB, Class B | 99577 | &nbsp;&nbsp; 1472300 |
| Telefonaktiebolaget LM Ericsson, <br> Class B<sup>(a)</sup><br>| 444969 | &nbsp;&nbsp; 3766851 |
| Telia Co. AB | 524379 | &nbsp;&nbsp; 1974023 |
| Trelleborg AB, Class B | 12826 | &nbsp;&nbsp; 443207 |
| Volvo AB, Class B<sup>(a)</sup> | 170304 | &nbsp;&nbsp; 4639350 |
| Volvo Car AB, Class B<sup>(a)(c)</sup> | 177687 | &nbsp;&nbsp; 303733 |
|  |  | &nbsp;&nbsp; 43636878 |
| **Switzerland-4.33%** | **Switzerland-4.33%** | **Switzerland-4.33%** |
| ABB Ltd. | 66576 | &nbsp;&nbsp; 3531331 |
| Adecco Group AG<sup>(a)</sup> | 34374 | &nbsp;&nbsp; 898544 |
| Avolta AG | 6680 | &nbsp;&nbsp; 305726 |
| Baloise Holding AG | 3769 | &nbsp;&nbsp; 842172 |
| Barry Callebaut AG<sup>(a)</sup> | 318 | &nbsp;&nbsp; 286341 |
| Bucher Industries AG | 250 | &nbsp;&nbsp; 108454 |
| Chocoladefabriken Lindt & Spruengli AG, <br> PC<sup>(a)</sup><br>| 66 | &nbsp;&nbsp; 966098 |
| Cie Financiere Richemont S.A. | 19586 | &nbsp;&nbsp; 3476110 |
| Clariant AG<sup>(a)(c)</sup> | 29125 | &nbsp;&nbsp; 327425 |
| DKSH Holding AG | 1142 | &nbsp;&nbsp; 84499 |
| DSM-Firmenich AG | 6968 | &nbsp;&nbsp; 759562 |

---

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

------

**40**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| Galenica AG<sup>(b)(c)</sup> | 3607 | &nbsp;&nbsp; $379462 |
| Geberit AG | 1389 | &nbsp;&nbsp; 966404 |
| Georg Fischer AG<sup>(a)</sup> | 4198 | &nbsp;&nbsp; 304865 |
| Givaudan S.A. | 283 | &nbsp;&nbsp; 1371276 |
| Helvetia Holding AG | 3058 | &nbsp;&nbsp; 677543 |
| Julius Baer Group Ltd. | 18807 | &nbsp;&nbsp; 1224941 |
| Kuehne + Nagel International AG, <br> Class R<sup>(a)</sup><br>| 3712 | &nbsp;&nbsp; 858608 |
| Logitech International S.A., Class R | 5959 | &nbsp;&nbsp; 454809 |
| Lonza Group AG | 2328 | &nbsp;&nbsp; 1680018 |
| Nestle S.A. | 153638 | &nbsp;&nbsp; 16424467 |
| Partners Group Holding AG | 527 | &nbsp;&nbsp; 693538 |
| PSP Swiss Property AG | 2949 | &nbsp;&nbsp; 527431 |
| Roche Holding AG | 56098 | &nbsp;&nbsp; 18423650 |
| Sandoz Group AG | 37896 | &nbsp;&nbsp; 1650928 |
| Schindler Holding AG, PC | 2785 | &nbsp;&nbsp; 1023062 |
| SGS S.A. | 8389 | &nbsp;&nbsp; 822869 |
| SIG Group AG<sup>(a)(c)</sup> | 15128 | &nbsp;&nbsp; 293097 |
| Sika AG | 4340 | &nbsp;&nbsp; 1089351 |
| Sonova Holding AG, Class A | 1658 | &nbsp;&nbsp; 511925 |
| Sunrise Communications AG<sup>(c)</sup> | 2247 | &nbsp;&nbsp; 122058 |
| Swatch Group AG (The), BR<sup>(a)</sup> | 4993 | &nbsp;&nbsp; 870292 |
| Swiss Life Holding AG | 2893 | &nbsp;&nbsp; 2901199 |
| Swiss Prime Site AG<sup>(a)</sup> | 5529 | &nbsp;&nbsp; 783038 |
| Swisscom AG | 2524 | &nbsp;&nbsp; 1690588 |
| UBS Group AG | 229883 | &nbsp;&nbsp; 7008754 |
| Zurich Insurance Group AG | 11611 | &nbsp;&nbsp; 8271422 |
|  |  | &nbsp;&nbsp; 82611857 |
| **Thailand-0.01%** | **Thailand-0.01%** | **Thailand-0.01%** |
| Thai Beverage PCL | 617534 | &nbsp;&nbsp; 236742 |
| **United Kingdom-12.09%** | **United Kingdom-12.09%** | **United Kingdom-12.09%** |
| 3i Group PLC | 53353 | &nbsp;&nbsp; 3031446 |
| Aberdeen Group PLC<sup>(a)</sup> | 309683 | &nbsp;&nbsp; 613003 |
| Admiral Group PLC | 22479 | &nbsp;&nbsp; 979867 |
| AngloGold Ashanti PLC<sup>(a)</sup> | 5237 | &nbsp;&nbsp; 220792 |
| Ashtead Group PLC | 21931 | &nbsp;&nbsp; 1176662 |
| Associated British Foods PLC | 35466 | &nbsp;&nbsp; 979826 |
| AstraZeneca PLC | 61457 | &nbsp;&nbsp; 8824564 |
| Aviva PLC | 251072 | &nbsp;&nbsp; 1885367 |
| B&M European Value Retail S.A. | 123685 | &nbsp;&nbsp; 557511 |
| BAE Systems PLC | 199406 | &nbsp;&nbsp; 4633164 |
| Balfour Beatty PLC | 20721 | &nbsp;&nbsp; 127023 |
| Barclays PLC | 3630863 | &nbsp;&nbsp; 14496623 |
| Barratt Redrow PLC | 193960 | &nbsp;&nbsp; 1211905 |
| Beazley PLC | 38235 | &nbsp;&nbsp; 454054 |
| Bellway PLC | 15649 | &nbsp;&nbsp; 563091 |
| Berkeley Group Holdings PLC (The) | 10307 | &nbsp;&nbsp; 575840 |
| British American Tobacco PLC | 337585 | &nbsp;&nbsp; 14737745 |
| British Land Co. PLC (The) | 111708 | &nbsp;&nbsp; 589003 |
| BT Group PLC<sup>(a)</sup> | 1155664 | &nbsp;&nbsp; 2688285 |
| Bunzl PLC | 24125 | &nbsp;&nbsp; 759823 |
| Burberry Group PLC | 40533 | &nbsp;&nbsp; 395630 |
| Centrica PLC | 813444 | &nbsp;&nbsp; 1745530 |
| Coca-Cola Europacific Partners PLC<sup>(a)</sup> | 1981 | &nbsp;&nbsp; 179756 |
| Compass Group PLC | 85304 | &nbsp;&nbsp; 2882484 |
| Croda International PLC | 9395 | &nbsp;&nbsp; 371690 |
| Currys PLC<sup>(c)</sup> | 55225 | &nbsp;&nbsp; 82030 |
| DCC PLC | 10525 | &nbsp;&nbsp; 689440 |
| Diageo PLC | 118071 | &nbsp;&nbsp; 3322944 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Direct Line Insurance Group PLC | 158312 | &nbsp;&nbsp; $599290 |
| Dowlais Group PLC | 97745 | &nbsp;&nbsp; 76004 |
| Drax Group PLC | 78461 | &nbsp;&nbsp; 648678 |
| Entain PLC | 53763 | &nbsp;&nbsp; 460650 |
| Haleon PLC | 548361 | &nbsp;&nbsp; 2765492 |
| Halma PLC | 11047 | &nbsp;&nbsp; 408681 |
| Harbour Energy PLC | 86902 | &nbsp;&nbsp; 178004 |
| Hays PLC | 58132 | &nbsp;&nbsp; 55659 |
| Hiscox Ltd. | 19510 | &nbsp;&nbsp; 287788 |
| Howden Joinery Group PLC | 25083 | &nbsp;&nbsp; 258522 |
| HSBC Holdings PLC | 1882512 | &nbsp;&nbsp; 21032311 |
| IG Group Holdings PLC | 45963 | &nbsp;&nbsp; 656584 |
| IMI PLC | 14632 | &nbsp;&nbsp; 348040 |
| Imperial Brands PLC | 98309 | &nbsp;&nbsp; 4042998 |
| Inchcape PLC | 42834 | &nbsp;&nbsp; 384682 |
| Informa PLC | 71731 | &nbsp;&nbsp; 702313 |
| InterContinental Hotels Group PLC | 3754 | &nbsp;&nbsp; 401491 |
| Intermediate Capital Group PLC | 16799 | &nbsp;&nbsp; 423513 |
| International Consolidated Airlines Group <br> S.A.<sup>(a)</sup><br>| 170543 | &nbsp;&nbsp; 593880 |
| International Distribution Services PLC<sup>(a)</sup> | 39036 | &nbsp;&nbsp; 191197 |
| Intertek Group PLC | 9597 | &nbsp;&nbsp; 590726 |
| Investec PLC | 54722 | &nbsp;&nbsp; 344381 |
| ITV PLC<sup>(a)</sup> | 461836 | &nbsp;&nbsp; 498884 |
| J Sainsbury PLC | 344260 | &nbsp;&nbsp; 1226293 |
| JD Sports Fashion PLC | 254363 | &nbsp;&nbsp; 268398 |
| Johnson Matthey PLC | 37859 | &nbsp;&nbsp; 653304 |
| Just Eat Takeaway.com N.V.<sup>(b)(c)</sup> | 34025 | &nbsp;&nbsp; 747204 |
| Kingfisher PLC | 371270 | &nbsp;&nbsp; 1430187 |
| Land Securities Group PLC | 82679 | &nbsp;&nbsp; 656647 |
| Legal & General Group PLC<sup>(a)</sup> | 583052 | &nbsp;&nbsp; 1840210 |
| Lloyds Banking Group PLC | 7181904 | &nbsp;&nbsp; 7071950 |
| London Stock Exchange Group PLC | 18884 | &nbsp;&nbsp; 2947076 |
| M&G PLC | 296655 | &nbsp;&nbsp; 825037 |
| Man Group PLC | 111276 | &nbsp;&nbsp; 243424 |
| Marks & Spencer Group PLC | 285568 | &nbsp;&nbsp; 1487308 |
| Melrose Industries PLC | 88728 | &nbsp;&nbsp; 516965 |
| National Grid PLC | 418919 | &nbsp;&nbsp; 6060333 |
| NatWest Group PLC | 1160313 | &nbsp;&nbsp; 7480268 |
| Next PLC | 6600 | &nbsp;&nbsp; 1091296 |
| Pearson PLC | 58767 | &nbsp;&nbsp; 944228 |
| Pennon Group PLC<sup>(a)</sup> | 49352 | &nbsp;&nbsp; 331123 |
| Persimmon PLC | 60529 | &nbsp;&nbsp; 1049871 |
| Phoenix Group Holdings PLC | 95667 | &nbsp;&nbsp; 767091 |
| Quilter PLC<sup>(b)</sup> | 46711 | &nbsp;&nbsp; 84238 |
| Reckitt Benckiser Group PLC | 44799 | &nbsp;&nbsp; 2898129 |
| RELX PLC | 50429 | &nbsp;&nbsp; 2758366 |
| Rentokil Initial PLC | 120606 | &nbsp;&nbsp; 553775 |
| Rolls-Royce Holdings PLC | 170811 | &nbsp;&nbsp; 1732922 |
| RS Group PLC | 37510 | &nbsp;&nbsp; 259214 |
| Sage Group PLC (The) | 36628 | &nbsp;&nbsp; 608609 |
| Schroders PLC | 81600 | &nbsp;&nbsp; 360354 |
| Segro PLC | 82453 | &nbsp;&nbsp; 751735 |
| Severn Trent PLC | 18413 | &nbsp;&nbsp; 686455 |
| Shell PLC | 1214702 | &nbsp;&nbsp; 39288800 |
| Smith & Nephew PLC<sup>(a)</sup> | 70338 | &nbsp;&nbsp; 992065 |
| Smiths Group PLC | 27638 | &nbsp;&nbsp; 690278 |
| Spectris PLC | 7853 | &nbsp;&nbsp; 210701 |
| Spirax Group PLC | 1865 | &nbsp;&nbsp; 147323 |
| SSE PLC | 121206 | &nbsp;&nbsp; 2738871 |

---

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

------

**41**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| St. James's Place PLC | 67615 | &nbsp;&nbsp; $854229 |
| Standard Chartered PLC | 301263 | &nbsp;&nbsp; 4348935 |
| Subsea 7 S.A. | 26237 | &nbsp;&nbsp; 398537 |
| Tate & Lyle PLC | 47343 | &nbsp;&nbsp; 353642 |
| Taylor Wimpey PLC | 612259 | &nbsp;&nbsp; 964214 |
| Tesco PLC | 933541 | &nbsp;&nbsp; 4630499 |
| Travis Perkins PLC | 14923 | &nbsp;&nbsp; 111645 |
| Tritax Big Box REIT PLC | 103030 | &nbsp;&nbsp; 197529 |
| Unilever PLC | 189913 | &nbsp;&nbsp; 12118961 |
| United Utilities Group PLC | 59892 | &nbsp;&nbsp; 902465 |
| Vistry Group PLC<sup>(c)</sup> | 39996 | &nbsp;&nbsp; 337963 |
| Vodafone Group PLC | 6466362 | &nbsp;&nbsp; 6368797 |
| Weir Group PLC (The) | 14721 | &nbsp;&nbsp; 444742 |
| Whitbread PLC | 15006 | &nbsp;&nbsp; 522347 |
| WPP PLC | 139965 | &nbsp;&nbsp; 1087529 |
|  |  | &nbsp;&nbsp; 230766948 |
| **United States-4.34%** | **United States-4.34%** | **United States-4.34%** |
| Alcon AG | 19993 | &nbsp;&nbsp; 1951041 |
| Allegion PLC | 939 | &nbsp;&nbsp; 130709 |
| Amcor PLC<sup>(a)</sup> | 133241 | &nbsp;&nbsp; 1225817 |
| ARM Holdings PLC, ADR<sup>(a)(c)</sup> | 1356 | &nbsp;&nbsp; 154652 |
| Bausch Health Cos., Inc.<sup>(c)</sup> | 77781 | &nbsp;&nbsp; 412752 |
| BP PLC | 3311611 | &nbsp;&nbsp; 15325431 |
| CRH PLC | 36178 | &nbsp;&nbsp; 3452105 |
| Experian PLC | 26449 | &nbsp;&nbsp; 1318828 |
| Ferguson Enterprises, Inc. | 8360 | &nbsp;&nbsp; 1418358 |
| Ferrovial SE | 14841 | &nbsp;&nbsp; 726473 |
| Garmin Ltd. | 1434 | &nbsp;&nbsp; 267972 |
| GSK PLC | 378973 | &nbsp;&nbsp; 7513982 |
| Holcim AG<sup>(c)</sup> | 50338 | &nbsp;&nbsp; 5649813 |
| ICON PLC<sup>(c)</sup> | 1154 | &nbsp;&nbsp; 174762 |
| lululemon athletica, inc.<sup>(a)(c)</sup> | 705 | &nbsp;&nbsp; 190893 |
| Medtronic PLC | 25024 | &nbsp;&nbsp; 2121034 |
| Novartis AG | 121513 | &nbsp;&nbsp; 13920163 |
| Perrigo Co. PLC | 6940 | &nbsp;&nbsp; 178497 |
| QIAGEN N.V.<sup>(c)</sup> | 9749 | &nbsp;&nbsp; 419825 |
| Sanofi S.A. | 116298 | &nbsp;&nbsp; 12765854 |
| Signify N.V.<sup>(a)</sup> | 26332 | &nbsp;&nbsp; 547717 |
| Sims Ltd. | 5566 | &nbsp;&nbsp; 51896 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-(continued)** | **United States-(continued)** | **United States-(continued)** |
| Smurfit WestRock PLC | 29970 | &nbsp;&nbsp; $1259339 |
| Stellantis N.V. | 447073 | &nbsp;&nbsp; 4174528 |
| Swiss Re AG | 28086 | &nbsp;&nbsp; 5063644 |
| Tenaris S.A. | 38315 | &nbsp;&nbsp; 641100 |
| Trane Technologies PLC | 1162 | &nbsp;&nbsp; 445406 |
| Transocean Ltd.<sup>(c)</sup> | 45431 | &nbsp;&nbsp; 96768 |
| Waste Connections, Inc. | 6215 | &nbsp;&nbsp; 1225048 |
|  |  | &nbsp;&nbsp; 82824407 |
| **Zambia-0.07%** | **Zambia-0.07%** | **Zambia-0.07%** |
| First Quantum Minerals Ltd.<sup>(c)</sup> | 96238 | &nbsp;&nbsp; 1289630 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,529,670,803) | Total Common Stocks & Other Equity Interests <br>(Cost $1,529,670,803) | &nbsp;&nbsp; 1897109404 |
| **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(e)(f)</sup> <br>(Cost $8,122)<br>| 8122 | &nbsp;&nbsp; 8122 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.36% <br>(Cost $1,529,678,925) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.36% <br>(Cost $1,529,678,925) | &nbsp;&nbsp; 1897117526 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-7.99%** | **Money Market Funds-7.99%** | **Money Market Funds-7.99%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(e)(f)(g)</sup><br>| 42413650 | &nbsp;&nbsp; 42413650 |
| Invesco Private Prime Fund, 4.46%<sup>(e)(f)(g)</sup> | 110167015 | &nbsp;&nbsp; 110189048 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $152,610,104) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $152,610,104) | &nbsp;&nbsp; 152602698 |
| TOTAL INVESTMENTS IN SECURITIES-107.35% <br>(Cost $1,682,289,029) | TOTAL INVESTMENTS IN SECURITIES-107.35% <br>(Cost $1,682,289,029) | &nbsp;&nbsp; 2049720224 |
| OTHER ASSETS LESS LIABILITIES-(7.35)% | OTHER ASSETS LESS LIABILITIES-(7.35)% | &nbsp;&nbsp; (140404756)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1909315468 |

---

---

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

---

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

------

**42**

------

**Invesco RAFI Developed Markets ex-U.S. ETF (PXF)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $14,696,064, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $28038301 | &nbsp;&nbsp; $(28030179)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8122 | &nbsp;&nbsp; $17003 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 37612648 | &nbsp;&nbsp; 127384034 | &nbsp;&nbsp; (122583032)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 42413650 | &nbsp;&nbsp; 952,710<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 98135663 | &nbsp;&nbsp; 271757553 | &nbsp;&nbsp; (259693056)<br>| &nbsp;&nbsp; (1383)<br>| &nbsp;&nbsp; (9729)<br>| &nbsp;&nbsp; 110189048 | &nbsp;&nbsp; 2,567,218<br> \*<br>|
| Total | &nbsp;&nbsp; $135748311 | &nbsp;&nbsp; $427179888 | &nbsp;&nbsp; $(410306267)<br>| &nbsp;&nbsp; $(1383)<br>| &nbsp;&nbsp; $(9729)<br>| &nbsp;&nbsp; $152610820 | &nbsp;&nbsp; $3536931 |

---

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

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

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

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

------

**43**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.40%** | **Common Stocks & Other Equity Interests-99.40%** | **Common Stocks & Other Equity Interests-99.40%** |
| **Australia-5.74%** | **Australia-5.74%** | **Australia-5.74%** |
| Accent Group Ltd.<sup>(a)</sup> | 62429 | &nbsp;&nbsp; $74011 |
| ALS Ltd. | 43790 | &nbsp;&nbsp; 479959 |
| Amotiv Ltd.<sup>(a)</sup> | 18317 | &nbsp;&nbsp; 90728 |
| AMP Ltd. | 501864 | &nbsp;&nbsp; 414065 |
| Ansell Ltd. | 15124 | &nbsp;&nbsp; 293078 |
| ARB Corp. Ltd. | 4914 | &nbsp;&nbsp; 98919 |
| ASX Ltd. | 2655 | &nbsp;&nbsp; 120092 |
| Atlas Arteria Ltd. | 85939 | &nbsp;&nbsp; 284350 |
| AUB Group Ltd. | 5086 | &nbsp;&nbsp; 103740 |
| Austal Ltd.<sup>(b)</sup> | 12400 | &nbsp;&nbsp; 41966 |
| Bank of Queensland Ltd.<sup>(a)</sup> | 27155 | &nbsp;&nbsp; 129574 |
| Bapcor Ltd.<sup>(a)</sup> | 53073 | &nbsp;&nbsp; 172253 |
| Beach Energy Ltd. | 341710 | &nbsp;&nbsp; 256934 |
| Bega Cheese Ltd. | 41278 | &nbsp;&nbsp; 149155 |
| Breville Group Ltd.<sup>(a)</sup> | 8196 | &nbsp;&nbsp; 150112 |
| Brickworks Ltd. | 7992 | &nbsp;&nbsp; 128597 |
| BWP Trust | 52511 | &nbsp;&nbsp; 120267 |
| CAR Group Ltd. | 11576 | &nbsp;&nbsp; 246812 |
| Centuria Capital Group<sup>(a)</sup> | 79693 | &nbsp;&nbsp; 80211 |
| Centuria Industrial REIT<sup>(a)</sup> | 73748 | &nbsp;&nbsp; 138739 |
| Challenger Ltd.<sup>(a)</sup> | 62765 | &nbsp;&nbsp; 284088 |
| Champion Iron Ltd.<sup>(a)</sup> | 51992 | &nbsp;&nbsp; 151821 |
| Charter Hall Group | 52914 | &nbsp;&nbsp; 571478 |
| Charter Hall Long Wale REIT | 101645 | &nbsp;&nbsp; 249439 |
| Charter Hall Retail REIT | 72567 | &nbsp;&nbsp; 173145 |
| Cleanaway Waste Management Ltd.<sup>(a)</sup> | 244813 | &nbsp;&nbsp; 406974 |
| Cochlear Ltd. | 2185 | &nbsp;&nbsp; 382242 |
| Collins Foods Ltd. | 12961 | &nbsp;&nbsp; 68160 |
| Coronado Global Resources, Inc., CDI<sup>(c)</sup> | 127705 | &nbsp;&nbsp; 15910 |
| Corporate Travel Management Ltd. | 4863 | &nbsp;&nbsp; 39668 |
| Credit Corp. Group Ltd. | 8718 | &nbsp;&nbsp; 75354 |
| Cromwell Property Group | 35109 | &nbsp;&nbsp; 8416 |
| Data# 3 Ltd. | 14249 | &nbsp;&nbsp; 66287 |
| Deterra Royalties Ltd. | 19443 | &nbsp;&nbsp; 45283 |
| Domino's Pizza Enterprises Ltd. | 8014 | &nbsp;&nbsp; 129375 |
| Downer EDI Ltd. | 50747 | &nbsp;&nbsp; 185109 |
| Eagers Automotive Ltd. | 21128 | &nbsp;&nbsp; 249083 |
| EBOS Group Ltd. | 5053 | &nbsp;&nbsp; 109869 |
| Elders Ltd.<sup>(a)</sup> | 39960 | &nbsp;&nbsp; 161683 |
| Evolution Mining Ltd. | 31003 | &nbsp;&nbsp; 155311 |
| Flight Centre Travel Group Ltd.<sup>(a)</sup> | 10587 | &nbsp;&nbsp; 86774 |
| G8 Education Ltd. | 19107 | &nbsp;&nbsp; 15346 |
| GrainCorp Ltd., Class A | 46146 | &nbsp;&nbsp; 196254 |
| Growthpoint Properties Australia Ltd.<sup>(a)</sup> | 48503 | &nbsp;&nbsp; 71874 |
| Harvey Norman Holdings Ltd.<sup>(a)</sup> | 134553 | &nbsp;&nbsp; 449366 |
| Healius Ltd.<sup>(a)(b)</sup> | 122264 | &nbsp;&nbsp; 113707 |
| Helia Group Ltd. | 59112 | &nbsp;&nbsp; 183012 |
| HomeCo Daily Needs REIT<sup>(a)(c)</sup> | 201425 | &nbsp;&nbsp; 157741 |
| IDP Education Ltd.<sup>(a)</sup> | 11114 | &nbsp;&nbsp; 62963 |
| IGO Ltd.<sup>(a)</sup> | 73148 | &nbsp;&nbsp; 183079 |
| Iluka Resources Ltd.<sup>(a)</sup> | 74575 | &nbsp;&nbsp; 197363 |
| Ingenia Communities Group | 38380 | &nbsp;&nbsp; 136010 |
| Inghams Group Ltd. | 100019 | &nbsp;&nbsp; 219338 |
| Insignia Financial Ltd.<sup>(b)</sup> | 111737 | &nbsp;&nbsp; 268953 |
| IPH Ltd. | 22033 | &nbsp;&nbsp; 64285 |
| IRESS Ltd.<sup>(a)</sup> | 27319 | &nbsp;&nbsp; 138967 |
| Johns Lyng Group Ltd.<sup>(a)</sup> | 17447 | &nbsp;&nbsp; 24785 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Australia-(continued)** | **Australia-(continued)** | **Australia-(continued)** |
| Kelsian Group Ltd.<sup>(a)</sup> | 14278 | &nbsp;&nbsp; $24778 |
| Lottery Corp. Ltd. (The) | 102347 | &nbsp;&nbsp; 340701 |
| Lynas Rare Earths Ltd.<sup>(a)(b)</sup> | 50730 | &nbsp;&nbsp; 277025 |
| Magellan Financial Group Ltd.<sup>(a)</sup> | 44599 | &nbsp;&nbsp; 218410 |
| McMillan Shakespeare Ltd. | 7620 | &nbsp;&nbsp; 74575 |
| Monadelphous Group Ltd. | 12015 | &nbsp;&nbsp; 124108 |
| Myer Holdings Ltd. | 94557 | &nbsp;&nbsp; 43574 |
| National Storage REIT<sup>(a)</sup> | 151760 | &nbsp;&nbsp; 222906 |
| New Hope Corp. Ltd.<sup>(a)</sup> | 103708 | &nbsp;&nbsp; 243018 |
| NEXTDC Ltd.<sup>(a)(b)</sup> | 16101 | &nbsp;&nbsp; 122111 |
| nib holdings Ltd.<sup>(a)</sup> | 53658 | &nbsp;&nbsp; 233835 |
| Nine Entertainment Co. Holdings Ltd. | 179704 | &nbsp;&nbsp; 164512 |
| NRW Holdings Ltd. | 56621 | &nbsp;&nbsp; 98033 |
| Nufarm Ltd. | 65651 | &nbsp;&nbsp; 161907 |
| OceanaGold Corp. | 114269 | &nbsp;&nbsp; 403701 |
| Orora Ltd. | 62262 | &nbsp;&nbsp; 72059 |
| Perenti Ltd. | 44726 | &nbsp;&nbsp; 39073 |
| Perpetual Ltd.<sup>(a)</sup> | 15514 | &nbsp;&nbsp; 164630 |
| Perseus Mining Ltd. | 145620 | &nbsp;&nbsp; 311753 |
| PEXA Group Ltd.<sup>(b)</sup> | 7726 | &nbsp;&nbsp; 59464 |
| Pilbara Minerals Ltd.<sup>(a)(b)</sup> | 105370 | &nbsp;&nbsp; 101407 |
| Premier Investments Ltd. | 9029 | &nbsp;&nbsp; 120137 |
| Qantas Airways Ltd. | 10637 | &nbsp;&nbsp; 60075 |
| Qube Holdings Ltd. | 167724 | &nbsp;&nbsp; 424164 |
| Ramelius Resources Ltd.<sup>(a)</sup> | 106144 | &nbsp;&nbsp; 178425 |
| REA Group Ltd. | 1177 | &nbsp;&nbsp; 186797 |
| Reece Ltd.<sup>(a)</sup> | 17354 | &nbsp;&nbsp; 174812 |
| Region RE Ltd. | 193237 | &nbsp;&nbsp; 286107 |
| Regis Resources Ltd.<sup>(b)</sup> | 177455 | &nbsp;&nbsp; 512478 |
| Resolute Mining Ltd.<sup>(b)</sup> | 407326 | &nbsp;&nbsp; 132821 |
| Sandfire Resources Ltd.<sup>(b)</sup> | 55727 | &nbsp;&nbsp; 354531 |
| SEEK Ltd. | 22145 | &nbsp;&nbsp; 301152 |
| Service Stream Ltd. | 15694 | &nbsp;&nbsp; 18776 |
| SGH Ltd. | 14780 | &nbsp;&nbsp; 482847 |
| Sigma Healthcare Ltd.<sup>(a)</sup> | 152753 | &nbsp;&nbsp; 294441 |
| SmartGroup Corp. Ltd. | 9797 | &nbsp;&nbsp; 49077 |
| Stanmore Resources Ltd. | 17173 | &nbsp;&nbsp; 21307 |
| Star Entertainment Group Ltd. (The)<sup>(a)(b)</sup> | 954499 | &nbsp;&nbsp; 63363 |
| Steadfast Group Ltd.<sup>(a)</sup> | 63818 | &nbsp;&nbsp; 239557 |
| Super Retail Group Ltd. | 30522 | &nbsp;&nbsp; 261481 |
| Tabcorp Holdings Ltd. | 463408 | &nbsp;&nbsp; 164988 |
| Technology One Ltd. | 5763 | &nbsp;&nbsp; 111117 |
| TPG Telecom Ltd. | 59810 | &nbsp;&nbsp; 193457 |
| Ventia Services Group Pty. Ltd. | 99511 | &nbsp;&nbsp; 269130 |
| Waypoint REIT Ltd. | 80707 | &nbsp;&nbsp; 132028 |
| WEB Travel Group Ltd.<sup>(a)(b)</sup> | 14825 | &nbsp;&nbsp; 40722 |
| Webjet Group Ltd.<sup>(b)</sup> | 16340 | &nbsp;&nbsp; 6686 |
| West African Resources Ltd.<sup>(b)</sup> | 178877 | &nbsp;&nbsp; 273456 |
| Westgold Resources Ltd. | 52414 | &nbsp;&nbsp; 99464 |
| WiseTech Global Ltd. | 359 | &nbsp;&nbsp; 20391 |
|  |  | &nbsp;&nbsp; 18647441 |
| **Austria-0.56%** | **Austria-0.56%** | **Austria-0.56%** |
| ANDRITZ AG | 2117 | &nbsp;&nbsp; 152651 |
| AT&S Austria Technologie & Systemtechnik <br> AG<sup>(a)(b)</sup><br>| 5519 | &nbsp;&nbsp; 89681 |
| CA Immobilien Anlagen AG<sup>(a)</sup> | 5039 | &nbsp;&nbsp; 136890 |
| CPI Europe AG<sup>(a)(b)</sup> | 3535 | &nbsp;&nbsp; 70172 |

---

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

------

**44**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Austria-(continued)** | **Austria-(continued)** | **Austria-(continued)** |
| EVN AG | 6894 | &nbsp;&nbsp; $181032 |
| Kontron AG<sup>(a)</sup> | 6195 | &nbsp;&nbsp; 151057 |
| Lenzing AG<sup>(b)</sup> | 4690 | &nbsp;&nbsp; 148006 |
| Mayr Melnhof Karton AG | 280 | &nbsp;&nbsp; 26032 |
| Oesterreichische Post AG | 830 | &nbsp;&nbsp; 28080 |
| Palfinger AG | 494 | &nbsp;&nbsp; 16157 |
| Schoeller-Bleckmann Oilfield Equipment AG | 1327 | &nbsp;&nbsp; 47313 |
| Strabag SE | 446 | &nbsp;&nbsp; 39263 |
| Telekom Austria AG | 11266 | &nbsp;&nbsp; 119422 |
| UNIQA Insurance Group AG | 13312 | &nbsp;&nbsp; 154786 |
| Verbund AG | 5590 | &nbsp;&nbsp; 431076 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe<br>| 924 | &nbsp;&nbsp; 44099 |
|  |  | &nbsp;&nbsp; 1835717 |
| **Belgium-1.47%** | **Belgium-1.47%** | **Belgium-1.47%** |
| Ackermans & van Haaren N.V. | 1644 | &nbsp;&nbsp; 403486 |
| Aedifica S.A.<sup>(a)</sup> | 6562 | &nbsp;&nbsp; 527862 |
| Azelis Group N.V.<sup>(a)</sup> | 11205 | &nbsp;&nbsp; 174220 |
| Barco N.V. | 10634 | &nbsp;&nbsp; 146004 |
| Bekaert S.A.<sup>(a)</sup> | 4579 | &nbsp;&nbsp; 177296 |
| Cofinimmo S.A.<sup>(a)</sup> | 1733 | &nbsp;&nbsp; 139046 |
| Colruyt Group N.V | 2662 | &nbsp;&nbsp; 128450 |
| Deme Group N.V. | 695 | &nbsp;&nbsp; 104537 |
| D'Ieteren Group<sup>(a)</sup> | 1624 | &nbsp;&nbsp; 325431 |
| Elia Group S.A./N.V. | 1279 | &nbsp;&nbsp; 139146 |
| Fagron | 4361 | &nbsp;&nbsp; 102010 |
| Financiere de Tubize S.A. | 174 | &nbsp;&nbsp; 25051 |
| Galapagos N.V.<sup>(a)(b)</sup> | 6994 | &nbsp;&nbsp; 191104 |
| Gimv N.V. | 816 | &nbsp;&nbsp; 36871 |
| KBC Ancora | 3042 | &nbsp;&nbsp; 199998 |
| Lotus Bakeries N.V. | 13 | &nbsp;&nbsp; 125426 |
| Melexis N.V.<sup>(a)</sup> | 2093 | &nbsp;&nbsp; 126030 |
| Montea N.V.<sup>(a)</sup> | 1561 | &nbsp;&nbsp; 113726 |
| Ontex Group N.V.<sup>(a)(b)</sup> | 3104 | &nbsp;&nbsp; 25569 |
| Retail Estates N.V. | 339 | &nbsp;&nbsp; 24940 |
| Shurgard Self Storage Ltd.<sup>(a)</sup> | 2288 | &nbsp;&nbsp; 95258 |
| Sofina S.A.<sup>(a)</sup> | 1332 | &nbsp;&nbsp; 373432 |
| Solvay S.A., Class A<sup>(a)</sup> | 13247 | &nbsp;&nbsp; 503026 |
| Tessenderlo Group S.A. | 737 | &nbsp;&nbsp; 21889 |
| Warehouses De Pauw C.V.A.<sup>(a)</sup> | 16022 | &nbsp;&nbsp; 410644 |
| Xior Student Housing N.V.<sup>(c)</sup> | 4673 | &nbsp;&nbsp; 152081 |
|  |  | &nbsp;&nbsp; 4792533 |
| **Bermuda-0.02%** | **Bermuda-0.02%** | **Bermuda-0.02%** |
| Conduit Holdings Ltd. | 11435 | &nbsp;&nbsp; 52755 |
| **Brazil-0.03%** | **Brazil-0.03%** | **Brazil-0.03%** |
| ERO Copper Corp.<sup>(b)</sup> | 7470 | &nbsp;&nbsp; 93125 |
| **Canada-8.36%** | **Canada-8.36%** | **Canada-8.36%** |
| AbCellera Biologics, Inc.<sup>(a)(b)</sup> | 9130 | &nbsp;&nbsp; 23829 |
| Advantage Energy Ltd.<sup>(b)</sup> | 29155 | &nbsp;&nbsp; 206637 |
| Aecon Group, Inc. | 21602 | &nbsp;&nbsp; 252412 |
| Ag Growth International, Inc. | 1970 | &nbsp;&nbsp; 47378 |
| Air Canada<sup>(b)</sup> | 6150 | &nbsp;&nbsp; 62199 |
| Alamos Gold, Inc., Class A<sup>(a)</sup> | 28117 | &nbsp;&nbsp; 802209 |
| Alaris Equity Partners Income | 1761 | &nbsp;&nbsp; 24707 |
| Algoma Steel Group, Inc. | 36544 | &nbsp;&nbsp; 186781 |
| Allied Properties REIT<sup>(a)</sup> | 9596 | &nbsp;&nbsp; 106568 |
| Altus Group Ltd. | 2659 | &nbsp;&nbsp; 98829 |
| Aritzia, Inc.<sup>(b)</sup> | 5322 | &nbsp;&nbsp; 186827 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Artis REIT<sup>(a)</sup> | 19128 | &nbsp;&nbsp; $100120 |
| ATCO Ltd., Class I | 12801 | &nbsp;&nbsp; 480327 |
| Athabasca Oil Corp.<sup>(b)</sup> | 57328 | &nbsp;&nbsp; 188423 |
| ATS Corp.<sup>(b)</sup> | 5568 | &nbsp;&nbsp; 140036 |
| Badger Infrastructure Solutions Ltd. | 2930 | &nbsp;&nbsp; 83320 |
| Ballard Power Systems, Inc.<sup>(a)(b)</sup> | 22953 | &nbsp;&nbsp; 27917 |
| Baytex Energy Corp. | 150282 | &nbsp;&nbsp; 231739 |
| Birchcliff Energy Ltd. | 76303 | &nbsp;&nbsp; 311001 |
| Bird Construction, Inc. | 6720 | &nbsp;&nbsp; 102700 |
| BlackBerry Ltd.<sup>(b)</sup> | 44201 | &nbsp;&nbsp; 149758 |
| Boardwalk REIT, Class E | 4344 | &nbsp;&nbsp; 204448 |
| Bombardier, Inc., Class B<sup>(a)(b)</sup> | 801 | &nbsp;&nbsp; 52839 |
| Boralex, Inc., Class A | 10383 | &nbsp;&nbsp; 230165 |
| Boyd Group Services, Inc. | 1146 | &nbsp;&nbsp; 164271 |
| Brookfield Asset Management Ltd., Class A | 3064 | &nbsp;&nbsp; 163171 |
| Brookfield Business Corp., Class A | 4824 | &nbsp;&nbsp; 126284 |
| Brookfield Infrastructure Corp. | 10127 | &nbsp;&nbsp; 378599 |
| Brookfield Renewable Corp. | 2228 | &nbsp;&nbsp; 63374 |
| Brookfield Wealth Solutions Ltd.<sup>(b)</sup> | 772 | &nbsp;&nbsp; 41498 |
| BRP, Inc. | 5303 | &nbsp;&nbsp; 179288 |
| Calibre Mining Corp.<sup>(b)</sup> | 11035 | &nbsp;&nbsp; 25804 |
| Cameco Corp. | 2762 | &nbsp;&nbsp; 124433 |
| Canaccord Genuity Group, Inc. | 4182 | &nbsp;&nbsp; 25583 |
| Canada Goose Holdings, Inc.<sup>(b)</sup> | 4995 | &nbsp;&nbsp; 41730 |
| Canadian Solar, Inc.<sup>(a)(b)</sup> | 8349 | &nbsp;&nbsp; 75308 |
| Canadian Utilities Ltd., Class A | 5023 | &nbsp;&nbsp; 140330 |
| Canfor Corp.<sup>(b)</sup> | 19167 | &nbsp;&nbsp; 182748 |
| Capstone Copper Corp.<sup>(b)</sup> | 57423 | &nbsp;&nbsp; 276036 |
| Cardinal Energy Ltd.<sup>(a)</sup> | 22374 | &nbsp;&nbsp; 92975 |
| Cargojet, Inc. | 420 | &nbsp;&nbsp; 25936 |
| Cascades, Inc. | 17575 | &nbsp;&nbsp; 112349 |
| Centerra Gold, Inc. | 59793 | &nbsp;&nbsp; 399543 |
| CES Energy Solutions Corp. | 30518 | &nbsp;&nbsp; 134330 |
| Chartwell Retirement Residences | 29393 | &nbsp;&nbsp; 368343 |
| Chemtrade Logistics Income Fund | 26377 | &nbsp;&nbsp; 182365 |
| Choice Properties REIT<sup>(a)</sup> | 31908 | &nbsp;&nbsp; 337260 |
| CI Financial Corp. | 3698 | &nbsp;&nbsp; 83662 |
| Cineplex, Inc.<sup>(b)</sup> | 17414 | &nbsp;&nbsp; 124431 |
| Cogeco Communications, Inc. | 4701 | &nbsp;&nbsp; 230745 |
| Cogeco, Inc. | 2095 | &nbsp;&nbsp; 97250 |
| Colliers International Group, Inc. | 1745 | &nbsp;&nbsp; 208205 |
| Crombie REIT<sup>(a)</sup> | 17932 | &nbsp;&nbsp; 189407 |
| CT REIT<sup>(a)</sup> | 7842 | &nbsp;&nbsp; 84307 |
| Definity Financial Corp. | 5652 | &nbsp;&nbsp; 281557 |
| dentalcorp Holdings Ltd. | 17802 | &nbsp;&nbsp; 108387 |
| Descartes Systems Group, Inc. (The)<sup>(b)</sup> | 2150 | &nbsp;&nbsp; 225973 |
| Dream Industrial REIT<sup>(a)</sup> | 34014 | &nbsp;&nbsp; 261021 |
| DREAM Unlimited Corp. | 1081 | &nbsp;&nbsp; 14877 |
| Dundee Precious Metals, Inc. | 26781 | &nbsp;&nbsp; 350346 |
| E-L Financial Corp. Ltd. | 18 | &nbsp;&nbsp; 17621 |
| Enerflex Ltd. | 32911 | &nbsp;&nbsp; 214911 |
| Enghouse Systems Ltd. | 4714 | &nbsp;&nbsp; 85489 |
| EQB, Inc. | 2670 | &nbsp;&nbsp; 184231 |
| Equinox Gold Corp.<sup>(b)</sup> | 60315 | &nbsp;&nbsp; 404778 |
| Exchange Income Corp. | 4863 | &nbsp;&nbsp; 178353 |
| Fiera Capital Corp. | 17252 | &nbsp;&nbsp; 79060 |
| First Capital REIT | 8756 | &nbsp;&nbsp; 108269 |
| First Majestic Silver Corp. | 31939 | &nbsp;&nbsp; 199084 |
| FirstService Corp. | 1903 | &nbsp;&nbsp; 333345 |
| Fortuna Mining Corp., Class C<sup>(b)</sup> | 63628 | &nbsp;&nbsp; 396149 |

---

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

------

**45**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Freehold Royalties Ltd.<sup>(a)</sup> | 10971 | &nbsp;&nbsp; $90624 |
| Gibson Energy, Inc. | 7159 | &nbsp;&nbsp; 112415 |
| goeasy Ltd. | 1009 | &nbsp;&nbsp; 113698 |
| Granite REIT | 8465 | &nbsp;&nbsp; 387553 |
| H&R REIT | 42113 | &nbsp;&nbsp; 299087 |
| Hudbay Minerals, Inc. | 39630 | &nbsp;&nbsp; 287764 |
| IAMGOLD Corp.<sup>(b)</sup> | 128250 | &nbsp;&nbsp; 907118 |
| IGM Financial, Inc. | 14375 | &nbsp;&nbsp; 455925 |
| Innergex Renewable Energy, Inc. | 42930 | &nbsp;&nbsp; 422059 |
| Interfor Corp.<sup>(b)</sup> | 15357 | &nbsp;&nbsp; 147644 |
| International Petroleum Corp.<sup>(b)</sup> | 15921 | &nbsp;&nbsp; 218019 |
| InterRent REIT<sup>(a)</sup> | 19431 | &nbsp;&nbsp; 158819 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | 12069 | &nbsp;&nbsp; 106946 |
| Kelt Exploration Ltd.<sup>(b)</sup> | 26589 | &nbsp;&nbsp; 107603 |
| Killam Apartment REIT<sup>(a)</sup> | 17202 | &nbsp;&nbsp; 216940 |
| Kinaxis, Inc.<sup>(b)</sup> | 209 | &nbsp;&nbsp; 28166 |
| Labrador Iron Ore Royalty Corp. | 6084 | &nbsp;&nbsp; 131520 |
| Lassonde Industries, Inc., Class A | 65 | &nbsp;&nbsp; 9753 |
| Laurentian Bank of Canada | 12586 | &nbsp;&nbsp; 249296 |
| Leon's Furniture Ltd. | 441 | &nbsp;&nbsp; 7343 |
| Lightspeed Commerce, Inc.<sup>(b)</sup> | 17274 | &nbsp;&nbsp; 168701 |
| Linamar Corp. | 6658 | &nbsp;&nbsp; 243849 |
| Lundin Gold, Inc. | 5082 | &nbsp;&nbsp; 206878 |
| Major Drilling Group International, Inc.<sup>(b)</sup> | 9968 | &nbsp;&nbsp; 62927 |
| Maple Leaf Foods, Inc. | 12770 | &nbsp;&nbsp; 233249 |
| Martinrea International, Inc. | 9054 | &nbsp;&nbsp; 48111 |
| Mattr Corp.<sup>(b)</sup> | 7831 | &nbsp;&nbsp; 53972 |
| MTY Food Group, Inc. | 2464 | &nbsp;&nbsp; 77365 |
| Mullen Group Ltd. | 17302 | &nbsp;&nbsp; 164214 |
| New Gold, Inc.<sup>(b)</sup> | 119141 | &nbsp;&nbsp; 473528 |
| NFI Group, Inc.<sup>(b)</sup> | 14412 | &nbsp;&nbsp; 121030 |
| North West Co., Inc. (The) | 6954 | &nbsp;&nbsp; 278402 |
| NorthWest Healthcare Properties REIT<sup>(a)</sup> | 82165 | &nbsp;&nbsp; 292660 |
| NuVista Energy Ltd.<sup>(b)</sup> | 36119 | &nbsp;&nbsp; 307246 |
| Obsidian Energy Ltd.<sup>(a)(b)</sup> | 22529 | &nbsp;&nbsp; 94761 |
| Osisko Gold Royalties Ltd.<sup>(a)</sup> | 10212 | &nbsp;&nbsp; 244266 |
| Pan American Silver Corp. | 25727 | &nbsp;&nbsp; 646481 |
| Paramount Resources Ltd., Class A<sup>(a)</sup> | 10198 | &nbsp;&nbsp; 115542 |
| Pason Systems, Inc. | 10038 | &nbsp;&nbsp; 79792 |
| Peyto Exploration & Development Corp.<sup>(a)</sup> | 29717 | &nbsp;&nbsp; 371328 |
| Precision Drilling Corp.<sup>(b)</sup> | 4071 | &nbsp;&nbsp; 169996 |
| Premium Brands Holdings Corp. | 4937 | &nbsp;&nbsp; 280179 |
| Primaris REIT | 11230 | &nbsp;&nbsp; 116910 |
| Quebecor, Inc., Class B | 6923 | &nbsp;&nbsp; 189552 |
| RB Global, Inc. | 4934 | &nbsp;&nbsp; 496258 |
| Richelieu Hardware Ltd. | 5281 | &nbsp;&nbsp; 124675 |
| Russel Metals, Inc. | 12979 | &nbsp;&nbsp; 375849 |
| Sagicor Financial Co. Ltd. | 1052 | &nbsp;&nbsp; 5864 |
| Sandstorm Gold Ltd. | 29036 | &nbsp;&nbsp; 252039 |
| Secure Waste Infrastructure Corp. | 35648 | &nbsp;&nbsp; 338853 |
| Sienna Senior Living, Inc.<sup>(a)</sup> | 15623 | &nbsp;&nbsp; 191484 |
| Slate Grocery REIT, Class U | 8461 | &nbsp;&nbsp; 85143 |
| SmartCentres REIT<sup>(a)</sup> | 4748 | &nbsp;&nbsp; 87618 |
| Spin Master Corp.<sup>(c)</sup> | 1380 | &nbsp;&nbsp; 24357 |
| SSR Mining, Inc.<sup>(b)</sup> | 13870 | &nbsp;&nbsp; 147406 |
| Stantec, Inc. | 1615 | &nbsp;&nbsp; 141472 |
| Stella-Jones, Inc. | 6924 | &nbsp;&nbsp; 338856 |
| SunOpta, Inc.<sup>(b)</sup> | 10193 | &nbsp;&nbsp; 44276 |
| Superior Plus Corp. | 53093 | &nbsp;&nbsp; 265984 |
| Tamarack Valley Energy Ltd. | 70338 | &nbsp;&nbsp; 181790 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Canada-(continued)** | **Canada-(continued)** | **Canada-(continued)** |
| Taseko Mines Ltd.<sup>(b)</sup> | 39879 | &nbsp;&nbsp; $90365 |
| Teekay Tankers Ltd., Class A | 1179 | &nbsp;&nbsp; 50190 |
| Tilray Brands, Inc., Class 2<sup>(b)</sup> | 70441 | &nbsp;&nbsp; 34171 |
| TMX Group Ltd. | 3219 | &nbsp;&nbsp; 130200 |
| Topaz Energy Corp.<sup>(a)</sup> | 7620 | &nbsp;&nbsp; 127046 |
| Torex Gold Resources, Inc.<sup>(b)</sup> | 17835 | &nbsp;&nbsp; 576510 |
| TransAlta Corp. | 44902 | &nbsp;&nbsp; 399512 |
| Transcontinental, Inc., Class A | 16816 | &nbsp;&nbsp; 228872 |
| Trican Well Service Ltd. | 19424 | &nbsp;&nbsp; 56952 |
| Westshore Terminals Investment Corp. | 4680 | &nbsp;&nbsp; 86295 |
| Whitecap Resources, Inc.<sup>(a)</sup> | 42767 | &nbsp;&nbsp; 242118 |
| Winpak Ltd. | 3632 | &nbsp;&nbsp; 112302 |
| Xenon Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 662 | &nbsp;&nbsp; 25288 |
|  |  | &nbsp;&nbsp; 27185161 |
| **China-1.07%** | **China-1.07%** | **China-1.07%** |
| AAC Technologies Holdings, Inc. | 137705 | &nbsp;&nbsp; 659265 |
| Alibaba Health Information Technology <br> Ltd.<sup>(a)(b)</sup><br>| 66892 | &nbsp;&nbsp; 43279 |
| Alibaba Pictures Group Ltd.<sup>(b)</sup> | 294706 | &nbsp;&nbsp; 19251 |
| BOC Aviation Ltd.<sup>(c)</sup> | 12642 | &nbsp;&nbsp; 94755 |
| Bosideng International Holdings Ltd. | 167277 | &nbsp;&nbsp; 86568 |
| Budweiser Brewing Co. APAC Ltd.<sup>(a)(c)</sup> | 215170 | &nbsp;&nbsp; 227381 |
| CapitaLand China Trust | 31952 | &nbsp;&nbsp; 16875 |
| China Education Group Holdings Ltd.<sup>(c)</sup> | 66892 | &nbsp;&nbsp; 21020 |
| China Gold International Resources Corp. <br> Ltd.<br>| 8032 | &nbsp;&nbsp; 50701 |
| China Medical System Holdings Ltd. | 63738 | &nbsp;&nbsp; 68038 |
| China Ruyi Holdings Ltd.<sup>(a)(b)</sup> | 86004 | &nbsp;&nbsp; 22606 |
| China Water Affairs Group Ltd. | 47780 | &nbsp;&nbsp; 36791 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> | 270570 | &nbsp;&nbsp; 361743 |
| CITIC Telecom International Holdings Ltd. | 177223 | &nbsp;&nbsp; 53919 |
| ESR Group Ltd.<sup>(c)</sup> | 244873 | &nbsp;&nbsp; 389991 |
| FIH Mobile Ltd.<sup>(b)</sup> | 58960 | &nbsp;&nbsp; 5706 |
| Hopson Development Holdings Ltd.<sup>(b)</sup> | 55606 | &nbsp;&nbsp; 20818 |
| HUTCHMED China Ltd.<sup>(b)</sup> | 9556 | &nbsp;&nbsp; 28481 |
| Jinchuan Group International Resources Co. <br> Ltd.<sup>(d)</sup><br>| 1223809 | &nbsp;&nbsp; 101002 |
| Kingboard Laminates Holdings Ltd. | 58148 | &nbsp;&nbsp; 60717 |
| Lee & Man Paper Manufacturing Ltd. | 40613 | &nbsp;&nbsp; 10915 |
| MMG Ltd.<sup>(a)(b)</sup> | 558890 | &nbsp;&nbsp; 169189 |
| Nexteer Automotive Group Ltd. | 282412 | &nbsp;&nbsp; 189333 |
| Nine Dragons Paper Holdings Ltd.<sup>(b)</sup> | 111518 | &nbsp;&nbsp; 40932 |
| Powerlong Real Estate Holdings Ltd.<sup>(a)(b)</sup> | 697996 | &nbsp;&nbsp; 30904 |
| Silvercorp Metals, Inc. | 24790 | &nbsp;&nbsp; 92426 |
| Stella International Holdings Ltd. | 21501 | &nbsp;&nbsp; 38497 |
| Towngas Smart Energy Co. Ltd.<sup>(b)</sup> | 20689 | &nbsp;&nbsp; 9324 |
| VSTECS Holdings Ltd.<sup>(a)</sup> | 214643 | &nbsp;&nbsp; 165283 |
| Want Want China Holdings Ltd. | 82850 | &nbsp;&nbsp; 54225 |
| Wharf (Holdings) Ltd. (The)<sup>(a)</sup> | 77793 | &nbsp;&nbsp; 195431 |
| Xinyi Glass Holdings Ltd.<sup>(a)</sup> | 116296 | &nbsp;&nbsp; 108898 |
|  |  | &nbsp;&nbsp; 3474264 |
| **Colombia-0.09%** | **Colombia-0.09%** | **Colombia-0.09%** |
| Aris Mining Corp.<sup>(b)</sup> | 27385 | &nbsp;&nbsp; 149484 |
| Parex Resources, Inc. | 17376 | &nbsp;&nbsp; 139632 |
|  |  | &nbsp;&nbsp; 289116 |
| **Cyprus-0.01%** | **Cyprus-0.01%** | **Cyprus-0.01%** |
| Bank of Cyprus Holdings PLC<sup>(b)</sup> | 5532 | &nbsp;&nbsp; 35944 |

---

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

------

**46**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Denmark-1.52%** | **Denmark-1.52%** | **Denmark-1.52%** |
| ALK-Abello A/S<sup>(b)</sup> | 1141 | &nbsp;&nbsp; $26693 |
| Alm Brand A/S | 103256 | &nbsp;&nbsp; 245542 |
| Ambu A/S | 1213 | &nbsp;&nbsp; 21974 |
| Ascendis Pharma A/S, ADR<sup>(b)</sup> | 257 | &nbsp;&nbsp; 43803 |
| Bavarian Nordic A/S<sup>(a)(b)</sup> | 4983 | &nbsp;&nbsp; 118902 |
| Cementir Holding N.V. | 1563 | &nbsp;&nbsp; 25715 |
| D/S Norden A/S | 9507 | &nbsp;&nbsp; 259824 |
| Demant A/S<sup>(b)</sup> | 5056 | &nbsp;&nbsp; 184784 |
| Dfds A/S<sup>(a)(b)</sup> | 8565 | &nbsp;&nbsp; 119543 |
| FLSmidth & Co. A/S | 8730 | &nbsp;&nbsp; 414780 |
| GN Store Nord A/S<sup>(a)(b)</sup> | 15618 | &nbsp;&nbsp; 236650 |
| H. Lundbeck A/S | 53888 | &nbsp;&nbsp; 258807 |
| Jyske Bank A/S | 1624 | &nbsp;&nbsp; 133676 |
| Matas A/S | 6235 | &nbsp;&nbsp; 129147 |
| Netcompany Group A/S<sup>(b)(c)</sup> | 693 | &nbsp;&nbsp; 31397 |
| NKT A/S<sup>(b)</sup> | 4135 | &nbsp;&nbsp; 337887 |
| Novonesis (Novozymes) B, Class B | 5766 | &nbsp;&nbsp; 375888 |
| Per Aarsleff Holding A/S | 586 | &nbsp;&nbsp; 47384 |
| Ringkjoebing Landbobank A/S | 1357 | &nbsp;&nbsp; 260384 |
| Rockwool A/S | 7588 | &nbsp;&nbsp; 347636 |
| Royal Unibrew A/S | 5530 | &nbsp;&nbsp; 441312 |
| Scandinavian Tobacco Group A/S<sup>(c)</sup> | 7008 | &nbsp;&nbsp; 102371 |
| Schouw & Co. A/S | 368 | &nbsp;&nbsp; 33663 |
| Spar Nord Bank A/S<sup>(b)</sup> | 6343 | &nbsp;&nbsp; 204281 |
| Svitzer Group A/S | 719 | &nbsp;&nbsp; 30259 |
| Sydbank A/S | 8030 | &nbsp;&nbsp; 516089 |
|  |  | &nbsp;&nbsp; 4948391 |
| **Faroe Islands-0.06%** | **Faroe Islands-0.06%** | **Faroe Islands-0.06%** |
| Bakkafrost P/F | 3777 | &nbsp;&nbsp; 191072 |
| **Finland-0.64%** | **Finland-0.64%** | **Finland-0.64%** |
| Citycon OYJ<sup>(a)</sup> | 23601 | &nbsp;&nbsp; 95098 |
| Hiab OYJ, Class B | 5396 | &nbsp;&nbsp; 257641 |
| Kalmar OYJ, Class B | 5971 | &nbsp;&nbsp; 189818 |
| Kemira OYJ | 11386 | &nbsp;&nbsp; 235748 |
| Kojamo OYJ<sup>(a)(b)</sup> | 32026 | &nbsp;&nbsp; 374065 |
| Konecranes OYJ | 1571 | &nbsp;&nbsp; 105616 |
| Mandatum OYJ<sup>(a)</sup> | 12307 | &nbsp;&nbsp; 87280 |
| Metsa Board OYJ<sup>(a)</sup> | 33906 | &nbsp;&nbsp; 124215 |
| Nokian Renkaat OYJ<sup>(a)</sup> | 55100 | &nbsp;&nbsp; 439819 |
| Olvi OYJ | 184 | &nbsp;&nbsp; 6923 |
| Sanoma OYJ | 1040 | &nbsp;&nbsp; 11496 |
| Terveystalo OYJ<sup>(c)</sup> | 1544 | &nbsp;&nbsp; 21532 |
| Tokmanni Group Corp.<sup>(a)</sup> | 7085 | &nbsp;&nbsp; 112171 |
| Vaisala OYJ, Class A | 257 | &nbsp;&nbsp; 13731 |
|  |  | &nbsp;&nbsp; 2075153 |
| **France-3.34%** | **France-3.34%** | **France-3.34%** |
| Aeroports de Paris S.A.<sup>(a)</sup> | 3283 | &nbsp;&nbsp; 411942 |
| Air France-KLM<sup>(b)</sup> | 7152 | &nbsp;&nbsp; 62658 |
| Altarea SCA | 130 | &nbsp;&nbsp; 15074 |
| Alten S.A. | 3239 | &nbsp;&nbsp; 275494 |
| ARGAN S.A. | 745 | &nbsp;&nbsp; 51651 |
| Ayvens S.A.<sup>(c)</sup> | 51782 | &nbsp;&nbsp; 526707 |
| Beneteau SACA<sup>(a)</sup> | 8719 | &nbsp;&nbsp; 80044 |
| bioMerieux | 3232 | &nbsp;&nbsp; 437758 |
| Carmila S.A. | 1603 | &nbsp;&nbsp; 34965 |
| Cie de L'Odet SE | 11 | &nbsp;&nbsp; 17183 |
| Cie des Alpes | 1210 | &nbsp;&nbsp; 23892 |
| Clariane SE<sup>(b)</sup> | 68745 | &nbsp;&nbsp; 293111 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** |
| Coface S.A. | 21455 | &nbsp;&nbsp; $441272 |
| Criteo S.A., ADR<sup>(b)</sup> | 2284 | &nbsp;&nbsp; 77793 |
| Dassault Aviation S.A. | 1968 | &nbsp;&nbsp; 712039 |
| Derichebourg S.A.<sup>(a)</sup> | 21903 | &nbsp;&nbsp; 151184 |
| Edenred SE<sup>(a)</sup> | 2734 | &nbsp;&nbsp; 85559 |
| Elior Group S.A.<sup>(a)(b)(c)</sup> | 47725 | &nbsp;&nbsp; 145073 |
| Eramet S.A.<sup>(a)</sup> | 3287 | &nbsp;&nbsp; 182886 |
| Euroapi S.A.<sup>(b)</sup> | 12009 | &nbsp;&nbsp; 37691 |
| Eutelsat Communications SACA<sup>(a)(b)</sup> | 23548 | &nbsp;&nbsp; 96498 |
| FDJ United<sup>(c)</sup> | 8533 | &nbsp;&nbsp; 305199 |
| Fnac Darty S.A. | 3241 | &nbsp;&nbsp; 113235 |
| Gaztransport Et Technigaz S.A. | 1730 | &nbsp;&nbsp; 282966 |
| Getlink SE | 4542 | &nbsp;&nbsp; 86541 |
| ICADE<sup>(a)</sup> | 11111 | &nbsp;&nbsp; 264848 |
| ID Logistics Group SACA<sup>(b)</sup> | 246 | &nbsp;&nbsp; 111184 |
| Imerys S.A. | 9393 | &nbsp;&nbsp; 314846 |
| Ipsen S.A. | 3501 | &nbsp;&nbsp; 408579 |
| Ipsos S.A. | 5102 | &nbsp;&nbsp; 242384 |
| JCDecaux SE<sup>(b)</sup> | 9525 | &nbsp;&nbsp; 166346 |
| Lectra | 536 | &nbsp;&nbsp; 13967 |
| LISI S.A.<sup>(a)</sup> | 282 | &nbsp;&nbsp; 8861 |
| Mercialys S.A. | 21524 | &nbsp;&nbsp; 289136 |
| Mersen S.A.<sup>(a)</sup> | 2468 | &nbsp;&nbsp; 53078 |
| Metropole Television S.A.<sup>(a)</sup> | 7681 | &nbsp;&nbsp; 121106 |
| Nexans S.A. | 1282 | &nbsp;&nbsp; 141323 |
| Nexity S.A.<sup>(a)(b)</sup> | 15157 | &nbsp;&nbsp; 159476 |
| OPmobility<sup>(a)</sup> | 17025 | &nbsp;&nbsp; 191460 |
| Remy Cointreau S.A.<sup>(a)</sup> | 2411 | &nbsp;&nbsp; 131159 |
| Rubis S.C.A. | 13191 | &nbsp;&nbsp; 430856 |
| Sartorius Stedim Biotech | 833 | &nbsp;&nbsp; 197257 |
| Societe BIC S.A. | 3181 | &nbsp;&nbsp; 206524 |
| SOITEC<sup>(b)</sup> | 1763 | &nbsp;&nbsp; 100404 |
| Solutions 30 SE<sup>(a)(b)</sup> | 24773 | &nbsp;&nbsp; 41913 |
| Sopra Steria Group | 608 | &nbsp;&nbsp; 125093 |
| Stef S.A. | 72 | &nbsp;&nbsp; 10417 |
| Technip Energies N.V. | 3779 | &nbsp;&nbsp; 129399 |
| Television Francaise 1 S.A.<sup>(a)</sup> | 14329 | &nbsp;&nbsp; 137392 |
| Tikehau Capital S.C.A.<sup>(a)</sup> | 440 | &nbsp;&nbsp; 9536 |
| Trigano S.A.<sup>(a)</sup> | 1391 | &nbsp;&nbsp; 165814 |
| Ubisoft Entertainment S.A.<sup>(b)</sup> | 9708 | &nbsp;&nbsp; 114777 |
| Vallourec SACA<sup>(a)(b)</sup> | 28282 | &nbsp;&nbsp; 524529 |
| Verallia S.A.<sup>(a)(c)</sup> | 11632 | &nbsp;&nbsp; 390296 |
| Vicat S.A. | 658 | &nbsp;&nbsp; 36971 |
| Virbac SACA | 321 | &nbsp;&nbsp; 113564 |
| Viridien<sup>(b)</sup> | 7831 | &nbsp;&nbsp; 466194 |
| Vivendi SE | 25444 | &nbsp;&nbsp; 79619 |
|  |  | &nbsp;&nbsp; 10846723 |
| **Georgia-0.13%** | **Georgia-0.13%** | **Georgia-0.13%** |
| Lion Finance Group PLC | 3494 | &nbsp;&nbsp; 280895 |
| TBC Bank Group PLC | 2414 | &nbsp;&nbsp; 153016 |
|  |  | &nbsp;&nbsp; 433911 |
| **Germany-3.53%** | **Germany-3.53%** | **Germany-3.53%** |
| 1&1 AG | 6693 | &nbsp;&nbsp; 119340 |
| AIXTRON SE | 5613 | &nbsp;&nbsp; 76481 |
| Aroundtown S.A.<sup>(a)(b)</sup> | 45838 | &nbsp;&nbsp; 137418 |
| Auto1 Group SE<sup>(b)(c)</sup> | 37910 | &nbsp;&nbsp; 914020 |
| Bechtle AG | 10479 | &nbsp;&nbsp; 448601 |
| Bilfinger SE | 4645 | &nbsp;&nbsp; 396417 |
| CANCOM SE | 6921 | &nbsp;&nbsp; 213236 |

---

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

------

**47**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Carl Zeiss Meditec AG, BR | 2447 | &nbsp;&nbsp; $168755 |
| CECONOMY AG<sup>(b)</sup> | 13265 | &nbsp;&nbsp; 47305 |
| Cewe Stiftung & Co. KGaA | 107 | &nbsp;&nbsp; 12416 |
| CompuGroup Medical SE & Co. KGaA | 3830 | &nbsp;&nbsp; 96783 |
| CTS Eventim AG & Co. KGaA | 1992 | &nbsp;&nbsp; 236839 |
| Deutsche Pfandbriefbank AG<sup>(b)(c)</sup> | 64944 | &nbsp;&nbsp; 399698 |
| Deutsche Wohnen SE | 3735 | &nbsp;&nbsp; 95244 |
| Deutz AG | 38802 | &nbsp;&nbsp; 302312 |
| Draegerwerk AG & Co. KGaA, Preference <br> Shares<br>| 402 | &nbsp;&nbsp; 27487 |
| Duerr AG | 14270 | &nbsp;&nbsp; 338989 |
| DWS Group GmbH & Co. KGaA<sup>(c)</sup> | 8001 | &nbsp;&nbsp; 422650 |
| Evotec SE<sup>(a)(b)</sup> | 13529 | &nbsp;&nbsp; 113634 |
| Fielmann Group AG | 2492 | &nbsp;&nbsp; 142095 |
| flatexDEGIRO AG | 6779 | &nbsp;&nbsp; 179016 |
| Fraport AG Frankfurt Airport Services <br> Worldwide<sup>(b)</sup><br>| 5604 | &nbsp;&nbsp; 372665 |
| Gerresheimer AG | 3963 | &nbsp;&nbsp; 269806 |
| Grand City Properties S.A.<sup>(b)</sup> | 17680 | &nbsp;&nbsp; 211741 |
| GRENKE AG | 1477 | &nbsp;&nbsp; 22718 |
| Hella GmbH & Co. KGaA | 118 | &nbsp;&nbsp; 11902 |
| HelloFresh SE<sup>(b)</sup> | 7381 | &nbsp;&nbsp; 77122 |
| Hensoldt AG | 2532 | &nbsp;&nbsp; 196826 |
| HOCHTIEF AG | 189 | &nbsp;&nbsp; 35881 |
| Hornbach Holding AG & Co. KGaA | 343 | &nbsp;&nbsp; 38750 |
| HUGO BOSS AG | 1683 | &nbsp;&nbsp; 70438 |
| Jenoptik AG | 6255 | &nbsp;&nbsp; 125310 |
| JOST Werke SE<sup>(c)</sup> | 260 | &nbsp;&nbsp; 14682 |
| Jungheinrich AG, Preference Shares | 2946 | &nbsp;&nbsp; 107435 |
| Kloeckner & Co. SE | 3567 | &nbsp;&nbsp; 28810 |
| Krones AG | 2022 | &nbsp;&nbsp; 296570 |
| KSB SE & Co. KGaA, Preference Shares | 25 | &nbsp;&nbsp; 22829 |
| KWS Saat SE & Co. KGaA | 362 | &nbsp;&nbsp; 22920 |
| METRO AG<sup>(a)(b)</sup> | 24404 | &nbsp;&nbsp; 151190 |
| Mutares SE & Co. KGaA<sup>(a)</sup> | 3991 | &nbsp;&nbsp; 146426 |
| Nemetschek SE | 1166 | &nbsp;&nbsp; 155477 |
| Nordex SE<sup>(b)</sup> | 22929 | &nbsp;&nbsp; 430785 |
| ProSiebenSat.1 Media SE | 13812 | &nbsp;&nbsp; 96722 |
| Rational AG | 176 | &nbsp;&nbsp; 151534 |
| SAF-Holland SE | 6900 | &nbsp;&nbsp; 125626 |
| Salzgitter AG | 7820 | &nbsp;&nbsp; 193916 |
| Sartorius AG, Preference Shares<sup>(a)</sup> | 844 | &nbsp;&nbsp; 219852 |
| Scout24 SE<sup>(c)</sup> | 4403 | &nbsp;&nbsp; 526542 |
| SGL Carbon SE<sup>(b)</sup> | 8387 | &nbsp;&nbsp; 33663 |
| Siltronic AG | 4598 | &nbsp;&nbsp; 187601 |
| Sirius Real Estate Ltd. | 167405 | &nbsp;&nbsp; 206604 |
| Sixt SE | 4313 | &nbsp;&nbsp; 411463 |
| Softwareone Holding AG<sup>(a)(b)</sup> | 16332 | &nbsp;&nbsp; 113549 |
| Stabilus SE | 3491 | &nbsp;&nbsp; 97168 |
| STO SE & Co. KGaA, Preference Shares | 82 | &nbsp;&nbsp; 11767 |
| Stroeer SE & Co. KGaA<sup>(a)</sup> | 4166 | &nbsp;&nbsp; 249614 |
| Suedzucker AG | 17659 | &nbsp;&nbsp; 238578 |
| TAG Immobilien AG<sup>(b)</sup> | 6721 | &nbsp;&nbsp; 109801 |
| TeamViewer SE<sup>(b)(c)</sup> | 7289 | &nbsp;&nbsp; 112364 |
| Traton SE | 8151 | &nbsp;&nbsp; 269460 |
| TUI AG<sup>(b)</sup> | 15534 | &nbsp;&nbsp; 119938 |
| United Internet AG | 6401 | &nbsp;&nbsp; 145654 |
| Wacker Chemie AG | 1492 | &nbsp;&nbsp; 113177 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Germany-(continued)** | **Germany-(continued)** | **Germany-(continued)** |
| Wacker Neuson SE | 1180 | &nbsp;&nbsp; $31840 |
| Wuestenrot & Wuerttembergische AG | 722 | &nbsp;&nbsp; 11669 |
|  |  | &nbsp;&nbsp; 11477121 |
| **Ghana-0.01%** | **Ghana-0.01%** | **Ghana-0.01%** |
| Tullow Oil PLC<sup>(a)(b)</sup> | 206874 | &nbsp;&nbsp; 35396 |
| **Hong Kong-1.21%** | **Hong Kong-1.21%** | **Hong Kong-1.21%** |
| ASMPT Ltd. | 39563 | &nbsp;&nbsp; 266190 |
| Bank of East Asia Ltd. (The) | 11133 | &nbsp;&nbsp; 15309 |
| Cathay Pacific Airways Ltd. | 210849 | &nbsp;&nbsp; 242307 |
| Champion REIT | 19924 | &nbsp;&nbsp; 5899 |
| CK Infrastructure Holdings Ltd. | 68337 | &nbsp;&nbsp; 460621 |
| Cowell e Holdings, Inc.<sup>(a)(b)</sup> | 55863 | &nbsp;&nbsp; 160558 |
| Crystal International Group Ltd.<sup>(c)</sup> | 16723 | &nbsp;&nbsp; 9751 |
| CTF Services Ltd. | 11133 | &nbsp;&nbsp; 10544 |
| Dah Sing Financial Holdings Ltd. | 4119 | &nbsp;&nbsp; 15041 |
| DFI Retail Group Holdings Ltd. | 39552 | &nbsp;&nbsp; 99835 |
| Fortune REIT | 31057 | &nbsp;&nbsp; 17380 |
| Futu Holdings Ltd., ADR | 621 | &nbsp;&nbsp; 57325 |
| Grand Pharmaceutical Group Ltd. | 45797 | &nbsp;&nbsp; 35098 |
| Hang Lung Properties Ltd.<sup>(a)</sup> | 386502 | &nbsp;&nbsp; 317023 |
| HK Electric Investments & HK Electric <br> Investments Ltd.<br>| 33040 | &nbsp;&nbsp; 23011 |
| HKBN Ltd. | 57336 | &nbsp;&nbsp; 37485 |
| Hongkong Land Holdings Ltd. | 63722 | &nbsp;&nbsp; 311856 |
| Hutchison Port Holdings Trust, Class U | 81068 | &nbsp;&nbsp; 12069 |
| Hysan Development Co. Ltd. | 63635 | &nbsp;&nbsp; 103743 |
| Johnson Electric Holdings Ltd. | 14740 | &nbsp;&nbsp; 26856 |
| Kerry Properties Ltd. | 44338 | &nbsp;&nbsp; 104137 |
| Luk Fook Holdings International Ltd. | 11945 | &nbsp;&nbsp; 26068 |
| Man Wah Holdings Ltd. | 313631 | &nbsp;&nbsp; 166695 |
| Melco International Development Ltd.<sup>(a)(b)</sup> | 101927 | &nbsp;&nbsp; 42233 |
| Melco Resorts & Entertainment Ltd., <br> ADR<sup>(a)(b)</sup><br>| 8975 | &nbsp;&nbsp; 46221 |
| Pacific Basin Shipping Ltd.<sup>(a)</sup> | 504387 | &nbsp;&nbsp; 113108 |
| PAX Global Technology Ltd. | 11133 | &nbsp;&nbsp; 6705 |
| PCCW Ltd. | 321904 | &nbsp;&nbsp; 214624 |
| Power Assets Holdings Ltd. | 19112 | &nbsp;&nbsp; 126406 |
| Sino Land Co. Ltd. | 171710 | &nbsp;&nbsp; 176487 |
| Skyworth Group Ltd. | 60537 | &nbsp;&nbsp; 23237 |
| Swire Properties Ltd. | 84177 | &nbsp;&nbsp; 186050 |
| United Energy Group Ltd. | 2004213 | &nbsp;&nbsp; 104648 |
| United Laboratories International Holdings <br> Ltd. (The)<sup>(a)</sup><br>| 169934 | &nbsp;&nbsp; 304568 |
| Vitasoy International Holdings Ltd. | 22313 | &nbsp;&nbsp; 28752 |
| VTech Holdings Ltd. | 5437 | &nbsp;&nbsp; 36531 |
|  |  | &nbsp;&nbsp; 3934371 |
| **Indonesia-0.05%** | **Indonesia-0.05%** | **Indonesia-0.05%** |
| First Pacific Co. Ltd. | 73294 | &nbsp;&nbsp; 49323 |
| Nickel Industries Ltd.<sup>(a)</sup> | 314586 | &nbsp;&nbsp; 113480 |
|  |  | &nbsp;&nbsp; 162803 |
| **Iraq-0.03%** | **Iraq-0.03%** | **Iraq-0.03%** |
| Gulf Keystone Petroleum Ltd. | 45666 | &nbsp;&nbsp; 93795 |
| **Ireland-0.25%** | **Ireland-0.25%** | **Ireland-0.25%** |
| Cairn Homes PLC | 78570 | &nbsp;&nbsp; 173417 |
| Cimpress PLC<sup>(b)</sup> | 998 | &nbsp;&nbsp; 41936 |
| Dalata Hotel Group PLC | 24259 | &nbsp;&nbsp; 139518 |
| Glanbia PLC<sup>(a)</sup> | 18896 | &nbsp;&nbsp; 245454 |

---

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

------

**48**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ireland-(continued)** | **Ireland-(continued)** | **Ireland-(continued)** |
| Glenveagh Properties PLC<sup>(b)(c)</sup> | 27548 | &nbsp;&nbsp; $51810 |
| Greencoat Renewables PLC | 19011 | &nbsp;&nbsp; 15961 |
| Greencore Group PLC | 64556 | &nbsp;&nbsp; 159547 |
|  |  | &nbsp;&nbsp; 827643 |
| **Israel-1.94%** | **Israel-1.94%** | **Israel-1.94%** |
| Airport City Ltd.<sup>(b)</sup> | 6553 | &nbsp;&nbsp; 97402 |
| Alony Hetz Properties & Investments Ltd. | 27195 | &nbsp;&nbsp; 227147 |
| Amot Investments Ltd. | 24990 | &nbsp;&nbsp; 132236 |
| Ashtrom Group Ltd. | 6156 | &nbsp;&nbsp; 96808 |
| Azrieli Group Ltd. | 3561 | &nbsp;&nbsp; 259256 |
| Bezeq The Israeli Telecommunication Corp. <br> Ltd.<br>| 220151 | &nbsp;&nbsp; 334770 |
| Big Shopping Centers Ltd.<sup>(b)</sup> | 1549 | &nbsp;&nbsp; 226172 |
| Cellcom Israel Ltd.<sup>(b)</sup> | 3225 | &nbsp;&nbsp; 20422 |
| Clal Insurance Enterprises Holdings Ltd. | 5493 | &nbsp;&nbsp; 150718 |
| Cognyte Software Ltd.<sup>(b)</sup> | 2510 | &nbsp;&nbsp; 24598 |
| Delek Automotive Systems Ltd.<sup>(b)</sup> | 1359 | &nbsp;&nbsp; 9793 |
| Delek Group Ltd. | 2206 | &nbsp;&nbsp; 351934 |
| El Al Israel Airlines<sup>(a)(b)</sup> | 42950 | &nbsp;&nbsp; 131277 |
| Elbit Systems Ltd. | 1994 | &nbsp;&nbsp; 766653 |
| Energean PLC<sup>(a)</sup> | 8575 | &nbsp;&nbsp; 101814 |
| Enlight Renewable Energy Ltd.<sup>(b)</sup> | 5591 | &nbsp;&nbsp; 90556 |
| Equital Ltd.<sup>(b)</sup> | 277 | &nbsp;&nbsp; 10390 |
| Fattal Holdings 1998 Ltd.<sup>(b)</sup> | 504 | &nbsp;&nbsp; 65820 |
| FIBI Holdings Ltd. | 534 | &nbsp;&nbsp; 30925 |
| First International Bank of Israel Ltd. (The) | 8122 | &nbsp;&nbsp; 446096 |
| Formula Systems 1985 Ltd. | 181 | &nbsp;&nbsp; 15981 |
| G City Ltd. | 6901 | &nbsp;&nbsp; 23915 |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| 16038 | &nbsp;&nbsp; 266583 |
| Isracard Ltd. | 8049 | &nbsp;&nbsp; 37905 |
| Israel Corp. Ltd. | 441 | &nbsp;&nbsp; 138824 |
| Kornit Digital Ltd.<sup>(b)</sup> | 892 | &nbsp;&nbsp; 16841 |
| Melisron Ltd. | 2610 | &nbsp;&nbsp; 222052 |
| Migdal Insurance & Financial Holdings Ltd. | 12265 | &nbsp;&nbsp; 23588 |
| Mivne Real Estate KD Ltd. | 55822 | &nbsp;&nbsp; 162876 |
| Mobileye Global, Inc., Class A<sup>(b)</sup> | 2375 | &nbsp;&nbsp; 34627 |
| Nova Ltd.<sup>(b)</sup> | 677 | &nbsp;&nbsp; 132834 |
| Oil Refineries Ltd.<sup>(a)</sup> | 169383 | &nbsp;&nbsp; 42528 |
| Partner Communications Co. Ltd. | 3314 | &nbsp;&nbsp; 22017 |
| Paz Retail and Energy Ltd. | 192 | &nbsp;&nbsp; 27110 |
| Perion Network Ltd.<sup>(a)(b)</sup> | 3192 | &nbsp;&nbsp; 30127 |
| Phoenix Finance Ltd. | 16757 | &nbsp;&nbsp; 329997 |
| Plus500 Ltd. | 14902 | &nbsp;&nbsp; 612242 |
| Radware Ltd.<sup>(b)</sup> | 1034 | &nbsp;&nbsp; 24671 |
| Reit 1 Ltd. | 4278 | &nbsp;&nbsp; 22230 |
| Shikun & Binui Ltd.<sup>(b)</sup> | 35749 | &nbsp;&nbsp; 117113 |
| Shufersal Ltd. | 15219 | &nbsp;&nbsp; 142494 |
| Strauss Group Ltd. | 5141 | &nbsp;&nbsp; 116355 |
| Taboola.com Ltd.<sup>(b)</sup> | 7739 | &nbsp;&nbsp; 22830 |
| Tower Semiconductor Ltd.<sup>(b)</sup> | 2406 | &nbsp;&nbsp; 87936 |
| Wix.com Ltd.<sup>(b)</sup> | 276 | &nbsp;&nbsp; 46807 |
|  |  | &nbsp;&nbsp; 6295270 |
| **Italy-2.79%** | **Italy-2.79%** | **Italy-2.79%** |
| ACEA S.p.A. | 13450 | &nbsp;&nbsp; 317064 |
| Amplifon S.p.A. | 7086 | &nbsp;&nbsp; 136086 |
| Ariston Holding N.V.<sup>(a)</sup> | 12210 | &nbsp;&nbsp; 55248 |
| Azimut Holding S.p.A. | 3472 | &nbsp;&nbsp; 96816 |
| Banca Generali S.p.A.<sup>(a)</sup> | 8021 | &nbsp;&nbsp; 477506 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Italy-(continued)** | **Italy-(continued)** | **Italy-(continued)** |
| Banca IFIS S.p.A.<sup>(a)</sup> | 7203 | &nbsp;&nbsp; $181101 |
| Banca Mediolanum S.p.A.<sup>(a)</sup> | 38058 | &nbsp;&nbsp; 570921 |
| Banca Popolare di Sondrio S.p.A. | 9112 | &nbsp;&nbsp; 114574 |
| BFF Bank S.p.A.<sup>(a)(c)</sup> | 25661 | &nbsp;&nbsp; 243944 |
| Brembo N.V.<sup>(a)</sup> | 23880 | &nbsp;&nbsp; 224063 |
| Brunello Cucinelli S.p.A.<sup>(a)</sup> | 577 | &nbsp;&nbsp; 65367 |
| Buzzi S.p.A. | 12673 | &nbsp;&nbsp; 666390 |
| Credito Emiliano S.p.A. | 9970 | &nbsp;&nbsp; 137538 |
| Danieli & C. Officine Meccaniche S.p.A.<sup>(a)</sup> | 7799 | &nbsp;&nbsp; 269527 |
| Davide Campari-Milano N.V.<sup>(a)</sup> | 34868 | &nbsp;&nbsp; 234778 |
| De' Longhi S.p.A. | 8604 | &nbsp;&nbsp; 267183 |
| DiaSorin S.p.A. | 1734 | &nbsp;&nbsp; 198838 |
| doValue S.p.A.<sup>(b)(c)</sup> | 7445 | &nbsp;&nbsp; 15402 |
| Enav S.p.A.<sup>(a)(c)</sup> | 40398 | &nbsp;&nbsp; 179506 |
| ERG S.p.A.<sup>(a)</sup> | 8157 | &nbsp;&nbsp; 167449 |
| F.I.L.A - Fabbrica Italiana Lapis ed Affini - <br> S.p.A.<br>| 7076 | &nbsp;&nbsp; 92505 |
| Fincantieri S.p.A.<sup>(b)</sup> | 23463 | &nbsp;&nbsp; 306731 |
| Illimity Bank S.p.A.<sup>(a)</sup> | 12154 | &nbsp;&nbsp; 48175 |
| Infrastrutture Wireless Italiane S.p.A.<sup>(a)(c)</sup> | 26662 | &nbsp;&nbsp; 319498 |
| Interpump Group S.p.A.<sup>(a)</sup> | 6696 | &nbsp;&nbsp; 230449 |
| Iren S.p.A. | 151874 | &nbsp;&nbsp; 435082 |
| Italgas S.p.A.<sup>(a)</sup> | 16889 | &nbsp;&nbsp; 139238 |
| Maire S.p.A.<sup>(a)</sup> | 27206 | &nbsp;&nbsp; 294851 |
| MFE-MediaForEurope N.V., Class A | 66883 | &nbsp;&nbsp; 244110 |
| OVS S.p.A.<sup>(c)</sup> | 60801 | &nbsp;&nbsp; 220203 |
| Piaggio & C S.p.A.<sup>(a)</sup> | 42943 | &nbsp;&nbsp; 84590 |
| Pirelli & C. S.p.A.<sup>(c)</sup> | 18877 | &nbsp;&nbsp; 117109 |
| Prada S.p.A. | 33536 | &nbsp;&nbsp; 209418 |
| Recordati Industria Chimica e Farmaceutica <br> S.p.A.<br>| 7020 | &nbsp;&nbsp; 415665 |
| Reply S.p.A.<sup>(a)</sup> | 1241 | &nbsp;&nbsp; 222318 |
| Saipem S.p.A.<sup>(b)</sup> | 230884 | &nbsp;&nbsp; 535171 |
| Salvatore Ferragamo S.p.A.<sup>(a)</sup> | 9676 | &nbsp;&nbsp; 60833 |
| Sesa S.p.A.<sup>(a)</sup> | 662 | &nbsp;&nbsp; 56144 |
| SOL S.p.A. | 604 | &nbsp;&nbsp; 27672 |
| Technogym S.p.A.<sup>(c)</sup> | 10127 | &nbsp;&nbsp; 137316 |
| Webuild S.p.A.<sup>(a)</sup> | 69807 | &nbsp;&nbsp; 254136 |
| Webuild S.p.A., Wts., expiring <br> 08/31/2030<sup>(b)(d)(e)</sup><br>| 6553 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 9070515 |
| **Ivory Coast-0.04%** | **Ivory Coast-0.04%** | **Ivory Coast-0.04%** |
| Endeavour Mining PLC | 4786 | &nbsp;&nbsp; 129412 |
| **Japan-32.94%** | **Japan-32.94%** | **Japan-32.94%** |
| 77 Bank Ltd. (The) | 13932 | &nbsp;&nbsp; 437681 |
| ABC-MART, Inc. | 11633 | &nbsp;&nbsp; 216866 |
| ACOM Co. Ltd. | 67384 | &nbsp;&nbsp; 189267 |
| Activia Properties, Inc. | 82 | &nbsp;&nbsp; 197093 |
| Adastria Co. Ltd.<sup>(a)</sup> | 5246 | &nbsp;&nbsp; 107441 |
| ADEKA Corp. | 13088 | &nbsp;&nbsp; 236499 |
| Advance Residence Investment Corp. | 306 | &nbsp;&nbsp; 316056 |
| AEON Financial Service Co. Ltd. | 40558 | &nbsp;&nbsp; 336415 |
| AEON Hokkaido Corp. | 9841 | &nbsp;&nbsp; 60396 |
| AEON Mall Co. Ltd. | 26446 | &nbsp;&nbsp; 508645 |
| AEON REIT Investment Corp. | 295 | &nbsp;&nbsp; 258794 |
| Ahresty Corp.<sup>(a)</sup> | 14523 | &nbsp;&nbsp; 66740 |
| Aica Kogyo Co. Ltd. | 9374 | &nbsp;&nbsp; 217848 |
| Aichi Financial Group, Inc. | 7408 | &nbsp;&nbsp; 142278 |
| Aichi Steel Corp.<sup>(a)</sup> | 3793 | &nbsp;&nbsp; 224095 |

---

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

------

**49**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Aiful Corp. | 42140 | &nbsp;&nbsp; $105530 |
| Ain Holdings, Inc.<sup>(a)</sup> | 8162 | &nbsp;&nbsp; 315349 |
| Air Water, Inc. | 16106 | &nbsp;&nbsp; 220152 |
| Aisan Industry Co. Ltd. | 11993 | &nbsp;&nbsp; 162473 |
| Alfresa Holdings Corp. | 18097 | &nbsp;&nbsp; 273846 |
| Alps Alpine Co. Ltd. | 48837 | &nbsp;&nbsp; 497281 |
| Amano Corp. | 7280 | &nbsp;&nbsp; 212471 |
| Anritsu Corp. | 31988 | &nbsp;&nbsp; 320528 |
| AOKI Holdings, Inc. | 1484 | &nbsp;&nbsp; 13255 |
| Aoyama Trading Co. Ltd. | 18326 | &nbsp;&nbsp; 263793 |
| Aozora Bank Ltd.<sup>(a)</sup> | 4600 | &nbsp;&nbsp; 63664 |
| Arata Corp. | 3492 | &nbsp;&nbsp; 78000 |
| Arclands Corp.<sup>(a)</sup> | 14447 | &nbsp;&nbsp; 176039 |
| Arcs Co. Ltd. | 5188 | &nbsp;&nbsp; 104625 |
| ARE Holdings, Inc. | 15933 | &nbsp;&nbsp; 198425 |
| Ariake Japan Co. Ltd. | 1815 | &nbsp;&nbsp; 76442 |
| artience Co. Ltd. | 9105 | &nbsp;&nbsp; 188345 |
| As One Corp. | 5573 | &nbsp;&nbsp; 88535 |
| Asahi Intecc Co. Ltd. | 7840 | &nbsp;&nbsp; 120826 |
| Asanuma Corp. | 14690 | &nbsp;&nbsp; 77486 |
| ASICS Corp. | 38538 | &nbsp;&nbsp; 830312 |
| ASKUL Corp. | 9312 | &nbsp;&nbsp; 99348 |
| Autobacs Seven Co. Ltd. | 10051 | &nbsp;&nbsp; 104553 |
| Awa Bank Ltd. (The) | 840 | &nbsp;&nbsp; 16188 |
| Azbil Corp. | 55484 | &nbsp;&nbsp; 478928 |
| Bank of Nagoya Ltd. (The) | 3678 | &nbsp;&nbsp; 194110 |
| BayCurrent, Inc. | 5045 | &nbsp;&nbsp; 272491 |
| Belc Co. Ltd. | 296 | &nbsp;&nbsp; 14673 |
| Bell System24 Holdings, Inc. | 5694 | &nbsp;&nbsp; 47234 |
| Bic Camera, Inc.<sup>(a)</sup> | 27142 | &nbsp;&nbsp; 291753 |
| BIPROGY, Inc. | 10042 | &nbsp;&nbsp; 328735 |
| BML, Inc. | 4139 | &nbsp;&nbsp; 86538 |
| Bunka Shutter Co. Ltd. | 6717 | &nbsp;&nbsp; 96392 |
| C. Uyemura & Co. Ltd. | 296 | &nbsp;&nbsp; 19202 |
| Calbee, Inc. | 11626 | &nbsp;&nbsp; 234412 |
| Canon Marketing Japan, Inc. | 8940 | &nbsp;&nbsp; 317229 |
| Capcom Co. Ltd. | 12404 | &nbsp;&nbsp; 359958 |
| Casio Computer Co. Ltd. | 55844 | &nbsp;&nbsp; 437773 |
| Central Glass Co. Ltd. | 5310 | &nbsp;&nbsp; 111361 |
| Chiba Kogyo Bank Ltd. (The)<sup>(a)</sup> | 11060 | &nbsp;&nbsp; 96331 |
| Chiyoda Corp.<sup>(b)</sup> | 40194 | &nbsp;&nbsp; 96379 |
| Chudenko Corp. | 792 | &nbsp;&nbsp; 19522 |
| Chugin Financial Group, Inc. | 24563 | &nbsp;&nbsp; 276601 |
| Chugoku Marine Paints Ltd. | 6693 | &nbsp;&nbsp; 97446 |
| Citizen Watch Co. Ltd. | 50638 | &nbsp;&nbsp; 293616 |
| CKD Corp. | 10652 | &nbsp;&nbsp; 155636 |
| Colowide Co. Ltd.<sup>(a)</sup> | 6898 | &nbsp;&nbsp; 87094 |
| Comforia Residential REIT, Inc. | 110 | &nbsp;&nbsp; 214352 |
| COMSYS Holdings Corp. | 15357 | &nbsp;&nbsp; 341185 |
| Cosmos Pharmaceutical Corp. | 6158 | &nbsp;&nbsp; 397148 |
| Create SD Holdings Co. Ltd.<sup>(a)</sup> | 4801 | &nbsp;&nbsp; 102536 |
| Credit Saison Co. Ltd. | 5440 | &nbsp;&nbsp; 127343 |
| CyberAgent, Inc. | 14196 | &nbsp;&nbsp; 121808 |
| Dai-Dan Co. Ltd. | 8162 | &nbsp;&nbsp; 237821 |
| Daido Steel Co. Ltd. | 29794 | &nbsp;&nbsp; 225031 |
| Daihen Corp. | 3459 | &nbsp;&nbsp; 152990 |
| Daiichikosho Co. Ltd. | 11578 | &nbsp;&nbsp; 135727 |
| Daio Paper Corp.<sup>(a)</sup> | 16569 | &nbsp;&nbsp; 105962 |
| Daiseki Co. Ltd. | 4697 | &nbsp;&nbsp; 119992 |
| Daishi Hokuetsu Financial Group, Inc. | 11852 | &nbsp;&nbsp; 260106 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Daiwa House REIT Investment Corp. | 88 | &nbsp;&nbsp; $147749 |
| Daiwa Office Investment Corp. | 111 | &nbsp;&nbsp; 238384 |
| Daiwa Securities Living Investments Corp. | 284 | &nbsp;&nbsp; 179741 |
| Daiwabo Holdings Co. Ltd. | 11345 | &nbsp;&nbsp; 192563 |
| DCM Holdings Co. Ltd. | 18942 | &nbsp;&nbsp; 180541 |
| DeNA Co. Ltd.<sup>(a)(b)</sup> | 18971 | &nbsp;&nbsp; 514116 |
| Denka Co. Ltd. | 18287 | &nbsp;&nbsp; 250157 |
| Dexerials Corp. | 10413 | &nbsp;&nbsp; 122635 |
| DIC Corp. | 13578 | &nbsp;&nbsp; 265605 |
| Digital Garage, Inc. | 2675 | &nbsp;&nbsp; 84295 |
| DMG Mori Co. Ltd. | 20559 | &nbsp;&nbsp; 358203 |
| Doutor Nichires Holdings Co. Ltd. | 6534 | &nbsp;&nbsp; 122677 |
| Dowa Holdings Co. Ltd. | 7455 | &nbsp;&nbsp; 239761 |
| DTS Corp. | 4095 | &nbsp;&nbsp; 116747 |
| Duskin Co. Ltd. | 5088 | &nbsp;&nbsp; 134061 |
| DyDo Group Holdings, Inc.<sup>(a)</sup> | 4430 | &nbsp;&nbsp; 90742 |
| Eagle Industry Co. Ltd. | 840 | &nbsp;&nbsp; 10850 |
| Earth Corp.<sup>(a)</sup> | 3968 | &nbsp;&nbsp; 143228 |
| EDION Corp.<sup>(a)</sup> | 15622 | &nbsp;&nbsp; 208972 |
| Elecom Co. Ltd. | 7248 | &nbsp;&nbsp; 85246 |
| eRex Co. Ltd.<sup>(a)</sup> | 14845 | &nbsp;&nbsp; 87397 |
| Exedy Corp. | 7828 | &nbsp;&nbsp; 235627 |
| EXEO Group, Inc. | 23093 | &nbsp;&nbsp; 270303 |
| Ezaki Glico Co. Ltd. | 9569 | &nbsp;&nbsp; 316456 |
| FCC Co. Ltd. | 8239 | &nbsp;&nbsp; 169453 |
| Ferrotec Holdings Corp. | 14164 | &nbsp;&nbsp; 245116 |
| First Bank of Toyama Ltd. (The)<sup>(a)</sup> | 12326 | &nbsp;&nbsp; 95218 |
| Food & Life Cos. Ltd. | 10875 | &nbsp;&nbsp; 403391 |
| FP Corp. | 8550 | &nbsp;&nbsp; 184813 |
| Frontier Real Estate Investment Corp. | 364 | &nbsp;&nbsp; 202557 |
| Fuji Co. Ltd.<sup>(a)</sup> | 7873 | &nbsp;&nbsp; 115296 |
| Fuji Corp. | 12505 | &nbsp;&nbsp; 186405 |
| Fuji Media Holdings, Inc.<sup>(a)</sup> | 11312 | &nbsp;&nbsp; 234800 |
| Fuji Oil Co. Ltd. | 12325 | &nbsp;&nbsp; 271035 |
| Fuji Oil Co. Ltd.<sup>(a)</sup> | 34121 | &nbsp;&nbsp; 66355 |
| Fuji Seal International, Inc. | 1732 | &nbsp;&nbsp; 30999 |
| Fuji Soft, Inc. | 3198 | &nbsp;&nbsp; 220141 |
| Fujimi, Inc. | 5299 | &nbsp;&nbsp; 69525 |
| Fujitec Co. Ltd. | 9637 | &nbsp;&nbsp; 378461 |
| Fujitsu General Ltd. | 12186 | &nbsp;&nbsp; 239781 |
| Fukuda Denshi Co. Ltd. | 1722 | &nbsp;&nbsp; 73255 |
| Fukuoka REIT Corp. | 90 | &nbsp;&nbsp; 98707 |
| Fukuyama Transporting Co. Ltd. | 4569 | &nbsp;&nbsp; 113632 |
| Furukawa Co. Ltd. | 1928 | &nbsp;&nbsp; 28583 |
| Futaba Industrial Co. Ltd. | 17807 | &nbsp;&nbsp; 98779 |
| Fuyo General Lease Co. Ltd. | 7370 | &nbsp;&nbsp; 206146 |
| Geo Holdings Corp. | 8825 | &nbsp;&nbsp; 120299 |
| Global One Real Estate Investment Corp. | 107 | &nbsp;&nbsp; 89558 |
| Glory Ltd. | 11122 | &nbsp;&nbsp; 196300 |
| GLP J-Reit | 93 | &nbsp;&nbsp; 80408 |
| GMO Internet Group, Inc. | 8533 | &nbsp;&nbsp; 201134 |
| GMO Payment Gateway, Inc. | 1207 | &nbsp;&nbsp; 75779 |
| Godo Steel Ltd. | 1974 | &nbsp;&nbsp; 51589 |
| GOLDWIN, Inc. | 2497 | &nbsp;&nbsp; 143500 |
| GS Yuasa Corp. | 16490 | &nbsp;&nbsp; 290335 |
| GungHo Online Entertainment, Inc. | 5978 | &nbsp;&nbsp; 126799 |
| Gunma Bank Ltd. (The) | 65581 | &nbsp;&nbsp; 548233 |
| Gunze Ltd. | 4118 | &nbsp;&nbsp; 74220 |
| H.I.S. Co. Ltd.<sup>(a)</sup> | 8443 | &nbsp;&nbsp; 100863 |
| H.U. Group Holdings, Inc. | 12622 | &nbsp;&nbsp; 248252 |

---

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

------

**50**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| H2O Retailing Corp.<sup>(a)</sup> | 23499 | &nbsp;&nbsp; $322179 |
| Hachijuni Bank Ltd. (The) | 69291 | &nbsp;&nbsp; 524255 |
| Hagiwara Electric Holdings Co. Ltd. | 2538 | &nbsp;&nbsp; 55123 |
| Hakuhodo DY Holdings, Inc. | 10584 | &nbsp;&nbsp; 79765 |
| Hamakyorex Co. Ltd. | 1880 | &nbsp;&nbsp; 17598 |
| Hamamatsu Photonics K.K. | 26368 | &nbsp;&nbsp; 244409 |
| Hanwa Co. Ltd. | 4438 | &nbsp;&nbsp; 147492 |
| Happinet Corp. | 3941 | &nbsp;&nbsp; 148257 |
| Harmonic Drive Systems, Inc. | 2586 | &nbsp;&nbsp; 60936 |
| Hazama Ando Corp. | 42750 | &nbsp;&nbsp; 426788 |
| Heiwa Corp.<sup>(a)</sup> | 14626 | &nbsp;&nbsp; 228208 |
| Heiwa Real Estate Co. Ltd. | 2580 | &nbsp;&nbsp; 85224 |
| Heiwa Real Estate REIT, Inc.<sup>(a)</sup> | 118 | &nbsp;&nbsp; 108935 |
| Heiwado Co. Ltd. | 7722 | &nbsp;&nbsp; 144112 |
| Hikari Tsushin, Inc. | 444 | &nbsp;&nbsp; 123449 |
| Hino Motors Ltd.<sup>(a)(b)</sup> | 100315 | &nbsp;&nbsp; 319749 |
| Hirogin Holdings, Inc. | 41513 | &nbsp;&nbsp; 345877 |
| Hirose Electric Co. Ltd. | 1088 | &nbsp;&nbsp; 123361 |
| Hisamitsu Pharmaceutical Co., Inc. | 8930 | &nbsp;&nbsp; 271609 |
| Hogy Medical Co. Ltd.<sup>(a)</sup> | 792 | &nbsp;&nbsp; 22723 |
| Hokkaido Electric Power Co., Inc.<sup>(a)</sup> | 74221 | &nbsp;&nbsp; 353475 |
| Hokkoku Financial Holdings, Inc.<sup>(a)</sup> | 3452 | &nbsp;&nbsp; 128951 |
| Hokuetsu Corp.<sup>(a)</sup> | 26746 | &nbsp;&nbsp; 205185 |
| Hokuhoku Financial Group, Inc. | 22520 | &nbsp;&nbsp; 404842 |
| Hokuriku Electric Power Co. | 60774 | &nbsp;&nbsp; 313070 |
| Horiba Ltd. | 5041 | &nbsp;&nbsp; 345383 |
| Hoshino Resorts REIT, Inc.<sup>(a)</sup> | 94 | &nbsp;&nbsp; 144952 |
| Hoshizaki Corp.<sup>(a)</sup> | 11283 | &nbsp;&nbsp; 480853 |
| Hosiden Corp. | 8534 | &nbsp;&nbsp; 114852 |
| House Foods Group, Inc. | 9080 | &nbsp;&nbsp; 178460 |
| Hulic Reit, Inc. | 178 | &nbsp;&nbsp; 182633 |
| Hyakugo Bank Ltd. (The) | 28778 | &nbsp;&nbsp; 139833 |
| Hyakujushi Bank Ltd. (The) | 4427 | &nbsp;&nbsp; 103072 |
| Ichigo Office REIT Investment Corp.<sup>(a)</sup> | 108 | &nbsp;&nbsp; 63210 |
| Idec Corp. | 3851 | &nbsp;&nbsp; 61844 |
| IDOM, Inc. | 21700 | &nbsp;&nbsp; 167507 |
| Iino Kaiun Kaisha Ltd.<sup>(a)</sup> | 16896 | &nbsp;&nbsp; 123437 |
| Inaba Denki Sangyo Co. Ltd. | 4117 | &nbsp;&nbsp; 108713 |
| Inabata & Co. Ltd. | 15577 | &nbsp;&nbsp; 335042 |
| Industrial & Infrastructure Fund Investment <br> Corp.<br>| 255 | &nbsp;&nbsp; 209104 |
| INFRONEER Holdings, Inc. | 28600 | &nbsp;&nbsp; 244520 |
| Internet Initiative Japan, Inc. | 10524 | &nbsp;&nbsp; 195616 |
| Invincible Investment Corp. | 642 | &nbsp;&nbsp; 265976 |
| IRISO Electronics Co. Ltd. | 3161 | &nbsp;&nbsp; 56730 |
| Ishihara Sangyo Kaisha Ltd. | 9616 | &nbsp;&nbsp; 118775 |
| ITO EN Ltd.<sup>(a)</sup> | 11114 | &nbsp;&nbsp; 266528 |
| Itochu Enex Co. Ltd. | 7466 | &nbsp;&nbsp; 80771 |
| Itoham Yonekyu Holdings, Inc. | 4250 | &nbsp;&nbsp; 133514 |
| Itoki Corp.<sup>(a)</sup> | 5192 | &nbsp;&nbsp; 65449 |
| Iyogin Holdings, Inc. | 49582 | &nbsp;&nbsp; 576483 |
| Izumi Co. Ltd. | 7173 | &nbsp;&nbsp; 165537 |
| J Trust Co. Ltd. | 22117 | &nbsp;&nbsp; 60803 |
| J. Front Retailing Co. Ltd. | 8360 | &nbsp;&nbsp; 102572 |
| Jaccs Co. Ltd.<sup>(a)</sup> | 5482 | &nbsp;&nbsp; 145537 |
| JAFCO Group Co. Ltd. | 15367 | &nbsp;&nbsp; 259382 |
| Japan Airport Terminal Co. Ltd. | 3899 | &nbsp;&nbsp; 112414 |
| Japan Aviation Electronics Industry Ltd. | 9118 | &nbsp;&nbsp; 146410 |
| Japan Excellent, Inc. | 162 | &nbsp;&nbsp; 146718 |
| Japan Hotel REIT Investment Corp. | 472 | &nbsp;&nbsp; 233965 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Japan Lifeline Co. Ltd. | 10958 | &nbsp;&nbsp; $117607 |
| Japan Logistics Fund, Inc. | 302 | &nbsp;&nbsp; 197969 |
| Japan Petroleum Exploration Co. Ltd. | 40075 | &nbsp;&nbsp; 288358 |
| Japan Prime Realty Investment Corp. | 93 | &nbsp;&nbsp; 230227 |
| Japan Real Estate Investment Corp. | 181 | &nbsp;&nbsp; 143986 |
| Japan Securities Finance Co. Ltd. | 8063 | &nbsp;&nbsp; 96710 |
| Japan Steel Works Ltd. (The)<sup>(a)</sup> | 13922 | &nbsp;&nbsp; 575025 |
| Japan Wool Textile Co. Ltd. (The) | 1188 | &nbsp;&nbsp; 12327 |
| Jeol Ltd. | 4010 | &nbsp;&nbsp; 129274 |
| Joyful Honda Co. Ltd. | 3016 | &nbsp;&nbsp; 42896 |
| Juroku Financial Group, Inc. | 5757 | &nbsp;&nbsp; 195207 |
| JVCKenwood Corp. | 50475 | &nbsp;&nbsp; 377597 |
| Kadokawa Corp.<sup>(a)</sup> | 9686 | &nbsp;&nbsp; 261105 |
| Kaga Electronics Co. Ltd. | 9290 | &nbsp;&nbsp; 166789 |
| Kagome Co. Ltd.<sup>(a)</sup> | 9709 | &nbsp;&nbsp; 200312 |
| Kakaku.com, Inc. | 12403 | &nbsp;&nbsp; 219881 |
| Kaken Pharmaceutical Co. Ltd. | 6212 | &nbsp;&nbsp; 177288 |
| Kamigumi Co. Ltd. | 11864 | &nbsp;&nbsp; 291118 |
| Kanadevia Corp. | 40920 | &nbsp;&nbsp; 263085 |
| Kanamoto Co. Ltd.<sup>(a)</sup> | 6914 | &nbsp;&nbsp; 155396 |
| Kandenko Co. Ltd. | 20163 | &nbsp;&nbsp; 400635 |
| Kaneka Corp.<sup>(a)</sup> | 6528 | &nbsp;&nbsp; 159920 |
| Kanematsu Corp. | 20481 | &nbsp;&nbsp; 356532 |
| Katitas Co. Ltd. | 5001 | &nbsp;&nbsp; 72633 |
| Kato Sangyo Co. Ltd. | 444 | &nbsp;&nbsp; 15570 |
| KDX Realty Investment Corp.<sup>(a)</sup> | 281 | &nbsp;&nbsp; 293322 |
| Keihan Holdings Co. Ltd. | 12556 | &nbsp;&nbsp; 308253 |
| Keikyu Corp. | 39296 | &nbsp;&nbsp; 409915 |
| Keio Corp. | 3760 | &nbsp;&nbsp; 102523 |
| Keisei Electric Railway Co. Ltd. | 28132 | &nbsp;&nbsp; 292196 |
| Keiyo Bank Ltd. (The) | 24296 | &nbsp;&nbsp; 141932 |
| Kewpie Corp. | 23928 | &nbsp;&nbsp; 545548 |
| KH Neochem Co. Ltd. | 5532 | &nbsp;&nbsp; 98276 |
| Kinden Corp. | 20973 | &nbsp;&nbsp; 544164 |
| Kissei Pharmaceutical Co. Ltd. | 4637 | &nbsp;&nbsp; 121984 |
| Ki-Star Real Estate Co. Ltd.<sup>(a)</sup> | 2633 | &nbsp;&nbsp; 91622 |
| Kitz Corp. | 3565 | &nbsp;&nbsp; 27254 |
| Kiyo Bank Ltd. (The) | 1632 | &nbsp;&nbsp; 27804 |
| Kobayashi Pharmaceutical Co. Ltd.<sup>(a)</sup> | 7224 | &nbsp;&nbsp; 276252 |
| Kobe Bussan Co. Ltd. | 7283 | &nbsp;&nbsp; 223100 |
| Koei Tecmo Holdings Co. Ltd. | 11268 | &nbsp;&nbsp; 193767 |
| Kohnan Shoji Co. Ltd. | 4761 | &nbsp;&nbsp; 125746 |
| Kokusai Electric Corp. | 2572 | &nbsp;&nbsp; 47606 |
| Kokuyo Co. Ltd. | 15743 | &nbsp;&nbsp; 323380 |
| Komeri Co. Ltd. | 4306 | &nbsp;&nbsp; 91979 |
| Komori Corp. | 7308 | &nbsp;&nbsp; 65239 |
| Konoike Transport Co. Ltd. | 1880 | &nbsp;&nbsp; 34598 |
| KOSE Corp.<sup>(a)</sup> | 6006 | &nbsp;&nbsp; 259662 |
| KPP Group Holdings Co. Ltd.<sup>(a)</sup> | 15157 | &nbsp;&nbsp; 69472 |
| K's Holdings Corp. | 29767 | &nbsp;&nbsp; 285759 |
| Kumagai Gumi Co. Ltd. | 7451 | &nbsp;&nbsp; 222572 |
| Kumiai Chemical Industry Co. Ltd.<sup>(a)</sup> | 21583 | &nbsp;&nbsp; 115515 |
| Kurabo Industries Ltd. | 444 | &nbsp;&nbsp; 19498 |
| Kureha Corp. | 12569 | &nbsp;&nbsp; 220524 |
| Kusuri no Aoki Holdings Co. Ltd. | 6493 | &nbsp;&nbsp; 155005 |
| KYB Corp. | 11704 | &nbsp;&nbsp; 239824 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 2276 | &nbsp;&nbsp; 38323 |
| Kyoritsu Maintenance Co. Ltd.<sup>(a)</sup> | 4890 | &nbsp;&nbsp; 104033 |
| Kyoto Financial Group, Inc. | 9100 | &nbsp;&nbsp; 156569 |
| Kyudenko Corp. | 9180 | &nbsp;&nbsp; 309083 |

---

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

------

**51**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Kyushu Financial Group, Inc. | 17212 | &nbsp;&nbsp; $87093 |
| LaSalle Logiport REIT | 230 | &nbsp;&nbsp; 219931 |
| Lasertec Corp. | 962 | &nbsp;&nbsp; 89651 |
| Leopalace21 Corp. | 58994 | &nbsp;&nbsp; 242260 |
| Life Corp. | 10200 | &nbsp;&nbsp; 148102 |
| Lintec Corp. | 10026 | &nbsp;&nbsp; 192242 |
| Lion Corp. | 10536 | &nbsp;&nbsp; 129447 |
| M3, Inc.<sup>(b)</sup> | 25688 | &nbsp;&nbsp; 322705 |
| Mabuchi Motor Co. Ltd. | 18272 | &nbsp;&nbsp; 267575 |
| Macnica Holdings, Inc.<sup>(a)</sup> | 30826 | &nbsp;&nbsp; 429610 |
| Makino Milling Machine Co. Ltd. | 5439 | &nbsp;&nbsp; 429896 |
| Mandom Corp. | 7098 | &nbsp;&nbsp; 67876 |
| Marubun Corp. | 7346 | &nbsp;&nbsp; 47774 |
| Maruha Nichiro Corp., Class C | 10475 | &nbsp;&nbsp; 239919 |
| Marui Group Co. Ltd. | 4700 | &nbsp;&nbsp; 93779 |
| Maruichi Steel Tube Ltd. | 7336 | &nbsp;&nbsp; 173718 |
| Maruwa Co. Ltd. | 466 | &nbsp;&nbsp; 96050 |
| Maruzen Showa Unyu Co. Ltd. | 444 | &nbsp;&nbsp; 18712 |
| Matsui Securities Co. Ltd. | 11668 | &nbsp;&nbsp; 60312 |
| Max Co. Ltd. | 4389 | &nbsp;&nbsp; 129749 |
| Maxell Ltd. | 6184 | &nbsp;&nbsp; 75977 |
| McDonald's Holdings Co. (Japan) Ltd. | 7246 | &nbsp;&nbsp; 307116 |
| MCJ Co. Ltd. | 2572 | &nbsp;&nbsp; 24102 |
| Medipal Holdings Corp. | 20376 | &nbsp;&nbsp; 346108 |
| Megachips Corp. | 2130 | &nbsp;&nbsp; 69468 |
| Megmilk Snow Brand Co. Ltd. | 7648 | &nbsp;&nbsp; 140964 |
| Meidensha Corp. | 7898 | &nbsp;&nbsp; 217495 |
| Meiko Electronics Co. Ltd. | 3900 | &nbsp;&nbsp; 171725 |
| MEITEC Group Holdings, Inc. | 9142 | &nbsp;&nbsp; 188092 |
| Menicon Co. Ltd. | 9800 | &nbsp;&nbsp; 97196 |
| Milbon Co. Ltd. | 1188 | &nbsp;&nbsp; 22644 |
| Mirai Corp.<sup>(a)</sup> | 229 | &nbsp;&nbsp; 66761 |
| MIRAIT ONE Corp. | 12484 | &nbsp;&nbsp; 196792 |
| Mitsuba Corp. | 10979 | &nbsp;&nbsp; 64626 |
| Mitsubishi Estate Logistics REIT Investment <br> Corp.<br>| 173 | &nbsp;&nbsp; 141589 |
| Mitsubishi Logisnext Co. Ltd.<sup>(a)</sup> | 11453 | &nbsp;&nbsp; 161262 |
| Mitsubishi Logistics Corp.<sup>(a)</sup> | 60475 | &nbsp;&nbsp; 418357 |
| Mitsubishi Paper Mills Ltd.<sup>(a)</sup> | 19243 | &nbsp;&nbsp; 103874 |
| Mitsubishi Pencil Co. Ltd. | 1035 | &nbsp;&nbsp; 16100 |
| Mitsubishi Shokuhin Co. Ltd. | 4857 | &nbsp;&nbsp; 182263 |
| Mitsuboshi Belting Ltd. | 3216 | &nbsp;&nbsp; 80836 |
| Mitsui E&S Co. Ltd.<sup>(a)</sup> | 30126 | &nbsp;&nbsp; 385304 |
| Mitsui Fudosan Logistics Park, Inc. | 283 | &nbsp;&nbsp; 202475 |
| Mitsui High-Tec, Inc. | 10548 | &nbsp;&nbsp; 49387 |
| Mitsui Matsushima Holdings Co. Ltd.<sup>(a)</sup> | 3934 | &nbsp;&nbsp; 116044 |
| Mitsui-Soko Holdings Co. Ltd. | 14697 | &nbsp;&nbsp; 303646 |
| Mitsuuroko Group Holdings Co. Ltd. | 396 | &nbsp;&nbsp; 5014 |
| Miura Co. Ltd. | 11751 | &nbsp;&nbsp; 250898 |
| Mixi, Inc. | 11070 | &nbsp;&nbsp; 246558 |
| Mizuho Leasing Co. Ltd. | 26692 | &nbsp;&nbsp; 197136 |
| Mizuno Corp. | 11640 | &nbsp;&nbsp; 208237 |
| Mochida Pharmaceutical Co. Ltd. | 296 | &nbsp;&nbsp; 6423 |
| Modec, Inc. | 6739 | &nbsp;&nbsp; 205002 |
| Monex Group, Inc. | 15722 | &nbsp;&nbsp; 79323 |
| MonotaRO Co. Ltd.<sup>(a)</sup> | 10959 | &nbsp;&nbsp; 211275 |
| Mori Hills REIT Investment Corp. | 173 | &nbsp;&nbsp; 159622 |
| Mori Trust REIT, Inc. | 271 | &nbsp;&nbsp; 120575 |
| Morinaga & Co. Ltd. | 13498 | &nbsp;&nbsp; 241241 |
| Morinaga Milk Industry Co. Ltd. | 22759 | &nbsp;&nbsp; 542103 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Morita Holdings Corp. | 1035 | &nbsp;&nbsp; $15480 |
| Musashi Seimitsu Industry Co. Ltd. | 14438 | &nbsp;&nbsp; 248899 |
| Musashino Bank Ltd. (The) | 940 | &nbsp;&nbsp; 20882 |
| Nabtesco Corp. | 7420 | &nbsp;&nbsp; 111633 |
| Nachi-Fujikoshi Corp. | 3599 | &nbsp;&nbsp; 77230 |
| Nagase & Co. Ltd. | 9001 | &nbsp;&nbsp; 158918 |
| Nagoya Railroad Co. Ltd.<sup>(a)</sup> | 20127 | &nbsp;&nbsp; 246038 |
| Nakanishi, Inc. | 7387 | &nbsp;&nbsp; 96670 |
| Nankai Electric Railway Co. Ltd. | 12786 | &nbsp;&nbsp; 202923 |
| Nanto Bank Ltd. (The) | 5108 | &nbsp;&nbsp; 140233 |
| NEXTAGE Co. Ltd.<sup>(a)</sup> | 7723 | &nbsp;&nbsp; 96487 |
| NHK Spring Co. Ltd. | 26174 | &nbsp;&nbsp; 291572 |
| Nichias Corp. | 7696 | &nbsp;&nbsp; 259525 |
| Nichicon Corp. | 16857 | &nbsp;&nbsp; 138224 |
| Nichiha Corp. | 3392 | &nbsp;&nbsp; 68969 |
| Nifco, Inc. | 16117 | &nbsp;&nbsp; 400587 |
| Nihon Kohden Corp. | 22076 | &nbsp;&nbsp; 267304 |
| Nihon M&A Center Holdings, Inc. | 21838 | &nbsp;&nbsp; 89284 |
| Nihon Parkerizing Co. Ltd. | 2424 | &nbsp;&nbsp; 20240 |
| Nikkon Holdings Co. Ltd.<sup>(a)</sup> | 15394 | &nbsp;&nbsp; 318506 |
| Nippn Corp.<sup>(a)</sup> | 9961 | &nbsp;&nbsp; 157380 |
| Nippon Accommodations Fund, Inc. | 287 | &nbsp;&nbsp; 234685 |
| Nippon Carbon Co. Ltd. | 1827 | &nbsp;&nbsp; 53701 |
| Nippon Chemi-Con Corp.<sup>(a)(b)</sup> | 9399 | &nbsp;&nbsp; 64395 |
| Nippon Densetsu Kogyo Co. Ltd. | 940 | &nbsp;&nbsp; 14320 |
| Nippon Gas Co. Ltd. | 14435 | &nbsp;&nbsp; 266885 |
| Nippon Kayaku Co. Ltd. | 17135 | &nbsp;&nbsp; 161824 |
| Nippon Light Metal Holdings Co. Ltd. | 12875 | &nbsp;&nbsp; 134554 |
| Nippon Paper Industries Co. Ltd. | 29915 | &nbsp;&nbsp; 231842 |
| Nippon Prologis REIT, Inc. | 76 | &nbsp;&nbsp; 125990 |
| NIPPON REIT Investment Corp. | 264 | &nbsp;&nbsp; 154457 |
| Nippon Seiki Co. Ltd. | 7260 | &nbsp;&nbsp; 55723 |
| Nippon Sheet Glass Co. Ltd.<sup>(a)(b)</sup> | 51907 | &nbsp;&nbsp; 149244 |
| Nippon Shinyaku Co. Ltd. | 10055 | &nbsp;&nbsp; 259880 |
| Nippon Shokubai Co. Ltd. | 27063 | &nbsp;&nbsp; 317911 |
| Nippon Soda Co. Ltd. | 7620 | &nbsp;&nbsp; 143308 |
| Nippon Yakin Kogyo Co. Ltd. | 3863 | &nbsp;&nbsp; 109968 |
| Nipro Corp. | 27317 | &nbsp;&nbsp; 242652 |
| Nishimatsu Construction Co. Ltd. | 7410 | &nbsp;&nbsp; 276363 |
| Nishimatsuya Chain Co. Ltd.<sup>(a)</sup> | 7620 | &nbsp;&nbsp; 118196 |
| Nishi-Nippon Financial Holdings, Inc. | 32104 | &nbsp;&nbsp; 472727 |
| Nishi-Nippon Railroad Co. Ltd. | 7657 | &nbsp;&nbsp; 117997 |
| Nisshin Oillio Group Ltd. (The) | 3850 | &nbsp;&nbsp; 133216 |
| Nisshinbo Holdings, Inc. | 38158 | &nbsp;&nbsp; 228641 |
| Nissui Corp. | 54879 | &nbsp;&nbsp; 334583 |
| Nitta Corp. | 444 | &nbsp;&nbsp; 11441 |
| Nitto Boseki Co. Ltd. | 3457 | &nbsp;&nbsp; 92097 |
| Nitto Kogyo Corp.<sup>(a)</sup> | 4465 | &nbsp;&nbsp; 93957 |
| NOF Corp. | 23298 | &nbsp;&nbsp; 351537 |
| Nojima Corp. | 14121 | &nbsp;&nbsp; 254497 |
| NOK Corp. | 20239 | &nbsp;&nbsp; 280346 |
| Nomura Co. Ltd. | 16325 | &nbsp;&nbsp; 98783 |
| Nomura Real Estate Holdings, Inc. | 23396 | &nbsp;&nbsp; 139478 |
| Noritake Co. Ltd. | 4711 | &nbsp;&nbsp; 123072 |
| Noritsu Koki Co. Ltd. | 4918 | &nbsp;&nbsp; 155666 |
| North Pacific Bank Ltd.<sup>(a)</sup> | 83399 | &nbsp;&nbsp; 292282 |
| Npr-Riken Corp.<sup>(a)</sup> | 4813 | &nbsp;&nbsp; 80011 |
| NS Solutions Corp.<sup>(a)</sup> | 8370 | &nbsp;&nbsp; 199050 |
| NS United Kaiun Kaisha Ltd.<sup>(a)</sup> | 2761 | &nbsp;&nbsp; 73225 |
| NSD Co. Ltd. | 6035 | &nbsp;&nbsp; 142417 |

---

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

------

**52**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| NTN Corp. | 51836 | &nbsp;&nbsp; $80024 |
| NTT UD REIT Investment Corp.<sup>(a)</sup> | 180 | &nbsp;&nbsp; 169481 |
| OBIC Co. Ltd. | 13472 | &nbsp;&nbsp; 472799 |
| Odakyu Electric Railway Co. Ltd.<sup>(a)</sup> | 12020 | &nbsp;&nbsp; 133021 |
| Ogaki Kyoritsu Bank Ltd. (The) | 4249 | &nbsp;&nbsp; 69120 |
| Okamura Corp. | 10105 | &nbsp;&nbsp; 140644 |
| Okasan Securities Group, Inc. | 29866 | &nbsp;&nbsp; 133670 |
| Oki Electric Industry Co. Ltd. | 17742 | &nbsp;&nbsp; 118448 |
| Okinawa Electric Power Co., Inc. (The) | 9689 | &nbsp;&nbsp; 64717 |
| OKUMA Corp. | 11850 | &nbsp;&nbsp; 266863 |
| Okumura Corp.<sup>(a)</sup> | 8185 | &nbsp;&nbsp; 254478 |
| Onward Holdings Co. Ltd. | 26198 | &nbsp;&nbsp; 106332 |
| Open House Group Co. Ltd. | 3512 | &nbsp;&nbsp; 156100 |
| Open Up Group, Inc. | 2028 | &nbsp;&nbsp; 26186 |
| Organo Corp. | 2007 | &nbsp;&nbsp; 96302 |
| Orient Corp. | 16070 | &nbsp;&nbsp; 88431 |
| ORIX JREIT, Inc. | 362 | &nbsp;&nbsp; 457017 |
| Osaka Soda Co. Ltd.<sup>(a)</sup> | 10045 | &nbsp;&nbsp; 104969 |
| OSG Corp.<sup>(a)</sup> | 17774 | &nbsp;&nbsp; 211781 |
| Pacific Industrial Co. Ltd. | 6807 | &nbsp;&nbsp; 59918 |
| PALTAC Corp. | 4644 | &nbsp;&nbsp; 129093 |
| Paramount Bed Holdings Co. Ltd. | 1732 | &nbsp;&nbsp; 27966 |
| Park24 Co. Ltd.<sup>(a)</sup> | 20334 | &nbsp;&nbsp; 288783 |
| Pasona Group, Inc. | 4888 | &nbsp;&nbsp; 76008 |
| Penta-Ocean Construction Co. Ltd. | 75383 | &nbsp;&nbsp; 433476 |
| PHC Holdings Corp. | 7754 | &nbsp;&nbsp; 52442 |
| Pigeon Corp. | 24520 | &nbsp;&nbsp; 297642 |
| Pilot Corp. | 5945 | &nbsp;&nbsp; 166328 |
| Piolax, Inc.<sup>(a)</sup> | 3495 | &nbsp;&nbsp; 53717 |
| Pola Orbis Holdings, Inc. | 17751 | &nbsp;&nbsp; 163361 |
| Press Kogyo Co. Ltd.<sup>(a)</sup> | 16099 | &nbsp;&nbsp; 61561 |
| Prima Meat Packers Ltd. | 5765 | &nbsp;&nbsp; 93011 |
| Raito Kogyo Co. Ltd. | 9741 | &nbsp;&nbsp; 181610 |
| Rakuten Bank Ltd.<sup>(b)</sup> | 7917 | &nbsp;&nbsp; 333765 |
| Rakuten Group, Inc.<sup>(b)</sup> | 14048 | &nbsp;&nbsp; 83029 |
| Relo Group, Inc. | 18448 | &nbsp;&nbsp; 244340 |
| Rengo Co. Ltd. | 34519 | &nbsp;&nbsp; 193162 |
| Resorttrust, Inc. | 18462 | &nbsp;&nbsp; 190455 |
| Ricoh Leasing Co. Ltd. | 2676 | &nbsp;&nbsp; 103302 |
| Rinnai Corp. | 20167 | &nbsp;&nbsp; 452786 |
| Rohto Pharmaceutical Co. Ltd. | 17646 | &nbsp;&nbsp; 295872 |
| Round One Corp. | 16413 | &nbsp;&nbsp; 102124 |
| Ryobi Ltd.<sup>(a)</sup> | 8720 | &nbsp;&nbsp; 127441 |
| Saizeriya Co. Ltd.<sup>(a)</sup> | 2706 | &nbsp;&nbsp; 87439 |
| Sakata INX Corp. | 2324 | &nbsp;&nbsp; 30235 |
| Sakata Seed Corp. | 4741 | &nbsp;&nbsp; 110069 |
| San-A Co. Ltd. | 9018 | &nbsp;&nbsp; 179501 |
| San-Ai Obbli Co. Ltd. | 1484 | &nbsp;&nbsp; 17469 |
| Sangetsu Corp. | 9053 | &nbsp;&nbsp; 184566 |
| San-In Godo Bank Ltd. (The) | 19954 | &nbsp;&nbsp; 177698 |
| Sanken Electric Co. Ltd.<sup>(b)</sup> | 3706 | &nbsp;&nbsp; 164069 |
| Sanki Engineering Co. Ltd. | 6970 | &nbsp;&nbsp; 178515 |
| Sankyo Co. Ltd. | 23146 | &nbsp;&nbsp; 353135 |
| Sankyu, Inc. | 6514 | &nbsp;&nbsp; 285771 |
| Sanyo Denki Co. Ltd. | 2304 | &nbsp;&nbsp; 158720 |
| Sapporo Holdings Ltd.<sup>(a)</sup> | 7651 | &nbsp;&nbsp; 425900 |
| Sawai Group Holdings Co. Ltd. | 24236 | &nbsp;&nbsp; 350059 |
| Sbi Sumishin Net Bank Ltd. | 4861 | &nbsp;&nbsp; 142183 |
| SCSK Corp. | 16110 | &nbsp;&nbsp; 422368 |
| Sega Sammy Holdings, Inc. | 31926 | &nbsp;&nbsp; 671676 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| Seibu Holdings, Inc. | 3808 | &nbsp;&nbsp; $92254 |
| Seiko Group Corp. | 7058 | &nbsp;&nbsp; 186752 |
| Seiren Co. Ltd. | 7167 | &nbsp;&nbsp; 111621 |
| Sekisui House Reit, Inc.<sup>(a)</sup> | 501 | &nbsp;&nbsp; 270923 |
| Senko Group Holdings Co. Ltd. | 24006 | &nbsp;&nbsp; 286054 |
| Senshu Ikeda Holdings, Inc. | 89275 | &nbsp;&nbsp; 295511 |
| Seria Co. Ltd. | 9909 | &nbsp;&nbsp; 201654 |
| Seven Bank Ltd. | 140737 | &nbsp;&nbsp; 253863 |
| Shibaura Machine Co. Ltd. | 4385 | &nbsp;&nbsp; 110965 |
| Shibuya Corp. | 444 | &nbsp;&nbsp; 9663 |
| Shiga Bank Ltd. (The) | 6330 | &nbsp;&nbsp; 255137 |
| Shikoku Electric Power Co., Inc. | 37325 | &nbsp;&nbsp; 307469 |
| SHIMAMURA Co. Ltd. | 6108 | &nbsp;&nbsp; 407389 |
| Shinmaywa Industries Ltd. | 11110 | &nbsp;&nbsp; 104940 |
| Ship Healthcare Holdings, Inc. | 12613 | &nbsp;&nbsp; 183419 |
| SHO-BOND Holdings Co. Ltd. | 4132 | &nbsp;&nbsp; 148678 |
| Siix Corp. | 8203 | &nbsp;&nbsp; 60548 |
| Sinfonia Technology Co. Ltd. | 3654 | &nbsp;&nbsp; 156614 |
| SKY Perfect JSAT Holdings, Inc. | 25485 | &nbsp;&nbsp; 206515 |
| Skylark Holdings Co. Ltd.<sup>(a)</sup> | 26893 | &nbsp;&nbsp; 559474 |
| Socionext, Inc. | 14794 | &nbsp;&nbsp; 159497 |
| Sohgo Security Services Co. Ltd. | 56514 | &nbsp;&nbsp; 447732 |
| SOSiLA Logistics REIT, Inc.<sup>(a)</sup> | 110 | &nbsp;&nbsp; 85302 |
| Sotetsu Holdings, Inc. | 8822 | &nbsp;&nbsp; 134828 |
| Square Enix Holdings Co. Ltd. | 9360 | &nbsp;&nbsp; 542513 |
| Star Asia Investment Corp. | 216 | &nbsp;&nbsp; 82970 |
| Star Micronics Co. Ltd. | 5993 | &nbsp;&nbsp; 68891 |
| Starts Corp., Inc. | 4362 | &nbsp;&nbsp; 118921 |
| Sugi Holdings Co. Ltd. | 22517 | &nbsp;&nbsp; 474116 |
| Sumida Corp. | 10490 | &nbsp;&nbsp; 69667 |
| Sumitomo Bakelite Co. Ltd. | 11868 | &nbsp;&nbsp; 276600 |
| Sumitomo Densetsu Co. Ltd. | 692 | &nbsp;&nbsp; 25493 |
| Sumitomo Mitsui Construction Co. Ltd. | 23297 | &nbsp;&nbsp; 82765 |
| Sumitomo Osaka Cement Co. Ltd. | 10408 | &nbsp;&nbsp; 284905 |
| Sumitomo Pharma Co. Ltd.<sup>(a)(b)</sup> | 126293 | &nbsp;&nbsp; 698774 |
| Sumitomo Riko Co. Ltd. | 11633 | &nbsp;&nbsp; 133355 |
| Sumitomo Seika Chemicals Co. Ltd. | 1867 | &nbsp;&nbsp; 62413 |
| Sumitomo Warehouse Co. Ltd. (The) | 8457 | &nbsp;&nbsp; 164662 |
| Sun Frontier Fudousan Co. Ltd. | 5233 | &nbsp;&nbsp; 71784 |
| Sundrug Co. Ltd. | 14381 | &nbsp;&nbsp; 480350 |
| Suruga Bank Ltd. | 33469 | &nbsp;&nbsp; 297172 |
| SWCC Corp. | 5149 | &nbsp;&nbsp; 234541 |
| T Hasegawa Co. Ltd. | 840 | &nbsp;&nbsp; 16875 |
| Tachi-S Co. Ltd. | 8417 | &nbsp;&nbsp; 93076 |
| Tadano Ltd. | 12986 | &nbsp;&nbsp; 90182 |
| Taihei Dengyo Kaisha Ltd. | 644 | &nbsp;&nbsp; 22077 |
| Taikisha Ltd. | 8738 | &nbsp;&nbsp; 143364 |
| Taiyo Holdings Co. Ltd. | 5389 | &nbsp;&nbsp; 199998 |
| Takara Holdings, Inc.<sup>(a)</sup> | 39116 | &nbsp;&nbsp; 316460 |
| Takara Standard Co. Ltd. | 1035 | &nbsp;&nbsp; 13113 |
| Takasago International Corp. | 544 | &nbsp;&nbsp; 25614 |
| Takasago Thermal Engineering Co. Ltd. | 7113 | &nbsp;&nbsp; 315458 |
| Takeuchi Manufacturing Co. Ltd.<sup>(a)</sup> | 4789 | &nbsp;&nbsp; 150264 |
| Takuma Co. Ltd. | 9627 | &nbsp;&nbsp; 124341 |
| Tama Home Co. Ltd.<sup>(a)</sup> | 2571 | &nbsp;&nbsp; 72143 |
| Tamron Co. Ltd. | 840 | &nbsp;&nbsp; 19036 |
| Tamura Corp. | 15119 | &nbsp;&nbsp; 48342 |
| TBS Holdings, Inc. | 8139 | &nbsp;&nbsp; 273676 |
| TechnoPro Holdings, Inc. | 11456 | &nbsp;&nbsp; 256073 |
| Teijin Ltd. | 40343 | &nbsp;&nbsp; 339069 |

---

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

------

**53**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| THK Co. Ltd. | 5044 | &nbsp;&nbsp; $124555 |
| TKC Corp. | 1236 | &nbsp;&nbsp; 34922 |
| Toa Corp. | 12770 | &nbsp;&nbsp; 123671 |
| TOA ROAD Corp. | 7496 | &nbsp;&nbsp; 80338 |
| Toagosei Co. Ltd. | 13696 | &nbsp;&nbsp; 129165 |
| Tocalo Co. Ltd. | 1384 | &nbsp;&nbsp; 15979 |
| Toda Corp. | 42763 | &nbsp;&nbsp; 273089 |
| Toei Co. Ltd. | 4038 | &nbsp;&nbsp; 148292 |
| Toho Bank Ltd. (The)<sup>(a)</sup> | 36367 | &nbsp;&nbsp; 89916 |
| Toho Co. Ltd. | 10452 | &nbsp;&nbsp; 598143 |
| Toho Co. Ltd.<sup>(a)</sup> | 3606 | &nbsp;&nbsp; 82700 |
| Toho Gas Co. Ltd. | 11935 | &nbsp;&nbsp; 357861 |
| Toho Holdings Co. Ltd.<sup>(a)</sup> | 14611 | &nbsp;&nbsp; 478793 |
| Tokai Carbon Co. Ltd.<sup>(a)</sup> | 17756 | &nbsp;&nbsp; 114849 |
| TOKAI Holdings Corp. | 2820 | &nbsp;&nbsp; 19822 |
| Tokai Rika Co. Ltd. | 10941 | &nbsp;&nbsp; 163339 |
| Tokai Tokyo Financial Holdings, Inc. | 45534 | &nbsp;&nbsp; 150750 |
| Token Corp.<sup>(a)</sup> | 1436 | &nbsp;&nbsp; 134534 |
| Tokuyama Corp.<sup>(a)</sup> | 21267 | &nbsp;&nbsp; 435145 |
| Tokyo Century Corp. | 27598 | &nbsp;&nbsp; 291337 |
| Tokyo Electron Device Ltd.<sup>(a)</sup> | 1326 | &nbsp;&nbsp; 27556 |
| Tokyo Kiraboshi Financial Group, Inc. | 7207 | &nbsp;&nbsp; 285565 |
| Tokyo Metro Co. Ltd. | 3264 | &nbsp;&nbsp; 41457 |
| Tokyo Ohka Kogyo Co. Ltd. | 10466 | &nbsp;&nbsp; 230800 |
| Tokyo Seimitsu Co. Ltd. | 4528 | &nbsp;&nbsp; 253279 |
| Tokyo Steel Manufacturing Co. Ltd. | 16346 | &nbsp;&nbsp; 185261 |
| Tokyu Construction Co. Ltd. | 13800 | &nbsp;&nbsp; 80313 |
| Tokyu REIT, Inc. | 116 | &nbsp;&nbsp; 145505 |
| TOMONY Holdings, Inc. | 62302 | &nbsp;&nbsp; 239305 |
| Tomy Co. Ltd. | 12429 | &nbsp;&nbsp; 274301 |
| Topcon Corp. | 19427 | &nbsp;&nbsp; 442255 |
| Topre Corp. | 940 | &nbsp;&nbsp; 11513 |
| TORIDOLL Holdings Corp. | 2270 | &nbsp;&nbsp; 68105 |
| Toshiba TEC Corp. | 5026 | &nbsp;&nbsp; 94960 |
| Totetsu Kogyo Co. Ltd. | 792 | &nbsp;&nbsp; 17519 |
| Towa Pharmaceutical Co. Ltd. | 6445 | &nbsp;&nbsp; 119878 |
| Toyo Construction Co. Ltd. | 15161 | &nbsp;&nbsp; 142552 |
| Toyo Engineering Corp. | 13261 | &nbsp;&nbsp; 62759 |
| Toyo Seikan Group Holdings Ltd. | 17940 | &nbsp;&nbsp; 313956 |
| Toyo Tire Corp.<sup>(a)</sup> | 18304 | &nbsp;&nbsp; 343042 |
| Toyobo Co. Ltd.<sup>(a)</sup> | 13524 | &nbsp;&nbsp; 84100 |
| Toyota Boshoku Corp. | 20707 | &nbsp;&nbsp; 297827 |
| Transcosmos, Inc. | 5218 | &nbsp;&nbsp; 114292 |
| Trusco Nakayama Corp. | 6166 | &nbsp;&nbsp; 92210 |
| TS Tech Co. Ltd. | 19760 | &nbsp;&nbsp; 223874 |
| TSI Holdings Co. Ltd.<sup>(a)</sup> | 18462 | &nbsp;&nbsp; 139268 |
| Tsubaki Nakashima Co. Ltd.<sup>(a)</sup> | 13966 | &nbsp;&nbsp; 39852 |
| Tsubakimoto Chain Co. | 14054 | &nbsp;&nbsp; 171140 |
| Tsugami Corp. | 8522 | &nbsp;&nbsp; 105229 |
| Tsumura & Co. | 9335 | &nbsp;&nbsp; 281382 |
| TV Asahi Holdings Corp.<sup>(a)</sup> | 7945 | &nbsp;&nbsp; 144855 |
| TV TOKYO Holdings Corp. | 840 | &nbsp;&nbsp; 23410 |
| UACJ Corp. | 7518 | &nbsp;&nbsp; 254249 |
| Ulvac, Inc.<sup>(a)</sup> | 7437 | &nbsp;&nbsp; 252824 |
| United Arrows Ltd. | 6329 | &nbsp;&nbsp; 100149 |
| United Super Markets Holdings, Inc.<sup>(a)</sup> | 17852 | &nbsp;&nbsp; 115090 |
| United Urban Investment Corp. | 337 | &nbsp;&nbsp; 355473 |
| Universal Entertainment Corp.<sup>(a)</sup> | 5457 | &nbsp;&nbsp; 42758 |
| Ushio, Inc. | 20161 | &nbsp;&nbsp; 243072 |
| USS Co. Ltd. | 41550 | &nbsp;&nbsp; 415147 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| UT Group Co. Ltd. | 2863 | &nbsp;&nbsp; $40339 |
| V Technology Co. Ltd. | 3220 | &nbsp;&nbsp; 45491 |
| Valor Holdings Co. Ltd., Class C | 4854 | &nbsp;&nbsp; 85131 |
| Valqua Ltd.<sup>(a)</sup> | 1994 | &nbsp;&nbsp; 42049 |
| Wacoal Holdings Corp. | 8428 | &nbsp;&nbsp; 294855 |
| Wacom Co. Ltd. | 25777 | &nbsp;&nbsp; 98913 |
| Warabeya Nichiyo Holdings Co. Ltd. | 4791 | &nbsp;&nbsp; 74280 |
| Welcia Holdings Co. Ltd. | 24712 | &nbsp;&nbsp; 436739 |
| Workman Co. Ltd. | 3713 | &nbsp;&nbsp; 117279 |
| YAMABIKO Corp. | 1584 | &nbsp;&nbsp; 23761 |
| Yamae Group Holdings Co. Ltd. | 4546 | &nbsp;&nbsp; 82657 |
| Yamaguchi Financial Group, Inc. | 31983 | &nbsp;&nbsp; 378759 |
| Yamato Kogyo Co. Ltd. | 4860 | &nbsp;&nbsp; 290096 |
| Yamazen Corp. | 17407 | &nbsp;&nbsp; 171561 |
| Yaoko Co. Ltd. | 2559 | &nbsp;&nbsp; 171805 |
| Yellow Hat Ltd. | 16062 | &nbsp;&nbsp; 153440 |
| Yodogawa Steel Works Ltd. | 1236 | &nbsp;&nbsp; 50163 |
| Yokogawa Bridge Holdings Corp. | 7257 | &nbsp;&nbsp; 133272 |
| Yoshinoya Holdings Co. Ltd.<sup>(a)</sup> | 7015 | &nbsp;&nbsp; 154126 |
| Yuasa Trading Co. Ltd. | 544 | &nbsp;&nbsp; 16688 |
| Yurtec Corp. | 2028 | &nbsp;&nbsp; 26250 |
| Zenkoku Hosho Co. Ltd. | 12996 | &nbsp;&nbsp; 282634 |
| Zensho Holdings Co. Ltd. | 6885 | &nbsp;&nbsp; 426461 |
| Zeon Corp. | 38718 | &nbsp;&nbsp; 380582 |
| ZOZO, Inc.<sup>(a)</sup> | 20789 | &nbsp;&nbsp; 211626 |
|  |  | &nbsp;&nbsp; 107093639 |
| **Jordan-0.04%** | **Jordan-0.04%** | **Jordan-0.04%** |
| Hikma Pharmaceuticals PLC | 4309 | &nbsp;&nbsp; 114444 |
| **Luxembourg-0.14%** | **Luxembourg-0.14%** | **Luxembourg-0.14%** |
| RTL Group S.A.<sup>(a)</sup> | 6889 | &nbsp;&nbsp; 283494 |
| SES S.A., FDR<sup>(a)</sup> | 31577 | &nbsp;&nbsp; 167998 |
|  |  | &nbsp;&nbsp; 451492 |
| **Macau-0.08%** | **Macau-0.08%** | **Macau-0.08%** |
| Sands China Ltd.<sup>(b)</sup> | 29939 | &nbsp;&nbsp; 53625 |
| SJM Holdings Ltd.<sup>(a)(b)</sup> | 357137 | &nbsp;&nbsp; 99644 |
| Wynn Macau Ltd. | 144587 | &nbsp;&nbsp; 96265 |
|  |  | &nbsp;&nbsp; 249534 |
| **Mexico-0.16%** | **Mexico-0.16%** | **Mexico-0.16%** |
| Fresnillo PLC | 37635 | &nbsp;&nbsp; 505541 |
| **Mongolia-0.01%** | **Mongolia-0.01%** | **Mongolia-0.01%** |
| Mongolian Mining Corp.<sup>(b)</sup> | 48451 | &nbsp;&nbsp; 40033 |
| **Netherlands-1.40%** | **Netherlands-1.40%** | **Netherlands-1.40%** |
| AMG Critical Materials N.V.<sup>(a)</sup> | 5978 | &nbsp;&nbsp; 106916 |
| Arcadis N.V. | 7639 | &nbsp;&nbsp; 371699 |
| argenx SE, ADR<sup>(b)</sup> | 556 | &nbsp;&nbsp; 358698 |
| Basic-Fit N.V.<sup>(a)(b)(c)</sup> | 4954 | &nbsp;&nbsp; 112990 |
| BE Semiconductor Industries N.V. | 643 | &nbsp;&nbsp; 69879 |
| Corbion N.V.<sup>(a)</sup> | 10939 | &nbsp;&nbsp; 234740 |
| CTP N.V.<sup>(a)(c)</sup> | 9259 | &nbsp;&nbsp; 174511 |
| Eurocommercial Properties N.V. | 4326 | &nbsp;&nbsp; 125436 |
| Euronext N.V.<sup>(c)</sup> | 997 | &nbsp;&nbsp; 167219 |
| Flow Traders Ltd. | 10343 | &nbsp;&nbsp; 307298 |
| Fugro N.V.<sup>(a)</sup> | 17592 | &nbsp;&nbsp; 207023 |
| JDE Peet's N.V. | 11914 | &nbsp;&nbsp; 289418 |
| Koninklijke BAM Groep N.V. | 66130 | &nbsp;&nbsp; 449493 |
| Koninklijke Heijmans N.V, CVA | 1007 | &nbsp;&nbsp; 51755 |
| Koninklijke Vopak N.V.<sup>(a)</sup> | 10745 | &nbsp;&nbsp; 445843 |

---

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

------

**54**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Netherlands-(continued)** | **Netherlands-(continued)** | **Netherlands-(continued)** |
| OCI N.V.<sup>(b)</sup> | 7861 | &nbsp;&nbsp; $65539 |
| PostNL N.V.<sup>(a)</sup> | 153198 | &nbsp;&nbsp; 156957 |
| Redcare Pharmacy N.V.<sup>(a)(b)(c)</sup> | 233 | &nbsp;&nbsp; 34938 |
| TKH Group N.V., CVA<sup>(a)</sup> | 7296 | &nbsp;&nbsp; 289259 |
| Van Lanschot Kempen N.V., CVA<sup>(a)</sup> | 7926 | &nbsp;&nbsp; 464373 |
| Wereldhave N.V. | 3997 | &nbsp;&nbsp; 75755 |
|  |  | &nbsp;&nbsp; 4559739 |
| **New Zealand-0.61%** | **New Zealand-0.61%** | **New Zealand-0.61%** |
| a2 Milk Co. Ltd. (The)<sup>(a)</sup> | 60631 | &nbsp;&nbsp; 315333 |
| Air New Zealand Ltd. | 26058 | &nbsp;&nbsp; 8971 |
| Auckland International Airport Ltd. | 87293 | &nbsp;&nbsp; 389626 |
| Chorus Ltd. | 7279 | &nbsp;&nbsp; 34298 |
| Contact Energy Ltd. | 32599 | &nbsp;&nbsp; 171572 |
| Fisher & Paykel Healthcare Corp. Ltd. | 5484 | &nbsp;&nbsp; 110526 |
| Fletcher Building Ltd.<sup>(b)</sup> | 62743 | &nbsp;&nbsp; 114133 |
| Genesis Energy Ltd. | 5409 | &nbsp;&nbsp; 7062 |
| Infratil Ltd. | 19034 | &nbsp;&nbsp; 119190 |
| Kiwi Property Group Ltd. | 16153 | &nbsp;&nbsp; 7912 |
| Mainfreight Ltd. | 1460 | &nbsp;&nbsp; 48137 |
| Mercury NZ Ltd. | 35397 | &nbsp;&nbsp; 117350 |
| Meridian Energy Ltd. | 52714 | &nbsp;&nbsp; 171434 |
| Precinct Properties Group | 13499 | &nbsp;&nbsp; 8656 |
| Ryman Healthcare Ltd.<sup>(a)(b)</sup> | 33074 | &nbsp;&nbsp; 43341 |
| SKYCITY Entertainment Group Ltd.<sup>(b)</sup> | 8059 | &nbsp;&nbsp; 5467 |
| Spark New Zealand Ltd. | 104456 | &nbsp;&nbsp; 129293 |
| Vector Ltd. | 2121 | &nbsp;&nbsp; 5003 |
| Xero Ltd.<sup>(b)</sup> | 1729 | &nbsp;&nbsp; 181887 |
|  |  | &nbsp;&nbsp; 1989191 |
| **Nigeria-0.14%** | **Nigeria-0.14%** | **Nigeria-0.14%** |
| Airtel Africa PLC<sup>(c)</sup> | 198114 | &nbsp;&nbsp; 454404 |
| **Norway-2.07%** | **Norway-2.07%** | **Norway-2.07%** |
| Aker ASA, Class A | 1764 | &nbsp;&nbsp; 102617 |
| Aker Solutions ASA, Class A | 56712 | &nbsp;&nbsp; 154419 |
| Austevoll Seafood ASA | 21393 | &nbsp;&nbsp; 202190 |
| BlueNord ASA<sup>(b)</sup> | 398 | &nbsp;&nbsp; 22874 |
| Bonheur ASA | 333 | &nbsp;&nbsp; 7736 |
| Borregaard ASA | 5895 | &nbsp;&nbsp; 101755 |
| Crayon Group Holding ASA<sup>(b)(c)</sup> | 11087 | &nbsp;&nbsp; 133221 |
| DNO ASA | 197705 | &nbsp;&nbsp; 226215 |
| DOF Group ASA<sup>(b)</sup> | 3209 | &nbsp;&nbsp; 25247 |
| Elkem ASA<sup>(b)(c)</sup> | 139101 | &nbsp;&nbsp; 245479 |
| Entra ASA<sup>(b)(c)</sup> | 11293 | &nbsp;&nbsp; 130667 |
| Europris ASA<sup>(c)</sup> | 18484 | &nbsp;&nbsp; 137489 |
| FLEX LNG Ltd. | 4304 | &nbsp;&nbsp; 104173 |
| Frontline PLC<sup>(a)</sup> | 16652 | &nbsp;&nbsp; 279920 |
| Gjensidige Forsikring ASA | 25099 | &nbsp;&nbsp; 589182 |
| Golden Ocean Group Ltd.<sup>(a)</sup> | 33148 | &nbsp;&nbsp; 255903 |
| Grieg Seafood ASA<sup>(a)</sup> | 10708 | &nbsp;&nbsp; 67784 |
| Hoegh Autoliners ASA | 13966 | &nbsp;&nbsp; 112769 |
| Kongsberg Gruppen ASA | 4204 | &nbsp;&nbsp; 679486 |
| Leroy Seafood Group ASA | 59697 | &nbsp;&nbsp; 262503 |
| MPC Container Ships ASA | 156443 | &nbsp;&nbsp; 232087 |
| Norconsult Norge AS | 7101 | &nbsp;&nbsp; 32194 |
| Nordic Semiconductor ASA<sup>(b)</sup> | 13390 | &nbsp;&nbsp; 134700 |
| Norske Skog ASA<sup>(b)(c)</sup> | 18957 | &nbsp;&nbsp; 33199 |
| Odfjell Drilling Ltd. | 18369 | &nbsp;&nbsp; 95924 |
| Opera Ltd., ADR<sup>(a)</sup> | 1541 | &nbsp;&nbsp; 26305 |
| Protector Forsikring ASA | 3624 | &nbsp;&nbsp; 127960 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Norway-(continued)** | **Norway-(continued)** | **Norway-(continued)** |
| SalMar ASA | 5945 | &nbsp;&nbsp; $294720 |
| Schibsted ASA, Class A | 3967 | &nbsp;&nbsp; 121116 |
| SFL Corp. Ltd.<sup>(a)</sup> | 5949 | &nbsp;&nbsp; 48901 |
| Solstad Offshore ASA<sup>(b)</sup> | 19078 | &nbsp;&nbsp; 69874 |
| SpareBank 1 Nord Norge | 2830 | &nbsp;&nbsp; 37953 |
| SpareBank 1 Oestlandet | 1219 | &nbsp;&nbsp; 20366 |
| SpareBank 1 SMN | 10032 | &nbsp;&nbsp; 182646 |
| SpareBank 1 Sør-Norge ASA, Class B | 13256 | &nbsp;&nbsp; 212212 |
| Sparebanken Norge | 1826 | &nbsp;&nbsp; 24651 |
| Stolt-Nielsen Ltd.<sup>(a)</sup> | 5310 | &nbsp;&nbsp; 119605 |
| Storebrand ASA | 9804 | &nbsp;&nbsp; 118752 |
| TGS ASA | 56552 | &nbsp;&nbsp; 423149 |
| TOMRA Systems ASA | 15835 | &nbsp;&nbsp; 250639 |
| Var Energi ASA | 34982 | &nbsp;&nbsp; 96501 |
| Veidekke ASA | 1896 | &nbsp;&nbsp; 28621 |
| Wallenius Wilhelmsen ASA | 16515 | &nbsp;&nbsp; 120078 |
| Wilh Wilhelmsen Holding ASA, Class A | 650 | &nbsp;&nbsp; 24301 |
|  |  | &nbsp;&nbsp; 6718083 |
| **Peru-0.10%** | **Peru-0.10%** | **Peru-0.10%** |
| Hochschild Mining PLC<sup>(b)</sup> | 90144 | &nbsp;&nbsp; 340219 |
| **Poland-1.34%** | **Poland-1.34%** | **Poland-1.34%** |
| Alior Bank S.A. | 10992 | &nbsp;&nbsp; 299217 |
| Allegro.eu S.A.<sup>(b)(c)</sup> | 24931 | &nbsp;&nbsp; 219752 |
| Asseco Poland S.A.<sup>(a)</sup> | 5360 | &nbsp;&nbsp; 222336 |
| Bank Handlowy w Warszawie S.A. | 717 | &nbsp;&nbsp; 22465 |
| Bank Millennium S.A.<sup>(a)(b)</sup> | 46572 | &nbsp;&nbsp; 180980 |
| Budimex S.A. | 1000 | &nbsp;&nbsp; 168846 |
| CCC S.A.<sup>(b)</sup> | 5306 | &nbsp;&nbsp; 308206 |
| CD Projekt S.A.<sup>(a)</sup> | 3011 | &nbsp;&nbsp; 187292 |
| Cyfrowy Polsat S.A.<sup>(a)(b)</sup> | 58577 | &nbsp;&nbsp; 288592 |
| Dino Polska S.A.<sup>(a)(b)(c)</sup> | 1925 | &nbsp;&nbsp; 271091 |
| Enea S.A.<sup>(b)</sup> | 4897 | &nbsp;&nbsp; 18618 |
| Eurocash S.A. | 4524 | &nbsp;&nbsp; 13324 |
| Grupa Azoty S.A.<sup>(b)</sup> | 1710 | &nbsp;&nbsp; 9426 |
| Grupa Kety S.A. | 805 | &nbsp;&nbsp; 185180 |
| Jastrzebska Spolka Weglowa S.A.<sup>(a)(b)</sup> | 22916 | &nbsp;&nbsp; 147448 |
| KRUK S.A.<sup>(a)</sup> | 1388 | &nbsp;&nbsp; 147914 |
| LPP S.A.<sup>(a)</sup> | 90 | &nbsp;&nbsp; 370027 |
| mBank S.A.<sup>(a)(b)</sup> | 1072 | &nbsp;&nbsp; 234637 |
| Orange Polska S.A.<sup>(a)</sup> | 80766 | &nbsp;&nbsp; 208470 |
| PGE Polska Grupa Energetyczna S.A.<sup>(a)(b)</sup> | 97055 | &nbsp;&nbsp; 212945 |
| Santander Bank Polska S.A.<sup>(a)</sup> | 3276 | &nbsp;&nbsp; 506173 |
| Tauron Polska Energia S.A.<sup>(a)(b)</sup> | 83283 | &nbsp;&nbsp; 131302 |
|  |  | &nbsp;&nbsp; 4354241 |
| **Portugal-0.38%** | **Portugal-0.38%** | **Portugal-0.38%** |
| Banco Comercial Portugues S.A., Class R | 206331 | &nbsp;&nbsp; 132423 |
| CTT-Correios de Portugal S.A. | 14411 | &nbsp;&nbsp; 127377 |
| Mota-Engil SGPS S.A.<sup>(a)</sup> | 12312 | &nbsp;&nbsp; 49038 |
| Navigator Co. S.A. (The)<sup>(a)</sup> | 52499 | &nbsp;&nbsp; 199918 |
| NOS SGPS S.A. | 36702 | &nbsp;&nbsp; 153700 |
| REN - Redes Energeticas Nacionais SGPS <br> S.A.<br>| 103108 | &nbsp;&nbsp; 339584 |
| Sonae SGPS S.A. | 170471 | &nbsp;&nbsp; 217232 |
|  |  | &nbsp;&nbsp; 1219272 |
| **Singapore-1.94%** | **Singapore-1.94%** | **Singapore-1.94%** |
| AEM Holdings Ltd.<sup>(b)</sup> | 29877 | &nbsp;&nbsp; 27067 |
| BW LPG Ltd.<sup>(a)(c)</sup> | 21419 | &nbsp;&nbsp; 215860 |
| CapitaLand Ascott Trust | 383918 | &nbsp;&nbsp; 251277 |

---

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

------

**55**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore-(continued)** | **Singapore-(continued)** | **Singapore-(continued)** |
| CapitaLand India Trust | 135070 | &nbsp;&nbsp; $100803 |
| CapitaLand Investment Ltd. | 57524 | &nbsp;&nbsp; 121274 |
| CDL Hospitality Trusts | 20132 | &nbsp;&nbsp; 12262 |
| City Developments Ltd.<sup>(a)</sup> | 86133 | &nbsp;&nbsp; 328056 |
| ComfortDelGro Corp. Ltd. | 220347 | &nbsp;&nbsp; 258586 |
| ESR-REIT | 55303 | &nbsp;&nbsp; 93223 |
| Frasers Centrepoint Trust | 136409 | &nbsp;&nbsp; 236388 |
| Frasers Logistics & Commercial Trust<sup>(a)(c)</sup> | 436603 | &nbsp;&nbsp; 299574 |
| Genting Singapore Ltd. | 187512 | &nbsp;&nbsp; 106365 |
| Grab Holdings Ltd., Class A<sup>(b)</sup> | 25592 | &nbsp;&nbsp; 124889 |
| Hafnia Ltd.<sup>(a)</sup> | 42437 | &nbsp;&nbsp; 196248 |
| IGG, Inc. | 31869 | &nbsp;&nbsp; 15355 |
| Jardine Cycle & Carriage Ltd. | 17894 | &nbsp;&nbsp; 355515 |
| Kenon Holdings Ltd. | 813 | &nbsp;&nbsp; 25033 |
| Keppel DC REIT | 140736 | &nbsp;&nbsp; 232911 |
| Keppel Infrastructure Trust | 71720 | &nbsp;&nbsp; 21992 |
| Keppel REIT | 371778 | &nbsp;&nbsp; 243630 |
| Kulicke & Soffa Industries, Inc.<sup>(a)</sup> | 2574 | &nbsp;&nbsp; 82960 |
| Lendlease Global Commercial REIT | 251607 | &nbsp;&nbsp; 99295 |
| Mapletree Industrial Trust | 231932 | &nbsp;&nbsp; 358881 |
| Mapletree Logistics Trust | 100508 | &nbsp;&nbsp; 86517 |
| Mapletree Pan Asia Commercial Trust | 354485 | &nbsp;&nbsp; 332084 |
| NetLink NBN Trust<sup>(c)</sup> | 242435 | &nbsp;&nbsp; 169836 |
| SATS Ltd. | 88503 | &nbsp;&nbsp; 190916 |
| Seatrium Ltd.<sup>(b)</sup> | 180022 | &nbsp;&nbsp; 264453 |
| Sembcorp Industries Ltd. | 93864 | &nbsp;&nbsp; 474926 |
| Sheng Siong Group Ltd. | 74335 | &nbsp;&nbsp; 100184 |
| Singapore Exchange Ltd. | 12168 | &nbsp;&nbsp; 133899 |
| Singapore Post Ltd. | 101200 | &nbsp;&nbsp; 44304 |
| Singapore Technologies Engineering Ltd. | 30816 | &nbsp;&nbsp; 175034 |
| Suntec REIT | 274602 | &nbsp;&nbsp; 242182 |
| Venture Corp. Ltd. | 32313 | &nbsp;&nbsp; 286931 |
|  |  | &nbsp;&nbsp; 6308710 |
| **South Africa-0.04%** | **South Africa-0.04%** | **South Africa-0.04%** |
| Scatec ASA<sup>(b)(c)</sup> | 17657 | &nbsp;&nbsp; 135187 |
| **South Korea-8.19%** | **South Korea-8.19%** | **South Korea-8.19%** |
| Amorepacific Corp. | 4683 | &nbsp;&nbsp; 410707 |
| AMOREPACIFIC Holdings Corp. | 7230 | &nbsp;&nbsp; 116960 |
| Asiana Airlines, Inc.<sup>(b)</sup> | 8748 | &nbsp;&nbsp; 58295 |
| BGF retail Co. Ltd. | 2682 | &nbsp;&nbsp; 202667 |
| BH Co. Ltd. | 6484 | &nbsp;&nbsp; 56176 |
| Binggrae Co. Ltd. | 368 | &nbsp;&nbsp; 24457 |
| BNK Financial Group, Inc. | 28425 | &nbsp;&nbsp; 207191 |
| Celltrion, Inc. | 2459 | &nbsp;&nbsp; 278867 |
| Cheil Worldwide, Inc. | 13557 | &nbsp;&nbsp; 176940 |
| Chong Kun Dang Pharmaceutical Corp. | 1382 | &nbsp;&nbsp; 79120 |
| CJ CheilJedang Corp. | 882 | &nbsp;&nbsp; 148340 |
| CJ Corp. | 3970 | &nbsp;&nbsp; 347032 |
| CJ ENM Co. Ltd.<sup>(b)</sup> | 4003 | &nbsp;&nbsp; 174110 |
| CJ Logistics Corp. | 3454 | &nbsp;&nbsp; 201493 |
| Com2uSCorp. | 2625 | &nbsp;&nbsp; 72670 |
| Cosmax, Inc. | 797 | &nbsp;&nbsp; 96719 |
| Coway Co. Ltd. | 7716 | &nbsp;&nbsp; 475078 |
| Daeduck Electronics Co. Ltd. | 6874 | &nbsp;&nbsp; 67480 |
| Daesang Corp. | 11212 | &nbsp;&nbsp; 188450 |
| Daesang Holdings Co. Ltd. | 9473 | &nbsp;&nbsp; 70970 |
| Daewoo Engineering & Construction Co. <br> Ltd.<sup>(b)</sup><br>| 53184 | &nbsp;&nbsp; 132691 |
| Daishin Securities Co. Ltd. | 7142 | &nbsp;&nbsp; 89955 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Daou Data Corp. | 6151 | &nbsp;&nbsp; $51237 |
| Daou Technology, Inc. | 445 | &nbsp;&nbsp; 6797 |
| DB HiTek Co. Ltd. | 6275 | &nbsp;&nbsp; 169633 |
| Delivery Hero SE<sup>(b)(c)</sup> | 2023 | &nbsp;&nbsp; 57372 |
| DL E&C Co. Ltd. | 6095 | &nbsp;&nbsp; 186291 |
| DL Holdings Co. Ltd. | 2746 | &nbsp;&nbsp; 62764 |
| Dongjin Semichem Co. Ltd. | 3665 | &nbsp;&nbsp; 75043 |
| Dongwon Industries Co. Ltd. | 298 | &nbsp;&nbsp; 8726 |
| Doosan Bobcat, Inc. | 12740 | &nbsp;&nbsp; 438008 |
| Doosan Co. Ltd. | 4887 | &nbsp;&nbsp; 1039593 |
| DoubleDown Interactive Co. Ltd., ADR<sup>(b)</sup> | 643 | &nbsp;&nbsp; 6089 |
| Ecopro BM Co. Ltd.<sup>(b)</sup> | 775 | &nbsp;&nbsp; 55203 |
| Ecopro Co. Ltd. | 2493 | &nbsp;&nbsp; 89127 |
| E-MART, Inc. | 4494 | &nbsp;&nbsp; 289114 |
| F&F Co. Ltd. | 2630 | &nbsp;&nbsp; 130587 |
| Gravity Co. Ltd., ADR<sup>(b)</sup> | 348 | &nbsp;&nbsp; 20845 |
| Green Cross Corp. | 1025 | &nbsp;&nbsp; 89443 |
| Green Cross Holdings Corp. | 1263 | &nbsp;&nbsp; 12432 |
| GS Engineering & Construction Corp. | 19280 | &nbsp;&nbsp; 247842 |
| GS Holdings Corp. | 4327 | &nbsp;&nbsp; 117656 |
| GS P&L Co. Ltd.<sup>(b)</sup> | 1179 | &nbsp;&nbsp; 17544 |
| GS Retail Co. Ltd. | 7833 | &nbsp;&nbsp; 81519 |
| Hanjin Kal Corp. | 1400 | &nbsp;&nbsp; 77958 |
| Hankook & Co. Co. Ltd. | 6040 | &nbsp;&nbsp; 63797 |
| Hanmi Pharm Co. Ltd. | 442 | &nbsp;&nbsp; 83604 |
| Hanon Systems<sup>(b)</sup> | 44598 | &nbsp;&nbsp; 111759 |
| Hansol Chemical Co. Ltd. | 1003 | &nbsp;&nbsp; 81730 |
| Hanwha Aerospace Co. Ltd. | 2653 | &nbsp;&nbsp; 1490997 |
| Hanwha Corp. | 7042 | &nbsp;&nbsp; 238842 |
| Hanwha Investment & Securities Co. Ltd.<sup>(b)</sup> | 17868 | &nbsp;&nbsp; 43211 |
| Hanwha Life Insurance Co. Ltd.<sup>(b)</sup> | 67424 | &nbsp;&nbsp; 125771 |
| Hanwha Ocean Co. Ltd.<sup>(b)</sup> | 7992 | &nbsp;&nbsp; 441581 |
| Hanwha Systems Co. Ltd. | 6610 | &nbsp;&nbsp; 182110 |
| Hanwha Vision Co. Ltd.<sup>(b)</sup> | 2667 | &nbsp;&nbsp; 113162 |
| Harim Holdings Co. Ltd., Class C | 18558 | &nbsp;&nbsp; 78030 |
| HD Hyundai Construction Equipment Co. Ltd. | 4279 | &nbsp;&nbsp; 203764 |
| HD Hyundai Electric Co. Ltd. | 810 | &nbsp;&nbsp; 176276 |
| HD Hyundai Heavy Industries Co. Ltd.<sup>(b)</sup> | 1969 | &nbsp;&nbsp; 556891 |
| HD Hyundai Infracore Co. Ltd.<sup>(b)</sup> | 39698 | &nbsp;&nbsp; 230621 |
| HD Hyundai Mipo Co. Ltd. | 2838 | &nbsp;&nbsp; 333389 |
| HDC Holdings Co. Ltd. | 1376 | &nbsp;&nbsp; 18602 |
| HDC Hyundai Development Co-Engineering & <br> Construction, Class E<br>| 16387 | &nbsp;&nbsp; 286720 |
| Hite Jinro Co. Ltd. | 8650 | &nbsp;&nbsp; 117624 |
| HK inno.N Corp.<sup>(b)</sup> | 1959 | &nbsp;&nbsp; 55543 |
| HL Mando Co. Ltd. | 11846 | &nbsp;&nbsp; 310823 |
| Hotel Shilla Co. Ltd.<sup>(b)</sup> | 5773 | &nbsp;&nbsp; 178340 |
| HYBE Co. Ltd.<sup>(b)</sup> | 1003 | &nbsp;&nbsp; 188745 |
| Hyosung Advanced Materials Corp. | 860 | &nbsp;&nbsp; 107558 |
| Hyosung Corp. | 271 | &nbsp;&nbsp; 10118 |
| Hyosung Heavy Industries Corp. | 1387 | &nbsp;&nbsp; 479724 |
| Hyosung TNC Corp. | 831 | &nbsp;&nbsp; 139010 |
| Hyundai Department Store Co. Ltd. | 3602 | &nbsp;&nbsp; 151310 |
| Hyundai Elevator Co. Ltd. | 3822 | &nbsp;&nbsp; 198426 |
| Hyundai Glovis Co. Ltd. | 4670 | &nbsp;&nbsp; 374449 |
| Hyundai Green Food Co. Ltd. | 1003 | &nbsp;&nbsp; 10979 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(b)</sup> | 17821 | &nbsp;&nbsp; 278845 |
| Hyundai Rotem Co. Ltd. | 7376 | &nbsp;&nbsp; 581369 |
| Hyundai Steel Co. | 10992 | &nbsp;&nbsp; 189231 |
| Hyundai Wia Corp. | 4693 | &nbsp;&nbsp; 141241 |

---

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

------

**56**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| iM Financial Group Co. Ltd. | 25106 | &nbsp;&nbsp; $181526 |
| Itcenglobal Co. Ltd.<sup>(b)</sup> | 8192 | &nbsp;&nbsp; 38796 |
| JB Financial Group Co. Ltd. | 22011 | &nbsp;&nbsp; 264463 |
| Kakao Games Corp.<sup>(b)</sup> | 4159 | &nbsp;&nbsp; 41534 |
| KakaoBank Corp. | 8821 | &nbsp;&nbsp; 138262 |
| Kangwon Land, Inc. | 16826 | &nbsp;&nbsp; 192071 |
| KCC Corp. | 1056 | &nbsp;&nbsp; 185440 |
| KCC Glass Corp. | 208 | &nbsp;&nbsp; 4685 |
| KEPCO Plant Service & Engineering Co. Ltd. | 3881 | &nbsp;&nbsp; 119893 |
| KG Chemical Corp. | 17593 | &nbsp;&nbsp; 49279 |
| KG Dongbu Steel | 15716 | &nbsp;&nbsp; 65504 |
| KG Eco Solution Co. Ltd. | 8673 | &nbsp;&nbsp; 33606 |
| KIWOOM Securities Co. Ltd. | 2173 | &nbsp;&nbsp; 208954 |
| Kolmar Korea Co. Ltd.<sup>(b)</sup> | 2315 | &nbsp;&nbsp; 123719 |
| Kolon Industries, Inc. | 4379 | &nbsp;&nbsp; 92919 |
| Korea Aerospace Industries Ltd. | 6039 | &nbsp;&nbsp; 353467 |
| Korea Electric Terminal Co. Ltd. | 1639 | &nbsp;&nbsp; 74302 |
| Korea Gas Corp. | 5036 | &nbsp;&nbsp; 137190 |
| Korea Investment Holdings Co. Ltd. | 6076 | &nbsp;&nbsp; 354748 |
| Korea Line Corp.<sup>(b)</sup> | 63908 | &nbsp;&nbsp; 68379 |
| Korea Petrochemical Ind Co. Ltd. | 1266 | &nbsp;&nbsp; 74846 |
| Korean Reinsurance Co. | 17615 | &nbsp;&nbsp; 100271 |
| Krafton, Inc.<sup>(b)</sup> | 2502 | &nbsp;&nbsp; 655029 |
| Kumho Petrochemical Co. Ltd. | 2480 | &nbsp;&nbsp; 207505 |
| Kumho Tire Co., Inc.<sup>(b)</sup> | 6986 | &nbsp;&nbsp; 23645 |
| L&F Co. Ltd.<sup>(b)</sup> | 1169 | &nbsp;&nbsp; 53240 |
| LF Corp. | 605 | &nbsp;&nbsp; 6330 |
| LG Energy Solution Ltd.<sup>(b)</sup> | 297 | &nbsp;&nbsp; 67761 |
| LG Uplus Corp. | 31344 | &nbsp;&nbsp; 264656 |
| LIG Nex1 Co. Ltd. | 758 | &nbsp;&nbsp; 171247 |
| LOTTE Chilsung Beverage Co. Ltd. | 1033 | &nbsp;&nbsp; 79714 |
| LOTTE Corp. | 6310 | &nbsp;&nbsp; 100102 |
| LOTTE Fine Chemical Co. Ltd. | 4230 | &nbsp;&nbsp; 103326 |
| Lotte Rental Co. Ltd. | 714 | &nbsp;&nbsp; 14756 |
| LOTTE Shopping Co. Ltd. | 2913 | &nbsp;&nbsp; 138232 |
| LS Electric Co. Ltd. | 2868 | &nbsp;&nbsp; 414232 |
| LX International Corp. | 13274 | &nbsp;&nbsp; 247570 |
| LX Semicon Co. Ltd. | 2505 | &nbsp;&nbsp; 95340 |
| Macquarie Korea Infrastructure Fund | 9431 | &nbsp;&nbsp; 76014 |
| Meritz Financial Group, Inc. | 1356 | &nbsp;&nbsp; 118461 |
| Mirae Asset Securities Co. Ltd. | 33214 | &nbsp;&nbsp; 276086 |
| Misto Holdings Corp | 5328 | &nbsp;&nbsp; 138550 |
| NCSoft Corp. | 1015 | &nbsp;&nbsp; 104479 |
| Netmarble Corp.<sup>(c)</sup> | 3625 | &nbsp;&nbsp; 114028 |
| NH Investment & Securities Co. Ltd. | 23991 | &nbsp;&nbsp; 259364 |
| NHN Corp. | 948 | &nbsp;&nbsp; 14790 |
| NongShim Co. Ltd. | 704 | &nbsp;&nbsp; 199516 |
| OCI Holdings Co. Ltd. | 3206 | &nbsp;&nbsp; 146010 |
| Orion Corp. | 3361 | &nbsp;&nbsp; 291328 |
| Orion Holdings Corp. | 1233 | &nbsp;&nbsp; 15884 |
| Otoki Corp. | 55 | &nbsp;&nbsp; 15491 |
| Pan Ocean Co. Ltd. | 90176 | &nbsp;&nbsp; 212188 |
| Poongsan Corp. | 6820 | &nbsp;&nbsp; 284756 |
| POSCO Future M Co. Ltd.<sup>(b)</sup> | 669 | &nbsp;&nbsp; 58734 |
| Posco International Corp. | 3423 | &nbsp;&nbsp; 118007 |
| S-1 Corp. | 2365 | &nbsp;&nbsp; 105409 |
| Samsung Biologics Co. Ltd.<sup>(b)(c)</sup> | 335 | &nbsp;&nbsp; 247923 |
| Samsung Card Co. Ltd. | 3143 | &nbsp;&nbsp; 92820 |
| Samsung Heavy Industries Co. Ltd.<sup>(b)</sup> | 8858 | &nbsp;&nbsp; 90756 |
| Samsung Securities Co. Ltd. | 10333 | &nbsp;&nbsp; 378772 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Samyang Holdings Corp.<sup>(b)</sup> | 105 | &nbsp;&nbsp; $4545 |
| SD Biosensor, Inc. | 13503 | &nbsp;&nbsp; 89279 |
| Seah Besteel Holdings Corp. | 4387 | &nbsp;&nbsp; 55220 |
| SeAH Steel Holdings Corp. | 77 | &nbsp;&nbsp; 12177 |
| Sebang Global Battery Co. Ltd. | 1180 | &nbsp;&nbsp; 57181 |
| Seegene, Inc. | 7092 | &nbsp;&nbsp; 131137 |
| Seoul Semiconductor Co. Ltd.<sup>(b)</sup> | 8974 | &nbsp;&nbsp; 42015 |
| Seoyon E-Hwa Co. Ltd. | 3689 | &nbsp;&nbsp; 30584 |
| SFA Engineering Corp. | 4258 | &nbsp;&nbsp; 60801 |
| Shinsegae, Inc. | 1804 | &nbsp;&nbsp; 200014 |
| Simmtech Co. Ltd. | 2863 | &nbsp;&nbsp; 31790 |
| SK Chemicals Co. Ltd. | 395 | &nbsp;&nbsp; 11055 |
| SK Discovery Co. Ltd. | 316 | &nbsp;&nbsp; 9248 |
| SK Gas Ltd. | 131 | &nbsp;&nbsp; 22074 |
| SK IE Technology Co. Ltd.<sup>(b)(c)</sup> | 1179 | &nbsp;&nbsp; 18574 |
| SK Networks Co. Ltd. | 24460 | &nbsp;&nbsp; 72643 |
| SK Square Co. Ltd.<sup>(b)</sup> | 6465 | &nbsp;&nbsp; 399697 |
| SKC Co. Ltd.<sup>(b)</sup> | 2513 | &nbsp;&nbsp; 180283 |
| SL Corp. | 3951 | &nbsp;&nbsp; 91246 |
| SOLUM Co. Ltd.<sup>(b)</sup> | 2958 | &nbsp;&nbsp; 34234 |
| Soulbrain Co. Ltd. | 512 | &nbsp;&nbsp; 62371 |
| Sungwoo Hitech Co. Ltd. | 18002 | &nbsp;&nbsp; 70560 |
| Taihan Electric Wire Co. Ltd.<sup>(b)</sup> | 3170 | &nbsp;&nbsp; 25970 |
| UNID Co. Ltd. | 1047 | &nbsp;&nbsp; 64687 |
| WONIK IPS Co. Ltd. | 5440 | &nbsp;&nbsp; 86657 |
| Wooree Bio Co. Ltd.<sup>(b)</sup> | 27525 | &nbsp;&nbsp; 43906 |
| Youngone Corp. | 4103 | &nbsp;&nbsp; 136816 |
| Youngone Holdings Co. Ltd. | 207 | &nbsp;&nbsp; 13935 |
| Yuhan Corp. | 3530 | &nbsp;&nbsp; 282888 |
|  |  | &nbsp;&nbsp; 26628875 |
| **Spain-1.48%** | **Spain-1.48%** | **Spain-1.48%** |
| Acciona S.A.<sup>(a)</sup> | 989 | &nbsp;&nbsp; 144617 |
| Almirall S.A.<sup>(a)</sup> | 12489 | &nbsp;&nbsp; 139052 |
| Atresmedia Corp. de Medios de <br> Comunicacion S.A.<br>| 20990 | &nbsp;&nbsp; 132964 |
| Befesa S.A.<sup>(c)</sup> | 7978 | &nbsp;&nbsp; 243423 |
| CIE Automotive S.A.<sup>(a)</sup> | 4603 | &nbsp;&nbsp; 122103 |
| Construcciones y Auxiliar de Ferrocarriles <br> S.A.<br>| 2909 | &nbsp;&nbsp; 142676 |
| Corporacion ACCIONA Energias Renovables <br> S.A.<sup>(a)</sup><br>| 7718 | &nbsp;&nbsp; 144771 |
| Ebro Foods S.A. | 1114 | &nbsp;&nbsp; 21834 |
| EDP Renovaveis S.A.<sup>(a)</sup> | 30815 | &nbsp;&nbsp; 289568 |
| EDP Renovaveis S.A., Rts., expiring <br> 05/05/2025<sup>(a)(b)</sup><br>| 36737 | &nbsp;&nbsp; 3758 |
| Elecnor, S.A. | 1572 | &nbsp;&nbsp; 33817 |
| Ence Energia y Celulosa S.A.<sup>(a)</sup> | 28708 | &nbsp;&nbsp; 92898 |
| Faes Farma S.A. | 8486 | &nbsp;&nbsp; 41347 |
| Fluidra S.A. | 12815 | &nbsp;&nbsp; 297709 |
| Gestamp Automocion S.A.<sup>(a)(c)</sup> | 51615 | &nbsp;&nbsp; 154713 |
| Grupo Catalana Occidente S.A. | 603 | &nbsp;&nbsp; 33698 |
| Indra Sistemas S.A.<sup>(a)</sup> | 18035 | &nbsp;&nbsp; 577006 |
| Inmobiliaria Colonial SOCIMI S.A. | 77820 | &nbsp;&nbsp; 506096 |
| Linea Directa Aseguradora S.A. Cia de <br> Seguros y Reaseguros<br>| 15285 | &nbsp;&nbsp; 22279 |
| Logista Integral S.A. | 1679 | &nbsp;&nbsp; 57600 |
| Melia Hotels International S.A. | 12664 | &nbsp;&nbsp; 92247 |
| Obrascon Huarte Lain S.A.<sup>(a)(b)</sup> | 181256 | &nbsp;&nbsp; 63885 |

---

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

------

**57**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Spain-(continued)** | **Spain-(continued)** | **Spain-(continued)** |
| Obrascon Huarte Lain S.A., Rts., expiring <br> 05/12/2025<sup>(b)</sup><br>| 181256 | &nbsp;&nbsp; $968 |
| Prosegur Cia de Seguridad S.A. | 33985 | &nbsp;&nbsp; 95365 |
| Sacyr S.A. | 110558 | &nbsp;&nbsp; 406938 |
| Tecnicas Reunidas S.A.<sup>(b)</sup> | 13717 | &nbsp;&nbsp; 231007 |
| Unicaja Banco S.A.<sup>(a)(c)</sup> | 41367 | &nbsp;&nbsp; 79119 |
| Vidrala S.A.<sup>(a)</sup> | 2101 | &nbsp;&nbsp; 229793 |
| Viscofan S.A. | 5781 | &nbsp;&nbsp; 418486 |
|  |  | &nbsp;&nbsp; 4819737 |
| **Sweden-4.30%** | **Sweden-4.30%** | **Sweden-4.30%** |
| AAK AB<sup>(a)</sup> | 15018 | &nbsp;&nbsp; 393588 |
| AcadeMedia AB (publ)<sup>(c)</sup> | 2694 | &nbsp;&nbsp; 22215 |
| AddLife AB, Class B<sup>(a)</sup> | 10048 | &nbsp;&nbsp; 191089 |
| Addtech AB, Class B | 8468 | &nbsp;&nbsp; 285493 |
| AFRY AB<sup>(a)</sup> | 13753 | &nbsp;&nbsp; 238772 |
| Alleima AB<sup>(a)</sup> | 37906 | &nbsp;&nbsp; 298666 |
| Arjo AB, Class B | 33943 | &nbsp;&nbsp; 113954 |
| Atea ASA<sup>(b)</sup> | 1716 | &nbsp;&nbsp; 23554 |
| Atrium Ljungberg AB<sup>(a)</sup> | 26933 | &nbsp;&nbsp; 95571 |
| Attendo AB<sup>(c)</sup> | 4389 | &nbsp;&nbsp; 29942 |
| Avanza Bank Holding AB | 6953 | &nbsp;&nbsp; 231543 |
| Axfood AB<sup>(a)</sup> | 15448 | &nbsp;&nbsp; 432792 |
| Beijer Ref AB<sup>(a)</sup> | 16056 | &nbsp;&nbsp; 245431 |
| Betsson AB, Class B | 17912 | &nbsp;&nbsp; 313933 |
| Bilia AB, Class A<sup>(a)</sup> | 2481 | &nbsp;&nbsp; 31117 |
| Billerud AB | 37328 | &nbsp;&nbsp; 394728 |
| Bravida Holding AB<sup>(a)(c)</sup> | 21625 | &nbsp;&nbsp; 206501 |
| Bure Equity AB<sup>(a)</sup> | 2005 | &nbsp;&nbsp; 67698 |
| Catena AB<sup>(a)</sup> | 2995 | &nbsp;&nbsp; 141295 |
| Cibus Nordic Real Estate AB (publ)<sup>(a)</sup> | 7801 | &nbsp;&nbsp; 135302 |
| Cint Group AB<sup>(a)(b)</sup> | 67351 | &nbsp;&nbsp; 50922 |
| Clas Ohlson AB, Class B | 4492 | &nbsp;&nbsp; 127521 |
| Cloetta AB, Class B<sup>(a)</sup> | 35142 | &nbsp;&nbsp; 102454 |
| Corem Property Group AB, Class B<sup>(a)</sup> | 194027 | &nbsp;&nbsp; 98326 |
| Dios Fastigheter AB | 13889 | &nbsp;&nbsp; 96655 |
| Dometic Group AB<sup>(a)(c)</sup> | 49047 | &nbsp;&nbsp; 177204 |
| Dustin Group AB<sup>(a)(b)(c)</sup> | 78737 | &nbsp;&nbsp; 27944 |
| Electrolux Professional AB | 3386 | &nbsp;&nbsp; 19661 |
| Elekta AB, Class B | 50314 | &nbsp;&nbsp; 256752 |
| Embracer Group AB, Class A<sup>(a)(b)</sup> | 4499 | &nbsp;&nbsp; 56898 |
| EQT AB<sup>(a)</sup> | 11965 | &nbsp;&nbsp; 346497 |
| Fabege AB<sup>(a)</sup> | 46673 | &nbsp;&nbsp; 399570 |
| Fastighets AB Balder, Class B<sup>(a)(b)</sup> | 12740 | &nbsp;&nbsp; 91776 |
| Getinge AB, Class B<sup>(a)</sup> | 6421 | &nbsp;&nbsp; 124364 |
| Granges AB | 10232 | &nbsp;&nbsp; 128077 |
| Hexpol AB<sup>(a)</sup> | 33234 | &nbsp;&nbsp; 289602 |
| Hufvudstaden AB, Class A<sup>(a)</sup> | 12664 | &nbsp;&nbsp; 154525 |
| Indutrade AB | 12139 | &nbsp;&nbsp; 329106 |
| Instalco AB<sup>(c)</sup> | 20864 | &nbsp;&nbsp; 57970 |
| Intrum AB<sup>(a)(b)</sup> | 88947 | &nbsp;&nbsp; 291828 |
| Investment AB Latour, Class B<sup>(a)</sup> | 5004 | &nbsp;&nbsp; 135330 |
| Inwido AB | 1665 | &nbsp;&nbsp; 35361 |
| JM AB<sup>(a)</sup> | 22114 | &nbsp;&nbsp; 353554 |
| L E Lundbergforetagen AB, Class B | 5959 | &nbsp;&nbsp; 315093 |
| Lagercrantz Group AB, Class B<sup>(a)</sup> | 5592 | &nbsp;&nbsp; 127690 |
| Lifco AB, Class B | 7340 | &nbsp;&nbsp; 284773 |
| Lindab International AB<sup>(a)</sup> | 8408 | &nbsp;&nbsp; 177153 |
| Loomis AB | 9571 | &nbsp;&nbsp; 399210 |
| MEKO AB | 1254 | &nbsp;&nbsp; 16501 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden-(continued)** | **Sweden-(continued)** | **Sweden-(continued)** |
| Modern Times Group MTG AB, Class B<sup>(b)</sup> | 13138 | &nbsp;&nbsp; $157745 |
| Munters Group AB<sup>(c)</sup> | 6019 | &nbsp;&nbsp; 77198 |
| Mycronic AB<sup>(a)</sup> | 3118 | &nbsp;&nbsp; 124771 |
| NCAB Group AB (publ)<sup>(a)</sup> | 16485 | &nbsp;&nbsp; 72803 |
| NCC AB, Class B | 19062 | &nbsp;&nbsp; 355644 |
| New Wave Group AB, Class B<sup>(a)</sup> | 9458 | &nbsp;&nbsp; 115983 |
| Nolato AB, Class B<sup>(a)</sup> | 23268 | &nbsp;&nbsp; 131010 |
| Nordnet AB publ<sup>(a)</sup> | 6143 | &nbsp;&nbsp; 162966 |
| Nyfosa AB<sup>(a)(b)</sup> | 22204 | &nbsp;&nbsp; 208873 |
| Pandox AB<sup>(a)</sup> | 7047 | &nbsp;&nbsp; 118246 |
| Peab AB, Class B<sup>(a)</sup> | 33796 | &nbsp;&nbsp; 281718 |
| Ratos AB, Class B | 33151 | &nbsp;&nbsp; 113379 |
| Saab AB, Class B | 4441 | &nbsp;&nbsp; 207235 |
| Sagax AB, Class B<sup>(a)</sup> | 8884 | &nbsp;&nbsp; 202358 |
| Samhallsbyggnadsbolaget i Norden AB, <br> Class B<sup>(a)</sup><br>| 1173835 | &nbsp;&nbsp; 477553 |
| Scandic Hotels Group AB<sup>(a)(c)</sup> | 27816 | &nbsp;&nbsp; 216961 |
| Stillfront Group AB<sup>(b)</sup> | 67337 | &nbsp;&nbsp; 34597 |
| Storskogen Group AB, Class B | 283092 | &nbsp;&nbsp; 373778 |
| Sweco AB, Class B | 17920 | &nbsp;&nbsp; 315921 |
| Swedish Orphan Biovitrum AB, Class B<sup>(b)</sup> | 14609 | &nbsp;&nbsp; 445278 |
| Thule Group AB<sup>(a)(c)</sup> | 10986 | &nbsp;&nbsp; 250949 |
| Vitrolife AB<sup>(a)</sup> | 3383 | &nbsp;&nbsp; 55180 |
| Wallenstam AB, Class B<sup>(a)</sup> | 37763 | &nbsp;&nbsp; 187112 |
| Wihlborgs Fastigheter AB<sup>(a)</sup> | 30233 | &nbsp;&nbsp; 314258 |
|  |  | &nbsp;&nbsp; 13967017 |
| **Switzerland-3.25%** | **Switzerland-3.25%** | **Switzerland-3.25%** |
| Accelleron Industries AG | 4521 | &nbsp;&nbsp; 243771 |
| Allreal Holding AG<sup>(b)</sup> | 1744 | &nbsp;&nbsp; 385957 |
| ALSO Holding AG | 738 | &nbsp;&nbsp; 226377 |
| Arbonia AG<sup>(a)</sup> | 5222 | &nbsp;&nbsp; 39802 |
| Aryzta AG<sup>(b)</sup> | 158883 | &nbsp;&nbsp; 400250 |
| Avolta AG | 2115 | &nbsp;&nbsp; 96798 |
| Bachem Holding AG<sup>(a)</sup> | 1371 | &nbsp;&nbsp; 84387 |
| Banque Cantonale Vaudoise<sup>(a)</sup> | 2845 | &nbsp;&nbsp; 351690 |
| Belimo Holding AG | 483 | &nbsp;&nbsp; 412185 |
| Bell Food Group AG<sup>(b)</sup> | 31 | &nbsp;&nbsp; 10018 |
| BKW AG | 2310 | &nbsp;&nbsp; 465155 |
| Bossard Holding AG, Class A | 109 | &nbsp;&nbsp; 23874 |
| Bucher Industries AG | 729 | &nbsp;&nbsp; 316252 |
| Burckhardt Compression Holding AG | 222 | &nbsp;&nbsp; 151597 |
| Cembra Money Bank AG | 4672 | &nbsp;&nbsp; 566422 |
| Comet Holding AG<sup>(a)</sup> | 316 | &nbsp;&nbsp; 81942 |
| CRISPR Therapeutics AG<sup>(b)</sup> | 1543 | &nbsp;&nbsp; 59668 |
| Daetwyler Holding AG, BR<sup>(a)</sup> | 518 | &nbsp;&nbsp; 75122 |
| DKSH Holding AG | 4336 | &nbsp;&nbsp; 320830 |
| DocMorris AG<sup>(a)(b)</sup> | 644 | &nbsp;&nbsp; 18235 |
| dormakaba Holding AG<sup>(b)</sup> | 320 | &nbsp;&nbsp; 271121 |
| EFG International AG<sup>(b)</sup> | 10218 | &nbsp;&nbsp; 155258 |
| Emmi AG | 201 | &nbsp;&nbsp; 198583 |
| EMS-Chemie Holding AG | 566 | &nbsp;&nbsp; 419141 |
| Flughafen Zureich AG<sup>(b)</sup> | 1570 | &nbsp;&nbsp; 397346 |
| Forbo Holding AG<sup>(a)</sup> | 73 | &nbsp;&nbsp; 70347 |
| Galderma Group AG, Class A | 426 | &nbsp;&nbsp; 49695 |
| Garrett Motion, Inc.<sup>(a)</sup> | 3823 | &nbsp;&nbsp; 35248 |
| Georg Fischer AG<sup>(a)</sup> | 1228 | &nbsp;&nbsp; 89179 |
| Huber + Suhner AG | 1578 | &nbsp;&nbsp; 139461 |
| Implenia AG | 1968 | &nbsp;&nbsp; 111793 |
| INFICON HOLDING AG | 935 | &nbsp;&nbsp; 99645 |

---

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

------

**58**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-(continued)** | **Switzerland-(continued)** | **Switzerland-(continued)** |
| International Workplace Group PLC<sup>(a)</sup> | 121886 | &nbsp;&nbsp; $302468 |
| Interroll Holding AG, Class R | 46 | &nbsp;&nbsp; 101395 |
| Kardex Holding AG | 295 | &nbsp;&nbsp; 74643 |
| Komax Holding AG, Class R<sup>(a)(b)</sup> | 390 | &nbsp;&nbsp; 48733 |
| Landis+Gyr Group AG<sup>(b)</sup> | 4386 | &nbsp;&nbsp; 283330 |
| Luzerner Kantonalbank AG | 306 | &nbsp;&nbsp; 25982 |
| Mobilezone Holding AG<sup>(a)</sup> | 4300 | &nbsp;&nbsp; 59369 |
| Mobimo Holding AG<sup>(b)</sup> | 492 | &nbsp;&nbsp; 190863 |
| OC Oerlikon Corp. AG | 39585 | &nbsp;&nbsp; 168661 |
| On Holding AG, Class A<sup>(b)</sup> | 656 | &nbsp;&nbsp; 31560 |
| SFS Group AG<sup>(a)</sup> | 1655 | &nbsp;&nbsp; 224696 |
| Siegfried Holding AG<sup>(a)(b)</sup> | 1610 | &nbsp;&nbsp; 192521 |
| SIG Group AG<sup>(a)(b)</sup> | 5564 | &nbsp;&nbsp; 107799 |
| St Galler Kantonalbank AG | 70 | &nbsp;&nbsp; 42353 |
| Stadler Rail AG<sup>(a)</sup> | 8721 | &nbsp;&nbsp; 231042 |
| Straumann Holding AG | 2538 | &nbsp;&nbsp; 310831 |
| Sulzer AG | 2212 | &nbsp;&nbsp; 376044 |
| Swissquote Group Holding S.A.<sup>(a)</sup> | 353 | &nbsp;&nbsp; 183016 |
| Tecan Group AG, Class R<sup>(b)</sup> | 792 | &nbsp;&nbsp; 154925 |
| Temenos AG<sup>(a)</sup> | 3584 | &nbsp;&nbsp; 257848 |
| u-blox Holding AG | 657 | &nbsp;&nbsp; 66884 |
| Valiant Holding AG | 1193 | &nbsp;&nbsp; 176472 |
| VAT Group AG<sup>(a)(c)</sup> | 827 | &nbsp;&nbsp; 299847 |
| Vaudoise Assurances Holding S.A. | 39 | &nbsp;&nbsp; 28579 |
| Vontobel Holding AG, Class R | 2717 | &nbsp;&nbsp; 197200 |
| Zehnder Group AG | 964 | &nbsp;&nbsp; 64452 |
|  |  | &nbsp;&nbsp; 10568662 |
| **Taiwan-0.01%** | **Taiwan-0.01%** | **Taiwan-0.01%** |
| FIT Hon Teng Ltd.<sup>(b)(c)</sup> | 86816 | &nbsp;&nbsp; 21798 |
| **Turkey-0.22%** | **Turkey-0.22%** | **Turkey-0.22%** |
| Eldorado Gold Corp.<sup>(b)</sup> | 37544 | &nbsp;&nbsp; 705054 |
| **Ukraine-0.01%** | **Ukraine-0.01%** | **Ukraine-0.01%** |
| Ferrexpo PLC<sup>(b)</sup> | 56927 | &nbsp;&nbsp; 44982 |
| **United Kingdom-6.65%** | **United Kingdom-6.65%** | **United Kingdom-6.65%** |
| 4imprint Group PLC | 1625 | &nbsp;&nbsp; 74599 |
| AG Barr PLC | 2474 | &nbsp;&nbsp; 22944 |
| AJ Bell PLC | 14990 | &nbsp;&nbsp; 85504 |
| Allfunds Group PLC | 29623 | &nbsp;&nbsp; 167810 |
| Ashmore Group PLC | 56057 | &nbsp;&nbsp; 108571 |
| ASOS PLC<sup>(a)(b)</sup> | 29783 | &nbsp;&nbsp; 114639 |
| Assura PLC | 478578 | &nbsp;&nbsp; 310181 |
| Aston Martin Lagonda Global Holdings <br> PLC<sup>(a)(b)(c)</sup><br>| 31942 | &nbsp;&nbsp; 28858 |
| Auto Trader Group PLC<sup>(c)</sup> | 29003 | &nbsp;&nbsp; 326578 |
| Babcock International Group PLC | 38886 | &nbsp;&nbsp; 419854 |
| Bakkavor Group PLC<sup>(c)</sup> | 4495 | &nbsp;&nbsp; 10350 |
| Balfour Beatty PLC | 48241 | &nbsp;&nbsp; 295724 |
| Beazley PLC | 12298 | &nbsp;&nbsp; 146043 |
| Big Yellow Group PLC | 24018 | &nbsp;&nbsp; 324079 |
| Bodycote PLC | 19205 | &nbsp;&nbsp; 122415 |
| Breedon Group PLC | 43353 | &nbsp;&nbsp; 249981 |
| Bridgepoint Group PLC<sup>(a)(c)</sup> | 5240 | &nbsp;&nbsp; 18827 |
| Chemring Group PLC | 29545 | &nbsp;&nbsp; 158165 |
| Clarkson PLC<sup>(a)</sup> | 2495 | &nbsp;&nbsp; 109911 |
| Close Brothers Group PLC<sup>(a)(b)</sup> | 59533 | &nbsp;&nbsp; 259474 |
| Coats Group PLC | 41580 | &nbsp;&nbsp; 40358 |
| Computacenter PLC | 8764 | &nbsp;&nbsp; 284097 |
| ConvaTec Group PLC<sup>(c)</sup> | 140870 | &nbsp;&nbsp; 490859 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Cranswick PLC | 5851 | &nbsp;&nbsp; $405864 |
| Crest Nicholson Holdings PLC<sup>(a)</sup> | 38769 | &nbsp;&nbsp; 93587 |
| Currys PLC<sup>(b)</sup> | 82696 | &nbsp;&nbsp; 122835 |
| CVS Group PLC | 1745 | &nbsp;&nbsp; 25135 |
| Deliveroo PLC<sup>(b)(c)</sup> | 92987 | &nbsp;&nbsp; 211632 |
| Derwent London PLC | 17052 | &nbsp;&nbsp; 443304 |
| Diploma PLC | 5473 | &nbsp;&nbsp; 291059 |
| Domino's Pizza Group PLC<sup>(a)</sup> | 38790 | &nbsp;&nbsp; 139848 |
| Dowlais Group PLC | 171441 | &nbsp;&nbsp; 133308 |
| Dr. Martens PLC | 111917 | &nbsp;&nbsp; 82672 |
| Dunelm Group PLC | 13692 | &nbsp;&nbsp; 201522 |
| easyJet PLC | 64278 | &nbsp;&nbsp; 427126 |
| Elementis PLC | 54146 | &nbsp;&nbsp; 91215 |
| Empiric Student property PLC | 19467 | &nbsp;&nbsp; 23723 |
| Endava PLC, ADR<sup>(a)(b)</sup> | 1035 | &nbsp;&nbsp; 18847 |
| Essentra PLC | 28271 | &nbsp;&nbsp; 34058 |
| Evoke PLC<sup>(a)(b)</sup> | 49453 | &nbsp;&nbsp; 33239 |
| Firstgroup PLC | 94486 | &nbsp;&nbsp; 218432 |
| Frasers Group PLC<sup>(a)(b)</sup> | 25459 | &nbsp;&nbsp; 225616 |
| Future PLC | 19299 | &nbsp;&nbsp; 183949 |
| Games Workshop Group PLC | 2121 | &nbsp;&nbsp; 437787 |
| Gamma Communications PLC | 1877 | &nbsp;&nbsp; 33583 |
| GB Group PLC | 6009 | &nbsp;&nbsp; 19737 |
| Genuit Group PLC | 26463 | &nbsp;&nbsp; 135061 |
| Genus PLC | 6882 | &nbsp;&nbsp; 169500 |
| Grafton Group PLC | 27255 | &nbsp;&nbsp; 330666 |
| Grainger PLC | 80890 | &nbsp;&nbsp; 232592 |
| Great Portland Estates PLC | 52846 | &nbsp;&nbsp; 218973 |
| Greggs PLC | 9825 | &nbsp;&nbsp; 245144 |
| Halfords Group PLC | 30799 | &nbsp;&nbsp; 63897 |
| Hammerson PLC | 50854 | &nbsp;&nbsp; 171963 |
| Harbour Energy PLC | 29828 | &nbsp;&nbsp; 61098 |
| Hays PLC | 140545 | &nbsp;&nbsp; 134565 |
| Hill & Smith PLC | 5835 | &nbsp;&nbsp; 140591 |
| Hilton Food Group PLC | 2216 | &nbsp;&nbsp; 26420 |
| Howden Joinery Group PLC | 12045 | &nbsp;&nbsp; 124144 |
| Hunting PLC | 22721 | &nbsp;&nbsp; 78573 |
| Ibstock PLC<sup>(a)(c)</sup> | 45355 | &nbsp;&nbsp; 109188 |
| Indivior PLC<sup>(a)(b)</sup> | 7988 | &nbsp;&nbsp; 90851 |
| InterContinental Hotels Group PLC | 782 | &nbsp;&nbsp; 83635 |
| International Distribution Services PLC<sup>(a)</sup> | 94645 | &nbsp;&nbsp; 463568 |
| J D Wetherspoon PLC | 14436 | &nbsp;&nbsp; 126522 |
| James Halstead PLC | 3956 | &nbsp;&nbsp; 8124 |
| JET2 PLC | 3731 | &nbsp;&nbsp; 79131 |
| John Wood Group PLC<sup>(a)(b)</sup> | 100974 | &nbsp;&nbsp; 24904 |
| Just Group PLC | 101152 | &nbsp;&nbsp; 191220 |
| Keller Group PLC | 2835 | &nbsp;&nbsp; 54106 |
| Kier Group PLC | 78980 | &nbsp;&nbsp; 153900 |
| Lancashire Holdings Ltd. | 29185 | &nbsp;&nbsp; 220173 |
| Liontrust Asset Management PLC<sup>(a)</sup> | 10191 | &nbsp;&nbsp; 44969 |
| LondonMetric Property PLC | 201744 | &nbsp;&nbsp; 518782 |
| Marshalls PLC | 37168 | &nbsp;&nbsp; 139713 |
| Mitchells & Butlers PLC<sup>(b)</sup> | 7757 | &nbsp;&nbsp; 25801 |
| Mitie Group PLC | 134533 | &nbsp;&nbsp; 260013 |
| Mobico Group PLC<sup>(a)(b)</sup> | 100466 | &nbsp;&nbsp; 41811 |
| Molten Ventures PLC<sup>(b)</sup> | 5793 | &nbsp;&nbsp; 20592 |
| MONY Group PLC | 64153 | &nbsp;&nbsp; 174019 |
| Morgan Advanced Materials PLC | 14525 | &nbsp;&nbsp; 38223 |
| Morgan Sindall Group PLC | 1645 | &nbsp;&nbsp; 77933 |
| Ninety One PLC | 51580 | &nbsp;&nbsp; 102327 |

---

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

------

**59**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Ocado Group PLC<sup>(a)(b)</sup> | 52847 | &nbsp;&nbsp; $200109 |
| OSB Group PLC | 69109 | &nbsp;&nbsp; 440263 |
| Oxford Instruments PLC | 3772 | &nbsp;&nbsp; 83176 |
| PageGroup PLC | 33403 | &nbsp;&nbsp; 120744 |
| Paragon Banking Group PLC | 39764 | &nbsp;&nbsp; 450228 |
| Pepco Group N.V.<sup>(a)(c)</sup> | 29529 | &nbsp;&nbsp; 140373 |
| Petershill Partners PLC<sup>(c)</sup> | 32458 | &nbsp;&nbsp; 94401 |
| Petrofac Ltd.<sup>(a)(b)</sup> | 387808 | &nbsp;&nbsp; 20557 |
| Pets at Home Group PLC | 79051 | &nbsp;&nbsp; 250927 |
| Pinewood Technologies Group PLC<sup>(a)(b)</sup> | 11913 | &nbsp;&nbsp; 57635 |
| Playtech PLC<sup>(b)</sup> | 15370 | &nbsp;&nbsp; 156331 |
| Polar Capital Holdings PLC | 2322 | &nbsp;&nbsp; 12208 |
| Premier Foods PLC | 22376 | &nbsp;&nbsp; 59457 |
| Primary Health Properties PLC | 205106 | &nbsp;&nbsp; 281318 |
| QinetiQ Group PLC | 66606 | &nbsp;&nbsp; 351376 |
| Quilter PLC<sup>(c)</sup> | 168673 | &nbsp;&nbsp; 304183 |
| Rathbones Group PLC | 1218 | &nbsp;&nbsp; 25701 |
| Renew Holdings PLC | 2910 | &nbsp;&nbsp; 29522 |
| Renewi PLC | 11240 | &nbsp;&nbsp; 129299 |
| Renishaw PLC | 2397 | &nbsp;&nbsp; 71965 |
| Rightmove PLC | 26183 | &nbsp;&nbsp; 259170 |
| Rotork PLC | 74733 | &nbsp;&nbsp; 304981 |
| RWS Holdings PLC | 15051 | &nbsp;&nbsp; 13479 |
| S4 Capital PLC<sup>(a)(b)</sup> | 118207 | &nbsp;&nbsp; 42945 |
| Safestore Holdings PLC | 29550 | &nbsp;&nbsp; 249270 |
| Savills PLC | 15212 | &nbsp;&nbsp; 189068 |
| Senior PLC | 46812 | &nbsp;&nbsp; 86645 |
| Serco Group PLC | 209459 | &nbsp;&nbsp; 481784 |
| Serica Energy PLC<sup>(a)(b)</sup> | 17822 | &nbsp;&nbsp; 30321 |
| Shaftesbury Capital PLC | 86572 | &nbsp;&nbsp; 157611 |
| Softcat PLC | 8032 | &nbsp;&nbsp; 179795 |
| Spirax Group PLC | 1208 | &nbsp;&nbsp; 95424 |
| Spire Healthcare Group PLC<sup>(a)(c)</sup> | 10236 | &nbsp;&nbsp; 26526 |
| Spirent Communications PLC<sup>(b)</sup> | 97591 | &nbsp;&nbsp; 241157 |
| SSP Group PLC | 87299 | &nbsp;&nbsp; 173291 |
| Supermarket Income REIT PLC | 141404 | &nbsp;&nbsp; 147047 |
| Telecom Plus PLC | 7468 | &nbsp;&nbsp; 189242 |
| THG PLC<sup>(a)(b)</sup> | 230271 | &nbsp;&nbsp; 76186 |
| TORM PLC, Class A<sup>(a)</sup> | 6210 | &nbsp;&nbsp; 103868 |
| TP ICAP Group PLC | 92701 | &nbsp;&nbsp; 319046 |
| Travis Perkins PLC | 27141 | &nbsp;&nbsp; 203052 |
| Tritax Big Box REIT PLC | 49017 | &nbsp;&nbsp; 93975 |
| Unite Group PLC (The) | 34995 | &nbsp;&nbsp; 402963 |
| Urban Logistics REIT PLC | 42419 | &nbsp;&nbsp; 82766 |
| Vesuvius PLC | 29326 | &nbsp;&nbsp; 134251 |
| Victrex PLC | 9391 | &nbsp;&nbsp; 104475 |
| Watches of Switzerland Group PLC<sup>(b)(c)</sup> | 35947 | &nbsp;&nbsp; 171414 |
| WH Smith PLC | 12996 | &nbsp;&nbsp; 157620 |
| Wise PLC, Class A<sup>(b)</sup> | 7087 | &nbsp;&nbsp; 93165 |
| Workspace Group PLC | 18101 | &nbsp;&nbsp; 107500 |
| Yellow Cake PLC<sup>(a)(b)(c)</sup> | 4638 | &nbsp;&nbsp; 26762 |
| Zigup PLC | 34988 | &nbsp;&nbsp; 146421 |
|  |  | &nbsp;&nbsp; 21621584 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States-1.01%** | **United States-1.01%** | **United States-1.01%** |
| Alkermes PLC<sup>(b)</sup> | 2527 | &nbsp;&nbsp; $72702 |
| Atlassian Corp., Class A<sup>(b)</sup> | 318 | &nbsp;&nbsp; 72603 |
| Bausch + Lomb Corp.<sup>(a)(b)</sup> | 1888 | &nbsp;&nbsp; 20844 |
| Burford Capital Ltd.<sup>(a)</sup> | 3461 | &nbsp;&nbsp; 47474 |
| Carnival PLC, ADR<sup>(b)</sup> | 12612 | &nbsp;&nbsp; 209611 |
| Constellium SE<sup>(b)</sup> | 8980 | &nbsp;&nbsp; 90788 |
| Curaleaf Holdings, Inc.<sup>(b)</sup> | 15087 | &nbsp;&nbsp; 16384 |
| CyberArk Software Ltd.<sup>(b)</sup> | 114 | &nbsp;&nbsp; 40146 |
| Diversified Energy Co. PLC<sup>(a)(c)</sup> | 12937 | &nbsp;&nbsp; 163335 |
| Dole PLC | 5362 | &nbsp;&nbsp; 81449 |
| Ferrovial SE | 2700 | &nbsp;&nbsp; 132166 |
| Galaxy Digital Holdings Ltd., Class H, <br> (Acquired 03/17/2023 - 03/17/2023; <br> Cost $21,523)<sup>(a)(b)(f)</sup><br>| 6168 | &nbsp;&nbsp; 97881 |
| GFL Environmental, Inc. | 10762 | &nbsp;&nbsp; 535957 |
| Inmode Ltd.<sup>(b)</sup> | 1512 | &nbsp;&nbsp; 21319 |
| MDA Space Ltd.<sup>(b)</sup> | 10079 | &nbsp;&nbsp; 196356 |
| Monday.com Ltd.<sup>(b)</sup> | 96 | &nbsp;&nbsp; 26975 |
| Oracle Corp. | 3217 | &nbsp;&nbsp; 387674 |
| Reliance Worldwide Corp. Ltd. | 95387 | &nbsp;&nbsp; 256147 |
| RHI Magnesita N.V.<sup>(a)</sup> | 345 | &nbsp;&nbsp; 14442 |
| Samsonite Group S.A.<sup>(c)</sup> | 114452 | &nbsp;&nbsp; 205092 |
| Sims Ltd. | 18306 | &nbsp;&nbsp; 170681 |
| Sinch AB<sup>(b)(c)</sup> | 132073 | &nbsp;&nbsp; 307695 |
| SolarEdge Technologies, Inc.<sup>(a)(b)</sup> | 7129 | &nbsp;&nbsp; 87223 |
| Titan Cement International S.A. | 506 | &nbsp;&nbsp; 23449 |
|  |  | &nbsp;&nbsp; 3278393 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.40% <br>(Cost $309,549,113) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.40% <br>(Cost $309,549,113) | &nbsp;&nbsp; 323117463 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-17.75%** | **Money Market Funds-17.75%** | **Money Market Funds-17.75%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(g)(h)(i)</sup><br>| 15901511 | &nbsp;&nbsp; 15901511 |
| Invesco Private Prime Fund, 4.46%<sup>(g)(h)(i)</sup> | 41786444 | &nbsp;&nbsp; 41794801 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $57,700,097) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $57,700,097) | &nbsp;&nbsp; 57696312 |
| TOTAL INVESTMENTS IN SECURITIES-117.15% <br>(Cost $367,249,210) | TOTAL INVESTMENTS IN SECURITIES-117.15% <br>(Cost $367,249,210) | &nbsp;&nbsp; 380813775 |
| OTHER ASSETS LESS LIABILITIES-(17.15)% | OTHER ASSETS LESS LIABILITIES-(17.15)% | &nbsp;&nbsp; (55739441)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $325074334 |

---

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

------

**60**

------

**Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)—(continued)**

April 30, 2025

*(Unaudited)*

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| BR-Bearer Shares |
| CDI-CREST Depository Interest |
| CVA-Dutch Certificates |
| FDR-Fiduciary Depositary Receipt |
| REIT-Real Estate Investment Trust |
| Rts.-Rights |
| Wts.-Warrants |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $14,165,477, which represented 4.36% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(e)</sup> | Non-income producing. |
| <sup>(f)</sup> | Restricted security. The value of this security at April 30, 2025 represented less than 1% of the Fund's Net Assets. |
| <sup>(g)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $5943175 | &nbsp;&nbsp; $(5943175)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2080 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 17509156 | &nbsp;&nbsp; 24202933 | &nbsp;&nbsp; (25810578)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15901511 | &nbsp;&nbsp; 420,120<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 45772846 | &nbsp;&nbsp; 59587211 | &nbsp;&nbsp; (63560275)<br>| &nbsp;&nbsp; (1486)<br>| &nbsp;&nbsp; (3495)<br>| &nbsp;&nbsp; 41794801 | &nbsp;&nbsp; 1,116,939<br> \*<br>|
| Total | &nbsp;&nbsp; $63282002 | &nbsp;&nbsp; $89733319 | &nbsp;&nbsp; $(95314028)<br>| &nbsp;&nbsp; $(1486)<br>| &nbsp;&nbsp; $(3495)<br>| &nbsp;&nbsp; $57696312 | &nbsp;&nbsp; $1539139 |

---

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

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

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

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

------

**61**

------

**Invesco RAFI Emerging Markets ETF (PXH)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.39%** | **Common Stocks & Other Equity Interests-99.39%** | **Common Stocks & Other Equity Interests-99.39%** |
| **Brazil-10.53%** | **Brazil-10.53%** | **Brazil-10.53%** |
| Ambev S.A. | 1295077 | &nbsp;&nbsp; $3332969 |
| B3 S.A. - Brasil, Bolsa, Balcao | 1034682 | &nbsp;&nbsp; 2465443 |
| Banco Bradesco S.A., Preference Shares | 3846306 | &nbsp;&nbsp; 9328043 |
| Banco BTG Pactual S.A., Series CPO | 112200 | &nbsp;&nbsp; 755280 |
| Banco do Brasil S.A. | 932796 | &nbsp;&nbsp; 4766628 |
| Banco Santander Brasil S.A., Series CPO | 181200 | &nbsp;&nbsp; 944824 |
| Braskem S.A., Class A, Preference <br> Shares<sup>(a)</sup><br>| 213809 | &nbsp;&nbsp; 402964 |
| BRF S.A. | 328000 | &nbsp;&nbsp; 1315152 |
| CCR S.A. | 302800 | &nbsp;&nbsp; 719373 |
| Centrais Eletricas Brasileiras S.A. | 499762 | &nbsp;&nbsp; 3879701 |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP<br>| 79292 | &nbsp;&nbsp; 1595112 |
| Cia Energetica de Minas Gerais, <br> Preference Shares<br>| 856208 | &nbsp;&nbsp; 1656035 |
| Cia Paranaense de Energia - Copel, <br> Class B, Preference Shares<br>| 838180 | &nbsp;&nbsp; 1707036 |
| Cia Siderurgica Nacional S.A. | 586682 | &nbsp;&nbsp; 963744 |
| Cosan S.A. | 501965 | &nbsp;&nbsp; 688923 |
| Embraer S.A.<sup>(a)</sup> | 133167 | &nbsp;&nbsp; 1527043 |
| Energisa S.A. | 60800 | &nbsp;&nbsp; 493368 |
| Equatorial Energia S.A. | 240300 | &nbsp;&nbsp; 1562413 |
| Gerdau S.A., Preference Shares | 1042154 | &nbsp;&nbsp; 2759368 |
| Hapvida Participacoes e Investimentos <br> S.A.<sup>(a)(b)</sup><br>| 1974600 | &nbsp;&nbsp; 809177 |
| Itau Unibanco Holding S.A., Preference <br> Shares<br>| 1710735 | &nbsp;&nbsp; 10751396 |
| Itausa S.A., Preference Shares | 629049 | &nbsp;&nbsp; 1188898 |
| Klabin S.A. | 279980 | &nbsp;&nbsp; 916386 |
| Localiza Rent a Car S.A. | 144600 | &nbsp;&nbsp; 1097258 |
| Lojas Renner S.A. | 268121 | &nbsp;&nbsp; 691922 |
| Marfrig Global Foods S.A. | 486400 | &nbsp;&nbsp; 1845457 |
| Metalurgica Gerdau S.A., Preference <br> Shares<br>| 889900 | &nbsp;&nbsp; 1321945 |
| Natura & Co. Holding S.A. | 415800 | &nbsp;&nbsp; 698459 |
| Petroleo Brasileiro S.A., Preference <br> Shares<br>| 6918745 | &nbsp;&nbsp; 36650504 |
| Sendas Distribuidora S.A. | 372100 | &nbsp;&nbsp; 604020 |
| Suzano S.A. | 196168 | &nbsp;&nbsp; 1735276 |
| Telefonica Brasil S.A. | 345680 | &nbsp;&nbsp; 1696832 |
| TIM S.A. | 187766 | &nbsp;&nbsp; 628496 |
| Ultrapar Participacoes S.A. | 468692 | &nbsp;&nbsp; 1476097 |
| Usinas Siderurgicas de Minas Gerais S.A. <br> Usiminas, Class A, Preference Shares<sup>(a)</sup><br>| 332100 | &nbsp;&nbsp; 324392 |
| Vale S.A. | 2502561 | &nbsp;&nbsp; 23366195 |
| Vibra Energia S.A. | 965898 | &nbsp;&nbsp; 3207490 |
| WEG S.A. | 31300 | &nbsp;&nbsp; 246800 |
|  |  | &nbsp;&nbsp; 130120419 |
| **Canada-0.02%** | **Canada-0.02%** | **Canada-0.02%** |
| Canadian Solar, Inc.<sup>(a)(c)</sup> | 30449 | &nbsp;&nbsp; 274650 |
| **Chile-0.41%** | **Chile-0.41%** | **Chile-0.41%** |
| Banco de Chile | 8589225 | &nbsp;&nbsp; 1248316 |
| Banco Santander Chile | 15521151 | &nbsp;&nbsp; 929085 |
| Cencosud S.A. | 98161 | &nbsp;&nbsp; 332537 |
| Empresas CMPC S.A. | 85422 | &nbsp;&nbsp; 132633 |
| Empresas COPEC S.A. | 20038 | &nbsp;&nbsp; 136183 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Chile-(continued)** | **Chile-(continued)** | **Chile-(continued)** |
| Enel Americas S.A. | 1589320 | &nbsp;&nbsp; $154510 |
| Falabella S.A. | 64783 | &nbsp;&nbsp; 291236 |
| Sociedad Quimica y Minera de Chile S.A., <br> Class B, Preference Shares<br>| 52714 | &nbsp;&nbsp; 1796799 |
|  |  | &nbsp;&nbsp; 5021299 |
| **China-44.06%** | **China-44.06%** | **China-44.06%** |
| Agricultural Bank of China Ltd., H Shares | 22666000 | &nbsp;&nbsp; 13832781 |
| Alibaba Group Holding Ltd. | 4400300 | &nbsp;&nbsp; 65704241 |
| Aluminum Corp. of China Ltd., H Shares | 2579101 | &nbsp;&nbsp; 1384454 |
| Anhui Conch Cement Co. Ltd., H Shares | 1312858 | &nbsp;&nbsp; 3698830 |
| ANTA Sports Products Ltd. | 149907 | &nbsp;&nbsp; 1771480 |
| BAIC Motor Corp. Ltd., H Shares<sup>(b)</sup> | 485500 | &nbsp;&nbsp; 119360 |
| Baidu, Inc., A Shares<sup>(a)</sup> | 672958 | &nbsp;&nbsp; 7421582 |
| Bank of Beijing Co. Ltd., A Shares | 1398000 | &nbsp;&nbsp; 1155164 |
| Bank of China Ltd., H Shares | 47065189 | &nbsp;&nbsp; 26283013 |
| Bank of Communications Co. Ltd., H <br> Shares<br>| 8266987 | &nbsp;&nbsp; 7229985 |
| Bank of Jiangsu Co. Ltd. | 255600 | &nbsp;&nbsp; 357806 |
| Bank of Shanghai Co. Ltd., A Shares | 614000 | &nbsp;&nbsp; 878032 |
| Baoshan Iron & Steel Co. Ltd., A Shares | 1043000 | &nbsp;&nbsp; 981135 |
| Beijing Enterprises Holdings Ltd. | 99000 | &nbsp;&nbsp; 401747 |
| BOC Hong Kong (Holdings) Ltd. | 278500 | &nbsp;&nbsp; 1155458 |
| BOE Technology Group Co. Ltd., A <br> Shares<br>| 679600 | &nbsp;&nbsp; 359420 |
| BYD Co. Ltd., H Shares | 110865 | &nbsp;&nbsp; 5266282 |
| BYD Electronic International Co. Ltd. | 39000 | &nbsp;&nbsp; 161885 |
| CGN Power Co. Ltd., H Shares<sup>(b)</sup> | 3825470 | &nbsp;&nbsp; 1217839 |
| China Cinda Asset Management Co. Ltd., <br> H Shares<br>| 2293000 | &nbsp;&nbsp; 292535 |
| China CITIC Bank Corp. Ltd., H Shares | 7635000 | &nbsp;&nbsp; 6039424 |
| China Coal Energy Co. Ltd., H Shares<sup>(c)</sup> | 1105858 | &nbsp;&nbsp; 1142716 |
| China Communications Services Corp. <br> Ltd., H Shares<br>| 248000 | &nbsp;&nbsp; 129174 |
| China Construction Bank Corp., H Shares | 42220000 | &nbsp;&nbsp; 34684715 |
| China Energy Engineering Corp. Ltd., H <br> Shares<br>| 8462821 | &nbsp;&nbsp; 1077897 |
| China Everbright Bank Co. Ltd., H Shares | 7814236 | &nbsp;&nbsp; 3393501 |
| China Everbright Environment Group Ltd. | 2053885 | &nbsp;&nbsp; 949127 |
| China Hongqiao Group Ltd.<sup>(c)</sup> | 1843642 | &nbsp;&nbsp; 3309748 |
| China International Marine Containers <br> Group Co. Ltd., H Shares<br>| 342300 | &nbsp;&nbsp; 215057 |
| China Life Insurance Co. Ltd., H Shares | 1934000 | &nbsp;&nbsp; 3534981 |
| China Mengniu Dairy Co. Ltd. | 1042785 | &nbsp;&nbsp; 2597516 |
| China Merchants Bank Co. Ltd., H Shares | 2312000 | &nbsp;&nbsp; 12612601 |
| China Minsheng Banking Corp. Ltd., H <br> Shares<br>| 12667611 | &nbsp;&nbsp; 5945088 |
| China National Building Material Co. Ltd., <br> H Shares<br>| 984000 | &nbsp;&nbsp; 477193 |
| China Overseas Land & Investment Ltd.<sup>(c)</sup> | 2027302 | &nbsp;&nbsp; 3597156 |
| China Pacific Insurance (Group) Co. Ltd., <br> H Shares<br>| 1679400 | &nbsp;&nbsp; 4569785 |
| China Petroleum & Chemical Corp., H <br> Shares<br>| 26102000 | &nbsp;&nbsp; 13325871 |
| China Power International Development <br> Ltd.<sup>(c)</sup><br>| 2144994 | &nbsp;&nbsp; 842627 |
| China Railway Group Ltd., H Shares | 7781840 | &nbsp;&nbsp; 3348650 |
| China Resources Beer (Holdings) Co. Ltd. | 180101 | &nbsp;&nbsp; 633165 |

---

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

------

**62**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| China Resources Gas Group Ltd.<sup>(c)</sup> | 367043 | &nbsp;&nbsp; $1025418 |
| China Resources Land Ltd.<sup>(c)</sup> | 1078960 | &nbsp;&nbsp; 3630698 |
| China Resources Pharmaceutical Group <br> Ltd.<sup>(b)</sup><br>| 292500 | &nbsp;&nbsp; 184652 |
| China Resources Power Holdings Co. <br> Ltd.<sup>(c)</sup><br>| 968019 | &nbsp;&nbsp; 2335538 |
| China Shenhua Energy Co. Ltd., H Shares | 1382008 | &nbsp;&nbsp; 5194395 |
| China State Construction Engineering <br> Corp. Ltd., A Shares<br>| 4501522 | &nbsp;&nbsp; 3415644 |
| China State Construction International <br> Holdings Ltd.<br>| 112000 | &nbsp;&nbsp; 165110 |
| China Taiping Insurance Holdings Co. Ltd. | 222000 | &nbsp;&nbsp; 307454 |
| China Tower Corp. Ltd., H Shares<sup>(b)</sup> | 1253787 | &nbsp;&nbsp; 1816293 |
| China United Network Communications <br> Ltd., A Shares<br>| 1570700 | &nbsp;&nbsp; 1150831 |
| China Vanke Co. Ltd., H Shares<sup>(a)(c)</sup> | 5230760 | &nbsp;&nbsp; 3586243 |
| China Yangtze Power Co. Ltd., A Shares | 209300 | &nbsp;&nbsp; 849911 |
| China Yongda Automobiles Services <br> Holdings Ltd.<br>| 583000 | &nbsp;&nbsp; 185886 |
| China Zheshang Bank Co. Ltd., H Shares | 1229000 | &nbsp;&nbsp; 415567 |
| Chongqing Rural Commercial Bank Co. <br> Ltd., H Shares<sup>(c)</sup><br>| 2341175 | &nbsp;&nbsp; 1797632 |
| CITIC Ltd. | 1415991 | &nbsp;&nbsp; 1721582 |
| CITIC Securities Co. Ltd., H Shares | 892190 | &nbsp;&nbsp; 2205331 |
| CMOC Group Ltd., H Shares | 366000 | &nbsp;&nbsp; 287371 |
| Contemporary Amperex Technology Co. <br> Ltd., A Shares<br>| 6900 | &nbsp;&nbsp; 220618 |
| COSCO SHIPPING Holdings Co. Ltd., H <br> Shares<sup>(c)</sup><br>| 3410500 | &nbsp;&nbsp; 5147163 |
| Country Garden Services Holdings Co. <br> Ltd.<br>| 1502649 | &nbsp;&nbsp; 1341692 |
| CRRC Corp. Ltd., H Shares | 3121360 | &nbsp;&nbsp; 1926570 |
| CSPC Pharmaceutical Group Ltd. | 2327937 | &nbsp;&nbsp; 1833787 |
| Daqo New Energy Corp., ADR<sup>(a)(c)</sup> | 62128 | &nbsp;&nbsp; 791511 |
| Dongfeng Motor Group Co. Ltd., H Shares | 838000 | &nbsp;&nbsp; 463881 |
| ENN Energy Holdings Ltd. | 304052 | &nbsp;&nbsp; 2400580 |
| Fosun International Ltd. | 218500 | &nbsp;&nbsp; 113283 |
| GCL Technology Holdings Ltd.<sup>(a)(c)</sup> | 6579288 | &nbsp;&nbsp; 668765 |
| Geely Automobile Holdings Ltd. | 2294000 | &nbsp;&nbsp; 4816358 |
| Gree Electric Appliances, Inc. of Zhuhai | 70800 | &nbsp;&nbsp; 444256 |
| Guangdong Investment Ltd. | 1265164 | &nbsp;&nbsp; 1023911 |
| Haier Smart Home Co. Ltd., H Shares | 845767 | &nbsp;&nbsp; 2454727 |
| Hello Group, Inc., ADR | 30357 | &nbsp;&nbsp; 173339 |
| Huaneng Power International, Inc., H <br> Shares<br>| 2481729 | &nbsp;&nbsp; 1537492 |
| Huatai Securities Co. Ltd., H Shares<sup>(b)</sup> | 740044 | &nbsp;&nbsp; 1096874 |
| Huaxia Bank Co. Ltd., A Shares | 1175092 | &nbsp;&nbsp; 1177097 |
| Industrial & Commercial Bank of China <br> Ltd., H Shares<br>| 51777000 | &nbsp;&nbsp; 35471982 |
| Industrial Bank Co. Ltd., A Shares | 1277026 | &nbsp;&nbsp; 3672619 |
| iQIYI, Inc., ADR<sup>(a)(c)</sup> | 176621 | &nbsp;&nbsp; 324983 |
| JD.com, Inc., ADR | 547047 | &nbsp;&nbsp; 17844673 |
| Jiangxi Copper Co. Ltd., H Shares | 1493663 | &nbsp;&nbsp; 2510088 |
| JinkoSolar Holding Co. Ltd., ADR<sup>(c)</sup> | 46691 | &nbsp;&nbsp; 801218 |
| KE Holdings, Inc., ADR<sup>(c)</sup> | 112198 | &nbsp;&nbsp; 2277619 |
| Kuaishou Technology<sup>(a)(b)</sup> | 230863 | &nbsp;&nbsp; 1523940 |
| Kunlun Energy Co. Ltd. | 1046335 | &nbsp;&nbsp; 997457 |
| Kweichow Moutai Co. Ltd., A Shares | 6500 | &nbsp;&nbsp; 1384828 |
| Lenovo Group Ltd. | 646000 | &nbsp;&nbsp; 747236 |
| Li Auto, Inc., A Shares<sup>(a)(c)</sup> | 28800 | &nbsp;&nbsp; 350959 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China-(continued)** | **China-(continued)** | **China-(continued)** |
| Li Ning Co. Ltd. | 530954 | &nbsp;&nbsp; $1001144 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> | 1731836 | &nbsp;&nbsp; 2316725 |
| Lufax Holding Ltd., ADR<sup>(c)</sup> | 428909 | &nbsp;&nbsp; 1243836 |
| Meituan, B Shares<sup>(a)(b)</sup> | 490100 | &nbsp;&nbsp; 8115742 |
| Metallurgical Corp. of China Ltd., H <br> Shares<br>| 6389266 | &nbsp;&nbsp; 1208243 |
| Midea Group Co. Ltd., A Shares | 65500 | &nbsp;&nbsp; 664078 |
| NetEase, Inc. | 209895 | &nbsp;&nbsp; 4512500 |
| New China Life Insurance Co. Ltd., H <br> Shares<br>| 621483 | &nbsp;&nbsp; 2269864 |
| New Oriental Education & Technology <br> Group, Inc.<br>| 89754 | &nbsp;&nbsp; 439773 |
| NIO, Inc., ADR<sup>(a)(c)</sup> | 100698 | &nbsp;&nbsp; 407827 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | 27899 | &nbsp;&nbsp; 2945297 |
| People's Insurance Co. (Group) of China <br> Ltd. (The), H Shares<br>| 5184648 | &nbsp;&nbsp; 3068716 |
| PetroChina Co. Ltd., H Shares | 13214891 | &nbsp;&nbsp; 10099178 |
| PICC Property & Casualty Co. Ltd., H <br> Shares<br>| 2612602 | &nbsp;&nbsp; 4811508 |
| Ping An Bank Co. Ltd., A Shares | 988400 | &nbsp;&nbsp; 1485961 |
| Ping An Insurance (Group) Co. of China <br> Ltd., H Shares<br>| 5093000 | &nbsp;&nbsp; 30485331 |
| Poly Developments and Holdings Group <br> Co. Ltd., A Shares<br>| 890200 | &nbsp;&nbsp; 1025335 |
| Postal Savings Bank of China Co. Ltd., H <br> Shares<sup>(b)</sup><br>| 7153918 | &nbsp;&nbsp; 4398613 |
| Power Construction Corp. of China Ltd., A <br> Shares<br>| 901700 | &nbsp;&nbsp; 586266 |
| Qifu Technology, Inc., ADR<sup>(c)</sup> | 46455 | &nbsp;&nbsp; 1906049 |
| SAIC Motor Corp. Ltd., A Shares | 425656 | &nbsp;&nbsp; 953172 |
| Shaanxi Coal Industry Co. Ltd., A Shares | 161200 | &nbsp;&nbsp; 425636 |
| Shanghai Pharmaceuticals Holding Co. <br> Ltd., H Shares<sup>(c)</sup><br>| 624308 | &nbsp;&nbsp; 853856 |
| Shanghai Pudong Development Bank Co. <br> Ltd., A Shares<br>| 2122405 | &nbsp;&nbsp; 3201695 |
| Shenzhou International Group Holdings <br> Ltd.<br>| 152167 | &nbsp;&nbsp; 1054899 |
| Sino Biopharmaceutical Ltd. | 2110401 | &nbsp;&nbsp; 1059966 |
| Sinopharm Group Co. Ltd., H Shares | 588925 | &nbsp;&nbsp; 1388109 |
| Sunac China Holdings Ltd.<sup>(a)(c)</sup> | 1996000 | &nbsp;&nbsp; 383027 |
| Sunny Optical Technology Group Co. Ltd. | 150081 | &nbsp;&nbsp; 1262967 |
| Tencent Holdings Ltd. | 711900 | &nbsp;&nbsp; 43609615 |
| Tencent Music Entertainment Group, <br> ADR<sup>(c)</sup><br>| 79182 | &nbsp;&nbsp; 1062622 |
| Tianneng Power International Ltd. | 198000 | &nbsp;&nbsp; 164844 |
| Trip.com Group Ltd. | 64700 | &nbsp;&nbsp; 3898033 |
| Vipshop Holdings Ltd., ADR | 158229 | &nbsp;&nbsp; 2155079 |
| Weichai Power Co. Ltd., H Shares | 1034429 | &nbsp;&nbsp; 2018303 |
| Wuxi Biologics (Cayman), Inc.<sup>(a)(b)</sup> | 492135 | &nbsp;&nbsp; 1429537 |
| Xiaomi Corp., B Shares<sup>(a)(b)</sup> | 3072000 | &nbsp;&nbsp; 19669855 |
| Xinyi Solar Holdings Ltd.<sup>(c)</sup> | 1291935 | &nbsp;&nbsp; 429697 |
| Yankuang Energy Group Co. Ltd., H <br> Shares<sup>(c)</sup><br>| 1594293 | &nbsp;&nbsp; 1665310 |
| Yum China Holdings, Inc. | 69579 | &nbsp;&nbsp; 3013467 |
| Zhongsheng Group Holdings Ltd. | 277500 | &nbsp;&nbsp; 417598 |
| Zijin Mining Group Co. Ltd., H Shares | 1310801 | &nbsp;&nbsp; 2864018 |
| ZTE Corp., H Shares | 112400 | &nbsp;&nbsp; 331858 |
| ZTO Express (Cayman), Inc.<sup>(c)</sup> | 20950 | &nbsp;&nbsp; 390216 |
|  |  | &nbsp;&nbsp; 544609448 |

---

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

------

**63**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong-0.03%** | **Hong Kong-0.03%** | **Hong Kong-0.03%** |
| Orient Overseas International Ltd. | 31000 | &nbsp;&nbsp; $433073 |
| **India-11.61%** | **India-11.61%** | **India-11.61%** |
| Axis Bank Ltd. | 323550 | &nbsp;&nbsp; 4538472 |
| Bajaj Auto Ltd. | 2678 | &nbsp;&nbsp; 254429 |
| Bajaj Finance Ltd. | 12923 | &nbsp;&nbsp; 1318619 |
| Bajaj Finserv Ltd. | 12542 | &nbsp;&nbsp; 289692 |
| Bank of Baroda | 339006 | &nbsp;&nbsp; 1003139 |
| Bharat Petroleum Corp. Ltd. | 1118585 | &nbsp;&nbsp; 4099360 |
| Bharti Airtel Ltd. | 189439 | &nbsp;&nbsp; 4178693 |
| Canara Bank | 419673 | &nbsp;&nbsp; 483785 |
| Cipla Ltd. | 15484 | &nbsp;&nbsp; 284143 |
| Coal India Ltd. | 542701 | &nbsp;&nbsp; 2472699 |
| Dr. Reddy's Laboratories Ltd. | 61855 | &nbsp;&nbsp; 868268 |
| GAIL (India) Ltd. | 872800 | &nbsp;&nbsp; 1951179 |
| Grasim Industries Ltd. | 79552 | &nbsp;&nbsp; 2581513 |
| HCL Technologies Ltd. | 137327 | &nbsp;&nbsp; 2547130 |
| HDFC Bank Ltd. | 527411 | &nbsp;&nbsp; 11979590 |
| Hero MotoCorp Ltd. | 22754 | &nbsp;&nbsp; 1030934 |
| Hindalco Industries Ltd. | 548647 | &nbsp;&nbsp; 4055028 |
| Hindustan Petroleum Corp. Ltd. | 611468 | &nbsp;&nbsp; 2736564 |
| Hindustan Unilever Ltd. | 71251 | &nbsp;&nbsp; 1978138 |
| ICICI Bank Ltd. | 247072 | &nbsp;&nbsp; 4153103 |
| Indian Oil Corp. Ltd. | 2053713 | &nbsp;&nbsp; 3348318 |
| IndusInd Bank Ltd. | 33822 | &nbsp;&nbsp; 335907 |
| Infosys Ltd. | 386617 | &nbsp;&nbsp; 6834590 |
| ITC Hotels Ltd.<sup>(a)</sup> | 40207 | &nbsp;&nbsp; 92532 |
| ITC Ltd. | 537634 | &nbsp;&nbsp; 2706986 |
| Jindal Steel & Power Ltd. | 62962 | &nbsp;&nbsp; 668934 |
| Jio Financial Services Ltd.<sup>(a)</sup> | 268162 | &nbsp;&nbsp; 828222 |
| JSW Steel Ltd. | 172530 | &nbsp;&nbsp; 2107834 |
| Kotak Mahindra Bank Ltd. | 26167 | &nbsp;&nbsp; 683896 |
| Larsen & Toubro Ltd. | 83897 | &nbsp;&nbsp; 3320863 |
| Mahindra & Mahindra Ltd. | 114045 | &nbsp;&nbsp; 3951341 |
| Maruti Suzuki India Ltd. | 12019 | &nbsp;&nbsp; 1742198 |
| NTPC Ltd. | 1073470 | &nbsp;&nbsp; 4497296 |
| Oil & Natural Gas Corp. Ltd. | 1786525 | &nbsp;&nbsp; 5169458 |
| Petronet LNG Ltd. | 259631 | &nbsp;&nbsp; 963910 |
| Power Finance Corp. Ltd. | 437195 | &nbsp;&nbsp; 2114874 |
| Power Grid Corp. of India Ltd. | 825986 | &nbsp;&nbsp; 2999932 |
| Punjab National Bank | 421528 | &nbsp;&nbsp; 499810 |
| REC Ltd. | 271209 | &nbsp;&nbsp; 1353772 |
| Reliance Industries Ltd. | 836444 | &nbsp;&nbsp; 13888587 |
| Sammaan Capital Ltd. | 308750 | &nbsp;&nbsp; 441053 |
| Shriram Finance Ltd. | 240843 | &nbsp;&nbsp; 1745319 |
| State Bank of India | 427893 | &nbsp;&nbsp; 3996352 |
| Steel Authority of India Ltd. | 850780 | &nbsp;&nbsp; 1148673 |
| Sun Pharmaceutical Industries Ltd. | 66619 | &nbsp;&nbsp; 1444870 |
| Tata Consultancy Services Ltd. | 106852 | &nbsp;&nbsp; 4361689 |
| Tata Motors Ltd. | 367186 | &nbsp;&nbsp; 2798215 |
| Tata Power Co. Ltd. (The) | 140275 | &nbsp;&nbsp; 637410 |
| Tata Steel Ltd. | 3201553 | &nbsp;&nbsp; 5328922 |
| Tech Mahindra Ltd. | 105876 | &nbsp;&nbsp; 1883169 |
| UltraTech Cement Ltd. | 8525 | &nbsp;&nbsp; 1174767 |
| Union Bank of India Ltd. | 324149 | &nbsp;&nbsp; 482720 |
| UPL Ltd. | 198448 | &nbsp;&nbsp; 1573832 |
| Vedanta Ltd. | 931850 | &nbsp;&nbsp; 4627131 |
| Wipro Ltd. | 348102 | &nbsp;&nbsp; 994211 |
|  |  | &nbsp;&nbsp; 143552071 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Indonesia-1.06%** | **Indonesia-1.06%** | **Indonesia-1.06%** |
| PT Alamtri Resources (Indonesia) Tbk | 2237200 | &nbsp;&nbsp; $256272 |
| PT Astra International Tbk | 4820692 | &nbsp;&nbsp; 1393305 |
| PT Bank Central Asia Tbk | 4961952 | &nbsp;&nbsp; 2638223 |
| PT Bank Mandiri (Persero) Tbk | 7533655 | &nbsp;&nbsp; 2224745 |
| PT Bank Negara Indonesia (Persero) Tbk | 4154060 | &nbsp;&nbsp; 1046820 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 12455607 | &nbsp;&nbsp; 2884841 |
| PT GoTo Gojek Tokopedia Tbk<sup>(a)</sup> | 121316343 | &nbsp;&nbsp; 618958 |
| PT Telkom Indonesia (Persero) Tbk | 11736146 | &nbsp;&nbsp; 1849836 |
| PT United Tractors Tbk | 104000 | &nbsp;&nbsp; 142128 |
|  |  | &nbsp;&nbsp; 13055128 |
| **Malaysia-0.73%** | **Malaysia-0.73%** | **Malaysia-0.73%** |
| CIMB Group Holdings Bhd. | 1527200 | &nbsp;&nbsp; 2522789 |
| Genting Bhd. | 219100 | &nbsp;&nbsp; 162658 |
| Malayan Banking Bhd. | 899000 | &nbsp;&nbsp; 2083260 |
| Petronas Chemicals Group Bhd. | 152700 | &nbsp;&nbsp; 130295 |
| Public Bank Bhd. | 1572700 | &nbsp;&nbsp; 1630345 |
| Sime Darby Bhd. | 276300 | &nbsp;&nbsp; 133157 |
| Tenaga Nasional Bhd. | 542900 | &nbsp;&nbsp; 1746043 |
| Top Glove Corp. Bhd.<sup>(a)</sup> | 3257200 | &nbsp;&nbsp; 663952 |
|  |  | &nbsp;&nbsp; 9072499 |
| **Mexico-2.54%** | **Mexico-2.54%** | **Mexico-2.54%** |
| Alfa S.A.B. de C.V., Class A<sup>(c)</sup> | 347900 | &nbsp;&nbsp; 254682 |
| America Movil S.A.B. de C.V., Class B | 7659558 | &nbsp;&nbsp; 6620676 |
| Arca Continental S.A.B. de C.V. | 62786 | &nbsp;&nbsp; 661923 |
| Banco del Bajio S.A.<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 251893 |
| CEMEX S.A.B. de C.V., Series CPO<sup>(d)</sup> | 5598855 | &nbsp;&nbsp; 3460850 |
| Coca-Cola FEMSA S.A.B. de C.V., <br> Series CPO<br>| 102371 | &nbsp;&nbsp; 965974 |
| Controladora Alpek SAB de CV<sup>(a)(c)</sup> | 317400 | &nbsp;&nbsp; 48968 |
| Fibra Uno Administracion S.A. de C.V. | 747240 | &nbsp;&nbsp; 965400 |
| Fomento Economico Mexicano S.A.B. de <br> C.V., Series CPO<sup>(e)</sup><br>| 430914 | &nbsp;&nbsp; 4542923 |
| Grupo Bimbo S.A.B. de C.V., Series A<sup>(c)</sup> | 212616 | &nbsp;&nbsp; 647678 |
| Grupo Comercial Chedraui S.A. de C.V. | 24100 | &nbsp;&nbsp; 156148 |
| Grupo Financiero Banorte S.A.B. de C.V., <br> Class O<br>| 632852 | &nbsp;&nbsp; 5448185 |
| Grupo Mexico S.A.B. de C.V., Class B | 639407 | &nbsp;&nbsp; 3328510 |
| Grupo Televisa S.A.B., Series CPO<sup>(c)(f)</sup> | 1672296 | &nbsp;&nbsp; 609972 |
| Orbia Advance Corp. S.A.B. de C.V. | 181400 | &nbsp;&nbsp; 121489 |
| Wal-Mart de Mexico S.A.B. de C.V., <br> Series V<br>| 1027607 | &nbsp;&nbsp; 3262619 |
|  |  | &nbsp;&nbsp; 31347890 |
| **Romania-0.08%** | **Romania-0.08%** | **Romania-0.08%** |
| NEPI Rockcastle N.V.<sup>(a)</sup> | 132685 | &nbsp;&nbsp; 1017466 |
| **Russia-0.00%** | **Russia-0.00%** | **Russia-0.00%** |
| Aeroflot PJSC<sup>(a)(g)</sup> | 1684800 | &nbsp;&nbsp; 0 |
| Alrosa PJSC<sup>(g)</sup> | 1976600 | &nbsp;&nbsp; 0 |
| Gazprom PJSC<sup>(a)(g)</sup> | 9643940 | &nbsp;&nbsp; 0 |
| GMK Norilskiy Nickel PAO<sup>(a)(g)</sup> | 2015200 | &nbsp;&nbsp; 0 |
| Inter RAO UES PJSC<sup>(g)</sup> | 29081146 | &nbsp;&nbsp; 0 |
| Lukoil PJSC<sup>(g)</sup> | 261775 | &nbsp;&nbsp; 0 |
| Magnit PJSC<sup>(g)</sup> | 55179 | &nbsp;&nbsp; 0 |
| Mobile TeleSystems PJSC<sup>(g)</sup> | 921186 | &nbsp;&nbsp; 0 |
| Moscow Exchange MICEX-RTS PJSC<sup>(g)</sup> | 550555 | &nbsp;&nbsp; 0 |
| Novatek PJSC<sup>(g)</sup> | 130598 | &nbsp;&nbsp; 0 |
| Novolipetsk Steel PJSC<sup>(g)</sup> | 795328 | &nbsp;&nbsp; 0 |
| Rosneft Oil Co. PJSC<sup>(g)</sup> | 1054960 | &nbsp;&nbsp; 0 |
| Sberbank of Russia PJSC<sup>(g)</sup> | 7562894 | &nbsp;&nbsp; 0 |

---

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

------

**64**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Russia-(continued)** | **Russia-(continued)** | **Russia-(continued)** |
| Severstal PAO<sup>(g)</sup> | 147196 | &nbsp;&nbsp; $0 |
| Sistema AFK PAO<sup>(a)(g)</sup> | 3408447 | &nbsp;&nbsp; 0 |
| Surgutneftegas PAO<sup>(g)</sup> | 3493738 | &nbsp;&nbsp; 0 |
| Surgutneftegas PAO, Preference <br> Shares<sup>(g)</sup><br>| 3804484 | &nbsp;&nbsp; 0 |
| Tatneft PJSC<sup>(g)</sup> | 753855 | &nbsp;&nbsp; 0 |
| Tatneft PJSC, Preference Shares<sup>(g)</sup> | 74068 | &nbsp;&nbsp; 0 |
| VTB Bank PJSC<sup>(a)(g)</sup> | 712692 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 0 |
| **Saudi Arabia-2.48%** | **Saudi Arabia-2.48%** | **Saudi Arabia-2.48%** |
| Al Rajhi Bank | 178443 | &nbsp;&nbsp; 4635648 |
| Alinma Bank | 113455 | &nbsp;&nbsp; 878752 |
| Arab National Bank | 124666 | &nbsp;&nbsp; 715086 |
| Banque Saudi Fransi | 177937 | &nbsp;&nbsp; 871607 |
| Etihad Etisalat Co. | 49424 | &nbsp;&nbsp; 827981 |
| Riyad Bank | 189345 | &nbsp;&nbsp; 1554404 |
| SABIC Agri-Nutrients Co. | 41472 | &nbsp;&nbsp; 1092495 |
| Sahara International Petrochemical Co. | 92562 | &nbsp;&nbsp; 469208 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | 118912 | &nbsp;&nbsp; 1620835 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | 752502 | &nbsp;&nbsp; 5087732 |
| Saudi Awwal Bank | 111215 | &nbsp;&nbsp; 1040698 |
| Saudi Basic Industries Corp. | 135785 | &nbsp;&nbsp; 2207985 |
| Saudi Electricity Co. | 31371 | &nbsp;&nbsp; 125278 |
| Saudi National Bank (The) | 481084 | &nbsp;&nbsp; 4583841 |
| Saudi Telecom Co. | 352216 | &nbsp;&nbsp; 4471713 |
| Yanbu National Petrochemical Co., <br> Class A<br>| 61864 | &nbsp;&nbsp; 527447 |
|  |  | &nbsp;&nbsp; 30710710 |
| **South Africa-3.89%** | **South Africa-3.89%** | **South Africa-3.89%** |
| Absa Group Ltd.<sup>(c)</sup> | 251888 | &nbsp;&nbsp; 2324030 |
| Anglo American Platinum Ltd.<sup>(c)</sup> | 33790 | &nbsp;&nbsp; 1156794 |
| Aspen Pharmacare Holdings Ltd. | 28511 | &nbsp;&nbsp; 187167 |
| Bid Corp. Ltd.<sup>(c)</sup> | 71537 | &nbsp;&nbsp; 1797245 |
| Bidvest Group Ltd. (The) | 95355 | &nbsp;&nbsp; 1208527 |
| Capitec Bank Holdings Ltd. | 8124 | &nbsp;&nbsp; 1507460 |
| Discovery Ltd. | 88202 | &nbsp;&nbsp; 979456 |
| Exxaro Resources Ltd. | 30994 | &nbsp;&nbsp; 253675 |
| FirstRand Ltd. | 1254229 | &nbsp;&nbsp; 4909415 |
| Foschini Group Ltd. (The) | 110470 | &nbsp;&nbsp; 769460 |
| Gold Fields Ltd. | 147918 | &nbsp;&nbsp; 3316755 |
| Growthpoint Properties Ltd. | 1625382 | &nbsp;&nbsp; 1145515 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | 492459 | &nbsp;&nbsp; 2927929 |
| MTN Group Ltd. | 549550 | &nbsp;&nbsp; 3636119 |
| Naspers Ltd. | 20741 | &nbsp;&nbsp; 5452221 |
| Nedbank Group Ltd. | 121023 | &nbsp;&nbsp; 1652534 |
| Northam Platinum Holdings Ltd.<sup>(c)</sup> | 112861 | &nbsp;&nbsp; 757339 |
| Old Mutual Ltd. | 516368 | &nbsp;&nbsp; 314985 |
| Remgro Ltd. | 72940 | &nbsp;&nbsp; 628344 |
| Sanlam Ltd.<sup>(c)</sup> | 393114 | &nbsp;&nbsp; 1789386 |
| Sappi Ltd. | 55671 | &nbsp;&nbsp; 104359 |
| Sasol Ltd.<sup>(a)(c)</sup> | 436534 | &nbsp;&nbsp; 1507411 |
| Shoprite Holdings Ltd. | 104992 | &nbsp;&nbsp; 1614992 |
| Sibanye Stillwater Ltd.<sup>(a)(c)</sup> | 3060352 | &nbsp;&nbsp; 3495519 |
| Standard Bank Group Ltd. | 280374 | &nbsp;&nbsp; 3500415 |
| Thungela Resources Ltd. | 24037 | &nbsp;&nbsp; 119547 |
| Vodacom Group Ltd. | 39843 | &nbsp;&nbsp; 294729 |
| Woolworths Holdings Ltd.<sup>(c)</sup> | 218175 | &nbsp;&nbsp; 676318 |
|  |  | &nbsp;&nbsp; 48027646 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan-16.90%** | **Taiwan-16.90%** | **Taiwan-16.90%** |
| Acer, Inc. | 1190000 | &nbsp;&nbsp; $1300343 |
| ASE Technology Holding Co. Ltd. | 1231000 | &nbsp;&nbsp; 5245537 |
| Asia Cement Corp. | 200000 | &nbsp;&nbsp; 281709 |
| Asustek Computer, Inc. | 273600 | &nbsp;&nbsp; 5003298 |
| AUO Corp.<sup>(a)</sup> | 3866244 | &nbsp;&nbsp; 1487536 |
| Catcher Technology Co. Ltd. | 193000 | &nbsp;&nbsp; 1313793 |
| Cathay Financial Holding Co. Ltd. | 1510919 | &nbsp;&nbsp; 2783885 |
| Chailease Holding Co. Ltd. | 366943 | &nbsp;&nbsp; 1320296 |
| Cheng Shin Rubber Industry Co. Ltd. | 393000 | &nbsp;&nbsp; 606995 |
| Chicony Electronics Co. Ltd. | 125000 | &nbsp;&nbsp; 602295 |
| China Airlines Ltd. | 882000 | &nbsp;&nbsp; 581027 |
| China Steel Corp. | 2682632 | &nbsp;&nbsp; 1734840 |
| Chunghwa Telecom Co. Ltd. | 756039 | &nbsp;&nbsp; 3056593 |
| Compal Electronics, Inc. | 3522000 | &nbsp;&nbsp; 3034811 |
| CTBC Financial Holding Co. Ltd. | 3680000 | &nbsp;&nbsp; 4534643 |
| Delta Electronics, Inc. | 359000 | &nbsp;&nbsp; 3761676 |
| E.Sun Financial Holding Co. Ltd. | 1461005 | &nbsp;&nbsp; 1295878 |
| Eva Airways Corp. | 827000 | &nbsp;&nbsp; 993334 |
| Evergreen Marine Corp. Taiwan Ltd. | 1220000 | &nbsp;&nbsp; 7904357 |
| Far Eastern New Century Corp. | 342000 | &nbsp;&nbsp; 351934 |
| Far EasTone Telecommunications Co. <br> Ltd.<br>| 368000 | &nbsp;&nbsp; 986814 |
| First Financial Holding Co. Ltd. | 1193673 | &nbsp;&nbsp; 950531 |
| Formosa Chemicals & Fibre Corp. | 539000 | &nbsp;&nbsp; 421204 |
| Formosa Petrochemical Corp. | 247000 | &nbsp;&nbsp; 270402 |
| Formosa Plastics Corp. | 1290280 | &nbsp;&nbsp; 1374708 |
| Fubon Financial Holding Co. Ltd. | 1217870 | &nbsp;&nbsp; 3227881 |
| Globalwafers Co. Ltd. | 34457 | &nbsp;&nbsp; 332547 |
| Hon Hai Precision Industry Co. Ltd. | 3494930 | &nbsp;&nbsp; 15570953 |
| Hua Nan Financial Holdings Co. Ltd. | 353000 | &nbsp;&nbsp; 298891 |
| Innolux Corp. | 5292444 | &nbsp;&nbsp; 2266538 |
| Inventec Corp. | 1146000 | &nbsp;&nbsp; 1463844 |
| KGI Financial Holding Co. Ltd. | 3162000 | &nbsp;&nbsp; 1640053 |
| Largan Precision Co. Ltd. | 23000 | &nbsp;&nbsp; 1639709 |
| Lite-On Technology Corp. | 546313 | &nbsp;&nbsp; 1652174 |
| MediaTek, Inc. | 308600 | &nbsp;&nbsp; 13113371 |
| Mega Financial Holding Co. Ltd. | 1529985 | &nbsp;&nbsp; 1811932 |
| Micro-Star International Co. Ltd. | 221000 | &nbsp;&nbsp; 966560 |
| Nan Ya Plastics Corp. | 860940 | &nbsp;&nbsp; 825046 |
| Nanya Technology Corp.<sup>(a)</sup> | 345000 | &nbsp;&nbsp; 389521 |
| Novatek Microelectronics Corp. | 144000 | &nbsp;&nbsp; 2341908 |
| Pegatron Corp. | 709260 | &nbsp;&nbsp; 1802069 |
| Pou Chen Corp. | 376000 | &nbsp;&nbsp; 387193 |
| Powerchip Semiconductor Manufacturing <br> Corp.<sup>(a)</sup><br>| 761000 | &nbsp;&nbsp; 336429 |
| Powertech Technology, Inc. | 297000 | &nbsp;&nbsp; 1009212 |
| Qisda Corp. | 439000 | &nbsp;&nbsp; 367747 |
| Quanta Computer, Inc. | 609000 | &nbsp;&nbsp; 4575229 |
| Radiant Opto-Electronics Corp. | 135000 | &nbsp;&nbsp; 627111 |
| Realtek Semiconductor Corp. | 106000 | &nbsp;&nbsp; 1742542 |
| Shanghai Commercial & Savings Bank Ltd. <br> (The)<br>| 248000 | &nbsp;&nbsp; 365718 |
| Shin Kong Financial Holding Co. Ltd.<sup>(a)</sup> | 1002000 | &nbsp;&nbsp; 369753 |
| Simplo Technology Co. Ltd. | 53000 | &nbsp;&nbsp; 580130 |
| Sino-American Silicon Products, Inc. | 122000 | &nbsp;&nbsp; 422931 |
| SinoPac Financial Holdings Co. Ltd. | 1515224 | &nbsp;&nbsp; 1012507 |
| Synnex Technology International Corp. | 130000 | &nbsp;&nbsp; 288410 |
| Taishin Financial Holding Co. Ltd. | 822000 | &nbsp;&nbsp; 429553 |
| Taiwan Cooperative Financial Holding Co. <br> Ltd.<br>| 286000 | &nbsp;&nbsp; 218438 |

---

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

------

**65**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan-(continued)** | **Taiwan-(continued)** | **Taiwan-(continued)** |
| Taiwan Mobile Co. Ltd. | 339000 | &nbsp;&nbsp; $1203623 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| 2308000 | &nbsp;&nbsp; 65396151 |
| TCC Group Holdings Co. Ltd. | 1502136 | &nbsp;&nbsp; 1395947 |
| Tripod Technology Corp. | 92000 | &nbsp;&nbsp; 531184 |
| Unimicron Technology Corp. | 249000 | &nbsp;&nbsp; 734566 |
| Uni-President Enterprises Corp. | 704941 | &nbsp;&nbsp; 1694088 |
| United Microelectronics Corp. | 3914000 | &nbsp;&nbsp; 5492327 |
| Walsin Lihwa Corp. | 1117000 | &nbsp;&nbsp; 723599 |
| Wan Hai Lines Ltd. | 770000 | &nbsp;&nbsp; 2001364 |
| Winbond Electronics Corp.<sup>(a)</sup> | 1327000 | &nbsp;&nbsp; 657794 |
| Wistron Corp. | 1126875 | &nbsp;&nbsp; 3615870 |
| Wiwynn Corp. | 9000 | &nbsp;&nbsp; 541632 |
| WPG Holdings Ltd. | 645000 | &nbsp;&nbsp; 1366487 |
| WT Microelectronics Co. Ltd. | 218000 | &nbsp;&nbsp; 798550 |
| Yageo Corp. | 125540 | &nbsp;&nbsp; 1800016 |
| Yang Ming Marine Transport Corp. | 2271000 | &nbsp;&nbsp; 4851943 |
| Yuanta Financial Holding Co. Ltd. | 1825825 | &nbsp;&nbsp; 1788871 |
| Zhen Ding Technology Holding Ltd. | 325000 | &nbsp;&nbsp; 995609 |
|  |  | &nbsp;&nbsp; 208863960 |
| **Thailand-3.08%** | **Thailand-3.08%** | **Thailand-3.08%** |
| Advanced Info Service PCL, NVDR | 244916 | &nbsp;&nbsp; 2160325 |
| Bangchak Corp. PCL, NVDR | 570651 | &nbsp;&nbsp; 610173 |
| Bangkok Bank PCL, NVDR | 491238 | &nbsp;&nbsp; 2057457 |
| Bangkok Dusit Medical Services PCL, <br> NVDR<br>| 1425441 | &nbsp;&nbsp; 1022235 |
| Banpu PCL, NVDR | 10226414 | &nbsp;&nbsp; 1314358 |
| Charoen Pokphand Foods PCL, NVDR | 2668987 | &nbsp;&nbsp; 2114057 |
| CP ALL PCL, NVDR | 1505838 | &nbsp;&nbsp; 2318649 |
| Indorama Ventures PCL, NVDR | 1224327 | &nbsp;&nbsp; 695596 |
| Kasikornbank PCL, NVDR | 1078300 | &nbsp;&nbsp; 5149409 |
| Krung Thai Bank PCL, NVDR | 3365224 | &nbsp;&nbsp; 2196003 |
| PTT Exploration & Production PCL, NVDR | 529962 | &nbsp;&nbsp; 1577209 |
| PTT Global Chemical PCL, NVDR | 2198490 | &nbsp;&nbsp; 1137988 |
| PTT PCL, NVDR | 8087908 | &nbsp;&nbsp; 7500571 |
| SCB X PCL, NVDR | 955391 | &nbsp;&nbsp; 3404327 |
| Siam Cement PCL (The), NVDR | 404151 | &nbsp;&nbsp; 1931163 |
| Thai Oil PCL, NVDR | 1014485 | &nbsp;&nbsp; 811543 |
| TMBThanachart Bank PCL, NVDR | 16486331 | &nbsp;&nbsp; 903101 |
| True Corp. PCL, NVDR<sup>(a)</sup> | 3276024 | &nbsp;&nbsp; 1186035 |
|  |  | &nbsp;&nbsp; 38090199 |
| **Turkey-1.23%** | **Turkey-1.23%** | **Turkey-1.23%** |
| Akbank T.A.S. | 1525357 | &nbsp;&nbsp; 1940065 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Turkey-(continued)** | **Turkey-(continued)** | **Turkey-(continued)** |
| BIM Birlesik Magazalar A.S. | 113625 | &nbsp;&nbsp; $1336110 |
| Eregli Demir ve Celik Fabrikalari T.A.S. | 3012587 | &nbsp;&nbsp; 1770657 |
| Haci Omer Sabanci Holding A.S. | 721164 | &nbsp;&nbsp; 1380640 |
| KOC Holding A.S. | 544944 | &nbsp;&nbsp; 1963824 |
| Turk Hava Yollari AO<sup>(a)</sup> | 263807 | &nbsp;&nbsp; 1959210 |
| Turkcell Iletisim Hizmetleri A.S. | 468324 | &nbsp;&nbsp; 1099478 |
| Turkiye Is Bankasi A.S., Class C | 4052403 | &nbsp;&nbsp; 1092084 |
| Turkiye Petrol Rafinerileri A.S. | 403889 | &nbsp;&nbsp; 1313966 |
| Turkiye Sise ve Cam Fabrikalari A.S. | 359951 | &nbsp;&nbsp; 321892 |
| Yapi Ve Kredi Bankasi A.S.<sup>(a)</sup> | 1804884 | &nbsp;&nbsp; 1074405 |
|  |  | &nbsp;&nbsp; 15252331 |
| **United Kingdom-0.30%** | **United Kingdom-0.30%** | **United Kingdom-0.30%** |
| AngloGold Ashanti PLC<sup>(c)</sup> | 88509 | &nbsp;&nbsp; 3731540 |
| **United States-0.44%** | **United States-0.44%** | **United States-0.44%** |
| JBS S.A. | 699222 | &nbsp;&nbsp; 5444184 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,087,105,244) | Total Common Stocks & Other Equity Interests <br>(Cost $1,087,105,244) | &nbsp;&nbsp; 1228624513 |
| **Money Market Funds-0.90%** | **Money Market Funds-0.90%** | **Money Market Funds-0.90%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(h)(i)</sup> <br>(Cost $11,058,085)<br>| 11058085 | &nbsp;&nbsp; 11058085 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.29% <br>(Cost $1,098,163,329) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.29% <br>(Cost $1,098,163,329) | &nbsp;&nbsp; 1239682598 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-2.52%** | **Money Market Funds-2.52%** | **Money Market Funds-2.52%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(h)(i)(j)</sup><br>| 8664643 | &nbsp;&nbsp; 8664643 |
| Invesco Private Prime Fund, 4.46%<sup>(h)(i)(j)</sup> | 22519556 | &nbsp;&nbsp; 22524060 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,189,168) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $31,189,168) | &nbsp;&nbsp; 31188703 |
| TOTAL INVESTMENTS IN SECURITIES-102.81% <br>(Cost $1,129,352,497) | TOTAL INVESTMENTS IN SECURITIES-102.81% <br>(Cost $1,129,352,497) | &nbsp;&nbsp; 1270871301 |
| OTHER ASSETS LESS LIABILITIES-(2.81)% | OTHER ASSETS LESS LIABILITIES-(2.81)% | &nbsp;&nbsp; (34743660)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1236127641 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| CPO-Certificates of Ordinary Participation |
| NVDR-Non-Voting Depositary Receipt |

---

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

------

**66**

------

**Invesco RAFI Emerging Markets ETF (PXH)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $48,038,232, which represented 3.89% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(d)</sup> | Each CPO for Cemex S.A.B. de C.V. represents two Series A shares and one Series B share. |
| <sup>(e)</sup> | Each CPO for Fomento Economico Mexicano, S.A.B. de C.V. represents one Series B share and four Series D shares. |
| <sup>(f)</sup> | Each CPO for Grupo Televisa S.A.B. represents twenty-five Series A shares, twenty-two Series B shares, thirty-five Series D shares and thirty-five Series L <br> shares.<br>|
| <sup>(g)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(h)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $9010769 | &nbsp;&nbsp; $82462758 | &nbsp;&nbsp; $(80415442)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11058085 | &nbsp;&nbsp; $216080 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 15286308 | &nbsp;&nbsp; 36781941 | &nbsp;&nbsp; (43403606)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8664643 | &nbsp;&nbsp; 187,159<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 39859532 | &nbsp;&nbsp; 84541748 | &nbsp;&nbsp; (101874910)<br>| &nbsp;&nbsp; 2306 | &nbsp;&nbsp; (4616)<br>| &nbsp;&nbsp; 22524060 | &nbsp;&nbsp; 498,591<br> \*<br>|
| Total | &nbsp;&nbsp; $64156609 | &nbsp;&nbsp; $203786447 | &nbsp;&nbsp; $(225693958)<br>| &nbsp;&nbsp; $2306 | &nbsp;&nbsp; $(4616)<br>| &nbsp;&nbsp; $42246788 | &nbsp;&nbsp; $901830 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** | **Open Futures Contracts** |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br>|
| **Equity Risk** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 95 | June-2025 | &nbsp;&nbsp; $5272500 | &nbsp;&nbsp; $95708 | &nbsp;&nbsp; $95708 |

---

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

------

**67**

------

**Invesco S&P Global Water Index ETF (CGW)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.67%** | **Common Stocks & Other Equity Interests-99.67%** | **Common Stocks & Other Equity Interests-99.67%** |
| **Austria-0.97%** | **Austria-0.97%** | **Austria-0.97%** |
| Wienerberger AG | 257650 | &nbsp;&nbsp; $9077731 |
| **Brazil-7.40%** | **Brazil-7.40%** | **Brazil-7.40%** |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP<br>| 2751500 | &nbsp;&nbsp; 55351739 |
| Cia de Saneamento de Minas Gerais <br> COPASA MG<br>| 1602500 | &nbsp;&nbsp; 6068746 |
| Cia de Saneamento do Parana, Series CPO | 1431900 | &nbsp;&nbsp; 7772333 |
|  |  | &nbsp;&nbsp; 69192818 |
| **China-1.26%** | **China-1.26%** | **China-1.26%** |
| Beijing Capital Eco-environment Protection <br> Group Co. Ltd., A Shares<br>| 2330900 | &nbsp;&nbsp; 1014523 |
| Beijing Enterprises Water Group Ltd.<sup>(a)</sup> | 19256277 | &nbsp;&nbsp; 6082810 |
| Beijing Originwater Technology Co. Ltd., A <br> Shares<br>| 1829500 | &nbsp;&nbsp; 1117237 |
| Chengdu Xingrong Environment Co. Ltd., A <br> Shares<br>| 1496200 | &nbsp;&nbsp; 1461009 |
| China Lesso Group Holdings Ltd. | 1406562 | &nbsp;&nbsp; 748920 |
| Jingjin Equipment, Inc., A Shares | 195700 | &nbsp;&nbsp; 438559 |
| Zhongshan Public Utilities Group Co. Ltd., A <br> Shares<br>| 791200 | &nbsp;&nbsp; 930218 |
|  |  | &nbsp;&nbsp; 11793276 |
| **Finland-0.50%** | **Finland-0.50%** | **Finland-0.50%** |
| Kemira OYJ | 225821 | &nbsp;&nbsp; 4675647 |
| **France-4.21%** | **France-4.21%** | **France-4.21%** |
| Veolia Environnement S.A.<sup>(a)</sup> | 1074859 | &nbsp;&nbsp; 39393405 |
| **India-2.00%** | **India-2.00%** | **India-2.00%** |
| Astral Ltd. | 340497 | &nbsp;&nbsp; 5419076 |
| ElectroSteel Castings Ltd. | 1464259 | &nbsp;&nbsp; 1680480 |
| Jain Irrigation Systems Ltd.<sup>(b)</sup> | 759086 | &nbsp;&nbsp; 471206 |
| Jindal SAW Ltd. | 419562 | &nbsp;&nbsp; 1234514 |
| Supreme Industries Ltd. | 124556 | &nbsp;&nbsp; 5217212 |
| VA Tech Wabag Ltd.<sup>(b)</sup> | 303250 | &nbsp;&nbsp; 4619147 |
|  |  | &nbsp;&nbsp; 18641635 |
| **Italy-0.68%** | **Italy-0.68%** | **Italy-0.68%** |
| Interpump Group S.p.A.<sup>(a)</sup> | 184737 | &nbsp;&nbsp; 6357885 |
| **Japan-2.94%** | **Japan-2.94%** | **Japan-2.94%** |
| Kurita Water Industries Ltd. | 577041 | &nbsp;&nbsp; 19150021 |
| Nomura Micro Science Co. Ltd.<sup>(a)</sup> | 149153 | &nbsp;&nbsp; 2451399 |
| Organo Corp. | 122126 | &nbsp;&nbsp; 5859974 |
|  |  | &nbsp;&nbsp; 27461394 |
| **Mexico-0.12%** | **Mexico-0.12%** | **Mexico-0.12%** |
| Orbia Advance Corp. S.A.B. de C.V.<sup>(a)</sup> | 1712936 | &nbsp;&nbsp; 1147208 |
| **Netherlands-0.48%** | **Netherlands-0.48%** | **Netherlands-0.48%** |
| Aalberts N.V. | 134479 | &nbsp;&nbsp; 4480970 |
| **Saudi Arabia-0.57%** | **Saudi Arabia-0.57%** | **Saudi Arabia-0.57%** |
| Alkhorayef Water and Power Technologies <br> Co.<sup>(b)</sup><br>| 43391 | &nbsp;&nbsp; 1874553 |
| Power and Water Utility Co. for Jubail and <br> Yanbu<br>| 293940 | &nbsp;&nbsp; 3430600 |
|  |  | &nbsp;&nbsp; 5305153 |
| **South Korea-0.83%** | **South Korea-0.83%** | **South Korea-0.83%** |
| Coway Co. Ltd. | 125583 | &nbsp;&nbsp; 7732203 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Switzerland-7.68%** | **Switzerland-7.68%** | **Switzerland-7.68%** |
| Belimo Holding AG | 18285 | &nbsp;&nbsp; $15604133 |
| Geberit AG | 53317 | &nbsp;&nbsp; 37095589 |
| Georg Fischer AG<sup>(a)</sup> | 180237 | &nbsp;&nbsp; 13089078 |
| Sulzer AG | 35445 | &nbsp;&nbsp; 6025714 |
|  |  | &nbsp;&nbsp; 71814514 |
| **Taiwan-0.17%** | **Taiwan-0.17%** | **Taiwan-0.17%** |
| Kuo Toong International Co. Ltd. | 935000 | &nbsp;&nbsp; 1617260 |
| **Thailand-0.14%** | **Thailand-0.14%** | **Thailand-0.14%** |
| Amata Corp. PCL, NVDR | 2937049 | &nbsp;&nbsp; 1305920 |
| **United Kingdom-12.32%** | **United Kingdom-12.32%** | **United Kingdom-12.32%** |
| Pennon Group PLC | 2805631 | &nbsp;&nbsp; 18824122 |
| Severn Trent PLC | 1307407 | &nbsp;&nbsp; 48741432 |
| United Utilities Group PLC | 3161252 | &nbsp;&nbsp; 47634389 |
|  |  | &nbsp;&nbsp; 115199943 |
| **United States-57.40%** | **United States-57.40%** | **United States-57.40%** |
| Advanced Drainage Systems, Inc. | 240354 | &nbsp;&nbsp; 27277776 |
| American States Water Co.<sup>(a)</sup> | 220657 | &nbsp;&nbsp; 17897489 |
| American Water Works Co., Inc. | 483187 | &nbsp;&nbsp; 71033321 |
| Badger Meter, Inc.<sup>(a)</sup> | 108937 | &nbsp;&nbsp; 24055468 |
| California Water Service Group<sup>(a)</sup> | 309121 | &nbsp;&nbsp; 15656979 |
| Consolidated Water Co. Ltd.<sup>(a)</sup> | 109868 | &nbsp;&nbsp; 2553332 |
| Core & Main, Inc., Class A<sup>(a)(b)</sup> | 544615 | &nbsp;&nbsp; 28690318 |
| Ecolab, Inc. | 141326 | &nbsp;&nbsp; 35533596 |
| Energy Recovery, Inc.<sup>(a)(b)</sup> | 227863 | &nbsp;&nbsp; 3520483 |
| Essential Utilities, Inc. | 902014 | &nbsp;&nbsp; 37099836 |
| Franklin Electric Co., Inc. | 139590 | &nbsp;&nbsp; 11859566 |
| Hawkins, Inc.<sup>(a)</sup> | 30921 | &nbsp;&nbsp; 3765559 |
| Lindsay Corp.<sup>(a)</sup> | 40990 | &nbsp;&nbsp; 5290169 |
| Middlesex Water Co.<sup>(a)</sup> | 103054 | &nbsp;&nbsp; 6504769 |
| Montrose Environmental Group, Inc.<sup>(a)(b)</sup> | 109834 | &nbsp;&nbsp; 1606872 |
| Mueller Water Products, Inc., Class A<sup>(a)</sup> | 532347 | &nbsp;&nbsp; 13968785 |
| Otter Tail Corp.<sup>(a)</sup> | 81221 | &nbsp;&nbsp; 6447323 |
| Pentair PLC | 316788 | &nbsp;&nbsp; 28742175 |
| Select Water Solutions, Inc., Class A | 640976 | &nbsp;&nbsp; 5461116 |
| SJW Group | 169314 | &nbsp;&nbsp; 9606876 |
| TETRA Technologies, Inc.<sup>(a)(b)</sup> | 631571 | &nbsp;&nbsp; 1799977 |
| Valmont Industries, Inc.<sup>(a)</sup> | 38834 | &nbsp;&nbsp; 11386906 |
| Veralto Corp. | 552812 | &nbsp;&nbsp; 53014671 |
| Watts Water Technologies, Inc., Class A<sup>(a)</sup> | 101770 | &nbsp;&nbsp; 21142718 |
| Xylem, Inc. | 607495 | &nbsp;&nbsp; 73245672 |
| Zurn Elkay Water Solutions Corp.<sup>(a)</sup> | 570939 | &nbsp;&nbsp; 19389089 |
|  |  | &nbsp;&nbsp; 536550841 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.67% <br>(Cost $762,089,874) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.67% <br>(Cost $762,089,874) | &nbsp;&nbsp; 931747803 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-8.59%** | **Money Market Funds-8.59%** | **Money Market Funds-8.59%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(c)(d)(e)</sup><br>| 22275534 | &nbsp;&nbsp; 22275534 |

---

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

------

**68**

------

**Invesco S&P Global Water Index ETF (CGW)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 4.46%<sup>(c)(d)(e)</sup> | 57964585 | &nbsp;&nbsp; $57976178 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $80,252,435) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $80,252,435) | &nbsp;&nbsp; 80251712 |
| TOTAL INVESTMENTS IN SECURITIES-108.26% <br>(Cost $842,342,309) | TOTAL INVESTMENTS IN SECURITIES-108.26% <br>(Cost $842,342,309) | &nbsp;&nbsp; 1011999515 |
| OTHER ASSETS LESS LIABILITIES-(8.26)% | OTHER ASSETS LESS LIABILITIES-(8.26)% | &nbsp;&nbsp; (77173347)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $934826168 |

---

Investment Abbreviations: <br> CPO-Certificates of Ordinary Participation <br> NVDR-Non-Voting Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $62938 | &nbsp;&nbsp; $19387820 | &nbsp;&nbsp; $(19450758)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8326 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 5966431 | &nbsp;&nbsp; 111347360 | &nbsp;&nbsp; (95038257)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22275534 | &nbsp;&nbsp; 357,500<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 15554204 | &nbsp;&nbsp; 235104294 | &nbsp;&nbsp; (192678307)<br>| &nbsp;&nbsp; (184)<br>| &nbsp;&nbsp; (3829)<br>| &nbsp;&nbsp; 57976178 | &nbsp;&nbsp; 956,519<br> \*<br>|
| Total | &nbsp;&nbsp; $21583573 | &nbsp;&nbsp; $365839474 | &nbsp;&nbsp; $(307167322)<br>| &nbsp;&nbsp; $(184)<br>| &nbsp;&nbsp; $(3829)<br>| &nbsp;&nbsp; $80251712 | &nbsp;&nbsp; $1322345 |

---

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

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

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

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

------

**69**

------

**Invesco S&P International Developed Quality ETF (IDHQ)**

April 30, 2025

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.53%** | **Common Stocks & Other Equity Interests-99.53%** | **Common Stocks & Other Equity Interests-99.53%** |
| **Australia-5.55%** | **Australia-5.55%** | **Australia-5.55%** |
| AGL Energy Ltd. | 36163 | &nbsp;&nbsp; $246182 |
| Ampol Ltd.<sup>(a)</sup> | 15082 | &nbsp;&nbsp; 228758 |
| BHP Group Ltd. | 299615 | &nbsp;&nbsp; 7133117 |
| Brambles Ltd. | 86882 | &nbsp;&nbsp; 1140526 |
| Cochlear Ltd. | 3697 | &nbsp;&nbsp; 646750 |
| Computershare Ltd. | 39524 | &nbsp;&nbsp; 1031690 |
| Fortescue Ltd. | 117541 | &nbsp;&nbsp; 1212600 |
| James Hardie Industries PLC, CDI<sup>(a)(b)</sup> | 26586 | &nbsp;&nbsp; 623350 |
| JB Hi-Fi Ltd. | 8068 | &nbsp;&nbsp; 534064 |
| Pro Medicus Ltd. | 2882 | &nbsp;&nbsp; 422127 |
| QBE Insurance Group Ltd. | 94027 | &nbsp;&nbsp; 1298026 |
| REA Group Ltd. | 3496 | &nbsp;&nbsp; 554837 |
| Rio Tinto PLC | 65294 | &nbsp;&nbsp; 3899590 |
| Wesfarmers Ltd. | 73673 | &nbsp;&nbsp; 3686708 |
|  |  | &nbsp;&nbsp; 22658325 |
| **Austria-0.18%** | **Austria-0.18%** | **Austria-0.18%** |
| ANDRITZ AG | 5197 | &nbsp;&nbsp; 374741 |
| Verbund AG | 4612 | &nbsp;&nbsp; 355657 |
|  |  | &nbsp;&nbsp; 730398 |
| **Belgium-0.06%** | **Belgium-0.06%** | **Belgium-0.06%** |
| Lotus Bakeries N.V. | 24 | &nbsp;&nbsp; 231556 |
| **Canada-3.61%** | **Canada-3.61%** | **Canada-3.61%** |
| Brookfield Asset Management Ltd., Class A | 20270 | &nbsp;&nbsp; 1079462 |
| Canadian National Railway Co. | 36143 | &nbsp;&nbsp; 3493413 |
| Canadian Natural Resources Ltd.<sup>(a)</sup> | 130613 | &nbsp;&nbsp; 3740716 |
| CGI, Inc., Class A | 10226 | &nbsp;&nbsp; 1082196 |
| Imperial Oil Ltd. | 9113 | &nbsp;&nbsp; 613493 |
| Open Text Corp. | 14558 | &nbsp;&nbsp; 393328 |
| Suncor Energy, Inc. | 68267 | &nbsp;&nbsp; 2406371 |
| Thomson Reuters Corp. | 10478 | &nbsp;&nbsp; 1945936 |
|  |  | &nbsp;&nbsp; 14754915 |
| **China-0.12%** | **China-0.12%** | **China-0.12%** |
| Budweiser Brewing Co. APAC Ltd.<sup>(a)(c)</sup> | 204943 | &nbsp;&nbsp; 216574 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(a)</sup> | 214455 | &nbsp;&nbsp; 286719 |
|  |  | &nbsp;&nbsp; 503293 |
| **Denmark-3.20%** | **Denmark-3.20%** | **Denmark-3.20%** |
| A.P. Moller - Maersk A/S, Class B<sup>(a)</sup> | 264 | &nbsp;&nbsp; 456208 |
| Genmab A/S<sup>(b)</sup> | 3939 | &nbsp;&nbsp; 838217 |
| Novo Nordisk A/S, Class B | 175312 | &nbsp;&nbsp; 11763680 |
|  |  | &nbsp;&nbsp; 13058105 |
| **Finland-1.39%** | **Finland-1.39%** | **Finland-1.39%** |
| Elisa OYJ<sup>(a)</sup> | 10460 | &nbsp;&nbsp; 559941 |
| Fortum OYJ<sup>(a)</sup> | 28240 | &nbsp;&nbsp; 475118 |
| Kone OYJ, Class B | 36669 | &nbsp;&nbsp; 2278797 |
| Sampo OYJ | 175390 | &nbsp;&nbsp; 1763213 |
| Wartsila OYJ Abp | 32260 | &nbsp;&nbsp; 598098 |
|  |  | &nbsp;&nbsp; 5675167 |
| **France-6.47%** | **France-6.47%** | **France-6.47%** |
| Dassault Systemes SE | 34047 | &nbsp;&nbsp; 1280343 |
| Hermes International S.C.A. | 2077 | &nbsp;&nbsp; 5731789 |
| L'Oreal S.A. | 12299 | &nbsp;&nbsp; 5453215 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **France-(continued)** | **France-(continued)** | **France-(continued)** |
| LVMH Moet Hennessy Louis Vuitton SE | 12245 | &nbsp;&nbsp; $6806217 |
| TotalEnergies SE | 125315 | &nbsp;&nbsp; 7161913 |
|  |  | &nbsp;&nbsp; 26433477 |
| **Germany-7.78%** | **Germany-7.78%** | **Germany-7.78%** |
| Allianz SE | 21490 | &nbsp;&nbsp; 8918365 |
| Deutsche Boerse AG | 10102 | &nbsp;&nbsp; 3264996 |
| Dr. Ing. h.c. F. Porsche AG, Preference <br> Shares<sup>(c)</sup><br>| 4601 | &nbsp;&nbsp; 232096 |
| Hannover Rueck SE | 3813 | &nbsp;&nbsp; 1228186 |
| Henkel AG & Co. KGaA, Preference Shares | 8497 | &nbsp;&nbsp; 662203 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Class R<br>| 8357 | &nbsp;&nbsp; 5740980 |
| Siemens AG | 39568 | &nbsp;&nbsp; 9142350 |
| Siemens Energy AG, Class A<sup>(b)</sup> | 33127 | &nbsp;&nbsp; 2565667 |
|  |  | &nbsp;&nbsp; 31754843 |
| **Hong Kong-1.16%** | **Hong Kong-1.16%** | **Hong Kong-1.16%** |
| Cathay Pacific Airways Ltd. | 155300 | &nbsp;&nbsp; 178471 |
| Hong Kong Exchanges & Clearing Ltd. | 87259 | &nbsp;&nbsp; 3812762 |
| Techtronic Industries Co. Ltd. | 73703 | &nbsp;&nbsp; 741832 |
|  |  | &nbsp;&nbsp; 4733065 |
| **Israel-0.54%** | **Israel-0.54%** | **Israel-0.54%** |
| Check Point Software Technologies Ltd.<sup>(b)</sup> | 7712 | &nbsp;&nbsp; 1693247 |
| First International Bank of Israel Ltd. (The) | 3864 | &nbsp;&nbsp; 212228 |
| Plus500 Ltd. | 7611 | &nbsp;&nbsp; 312694 |
|  |  | &nbsp;&nbsp; 2218169 |
| **Italy-1.51%** | **Italy-1.51%** | **Italy-1.51%** |
| Ferrari N.V. | 8294 | &nbsp;&nbsp; 3809905 |
| FinecoBank Banca Fineco S.p.A.<sup>(a)</sup> | 44348 | &nbsp;&nbsp; 890500 |
| Moncler S.p.A. | 12277 | &nbsp;&nbsp; 760356 |
| Ryanair Holdings PLC, ADR<sup>(a)</sup> | 14948 | &nbsp;&nbsp; 715411 |
|  |  | &nbsp;&nbsp; 6176172 |
| **Japan-11.85%** | **Japan-11.85%** | **Japan-11.85%** |
| ASICS Corp. | 50442 | &nbsp;&nbsp; 1086787 |
| Azbil Corp. | 25061 | &nbsp;&nbsp; 216322 |
| Bandai Namco Holdings, Inc. | 40498 | &nbsp;&nbsp; 1410763 |
| BayCurrent, Inc. | 10849 | &nbsp;&nbsp; 585977 |
| Capcom Co. Ltd. | 17879 | &nbsp;&nbsp; 518840 |
| Chugai Pharmaceutical Co. Ltd. | 44057 | &nbsp;&nbsp; 2544154 |
| Daiichi Sankyo Co. Ltd. | 123378 | &nbsp;&nbsp; 3163610 |
| Daito Trust Construction Co. Ltd. | 3631 | &nbsp;&nbsp; 405228 |
| Disco Corp. | 6739 | &nbsp;&nbsp; 1306967 |
| GOLDWIN, Inc. | 3346 | &nbsp;&nbsp; 192291 |
| Hitachi Ltd. | 247168 | &nbsp;&nbsp; 6123446 |
| Hoya Corp. | 20690 | &nbsp;&nbsp; 2440316 |
| IHI Corp. | 8763 | &nbsp;&nbsp; 688061 |
| Japan Exchange Group, Inc. | 64180 | &nbsp;&nbsp; 715754 |
| Kawasaki Kisen Kaisha Ltd.<sup>(a)</sup> | 36740 | &nbsp;&nbsp; 505065 |
| Kobe Bussan Co. Ltd. | 10519 | &nbsp;&nbsp; 322228 |
| Konami Group Corp. | 5940 | &nbsp;&nbsp; 850349 |
| Lasertec Corp. | 6755 | &nbsp;&nbsp; 629512 |
| Makita Corp. | 16860 | &nbsp;&nbsp; 494230 |
| McDonald's Holdings Co. (Japan) Ltd.<sup>(a)</sup> | 5042 | &nbsp;&nbsp; 213701 |
| MonotaRO Co. Ltd.<sup>(a)</sup> | 17496 | &nbsp;&nbsp; 337300 |
| Murata Manufacturing Co. Ltd. | 106466 | &nbsp;&nbsp; 1520390 |
| Nomura Research Institute Ltd. | 24209 | &nbsp;&nbsp; 918918 |

---

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

------

**70**

------

**Invesco S&P International Developed Quality ETF (IDHQ)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan-(continued)** | **Japan-(continued)** | **Japan-(continued)** |
| OBIC Business Consultants Co. Ltd. | 4076 | &nbsp;&nbsp; $196407 |
| Olympus Corp. | 68455 | &nbsp;&nbsp; 899104 |
| Ono Pharmaceutical Co. Ltd. | 26572 | &nbsp;&nbsp; 306598 |
| Otsuka Corp. | 13379 | &nbsp;&nbsp; 297441 |
| Persol Holdings Co. Ltd. | 125351 | &nbsp;&nbsp; 227586 |
| Rakus Co. Ltd. | 15408 | &nbsp;&nbsp; 234680 |
| Recruit Holdings Co. Ltd. | 96010 | &nbsp;&nbsp; 5333104 |
| Sankyo Co. Ltd. | 17115 | &nbsp;&nbsp; 261121 |
| Sanrio Co. Ltd. | 14557 | &nbsp;&nbsp; 581424 |
| Santen Pharmaceutical Co. Ltd. | 22113 | &nbsp;&nbsp; 224503 |
| SCREEN Holdings Co. Ltd. | 5258 | &nbsp;&nbsp; 350475 |
| Socionext, Inc.<sup>(a)</sup> | 11688 | &nbsp;&nbsp; 126011 |
| Sompo Holdings, Inc. | 51456 | &nbsp;&nbsp; 1690290 |
| Square Enix Holdings Co. Ltd. | 4871 | &nbsp;&nbsp; 282327 |
| Tokio Marine Holdings, Inc. | 103202 | &nbsp;&nbsp; 4146441 |
| Tokyo Electron Ltd. | 29113 | &nbsp;&nbsp; 4345212 |
| Toyo Suisan Kaisha Ltd. | 5742 | &nbsp;&nbsp; 372081 |
| Trend Micro, Inc. | 9778 | &nbsp;&nbsp; 703250 |
| USS Co. Ltd. | 30441 | &nbsp;&nbsp; 304151 |
| ZOZO, Inc. | 31803 | &nbsp;&nbsp; 323745 |
|  |  | &nbsp;&nbsp; 48396160 |
| **Macau-0.05%** | **Macau-0.05%** | **Macau-0.05%** |
| Sands China Ltd.<sup>(b)</sup> | 125754 | &nbsp;&nbsp; 225245 |
| **Netherlands-7.04%** | **Netherlands-7.04%** | **Netherlands-7.04%** |
| Adyen N.V.<sup>(b)(c)</sup> | 2180 | &nbsp;&nbsp; 3539851 |
| ASML Holding N.V. | 27391 | &nbsp;&nbsp; 18399820 |
| EXOR N.V. | 9910 | &nbsp;&nbsp; 938872 |
| Koninklijke KPN N.V. | 217363 | &nbsp;&nbsp; 1014623 |
| Universal Music Group N.V.<sup>(a)</sup> | 56450 | &nbsp;&nbsp; 1665654 |
| Wolters Kluwer N.V. | 17911 | &nbsp;&nbsp; 3173237 |
|  |  | &nbsp;&nbsp; 28732057 |
| **Norway-0.91%** | **Norway-0.91%** | **Norway-0.91%** |
| Aker Solutions ASA, Class A | 69769 | &nbsp;&nbsp; 189971 |
| Equinor ASA | 45977 | &nbsp;&nbsp; 1044076 |
| Gjensidige Forsikring ASA | 13302 | &nbsp;&nbsp; 312255 |
| Kongsberg Gruppen ASA | 6504 | &nbsp;&nbsp; 1051232 |
| SalMar ASA | 5085 | &nbsp;&nbsp; 252086 |
| Telenor ASA | 37027 | &nbsp;&nbsp; 557939 |
| Var Energi ASA | 61821 | &nbsp;&nbsp; 170539 |
| Wallenius Wilhelmsen ASA | 21383 | &nbsp;&nbsp; 155473 |
|  |  | &nbsp;&nbsp; 3733571 |
| **Portugal-0.10%** | **Portugal-0.10%** | **Portugal-0.10%** |
| Galp Energia SGPS S.A. | 25869 | &nbsp;&nbsp; 402189 |
| **Singapore-0.24%** | **Singapore-0.24%** | **Singapore-0.24%** |
| Hafnia Ltd.<sup>(a)</sup> | 36107 | &nbsp;&nbsp; 166975 |
| Singapore Exchange Ltd. | 72733 | &nbsp;&nbsp; 800371 |
|  |  | &nbsp;&nbsp; 967346 |
| **South Korea-2.55%** | **South Korea-2.55%** | **South Korea-2.55%** |
| Coupang, Inc.<sup>(b)</sup> | 80352 | &nbsp;&nbsp; 1877826 |
| DB Insurance Co. Ltd. | 3111 | &nbsp;&nbsp; 200427 |
| Hanjin Kal Corp. | 3491 | &nbsp;&nbsp; 194395 |
| Hankook Tire & Technology Co. Ltd. | 7154 | &nbsp;&nbsp; 207794 |
| Hanmi Semiconductor Co. Ltd. | 3440 | &nbsp;&nbsp; 184100 |
| HD Hyundai Electric Co. Ltd. | 1475 | &nbsp;&nbsp; 320997 |
| HD Hyundai Marine Solution Co. Ltd. | 2043 | &nbsp;&nbsp; 220658 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(b)</sup> | 10391 | &nbsp;&nbsp; 162588 |
| Hyundai Rotem Co. Ltd. | 5867 | &nbsp;&nbsp; 462431 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea-(continued)** | **South Korea-(continued)** | **South Korea-(continued)** |
| Kia Corp. | 15259 | &nbsp;&nbsp; $969760 |
| LIG Nex1 Co. Ltd. | 1485 | &nbsp;&nbsp; 335490 |
| Pearl Abyss Corp.<sup>(b)</sup> | 7656 | &nbsp;&nbsp; 190734 |
| Posco DX Co. Ltd. | 12980 | &nbsp;&nbsp; 223880 |
| Samyang Foods Co. Ltd. | 412 | &nbsp;&nbsp; 281207 |
| SK Biopharmaceuticals Co. Ltd.<sup>(b)</sup> | 2820 | &nbsp;&nbsp; 211465 |
| SK hynix, Inc. | 32008 | &nbsp;&nbsp; 3993737 |
| SK Square Co. Ltd.<sup>(b)</sup> | 5804 | &nbsp;&nbsp; 358831 |
|  |  | &nbsp;&nbsp; 10396320 |
| **Spain-2.31%** | **Spain-2.31%** | **Spain-2.31%** |
| Aena SME S.A.<sup>(a)(c)</sup> | 4189 | &nbsp;&nbsp; 1055967 |
| Amadeus IT Group S.A. | 34060 | &nbsp;&nbsp; 2690195 |
| Endesa S.A. | 17489 | &nbsp;&nbsp; 527048 |
| Industria de Diseno Textil S.A.<sup>(a)</sup> | 95370 | &nbsp;&nbsp; 5146176 |
|  |  | &nbsp;&nbsp; 9419386 |
| **Sweden-5.10%** | **Sweden-5.10%** | **Sweden-5.10%** |
| AAK AB<sup>(a)</sup> | 11306 | &nbsp;&nbsp; 296305 |
| Addtech AB, Class B | 13613 | &nbsp;&nbsp; 458953 |
| Alfa Laval AB<sup>(a)</sup> | 17081 | &nbsp;&nbsp; 709962 |
| Atlas Copco AB, Class A | 168348 | &nbsp;&nbsp; 2611373 |
| Axfood AB<sup>(a)</sup> | 9055 | &nbsp;&nbsp; 253686 |
| Essity AB, Class B | 45429 | &nbsp;&nbsp; 1316570 |
| Evolution AB<sup>(a)(c)</sup> | 14623 | &nbsp;&nbsp; 1015166 |
| H & M Hennes & Mauritz AB, Class B<sup>(a)</sup> | 30146 | &nbsp;&nbsp; 437766 |
| Industrivarden AB, Class C<sup>(a)</sup> | 10381 | &nbsp;&nbsp; 365325 |
| Investor AB, Class B<sup>(a)</sup> | 142747 | &nbsp;&nbsp; 4238408 |
| Spotify Technology S.A.<sup>(b)</sup> | 9283 | &nbsp;&nbsp; 5699576 |
| SSAB AB, Class B<sup>(a)</sup> | 42176 | &nbsp;&nbsp; 262721 |
| Tele2 AB, Class B | 30779 | &nbsp;&nbsp; 455084 |
| Trelleborg AB, Class B | 11123 | &nbsp;&nbsp; 384359 |
| Volvo AB, Class B<sup>(a)</sup> | 84856 | &nbsp;&nbsp; 2311612 |
|  |  | &nbsp;&nbsp; 20816866 |
| **Switzerland-15.06%** | **Switzerland-15.06%** | **Switzerland-15.06%** |
| ABB Ltd. | 114357 | &nbsp;&nbsp; 6065736 |
| Chocoladefabriken Lindt & Spruengli AG, <br> PC<sup>(a)</sup><br>| 51 | &nbsp;&nbsp; 746530 |
| EMS-Chemie Holding AG | 510 | &nbsp;&nbsp; 377671 |
| Geberit AG | 2709 | &nbsp;&nbsp; 1884801 |
| Givaudan S.A. | 505 | &nbsp;&nbsp; 2446975 |
| Kuehne + Nagel International AG, Class R<sup>(a)</sup> | 4026 | &nbsp;&nbsp; 931238 |
| Nestle S.A. | 195355 | &nbsp;&nbsp; 20884168 |
| Partners Group Holding AG | 2162 | &nbsp;&nbsp; 2845218 |
| Roche Holding AG | 48896 | &nbsp;&nbsp; 16058376 |
| Schindler Holding AG, PC | 2628 | &nbsp;&nbsp; 965389 |
| Sonova Holding AG, Class A | 3125 | &nbsp;&nbsp; 964877 |
| Straumann Holding AG | 6267 | &nbsp;&nbsp; 767526 |
| Zurich Insurance Group AG | 9173 | &nbsp;&nbsp; 6534644 |
|  |  | &nbsp;&nbsp; 61473149 |
| **United Kingdom-14.93%** | **United Kingdom-14.93%** | **United Kingdom-14.93%** |
| 3i Group PLC | 66970 | &nbsp;&nbsp; 3805146 |
| Admiral Group PLC | 23151 | &nbsp;&nbsp; 1009160 |
| AstraZeneca PLC | 87101 | &nbsp;&nbsp; 12506767 |
| Auto Trader Group PLC<sup>(c)</sup> | 88514 | &nbsp;&nbsp; 996681 |
| BAE Systems PLC | 185522 | &nbsp;&nbsp; 4310571 |
| Centrica PLC | 269437 | &nbsp;&nbsp; 578172 |
| Compass Group PLC | 116116 | &nbsp;&nbsp; 3923644 |
| Diageo PLC | 135131 | &nbsp;&nbsp; 3803074 |

---

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

------

**71**

------

**Invesco S&P International Developed Quality ETF (IDHQ)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom-(continued)** | **United Kingdom-(continued)** | **United Kingdom-(continued)** |
| Imperial Brands PLC | 55495 | &nbsp;&nbsp; $2282254 |
| Intermediate Capital Group PLC | 15406 | &nbsp;&nbsp; 388394 |
| Intertek Group PLC | 10315 | &nbsp;&nbsp; 634921 |
| Marks & Spencer Group PLC | 113386 | &nbsp;&nbsp; 590542 |
| Next PLC | 8054 | &nbsp;&nbsp; 1331712 |
| Reckitt Benckiser Group PLC | 43390 | &nbsp;&nbsp; 2806979 |
| RELX PLC | 142613 | &nbsp;&nbsp; 7800647 |
| Sage Group PLC (The) | 67827 | &nbsp;&nbsp; 1127011 |
| Smiths Group PLC | 21275 | &nbsp;&nbsp; 531358 |
| Unilever PLC | 183115 | &nbsp;&nbsp; 11685159 |
| Wise PLC, Class A<sup>(b)</sup> | 65386 | &nbsp;&nbsp; 859559 |
|  |  | &nbsp;&nbsp; 60971751 |
| **United States-7.82%** | **United States-7.82%** | **United States-7.82%** |
| Experian PLC | 50911 | &nbsp;&nbsp; 2538577 |
| Holcim AG<sup>(b)</sup> | 27021 | &nbsp;&nbsp; 3032770 |
| Monday.com Ltd.<sup>(b)</sup> | 2242 | &nbsp;&nbsp; 629980 |
| Novartis AG | 195945 | &nbsp;&nbsp; 22446868 |
| Oracle Corp. | 1987 | &nbsp;&nbsp; 239449 |
| Swiss Re AG | 16793 | &nbsp;&nbsp; 3027622 |
|  |  | &nbsp;&nbsp; 31915266 |
| Total Common Stocks & Other Equity Interests <br>(Cost $368,273,567) | Total Common Stocks & Other Equity Interests <br>(Cost $368,273,567) | &nbsp;&nbsp; 406376791 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 4.26%<sup>(d)(e)</sup> <br>(Cost $235,597)<br>| 235597 | &nbsp;&nbsp; 235597 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.59% <br>(Cost $368,509,164) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.59% <br>(Cost $368,509,164) | &nbsp;&nbsp; 406612388 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-4.91%** | **Money Market Funds-4.91%** | **Money Market Funds-4.91%** |
| Invesco Private Government Fund, <br> 4.32%<sup>(d)(e)(f)</sup><br>| 5559515 | &nbsp;&nbsp; $5559515 |
| Invesco Private Prime Fund, 4.46%<sup>(d)(e)(f)</sup> | 14470808 | &nbsp;&nbsp; 14473702 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $20,033,879) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $20,033,879) | &nbsp;&nbsp; 20033217 |
| TOTAL INVESTMENTS IN SECURITIES-104.50% <br>(Cost $388,543,043) | TOTAL INVESTMENTS IN SECURITIES-104.50% <br>(Cost $388,543,043) | &nbsp;&nbsp; 426645605 |
| OTHER ASSETS LESS LIABILITIES-(4.50)% | OTHER ASSETS LESS LIABILITIES-(4.50)% | &nbsp;&nbsp; (18368796)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $408276809 |

---

---

| |
|:---|
| Investment Abbreviations: |
| ADR-American Depositary Receipt |
| CDI-CREST Depository Interest |
| PC-Participation Certificate |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | All or a portion of this security was out on loan at April 30, 2025. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> April 30, 2025 was $7,056,335, which represented 1.73% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended April 30, 2025.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**October 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**April 30, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $7635750 | &nbsp;&nbsp; $(7400153)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $235597 | &nbsp;&nbsp; $5261 |

---

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

------

**72**

------

**Invesco S&P International Developed Quality ETF (IDHQ)—(continued)**

April 30, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **October 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **April 30, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; $4100171 | &nbsp;&nbsp; $16499683 | &nbsp;&nbsp; $(15040339)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5559515 | &nbsp;&nbsp; $94,912<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 10693032 | &nbsp;&nbsp; 42831824 | &nbsp;&nbsp; (39050238)<br>| &nbsp;&nbsp; (347)<br>| &nbsp;&nbsp; (569)<br>| &nbsp;&nbsp; 14473702 | &nbsp;&nbsp; 253,465<br> \*<br>|
| Total | &nbsp;&nbsp; $14793203 | &nbsp;&nbsp; $66967257 | &nbsp;&nbsp; $(61490730)<br>| &nbsp;&nbsp; $(347)<br>| &nbsp;&nbsp; $(569)<br>| &nbsp;&nbsp; $20268814 | &nbsp;&nbsp; $353638 |

---

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

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

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

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

------

**73**

------

**Statements of Assets and Liabilities**

April 30, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco China** <br>**Technology** <br>**ETF (CQQQ)**<br>| **Invesco Dorsey Wright** <br>**Developed Markets** <br>**Momentum** <br>**ETF (PIZ)**<br>| **Invesco Dorsey Wright** <br>**Emerging Markets** <br>**Momentum** <br>**ETF (PIE)**<br>| **Invesco** <br>**Global Clean** <br>**Energy** <br>**ETF (PBD)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $948960228 | &nbsp;&nbsp;&nbsp; $264159492 | &nbsp;&nbsp;&nbsp; $84592648 | &nbsp;&nbsp;&nbsp; $64546358 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 108348089 | &nbsp;&nbsp;&nbsp; 9426666 | &nbsp;&nbsp;&nbsp; 3083103 | &nbsp;&nbsp;&nbsp; 17038034 |
| Unrealized appreciation on futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign currencies, at value | &nbsp;&nbsp; 114766 | &nbsp;&nbsp;&nbsp; 262459 | &nbsp;&nbsp;&nbsp; 2062 | &nbsp;&nbsp;&nbsp; 216172 |
| Cash collateral-futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash collateral-failed in-kind securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2853185 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 413599 | &nbsp;&nbsp;&nbsp; 750042 | &nbsp;&nbsp;&nbsp; 159910 | &nbsp;&nbsp;&nbsp; 158551 |
| Securities lending | &nbsp;&nbsp; 40357 | &nbsp;&nbsp;&nbsp; 4252 | &nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp;&nbsp; 71247 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 51221 |
| Investments sold - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2691186 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 22450 |
| Expenses absorbed | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 376709 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 51564 |
| Other assets | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 1057877039 | &nbsp;&nbsp;&nbsp; 280524621 | &nbsp;&nbsp;&nbsp; 87841004 | &nbsp;&nbsp;&nbsp; 82155597 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 101786 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 216989 |
| Due to foreign custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 2800303 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments purchased - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 108117343 | &nbsp;&nbsp;&nbsp; 9426747 | &nbsp;&nbsp;&nbsp; 3017654 | &nbsp;&nbsp;&nbsp; 17039032 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2853185 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 1262 | &nbsp;&nbsp;&nbsp; 51221 |
| Accrued unitary management fees | &nbsp;&nbsp; 517656 | &nbsp;&nbsp;&nbsp; 135462 | &nbsp;&nbsp;&nbsp; 61591 | &nbsp;&nbsp;&nbsp; 39216 |
| Accrued advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other payables | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 108635092 | &nbsp;&nbsp;&nbsp; 15317590 | &nbsp;&nbsp;&nbsp; 3080507 | &nbsp;&nbsp;&nbsp; 17346458 |
| **Net Assets** | &nbsp;&nbsp; $949241947 | &nbsp;&nbsp;&nbsp; $265207031 | &nbsp;&nbsp;&nbsp; $84760497 | &nbsp;&nbsp;&nbsp; $64809139 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1771531588 | &nbsp;&nbsp;&nbsp; $378836659 | &nbsp;&nbsp;&nbsp; $230165503 | &nbsp;&nbsp;&nbsp; $373893628 |
| Distributable earnings (loss) | &nbsp;&nbsp; (822289641)<br>| &nbsp;&nbsp;&nbsp; (113629628)<br>| &nbsp;&nbsp;&nbsp; (145405006)<br>| &nbsp;&nbsp;&nbsp; (309084489)<br>|
| **Net Assets** | &nbsp;&nbsp; $949241947 | &nbsp;&nbsp;&nbsp; $265207031 | &nbsp;&nbsp;&nbsp; $84760497 | &nbsp;&nbsp;&nbsp; $64809139 |
| Shares outstanding (unlimited amount authorized, $0.01 par <br> value)<br>| &nbsp;&nbsp; 22600000 | &nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp; 4600000 | &nbsp;&nbsp;&nbsp; 5925000 |
| Net asset value | &nbsp;&nbsp; $42.00 | &nbsp;&nbsp;&nbsp; $41.44 | &nbsp;&nbsp;&nbsp; $18.43 | &nbsp;&nbsp;&nbsp; $10.94 |
| Market price | &nbsp;&nbsp; $41.88 | &nbsp;&nbsp;&nbsp; $41.52 | &nbsp;&nbsp;&nbsp; $18.30 | &nbsp;&nbsp;&nbsp; $10.91 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $851719523 | &nbsp;&nbsp;&nbsp; $216700061 | &nbsp;&nbsp;&nbsp; $76345067 | &nbsp;&nbsp;&nbsp; $96856434 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $108350846 | &nbsp;&nbsp;&nbsp; $9426747 | &nbsp;&nbsp;&nbsp; $3083155 | &nbsp;&nbsp;&nbsp; $17039032 |
| Foreign currencies (due to foreign custodian), at cost | &nbsp;&nbsp; $114764 | &nbsp;&nbsp;&nbsp; $262035 | &nbsp;&nbsp;&nbsp; $1992 | &nbsp;&nbsp;&nbsp; $212342 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $103339773 | &nbsp;&nbsp;&nbsp; $8114386 | &nbsp;&nbsp;&nbsp; $2863146 | &nbsp;&nbsp;&nbsp; $15931515 |

---

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

------

**74**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Global Water** <br>**ETF (PIO)**<br>| **Invesco** <br>**International** <br>**BuyBack Achievers**<sup>TM</sup> <br>**ETF (IPKW)**<br>| **Invesco** <br>**MSCI Global** <br>**Climate 500** <br>**ETF (KLMT)**<br>| **Invesco MSCI** <br>**Global Timber** <br>**ETF (CUT)**<br>| **Invesco MSCI** <br>**Green Building** <br>**ETF (GBLD)**<br>| **Invesco** <br>**RAFI Developed** <br>**Markets ex-U.S.** <br>**ETF (PXF)**<br>| **Invesco** <br>**RAFI Developed** <br>**Markets ex-U.S.** <br>**Small-Mid ETF (PDN)**<br>|
| $253225169 | &nbsp;&nbsp;&nbsp;&nbsp; $160726384 | &nbsp;&nbsp;&nbsp;&nbsp; $1171415692 | &nbsp;&nbsp;&nbsp;&nbsp; $45823648 | &nbsp;&nbsp;&nbsp;&nbsp; $4935914 | &nbsp;&nbsp;&nbsp;&nbsp; $1897109404 | &nbsp;&nbsp;&nbsp;&nbsp; $323117463 |
| 39582347 | &nbsp;&nbsp;&nbsp;&nbsp; 6561146 | &nbsp;&nbsp;&nbsp;&nbsp; 33129282 | &nbsp;&nbsp;&nbsp;&nbsp; 9453714 | &nbsp;&nbsp;&nbsp;&nbsp; 997707 | &nbsp;&nbsp;&nbsp;&nbsp; 152610820 | &nbsp;&nbsp;&nbsp;&nbsp; 57696312 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 138252 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 9088 | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 28851 | &nbsp;&nbsp;&nbsp;&nbsp; 78560 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 322724 | &nbsp;&nbsp;&nbsp;&nbsp; 368459 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 1223658 | &nbsp;&nbsp;&nbsp;&nbsp; 980794 | &nbsp;&nbsp;&nbsp;&nbsp; 1799528 | &nbsp;&nbsp;&nbsp;&nbsp; 110882 | &nbsp;&nbsp;&nbsp;&nbsp; 27787 | &nbsp;&nbsp;&nbsp;&nbsp; 9043020 | &nbsp;&nbsp;&nbsp;&nbsp; 2416061 |
| 60822 | &nbsp;&nbsp;&nbsp;&nbsp; 3661 | &nbsp;&nbsp;&nbsp;&nbsp; 10603 | &nbsp;&nbsp;&nbsp;&nbsp; 4998 | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 70701 | &nbsp;&nbsp;&nbsp;&nbsp; 37007 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 5660342 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 1147761 | &nbsp;&nbsp;&nbsp;&nbsp; 3591 | &nbsp;&nbsp;&nbsp;&nbsp; 9274 | &nbsp;&nbsp;&nbsp;&nbsp; 216582 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 1610819 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 129891 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 11960 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 188828 | &nbsp;&nbsp;&nbsp;&nbsp; 135214 | &nbsp;&nbsp;&nbsp;&nbsp; 227810 | &nbsp;&nbsp;&nbsp;&nbsp; 30556 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 3384583 | &nbsp;&nbsp;&nbsp;&nbsp; 416793 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3347 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 294309675 | &nbsp;&nbsp;&nbsp;&nbsp; 175756920 | &nbsp;&nbsp;&nbsp;&nbsp; 1206721188 | &nbsp;&nbsp;&nbsp;&nbsp; 56716757 | &nbsp;&nbsp;&nbsp;&nbsp; 5966630 | &nbsp;&nbsp;&nbsp;&nbsp; 2062559614 | &nbsp;&nbsp;&nbsp;&nbsp; 384268677 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 318838 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 9664 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1173729 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 69431 | &nbsp;&nbsp;&nbsp;&nbsp; 3611 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 5850344 | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 1260422 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp;&nbsp; 105 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; 1046635 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| 39337241 | &nbsp;&nbsp;&nbsp;&nbsp; 6561146 | &nbsp;&nbsp;&nbsp;&nbsp; 32945042 | &nbsp;&nbsp;&nbsp;&nbsp; 9439846 | &nbsp;&nbsp;&nbsp;&nbsp; 997732 | &nbsp;&nbsp;&nbsp;&nbsp; 152610104 | &nbsp;&nbsp;&nbsp;&nbsp; 57700097 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 3591 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 176116 |
| 148541 | &nbsp;&nbsp;&nbsp;&nbsp; 76085 | &nbsp;&nbsp;&nbsp;&nbsp; 92185 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 1946 | &nbsp;&nbsp;&nbsp;&nbsp; 633399 | &nbsp;&nbsp;&nbsp;&nbsp; 144085 |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 18714 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 13438 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 37889 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| 39485782 | &nbsp;&nbsp;&nbsp;&nbsp; 13853048 | &nbsp;&nbsp;&nbsp;&nbsp; 33106782 | &nbsp;&nbsp;&nbsp;&nbsp; 10774387 | &nbsp;&nbsp;&nbsp;&nbsp; 1012933 | &nbsp;&nbsp;&nbsp;&nbsp; 153244146 | &nbsp;&nbsp;&nbsp;&nbsp; 59194343 |
| $254823893 | &nbsp;&nbsp;&nbsp;&nbsp; $161903872 | &nbsp;&nbsp;&nbsp;&nbsp; $1173614406 | &nbsp;&nbsp;&nbsp;&nbsp; $45942370 | &nbsp;&nbsp;&nbsp;&nbsp; $4953697 | &nbsp;&nbsp;&nbsp;&nbsp; $1909315468 | &nbsp;&nbsp;&nbsp;&nbsp; $325074334 |
| $271992928 | &nbsp;&nbsp;&nbsp;&nbsp; $214420748 | &nbsp;&nbsp;&nbsp;&nbsp; $1104590352 | &nbsp;&nbsp;&nbsp;&nbsp; $68350483 | &nbsp;&nbsp;&nbsp;&nbsp; $7445052 | &nbsp;&nbsp;&nbsp;&nbsp; $1669450058 | &nbsp;&nbsp;&nbsp;&nbsp; $383498816 |
| (17169035)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (52516876)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 69024054 | &nbsp;&nbsp;&nbsp;&nbsp; (22408113)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2491355)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 239865410 | &nbsp;&nbsp;&nbsp;&nbsp; (58424482)<br>|
| $254823893 | &nbsp;&nbsp;&nbsp;&nbsp; $161903872 | &nbsp;&nbsp;&nbsp;&nbsp; $1173614406 | &nbsp;&nbsp;&nbsp;&nbsp; $45942370 | &nbsp;&nbsp;&nbsp;&nbsp; $4953697 | &nbsp;&nbsp;&nbsp;&nbsp; $1909315468 | &nbsp;&nbsp;&nbsp;&nbsp; $325074334 |
| 6100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3600000 | &nbsp;&nbsp;&nbsp;&nbsp; 45450001 | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 300001 | &nbsp;&nbsp;&nbsp;&nbsp; 35450000 | &nbsp;&nbsp;&nbsp;&nbsp; 9200000 |
| $41.77 | &nbsp;&nbsp;&nbsp;&nbsp; $44.97 | &nbsp;&nbsp;&nbsp;&nbsp; $25.82 | &nbsp;&nbsp;&nbsp;&nbsp; $29.64 | &nbsp;&nbsp;&nbsp;&nbsp; $16.51 | &nbsp;&nbsp;&nbsp;&nbsp; $53.86 | &nbsp;&nbsp;&nbsp;&nbsp; $35.33 |
| $41.74 | &nbsp;&nbsp;&nbsp;&nbsp; $44.91 | &nbsp;&nbsp;&nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp;&nbsp; $29.57 | &nbsp;&nbsp;&nbsp;&nbsp; $16.47 | &nbsp;&nbsp;&nbsp;&nbsp; $53.58 | &nbsp;&nbsp;&nbsp;&nbsp; $35.17 |
| $204063344 | &nbsp;&nbsp;&nbsp;&nbsp; $156882431 | &nbsp;&nbsp;&nbsp;&nbsp; $1141182183 | &nbsp;&nbsp;&nbsp;&nbsp; $47938897 | &nbsp;&nbsp;&nbsp;&nbsp; $6272975 | &nbsp;&nbsp;&nbsp;&nbsp; $1529670803 | &nbsp;&nbsp;&nbsp;&nbsp; $309549113 |
| $39582620 | &nbsp;&nbsp;&nbsp;&nbsp; $6561146 | &nbsp;&nbsp;&nbsp;&nbsp; $33129806 | &nbsp;&nbsp;&nbsp;&nbsp; $9454224 | &nbsp;&nbsp;&nbsp;&nbsp; $997732 | &nbsp;&nbsp;&nbsp;&nbsp; $152618226 | &nbsp;&nbsp;&nbsp;&nbsp; $57700097 |
| $28415 | &nbsp;&nbsp;&nbsp;&nbsp; $75881 | &nbsp;&nbsp;&nbsp;&nbsp; $(69860)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3637)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $289 | &nbsp;&nbsp;&nbsp;&nbsp; $319665 | &nbsp;&nbsp;&nbsp;&nbsp; $371458 |
| $35450586 | &nbsp;&nbsp;&nbsp;&nbsp; $6246456 | &nbsp;&nbsp;&nbsp;&nbsp; $31970104 | &nbsp;&nbsp;&nbsp;&nbsp; $9025743 | &nbsp;&nbsp;&nbsp;&nbsp; $966202 | &nbsp;&nbsp;&nbsp;&nbsp; $143630616 | &nbsp;&nbsp;&nbsp;&nbsp; $52733588 |

---

------

**75**

------

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

April 30, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**RAFI Emerging** <br>**Markets** <br>**ETF (PXH)**<br>| **Invesco S&P** <br>**Global Water Index** <br>**ETF (CGW)**<br>| **Invesco S&P** <br>**International** <br>**Developed Quality** <br>**ETF (IDHQ)**<br>|
| **Assets:** |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $1228624513 | &nbsp;&nbsp;&nbsp; $931747803 | &nbsp;&nbsp;&nbsp; $406376791 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 42246788 | &nbsp;&nbsp;&nbsp; 80251712 | &nbsp;&nbsp;&nbsp; 20268814 |
| Other investments: |  |  |  |
| Unrealized appreciation on futures contracts | &nbsp;&nbsp; 95708 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 18361 |
| Foreign currencies, at value | &nbsp;&nbsp; 3959250 | &nbsp;&nbsp;&nbsp; 683957 | &nbsp;&nbsp;&nbsp; - |
| Deposits with brokers: |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Cash collateral-failed in-kind securities | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5867505 |
| Receivable for: |  |  |  |
| Dividends | &nbsp;&nbsp; 20805021 | &nbsp;&nbsp;&nbsp; 2576410 | &nbsp;&nbsp;&nbsp; 778067 |
| Securities lending | &nbsp;&nbsp; 29934 | &nbsp;&nbsp;&nbsp; 15935 | &nbsp;&nbsp;&nbsp; 8567 |
| Investments sold | &nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 820 |
| Investments sold - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5565299 |
| Expenses absorbed | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1293144 | &nbsp;&nbsp;&nbsp; 1158091 |
| Other assets | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2344 | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 1296761712 | &nbsp;&nbsp;&nbsp; 1016571305 | &nbsp;&nbsp;&nbsp; 440042315 |
| **Liabilities:** |  |  |  |
| Due to custodian | &nbsp;&nbsp; 2956494 | &nbsp;&nbsp;&nbsp; 769051 | &nbsp;&nbsp;&nbsp; - |
| Due to foreign custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8283 |
| Payable for: |  |  |  |
| Investments purchased | &nbsp;&nbsp; 3086366 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5766259 |
| Investments purchased - affiliated broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 31189168 | &nbsp;&nbsp;&nbsp; 80252435 | &nbsp;&nbsp;&nbsp; 20033879 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5867505 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 173 |
| Accrued unitary management fees | &nbsp;&nbsp; 461716 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 89407 |
| Accrued advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 361155 | &nbsp;&nbsp;&nbsp; - |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 24589 | &nbsp;&nbsp;&nbsp; - |
| Accrued expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 337907 | &nbsp;&nbsp;&nbsp; - |
| Accrued tax expenses | &nbsp;&nbsp; 7109324 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Other payables | &nbsp;&nbsp; 15831003 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total liabilities** | &nbsp;&nbsp; 60634071 | &nbsp;&nbsp;&nbsp; 81745137 | &nbsp;&nbsp;&nbsp; 31765506 |
| **Net Assets** | &nbsp;&nbsp; $1236127641 | &nbsp;&nbsp;&nbsp; $934826168 | &nbsp;&nbsp;&nbsp; $408276809 |
| **Net assets consist of:** |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $1391270051 | &nbsp;&nbsp;&nbsp; $758987052 | &nbsp;&nbsp;&nbsp; $389385349 |
| Distributable earnings (loss) | &nbsp;&nbsp; (155142410)<br>| &nbsp;&nbsp;&nbsp; 175839116 | &nbsp;&nbsp;&nbsp; 18891460 |
| **Net Assets** | &nbsp;&nbsp; $1236127641 | &nbsp;&nbsp;&nbsp; $934826168 | &nbsp;&nbsp;&nbsp; $408276809 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 57950000 | &nbsp;&nbsp;&nbsp; 15880000 | &nbsp;&nbsp;&nbsp; 13100000 |
| Net asset value | &nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $58.87 | &nbsp;&nbsp;&nbsp; $31.17 |
| Market price | &nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $58.76 | &nbsp;&nbsp;&nbsp; $31.04 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $1087105244 | &nbsp;&nbsp;&nbsp; $762089874 | &nbsp;&nbsp;&nbsp; $368273567 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $42247253 | &nbsp;&nbsp;&nbsp; $80252435 | &nbsp;&nbsp;&nbsp; $20269476 |
| Foreign currencies (due to foreign custodian), at cost | &nbsp;&nbsp; $3948870 | &nbsp;&nbsp;&nbsp; $671476 | &nbsp;&nbsp;&nbsp; $(8284)<br>|
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $29283643 | &nbsp;&nbsp;&nbsp; $76720681 | &nbsp;&nbsp;&nbsp; $18985011 |

---

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

------

**76**

------

**77**

------

**Statements of Operations**

For the six months ended April 30, 2025

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco China** <br>**Technology** <br>**ETF (CQQQ)**<br>| **Invesco Dorsey Wright** <br>**Developed Markets** <br>**Momentum** <br>**ETF (PIZ)**<br>| **Invesco Dorsey Wright** <br>**Emerging Markets** <br>**Momentum** <br>**ETF (PIE)**<br>| **Invesco** <br>**Global Clean** <br>**Energy** <br>**ETF (PBD)**<br>| **Invesco** <br>**Global Water** <br>**ETF (PIO)**<br>|
| **Investment income:** |  |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $1302646 | &nbsp;&nbsp; $2857332 | &nbsp;&nbsp; $627891 | &nbsp;&nbsp; $855607 | &nbsp;&nbsp; $2707386 |
| Affiliated dividend income | &nbsp;&nbsp; 41508 | &nbsp;&nbsp; 3014 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 2319 |
| Securities lending income, net | &nbsp;&nbsp; 267009 | &nbsp;&nbsp; 23693 | &nbsp;&nbsp; 39074 | &nbsp;&nbsp; 406059 | &nbsp;&nbsp; 144981 |
| Foreign withholding tax | &nbsp;&nbsp; (29106)<br>| &nbsp;&nbsp; (316050)<br>| &nbsp;&nbsp; (56417)<br>| &nbsp;&nbsp; (133055)<br>| &nbsp;&nbsp; (183756)<br>|
| Total investment income | &nbsp;&nbsp; 1582057 | &nbsp;&nbsp; 2567989 | &nbsp;&nbsp; 611041 | &nbsp;&nbsp; 1128823 | &nbsp;&nbsp; 2670930 |
| **Expenses:** |  |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 2656162 | &nbsp;&nbsp; 727499 | &nbsp;&nbsp; 467571 | &nbsp;&nbsp; 292033 | &nbsp;&nbsp; 963236 |
| Advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Sub-licensing fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Accounting & administration fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Professional fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Custodian & transfer agent fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Tax expenses | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Other expenses | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total expenses | &nbsp;&nbsp; 2656162 | &nbsp;&nbsp; 727499 | &nbsp;&nbsp; 467571 | &nbsp;&nbsp; 292033 | &nbsp;&nbsp; 963236 |
| Less: Waivers | &nbsp;&nbsp; (862)<br>| &nbsp;&nbsp; (66)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; (46)<br>|
| Net expenses | &nbsp;&nbsp; 2655300 | &nbsp;&nbsp; 727433 | &nbsp;&nbsp; 467560 | &nbsp;&nbsp; 292028 | &nbsp;&nbsp; 963190 |
| Net investment income (loss) | &nbsp;&nbsp; (1073243)<br>| &nbsp;&nbsp; 1840556 | &nbsp;&nbsp; 143481 | &nbsp;&nbsp; 836795 | &nbsp;&nbsp; 1707740 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (54619982)<br>| &nbsp;&nbsp; (2644093)<br>| &nbsp;&nbsp; (9145977)<br>| &nbsp;&nbsp; (18054527)<br>| &nbsp;&nbsp; (1721268)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (4012)<br>| &nbsp;&nbsp; (801)<br>| &nbsp;&nbsp; (111)<br>| &nbsp;&nbsp; (1144)<br>| &nbsp;&nbsp; (2050)<br>|
| In-kind redemptions | &nbsp;&nbsp; 4295185 | &nbsp;&nbsp; 772021 | &nbsp;&nbsp; 719945 | &nbsp;&nbsp; 631410 | &nbsp;&nbsp; 7540547 |
| Foreign currencies | &nbsp;&nbsp; (210883)<br>| &nbsp;&nbsp; 12722 | &nbsp;&nbsp; (77121)<br>| &nbsp;&nbsp; (7556)<br>| &nbsp;&nbsp; (125992)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; (50539692)<br>| &nbsp;&nbsp; (1860151)<br>| &nbsp;&nbsp; (8503264)<br>| &nbsp;&nbsp; (17431817)<br>| &nbsp;&nbsp; 5691237 |
| Change in net unrealized appreciation (depreciation) <br> of:<br>|  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 16706315 | &nbsp;&nbsp; 25073595 | &nbsp;&nbsp; (1503370)<br>| &nbsp;&nbsp; 3811786 | &nbsp;&nbsp; 654349 |
| Affiliated investment securities | &nbsp;&nbsp; (1082)<br>| &nbsp;&nbsp; 263 | &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; (96)<br>| &nbsp;&nbsp; 216 |
| Foreign currencies | &nbsp;&nbsp; (91)<br>| &nbsp;&nbsp; 37906 | &nbsp;&nbsp; 6517 | &nbsp;&nbsp; 10158 | &nbsp;&nbsp; 36473 |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 16705142 | &nbsp;&nbsp; 25111764 | &nbsp;&nbsp; (1496905)<br>| &nbsp;&nbsp; 3821848 | &nbsp;&nbsp; 691038 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (33834550)<br>| &nbsp;&nbsp; 23251613 | &nbsp;&nbsp; (10000169)<br>| &nbsp;&nbsp; (13609969)<br>| &nbsp;&nbsp; 6382275 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; $(34907793)<br>| &nbsp;&nbsp; $25092169 | &nbsp;&nbsp; $(9856688)<br>| &nbsp;&nbsp; $(12773174)<br>| &nbsp;&nbsp; $8090015 |

---

<sup>(a)</sup> Net of foreign taxes of $265,218.

<sup>(b)</sup> Net of foreign taxes of $1,158,821.

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

------

**78**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**International** <br>**BuyBack Achievers**<sup>TM</sup> <br>**ETF (IPKW)**<br>| **Invesco** <br>**MSCI Global** <br>**Climate 500** <br>**ETF (KLMT)**<br>| **Invesco MSCI** <br>**Global Timber** <br>**ETF (CUT)**<br>| **Invesco MSCI** <br>**Green Building** <br>**ETF (GBLD)**<br>| **Invesco** <br>**RAFI Developed** <br>**Markets ex-U.S.** <br>**ETF (PXF)**<br>| **Invesco** <br>**RAFI Developed** <br>**Markets ex-U.S.** <br>**Small-Mid ETF (PDN)**<br>| **Invesco** <br>**RAFI Emerging** <br>**Markets** <br>**ETF (PXH)**<br>| **Invesco S&P** <br>**Global Water Index** <br>**ETF (CGW)**<br>|
| $3034552 | &nbsp;&nbsp; $13154002 | &nbsp;&nbsp; $824517 | &nbsp;&nbsp; $141889 | &nbsp;&nbsp; $34943840 | &nbsp;&nbsp; $6802465 | &nbsp;&nbsp; $23507262 | &nbsp;&nbsp; $10515911 |
| 1347 | &nbsp;&nbsp; 20839 | &nbsp;&nbsp; 1481 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 17003 | &nbsp;&nbsp; 2080 | &nbsp;&nbsp; 216080 | &nbsp;&nbsp; 8326 |
| 10784 | &nbsp;&nbsp; 40332 | &nbsp;&nbsp; 18708 | &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 375128 | &nbsp;&nbsp; 263761 | &nbsp;&nbsp; 119456 | &nbsp;&nbsp; 67207 |
| (252215)<br>| &nbsp;&nbsp; (694912)<br>| &nbsp;&nbsp; (41889)<br>| &nbsp;&nbsp; (9910)<br>| &nbsp;&nbsp; (3522518)<br>| &nbsp;&nbsp; (751799)<br>| &nbsp;&nbsp; (1792090)<br>| &nbsp;&nbsp; (331338)<br>|
| 2794468 | &nbsp;&nbsp; 12520261 | &nbsp;&nbsp; 802817 | &nbsp;&nbsp; 133481 | &nbsp;&nbsp; 31813453 | &nbsp;&nbsp; 6316507 | &nbsp;&nbsp; 22050708 | &nbsp;&nbsp; 10260106 |
| 318076 | &nbsp;&nbsp; 728246 | &nbsp;&nbsp; - | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 3890474 | &nbsp;&nbsp; 942453 | &nbsp;&nbsp; 2950741 | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 125813 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2263145 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 49247 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 189128 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7708 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 37544 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 21109 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22993 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 14032 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 93150 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5513 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9011 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; (403)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 26828 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 33726 |
| 318076 | &nbsp;&nbsp; 728246 | &nbsp;&nbsp; 249847 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 3890474 | &nbsp;&nbsp; 942453 | &nbsp;&nbsp; 2950741 | &nbsp;&nbsp; 2648697 |
| (30)<br>| &nbsp;&nbsp; (442)<br>| &nbsp;&nbsp; (62642)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (367)<br>| &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp; (4618)<br>| &nbsp;&nbsp; (171)<br>|
| 318046 | &nbsp;&nbsp; 727804 | &nbsp;&nbsp; 187205 | &nbsp;&nbsp; 12997 | &nbsp;&nbsp; 3890107 | &nbsp;&nbsp; 942409 | &nbsp;&nbsp; 2946123 | &nbsp;&nbsp; 2648526 |
| 2476422 | &nbsp;&nbsp; 11792457 | &nbsp;&nbsp; 615612 | &nbsp;&nbsp; 120484 | &nbsp;&nbsp; 27923346 | &nbsp;&nbsp; 5374098 | &nbsp;&nbsp; 19104585 | &nbsp;&nbsp; 7611580 |
| (312162)<br>| &nbsp;&nbsp; (7260893)<br>| &nbsp;&nbsp; (234847)<br>| &nbsp;&nbsp; (192308)<br>| &nbsp;&nbsp; 12446324 | &nbsp;&nbsp; (405059)<br>| &nbsp;&nbsp; 29546509 <br><sup>(a)</sup><br>| &nbsp;&nbsp; (4612142)<br>|
| (491)<br>| &nbsp;&nbsp; (959)<br>| &nbsp;&nbsp; (537)<br>| &nbsp;&nbsp; (62)<br>| &nbsp;&nbsp; (9729)<br>| &nbsp;&nbsp; (3495)<br>| &nbsp;&nbsp; (4616)<br>| &nbsp;&nbsp; (3829)<br>|
| 2754989 | &nbsp;&nbsp; 45152072 | &nbsp;&nbsp; 353305 | &nbsp;&nbsp; 88638 | &nbsp;&nbsp; 33901979 | &nbsp;&nbsp; 13933006 | &nbsp;&nbsp; - | &nbsp;&nbsp; 14376120 |
| 19714 | &nbsp;&nbsp; (101734)<br>| &nbsp;&nbsp; (5520)<br>| &nbsp;&nbsp; (1652)<br>| &nbsp;&nbsp; (101229)<br>| &nbsp;&nbsp; (87633)<br>| &nbsp;&nbsp; (378853)<br>| &nbsp;&nbsp; (75552)<br>|
| 2462050 | &nbsp;&nbsp; 37788486 | &nbsp;&nbsp; 112401 | &nbsp;&nbsp; (105384)<br>| &nbsp;&nbsp; 46237345 | &nbsp;&nbsp; 13436819 | &nbsp;&nbsp; 29163040 | &nbsp;&nbsp; 9684597 |
| 1836731 | &nbsp;&nbsp; (20732785)<br>| &nbsp;&nbsp; (6740771)<br>| &nbsp;&nbsp; (159244)<br>| &nbsp;&nbsp; 110890471 | &nbsp;&nbsp; 15419789 | &nbsp;&nbsp; (28873042 )<sup>(b)</sup><br>| &nbsp;&nbsp; 18536503 |
| 173 | &nbsp;&nbsp; (524)<br>| &nbsp;&nbsp; (411)<br>| &nbsp;&nbsp; (17)<br>| &nbsp;&nbsp; (1383)<br>| &nbsp;&nbsp; (1486)<br>| &nbsp;&nbsp; 2306 | &nbsp;&nbsp; (184)<br>|
| 53140 | &nbsp;&nbsp; 101286 | &nbsp;&nbsp; 10521 | &nbsp;&nbsp; 2218 | &nbsp;&nbsp; 721338 | &nbsp;&nbsp; 190558 | &nbsp;&nbsp; 200764 | &nbsp;&nbsp; 76905 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 95708 | &nbsp;&nbsp; - |
| 1890044 | &nbsp;&nbsp; (20632023)<br>| &nbsp;&nbsp; (6730661)<br>| &nbsp;&nbsp; (157043)<br>| &nbsp;&nbsp; 111610426 | &nbsp;&nbsp; 15608861 | &nbsp;&nbsp; (28574264)<br>| &nbsp;&nbsp; 18613224 |
| 4352094 | &nbsp;&nbsp; 17156463 | &nbsp;&nbsp; (6618260)<br>| &nbsp;&nbsp; (262427)<br>| &nbsp;&nbsp; 157847771 | &nbsp;&nbsp; 29045680 | &nbsp;&nbsp; 588776 | &nbsp;&nbsp; 28297821 |
| $6828516 | &nbsp;&nbsp; $28948920 | &nbsp;&nbsp; $(6002648)<br>| &nbsp;&nbsp; $(141943)<br>| &nbsp;&nbsp; $185771117 | &nbsp;&nbsp; $34419778 | &nbsp;&nbsp; $19693361 | &nbsp;&nbsp; $35909401 |

---

------

**79**

------

**Statements of Operations—(continued)**

For the six months ended April 30, 2025

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco S&P** <br>**International** <br>**Developed Quality** <br>**ETF (IDHQ)**<br>|
| **Investment income:** |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $6429734 |
| Affiliated dividend income | &nbsp;&nbsp; 5261 |
| Securities lending income, net | &nbsp;&nbsp; 26211 |
| Foreign withholding tax | &nbsp;&nbsp; (761796)<br>|
| Total investment income | &nbsp;&nbsp; 5699410 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 526997 |
| Less: Waivers | &nbsp;&nbsp; (114)<br>|
| Net expenses | &nbsp;&nbsp; 526883 |
| Net investment income | &nbsp;&nbsp; 5172527 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (3322690)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (569)<br>|
| In-kind redemptions | &nbsp;&nbsp; 11458580 |
| Foreign currencies | &nbsp;&nbsp; 10451 |
| Net realized gain | &nbsp;&nbsp; 8145772 |
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 6869059 |
| Affiliated investment securities | &nbsp;&nbsp; (347)<br>|
| Foreign currencies | &nbsp;&nbsp; 78583 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 6947295 |
| Net realized and unrealized gain | &nbsp;&nbsp; 15093067 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $20265594 |

---

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

------

**80**

------

**81**

------

**Statements of Changes in Net Assets**

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

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco China** <br>**Technology ETF (CQQQ)** | **Invesco China** <br>**Technology ETF (CQQQ)** | **Invesco Dorsey Wright** <br>**Developed Markets** <br>**Momentum ETF (PIZ)** | **Invesco Dorsey Wright** <br>**Developed Markets** <br>**Momentum ETF (PIZ)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(1073243)<br>| &nbsp;&nbsp;&nbsp; $516568 | &nbsp;&nbsp;&nbsp; $1840556 | &nbsp;&nbsp;&nbsp; $1251119 |
| Net realized gain (loss) | &nbsp;&nbsp; (50539692)<br>| &nbsp;&nbsp;&nbsp; (84897189)<br>| &nbsp;&nbsp;&nbsp; (1860151)<br>| &nbsp;&nbsp;&nbsp; 14108036 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 16705142 | &nbsp;&nbsp;&nbsp; 211879751 | &nbsp;&nbsp;&nbsp; 25111764 | &nbsp;&nbsp;&nbsp; 23130399 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (34907793)<br>| &nbsp;&nbsp;&nbsp; 127499130 | &nbsp;&nbsp;&nbsp; 25092169 | &nbsp;&nbsp;&nbsp; 38489554 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (1873992)<br>| &nbsp;&nbsp;&nbsp; (3679038)<br>| &nbsp;&nbsp;&nbsp; (2097514)<br>| &nbsp;&nbsp;&nbsp; (1704332)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 391757377 | &nbsp;&nbsp;&nbsp; 122467092 | &nbsp;&nbsp;&nbsp; 109807476 | &nbsp;&nbsp;&nbsp; 20522514 |
| Value of shares repurchased | &nbsp;&nbsp; (173079133)<br>| &nbsp;&nbsp;&nbsp; (164313312)<br>| &nbsp;&nbsp;&nbsp; (3805942)<br>| &nbsp;&nbsp;&nbsp; (29630154)<br>|
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 320572 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 218678244 | &nbsp;&nbsp;&nbsp; (41525648)<br>| &nbsp;&nbsp;&nbsp; 106001534 | &nbsp;&nbsp;&nbsp; (9107640)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 181896459 | &nbsp;&nbsp;&nbsp; 82294444 | &nbsp;&nbsp;&nbsp; 128996189 | &nbsp;&nbsp;&nbsp; 27677582 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 767345488 | &nbsp;&nbsp;&nbsp; 685051044 | &nbsp;&nbsp;&nbsp; 136210842 | &nbsp;&nbsp;&nbsp; 108533260 |
| End of period | &nbsp;&nbsp; $949241947 | &nbsp;&nbsp;&nbsp; $767345488 | &nbsp;&nbsp;&nbsp; $265207031 | &nbsp;&nbsp;&nbsp; $136210842 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 8250000 | &nbsp;&nbsp;&nbsp; 3650000 | &nbsp;&nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; 650000 |
| Shares repurchased | &nbsp;&nbsp; (4200000)<br>| &nbsp;&nbsp;&nbsp; (4850000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (900000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 18550000 | &nbsp;&nbsp;&nbsp; 19750000 | &nbsp;&nbsp;&nbsp; 3700000 | &nbsp;&nbsp;&nbsp; 3950000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 22600000 | &nbsp;&nbsp;&nbsp; 18550000 | &nbsp;&nbsp;&nbsp; 6400000 | &nbsp;&nbsp;&nbsp; 3700000 |

---

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

------

**82**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco Dorsey Wright** <br>**Emerging Markets** <br>**Momentum ETF (PIE)** | **Invesco Dorsey Wright** <br>**Emerging Markets** <br>**Momentum ETF (PIE)** | **Invesco Global** <br>**Clean Energy ETF (PBD)** | **Invesco Global** <br>**Clean Energy ETF (PBD)** | **Invesco Global** <br>**Water ETF (PIO)** | **Invesco Global** <br>**Water ETF (PIO)** | **Invesco International BuyBack** <br>**Achievers**<sup>TM</sup> **ETF (IPKW)** | **Invesco International BuyBack** <br>**Achievers**<sup>TM</sup> **ETF (IPKW)** |
| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| $143481 | &nbsp;&nbsp; $2820709 | &nbsp;&nbsp; $836795 | &nbsp;&nbsp; $1808201 | &nbsp;&nbsp; $1707740 | &nbsp;&nbsp; $1920509 | &nbsp;&nbsp; $2476422 | &nbsp;&nbsp; $2625218 |
| (8503264)<br>| &nbsp;&nbsp; 9554544 | &nbsp;&nbsp; (17431817)<br>| &nbsp;&nbsp; (43891520)<br>| &nbsp;&nbsp; 5691237 | &nbsp;&nbsp; 24733643 | &nbsp;&nbsp; 2462050 | &nbsp;&nbsp; 9090185 |
| (1496905)<br>| &nbsp;&nbsp; 7574088 | &nbsp;&nbsp; 3821848 | &nbsp;&nbsp; 42501238 | &nbsp;&nbsp; 691038 | &nbsp;&nbsp; 37851894 | &nbsp;&nbsp; 1890044 | &nbsp;&nbsp; 7719988 |
| (9856688)<br>| &nbsp;&nbsp; 19949341 | &nbsp;&nbsp; (12773174)<br>| &nbsp;&nbsp; 417919 | &nbsp;&nbsp; 8090015 | &nbsp;&nbsp; 64506046 | &nbsp;&nbsp; 6828516 | &nbsp;&nbsp; 19435391 |
| (260601)<br>| &nbsp;&nbsp; (2940169)<br>| &nbsp;&nbsp; (902505)<br>| &nbsp;&nbsp; (3175547)<br>| &nbsp;&nbsp; (663002)<br>| &nbsp;&nbsp; (2322822)<br>| &nbsp;&nbsp; (3003456)<br>| &nbsp;&nbsp; (2656429)<br>|
| 3019328 | &nbsp;&nbsp; 13756187 | &nbsp;&nbsp; 1814184 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22788517 | &nbsp;&nbsp; 104480784 | &nbsp;&nbsp; 46733396 |
| (31410884)<br>| &nbsp;&nbsp; (25579831)<br>| &nbsp;&nbsp; (20602775)<br>| &nbsp;&nbsp; (31679902)<br>| &nbsp;&nbsp; (22284624)<br>| &nbsp;&nbsp; (49897507)<br>| &nbsp;&nbsp; (37501683)<br>| &nbsp;&nbsp; (50763195)<br>|
| - | &nbsp;&nbsp; 53720 | &nbsp;&nbsp; - | &nbsp;&nbsp; 17554 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2314 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3144 |
| (28391556)<br>| &nbsp;&nbsp; (11769924)<br>| &nbsp;&nbsp; (18788591)<br>| &nbsp;&nbsp; (31662348)<br>| &nbsp;&nbsp; (22284624)<br>| &nbsp;&nbsp; (27106676)<br>| &nbsp;&nbsp; 66979101 | &nbsp;&nbsp; (4026655)<br>|
| (38508845)<br>| &nbsp;&nbsp; 5239248 | &nbsp;&nbsp; (32464270)<br>| &nbsp;&nbsp; (34419976)<br>| &nbsp;&nbsp; (14857611)<br>| &nbsp;&nbsp; 35076548 | &nbsp;&nbsp; 70804161 | &nbsp;&nbsp; 12752307 |
| 123269342 | &nbsp;&nbsp; 118030094 | &nbsp;&nbsp; 97273409 | &nbsp;&nbsp; 131693385 | &nbsp;&nbsp; 269681504 | &nbsp;&nbsp; 234604956 | &nbsp;&nbsp; 91099711 | &nbsp;&nbsp; 78347404 |
| $84760497 | &nbsp;&nbsp; $123269342 | &nbsp;&nbsp; $64809139 | &nbsp;&nbsp; $97273409 | &nbsp;&nbsp; $254823893 | &nbsp;&nbsp; $269681504 | &nbsp;&nbsp; $161903872 | &nbsp;&nbsp; $91099711 |
| 150000 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 1200000 |
| (1700000)<br>| &nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp; (2250000)<br>| &nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp; (1250000)<br>| &nbsp;&nbsp; (900000)<br>| &nbsp;&nbsp; (1350000)<br>|
| 6150000 | &nbsp;&nbsp; 6750000 | &nbsp;&nbsp; 7575000 | &nbsp;&nbsp; 9825000 | &nbsp;&nbsp; 6650000 | &nbsp;&nbsp; 7350000 | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2350000 |
| 4600000 | &nbsp;&nbsp; 6150000 | &nbsp;&nbsp; 5925000 | &nbsp;&nbsp; 7575000 | &nbsp;&nbsp; 6100000 | &nbsp;&nbsp; 6650000 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp; 2200000 |

---

------

**83**

------

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

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

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco MSCI Global** <br>**Climate 500 ETF (KLMT)** | **Invesco MSCI Global** <br>**Climate 500 ETF (KLMT)** | **Invesco MSCI Global** <br>**Timber ETF (CUT)** | **Invesco MSCI Global** <br>**Timber ETF (CUT)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Period Ended** <br>**October 31,** <br>**2024**<sup>(a)</sup> <br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $11792457 | &nbsp;&nbsp;&nbsp; $9455580 | &nbsp;&nbsp;&nbsp; $615612 | &nbsp;&nbsp;&nbsp; $1398269 |
| Net realized gain (loss) | &nbsp;&nbsp; 37788486 | &nbsp;&nbsp;&nbsp; 920089 | &nbsp;&nbsp;&nbsp; 112401 | &nbsp;&nbsp;&nbsp; 2771775 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (20632023)<br>| &nbsp;&nbsp;&nbsp; 50911413 | &nbsp;&nbsp;&nbsp; (6730661)<br>| &nbsp;&nbsp;&nbsp; 6017410 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 28948920 | &nbsp;&nbsp;&nbsp; 61287082 | &nbsp;&nbsp;&nbsp; (6002648)<br>| &nbsp;&nbsp;&nbsp; 10187454 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (14550812)<br>| &nbsp;&nbsp;&nbsp; (5411634)<br>| &nbsp;&nbsp;&nbsp; (1546928)<br>| &nbsp;&nbsp;&nbsp; (1329995)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 30454360 | &nbsp;&nbsp;&nbsp; 1630232338 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5107181 |
| Value of shares repurchased | &nbsp;&nbsp; (550856290)<br>| &nbsp;&nbsp;&nbsp; (6489558)<br>| &nbsp;&nbsp;&nbsp; (1578636)<br>| &nbsp;&nbsp;&nbsp; (11032906)<br>|
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1604 |
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (520401930)<br>| &nbsp;&nbsp;&nbsp; 1623742780 | &nbsp;&nbsp;&nbsp; (1578636)<br>| &nbsp;&nbsp;&nbsp; (5924121)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (506003822)<br>| &nbsp;&nbsp;&nbsp; 1679618228 | &nbsp;&nbsp;&nbsp; (9128212)<br>| &nbsp;&nbsp;&nbsp; 2933338 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 1679618228 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 55070582 | &nbsp;&nbsp;&nbsp; 52137244 |
| End of period | &nbsp;&nbsp; $1173614406 | &nbsp;&nbsp;&nbsp; $1679618228 | &nbsp;&nbsp;&nbsp; $45942370 | &nbsp;&nbsp;&nbsp; $55070582 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 65200001 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 150000 |
| Shares repurchased | &nbsp;&nbsp; (20650000)<br>| &nbsp;&nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 64950001 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp; 1800000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 45450001 | &nbsp;&nbsp;&nbsp; 64950001 | &nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; 1600000 |

---

<sup>(a)</sup> For the period June 24, 2024 (commencement of investment operations) through October 31, 2024.

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

------

**84**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco MSCI Green** <br>**Building ETF (GBLD)** | **Invesco MSCI Green** <br>**Building ETF (GBLD)** | **Invesco RAFI Developed Markets** <br>**ex-U.S. ETF (PXF)** | **Invesco RAFI Developed Markets** <br>**ex-U.S. ETF (PXF)** | **Invesco RAFI Developed Markets** <br>**ex-U.S. Small-Mid ETF (PDN)** | **Invesco RAFI Developed Markets** <br>**ex-U.S. Small-Mid ETF (PDN)** | **Invesco RAFI Emerging Markets** <br>**ETF (PXH)** | **Invesco RAFI Emerging Markets** <br>**ETF (PXH)** |
| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| $120484 | &nbsp;&nbsp; $227295 | &nbsp;&nbsp; $27923346 | &nbsp;&nbsp; $53687409 | &nbsp;&nbsp; $5374098 | &nbsp;&nbsp; $13232868 | &nbsp;&nbsp; $19104585 | &nbsp;&nbsp; $50021938 |
| (105384)<br>| &nbsp;&nbsp; (281783)<br>| &nbsp;&nbsp; 46237345 | &nbsp;&nbsp; 44318202 | &nbsp;&nbsp; 13436819 | &nbsp;&nbsp; 24521947 | &nbsp;&nbsp; 29163040 | &nbsp;&nbsp; 12367196 |
| (157043)<br>| &nbsp;&nbsp; 985860 | &nbsp;&nbsp; 111610426 | &nbsp;&nbsp; 237431172 | &nbsp;&nbsp; 15608861 | &nbsp;&nbsp; 52927390 | &nbsp;&nbsp; (28574264)<br>| &nbsp;&nbsp; 239870629 |
| (141943)<br>| &nbsp;&nbsp; 931372 | &nbsp;&nbsp; 185771117 | &nbsp;&nbsp; 335436783 | &nbsp;&nbsp; 34419778 | &nbsp;&nbsp; 90682205 | &nbsp;&nbsp; 19693361 | &nbsp;&nbsp; 302259763 |
| (187981)<br>| &nbsp;&nbsp; (383598)<br>| &nbsp;&nbsp; (27468836)<br>| &nbsp;&nbsp; (58436863)<br>| &nbsp;&nbsp; (7278051)<br>| &nbsp;&nbsp; (14880598)<br>| &nbsp;&nbsp; (18664536)<br>| &nbsp;&nbsp; (53025417)<br>|
| - | &nbsp;&nbsp; 5343301 | &nbsp;&nbsp; 146799142 | &nbsp;&nbsp; 43250393 | &nbsp;&nbsp; 9601 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 7649553 |
| (3347649)<br>| &nbsp;&nbsp; (3197144)<br>| &nbsp;&nbsp; (92995667)<br>| &nbsp;&nbsp; (101528282)<br>| &nbsp;&nbsp; (102817961)<br>| &nbsp;&nbsp; (150555499)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (116508977)<br>|
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11156 | &nbsp;&nbsp; - | &nbsp;&nbsp; 28612 | &nbsp;&nbsp; - | &nbsp;&nbsp; 154895 |
| (3347649)<br>| &nbsp;&nbsp; 2146157 | &nbsp;&nbsp; 53803475 | &nbsp;&nbsp; (58266733)<br>| &nbsp;&nbsp; (102808360)<br>| &nbsp;&nbsp; (150526887)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (108704529)<br>|
| (3677573)<br>| &nbsp;&nbsp; 2693931 | &nbsp;&nbsp; 212105756 | &nbsp;&nbsp; 218733187 | &nbsp;&nbsp; (75666633)<br>| &nbsp;&nbsp; (74725280)<br>| &nbsp;&nbsp; 1028825 | &nbsp;&nbsp; 140529817 |
| 8631270 | &nbsp;&nbsp; 5937339 | &nbsp;&nbsp; 1697209712 | &nbsp;&nbsp; 1478476525 | &nbsp;&nbsp; 400740967 | &nbsp;&nbsp; 475466247 | &nbsp;&nbsp; 1235098816 | &nbsp;&nbsp; 1094568999 |
| $4953697 | &nbsp;&nbsp; $8631270 | &nbsp;&nbsp; $1909315468 | &nbsp;&nbsp; $1697209712 | &nbsp;&nbsp; $325074334 | &nbsp;&nbsp; $400740967 | &nbsp;&nbsp; $1236127641 | &nbsp;&nbsp; $1235098816 |
| - | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 400000 |
| (200000)<br>| &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp; (1750000)<br>| &nbsp;&nbsp; (2050000)<br>| &nbsp;&nbsp; (3000000)<br>| &nbsp;&nbsp; (4650000)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (5850000)<br>|
| 500001 | &nbsp;&nbsp; 400001 | &nbsp;&nbsp; 34200000 | &nbsp;&nbsp; 35350000 | &nbsp;&nbsp; 12200000 | &nbsp;&nbsp; 16850000 | &nbsp;&nbsp; 57950000 | &nbsp;&nbsp; 63400000 |
| 300001 | &nbsp;&nbsp; 500001 | &nbsp;&nbsp; 35450000 | &nbsp;&nbsp; 34200000 | &nbsp;&nbsp; 9200000 | &nbsp;&nbsp; 12200000 | &nbsp;&nbsp; 57950000 | &nbsp;&nbsp; 57950000 |

---

------

**85**

------

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

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

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P Global** <br>**Water Index ETF (CGW)** | **Invesco S&P Global** <br>**Water Index ETF (CGW)** | **Invesco S&P International** <br>**Developed Quality ETF (IDHQ)** | **Invesco S&P International** <br>**Developed Quality ETF (IDHQ)** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>| **Six Months Ended** <br>**April 30,** <br>**2025**<br>| **Year Ended** <br>**October 31,** <br>**2024**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $7611580 | &nbsp;&nbsp;&nbsp; $12106655 | &nbsp;&nbsp;&nbsp; $5172527 | &nbsp;&nbsp;&nbsp; $5949643 |
| Net realized gain | &nbsp;&nbsp; 9684597 | &nbsp;&nbsp;&nbsp; 130252307 | &nbsp;&nbsp;&nbsp; 8145772 | &nbsp;&nbsp;&nbsp; 250713 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 18613224 | &nbsp;&nbsp;&nbsp; 98583941 | &nbsp;&nbsp;&nbsp; 6947295 | &nbsp;&nbsp;&nbsp; 32927861 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 35909401 | &nbsp;&nbsp;&nbsp; 240942903 | &nbsp;&nbsp;&nbsp; 20265594 | &nbsp;&nbsp;&nbsp; 39128217 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (20113638)<br>| &nbsp;&nbsp;&nbsp; (14833390)<br>| &nbsp;&nbsp;&nbsp; (5000521)<br>| &nbsp;&nbsp;&nbsp; (6125425)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 8938812 | &nbsp;&nbsp;&nbsp; 74009380 | &nbsp;&nbsp;&nbsp; 55385262 | &nbsp;&nbsp;&nbsp; 173125379 |
| Value of shares repurchased | &nbsp;&nbsp; (49716844)<br>| &nbsp;&nbsp;&nbsp; (180403329)<br>| &nbsp;&nbsp;&nbsp; (44627681)<br>| &nbsp;&nbsp;&nbsp; - |
| Transaction fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9911 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7072 |
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (40778032)<br>| &nbsp;&nbsp;&nbsp; (106384038)<br>| &nbsp;&nbsp;&nbsp; 10757581 | &nbsp;&nbsp;&nbsp; 173132451 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (24982269)<br>| &nbsp;&nbsp;&nbsp; 119725475 | &nbsp;&nbsp;&nbsp; 26022654 | &nbsp;&nbsp;&nbsp; 206135243 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 959808437 | &nbsp;&nbsp;&nbsp; 840082962 | &nbsp;&nbsp;&nbsp; 382254155 | &nbsp;&nbsp;&nbsp; 176118912 |
| End of period | &nbsp;&nbsp; $934826168 | &nbsp;&nbsp;&nbsp; $959808437 | &nbsp;&nbsp;&nbsp; $408276809 | &nbsp;&nbsp;&nbsp; $382254155 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp; 5800000 |
| Shares repurchased | &nbsp;&nbsp; (880000)<br>| &nbsp;&nbsp;&nbsp; (3280000)<br>| &nbsp;&nbsp;&nbsp; (1550000)<br>| &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, beginning of period | &nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; 18520000 | &nbsp;&nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp; 7000000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 15880000 | &nbsp;&nbsp;&nbsp; 16600000 | &nbsp;&nbsp;&nbsp; 13100000 | &nbsp;&nbsp;&nbsp; 12800000 |

---

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

------

**86**

------

**Financial Highlights**

Invesco China Technology ETF (CQQQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $41.37 | &nbsp;&nbsp;&nbsp; $34.69 | &nbsp;&nbsp;&nbsp; $32.16 | &nbsp;&nbsp;&nbsp; $68.90 | &nbsp;&nbsp;&nbsp; $73.98 | &nbsp;&nbsp;&nbsp; $47.88 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 0.80 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp; (36.71)<br>| &nbsp;&nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.17 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp; (36.78)<br>| &nbsp;&nbsp;&nbsp; (4.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.11 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $42.00 | &nbsp;&nbsp;&nbsp; $41.37 | &nbsp;&nbsp;&nbsp; $34.69 | &nbsp;&nbsp;&nbsp; $32.16 | &nbsp;&nbsp;&nbsp; $68.90 | &nbsp;&nbsp;&nbsp; $73.98 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $41.88 | &nbsp;&nbsp;&nbsp; $41.32 | &nbsp;&nbsp;&nbsp; $34.67 | &nbsp;&nbsp;&nbsp; $31.96 | &nbsp;&nbsp;&nbsp; $68.25 | &nbsp;&nbsp;&nbsp; $74.34 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp; (53.32)%<br>| &nbsp;&nbsp;&nbsp; (6.41)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.53<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.56<br> %<br>| &nbsp;&nbsp;&nbsp; (53.17)%<br>| &nbsp;&nbsp;&nbsp; (7.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.97<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $949242 | &nbsp;&nbsp;&nbsp; $767345 | &nbsp;&nbsp;&nbsp; $685051 | &nbsp;&nbsp;&nbsp; $702610 | &nbsp;&nbsp;&nbsp; $1519338 | &nbsp;&nbsp;&nbsp; $1043162 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.26 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp; (0.21)%<br>| &nbsp;&nbsp;&nbsp; (0.14)%<br>| &nbsp;&nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp;&nbsp; (0.09)%<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>|

---

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

<sup>(b)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

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

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

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

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

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

------

**87**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $36.81 | &nbsp;&nbsp;&nbsp; $27.48 | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $39.99 | &nbsp;&nbsp;&nbsp; $29.82 | &nbsp;&nbsp;&nbsp; $27.18 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp; (13.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp; (13.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;2.90 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $41.44 | &nbsp;&nbsp;&nbsp; $36.81 | &nbsp;&nbsp;&nbsp; $27.48 | &nbsp;&nbsp;&nbsp; $26.03 | &nbsp;&nbsp;&nbsp; $39.99 | &nbsp;&nbsp;&nbsp; $29.82 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $41.52 | &nbsp;&nbsp;&nbsp; $36.89 | &nbsp;&nbsp;&nbsp; $27.65 | &nbsp;&nbsp;&nbsp; $26.00 | &nbsp;&nbsp;&nbsp; $40.09 | &nbsp;&nbsp;&nbsp; $29.77 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.40<br> %<br>| &nbsp;&nbsp;&nbsp; (33.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.82<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 13.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.18<br> %<br>| &nbsp;&nbsp;&nbsp; (33.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.96<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $265207 | &nbsp;&nbsp;&nbsp; $136211 | &nbsp;&nbsp;&nbsp; $108533 | &nbsp;&nbsp;&nbsp; $101514 | &nbsp;&nbsp;&nbsp; $251951 | &nbsp;&nbsp;&nbsp; $155043 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.80 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.02 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 114<br> %<br>| &nbsp;&nbsp;&nbsp; 144<br> %<br>| &nbsp;&nbsp;&nbsp; 152<br> %<br>| &nbsp;&nbsp;&nbsp; 161<br> %<br>| &nbsp;&nbsp;&nbsp; 115<br> %<br>|

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets includes income received from foreign withholding tax claims. Net investment income per share and the ratio of net investment income to average net assets excluding the foreign withholding tax claims are $0.16 and 0.44%, respectively. 

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

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

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

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

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

------

**88**

------

**Financial Highlights—(continued)**

Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $20.04 | &nbsp;&nbsp;&nbsp; $17.49 | &nbsp;&nbsp;&nbsp; $15.90 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $19.56 | &nbsp;&nbsp;&nbsp; $18.59 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp; (8.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp; (8.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $18.43 | &nbsp;&nbsp;&nbsp; $20.04 | &nbsp;&nbsp;&nbsp; $17.49 | &nbsp;&nbsp;&nbsp; $15.90 | &nbsp;&nbsp;&nbsp; $24.99 | &nbsp;&nbsp;&nbsp; $19.56 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $18.30 | &nbsp;&nbsp;&nbsp; $20.02 | &nbsp;&nbsp;&nbsp; $17.46 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $24.81 | &nbsp;&nbsp;&nbsp; $19.60 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (7.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.98<br> %<br>| &nbsp;&nbsp;&nbsp; (34.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.08<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (8.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.16<br> %<br>| &nbsp;&nbsp;&nbsp; (33.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.77<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $84760 | &nbsp;&nbsp;&nbsp; $123269 | &nbsp;&nbsp;&nbsp; $118030 | &nbsp;&nbsp;&nbsp; $125593 | &nbsp;&nbsp;&nbsp; $214944 | &nbsp;&nbsp;&nbsp; $155489 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.28 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 97<br> %<br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 150<br> %<br>| &nbsp;&nbsp;&nbsp; 169<br> %<br>| &nbsp;&nbsp;&nbsp; 198<br> %<br>| &nbsp;&nbsp;&nbsp; 155<br> %<br>|

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.48 and 2.24%, respectively. 

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

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

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

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

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

------

**89**

------

**Financial Highlights—(continued)**

Invesco Global Clean Energy ETF (PBD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $12.84 | &nbsp;&nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp; $18.97 | &nbsp;&nbsp;&nbsp; $31.28 | &nbsp;&nbsp;&nbsp; $22.89 | &nbsp;&nbsp;&nbsp; $12.66 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 0.72 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (5.30)<br>| &nbsp;&nbsp;&nbsp; (12.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (5.01)<br>| &nbsp;&nbsp;&nbsp; (12.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp;10.49 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp; $12.84 | &nbsp;&nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp; $18.97 | &nbsp;&nbsp;&nbsp; $31.28 | &nbsp;&nbsp;&nbsp; $22.89 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $10.91 | &nbsp;&nbsp;&nbsp; $12.82 | &nbsp;&nbsp;&nbsp; $13.41 | &nbsp;&nbsp;&nbsp; $18.89 | &nbsp;&nbsp;&nbsp; $31.31 | &nbsp;&nbsp;&nbsp; $22.92 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (13.77)%<br>| &nbsp;&nbsp;&nbsp; (1.80)%<br>| &nbsp;&nbsp;&nbsp; (27.24)%<br>| &nbsp;&nbsp;&nbsp; (38.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 84.06<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (13.87)%<br>| &nbsp;&nbsp;&nbsp; (2.03)%<br>| &nbsp;&nbsp;&nbsp; (26.86)%<br>| &nbsp;&nbsp;&nbsp; (38.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85.77<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $64809 | &nbsp;&nbsp;&nbsp; $97273 | &nbsp;&nbsp;&nbsp; $131693 | &nbsp;&nbsp;&nbsp; $216728 | &nbsp;&nbsp;&nbsp; $399619 | &nbsp;&nbsp;&nbsp; $124178 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.15 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 52<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp;&nbsp; 56<br> %<br>|

---

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

<sup>(b)</sup> Net realized and unrealized gain (loss) on investments per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(c)</sup> Amount represents less than $0.005.

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

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

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

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

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

------

**90**

------

**Financial Highlights—(continued)**

Invesco Global Water ETF (PIO)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $40.55 | &nbsp;&nbsp;&nbsp; $31.92 | &nbsp;&nbsp;&nbsp; $30.81 | &nbsp;&nbsp;&nbsp; $41.68 | &nbsp;&nbsp;&nbsp; $31.17 | &nbsp;&nbsp;&nbsp; $28.94 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 0.58 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp; (10.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; (10.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $41.77 | &nbsp;&nbsp;&nbsp; $40.55 | &nbsp;&nbsp;&nbsp; $31.92 | &nbsp;&nbsp;&nbsp; $30.81 | &nbsp;&nbsp;&nbsp; $41.68 | &nbsp;&nbsp;&nbsp; $31.17 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $41.74 | &nbsp;&nbsp;&nbsp; $40.49 | &nbsp;&nbsp;&nbsp; $31.94 | &nbsp;&nbsp;&nbsp; $30.89 | &nbsp;&nbsp;&nbsp; $41.72 | &nbsp;&nbsp;&nbsp; $31.18 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>| &nbsp;&nbsp;&nbsp; (25.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.76<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.37<br> %<br>| &nbsp;&nbsp;&nbsp; (25.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.16<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $254824 | &nbsp;&nbsp;&nbsp; $269682 | &nbsp;&nbsp;&nbsp; $234605 | &nbsp;&nbsp;&nbsp; $257285 | &nbsp;&nbsp;&nbsp; $323028 | &nbsp;&nbsp;&nbsp; $207262 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.75 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.33 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>|

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.35 and 0.92%, respectively. 

<sup>(c)</sup> Amount represents less than $0.005.

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

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

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

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

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

------

**91**

------

**Financial Highlights—(continued)**

Invesco International BuyBack Achievers<sup>TM</sup> ETF (IPKW)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $41.41 | &nbsp;&nbsp;&nbsp; $33.34 | &nbsp;&nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $43.74 | &nbsp;&nbsp;&nbsp; $31.35 | &nbsp;&nbsp;&nbsp; $32.20 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 2.55 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.57 | &nbsp;&nbsp;&nbsp; (0.82)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp; (0.25)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $44.97 | &nbsp;&nbsp;&nbsp; $41.41 | &nbsp;&nbsp;&nbsp; $33.34 | &nbsp;&nbsp;&nbsp; $30.49 | &nbsp;&nbsp;&nbsp; $43.74 | &nbsp;&nbsp;&nbsp; $31.35 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $44.91 | &nbsp;&nbsp;&nbsp; $41.55 | &nbsp;&nbsp;&nbsp; $33.48 | &nbsp;&nbsp;&nbsp; $30.48 | &nbsp;&nbsp;&nbsp; $43.78 | &nbsp;&nbsp;&nbsp; $31.42 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.35<br> %<br>| &nbsp;&nbsp;&nbsp; (23.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.90<br> %<br>| &nbsp;&nbsp;&nbsp; (0.30)%<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.85<br> %<br>| &nbsp;&nbsp;&nbsp; (23.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $161904 | &nbsp;&nbsp;&nbsp; $91100 | &nbsp;&nbsp;&nbsp; $78347 | &nbsp;&nbsp;&nbsp; $80785 | &nbsp;&nbsp;&nbsp; $124660 | &nbsp;&nbsp;&nbsp; $92470 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.28 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 97<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 113<br> %<br>| &nbsp;&nbsp;&nbsp; 88<br> %<br>|

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.63 and 1.47%, respectively. 

<sup>(c)</sup> Amount represents less than $0.005.

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

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

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

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

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

------

**92**

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**Financial Highlights—(continued)**

Invesco MSCI Global Climate 500 ETF (KLMT)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)**<br>| **For the Period** <br>**June 24, 2024**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.86 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.82 | &nbsp;&nbsp;&nbsp; $25.86 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $25.84 | &nbsp;&nbsp;&nbsp; $25.93 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.77 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.05 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1173614 | &nbsp;&nbsp;&nbsp; $1679618 |
| Ratio to average net assets of: |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.62 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (June 6, 2024, the first day of trading on the exchange) to October 31, 2024 was 3.81%. The market price total return from Fund Inception to October 31, 2024 was 3.88%.

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

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

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

------

**93**

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**Financial Highlights—(continued)**

Invesco MSCI Global Timber ETF (CUT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $34.42 | &nbsp;&nbsp;&nbsp; $28.97 | &nbsp;&nbsp;&nbsp; $29.59 | &nbsp;&nbsp;&nbsp; $36.09 | &nbsp;&nbsp;&nbsp; $27.82 | &nbsp;&nbsp;&nbsp; $27.65 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (4.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp; (5.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $29.64 | &nbsp;&nbsp;&nbsp; $34.42 | &nbsp;&nbsp;&nbsp; $28.97 | &nbsp;&nbsp;&nbsp; $29.59 | &nbsp;&nbsp;&nbsp; $36.09 | &nbsp;&nbsp;&nbsp; $27.82 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $29.57 | &nbsp;&nbsp;&nbsp; $34.46 | &nbsp;&nbsp;&nbsp; $29.03 | &nbsp;&nbsp;&nbsp; $29.53 | &nbsp;&nbsp;&nbsp; $36.09 | &nbsp;&nbsp;&nbsp; $27.81 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (11.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp; (16.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (11.57)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp; (16.82)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $45942 | &nbsp;&nbsp;&nbsp; $55071 | &nbsp;&nbsp;&nbsp; $52137 | &nbsp;&nbsp;&nbsp; $60656 | &nbsp;&nbsp;&nbsp; $92035 | &nbsp;&nbsp;&nbsp; $75101 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.72<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.45 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|

---

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

<sup>(b)</sup> Amount represents less than $0.005.

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

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

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

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

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

------

**94**

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**Financial Highlights—(continued)**

Invesco MSCI Green Building ETF (GBLD)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **For the Period** <br>**April 20, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **For the Period** <br>**April 20, 2021**<sup>(a)</sup> <br>**Through** <br>**October 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $14.84 | &nbsp;&nbsp;&nbsp; $16.43 | &nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (7.21)<br>| &nbsp;&nbsp;&nbsp; (1.21)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (6.52)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $16.51 | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $14.84 | &nbsp;&nbsp;&nbsp; $16.43 | &nbsp;&nbsp;&nbsp; $23.82 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $16.47 | &nbsp;&nbsp;&nbsp; $17.32 | &nbsp;&nbsp;&nbsp; $14.93 | &nbsp;&nbsp;&nbsp; $16.44 | &nbsp;&nbsp;&nbsp; $23.89 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (1.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.99<br> %<br>| &nbsp;&nbsp;&nbsp; (5.79)%<br>| &nbsp;&nbsp;&nbsp; (28.05)%<br>| &nbsp;&nbsp;&nbsp; (3.13 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (2.08)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.68<br> %<br>| &nbsp;&nbsp;&nbsp; (5.28)%<br>| &nbsp;&nbsp;&nbsp; (28.22)%<br>| &nbsp;&nbsp;&nbsp; (2.84 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $4954 | &nbsp;&nbsp;&nbsp; $8631 | &nbsp;&nbsp;&nbsp; $5937 | &nbsp;&nbsp;&nbsp; $4928 | &nbsp;&nbsp;&nbsp; $4764 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.61 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.34 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (April 22, 2021, the first day of trading on the exchange) to October 31, 2021 was (2.74)%. The market price total return from Fund Inception to October 31, 2021 was (2.30)%.

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

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

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

------

**95**

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**Financial Highlights—(continued)**

Invesco RAFI Developed Markets ex-U.S. ETF (PXF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $49.63 | &nbsp;&nbsp;&nbsp; $41.82 | &nbsp;&nbsp;&nbsp; $37.62 | &nbsp;&nbsp;&nbsp; $48.20 | &nbsp;&nbsp;&nbsp; $34.17 | &nbsp;&nbsp;&nbsp; $40.99 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp; (9.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.72 | &nbsp;&nbsp;&nbsp; (6.85)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp;&nbsp; (8.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.14 | &nbsp;&nbsp;&nbsp; (5.91)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $53.86 | &nbsp;&nbsp;&nbsp; $49.63 | &nbsp;&nbsp;&nbsp; $41.82 | &nbsp;&nbsp;&nbsp; $37.62 | &nbsp;&nbsp;&nbsp; $48.20 | &nbsp;&nbsp;&nbsp; $34.17 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $53.58 | &nbsp;&nbsp;&nbsp; $49.65 | &nbsp;&nbsp;&nbsp; $42.17 | &nbsp;&nbsp;&nbsp; $37.71 | &nbsp;&nbsp;&nbsp; $48.22 | &nbsp;&nbsp;&nbsp; $34.25 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.00<br> %<br>| &nbsp;&nbsp;&nbsp; (17.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.49<br> %<br>| &nbsp;&nbsp;&nbsp; (14.26)%<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.68<br> %<br>| &nbsp;&nbsp;&nbsp; (17.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.22<br> %<br>| &nbsp;&nbsp;&nbsp; (13.80)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1909315 | &nbsp;&nbsp;&nbsp; $1697210 | &nbsp;&nbsp;&nbsp; $1478477 | &nbsp;&nbsp;&nbsp; $1130538 | &nbsp;&nbsp;&nbsp; $1200189 | &nbsp;&nbsp;&nbsp; $871403 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.20 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>|

---

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

<sup>(b)</sup> Amount represents less than $0.005.

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

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

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

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

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

------

**96**

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**Financial Highlights—(continued)**

Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $32.85 | &nbsp;&nbsp;&nbsp; $28.22 | &nbsp;&nbsp;&nbsp; $26.66 | &nbsp;&nbsp;&nbsp; $38.13 | &nbsp;&nbsp;&nbsp; $28.93 | &nbsp;&nbsp;&nbsp; $30.67 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp; (11.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp; (1.70)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp; (10.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp; (1.10)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $35.33 | &nbsp;&nbsp;&nbsp; $32.85 | &nbsp;&nbsp;&nbsp; $28.22 | &nbsp;&nbsp;&nbsp; $26.66 | &nbsp;&nbsp;&nbsp; $38.13 | &nbsp;&nbsp;&nbsp; $28.93 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $35.17 | &nbsp;&nbsp;&nbsp; $32.91 | &nbsp;&nbsp;&nbsp; $28.42 | &nbsp;&nbsp;&nbsp; $26.68 | &nbsp;&nbsp;&nbsp; $38.41 | &nbsp;&nbsp;&nbsp; $28.94 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.88<br> %<br>| &nbsp;&nbsp;&nbsp; (27.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.34<br> %<br>| &nbsp;&nbsp;&nbsp; (3.36)%<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.58<br> %<br>| &nbsp;&nbsp;&nbsp; (28.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.26<br> %<br>| &nbsp;&nbsp;&nbsp; (2.53)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $325074 | &nbsp;&nbsp;&nbsp; $400741 | &nbsp;&nbsp;&nbsp; $475466 | &nbsp;&nbsp;&nbsp; $489162 | &nbsp;&nbsp;&nbsp; $434660 | &nbsp;&nbsp;&nbsp; $308106 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.77 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>|

---

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

<sup>(b)</sup> Amount represents less than $0.005.

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

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

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

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

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

------

**97**

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**Financial Highlights—(continued)**

Invesco RAFI Emerging Markets ETF (PXH)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $21.31 | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $15.84 | &nbsp;&nbsp;&nbsp; $22.43 | &nbsp;&nbsp;&nbsp; $17.51 | &nbsp;&nbsp;&nbsp; $20.95 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; (6.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp; (3.40)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp; (5.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.55 | &nbsp;&nbsp;&nbsp; (2.81)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $21.31 | &nbsp;&nbsp;&nbsp; $17.26 | &nbsp;&nbsp;&nbsp; $15.84 | &nbsp;&nbsp;&nbsp; $22.43 | &nbsp;&nbsp;&nbsp; $17.51 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $21.33 | &nbsp;&nbsp;&nbsp; $21.35 | &nbsp;&nbsp;&nbsp; $17.25 | &nbsp;&nbsp;&nbsp; $15.85 | &nbsp;&nbsp;&nbsp; $22.34 | &nbsp;&nbsp;&nbsp; $17.51 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.21<br> %<br>| &nbsp;&nbsp;&nbsp; (24.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.79<br> %<br>| &nbsp;&nbsp;&nbsp; (13.44)%<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.09<br> %<br>| &nbsp;&nbsp;&nbsp; (24.14)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.28<br> %<br>| &nbsp;&nbsp;&nbsp; (13.36)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1236128 | &nbsp;&nbsp;&nbsp; $1235099 | &nbsp;&nbsp;&nbsp; $1094569 | &nbsp;&nbsp;&nbsp; $1206241 | &nbsp;&nbsp;&nbsp; $1360503 | &nbsp;&nbsp;&nbsp; $969844 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(g)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.14 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>|

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.63 and 3.19%, respectively. 

<sup>(c)</sup> Amount represents less than $0.005.

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

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

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

<sup>(g)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies' expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies' expenses that the Fund bears indirectly is included in the Fund's total return. 

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

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

------

**98**

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**Financial Highlights—(continued)**

Invesco S&P Global Water Index ETF (CGW)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $57.82 | &nbsp;&nbsp;&nbsp; $45.36 | &nbsp;&nbsp;&nbsp; $45.65 | &nbsp;&nbsp;&nbsp; $58.91 | &nbsp;&nbsp;&nbsp; $41.43 | &nbsp;&nbsp;&nbsp; $39.55 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp; (0.36 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (12.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;13.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (12.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.49 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(d)</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $58.87 | &nbsp;&nbsp;&nbsp; $57.82 | &nbsp;&nbsp;&nbsp; $45.36 | &nbsp;&nbsp;&nbsp; $45.65 | &nbsp;&nbsp;&nbsp; $58.91 | &nbsp;&nbsp;&nbsp; $41.43 |
| Market price at end of period<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; $58.76 | &nbsp;&nbsp;&nbsp; $57.83 | &nbsp;&nbsp;&nbsp; $45.37 | &nbsp;&nbsp;&nbsp; $45.66 | &nbsp;&nbsp;&nbsp; $59.04 | &nbsp;&nbsp;&nbsp; $41.54 |
| **Net Asset Value Total Return**<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp; (21.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.31<br> %<br>|
| **Market Price Total Return**<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp; (21.37)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.62<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $934826 | &nbsp;&nbsp;&nbsp; $959808 | &nbsp;&nbsp;&nbsp; $840083 | &nbsp;&nbsp;&nbsp; $932994 | &nbsp;&nbsp;&nbsp; $1199341 | &nbsp;&nbsp;&nbsp; $710871 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.59 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|

---

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

<sup>(b)</sup> Net investment income per share and the ratio of net investment income to average net assets include a significant dividend received during the period. Net investment income per share and the ratio of net investment income to average net assets excluding the significant dividend are $0.62 and 1.18%, respectively. 

<sup>(c)</sup> Net gains (losses) on securities (both realized and unrealized) per share may not correlate with the Fund's net realized and unrealized gain (loss) due to timing of shareholder transactions in relation to the fluctuating market values of the Fund's investments. 

<sup>(d)</sup> Amount represents less than $0.005.

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

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

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

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

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

------

**99**

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**Financial Highlights—(continued)**

Invesco S&P International Developed Quality ETF (IDHQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
|  | **Six Months Ended** <br>**April 30,** <br>**2025** <br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $29.86 | &nbsp;&nbsp;&nbsp; $25.16 | &nbsp;&nbsp;&nbsp; $22.23 | &nbsp;&nbsp;&nbsp; $31.38 | &nbsp;&nbsp;&nbsp; $25.01 | &nbsp;&nbsp;&nbsp; $24.47 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp; (9.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp; (8.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $31.17 | &nbsp;&nbsp;&nbsp; $29.86 | &nbsp;&nbsp;&nbsp; $25.16 | &nbsp;&nbsp;&nbsp; $22.23 | &nbsp;&nbsp;&nbsp; $31.38 | &nbsp;&nbsp;&nbsp; $25.01 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $31.04 | &nbsp;&nbsp;&nbsp; $29.89 | &nbsp;&nbsp;&nbsp; $25.35 | &nbsp;&nbsp;&nbsp; $22.23 | &nbsp;&nbsp;&nbsp; $31.53 | &nbsp;&nbsp;&nbsp; $25.00 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.13<br> %<br>| &nbsp;&nbsp;&nbsp; (26.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.42<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.00<br> %<br>| &nbsp;&nbsp;&nbsp; (27.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $408277 | &nbsp;&nbsp;&nbsp; $382254 | &nbsp;&nbsp;&nbsp; $176119 | &nbsp;&nbsp;&nbsp; $92266 | &nbsp;&nbsp;&nbsp; $114522 | &nbsp;&nbsp;&nbsp; $100021 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.85 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>|

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

<sup>(b)</sup> Amount represents less than $0.005.

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

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

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

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

April 30, 2025

*(Unaudited)*

**NOTE 1—Organization**

Invesco Exchange-Traded Fund Trust II (the "Trust") was organized as a Massachusetts business trust and is authorized to have multiple series of portfolios. The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). This report includes the following portfolios:

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco China Technology ETF (CQQQ) | "China Technology ETF" |
| Invesco Dorsey Wright Developed Markets Momentum ETF (PIZ) | "Dorsey Wright Developed Markets Momentum ETF" |
| Invesco Dorsey Wright Emerging Markets Momentum ETF (PIE) | "Dorsey Wright Emerging Markets Momentum ETF" |
| Invesco Global Clean Energy ETF (PBD) | "Global Clean Energy ETF" |
| Invesco Global Water ETF (PIO) | "Global Water ETF" |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF (IPKW) | "International BuyBack Achievers<sup>TM</sup> ETF" |
| Invesco MSCI Global Climate 500 ETF (KLMT) | "MSCI Global Climate 500 ETF" |
| Invesco MSCI Global Timber ETF (CUT) | "MSCI Global Timber ETF" |
| Invesco MSCI Green Building ETF (GBLD) | "MSCI Green Building ETF" |
| Invesco RAFI Developed Markets ex-U.S. ETF (PXF)<sup>(a)</sup> <br>| "RAFI Developed Markets ex-U.S. ETF" |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF (PDN)<sup>(b)</sup> <br>| "RAFI Developed Markets ex-U.S. Small-Mid ETF" |
| Invesco RAFI Emerging Markets ETF (PXH)<sup>(c)</sup> <br>| "RAFI Emerging Markets ETF" |
| Invesco S&P Global Water Index ETF (CGW) | "S&P Global Water Index ETF" |
| Invesco S&P International Developed Quality ETF (IDHQ) | "S&P International Developed Quality ETF" |

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<sup>(a)</sup> Effective March 24, 2025, the Fund's name changed from Invesco FTSE RAFI Developed Markets ex-U.S. ETF to Invesco RAFI Developed Markets ex-U.S. ETF.

<sup>(b)</sup> Effective March 24, 2025, the Fund's name changed from Invesco FTSE RAFI Developed Markets ex-U.S. Small-Mid ETF ETF to Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF. 

<sup>(c)</sup> Effective March 24, 2025, the Fund's name changed from Invesco FTSE RAFI Emerging Markets ETF to Invesco RAFI Emerging Markets ETF.

Each portfolio (each, a "Fund", and collectively, the "Funds") represents a separate series of the Trust. The shares of the Funds are referred to herein as "Shares" or "Fund's Shares." Each Fund's Shares are listed and traded on the following exchanges:

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| | |
|:---|:---|
| **Fund** | **Exchange** |
| China Technology ETF | NYSE Arca, Inc. |
| Dorsey Wright Developed Markets Momentum ETF | The Nasdaq Stock Market LLC |
| Dorsey Wright Emerging Markets Momentum ETF | The Nasdaq Stock Market LLC |
| Global Clean Energy ETF | NYSE Arca, Inc. |
| Global Water ETF | The Nasdaq Stock Market LLC |
| International BuyBack Achievers<sup>TM</sup> ETF | The Nasdaq Stock Market LLC |
| MSCI Global Climate 500 ETF | NYSE Arca, Inc. |
| MSCI Global Timber ETF | NYSE Arca, Inc. |
| MSCI Green Building ETF | NYSE Arca, Inc. |
| RAFI Developed Markets ex-U.S. ETF | NYSE Arca, Inc. |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | NYSE Arca, Inc. |
| RAFI Emerging Markets ETF | NYSE Arca, Inc. |
| S&P Global Water Index ETF | NYSE Arca, Inc. |
| S&P International Developed Quality ETF | NYSE Arca, Inc. |

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

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

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| | |
|:---|:---|
| **Fund** | **Underlying Index** |
| China Technology ETF | FTSE China Incl A 25% Technology Capped Index |
| Dorsey Wright Developed Markets Momentum ETF | Dorsey Wright<sup>®</sup> Developed Markets Technical Leaders Index |
| Dorsey Wright Emerging Markets Momentum ETF | Dorsey Wright<sup>®</sup> Emerging Markets Technical Leaders Index |
| Global Clean Energy ETF | WilderHill New Energy Global Innovation Index |
| Global Water ETF | Nasdaq OMX Global Water Index<sup>SM</sup> |
| International BuyBack Achievers<sup>TM</sup> ETF | Nasdaq International BuyBack Achievers<sup>TM</sup> Index |
| MSCI Global Climate 500 ETF | MSCI ACWI Select Climate 500 Index |
| MSCI Global Timber ETF | MSCI ACWI IMI Timber Select Capped Index |
| MSCI Green Building ETF | MSCI Global Green Building Index |
| RAFI Developed Markets ex-U.S. ETF | RAFI<sup>TM</sup> Fundamental Select Developed ex U.S. 1000 Index |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | RAFI<sup>TM</sup> Fundamental Select Developed ex-U.S. 1500 Index |
| RAFI Emerging Markets ETF | RAFI<sup>TM</sup> Fundamental Select Emerging 350 Index |
| S&P Global Water Index ETF | S&P Global Water Index |
| S&P International Developed Quality ETF | S&P Quality Developed ex-U.S. LargeMidCap Index |

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**NOTE 2—Significant Accounting Policies**

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

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

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

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

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

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

Fixed income securities (including convertible debt securities) generally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Securities with a demand feature exercisable within one to seven days are valued at par. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign exchange-traded equity securities, the securities will be valued at the market quotations. Invesco Capital Management LLC (the "Adviser") may use various pricing services to obtain market quotations as well as fair value prices. Because trading hours for certain foreign securities end before the close of the New York Stock Exchange ("NYSE"), closing market quotations may become not representative of market value in the Adviser's judgment ("unreliable"). If, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, a significant event occurs that makes the closing price of the security unreliable, the Adviser may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith in accordance with Board-approved policies and related Adviser procedures ("Valuation Procedures"). Adjustments to closing prices to reflect fair value may also be based on

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a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities' prices meeting the degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, American depositary receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, the potential for sharply devalued currencies and high inflation, political and economic upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.

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

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

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

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

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

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

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

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the

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determination of net realized and unrealized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of a Fund's NAV and, accordingly, they reduce a Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between each Fund and the Adviser.

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

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

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

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

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

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

**F.** **Foreign Withholding Taxes** - Each Fund is subject to foreign withholding tax imposed by certain foreign countries in which the Fund may invest. Withholding taxes are incurred on certain foreign dividends and are accrued at the time the dividend is recognized based on applicable foreign tax laws. Each Fund may file withholding tax refunds in certain jurisdictions to seek to recover a portion of amounts previously withheld. Each Fund will record a receivable for such tax refunds based on several factors including; an assessment of a jurisdiction's legal obligation to pay reclaims, administrative practices and payment history. Any receivables recorded will be shown under receivables for *Foreign tax reclaims* on the Statements of Assets and Liabilities. There is no guarantee that a Fund will receive refunds applied for in a timely manner or at all.

As a result of recent court rulings in certain countries across the European Union, tax refunds for previously withheld taxes on dividends earned in those countries have been received by investment companies. Any tax refund payments are reflected as *Foreign withholding tax claims* in the Statements of Operations, and any related interest is included in *Unaffiliated interest income*. Each Fund may incur fees paid to third party providers that assist in the recovery of the tax reclaims. These fees are excluded from the unitary management fee and are reflected on the Statements of Operations as *Professional fees*, if any. In the event tax refunds received by a Fund during the fiscal year exceed the foreign withholding taxes paid by a Fund for the year, and the Fund previously passed foreign tax credits on to its shareholders, the Fund intends to enter into a closing agreement with the Internal Revenue Service in order to pay the associated liability on behalf of the Funds' shareholders. For the six months ended April 30, 2025, the Funds did not enter into any closing agreements.

**G.** **Expenses** - Each Fund (except for MSCI Global Timber ETF and S&P Global Water Index ETF) has agreed to pay an annual unitary management fee to the Adviser. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and

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other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of any Board member who is an "interested person" of the Trust or the Adviser (an "Interested Trustee"), or (iii) any other matters that directly benefit the Adviser).

MSCI Global Timber ETF and S&P Global Water Index ETF are responsible for all of their own expenses, including the investment advisory fees, costs of transfer agency, custody, fund administration, legal, audit and other services, interest, taxes, brokerage commissions and other expenses connected with executions of portfolio transactions, licensing fees related to their respective Underlying Index, any distribution fees or expenses, litigation expenses, fees payable to the Trust's Board members and officers who are not "interested persons" (as defined in the 1940 Act) of the Trust or the Adviser (the "Independent Trustees"), expenses incurred in connection with the Board members' services, including travel expenses and legal fees of counsel for the Independent Trustees, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser).

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

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

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

**I.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**J.** **Segment Reporting** — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity's segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds' chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect the Funds' financial position or the results of its operations.

**K.** **Securities Lending** - Each Fund may participate in securities lending and may loan portfolio securities having a market value up to one-third of each Fund's total assets. Such loans are secured by cash collateral equal to no less than 102% (105% for international securities) of the market value of the loaned securities determined daily by the securities lending provider. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated, unregistered investment companies that comply with Rule 2a-7 under the 1940 Act and money market funds (collectively, "affiliated money market funds") and is shown as such on the Schedules of Investments. Each Fund bears the risk of loss with respect to the investment of collateral. It is the policy of these Funds to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. When loaning securities, each Fund retains certain benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Lending securities entails a risk of loss to each Fund if, and to the extent that, the market value of the securities loaned were to increase, and the borrower did not increase the collateral accordingly, and the borrower failed to return the securities. The securities loaned are subject to termination at the option of the borrower or each Fund. Upon termination, the borrower will return to each Fund the securities loaned and each Fund will return the collateral. Upon the failure of the

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borrower to return the securities, collateral may be liquidated and the securities may be purchased on the open market to replace the loaned securities. Each Fund could experience delays and costs in gaining access to the collateral and the securities may lose value during the delay which could result in potential losses to each Fund. Some of these losses may be indemnified by the lending agent. Each Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested. For Funds that participated in securities lending, dividends received on cash collateral investments for securities lending transactions, which are net of compensation to counterparties, are included in *Securities lending income, net* on the Statements of Operations. The aggregate value of securities out on loan, if any, is shown on the Statements of Assets and Liabilities.

Invesco Advisers, Inc. ("Invesco"), an affiliate of the Adviser, serves as an affiliated securities lending agent for each Fund participating in the securities lending program. The Bank of New York Mellon ("BNYM") also serves as a securities lending agent. To the extent a Fund utilizes Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with, and in reliance upon, no-action letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for those services in a manner consistent with the federal securities laws. For the six months ended April 30, 2025, each Fund (except for Dorsey Wright Developed Markets Momentum ETF) had affiliated securities lending transactions with Invesco. Fees paid to Invesco for securities lending agent services, which are included in *Securities lending income, net* on the Statements of Operations, were incurred by each applicable Fund as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| China Technology ETF | $777 |
| Dorsey Wright Emerging Markets Momentum ETF | 104 |
| Global Clean Energy ETF | 15503 |
| Global Water ETF | 290 |
| International BuyBack Achievers<sup>TM</sup> ETF | 5 |
| MSCI Global Climate 500 ETF | 777 |
| MSCI Global Timber ETF | 338 |
| MSCI Green Building ETF | 44 |
| RAFI Developed Markets ex-U.S. ETF | 1470 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | 284 |
| RAFI Emerging Markets ETF | 776 |
| S&P Global Water Index ETF | 2458 |
| S&P International Developed Quality ETF | 41 |

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**L.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Each Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statements of Operations. Reported net realized foreign currency gains or losses arise from (1) sales of foreign currencies, (2) currency gains or losses realized between the trade and settlement dates on securities transactions, and (3) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

Each Fund may invest in foreign securities, which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which a Fund invests.

The performance of a Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar. Currency rates in foreign countries may fluctuate for a number of reasons, including changes in interest rates, political, economic, or social instability and development, and imposition of currency controls. Currency controls in certain foreign jurisdictions may cause a Fund to experience significant delays in its ability to repatriate its assets in U.S. dollars at quoted spot rates, and it is possible that a Fund's ability to convert certain foreign currencies into U.S. dollars may be limited and may occur at discounts to quoted rates. As a result, the value of a Fund's assets and liabilities denominated in such currencies that would ultimately be realized could differ from those reported on the Statements of Assets and Liabilities. Certain foreign companies may be subject to sanctions, embargoes, or other governmental actions that may limit the ability to invest in, receive, hold, or sell the securities of such companies, all of which affect the market and/or credit risk of the

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investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

**M.** **Futures Contracts** - The Funds may enter into futures contracts to simulate full investment in securities or manage exposure to equity and market price movements and/or currency risks and provide exposure to markets and indexes.

A futures contract is an agreement between two parties ("Counterparties") to purchase or sell a specified underlying security or index for a specified price at a future date. Certain Funds will only enter into exchange-traded futures contracts that are standardized as to maturity date and underlying instrument or asset. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral at the futures commission merchant broker. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by recalculating the value of the contracts on a daily basis. Subsequent or variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. These amounts are reflected as a receivable or payable on the Statements of Assets and Liabilities. The Fund may utilize excess cash or otherwise transfer cash to the broker to satisfy variation margin requirements. When the contracts are closed or expire, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. The net realized gain (loss) and the change in unrealized gain (loss) on futures contracts held during the period is included on the Statements of Operations.

The primary risks associated with futures contracts are market risk, leverage risk and the absence of a liquid secondary market. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and may be required to continue to maintain the margin deposits on the futures contracts until the position expired or matured. Unlike equities, which typically entitle the holder to a continuing stake in a corporation, futures contracts normally specify a certain date for delivery of the underlying asset for settlement in cash based on the level of the underlying asset. As futures contracts approach expiration, they may be replaced by similar contracts that have a later expiration. This process is referred to as "rolling." If the market for these contracts is in "contango," meaning that the prices of futures contracts in the nearer months are lower than the price of contracts in the distant months, the sale of the near-term month contract would be at a lower price than the longer-term contract, resulting in a cost to "roll" the futures contract. The actual realization of a potential roll cost will depend on the difference in price of the near and distant contracts. In addition, futures contracts may be subject to contractual or other restrictions on resale and may lack readily available markets for resale. Futures have minimal Counterparty risk since the exchange's clearinghouse, as Counterparty to all exchange-traded futures contracts, guarantees the futures against default. Risks may exceed amounts recognized in the Statements of Assets and Liabilities.

**N.** **Other Risks**

*ADR and GDR Risk*. Certain Funds may invest in American depositary receipts ("ADRs") and global depositary receipts ("GDRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. GDRs are certificates issued by an international bank that generally are traded and denominated in the currencies of countries other than the home country of the issuer of the underlying shares. ADRs and GDRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs and GDRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with each Fund. Each Fund has a limited number of institutions that may act as APs, and such APs have no obligation to submit creation or redemption orders. Consequently, there is no assurance that APs will establish or maintain an active trading market for the Shares. This risk may be heightened to the extent that securities held by each Fund are traded outside a collateralized settlement system. In that case, APs may be required to post collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited number of APs may be able to do. In addition, to the extent that APs exit the business or are unable to proceed with creation and/or redemption orders with respect to each Fund and no other AP is able to step forward to create or redeem Creation Units, this may result in a significantly diminished trading market for Fund Shares, and Shares may be more likely to trade at a premium or discount to a Fund's NAV and to face trading halts and/or delisting. Additionally, to the extent that a Fund holds non-U.S. securities, such securities may have lower trading volumes or could experience extended market closures or trading halts. To the extent that a Fund invests in non-U.S. securities, it may face increased risks that APs may not be able to effectively create or redeem Creation Units, or that the Shares may be halted and/or delisted.

*China Investment Risk.* Investments in companies located or operating in Greater China (normally considered to be the geographical area that includes mainland China, Hong Kong, Macau and Taiwan) involve risks and considerations not typically associated with investments in the U.S. and other Western nations, such as greater government control over the economy; political, legal and regulatory uncertainty; nationalization, expropriation, or confiscation of property; lack of willingness or ability of the Chinese government to support the economies and markets of the Greater China region; lack of publicly available information and difficulty in obtaining information necessary for investigations into and/or litigation against Chinese

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companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; military conflicts and the risk of war, either internal or with other countries; public health emergencies resulting in market closures, travel restrictions, quarantines or other interventions; inflation, currency fluctuations and fluctuations in inflation and interest rates that may have negative effects on the economy and securities markets of Greater China; and Greater China's dependency on the economies of other Asian countries, many of which are developing countries. Events in any one country within Greater China may impact the other countries in the region or Greater China as a whole. Export growth continues to be a major driver of China's rapid economic growth. As a result, a reduction in spending on Chinese products and services, the institution of additional tariffs, sanctions, capital controls, embargoes, trade wars or other trade barriers (or the threat thereof), including as a result of trade tensions between China and the United States, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, actions by the U.S. government, such as delisting of certain Chinese companies from U.S. securities exchanges or otherwise restricting their operations in the U.S., may negatively impact the value of such securities held by a Fund. Further, health events may cause uncertainty and volatility in the Chinese economy, especially in the consumer discretionary (leisure, retail, gaming, tourism), industrials, and commodities sectors. Additionally, any difficulties of the Public Company Accounting Oversight Board ("PCAOB") to inspect audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies may impose significant additional risks associated with investments in China.

*Currency Risk*. Because each Fund's NAV is determined in U.S. dollars, a Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall NAV. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions, causing an adverse impact on a Fund. As a result, investors have the potential for losses regardless of the length of time they intend to hold Shares.

*Emerging Markets Investment Risk*. For certain Funds, investments in the securities of issuers in emerging market countries involve risks often not associated with investments in the securities of issuers in developed countries. Securities in emerging markets may be subject to greater price fluctuations than securities in more developed markets. Companies in emerging market countries generally may be subject to less stringent regulatory, disclosure, financial reporting, accounting, auditing and recordkeeping standards than companies in more developed countries. In addition, information about such companies may be less available and reliable. Emerging markets usually are subject to greater market volatility, political, social and economic instability, uncertainty regarding the existence of trading markets and more governmental limitations on foreign investment than are more developed markets. Securities law in many emerging market countries is relatively new and unsettled. Therefore, laws regarding foreign investment in emerging market securities, securities regulation, title to securities, and shareholder rights may change quickly and unpredictably, and the ability to bring and enforce actions, or to obtain information needed to pursue or enforce such actions, may be limited. In addition, the enforcement of systems of taxation at federal, regional and local levels in emerging market countries may be inconsistent and subject to sudden change. Investments in emerging market securities may be subject to additional transaction costs, delays in settlement procedures, unexpected market closures, and lack of timely information. In addition, lack of relevant data and reliable public information, including financial information, about securities in emerging markets may contribute to incorrect weightings and data and computational errors when a Fund's index provider selects securities for inclusion in the Fund's Underlying Index or rebalances the Underlying Index.

*Environmental, Social and Governance ("ESG") Investing Strategy Risk*. The stocks of companies with favorable ESG attributes may underperform the stock market as a whole. As a result, a Fund may underperform other funds that do not screen companies based on ESG attributes. The criteria used to select companies for investment may result in such Funds investing in securities, industries or sectors that underperform the market as a whole or underperform other funds screened for ESG standards.

*Equity Risk*. Equity risk is the risk that the value of equity securities, including common stocks, may fall due to both changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks that each Fund holds. In addition, equity risk includes the risk that investor sentiment toward one or more industries will become negative, resulting in those investors exiting their investments in those industries, which could cause a reduction in the value of companies in those industries more broadly. The value of a company's common stock may fall solely because of factors, such as an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. A company's common stock also may decline significantly in price over a short period of time due to factors specific to that company, including decisions made by its management or lower demand for the company's products or services. For example, an adverse event, such as an unfavorable earnings report or the failure to make anticipated dividend payments, may depress the value of common stock.

*Foreign Investment Risk*. Investments in the securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities. Foreign securities may have relatively low market liquidity, greater market volatility, decreased

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publicly available information and less reliable financial information about issuers and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities are also subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs. To the extent a Fund invests in securities denominated in foreign currencies, fluctuations in the value of the U.S. dollar relative to the values of other currencies may adversely affect investments in foreign securities and may negatively impact the Fund's returns. From time to time, certain companies in which the Funds invest may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. Government and the United Nations and/or in countries the U.S. Government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company's performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. Government identifies as state sponsors of terrorism or subjects to sanctions.

*Geographic Concentration Risk*. A Fund may from time to time have a substantial amount of its assets invested in securities of issuers located in a single country or a limited number of countries. Adverse economic, political or social conditions in those countries may therefore have a significant negative impact on a Fund's investment performance. For example, a natural or other disaster could occur in a country or geographic region in which a Fund invests, which could affect the economy or particular business operations of companies in that specific country or geographic region and adversely impact the Fund's investments in the affected region.

*Index Risk*. Unlike many investment companies that are "actively managed", each Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its respective Underlying Index. Therefore, a Fund would not necessarily buy or sell a security unless that security is added or removed, respectively, from its Underlying Index, even if that security generally is underperforming. If a specific security is removed from an Underlying Index, its respective Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. An Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, each Fund rebalances its portfolio in accordance with its Underlying Index, and, therefore, any changes to the Underlying Index's rebalance schedule will result in corresponding changes to each Fund's rebalance schedule. Further, unlike with an actively managed fund, the Adviser does not use techniques or defensive strategies designed to lessen the impact of periods of market volatility or market decline. This means that, based on certain market and economic conditions, a Fund's performance could be lower than other types of funds with investment advisers that actively manage their portfolio assets to take advantage of market opportunities or defend against market events.

*Industry Concentration Risk*. In following its methodology, each Fund's Underlying Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that each Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the corresponding Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry group, each Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the companies in which each Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Market Risk*. Securities in each Underlying Index are subject to market fluctuations. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the securities in an Underlying Index. Additionally, natural or environmental disasters, widespread disease or other public health issues, war, military conflicts, acts of terrorism, economic crises or other events could result in increased premiums or discounts to each Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by a Fund will rise in value.

*Non-Correlation Risk*. Each Fund's return may not match the return of its corresponding Underlying Index for a number of reasons. For example, each Fund incurs operating expenses not applicable to the Underlying Index, and incurs costs in buying and selling securities, especially when rebalancing the Fund's securities holdings to reflect changes in the composition of its corresponding Underlying Index. In addition, the performance of each Fund and its corresponding Underlying Index may vary due to asset valuation differences and differences between each Fund's portfolio and its corresponding Underlying Index resulting from legal restrictions, costs or liquidity constraints.

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*Non-Diversified Fund Risk*. Because China Technology ETF, Global Water ETF, International BuyBack Achievers<sup>TM</sup> ETF, MSCI Global Climate 500 ETF, MSCI Global Timber ETF, MSCI Green Building ETF and S&P Global Water Index ETF are non-diversified, and to the extent certain Funds become non-diversified, and can invest a greater portion of their respective assets in securities of individual issuers than can a diversified fund, changes in the market value of a single investment could cause greater fluctuations in Share price than would occur in a diversified fund. This may increase a Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on a Fund's performance.

*Portfolio Turnover Risk*. Certain Funds may engage in frequent trading of their portfolio securities in connection with the rebalancing or adjustment of their respective Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to a Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for a Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to a Fund's shareholders, a Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

*REIT Risk*. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT's shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

*Risk of Green Building Investing*. Companies involved in "green building" face many of the risk factors associated generally with the building and construction industry, including that such companies may be significantly affected by changes in government spending or regulation, zoning laws, economic conditions and world events, interest rates, taxation, real estate values and overbuilding. Such companies may be impacted by the supply and demand both for their specific products or services and for industrial sector products in general. In addition, such companies face risks specific to sustainable or "green" building, including: building costs may be more expensive for green buildings as compared to conventional buildings; green construction materials may not be readily available; the costs associated with obtaining third-party certification; and the failure to continue to meet certification standards. The technology and methods for green building are relatively new, and there is uncertainty surrounding the longevity and warranty of new products and/or the use of relatively untested materials. Moreover, there remains uncertainty about how the regulatory environment might evolve with respect to green building.

*Sampling Risk*. Certain Funds' use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its respective Underlying Index. As a result, an adverse development with respect to an issuer of securities held by the Fund could result in a greater decline in NAV than would be the case if the Fund held all of the securities in its Underlying Index. To the extent the assets in the Fund are smaller, these risks will be greater.

*Small- and Mid-Capitalization Company Risk*. For certain Funds, investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. These companies' securities may be more volatile and less liquid than those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market. Often small- and mid-capitalization companies and the industries in which they focus are still evolving and, as a result, they may be more sensitive to changing market conditions.

*Thematic Investing Risk*. Certain Funds rely on the index provider for their respective Underlying Index to identify securities that provide exposure to specific environmental themes, as set forth in the Underlying Index methodology. A Fund's performance may suffer if such securities are not correctly identified. Performance may also suffer if the securities included in an Underlying Index do not benefit from the development of the applicable environmental theme. Further, to the extent that an index provider evaluates ESG factors as part of an Underlying Index's methodology, there is a risk that information used by the index provider to evaluate these ESG factors may not be readily available, complete or accurate. This could negatively impact the index provider's ability to apply its ESG standards when compiling the Underlying Index, and which may negatively impact a Fund's performance. Performance may also be impacted by the inclusion of non-theme relevant exposures in an Underlying Index. There is no guarantee that an Underlying Index will reflect complete exposure to any particular environmental theme.

**NOTE 3—Investment Advisory Agreements and Other Agreements**

The Trust has entered into Investment Advisory Agreements with the Adviser on behalf of each Fund, pursuant to which the Adviser has overall responsibility for the selection and ongoing monitoring of the Funds' investments, managing the Funds' business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, each Fund listed below accrues daily and pays monthly to the Adviser an annual unitary management fee. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Funds, including the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses and other extraordinary

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expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The unitary management fee is paid by each Fund listed below to the Adviser at the following annual rates:

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| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| China Technology ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>|
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Global Clean Energy ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Global Water ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| MSCI Global Climate 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| MSCI Green Building ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| RAFI Developed Markets ex-U.S. ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| RAFI Developed Markets ex-U.S. Small-Mid ETF<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| RAFI Emerging Markets ETF<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| S&P International Developed Quality ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|

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<sup>(a)</sup> Effective March 24, 2025, the Fund's unitary management fee was reduced from 0.45% to 0.43%.

<sup>(b)</sup> Effective March 24, 2025, the Fund's unitary management fee was reduced from 0.49% to 0.47%.

Pursuant to another Investment Advisory Agreement, each of the following Funds accrues daily and pays monthly to the Adviser an annual fee equal to a percentage of its average daily net assets as follows:

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| | |
|:---|:---|
|  | **Management Fees** <br>**(as a % of average daily net assets)**<br>|
| MSCI Global Timber ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| S&P Global Water Index ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|

---

The Trust also has entered into an Amended and Restated Excess Expense Agreement (the "Expense Agreement") with the Adviser on behalf of each of MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to which the Adviser has contractually agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if any, and extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser)) of each such Fund from exceeding the percentage of the Fund's average daily net assets per year (the "Expense Cap") shown in the table below through at least August 31, 2027. Unless the Adviser continues the Expense Agreement, it will terminate on August 31, 2027. During its term, the Expense Agreement cannot be terminated or amended to increase the Expense Cap without approval of the Board of Trustees. The Adviser did not waive fees and/or pay Fund expenses during the period under this Expense Cap for S&P Global Water Index ETF.

---

| | |
|:---|:---|
|  | **Expense Cap** |
| MSCI Global Timber ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| S&P Global Water Index ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>|

---

Further, through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by each Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. This waiver does not apply to a Fund's investment of cash collateral received for securities lending. There is no guarantee that the Adviser will extend the waiver of these fees past that date. This waiver is not subject to recapture by the Adviser.

For the six months ended April 30, 2025, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

---

| | |
|:---|:---|
| China Technology ETF | &nbsp;&nbsp;&nbsp; $862 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 66 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 11 |
| Global Clean Energy ETF | &nbsp;&nbsp;&nbsp; 5 |
| Global Water ETF | &nbsp;&nbsp;&nbsp; 46 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; 30 |

---

------

**111**

------

---

| | |
|:---|:---|
| MSCI Global Climate 500 ETF | &nbsp;&nbsp;&nbsp; $442 |
| MSCI Global Timber ETF | &nbsp;&nbsp;&nbsp; 62642 |
| MSCI Green Building ETF | &nbsp;&nbsp;&nbsp; 3 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp;&nbsp; 367 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp;&nbsp; 44 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 4618 |
| S&P Global Water Index ETF | &nbsp;&nbsp;&nbsp; 171 |
| S&P International Developed Quality ETF | &nbsp;&nbsp;&nbsp; 114 |

---

The fees waived and/or expenses borne by the Adviser for MSCI Global Timber ETF and S&P Global Water Index ETF, pursuant to the Expense Cap, are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Funds if it would result in the Funds exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

For the following Fund, the amounts available for potential recapture by the Adviser and the expiration schedule as of April 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** | **Potential Recapture Amounts Expiring** |
|  | **Total** <br>**Potential** <br>**Recapture** <br>**Amounts** | **10/31/25** | **10/31/26** | **10/31/27** | **10/31/28** |
| MSCI Global Timber ETF | &nbsp;&nbsp; $322633 | &nbsp;&nbsp; $36866 | &nbsp;&nbsp; $79259 | &nbsp;&nbsp; $143901 | &nbsp;&nbsp; $62607 |

---

The Trust has entered into a Distribution Agreement with Invesco Distributors, Inc. (the "Distributor"), which serves as the distributor of Creation Units for each Fund. The Distributor does not maintain a secondary market in the Shares. The Funds are not charged any fees pursuant to the Distribution Agreement. The Distributor is an affiliate of the Adviser.

The Adviser has entered into a licensing agreement on behalf of each Fund with the following entities (each, a "Licensor"):

---

| | |
|:---|:---|
| **Fund** | **Licensor** |
| China Technology ETF | FTSE International Ltd. |
| Dorsey Wright Developed Markets Momentum ETF | Dorsey Wright & Associates, LLC |
| Dorsey Wright Emerging Markets Momentum ETF | Dorsey Wright & Associates, LLC |
| Global Clean Energy ETF | WilderHill New Energy Finance, LLC |
| Global Water ETF | Nasdaq, Inc. |
| International BuyBack Achievers<sup>TM</sup> ETF | Nasdaq, Inc. |
| MSCI Global Climate 500 ETF | MSCI, Inc. |
| MSCI Global Timber ETF | MSCI, Inc. |
| MSCI Green Building ETF | MSCI, Inc. |
| RAFI Developed Markets ex-U.S. ETF | FTSE International Ltd. |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | FTSE International Ltd. |
| RAFI Emerging Markets ETF | FTSE International Ltd. |
| S&P Global Water Index ETF | S&P Dow Jones Indices LLC |
| S&P International Developed Quality ETF | S&P Dow Jones Indices LLC |

---

Each Underlying Index name trademark is owned by its respective Licensor. These trademarks have been licensed to the Adviser for use by the Funds. Each Fund is entitled to use its Underlying Index pursuant to the Trust's sub-licensing agreement with the Adviser. The Funds are not sponsored, endorsed, sold or promoted by the Licensors, and the Licensors make no representation regarding the advisability of investing in any of the Funds.

The Trust has entered into service agreements whereby BNYM, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as the administrator, custodian, fund accountant and transfer agent for each Fund.

For the six months ended April 30, 2025, the Funds incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Funds, as listed below:

---

| | |
|:---|:---|
| China Technology ETF | &nbsp;&nbsp;&nbsp; $132 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 6988 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp;&nbsp; 875 |
| Global Clean Energy ETF | &nbsp;&nbsp;&nbsp; 15828 |
| Global Water ETF | &nbsp;&nbsp;&nbsp; 2617 |

---

------

**112**

------

---

| | |
|:---|:---|
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp;&nbsp; $7585 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp;&nbsp; 538 |
| MSCI Global Timber ETF | &nbsp;&nbsp;&nbsp; 2854 |
| MSCI Green Building ETF | &nbsp;&nbsp;&nbsp; 98 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp;&nbsp; 10257 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp;&nbsp; 8391 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 8352 |
| S&P Global Water Index ETF | &nbsp;&nbsp;&nbsp; 4816 |
| S&P International Developed Quality ETF | &nbsp;&nbsp;&nbsp; 61 |

---

Portfolio transactions with ICMI that have not settled at period-end, if any, are shown in the Statements of Assets and Liabilities under the receivable caption *Investments sold - affiliated broker* and/or payable caption *Investments purchased - affiliated broker*.

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of April 30, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| China Technology ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $93898296 | &nbsp;&nbsp; $855050967 | &nbsp;&nbsp; $10965 | &nbsp;&nbsp; $948960228 |
| Money Market Funds | &nbsp;&nbsp; 233503 | &nbsp;&nbsp; 108114586 | &nbsp;&nbsp; - | &nbsp;&nbsp; 108348089 |
| **Total Investments** | &nbsp;&nbsp; $94131799 | &nbsp;&nbsp; $963165553 | &nbsp;&nbsp; $10965 | &nbsp;&nbsp; $1057308317 |
| Dorsey Wright Developed Markets Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $39297390 | &nbsp;&nbsp; $224862102 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $264159492 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 9426666 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9426666 |
| **Total Investments** | &nbsp;&nbsp; $39297390 | &nbsp;&nbsp; $234288768 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $273586158 |
| Dorsey Wright Emerging Markets Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $10370192 | &nbsp;&nbsp; $74222456 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $84592648 |
| Money Market Funds | &nbsp;&nbsp; 65501 | &nbsp;&nbsp; 3017602 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3083103 |
| **Total Investments** | &nbsp;&nbsp; $10435693 | &nbsp;&nbsp; $77240058 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $87675751 |

---

------

**113**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Global Clean Energy ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $20918695 | &nbsp;&nbsp; $43627663 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $64546358 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 17038034 | &nbsp;&nbsp; - | &nbsp;&nbsp; 17038034 |
| **Total Investments** | &nbsp;&nbsp; $20918695 | &nbsp;&nbsp; $60665697 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $81584392 |
| Global Water ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $134402409 | &nbsp;&nbsp; $118822760 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $253225169 |
| Money Market Funds | &nbsp;&nbsp; 245379 | &nbsp;&nbsp; 39336968 | &nbsp;&nbsp; - | &nbsp;&nbsp; 39582347 |
| **Total Investments** | &nbsp;&nbsp; $134647788 | &nbsp;&nbsp; $158159728 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $292807516 |
| International BuyBack Achievers<sup>TM</sup> ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $9773605 | &nbsp;&nbsp; $150952779 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $160726384 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 6561146 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6561146 |
| **Total Investments** | &nbsp;&nbsp; $9773605 | &nbsp;&nbsp; $157513925 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $167287530 |
| MSCI Global Climate 500 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $806784608 | &nbsp;&nbsp; $364631084 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1171415692 |
| Money Market Funds | &nbsp;&nbsp; 184764 | &nbsp;&nbsp; 32944518 | &nbsp;&nbsp; - | &nbsp;&nbsp; 33129282 |
| **Total Investments** | &nbsp;&nbsp; $806969372 | &nbsp;&nbsp; $397575602 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1204544974 |
| MSCI Global Timber ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $28460650 | &nbsp;&nbsp; $17362998 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $45823648 |
| Money Market Funds | &nbsp;&nbsp; 14378 | &nbsp;&nbsp; 9439336 | &nbsp;&nbsp; - | &nbsp;&nbsp; 9453714 |
| **Total Investments** | &nbsp;&nbsp; $28475028 | &nbsp;&nbsp; $26802334 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $55277362 |
| MSCI Green Building ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1408768 | &nbsp;&nbsp; $3527146 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4935914 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 997707 | &nbsp;&nbsp; - | &nbsp;&nbsp; 997707 |
| **Total Investments** | &nbsp;&nbsp; $1408768 | &nbsp;&nbsp; $4524853 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5933621 |
| RAFI Developed Markets ex-U.S. ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $200188652 | &nbsp;&nbsp; $1696920752 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1897109404 |
| Money Market Funds | &nbsp;&nbsp; 8122 | &nbsp;&nbsp; 152602698 | &nbsp;&nbsp; - | &nbsp;&nbsp; 152610820 |
| **Total Investments** | &nbsp;&nbsp; $200196774 | &nbsp;&nbsp; $1849523450 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $2049720224 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $32325281 | &nbsp;&nbsp; $290691180 | &nbsp;&nbsp; $101002 | &nbsp;&nbsp; $323117463 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 57696312 | &nbsp;&nbsp; - | &nbsp;&nbsp; 57696312 |
| **Total Investments** | &nbsp;&nbsp; $32325281 | &nbsp;&nbsp; $348387492 | &nbsp;&nbsp; $101002 | &nbsp;&nbsp; $380813775 |
| RAFI Emerging Markets ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $210980034 | &nbsp;&nbsp; $1017644479 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1228624513 |
| Money Market Funds | &nbsp;&nbsp; 11058085 | &nbsp;&nbsp; 31188703 | &nbsp;&nbsp; - | &nbsp;&nbsp; 42246788 |
| **Total Investments in Securities** | &nbsp;&nbsp; 222038119 | &nbsp;&nbsp; 1048833182 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1270871301 |
| **Other Investments - Assets** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; 95708 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 95708 |
| **Total Investments** | &nbsp;&nbsp; $222133827 | &nbsp;&nbsp; $1048833182 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1270967009 |
| S&P Global Water Index ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $606890867 | &nbsp;&nbsp; $324856936 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $931747803 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 80251712 | &nbsp;&nbsp; - | &nbsp;&nbsp; 80251712 |
| **Total Investments** | &nbsp;&nbsp; $606890867 | &nbsp;&nbsp; $405108648 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1011999515 |

---

------

**114**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P International Developed Quality ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $25370955 | &nbsp;&nbsp; $381005836 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $406376791 |
| Money Market Funds | &nbsp;&nbsp; 235597 | &nbsp;&nbsp; 20033217 | &nbsp;&nbsp; - | &nbsp;&nbsp; 20268814 |
| **Total Investments** | &nbsp;&nbsp; $25606552 | &nbsp;&nbsp; $401039053 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $426645605 |

---

**NOTE 5—Derivative Investments**

The Funds may enter into an International Swaps and Derivatives Association Master Agreement ("ISDA Master Agreement") under which a Fund may trade OTC derivatives. An OTC transaction entered into under an ISDA Master Agreement typically involves a collateral posting arrangement, payment netting provisions and close-out netting provisions. These netting provisions allow for reduction of credit risk through netting of contractual obligations. The enforceability of the netting provisions of the ISDA Master Agreement depends on the governing law of the ISDA Master Agreement, among other factors.

For financial reporting purposes, the Funds do not offset OTC derivative assets or liabilities that are subject to ISDA Master Agreements in the Statements of Assets and Liabilities.

**Value of Derivative Investments at Period-End**

The table below summarizes the value of each Fund's derivative investments, detailed by primary risk exposure, held as of April 30, 2025:

---

| | |
|:---|:---|
|  | **Value** |
|  | **RAFI Emerging Markets ETF** |
| **Derivative Assets** | **Equity** <br>**Risk**<br>|
| Unrealized appreciation on futures contracts—Exchange-Traded | &nbsp;&nbsp; $95708 |
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; (95708)<br>|
| Total Derivative Assets subject to master netting agreements | &nbsp;&nbsp; $- |

---

**Effect of Derivative Investments for the Six-Month Period Ended April 30, 2025**

The table below summarizes each Fund's gains (losses) on derivative investments, detailed by primary risk exposure, recognized in earnings during the period:

---

| | |
|:---|:---|
|  | **Location of Gain (Loss) on Statements of Operations** |
|  | **RAFI Emerging Markets ETF** |
|  | **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Change in Net Unrealized Appreciation: |  |
| Futures contracts | &nbsp;&nbsp; $95708 |
| Total | &nbsp;&nbsp; $95708 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Average Notional Value** |
|  | **RAFI Emerging Markets ETF** |
| Futures contracts | &nbsp;&nbsp; $1253074 |

---

**NOTE 6—Tax Information**

The amount and character of income and gains to be distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Funds' fiscal year-end.

Capital loss carryforwards are calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforwards actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

------

**115**

------

The Funds had capital loss carryforwards as of October 31, 2024, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| China Technology ETF | &nbsp;&nbsp; $282418788 | &nbsp;&nbsp; $491590213 | &nbsp;&nbsp; $774009001 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 159680756 | &nbsp;&nbsp; - | &nbsp;&nbsp; 159680756 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 145057512 | &nbsp;&nbsp; - | &nbsp;&nbsp; 145057512 |
| Global Clean Energy ETF | &nbsp;&nbsp; 78186612 | &nbsp;&nbsp; 173872724 | &nbsp;&nbsp; 252059336 |
| Global Water ETF | &nbsp;&nbsp; 48532238 | &nbsp;&nbsp; 21918572 | &nbsp;&nbsp; 70450810 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 51177477 | &nbsp;&nbsp; 7490237 | &nbsp;&nbsp; 58667714 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 207138 | &nbsp;&nbsp; - | &nbsp;&nbsp; 207138 |
| MSCI Global Timber ETF | &nbsp;&nbsp; 11916487 | &nbsp;&nbsp; 7893688 | &nbsp;&nbsp; 19810175 |
| MSCI Green Building ETF | &nbsp;&nbsp; 175508 | &nbsp;&nbsp; 754064 | &nbsp;&nbsp; 929572 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 123229356 | &nbsp;&nbsp; 123229356 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 7142508 | &nbsp;&nbsp; 68357098 | &nbsp;&nbsp; 75499606 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 18281560 | &nbsp;&nbsp; 228267220 | &nbsp;&nbsp; 246548780 |
| S&P Global Water Index ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 16040295 | &nbsp;&nbsp; 8499551 | &nbsp;&nbsp; 24539846 |

---

\* Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization. 

**NOTE 7—Investment Transactions**

For the six months ended April 30, 2025, the cost of securities purchased and the proceeds from sales of securities (other than short-term securities, U.S. Government obligations, money market funds and in-kind transactions, if any) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| China Technology ETF | &nbsp;&nbsp; $417866522 | &nbsp;&nbsp; $227965969 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 117173123 | &nbsp;&nbsp; 112556695 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 99273229 | &nbsp;&nbsp; 119575979 |
| Global Clean Energy ETF | &nbsp;&nbsp; 20842678 | &nbsp;&nbsp; 26068002 |
| Global Water ETF | &nbsp;&nbsp; 38451260 | &nbsp;&nbsp; 40179272 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 56120787 | &nbsp;&nbsp; 49699885 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 143482698 | &nbsp;&nbsp; 150369608 |
| MSCI Global Timber ETF | &nbsp;&nbsp; 10136517 | &nbsp;&nbsp; 11045571 |
| MSCI Green Building ETF | &nbsp;&nbsp; 1108328 | &nbsp;&nbsp; 1304084 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 128870304 | &nbsp;&nbsp; 130253512 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 48957607 | &nbsp;&nbsp; 61601114 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 161602072 | &nbsp;&nbsp; 167641184 |
| S&P Global Water Index ETF | &nbsp;&nbsp; 79508986 | &nbsp;&nbsp; 92507647 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 72263607 | &nbsp;&nbsp; 69448766 |

---

For the six months ended April 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| China Technology ETF | &nbsp;&nbsp; $41559535 | &nbsp;&nbsp; $16251642 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 103913511 | &nbsp;&nbsp; 3602332 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 728863 | &nbsp;&nbsp; 9074270 |
| Global Clean Energy ETF | &nbsp;&nbsp; 1436388 | &nbsp;&nbsp; 15137714 |
| Global Water ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 20649330 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 92161762 | &nbsp;&nbsp; 32976536 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 29933956 | &nbsp;&nbsp; 544598148 |
| MSCI Global Timber ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 1412865 |
| MSCI Green Building ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 3221391 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 138491202 | &nbsp;&nbsp; 87893343 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 92752297 |

---

------

**116**

------

---

| | | |
|:---|:---|:---|
|  | **In-kind**<br> **Purchases**<br>| **In-kind**<br> **Sales**<br>|
| RAFI Emerging Markets ETF | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| S&P Global Water Index ETF | &nbsp;&nbsp; 4060306 | &nbsp;&nbsp; 45818220 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 52134949 | &nbsp;&nbsp; 44824447 |

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Gains (losses) on in-kind transactions are generally not considered taxable gains (losses) for federal income tax purposes.

As of April 30, 2025, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**(Depreciation)**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Cost** |
| China Technology ETF | &nbsp;&nbsp; $134279381 | &nbsp;&nbsp; $(130946626)<br>| &nbsp;&nbsp; $3332755 | &nbsp;&nbsp; $1053975562 |
| Dorsey Wright Developed Markets Momentum ETF | &nbsp;&nbsp; 48012028 | &nbsp;&nbsp; (1205543)<br>| &nbsp;&nbsp; 46806485 | &nbsp;&nbsp; 226779673 |
| Dorsey Wright Emerging Markets Momentum ETF | &nbsp;&nbsp; 11583362 | &nbsp;&nbsp; (3494519)<br>| &nbsp;&nbsp; 8088843 | &nbsp;&nbsp; 79586908 |
| Global Clean Energy ETF | &nbsp;&nbsp; 6213116 | &nbsp;&nbsp; (45843475)<br>| &nbsp;&nbsp; (39630359)<br>| &nbsp;&nbsp; 121214751 |
| Global Water ETF | &nbsp;&nbsp; 55731843 | &nbsp;&nbsp; (9264036)<br>| &nbsp;&nbsp; 46467807 | &nbsp;&nbsp; 246339709 |
| International BuyBack Achievers<sup>TM</sup> ETF | &nbsp;&nbsp; 11425608 | &nbsp;&nbsp; (8247853)<br>| &nbsp;&nbsp; 3177755 | &nbsp;&nbsp; 164109775 |
| MSCI Global Climate 500 ETF | &nbsp;&nbsp; 109451272 | &nbsp;&nbsp; (79995376)<br>| &nbsp;&nbsp; 29455896 | &nbsp;&nbsp; 1175089078 |
| MSCI Global Timber ETF | &nbsp;&nbsp; 5523146 | &nbsp;&nbsp; (8689374)<br>| &nbsp;&nbsp; (3166228)<br>| &nbsp;&nbsp; 58443590 |
| MSCI Green Building ETF | &nbsp;&nbsp; 132865 | &nbsp;&nbsp; (1558358)<br>| &nbsp;&nbsp; (1425493)<br>| &nbsp;&nbsp; 7359114 |
| RAFI Developed Markets ex-U.S. ETF | &nbsp;&nbsp; 459792285 | &nbsp;&nbsp; (153414430)<br>| &nbsp;&nbsp; 306377855 | &nbsp;&nbsp; 1743342369 |
| RAFI Developed Markets ex-U.S. Small-Mid ETF | &nbsp;&nbsp; 59459496 | &nbsp;&nbsp; (57040455)<br>| &nbsp;&nbsp; 2419041 | &nbsp;&nbsp; 378394734 |
| RAFI Emerging Markets ETF | &nbsp;&nbsp; 328317860 | &nbsp;&nbsp; (264295259)<br>| &nbsp;&nbsp; 64022601 | &nbsp;&nbsp; 1206944408 |
| S&P Global Water Index ETF | &nbsp;&nbsp; 197411599 | &nbsp;&nbsp; (36019449)<br>| &nbsp;&nbsp; 161392150 | &nbsp;&nbsp; 850607365 |
| S&P International Developed Quality ETF | &nbsp;&nbsp; 51717714 | &nbsp;&nbsp; (18271578)<br>| &nbsp;&nbsp; 33446136 | &nbsp;&nbsp; 393199469 |

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**NOTE 8—Trustees' and Officer's Fees**

Trustees' and Officer's Fees include amounts accrued by the Funds to pay remuneration to the Independent Trustees and an Officer of the Trust. The Adviser, as a result of the unitary management fee, pays for such compensation for each Fund except MSCI Global Timber ETF and S&P Global Water Index ETF. Interested Trustees do not receive any Trustees' fees.

The Trust has adopted a deferred compensation plan (the "Plan"). Under the Plan, each Independent Trustee who has executed a Deferred Fee Agreement (a "Participating Trustee") may defer receipt of all or a portion of their compensation ("Deferral Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to a Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 9—Capital**

Shares are issued and redeemed by each Fund only in Creation Units as discussed in Note 1. Only APs are permitted to purchase or redeem Creation Units from the Funds.

To the extent that the Funds permit transactions in exchange for Deposit Securities, each Fund may issue Shares in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to 105% of the market value of the missing Deposit Securities. In accordance with the Trust's Participant Agreement, Creation Units will be issued to an AP, notwithstanding the fact that the corresponding Deposit Securities have not been received in part or in whole, in reliance on the undertaking of the AP to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by the AP's delivery and maintenance of collateral consisting of cash in the form of U.S. dollars in immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

Certain transaction fees may be charged by the Funds for creations and redemptions, which are treated as increases in capital.

Transactions in each Fund's Shares are disclosed in detail in the Statements of Changes in Net Assets.

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**117**

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**Approval of Investment Advisory and Sub-Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for the following series (each, a "Fund" and collectively, the "Funds"):

Invesco 0-5 Yr US TIPS ETF

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF

Invesco Alerian Galaxy Crypto Economy ETF

Invesco California AMT-Free Municipal Bond ETF

Invesco CEF Income Composite ETF

Invesco China Technology ETF

Invesco Dorsey Wright Developed Markets Momentum ETF

Invesco Dorsey Wright Emerging Markets Momentum ETF

Invesco Dorsey Wright SmallCap Momentum ETF

Invesco Emerging Markets Sovereign Debt ETF

Invesco Equal Weight 0-30 Year Treasury ETF

Invesco ESG NASDAQ 100 ETF

Invesco ESG NASDAQ Next Gen 100 ETF

Invesco ESG S&P 500 Equal Weight ETF

Invesco Floating Rate Municipal Income ETF

Invesco Fundamental High Yield® Corporate Bond ETF

Invesco Fundamental Investment Grade Corporate Bond ETF

Invesco Global Clean Energy ETF

Invesco Global ex-US High Yield Corporate Bond ETF

Invesco Global Water ETF

Invesco International BuyBack Achievers™ ETF

Invesco International Corporate Bond ETF

Invesco KBW Bank ETF

Invesco KBW High Dividend Yield Financial ETF

Invesco KBW Premium Yield Equity REIT ETF

Invesco KBW Property & Casualty Insurance ETF

Invesco KBW Regional Banking ETF

Invesco MSCI Global Climate 500 ETF

Invesco MSCI Green Building ETF

Invesco MSCI USA ETF

Invesco NASDAQ 100 ETF

Invesco Nasdaq Biotechnology ETF

Invesco Nasdaq Free Cash Flow Achievers ETF

Invesco NASDAQ Future Gen 200 ETF

Invesco NASDAQ Next Gen 100 ETF

Invesco National AMT-Free Municipal Bond ETF

Invesco New York AMT-Free Municipal Bond ETF

Invesco PHLX Semiconductor ETF

Invesco Preferred ETF

Invesco RAFI Developed Markets ex-U.S. ETF

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

Invesco RAFI Emerging Markets ETF

Invesco Russell 1000 Equal Weight ETF

Invesco S&P 500<sup>®</sup> Enhanced Value ETF

Invesco S&P 500<sup>®</sup> ex-Rate Sensitive Low Volatility ETF

Invesco S&P 500<sup>®</sup> High Beta ETF

Invesco S&P 500<sup>®</sup> High Dividend Growers ETF

Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF

Invesco S&P 500<sup>®</sup> Low Volatility ETF

Invesco S&P 500 Minimum Variance ETF

Invesco S&P 500<sup>®</sup> Momentum ETF

Invesco S&P 500 QVM Multi-factor ETF

Invesco S&P 500 Revenue ETF

Invesco S&P Emerging Markets Low Volatility ETF

Invesco S&P Emerging Markets Momentum ETF

Invesco S&P International Developed Low Volatility ETF

Invesco S&P International Developed Momentum ETF

Invesco S&P International Developed Quality ETF

Invesco S&P MidCap 400 QVM Multi-factor ETF

Invesco S&P MidCap 400 Revenue ETF

Invesco S&P MidCap Low Volatility ETF

Invesco S&P SmallCap 600 GARP ETF

Invesco S&P SmallCap 600 QVM Multi-factor ETF

Invesco S&P SmallCap 600 Revenue ETF

Invesco S&P SmallCap Consumer Discretionary ETF

Invesco S&P SmallCap Consumer Staples ETF

Invesco S&P SmallCap Energy ETF

Invesco S&P SmallCap Financials ETF

Invesco S&P SmallCap Health Care ETF

Invesco S&P SmallCap High Dividend Low Volatility ETF

Invesco S&P SmallCap Industrials ETF

Invesco S&P SmallCap Information Technology ETF

Invesco S&P SmallCap Low Volatility ETF

Invesco S&P SmallCap Materials ETF

Invesco S&P SmallCap Quality ETF

Invesco S&P SmallCap Utilities & Communication Services ETF

Invesco S&P Ultra Dividend Revenue ETF

Invesco Senior Loan ETF

Invesco Short Term Treasury ETF

Invesco Taxable Municipal Bond ETF

Invesco Variable Rate Preferred ETF

Also at the April 24, 2025 meeting, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Investment Sub-Advisory Agreement between the Adviser and the following seven affiliated sub-advisers for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF (the "Sub-Advisory Agreement"): Invesco Advisers, Inc.; Invesco Asset Management Deutschland GmbH; Invesco Asset Management Limited; Invesco Asset Management (Japan) Limited; Invesco Hong Kong Limited; Invesco Senior Secured Management, Inc.; and Invesco Canada Ltd. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers").

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**118**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

***Investment Advisory Agreement***

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of each Fund and the Adviser, (iii) the fees paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, as applicable, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, as applicable, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error and correlation between certain Funds and their underlying indexes. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that certain Funds were created in connection with the purchases by Invesco of the exchange-traded funds ("ETFs") businesses of Guggenheim Capital LLC ("Guggenheim") on May 18, 2018 and Massachusetts Mutual Life Insurance Company ("Oppenheimer") on May 24, 2019 (each, a "Transaction"), and that each such Fund's performance prior to the closing of the applicable Transaction is that of its predecessor Guggenheim ETF or Oppenheimer ETF. The Trustees noted that, for each applicable period, the correlation for each Fund, other than the one-year period for Invesco Floating Rate Municipal Income ETF and for Invesco Senior Loan ETF, was within the targeted range set forth in the Trust's registration statement. The Trustees reviewed the reasons provided by the Adviser for Invesco Floating Rate Municipal Income ETF's and Invesco Senior Loan ETF's correlation to its respective underlying index. The Trustees noted that, for each applicable period, the tracking error for all Funds was within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund's correlation to its underlying index and the tracking error for each Fund were within an acceptable range given that Fund's particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent, and its oversight of the Sub-Advisers for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee charged to each Fund, as set forth below, is a unitary advisory fee and that the Adviser compensates each Sub-Adviser (as applicable) from its unitary advisory fee and pays all other operating expenses of each Fund, except that each Fund pays its brokerage expenses, taxes, interest (including, for Invesco Senior Loan ETF, interest expenses associated with any draws on its line of credit), acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses:

&nbsp;&nbsp;&nbsp;&nbsp;● 0.04% of the Fund's average daily net assets for Invesco MSCI USA ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.07% of the Fund's average daily net assets for Invesco 0-5 Yr US TIPS ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.08% of the Fund's average daily net assets for Invesco Short Term Treasury ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.10% of the Fund's average daily net assets for Invesco MSCI Global Climate 500 ETF and Invesco S&P 500 Minimum Variance ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.11% of the Fund's average daily net assets for Invesco S&P 500 QVM Multi-factor ETF;

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**119**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

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

&nbsp;&nbsp;&nbsp;&nbsp;● 0.13% of the Fund's average daily net assets for Invesco S&P 500 Enhanced Value ETF and Invesco S&P 500 Momentum ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.15% of the Fund's average daily net assets for Invesco Equal Weight

0-30 Year Treasury ETF, Invesco NASDAQ 100 ETF, Invesco NASDAQ Next Gen 100 ETF, Invesco S&P MidCap 400 QVM Multi-factor ETF and Invesco S&P SmallCap 600 QVM Multi-factor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.19% of the Fund's average daily net assets for Invesco Nasdaq Biotechnology ETF and Invesco PHLX Semiconductor ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.20% of the Fund's average daily net assets for Invesco ESG NASDAQ 100 ETF, Invesco ESG NASDAQ Next Gen 100 ETF, Invesco ESG S&P 500 Equal Weight ETF, Invesco NASDAQ Future Gen 200 ETF and Invesco Russell 1000 Equal Weight ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.22% of the Fund's average daily net assets for Invesco Fundamental Investment Grade Corporate Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.25% of the Fund's average daily net assets for Invesco Floating Rate Municipal Income ETF, Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF, Invesco S&P 500® High Beta ETF, Invesco S&P 500® Low Volatility ETF, Invesco S&P International Developed Low Volatility ETF, Invesco S&P International Developed Momentum ETF, Invesco S&P MidCap Low Volatility ETF and Invesco S&P SmallCap Low Volatility ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.28% of the Fund's average daily net assets for Invesco California AMT-Free Municipal Bond ETF, Invesco National AMT-Free Municipal Bond ETF, Invesco New York AMT-Free Municipal Bond ETF and Invesco Taxable Municipal Bond ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.29% of the Fund's average daily net assets for Invesco S&P Emerging Markets Low Volatility ETF, Invesco S&P Emerging Markets Momentum ETF, Invesco S&P International Developed Quality ETF, Invesco S&P SmallCap Consumer Discretionary ETF, Invesco S&P SmallCap Consumer Staples ETF, Invesco S&P SmallCap Energy ETF, Invesco S&P SmallCap Financials ETF, Invesco S&P SmallCap Health Care ETF, Invesco S&P SmallCap Industrials ETF, Invesco S&P SmallCap Information Technology ETF, Invesco S&P SmallCap Materials ETF, Invesco S&P SmallCap Quality ETF and Invesco S&P SmallCap Utilities & Communication Services ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.30% of the Fund's average daily net assets for Invesco S&P 500® High Dividend Low Volatility ETF and Invesco S&P SmallCap High Dividend Low Volatility ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.35% of the Fund's average daily net assets for Invesco Global ex-US High Yield Corporate Bond ETF, Invesco KBW Bank ETF, Invesco KBW High Dividend Yield Financial ETF, Invesco KBW Premium Yield Equity REIT ETF, Invesco KBW Property & Casualty Insurance ETF, Invesco KBW Regional Banking ETF and Invesco S&P SmallCap 600 GARP ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.39% of the Fund's average daily net assets for Invesco MSCI Green Building ETF, Invesco Nasdaq Free Cash Flow Achievers ETF, Invesco S&P 500 High Dividend Growers ETF, Invesco S&P 500 Revenue ETF, Invesco S&P MidCap 400 Revenue ETF, Invesco S&P SmallCap 600 Revenue ETF and Invesco S&P Ultra Dividend Revenue ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.43% of the Fund's average daily net assets for Invesco RAFI Developed Markets ex-U.S. ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.47% of the Fund's average daily net assets for Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF and Invesco RAFI Emerging Markets ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.50% of the Fund's average daily net assets for Invesco CEF Income Composite ETF, Invesco Emerging Markets Sovereign Debt ETF, Invesco Fundamental High Yield® Corporate Bond ETF, Invesco International Corporate Bond ETF, Invesco Preferred ETF and Invesco Variable Rate Preferred ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.55% of the Fund's average daily net assets for Invesco International BuyBack AchieversTM ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.60% of the Fund's average daily net assets for Invesco Dorsey Wright SmallCap Momentum ETF, Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF and Invesco Alerian Galaxy Crypto Economy ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.65% of the Fund's average daily net assets for Invesco Senior Loan ETF and Invesco China Technology ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.75% of the Fund's average daily net assets for Invesco Global Clean Energy ETF and Invesco Global Water ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.80% of the Fund's average daily net assets for Invesco Dorsey Wright Developed Markets Momentum ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.90% of the Fund's average daily net assets for Invesco Dorsey Wright Emerging Markets Momentum ETF.

The Trustees compared each Fund's net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds, as applicable. The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their ETF and open-end index peer funds, as applicable, as illustrated in the table below. The

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**120**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

Trustees also noted that the net expense ratios for all of the Funds were lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a portion of each Fund's operating expenses was attributable to a sub-license fee payable out of the unitary advisory fee charged to that Fund.

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| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal to/Lower** <br>**than ETF** <br>**Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco 0-5 Yr US TIPS ETF | X |  | X |
| Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF | X | N/A | X |
| Invesco Alerian Galaxy Crypto Economy ETF | X | N/A | X |
| Invesco California AMT-Free Municipal Bond ETF |  | N/A | X |
| Invesco CEF Income Composite ETF | X | N/A | X |
| Invesco China Technology ETF |  | N/A | X |
| Invesco Dorsey Wright Developed Markets Momentum ETF |  |  | X |
| Invesco Dorsey Wright Emerging Markets Momentum ETF |  |  | X |
| Invesco Dorsey Wright SmallCap Momentum ETF |  |  | X |
| Invesco Emerging Markets Sovereign Debt ETF |  |  | X |
| Invesco Equal Weight 0-30 Year Treasury ETF |  |  | X |
| Invesco ESG NASDAQ 100 ETF |  |  | X |
| Invesco ESG NASDAQ Next Gen 100 ETF | X |  | X |
| Invesco ESG S&P 500 Equal Weight ETF | X |  | X |
| Invesco Floating Rate Municipal Income ETF |  | N/A | X |
| Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF |  | X | X |
| Invesco Fundamental Investment Grade Corporate Bond ETF |  |  | X |
| Invesco Global Clean Energy ETF |  | X | X |
| Invesco Global ex-US High Yield Corporate Bond ETF | X | N/A | X |
| Invesco Global Water ETF |  | X | X |
| Invesco International BuyBack Achievers<sup>TM</sup> ETF |  | X | X |
| Invesco International Corporate Bond ETF |  |  | X |
| Invesco KBW Bank ETF | X |  | X |
| Invesco KBW High Dividend Yield Financial ETF | X |  | X |
| Invesco KBW Premium Yield Equity REIT ETF | X |  | X |
| Invesco KBW Property & Casualty Insurance ETF | X |  | X |
| Invesco KBW Regional Banking ETF | X |  | X |
| Invesco MSCI Global Climate 500 ETF | X | X | X |
| Invesco MSCI Green Building ETF | X | N/A | X |
| Invesco MSCI USA ETF | X | X | X |
| Invesco NASDAQ 100 ETF | X | X | X |
| Invesco Nasdaq Biotechnology ETF | X |  | X |
| Invesco Nasdaq Free Cash Flow Achievers ETF |  | X | X |
| Invesco NASDAQ Future Gen 200 ETF |  |  | X |
| Invesco NASDAQ Next Gen 100 ETF | X |  | X |
| Invesco National AMT-Free Municipal Bond ETF |  |  | X |
| Invesco New York AMT-Free Municipal Bond ETF |  | N/A | X |
| Invesco PHLX Semiconductor ETF | X |  | X |
| Invesco Preferred ETF |  | N/A | X |
| Invesco RAFI Developed Markets ex-U.S. ETF |  |  | X |
| Invesco RAFI Developed Markets ex-U.S. Small-Mid ETF |  |  | X |
| Invesco RAFI Emerging Markets ETF |  |  | X |

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**121**

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**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

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| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal to/Lower**<br> **than ETF**<br> **Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Equal to/Lower**<br> **than Open-End**<br> **Index Fund**<br> **Peer Median\***<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Lower than**<br> **Open-End**<br> **Active Fund**<br> **Peer Median**<br>|
| Invesco Russell 1000 Equal Weight ETF | X |  | X |
| Invesco S&P 500 Enhanced Value ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> ex-Rate Sensitive Low Volatility ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> High Beta ETF | X |  | X |
| Invesco S&P 500<sup>®</sup> High Dividend Growers ETF |  |  | X |
| Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Low Volatility ETF | X |  | X |
| Invesco S&P 500 Minimum Variance ETF | X | X | X |
| Invesco S&P 500<sup>®</sup> Momentum ETF | X |  | X |
| Invesco S&P 500 QVM Multi-factor ETF | X | X | X |
| Invesco S&P 500 Revenue ETF |  |  | X |
| Invesco S&P Emerging Markets Low Volatility ETF | X |  | X |
| Invesco S&P Emerging Markets Momentum ETF | X |  | X |
| Invesco S&P International Developed Low Volatility ETF | X | X | X |
| Invesco S&P International Developed Momentum ETF | X |  | X |
| Invesco S&P International Developed Quality ETF | X |  | X |
| Invesco S&P MidCap 400 QVM Multi-factor ETF | X | X | X |
| Invesco S&P MidCap 400 Revenue ETF |  |  | X |
| Invesco S&P MidCap Low Volatility ETF |  |  | X |
| Invesco S&P SmallCap 600 GARP ETF |  |  | X |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF | X | X | X |
| Invesco S&P SmallCap 600 Revenue ETF |  | X | X |
| Invesco S&P SmallCap Consumer Discretionary ETF | X |  | X |
| Invesco S&P SmallCap Consumer Staples ETF | X |  | X |
| Invesco S&P SmallCap Energy ETF | X |  | X |
| Invesco S&P SmallCap Financials ETF | X |  | X |
| Invesco S&P SmallCap Health Care ETF | X |  | X |
| Invesco S&P SmallCap High Dividend Low Volatility ETF | X | X | X |
| Invesco S&P SmallCap Industrials ETF | X |  | X |
| Invesco S&P SmallCap Information Technology ETF | X |  | X |
| Invesco S&P SmallCap Low Volatility ETF |  |  | X |
| Invesco S&P SmallCap Materials ETF | X |  | X |
| Invesco S&P SmallCap Quality ETF |  |  | X |
| Invesco S&P SmallCap Utilities & Communication Services ETF | X | X | X |
| Invesco S&P Ultra Dividend Revenue ETF |  | X | X |
| Invesco Senior Loan ETF | N/A | N/A | X |
| Invesco Short Term Treasury ETF | X |  | X |
| Invesco Taxable Municipal Bond ETF |  | X | X |
| Invesco Variable Rate Preferred ETF |  | X | X |

---

\* The information provided by the Adviser indicated that certain Funds did not have any ETF or open-end index fund peers. Those Funds have been designated in this column with an "N/A" for not available.

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding each of Invesco Dorsey Wright Emerging Markets Momentum ETF's, Invesco Global Clean Energy ETF's, Invesco International Corporate Bond ETF's, Invesco RAFI Developed Markets ex-U.S. ETF's, Invesco California AMT-Free Municipal Bond ETF's, Invesco National AMT-Free Municipal Bond ETF's, Invesco New York AMT-Free Municipal Bond ETF's, Invesco Taxable Municipal Bond ETF's and Invesco Floating Rate Municipal Income ETF's advisory fees and total expenses and the Lipper peer data. The Adviser explained

------

**122**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

its view that the advisory fees and total expenses for these Funds are competitive and generally in line with other comparable funds in the marketplace, particularly in light of the level and nature of services provided and the investment management style of the Adviser. The Trustees also considered the Adviser's statements regarding its pricing philosophy and the differing pricing philosophy of certain of the peers.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including products that have investment strategies comparable to certain of the Funds. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board concluded that each Fund's unitary advisory fee was reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of the unitary advisory fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. The Trustees did not consider the revenues received by the Adviser under the Investment Advisory Agreement or the estimated profitability of the Adviser in managing Invesco S&P SmallCap 600 GARP ETF or Invesco MSCI Global Climate 500 ETF because those Funds had not completed a full year of operations as of December 31, 2024. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size and unitary advisory fee. The Trustees noted that any reduction in fixed costs associated with the management of the Funds would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for the Funds. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the unitary advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the unitary advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's unitary advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

***Investment Sub-Advisory Agreement***

As noted above, the Board of Trustees of the Trust, including the Independent Trustees, approved the continuation of the Sub-Advisory Agreement for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF at a meeting held on April 24, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

------

**123**

------

**Approval of Investment Advisory and Sub-Advisory Contracts—(continued)**

*Nature, Extent and Quality of Services.* The Trustees considered the nature, extent and quality of services provided to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser, the services provided by each Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel manage Invesco Senior Loan ETF's and Invesco Short Term Treasury ETF's assets, and the experience and skills of the investment personnel responsible for the day-to-day management of the Funds.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Sub-Advisers to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF under the Sub-Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rate under the Sub-Advisory Agreement. The Trustees noted that the sub-advisory fee charged by the Sub-Advisers under the Sub-Advisory Agreement is consistent with the compensation structure used throughout Invesco when Invesco's affiliates provide sub-advisory services for funds managed by other Invesco affiliates. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each of Invesco Senior Loan ETF and Invesco Short Term Treasury ETF and noted that the Adviser compensates each Sub-Adviser from its fee.

The Trustees also reviewed the financial statements provided by Invesco Senior Secured Management, Inc., in connection with the March 13 and April 24, 2025 Board meetings, and Invesco Advisers, Inc., in connection with the April 24, 2025 meeting, and they noted the net income generated by each firm. The Trustees noted that the Adviser compensates each Sub-Adviser from its fee and that the Adviser provided profitability information with respect to Invesco Senior Loan ETF and Invesco Short Term Treasury ETF.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale*. As part of their review of the Investment Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Board considered whether the sub-advisory fee rate for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF was reasonable in relation to the asset size of the Funds and concluded that the flat sub-advisory fee rate was reasonable and appropriate.

*Fall-out Benefits.* The Trustees noted that Invesco Advisers, Inc. receives management fees from affiliated money market funds into which the Funds' and other Invesco ETFs' excess cash and securities lending collateral may be invested, and that the Adviser waives its fees with respect to each Fund in an amount equal to the fees received by Invesco Advisers, Inc. on the Fund's excess cash invested in the affiliated money market funds. The Trustees also noted the fees received by Invesco Advisers, Inc. in its capacity as securities lending agent for the Invesco ETFs. The Trustees noted that the Sub-Advisers had not identified any further benefits that they received from their relationships with Invesco Senior Loan ETF and Invesco Short Term Treasury ETF, and that the Sub-Advisers generally do not use or generate soft-dollars with respect to the Funds. The Board concluded that the sub-advisory fee with respect to each Fund was reasonable, taking into account any ancillary benefits received by the Sub-Advisers.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Sub-Advisory Agreement for Invesco Senior Loan ETF and Invesco Short Term Treasury ETF. No single factor was determinative in the Board's analysis.

------

**124**

------

**Approval of Investment Advisory Contracts**

At a meeting held on April 24, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the "Trust"), including the Independent Trustees, approved the continuation of the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco MSCI Global Timber ETF, Invesco S&P Global Water Index ETF and Invesco Solar ETF (each, a "Fund" and collectively, the "Funds").

The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Funds and the Adviser, (iii) the fees and expenses paid by the Funds and comparisons to amounts paid by other comparable registered investment companies, (iv) the costs of services provided and estimated profits realized by the Adviser, (v) the extent to which economies of scale may be realized as a Fund grows and whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders and (vi) any further benefits realized by the Adviser or its affiliates from the Adviser's relationship with the Funds.

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions performed by the Adviser for the Funds, information describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. ("Invesco"), and the background and experience of the persons responsible for the day-to-day management of the Funds. The Trustees reviewed matters related to the Adviser's execution and/or oversight of execution of portfolio transactions on behalf of the Funds.

The Trustees reviewed information on the performance of the Funds and their underlying indexes for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024, including reports for each of those periods on the correlation and tracking error between each Fund's performance and the performance of its underlying index, as well as the Adviser's analysis of the tracking error between Invesco Solar ETF and its underlying index. In reviewing the tracking error reports, the Trustees considered information provided by Invesco's independent performance and risk management group with respect to general expected tracking error ranges. The Trustees also considered that the Funds were created in connection with the purchase by Invesco of the exchange-traded funds ("ETFs") business of Guggenheim Capital LLC ("Guggenheim") (the "Transaction") and that each such Fund's performance prior to the closing of the Transaction on April 6, 2018, and on May 18, 2018 for the Invesco Solar ETF, is that of its predecessor Guggenheim ETF. The Trustees noted that, for each applicable period, the correlation and tracking error for each Fund were within the targeted range set forth in the Trust's registration statement. The Board concluded that each Fund was correlated to its underlying index and that the tracking error for each Fund was within an acceptable range given that Fund's particular circumstances.

The Trustees considered the services provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function.

Based on its review, the Board concluded that the nature, extent and quality of services provided by the Adviser to the Funds under the Investment Advisory Agreement were appropriate and reasonable.

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's contractual advisory fee, net advisory fee and gross and net expense ratios. The Trustees noted that the annual contractual advisory fee charged to each Fund is 0.50% of the Fund's average daily net assets and that the Adviser has agreed to waive a portion of its contractual advisory fee and/or pay expenses (an "Expense Cap") to the extent necessary to prevent the annual operating expenses of each Fund (excluding interest expenses, licensing fees, offering costs, brokerage commissions and other trading expenses, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding the percentage of that Fund's average daily net assets, until at least August 31, 2027, as set forth below

&nbsp;&nbsp;&nbsp;&nbsp;● 0.55% for Invesco MSCI Global Timber ETF;

&nbsp;&nbsp;&nbsp;&nbsp;● 0.63% for Invesco S&P Global Water Index ETF; and

&nbsp;&nbsp;&nbsp;&nbsp;● 0.65% for Invesco Solar ETF.

The Trustees compared each Fund's contractual advisory fee and net expense ratio to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the net advisory fees and net expense ratios of comparable ETFs, open-end (non-ETF) index funds and open-end (non-ETF) actively-managed funds. The Trustees noted that the contractual advisory fees for certain Funds were equal to or lower than the median net advisory fees of their ETF and open-end index peer funds, as illustrated in the table

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**125**

------

**Approval of Investment Advisory Contracts—(continued)**

below. The Trustees also noted that the contractual advisory fees for all of the Funds were lower than the median net advisory fees of their open-end actively-managed peer funds.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer** <br>**Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median**<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco MSCI Global Timber ETF |  |  | X |
| Invesco S&P Global Water Index ETF | X | X | X |
| Invesco Solar ETF |  | X | X |

---

The Trustees noted that the net expense ratios for certain Funds were equal to or lower than the median net expense ratios of their open-end index peer funds, as illustrated in the table below. The Trustees also noted that the net expense ratios for all of the Funds were higher than the median net expense ratios of their ETF peer funds and lower than the median net expense ratios of their open-end actively-managed peer funds. The Trustees noted that a significant component of the non-advisory fee expenses was the sub-licensing fees paid by the Funds, and noted that each Fund's sub-license fees are not subject to the Expense Cap.

---

| | | | |
|:---|:---|:---|:---|
| **Invesco Fund** | **Equal** <br>**to/Lower** <br>**than ETF** <br>**Peer** <br>**Median**<br>| **Equal to/Lower** <br>**than Open-End** <br>**Index Fund** <br>**Peer Median**<br>| **Lower than** <br>**Open-End** <br>**Active Fund** <br>**Peer Median**<br>|
| Invesco MSCI Global Timber ETF |  |  | X |
| Invesco S&P Global Water Index ETF |  | X | X |
| Invesco Solar ETF |  | X | X |

---

In response to questions from the Independent Trustees, the Adviser provided supplemental information regarding the reason for the year-over-year change in Invesco Solar ETF's expense ratio.

The Trustees noted information, including fee information, provided by the Adviser regarding other investment products to which it provides investment advisory services, including a product that has an investment strategy comparable to that of Invesco Solar ETF. The Trustees considered the Adviser's explanation of the differences between the services provided to the Funds and to the other investment products it advises, noting the Adviser's statement that the management and oversight of the Funds requires substantially more labor and expense.

Based on all of the information provided, the Board determined that the contractual advisory fee and net expense ratio of each Fund were reasonable and appropriate in light of the services provided, the nature of the index, the distinguishing factors of the Fund, and the administrative, operational and management oversight costs for the Adviser.

In conjunction with their review of fees, the Trustees considered information provided by the Adviser on the revenues received by the Adviser under the Investment Advisory Agreement for the Funds, as well as the fees waived and expenses reimbursed by the Adviser for the Funds. The Trustees reviewed information provided by the Adviser regarding its overall profitability, as well as the estimated profitability to the Adviser from its relationship to each Fund. With respect to the Adviser's profitability information, the Trustees considered that there is no recognized standard or uniform methodology for determining profitability for this purpose. Furthermore, the Trustees noted that there are limitations inherent in allocating costs and calculating profitability for an organization such as the Adviser's. Based on the information provided, the Board concluded that the overall and estimated profitability to the Adviser was not unreasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees reviewed each Fund's asset size, advisory fee, expense ratio and Expense Cap agreed to by the Adviser. The Trustees noted that the Expense Cap agreement with the Trust provides that the Adviser is entitled to be reimbursed by each Fund for fees waived or expenses absorbed pursuant to the Expense Cap for a period of three years from the date the fee or expense was incurred, provided that no reimbursement would be made

------

**126**

------

**Approval of Investment Advisory Contracts—(continued)**

that would result in a Fund exceeding its Expense Cap then in effect or in effect at the time the fees and/or expenses subject to reimbursement were waived and/or borne by the Adviser. The Trustees also noted that the Adviser has reduced advisory fees for the Invesco ETFs numerous times since 2011, including through permanent advisory fee reductions and various advisory fee waivers. The Board considered whether the advisory fee rate for each Fund was reasonable in relation to the asset size of that Fund and concluded that the flat advisory fee rates were reasonable and appropriate.

*Fall-out Benefits.* The Trustees considered that the Adviser identified no additional benefits it receives from its relationship with the Funds, and noted that the Adviser is not a party to any soft-dollar, commission recapture, or directed brokerage arrangements with respect to the Funds. The Trustees also considered benefits received by affiliates of the Adviser that may be directly or indirectly attributed to the Adviser's relationship with the Funds, including brokerage fees, advisory fees from affiliated money market cash management vehicles and fees as the Funds' securities lending agent. The Trustees also considered that Invesco Distributors, Inc., an affiliate of the Adviser, serves as each Fund's distributor and is paid a distribution fee by the Adviser. The Board concluded that each Fund's advisory fee was reasonable, taking into account any ancillary benefits received by affiliates of the Adviser.

Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined to approve the continuation of the Investment Advisory Agreement for each Fund. No single factor was determinative in the Board's analysis.

------

**127**

------

**Other Information Required in Form N-CSR (Items 8-11)**

**<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Proxy Disclosures for Open-End Management Investment Companies</u>**

Not applicable.

**<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>**

Remuneration paid to the Funds' trustees or officers and others, if any, is disclosed within the financial statements.

**<u>Statement Regarding Basis for Approval of Investment Advisory Contracts</u>**

The statement regarding basis for approval of investment advisory contracts can be found in the Approval of Investment Advisory and Sub-Advisory Contracts section of this report.

------

**128**

------

**©2025 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-INTL-NCSRS

invesco.com/ETFs

------

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

------

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

------

Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is filed under Item 7 of this Form N-CSR.

------

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

------

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

------

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

------

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board that would require disclosure herein.

------

Item 16. Controls and Procedures.

(a) Based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the Registrant's Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") have concluded that such disclosure controls and procedures are effective.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

19(a)(1) Not applicable.

19(a)(2) Not applicable.

[19(a)(3) Certifications of the Registrant's PEO and PFO pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.CERT.](Section_302_Certification.htm)

19(a)(4) Not applicable.

19(a)(5) Not applicable.

[19(b) Certifications of Registrant's PEO and PFO pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached as Exhibit 99.906CERT.](Section_906_Certification.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Invesco Exchange-Traded Fund Trust II</u>

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>.</u>

Name: Brian Hartigan

Title:Principal Executive Officer

Date: July 3, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: <u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <u>..</u>

Name:Brian Hartigan

Title:Principal Executive Officer

Date: July 3, 2025

By: <u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>____ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Name:Kelli Gallegos

Title:Principal Financial Officer

Date:July 3, 2025

------

## Ex-99.Cert

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Brian Hartigan, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:&nbsp;&nbsp;&nbsp;&nbsp; <u>July 3, 2025</u><u>/s/ Brian Hartigan</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brian Hartigan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer

------

#### Exhibit 99.CERT

#### EXHIBIT (a)(3)
CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Kelli Gallegos, certify that:

1. I have reviewed this report on Form N-CSR of Invesco Exchange-Traded Fund Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date:<u>July 3, 2025</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Kelli Gallegos</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kelli Gallegos

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------

## Exhibit 99.906

#### Exhibit 99.906

#### &nbsp;&nbsp;&nbsp;&nbsp; EXHIBIT (b)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE 1940 ACT AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Invesco Exchange-Traded Fund Trust II (the "Registrant") on Form N-CSR for the period ended April 30, 2025 (the "Report"), each of the undersigned officers of the Registrant hereby certifies, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his/her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Dated: July 3, 2025

<u>/s/ Brian Hartigan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name:Brian Hartigan

Title: Principal Executive Officer

Dated: July 3, 2025

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Kelli Gallegos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Name: Kelli Gallegos

Title: Principal Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.

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