# EDGAR Filing Document

**Accession Number:** 0001378872
**File Stem:** 0001193125-26-203110
**Filing Date:** 2026-5
**Character Count:** 3896177
**Document Hash:** 5c3c85288b7a4b1102c5e0ab9dbd9150
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-203110.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001193125-26-203110

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**EFFECTIVENESS DATE**: 20260504

**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:** 26935389

**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 Equal Weight 0-30 Year Treasury ETF (Series ID: S000019225)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000053046 | Invesco Equal Weight 0-30 Year Treasury ETF | GOVI            |

### Invesco Preferred ETF (Series ID: S000019228)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000053049 | Invesco Preferred ETF | PGX             |

### Invesco Bloomberg Enhanced Fallen Angels ETF (Series ID: S000019230)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000053051 | Invesco Bloomberg Enhanced Fallen Angels ETF | IFLN            |

### Invesco National AMT-Free Municipal Bond ETF (Series ID: S000019245)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000053071 | Invesco National AMT-Free Municipal Bond ETF | PZA             |

### Invesco Taxable Municipal Bond ETF (Series ID: S000019246)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000053072 | Invesco Taxable Municipal Bond ETF | BAB             |

### Invesco California AMT-Free Municipal Bond ETF (Series ID: S000019411)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000053967 | Invesco California AMT-Free Municipal Bond ETF | PWZ             |

### Invesco New York AMT-Free Municipal Bond ETF (Series ID: S000019412)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000053968 | Invesco New York AMT-Free Municipal Bond ETF | PZT             |

### Invesco Floating Rate Municipal Income ETF (Series ID: S000019521)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000054223 | Invesco Floating Rate Municipal Income ETF | PVI             |

### Invesco CEF Income Composite ETF (Series ID: S000027370)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000082591 | Invesco CEF Income Composite ETF | PCEF            |

### Invesco S&P SmallCap Consumer Discretionary ETF (Series ID: S000028294)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000086469 | Invesco S&P SmallCap Consumer Discretionary ETF | PSCD            |

### Invesco S&P SmallCap Utilities & Communication Services ETF (Series ID: S000028295)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000086470 | Invesco S&P SmallCap Utilities & Communication Services ETF | PSCU            |

### Invesco S&P SmallCap Consumer Staples ETF (Series ID: S000028296)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000086471 | Invesco S&P SmallCap Consumer Staples ETF | PSCC            |

### Invesco S&P SmallCap Energy ETF (Series ID: S000028297)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000086472 | Invesco S&P SmallCap Energy ETF | PSCE            |

### Invesco S&P SmallCap Financials ETF (Series ID: S000028298)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000086473 | Invesco S&P SmallCap Financials ETF | PSCF            |

### Invesco S&P SmallCap Health Care ETF (Series ID: S000028299)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000086474 | Invesco S&P SmallCap Health Care ETF | PSCH            |

### Invesco S&P SmallCap Industrials ETF (Series ID: S000028300)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000086475 | Invesco S&P SmallCap Industrials ETF | PSCI            |

### Invesco S&P SmallCap Information Technology ETF (Series ID: S000028301)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000086476 | Invesco S&P SmallCap Information Technology ETF | PSCT            |

### Invesco S&P SmallCap Materials ETF (Series ID: S000028302)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000086477 | Invesco S&P SmallCap Materials ETF | PSCM            |

### Invesco KBW High Dividend Yield Financial ETF (Series ID: S000030361)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000093357 | Invesco KBW High Dividend Yield Financial ETF | KBWD            |

### Invesco KBW Premium Yield Equity REIT ETF (Series ID: S000030362)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000093358 | Invesco KBW Premium Yield Equity REIT ETF | KBWY            |

### Invesco KBW Property & Casualty Insurance ETF (Series ID: S000030363)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000093359 | Invesco KBW Property & Casualty Insurance ETF | KBWP            |

### Invesco S&P 500 High Beta ETF (Series ID: S000030963)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000095998 | Invesco S&P 500 High Beta ETF | SPHB            |

### Invesco S&P SmallCap Low Volatility ETF (Series ID: S000030965)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000096000 | Invesco S&P SmallCap Low Volatility ETF | XSLV            |

### Invesco S&P MidCap Low Volatility ETF (Series ID: S000030966)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000096001 | Invesco S&P MidCap Low Volatility ETF | XMLV            |

### Invesco S&P 500 Low Volatility ETF (Series ID: S000030967)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000096002 | Invesco S&P 500 Low Volatility ETF | SPLV            |

### Invesco Senior Loan ETF (Series ID: S000031053)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000096299 | Invesco Senior Loan ETF | BKLN            |

### Invesco Fundamental Investment Grade Corporate Bond ETF (Series ID: S000033429)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000102793 | Invesco Fundamental Investment Grade Corporate Bond ETF | PFIG            |

### Invesco KBW Bank ETF (Series ID: S000034530)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000106122 | Invesco KBW Bank ETF | KBWB            |

### Invesco Bloomberg Financial Data Providers ETF (Series ID: S000034533)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000106125 | Invesco Bloomberg Financial Data Providers ETF | FDIQ            |

### Invesco Dorsey Wright SmallCap Momentum ETF (Series ID: S000037586)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000116012 | Invesco Dorsey Wright SmallCap Momentum ETF | DWAS            |

### Invesco S&P 500 High Dividend Low Volatility ETF (Series ID: S000038520)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000118892 | Invesco S&P 500 High Dividend Low Volatility ETF | SPHD            |

### Invesco Variable Rate Preferred ETF (Series ID: S000045020)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000139641 | Invesco Variable Rate Preferred ETF | VRP             |

### Invesco Russell 1000 Equal Weight ETF (Series ID: S000047524)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000149243 | Invesco Russell 1000 Equal Weight ETF | EQAL            |

### Invesco S&P 500 Momentum ETF (Series ID: S000050154)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000158243 | Invesco S&P 500 Momentum ETF | SPMO            |

### Invesco S&P 500 Concentrated QVM ETF (Series ID: S000050156)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000158245 | Invesco S&P 500 Concentrated QVM ETF | QVMT            |

### Invesco Short Term Treasury ETF (Series ID: S000055054)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000173134 | Invesco Short Term Treasury ETF | TBLL            |

### Invesco S&P SmallCap High Dividend Low Volatility ETF (Series ID: S000055539)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000174835 | Invesco S&P SmallCap High Dividend Low Volatility ETF | XSHD            |

### Invesco S&P SmallCap Quality ETF (Series ID: S000056849)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000180525 | Invesco S&P SmallCap Quality ETF | XSHQ            |

### Invesco MSCI USA ETF (Series ID: S000058746)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000192788 | Invesco MSCI USA ETF | PBUS            |

### Invesco Solar ETF (Series ID: S000060822)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000197638 | Invesco Solar ETF | TAN             |

### Invesco S&P 500 Revenue ETF (Series ID: S000064593)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000209110 | Invesco S&P 500 Revenue ETF | RWL             |

### Invesco S&P MidCap 400 Revenue ETF (Series ID: S000064595)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000209112 | Invesco S&P MidCap 400 Revenue ETF | RWK             |

### Invesco S&P SmallCap 600 Revenue ETF (Series ID: S000064596)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000209113 | Invesco S&P SmallCap 600 Revenue ETF | RWJ             |

### Invesco S&P Ultra Dividend Revenue ETF (Series ID: S000064597)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000209114 | Invesco S&P Ultra Dividend Revenue ETF | RDIV            |

### Invesco NASDAQ 100 ETF (Series ID: S000069448)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000221604 | Invesco NASDAQ 100 ETF | QQQM            |

### Invesco NASDAQ Next Gen 100 ETF (Series ID: S000069449)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000221653 | Invesco NASDAQ Next Gen 100 ETF | QQQJ            |

### Invesco S&P 500 QVM Multi-factor ETF (Series ID: S000072318)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000228442 | Invesco S&P 500 QVM Multi-factor ETF | QVML            |

### Invesco S&P MidCap 400 QVM Multi-factor ETF (Series ID: S000072319)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000228443 | Invesco S&P MidCap 400 QVM Multi-factor ETF | QVMM            |

### Invesco S&P SmallCap 600 QVM Multi-factor ETF (Series ID: S000072320)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000228444 | Invesco S&P SmallCap 600 QVM Multi-factor ETF | QVMS            |

### Invesco Nasdaq Biotechnology ETF (Series ID: S000072469)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000228754 | Invesco Nasdaq Biotechnology ETF | IBBQ            |

### Invesco PHLX Semiconductor ETF (Series ID: S000072470)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000228755 | Invesco PHLX Semiconductor ETF | SOXQ            |

### Invesco ESG NASDAQ 100 ETF (Series ID: S000073013)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000229782 | Invesco ESG NASDAQ 100 ETF |  |

### Invesco ESG S&P 500 Equal Weight ETF (Series ID: S000074294)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000231951 | Invesco ESG S&P 500 Equal Weight ETF |  |

### Invesco NASDAQ Future Gen 200 ETF (Series ID: S000077288)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000237581 | Invesco NASDAQ Future Gen 200 ETF | QQQS            |

### Invesco Nasdaq Free Cash Flow Achievers ETF (Series ID: S000083070)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000246583 | Invesco Nasdaq Free Cash Flow Achievers ETF |  |

### Invesco S&P 500 High Dividend Growers ETF (Series ID: S000083071)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000246584 | Invesco S&P 500 High Dividend Growers ETF |  |

### Invesco S&P SmallCap 600 GARP ETF (Series ID: S000084357)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000248728 | Invesco S&P SmallCap 600 GARP ETF |  |

### Invesco QQQ Low Volatility ETF (Series ID: S000088866)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000255241 | Invesco QQQ Low Volatility ETF |  |

### Invesco MSCI North America Climate ETF (Series ID: S000089010)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255422 | Invesco MSCI North America Climate ETF |  |

### Invesco U.S. Hybrid Bond ETF (Series ID: S000101434)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000271626 | Invesco U.S. Hybrid Bond ETF |  |

### Invesco MSCI Treasury Duration Rotation ETF (Series ID: S000101435)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000271627 | Invesco MSCI Treasury Duration Rotation ETF |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; 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, Principal Executive Officer

3500 Lacey Road

Downers Grove, IL 60515

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### August 31

#### Date of reporting period:

#### February 28, 2026
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_2685.jpg)

### Invesco Bloomberg Enhanced Fallen Angels ETF

### IFLN \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Bloomberg Enhanced Fallen Angels ETF (the "Fund"), formerly Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF, for the period September 1, 2025 to February 28, 2026. 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 Bloomberg Enhanced Fallen Angels ETF | $25 | 0.49% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$398934286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;117% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc., 6.75%, 01/15/2031 | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;PacifiCorp, 7.38%, 09/15/2055 | &nbsp;&nbsp;&nbsp;4.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 7.00%, 04/04/2079 | &nbsp;&nbsp;&nbsp;4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;VF Corp., 2.95%, 04/23/2030 | &nbsp;&nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntsman International LLC, 4.50%, 05/01/2029 | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;SES Americom Inc., 5.30%, 03/25/2044 | &nbsp;&nbsp;&nbsp;2.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aptiv Swiss Holdings Ltd., 6.88%, 12/15/2054 | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock TCP Capital Corp., 6.95%, 05/30/2029 | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alcoa Nederland Holding B.V., 4.13%, 03/31/2029 | &nbsp;&nbsp;&nbsp;1.87% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001324.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_2684.jpg)

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

P-IFLN-SAR **Invesco Bloomberg Enhanced Fallen Angels ETF**

![TSR_logo](images_2685.jpg)

### Invesco Bloomberg Financial Data Providers ETF

### FDIQ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Bloomberg Financial Data Providers ETF (the "Fund"), formerly Invesco KBW Regional Banking ETF, for the period September 1, 2025 to February 28, 2026. 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 Bloomberg Financial Data Providers ETF | $19 | 0.35% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$54821454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;117% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc., Class A | &nbsp;&nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;5.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;4.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;4.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;4.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;4.33% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sub-industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10003268.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_2684.jpg)

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

P-FDIQ-SAR **Invesco Bloomberg Financial Data Providers ETF**

![TSR_logo](images_2685.jpg)

### Invesco California AMT-Free Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PWZ \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco California AMT-Free Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 California AMT-Free Municipal Bond ETF | $14 | 0.28% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1101477840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1087 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, 4.00%, 11/01/2044 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 A, Ref. RB, 4.00%, 08/15/2048 | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 5.00%, 05/15/2047 | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Educational Facilities Authority (Southern California University), Series 2025 A, RB, 5.00%, 10/01/2055 | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB, 5.00%, 05/01/2049 | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regents of the University of California Medical Center, Series 2022 P, RB, 4.00%, 05/15/2053 | &nbsp;&nbsp;&nbsp;0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Unified School District, Series 2020 RYQ, GO Bonds, 4.00%, 07/01/2044 | &nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB, 5.00%, 04/01/2049 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;San Diego Community College District, Series 2025 A-1, GO Bonds, 5.00%, 08/01/2055 | &nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB, 5.00%, 05/01/2045 | &nbsp;&nbsp;&nbsp;0.44% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001216.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_2684.jpg)

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

P-PWZ-SAR **Invesco California AMT-Free Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco CEF Income Composite ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCEF \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco CEF Income Composite ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 CEF Income Composite ETF | $250.49%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$817751336 |
| &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;10% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Tax-Managed Global Diversified Equity Income Fund | &nbsp;&nbsp;&nbsp;4.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuveen Preferred & Income Opportunities Fund | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Science & Technology Term Trust | &nbsp;&nbsp;&nbsp;2.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuveen S&P 500 Buy-Write Income Fund | &nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Tax-Managed Buy-Write Opportunities Fund | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Enhanced Equity Dividend Trust | &nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eaton Vance Tax-Managed Diversified Equity Income Fund | &nbsp;&nbsp;&nbsp;2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackRock Capital Allocation Term Trust | &nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuveen NASDAQ 100 Dynamic Overwrite Fund | &nbsp;&nbsp;&nbsp;2.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Virtus Dividend, Interest & Premium Strategy Fund | &nbsp;&nbsp;&nbsp;2.07% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Asset allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001252.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_2684.jpg)

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

P-PCEF-SAR **Invesco CEF Income Composite ETF**

![TSR_logo](images_2685.jpg)

### Invesco Dorsey Wright SmallCap Momentum ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DWAS \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Dorsey Wright SmallCap Momentum ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Momentum ETF | $32 | 0.60% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$386061720 |
| &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;111% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class B | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sezzle, Inc. | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc. | &nbsp;&nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celcuity, Inc. | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Graham Corp. | &nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A | &nbsp;&nbsp;&nbsp;1.26% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001288.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_2684.jpg)

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

P-DWAS-SAR **Invesco Dorsey Wright SmallCap Momentum ETF**

![TSR_logo](images_2685.jpg)

### Invesco Equal Weight 0-30 Year Treasury ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GOVI \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Equal Weight 0-30 Year Treasury ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Equal Weight 0-30 Year Treasury ETF | $8 | 0.15% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1070848997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.00%, 02/15/2050 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 1.88%, 02/15/2051 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.25%, 02/15/2052 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.50%, 02/15/2046 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.00%, 02/15/2049 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.00%, 02/15/2047 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.63%, 02/15/2055 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 02/15/2056 | &nbsp;&nbsp;&nbsp;3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.00%, 02/15/2048 | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.25%, 02/15/2054 | &nbsp;&nbsp;&nbsp;3.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Duration allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001180.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_2684.jpg)

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

P-GOVI-SAR **Invesco Equal Weight 0-30 Year Treasury ETF**

![TSR_logo](images_2685.jpg)

### Invesco ESG NASDAQ 100 ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QQMG \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco ESG NASDAQ 100 ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 ESG NASDAQ 100 ETF | $10 | 0.20% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$165605578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;8.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.66% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10003016.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_2684.jpg)

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

P-QQMG-SAR **Invesco ESG NASDAQ 100 ETF**

![TSR_logo](images_2685.jpg)

### Invesco ESG S&P 500 Equal Weight ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RSPE \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco ESG S&P 500 Equal Weight ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 ESG S&P 500 Equal Weight ETF | $11 | 0.20% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$47578211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;0.70% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10003088.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_2684.jpg)

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

P-RSPE-SAR **Invesco ESG S&P 500 Equal Weight ETF**

![TSR_logo](images_2685.jpg)

### Invesco Floating Rate Municipal Income ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVI \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Floating Rate Municipal Income ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Floating Rate Municipal Income ETF | $12 | 0.25% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$31010759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;133 |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Municipal Water Finance Authority, Series 2012, VRD RB, 1.75%, 06/15/2046 | &nbsp;&nbsp;&nbsp;4.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB, 1.85%, 07/01/2039 | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orlando (City of), FL Utilities Commission, Series 2015 B, Ref. VRD RB, 1.25%, 10/01/2039 | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York City Housing Development Corp. (Green Bonds), Series 2006 A, VRD RB, 1.60%, 10/15/2041 | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas (State of), Series 2015 B, VRD GO Bonds, 1.40%, 06/01/2046 | &nbsp;&nbsp;&nbsp;3.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, 1.65%, 09/01/2035 | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds, 1.10%, 08/01/2044 | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;District of Columbia (Tranche 3), Series 1998 A, VRD RB, 1.60%, 08/15/2038 | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, 1.60%, 12/01/2028 | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Transitional Finance Authority, Subseries 2012 C-4, VRD RB, 1.10%, 11/01/2036 | &nbsp;&nbsp;&nbsp;2.26% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002584.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_2684.jpg)

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

P-PVI-SAR **Invesco Floating Rate Municipal Income ETF**

![TSR_logo](images_2685.jpg)

### Invesco Fundamental Investment Grade Corporate Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PFIG \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Fundamental Investment Grade Corporate Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Fundamental Investment Grade Corporate Bond ETF | $11 | 0.22% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$111009004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 2.95%, 10/01/2026 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 3.25%, 10/21/2027 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp., 2.61%, 10/15/2030 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 3.35%, 08/08/2032 | &nbsp;&nbsp;&nbsp;0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc., 1.65%, 02/08/2031 | &nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp, 1.38%, 07/22/2030 | &nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 2.10%, 05/12/2031 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., 3.30%, 02/06/2027 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp., 3.50%, 02/12/2035 | &nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc., 3.15%, 08/22/2027 | &nbsp;&nbsp;&nbsp;0.40% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001360.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_2684.jpg)

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

P-PFIG-SAR **Invesco Fundamental Investment Grade Corporate Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco KBW Bank ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBWB \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco KBW Bank ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 KBW Bank ETF | $18 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$5584182364 |
| &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;8% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;7.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;7.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;7.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;7.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;7.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;5.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;4.25% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001396.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_2684.jpg)

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

P-KBWB-SAR **Invesco KBW Bank ETF**

![TSR_logo](images_2685.jpg)

### Invesco KBW High Dividend Yield Financial ETF

### KBWD \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco KBW High Dividend Yield Financial ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 KBW High Dividend Yield Financial ETF | $17 | 0.35% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$435184546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. | &nbsp;&nbsp;&nbsp;5.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc. | &nbsp;&nbsp;&nbsp;4.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;AGNC Investment Corp. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adamas Trust, Inc. | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynex Capital, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trinity Capital, Inc., BDC | &nbsp;&nbsp;&nbsp;3.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;3.40% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sub-industry allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001432.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_2684.jpg)

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

P-KBWD-SAR **Invesco KBW High Dividend Yield Financial ETF**

![TSR_logo](images_2685.jpg)

### Invesco KBW Premium Yield Equity REIT ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBWY \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco KBW Premium Yield Equity REIT ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 KBW Premium Yield Equity REIT ETF | $18 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$268738802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;5.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;4.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;3.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chiron Real Estate, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp;3.63% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001468.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_2684.jpg)

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

P-KBWY-SAR **Invesco KBW Premium Yield Equity REIT ETF**

![TSR_logo](images_2685.jpg)

### Invesco KBW Property & Casualty Insurance ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBWP \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco KBW Property & Casualty Insurance ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 KBW Property & Casualty Insurance ETF | $18 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$277109536 |
| &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;37% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;9.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;8.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;8.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;7.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;4.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;3.93% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sub-industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001504.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_2684.jpg)

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

P-KBWP-SAR **Invesco KBW Property & Casualty Insurance ETF**

![TSR_logo](images_2685.jpg)

### Invesco MSCI North America Climate ETF

### KLMN \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco MSCI North America Climate ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 North America Climate ETF | $5 | 0.09% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1241105948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;6.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10003340.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_2684.jpg)

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

P-KLMN-SAR **Invesco MSCI North America Climate ETF**

![TSR_logo](images_2685.jpg)

### Invesco MSCI Treasury Duration Rotation ETF

### TROT \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco MSCI Treasury Duration Rotation ETF (the "Fund") for the period February 23, 2026 (commencement of operations) to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco MSCI Treasury Duration Rotation ETF | $0 | 0.15% |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1001946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 0.88%, 11/15/2030 | &nbsp;&nbsp;&nbsp;1.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.13%, 02/15/2031 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 11/15/2028 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 1.63%, 08/15/2029 | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 02/28/2030 | &nbsp;&nbsp;&nbsp;1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 0.63%, 05/15/2030 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/15/2028 | &nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 05/31/2027 | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 06/30/2027 | &nbsp;&nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 08/31/2027 | &nbsp;&nbsp;&nbsp;1.50% |
| \* Excluding money market fund holdings, if any. |  |

---

**Security type allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10074300.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_2684.jpg)

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

P-TROT-SAR **Invesco MSCI Treasury Duration Rotation ETF**

![TSR_logo](images_2685.jpg)

### Invesco MSCI USA ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBUS \| Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco MSCI USA ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 USA ETF | $2 | 0.04% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10200793126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001648.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_2684.jpg)

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

P-PBUS-SAR **Invesco MSCI USA ETF**

![TSR_logo](images_2685.jpg)

### Invesco NASDAQ 100 ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QQQM \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco NASDAQ 100 ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 NASDAQ 100 ETF | $8 | 0.15% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$70888036180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;4.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;3.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;3.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.94% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002764.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_2684.jpg)

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

P-QQQM-SAR **Invesco NASDAQ 100 ETF**

![TSR_logo](images_2685.jpg)

### Invesco Nasdaq Biotechnology ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBBQ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Nasdaq Biotechnology ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Nasdaq Biotechnology ETF | $11 | 0.19% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$75742644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;9.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;9.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;9.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;6.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | &nbsp;&nbsp;&nbsp;2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. | &nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;argenx SE, ADR | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. | &nbsp;&nbsp;&nbsp;1.56% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002944.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_2684.jpg)

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

P-IBBQ-SAR **Invesco Nasdaq Biotechnology ETF**

![TSR_logo](images_2685.jpg)

### Invesco Nasdaq Free Cash Flow Achievers ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QOWZ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Nasdaq Free Cash Flow Achievers ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Nasdaq Free Cash Flow Achievers ETF | $19 | 0.39% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13433340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;7.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;6.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;2.45% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10003160.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_2684.jpg)

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

P-QOWZ-SAR **Invesco Nasdaq Free Cash Flow Achievers ETF**

![TSR_logo](images_2685.jpg)

### Invesco NASDAQ Future Gen 200 ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QQQS \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco NASDAQ Future Gen 200 ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 NASDAQ Future Gen 200 ETF | $11 | 0.20% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14073050 |
| &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;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;AXT, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovative Solutions and Support, Inc. | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Neogen Corp. | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shattuck Labs, Inc. | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alector, Inc. | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corp. | &nbsp;&nbsp;&nbsp;0.78% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10003124.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_2684.jpg)

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

P-QQQS-SAR **Invesco NASDAQ Future Gen 200 ETF**

![TSR_logo](images_2685.jpg)

### Invesco NASDAQ Next Gen 100 ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QQQJ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco NASDAQ Next Gen 100 ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 NASDAQ Next Gen 100 ETF | $8 | 0.15% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$900835017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc., Class A | &nbsp;&nbsp;&nbsp;1.52% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002800.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_2684.jpg)

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

P-QQQJ-SAR **Invesco NASDAQ Next Gen 100 ETF**

![TSR_logo](images_2685.jpg)

### Invesco National AMT-Free Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PZA \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco National AMT-Free Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 National AMT-Free Municipal Bond ETF | $14 | 0.28% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3793845140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;6065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2024 A, Ref. RB, 5.50%, 07/01/2054 | &nbsp;&nbsp;&nbsp;0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, RB, 4.00%, 11/01/2044 | &nbsp;&nbsp;&nbsp;0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas (State of) Water Development Board, Series 2025, RB, 4.75%, 10/15/2055 | &nbsp;&nbsp;&nbsp;0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California, Series 2025 CC, RB, 5.00%, 05/15/2053 | &nbsp;&nbsp;&nbsp;0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dallas (City of), TX Independent School District, Series 2023, GO Bonds, 5.00%, 02/15/2048 | &nbsp;&nbsp;&nbsp;0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2020 D, Ref. RB, 4.00%, 02/15/2047 | &nbsp;&nbsp;&nbsp;0.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB, 5.25%, 01/01/2055 | &nbsp;&nbsp;&nbsp;0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2023, Ref. GO Bonds, 4.00%, 09/01/2043 | &nbsp;&nbsp;&nbsp;0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB, 5.25%, 11/15/2055 | &nbsp;&nbsp;&nbsp;0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB, 4.00%, 07/01/2050 | &nbsp;&nbsp;&nbsp;0.11% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001540.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_2684.jpg)

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

P-PZA-SAR **Invesco National AMT-Free Municipal Bond ETF**![TSR_logo](images_2685.jpg)

### Invesco New York AMT-Free Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PZT \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco New York AMT-Free Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 New York AMT-Free Municipal Bond ETF | $14 | 0.28% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$131958765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2024 A, Ref. RB, 5.50%, 07/01/2054 | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, 3.00%, 03/01/2049 | &nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, 5.00%, 02/15/2042 | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority, Series 2022 A, Ref. RB, 5.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB, 4.00%, 11/15/2045 | &nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB, 4.00%, 11/15/2050 | &nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB, 5.00%, 07/15/2050 | &nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB, 5.25%, 11/01/2055 | &nbsp;&nbsp;&nbsp;0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB, 4.00%, 05/01/2054 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB, 5.00%, 09/01/2054 | &nbsp;&nbsp;&nbsp;0.80% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001576.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_2684.jpg)

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

P-PZT-SAR **Invesco New York AMT-Free Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco PHLX Semiconductor ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOXQ \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco PHLX Semiconductor ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 PHLX Semiconductor ETF | $11 | 0.19% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1034316617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;10.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;6.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | &nbsp;&nbsp;&nbsp;6.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;6.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;5.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;5.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V., New York Shares | &nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;4.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | &nbsp;&nbsp;&nbsp;4.44% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002980.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_2684.jpg)

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

P-SOXQ-SAR **Invesco PHLX Semiconductor ETF**

![TSR_logo](images_2685.jpg)

### Invesco Preferred ETF

### PGX \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Preferred ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Preferred ETF | $25 | 0.50% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3970686299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;267 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;3% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series EE, Pfd., 6.00% | &nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series DD, Pfd., 5.75% | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series Z, Pfd., 4.75% | &nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series MM, Pfd., 4.20% | &nbsp;&nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series LL, Pfd., 4.63% | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., Series C, Pfd., 4.75% | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series GG, Pfd., 6.00% | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., Series KK, Pfd., 5.38% | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc., Pfd., 5.35% 11/01/2066 | &nbsp;&nbsp;&nbsp;1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp., Series I, Pfd., 5.00% | &nbsp;&nbsp;&nbsp;1.08% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001612.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_2684.jpg)

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

P-PGX-SAR **Invesco Preferred ETF**

![TSR_logo](images_2685.jpg)

### Invesco QQQ Low Volatility ETF

### QQLV \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco QQQ Low Volatility ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 QQQ Low Volatility ETF | $13 | 0.25% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4305923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;5.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;5.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;5.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;4.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp. | &nbsp;&nbsp;&nbsp;4.44% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10003304.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_2684.jpg)

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

P-QQLV-SAR **Invesco QQQ Low Volatility ETF**

![TSR_logo](images_2685.jpg)

### Invesco Russell 1000 Equal Weight ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQAL \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Russell 1000 Equal Weight ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Russell 1000 Equal Weight ETF | $11 | 0.20% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$790079642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. | &nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class C | &nbsp;&nbsp;&nbsp;0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Global Ltd., Class A | &nbsp;&nbsp;&nbsp;0.51% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001684.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_2684.jpg)

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

P-EQAL-SAR **Invesco Russell 1000 Equal Weight ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P 500 Concentrated QVM ETF

### QVMT \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500 Concentrated QVM ETF (the "Fund"), formerly Invesco S&P 500<sup>®</sup> Enhanced Value ETF, for the period September 1, 2025 to February 28, 2026. 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 500 Concentrated QVM ETF | $7 | 0.13% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$128305971 |
| &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;95% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;4.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;4.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;2.94% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001720.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_2684.jpg)

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

P-QVMT-SAR **Invesco S&P 500 Concentrated QVM ETF**

![TSR_logo](images_2685.jpg)

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

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPHB \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> High Beta ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 500<sup>®</sup> High Beta ETF | $14 | 0.25% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$639034437 |
| &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;30% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A | &nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;1.32% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001864.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_2684.jpg)

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

P-SPHB-SAR **Invesco S&P 500<sup>®</sup> High Beta ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P 500 High Dividend Growers ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DIVG \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500 High Dividend Growers ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 500 High Dividend Growers ETF | $20 | 0.39% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$10312266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V., Class A | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;AES Corp. (The) | &nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;1.56% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10003196.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_2684.jpg)

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

P-DIVG-SAR **Invesco S&P 500 High Dividend Growers ETF**

![TSR_logo](images_2685.jpg)

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

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPHD \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 500<sup>®</sup> High Dividend Low Volatility ETF | $16 | 0.30% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3441147946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;2.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001900.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_2684.jpg)

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

P-SPHD-SAR **Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF**

![TSR_logo](images_2685.jpg)

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

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPLV \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Low Volatility ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 500<sup>®</sup> Low Volatility ETF | $13 | 0.25% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8281775629 |
| &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;28% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The) | &nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;1.25% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001936.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_2684.jpg)

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

P-SPLV-SAR **Invesco S&P 500<sup>®</sup> Low Volatility ETF**

![TSR_logo](images_2685.jpg)

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

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPMO \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500<sup>®</sup> Momentum ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 500<sup>®</sup> Momentum ETF | $7 | 0.13% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$13441836897 |
| &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;28% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;9.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;8.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;7.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;5.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | &nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;2.60% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001776.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_2684.jpg)

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

P-SPMO-SAR **Invesco S&P 500<sup>®</sup> Momentum ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P 500 QVM Multi-factor ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVML \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500 QVM Multi-factor ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 500 QVM Multi-factor ETF | $6 | 0.11% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1498145742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;7.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;7.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly and Co. | &nbsp;&nbsp;&nbsp;1.64% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002836.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_2684.jpg)

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

P-QVML-SAR **Invesco S&P 500 QVM Multi-factor ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P 500 Revenue ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWL \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P 500 Revenue ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 500 Revenue ETF | $21 | 0.39% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$8254158521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;4.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;2.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;2.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;1.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;1.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;1.64% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002620.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_2684.jpg)

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

O-RWL-SAR **Invesco S&P 500 Revenue ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P MidCap 400 QVM Multi-factor ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVMM \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P MidCap 400 QVM Multi-factor ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 MidCap 400 QVM Multi-factor ETF | $8 | 0.15% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$404361085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;0.76% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002872.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_2684.jpg)

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

P-QVMM-SAR **Invesco S&P MidCap 400 QVM Multi-factor ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P MidCap 400 Revenue ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWK \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P MidCap 400 Revenue ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 MidCap 400 Revenue ETF | $20 | 0.39% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1139739652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Albertson's Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;2.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;2.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group, Inc. | &nbsp;&nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. | &nbsp;&nbsp;&nbsp;1.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;1.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;1.15% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002656.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_2684.jpg)

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

O-RWK-SAR **Invesco S&P MidCap 400 Revenue ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P MidCap Low Volatility ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XMLV \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P MidCap Low Volatility ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 MidCap Low Volatility ETF | $13 | 0.25% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$760031979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;1.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10001972.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_2684.jpg)

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

P-XMLV-SAR **Invesco S&P MidCap Low Volatility ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap 600<sup>®</sup> GARP ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GRPZ \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap 600<sup>®</sup> GARP ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap 600<sup>®</sup> GARP ETF | $18 | 0.35% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2838391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;2.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tidewater, Inc. | &nbsp;&nbsp;&nbsp;2.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. | &nbsp;&nbsp;&nbsp;1.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;DXP Enterprises, Inc. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;1.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;1.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;1.67% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10003232.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_2684.jpg)

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

P-GRPZ-SAR **Invesco S&P SmallCap 600<sup>®</sup> GARP ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap 600 QVM Multi-factor ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QVMS \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap 600 QVM Multi-factor ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap 600 QVM Multi-factor ETF | $8 | 0.15% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$224350611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | &nbsp;&nbsp;&nbsp;0.55% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002908.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_2684.jpg)

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

P-QVMS-SAR **Invesco S&P SmallCap 600 QVM Multi-factor ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap 600 Revenue ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RWJ \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap 600 Revenue ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap 600 Revenue ETF | $20 | 0.39% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1703396051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. | &nbsp;&nbsp;&nbsp;2.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adient PLC | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;0.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002692.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_2684.jpg)

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

O-RWJ-SAR **Invesco S&P SmallCap 600 Revenue ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Consumer Discretionary ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSCD \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Consumer Discretionary ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Consumer Discretionary ETF | $15 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$26129950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;3.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | &nbsp;&nbsp;&nbsp;2.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc. | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc. | &nbsp;&nbsp;&nbsp;2.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc. | &nbsp;&nbsp;&nbsp;2.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Champion Homes, Inc. | &nbsp;&nbsp;&nbsp;2.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. | &nbsp;&nbsp;&nbsp;2.31% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002008.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_2684.jpg)

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

P-PSCD-SAR **Invesco S&P SmallCap Consumer Discretionary ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Consumer Staples ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSCC \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Consumer Staples ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Consumer Staples ETF | $15 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36036203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Freshpet, Inc. | &nbsp;&nbsp;&nbsp;10.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;9.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;9.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;8.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. (The) | &nbsp;&nbsp;&nbsp;6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Andersons, Inc. (The) | &nbsp;&nbsp;&nbsp;4.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. | &nbsp;&nbsp;&nbsp;4.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A | &nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simply Good Foods Co. (The) | &nbsp;&nbsp;&nbsp;3.80% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002044.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_2684.jpg)

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

P-PSCC-SAR **Invesco S&P SmallCap Consumer Staples ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Energy ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSCE \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Energy ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Energy ETF | $17 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$104874396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;7.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;6.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;6.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;5.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;5.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;4.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;4.26% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002080.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_2684.jpg)

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

P-PSCE-SAR **Invesco S&P SmallCap Energy ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Financials ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSCF \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Financials ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Financials ETF | $14 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$23643647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;2.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp., Class B | &nbsp;&nbsp;&nbsp;1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macerich Co. (The) | &nbsp;&nbsp;&nbsp;1.35% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002116.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_2684.jpg)

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

P-PSCF-SAR **Invesco S&P SmallCap Financials ETF**![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Health Care ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSCH \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Health Care ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Health Care ETF | $15 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$139763137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. | &nbsp;&nbsp;&nbsp;4.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. | &nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. | &nbsp;&nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;RadNet, Inc. | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc. | &nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. | &nbsp;&nbsp;&nbsp;2.67% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002152.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_2684.jpg)

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

P-PSCH-SAR **Invesco S&P SmallCap Health Care ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap High Dividend Low Volatility ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XSHD \| Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap High Dividend Low Volatility ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap High Dividend Low Volatility ETF | $15 | 0.30% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$74053671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;2.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;2.37% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002188.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_2684.jpg)

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

P-XSHD-SAR **Invesco S&P SmallCap High Dividend Low Volatility ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Industrials ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSCI \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Industrials ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Industrials ETF | $15 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$180462549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;3.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;2.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;2.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp., Class A | &nbsp;&nbsp;&nbsp;2.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;&nbsp;2.19% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002224.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_2684.jpg)

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

P-PSCI-SAR **Invesco S&P SmallCap Industrials ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Information Technology ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSCT \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Information Technology ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Information Technology ETF | $16 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$364190307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | &nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;4.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. | &nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;FormFactor, Inc. | &nbsp;&nbsp;&nbsp;3.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc. | &nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. | &nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc. | &nbsp;&nbsp;&nbsp;2.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy, Inc. | &nbsp;&nbsp;&nbsp;2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | &nbsp;&nbsp;&nbsp;2.56% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002260.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_2684.jpg)

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

P-PSCT-SAR **Invesco S&P SmallCap Information Technology ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Low Volatility ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XSLV \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Low Volatility ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Low Volatility ETF | $13 | 0.25% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$240650339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;1.13% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002296.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_2684.jpg)

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

P-XSLV-SAR **Invesco S&P SmallCap Low Volatility ETF**![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Materials ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSCM \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Materials ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Materials ETF | $16 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$18864141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc. | &nbsp;&nbsp;&nbsp;13.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;9.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;6.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;4.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;3.88% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002332.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_2684.jpg)

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

P-PSCM-SAR **Invesco S&P SmallCap Materials ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Quality ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XSHQ \| Cboe BZX Exchange, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Quality ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Quality ETF | $14 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$246841107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | &nbsp;&nbsp;&nbsp;2.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;1.72% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002368.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_2684.jpg)

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

P-XSHQ-SAR **Invesco S&P SmallCap Quality ETF**![TSR_logo](images_2685.jpg)

### Invesco S&P SmallCap Utilities & Communication Services ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PSCU \| The Nasdaq Stock Market LLC

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P SmallCap Utilities & Communication Services ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 SmallCap Utilities & Communication Services ETF | $15 | 0.29% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14100863 |
| &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;13% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;7.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp., Class A | &nbsp;&nbsp;&nbsp;7.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Versant Media Group, Inc. | &nbsp;&nbsp;&nbsp;5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Telephone and Data Systems, Inc. | &nbsp;&nbsp;&nbsp;5.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;5.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;3.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;3.82% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002404.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_2684.jpg)

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

P-PSCU-SAR **Invesco S&P SmallCap Utilities & Communication Services ETF**

![TSR_logo](images_2685.jpg)

### Invesco S&P Ultra Dividend Revenue ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RDIV \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco S&P Ultra Dividend Revenue ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Ultra Dividend Revenue ETF | $20 | 0.39% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$961372780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;5.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;5.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;5.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | &nbsp;&nbsp;&nbsp;4.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;4.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;4.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;4.33% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Sector allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002728.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_2684.jpg)

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

O-RDIV-SAR **Invesco S&P Ultra Dividend Revenue ETF**

![TSR_logo](images_2685.jpg)

### Invesco Senior Loan ETF

### BKLN \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Senior Loan ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Senior Loan ETF | $320.64%<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 February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6370450735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;X Corp., Term Loan B , 10.45%, 10/27/2029 | &nbsp;&nbsp;&nbsp;1.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultimate Software Group, Inc., First Lien Term Loan, 7.93%, 02/10/2031 | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;athenahealth Group, Inc., Term Loan, 6.42%, 02/15/2029 | &nbsp;&nbsp;&nbsp;1.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sedgwick Claims Management Services, Inc., Term Loan, 6.17%, 07/31/2031 | &nbsp;&nbsp;&nbsp;1.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;AI Aqua Merger Sub, Inc., Term Loan B, 6.42%, 07/31/2028 | &nbsp;&nbsp;&nbsp;1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peraton Corp., First Lien Term Loan B, 7.52%, 02/01/2028 | &nbsp;&nbsp;&nbsp;1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ensemble Health Partners, Term Loan B, 6.66%, 01/31/2033 | &nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bass Pro Group LLC, Term Loan B, 6.92%, 01/31/2032 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc., Term Loan B, 6.66%, 02/04/2033 | &nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc., Term Loan B, 0.00%, 01/14/2033 | &nbsp;&nbsp;&nbsp;1.38% |
| \* Excluding money market fund holdings, if any. |  |

---

**Credit quality rating breakdown\*\*** 

**(% of net assets)**

---

| | |
|:---|:---|
| Baa2 | 0.9% |
| Baa3 | 1.1% |
| Ba1 | 7.3% |
| Ba2 | 3.6% |
| Ba3 | 8.0% |
| B1 | 15.7% |
| B2 | 37.3% |
| B3 | 16.4% |
| Caa1 | 3.0% |
| NR | 4.7% |
| Money Market Funds Plus Other Assets Less Liabilities | 2.0% |
| \*\* Source: Moody's. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from Aaa (highest) to C (lowest); ratings are subject to changes without notices. "NR" indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on Moody's rating methodology, please visit moodys.com and select "Methodologies & Frameworks" under "Ratings & Assessments" on the homepage. |  |

---

### 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_2684.jpg)

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

P-BKLN-SAR **Invesco Senior Loan ETF**

![TSR_logo](images_2685.jpg)

### Invesco Short Term Treasury ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBLL \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Short Term Treasury ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Invesco Short Term Treasury ETF | $4 | 0.08% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2444154487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;86 |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 04/09/2026 | &nbsp;&nbsp;&nbsp;3.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 05/14/2026 | &nbsp;&nbsp;&nbsp;3.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 04/16/2026 | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 04/02/2026 | &nbsp;&nbsp;&nbsp;2.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 05/21/2026 | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 05/28/2026 | &nbsp;&nbsp;&nbsp;2.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 04/21/2026 | &nbsp;&nbsp;&nbsp;2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 04/14/2026 | &nbsp;&nbsp;&nbsp;2.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 04/07/2026 | &nbsp;&nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills, 0.00%, 04/30/2026 | &nbsp;&nbsp;&nbsp;2.42% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Security type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002512.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_2684.jpg)

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

P-TBLL-SAR **Invesco Short Term Treasury ETF**

![TSR_logo](images_2685.jpg)

### Invesco Solar ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TAN \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Solar ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Solar ETF | $39 | 0.68% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1570833131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings\***

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc., Class A | &nbsp;&nbsp;&nbsp;10.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enlight Renewable Energy Ltd. | &nbsp;&nbsp;&nbsp;7.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy, Inc. | &nbsp;&nbsp;&nbsp;7.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. | &nbsp;&nbsp;&nbsp;6.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;GCL Technology Holdings Ltd. | &nbsp;&nbsp;&nbsp;5.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doral Group Renewable Energy Resources Ltd. | &nbsp;&nbsp;&nbsp;4.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunrun, Inc. | &nbsp;&nbsp;&nbsp;4.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc. | &nbsp;&nbsp;&nbsp;4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;4.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaria Energia y Medio Ambiente S.A. | &nbsp;&nbsp;&nbsp;3.98% |
| \* Excluding money market fund holdings, if any. |  |

---

 **Industry allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002440.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_2684.jpg)

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

P-TAN-SAR **Invesco Solar ETF**![TSR_logo](images_2685.jpg)

### Invesco Taxable Municipal Bond ETF

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BAB \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Taxable Municipal Bond ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. 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 Taxable Municipal Bond ETF | $14 | 0.28% |

---

*\** **Annualized.*

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1062627510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;1474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

 **Top ten holdings** 

 **(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2009, GO Bonds, 7.55%, 04/01/2039 | &nbsp;&nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of), Series 2010 2, GO Bonds, 6.90%, 03/01/2035 | &nbsp;&nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2009, GO Bonds, 7.35%, 11/01/2039 | &nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois (State of), Series 2003, GO Bonds, 5.10%, 06/01/2033 | &nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2010, GO Bonds, 7.60%, 11/01/2040 | &nbsp;&nbsp;&nbsp;0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2009, GO Bonds, 7.50%, 04/01/2034 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;California (State of), Series 2023, GO Bonds, 5.10%, 03/01/2029 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Board of Regents of the University of Texas System, Series 2010 C, RB, 4.64%, 08/15/2030 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metro, Series 2019, GO Bonds, 3.25%, 06/01/2028 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts (Commonwealth of), Series 2010 A, GO Bonds, 4.91%, 05/01/2029 | &nbsp;&nbsp;&nbsp;0.69% |

---

 **Revenue type allocation** 

 **(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002476.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_2684.jpg)

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

P-BAB-SAR **Invesco Taxable Municipal Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco U.S. Hybrid Bond ETF

### HBRD \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco U.S. Hybrid Bond ETF (the "Fund") for the period February 23, 2026 (commencement of operations) to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment<sup>▼</sup>** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco U.S. Hybrid Bond ETF | $0 | 0.40% |

---

---

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

---

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$14930555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp., 7.00%, 03/10/2055 | &nbsp;&nbsp;&nbsp;1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meiji Yasuda Life Insurance Co., 6.10%, 06/11/2055 | &nbsp;&nbsp;&nbsp;1.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vodafone Group PLC, 7.00%, 04/04/2079 | &nbsp;&nbsp;&nbsp;1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Co. (The), 6.38%, 03/15/2055 | &nbsp;&nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meiji Yasuda Life Insurance Co., 5.80%, 09/11/2054 | &nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transcanada Trust, 5.30%, 03/15/2077 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., Series C, 5.80%, 03/15/2056 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc., Series D, 6.05%, 03/15/2056 | &nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 6.00%, 02/15/2056 | &nbsp;&nbsp;&nbsp;1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/2055 | &nbsp;&nbsp;&nbsp;1.01% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10075000.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_2684.jpg)

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

P-HBRD-SAR **Invesco U.S. Hybrid Bond ETF**

![TSR_logo](images_2685.jpg)

### Invesco Variable Rate Preferred ETF

### VRP \| NYSE Arca, Inc.

#### SEMI-ANNUAL SHAREHOLDER REPORT \| February 28, 2026
This semi-annual shareholder report contains important information about Invesco Variable Rate Preferred ETF (the "Fund") for the period September 1, 2025 to February 28, 2026. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 983-0903.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| Invesco Variable Rate Preferred ETF | $25 | 0.50% |

---

*\** **Annualized.** 

### What Are Key Statistics About The Fund?
(as of February 28, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2454952119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

### What Comprised The Fund's Holdings?
(as of February 28, 2026)

**Top ten holdings\***

**(% of net assets)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co., Series BB, 3.90%, | &nbsp;&nbsp;&nbsp;1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 6.63%, | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series OO, 6.50%, | &nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., Series GG, 6.88%, | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., Series NN, 6.88%, | &nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc., 6.63%, | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 6.25%, | &nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;BP Capital Markets PLC, 4.88%, | &nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. (The), Series X, 7.50%, | &nbsp;&nbsp;&nbsp;0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Capital XIII, Pfd., 10.30% 10/30/2040 | &nbsp;&nbsp;&nbsp;0.99% |
| \* Excluding money market fund holdings, if any. |  |

---

**Sector allocation** 

**(% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_10002548.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_2684.jpg)

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

P-VRP-SAR **Invesco Variable Rate Preferred 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.

------

![](img447373af1.jpg)

------

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

February 28, 2026

---

| | |
|:---|:---|
| **IFLN** | Invesco Bloomberg Enhanced Fallen Angels ETF (formerly, <br> Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF)<br>|
| **PWZ** | Invesco California AMT-Free Municipal Bond ETF |
| **PCEF** | Invesco CEF Income Composite ETF |
| **GOVI** | Invesco Equal Weight 0-30 Year Treasury ETF |
| **PVI** | Invesco Floating Rate Municipal Income ETF |
| **PFIG** | Invesco Fundamental Investment Grade Corporate Bond ETF |
| **TROT** | Invesco MSCI Treasury Duration Rotation ETF |
| **PZA** | Invesco National AMT-Free Municipal Bond ETF |
| **PZT** | Invesco New York AMT-Free Municipal Bond ETF |
| **PGX** | Invesco Preferred ETF |
| **TBLL** | Invesco Short Term Treasury ETF |
| **BAB** | Invesco Taxable Municipal Bond ETF |
| **HBRD** | Invesco U.S. Hybrid Bond ETF |
| **VRP** | Invesco Variable Rate Preferred ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_1) | **3** |
| [Invesco California AMT-Free Municipal Bond ETF (PWZ)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_4) | **6** |
| [Invesco CEF Income Composite ETF (PCEF)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_27) | **29** |
| [Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_30) | **32** |
| [Invesco Floating Rate Municipal Income ETF (PVI)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_31) | **33** |
| [Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_37) | **39** |
| [Invesco MSCI Treasury Duration Rotation ETF (TROT)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_50) | **52** |
| [Invesco National AMT-Free Municipal Bond ETF (PZA)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_52) | **54** |
| [Invesco New York AMT-Free Municipal Bond ETF (PZT)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_181) | **183** |
| [Invesco Preferred ETF (PGX)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_196) | **198** |
| [Invesco Short Term Treasury ETF (TBLL)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_201) | **203** |
| [Invesco Taxable Municipal Bond ETF (BAB)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_203) | **205** |
| [Invesco U.S. Hybrid Bond ETF (HBRD)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_235) | **237** |
| [Invesco Variable Rate Preferred ETF (VRP)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_SOI-Continued-352_238) | **240** |
| [Statements of Assets and Liabilities](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_FS-Continued-352_2) | **248** |
| [Statements of Operations](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_FS-Continued-352_6) | **252** |
| [Statements of Changes in Net Assets](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_FS-Continued-352_10) | **256** |
| [Financial Highlights](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_FIHI-Continued-380_1) | **261** |
| [Notes to Financial Statements](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_NTF-Continued-352_1) | **275** |
| [Approval of Investment Advisory and Sub-Advisory Contracts](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_BCRC-Continued_1) | **290** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_a26a486f-e276-4fe5-aba0-5916b684e073_OIRSR-Continued-352_1) | **292** |

---

------

**2**

------

**Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.29%** | **U.S. Dollar Denominated Bonds & Notes-98.29%** | **U.S. Dollar Denominated Bonds & Notes-98.29%** |
| **Aerospace & Defense-1.10%** | **Aerospace & Defense-1.10%** | **Aerospace & Defense-1.10%** |
| Bombardier, Inc. (Canada), 7.45%, <br> 05/01/2034<sup>(b)</sup><br>| $3869000 | &nbsp;&nbsp; $4368387 |
| **Air Freight & Logistics-0.61%** | **Air Freight & Logistics-0.61%** | **Air Freight & Logistics-0.61%** |
| XPO CNW, Inc., 6.70%, 05/01/2034 | 2267000 | &nbsp;&nbsp; 2443810 |
| **Automobile Components-3.40%** | **Automobile Components-3.40%** | **Automobile Components-3.40%** |
| Aptiv Swiss Holdings Ltd., 6.88%, <br> 12/15/2054<sup>(c)</sup><br>| 7585000 | &nbsp;&nbsp; 7912338 |
| United Rentals (North America), Inc., 3.88%, <br> 11/15/2027<br>| 5689000 | &nbsp;&nbsp; 5669010 |
|  |  | &nbsp;&nbsp; 13581348 |
| **Automobiles-3.32%** | **Automobiles-3.32%** | **Automobiles-3.32%** |
| Nissan Motor Co. Ltd. (Japan) |  |  |
| 4.35%, 09/17/2027<sup>(b)</sup> | 6802000 | &nbsp;&nbsp; 6758513 |
| 4.81%, 09/17/2030<sup>(b)</sup> | 6802000 | &nbsp;&nbsp; 6470180 |
|  |  | &nbsp;&nbsp; 13228693 |
| **Broadline Retail-6.30%** | **Broadline Retail-6.30%** | **Broadline Retail-6.30%** |
| Kohl's Corp. |  |  |
| 5.13%, 05/01/2031<sup>(d)</sup> | 3787000 | &nbsp;&nbsp; 3207208 |
| 5.55%, 07/17/2045 | 3234000 | &nbsp;&nbsp; 2134673 |
| Macy's Retail Holdings LLC, 4.50%, <br> 12/15/2034<br>| 2795000 | &nbsp;&nbsp; 2528216 |
| Nordstrom, Inc. |  |  |
| 4.00%, 03/15/2027 | 2648000 | &nbsp;&nbsp; 2640069 |
| 6.95%, 03/15/2028 | 2267000 | &nbsp;&nbsp; 2363511 |
| 4.38%, 04/01/2030 | 3793000 | &nbsp;&nbsp; 3655196 |
| 4.25%, 08/01/2031<sup>(d)</sup> | 3217000 | &nbsp;&nbsp; 2999684 |
| 5.00%, 01/15/2044 | 7322000 | &nbsp;&nbsp; 5583958 |
|  |  | &nbsp;&nbsp; 25112515 |
| **Capital Markets-2.89%** | **Capital Markets-2.89%** | **Capital Markets-2.89%** |
| BlackRock TCP Capital Corp., 6.95%, <br> 05/30/2029<br>| 7415000 | &nbsp;&nbsp; 7480822 |
| Prospect Capital Corp., 3.44%, 10/15/2028 | 4575000 | &nbsp;&nbsp; 4049699 |
|  |  | &nbsp;&nbsp; 11530521 |
| **Chemicals-15.86%** | **Chemicals-15.86%** | **Chemicals-15.86%** |
| Celanese US Holdings LLC |  |  |
| 7.17%, 07/15/2027 | 1924000 | &nbsp;&nbsp; 1993120 |
| 6.85%, 11/15/2028<sup>(d)</sup> | 2608000 | &nbsp;&nbsp; 2746738 |
| 7.33%, 07/15/2029<sup>(d)</sup> | 2622000 | &nbsp;&nbsp; 2773510 |
| 7.05%, 11/15/2030 | 3496000 | &nbsp;&nbsp; 3730194 |
| 7.38%, 07/15/2032 | 3476000 | &nbsp;&nbsp; 3667569 |
| 7.20%, 11/15/2033<sup>(d)</sup> | 3484000 | &nbsp;&nbsp; 3745582 |
| FMC Corp. |  |  |
| 3.45%, 10/01/2029<sup>(d)</sup> | 5953000 | &nbsp;&nbsp; 5259228 |
| 5.65%, 05/18/2033<sup>(d)</sup> | 5953000 | &nbsp;&nbsp; 5228413 |
| 4.50%, 10/01/2049 | 5945000 | &nbsp;&nbsp; 3652708 |
| 6.38%, 05/18/2053<sup>(d)</sup> | 5945000 | &nbsp;&nbsp; 4454443 |
| Huntsman International LLC |  |  |
| 4.50%, 05/01/2029<sup>(d)</sup> | 9977000 | &nbsp;&nbsp; 9561948 |
| 2.95%, 06/15/2031<sup>(d)</sup> | 5316000 | &nbsp;&nbsp; 4590750 |
| 5.70%, 10/15/2034<sup>(d)</sup> | 4652000 | &nbsp;&nbsp; 4452522 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Chemicals-(continued)** | **Chemicals-(continued)** | **Chemicals-(continued)** |
| Methanex Corp. (Canada) |  |  |
| 5.25%, 12/15/2029<sup>(d)</sup> | 5308000 | &nbsp;&nbsp; $5356186 |
| 5.65%, 12/01/2044 | 2267000 | &nbsp;&nbsp; 2065048 |
|  |  | &nbsp;&nbsp; 63277959 |
| **Commercial Services & Supplies-4.72%** | **Commercial Services & Supplies-4.72%** | **Commercial Services & Supplies-4.72%** |
| GFL Environmental, Inc., 6.75%, <br> 01/15/2031<sup>(b)</sup><br>| 17947000 | &nbsp;&nbsp; 18846145 |
| **Construction & Engineering-1.13%** | **Construction & Engineering-1.13%** | **Construction & Engineering-1.13%** |
| Fluor Corp., 4.25%, 09/15/2028<sup>(d)</sup> | 4557000 | &nbsp;&nbsp; 4526501 |
| **Consumer Finance-0.93%** | **Consumer Finance-0.93%** | **Consumer Finance-0.93%** |
| Navient Corp., 5.63%, 08/01/2033 | 4508000 | &nbsp;&nbsp; 3708022 |
| **Containers & Packaging-0.89%** | **Containers & Packaging-0.89%** | **Containers & Packaging-0.89%** |
| Sealed Air Corp., 6.88%, 07/15/2033<sup>(b)</sup> | 3417000 | &nbsp;&nbsp; 3534828 |
| **Diversified Telecommunication Services-4.14%** | **Diversified Telecommunication Services-4.14%** | **Diversified Telecommunication Services-4.14%** |
| Telecom Italia Capital S.A. (Italy) |  |  |
| 6.38%, 11/15/2033<sup>(d)</sup> | 3787000 | &nbsp;&nbsp; 4025070 |
| 6.00%, 09/30/2034<sup>(d)</sup> | 3793000 | &nbsp;&nbsp; 3952598 |
| 7.20%, 07/18/2036 | 3793000 | &nbsp;&nbsp; 4206478 |
| 7.72%, 06/04/2038 | 3793000 | &nbsp;&nbsp; 4338306 |
|  |  | &nbsp;&nbsp; 16522452 |
| **Electric Utilities-4.58%** | **Electric Utilities-4.58%** | **Electric Utilities-4.58%** |
| PacifiCorp, 7.38%, 09/15/2055<sup>(c)</sup> | 18045000 | &nbsp;&nbsp; 18286837 |
| **Electrical Equipment-1.58%** | **Electrical Equipment-1.58%** | **Electrical Equipment-1.58%** |
| Nissan Motor Acceptance Co. LLC |  |  |
| 5.30%, 09/13/2027<sup>(b)</sup> | 1104000 | &nbsp;&nbsp; 1112274 |
| 2.75%, 03/09/2028<sup>(b)</sup> | 1619000 | &nbsp;&nbsp; 1544817 |
| 2.45%, 09/15/2028<sup>(b)</sup> | 937000 | &nbsp;&nbsp; 877243 |
| 7.05%, 09/15/2028<sup>(b)</sup> | 1893000 | &nbsp;&nbsp; 1968314 |
| 5.55%, 09/13/2029<sup>(b)</sup> | 820000 | &nbsp;&nbsp; 818784 |
|  |  | &nbsp;&nbsp; 6321432 |
| **Electronic Equipment, Instruments & Components-0.44%** | **Electronic Equipment, Instruments & Components-0.44%** | **Electronic Equipment, Instruments & Components-0.44%** |
| Crane NXT Co., 4.20%, 03/15/2048 | 2648000 | &nbsp;&nbsp; 1759850 |
| **Financial Services-6.33%** | **Financial Services-6.33%** | **Financial Services-6.33%** |
| Horizon Mutual Holdings, Inc., 6.20%, <br> 11/15/2034<sup>(b)</sup><br>| 13645000 | &nbsp;&nbsp; 13590841 |
| Resorts World Las Vegas LLC/RWLV Capital, <br> Inc.<br>|  |  |
| 4.63%, 04/16/2029<sup>(b)(d)</sup> | 7600000 | &nbsp;&nbsp; 6932987 |
| 4.63%, 04/06/2031<sup>(b)</sup> | 2640000 | &nbsp;&nbsp; 2282963 |
| Vornado Realty L.P., 3.40%, 06/01/2031 | 2656000 | &nbsp;&nbsp; 2429334 |
|  |  | &nbsp;&nbsp; 25236125 |
| **Hotels, Restaurants & Leisure-1.46%** | **Hotels, Restaurants & Leisure-1.46%** | **Hotels, Restaurants & Leisure-1.46%** |
| Travel + Leisure Co., Series J, 6.00%, <br> 04/01/2027<sup>(d)</sup><br>| 3035000 | &nbsp;&nbsp; 3074473 |
| Yum! Brands, Inc., 6.88%, 11/15/2037 | 2458000 | &nbsp;&nbsp; 2755057 |
|  |  | &nbsp;&nbsp; 5829530 |

---

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

------

**3**

------

**Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Household Durables-4.67%** | **Household Durables-4.67%** | **Household Durables-4.67%** |
| Whirlpool Corp. |  |  |
| 4.75%, 02/26/2029 | $5173000 | &nbsp;&nbsp; $5102237 |
| 2.40%, 05/15/2031 | 2224000 | &nbsp;&nbsp; 1862639 |
| 4.70%, 05/14/2032<sup>(d)</sup> | 2224000 | &nbsp;&nbsp; 2031004 |
| 5.50%, 03/01/2033<sup>(d)</sup> | 2204000 | &nbsp;&nbsp; 2106942 |
| 5.75%, 03/01/2034 | 2204000 | &nbsp;&nbsp; 2095925 |
| 4.50%, 06/01/2046 | 3694000 | &nbsp;&nbsp; 2713562 |
| 4.60%, 05/15/2050<sup>(d)</sup> | 3704000 | &nbsp;&nbsp; 2715206 |
|  |  | &nbsp;&nbsp; 18627515 |
| **Independent Power and Renewable Electricity Producers-0.57%** | **Independent Power and Renewable Electricity Producers-0.57%** | **Independent Power and Renewable Electricity Producers-0.57%** |
| TransAlta Corp. (Canada), 6.50%, <br> 03/15/2040<br>| 2267000 | &nbsp;&nbsp; 2290541 |
| **Insurance-2.94%** | **Insurance-2.94%** | **Insurance-2.94%** |
| Constellation Insurance, Inc., 6.80%, <br> 01/24/2030<sup>(b)</sup><br>| 2471000 | &nbsp;&nbsp; 2518010 |
| Liberty Mutual Group, Inc., 7.80%, <br> 03/07/2087<sup>(b)</sup><br>| 3309000 | &nbsp;&nbsp; 3836078 |
| MBIA, Inc., 5.70%, 12/01/2034 | 2490000 | &nbsp;&nbsp; 2367131 |
| Wilton RE Ltd., 6.00%<sup>(b)(c)(e)</sup> | 3049000 | &nbsp;&nbsp; 3018648 |
|  |  | &nbsp;&nbsp; 11739867 |
| **Interactive Media & Services-1.45%** | **Interactive Media & Services-1.45%** | **Interactive Media & Services-1.45%** |
| Discovery Global Holdings, Inc., 4.28%, <br> 03/15/2032<br>| 6938000 | &nbsp;&nbsp; 5786569 |
| **Media-2.34%** | **Media-2.34%** | **Media-2.34%** |
| SES Americom Inc., 5.30%, 03/25/2044<sup>(b)</sup> | 11377000 | &nbsp;&nbsp; 9315427 |
| **Metals & Mining-1.87%** | **Metals & Mining-1.87%** | **Metals & Mining-1.87%** |
| Alcoa Nederland Holding B.V., 4.13%, <br> 03/31/2029<sup>(b)(d)</sup><br>| 7585000 | &nbsp;&nbsp; 7464574 |
| **Office REITs-5.01%** | **Office REITs-5.01%** | **Office REITs-5.01%** |
| Brandywine Operating Partnership L.P. |  |  |
| 3.95%, 11/15/2027<sup>(d)</sup> | 3410000 | &nbsp;&nbsp; 3345216 |
| 8.30%, 03/15/2028 | 2648000 | &nbsp;&nbsp; 2796947 |
| 4.55%, 10/01/2029<sup>(d)</sup> | 2648000 | &nbsp;&nbsp; 2500288 |
| Hudson Pacific Properties L.P. |  |  |
| 3.95%, 11/01/2027 | 3029000 | &nbsp;&nbsp; 2883300 |
| 5.95%, 02/15/2028<sup>(d)</sup> | 2648000 | &nbsp;&nbsp; 2547380 |
| 4.65%, 04/01/2029<sup>(d)</sup> | 3793000 | &nbsp;&nbsp; 3378975 |
| 3.25%, 01/15/2030<sup>(d)</sup> | 3032000 | &nbsp;&nbsp; 2522654 |
|  |  | &nbsp;&nbsp; 19974760 |
| **Oil, Gas & Consumable Fuels-5.25%** | **Oil, Gas & Consumable Fuels-5.25%** | **Oil, Gas & Consumable Fuels-5.25%** |
| Buckeye Partners L.P. |  |  |
| 4.13%, 12/01/2027 | 3029000 | &nbsp;&nbsp; 3019111 |
| 5.85%, 11/15/2043 | 3029000 | &nbsp;&nbsp; 2864511 |
| 5.60%, 10/15/2044 | 2267000 | &nbsp;&nbsp; 2073259 |
| Murphy Oil Corp., 5.88%, 12/01/2042<sup>(d)</sup> | 2591000 | &nbsp;&nbsp; 2276253 |
| Rockies Express Pipeline LLC |  |  |
| 4.95%, 07/15/2029<sup>(b)</sup> | 4174000 | &nbsp;&nbsp; 4177043 |
| 4.80%, 05/15/2030<sup>(b)</sup> | 2648000 | &nbsp;&nbsp; 2607922 |
| 6.88%, 04/15/2040<sup>(b)</sup> | 3793000 | &nbsp;&nbsp; 3909107 |
|  |  | &nbsp;&nbsp; 20927206 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Pharmaceuticals-1.85%** | **Pharmaceuticals-1.85%** | **Pharmaceuticals-1.85%** |
| Perrigo Finance Unlimited Co. |  |  |
| 5.15%, 06/15/2030<sup>(d)</sup> | $5689000 | &nbsp;&nbsp; $5509234 |
| 4.90%, 12/15/2044 | 2317000 | &nbsp;&nbsp; 1881595 |
|  |  | &nbsp;&nbsp; 7390829 |
| **Specialty Retail-2.70%** | **Specialty Retail-2.70%** | **Specialty Retail-2.70%** |
| Advance Auto Parts, Inc. |  |  |
| 1.75%, 10/01/2027 | 2648000 | &nbsp;&nbsp; 2530603 |
| 5.95%, 03/09/2028<sup>(d)</sup> | 2267000 | &nbsp;&nbsp; 2332070 |
| 3.90%, 04/15/2030<sup>(d)</sup> | 3790000 | &nbsp;&nbsp; 3543268 |
| 3.50%, 03/15/2032<sup>(d)</sup> | 2657000 | &nbsp;&nbsp; 2360479 |
|  |  | &nbsp;&nbsp; 10766420 |
| **Textiles, Apparel & Luxury Goods-4.49%** | **Textiles, Apparel & Luxury Goods-4.49%** | **Textiles, Apparel & Luxury Goods-4.49%** |
| VF Corp. |  |  |
| 2.80%, 04/23/2027<sup>(d)</sup> | 7615000 | &nbsp;&nbsp; 7432255 |
| 2.95%, 04/23/2030<sup>(d)</sup> | 11397000 | &nbsp;&nbsp; 10472397 |
|  |  | &nbsp;&nbsp; 17904652 |
| **Wireless Telecommunication Services-5.47%** | **Wireless Telecommunication Services-5.47%** | **Wireless Telecommunication Services-5.47%** |
| Rogers Communications, Inc. (Canada), <br> 5.25%, 03/15/2082<sup>(b)(c)</sup><br>| 5689000 | &nbsp;&nbsp; 5699587 |
| Vodafone Group PLC (United Kingdom), <br> 7.00%, 04/04/2079<sup>(c)</sup><br>| 15209000 | &nbsp;&nbsp; 16112339 |
|  |  | &nbsp;&nbsp; 21811926 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.29% <br>(Cost $392,808,765) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.29% <br>(Cost $392,808,765) | &nbsp;&nbsp; 392115241 |
|  | **Shares** |  |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-21.82%** | **Money Market Funds-21.82%** | **Money Market Funds-21.82%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(f)(g)(h)</sup><br>| 24140093 | &nbsp;&nbsp; 24140093 |
| Invesco Private Prime Fund, 3.81%<sup>(f)(g)(h)</sup> | 62896631 | &nbsp;&nbsp; 62915500 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $87,055,593) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $87,055,593) | &nbsp;&nbsp; 87055593 |
| TOTAL INVESTMENTS IN SECURITIES-120.11% <br>(Cost $479,864,358) | TOTAL INVESTMENTS IN SECURITIES-120.11% <br>(Cost $479,864,358) | &nbsp;&nbsp; 479170834 |
| OTHER ASSETS LESS LIABILITIES-(20.11)% | OTHER ASSETS LESS LIABILITIES-(20.11)% | &nbsp;&nbsp; (80236548)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $398934286 |

---

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

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

------

**4**

------

**Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"). The security may be <br> resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at <br> February 28, 2026 was $111,652,672, which represented 27.99% of the Fund's Net Assets.<br>|
| <sup>(c)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(d)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(e)</sup> | Perpetual bond with no specified maturity date. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $5611269 | &nbsp;&nbsp; $22055256 | &nbsp;&nbsp; $(27666525)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $46878 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 31830272 | &nbsp;&nbsp; 58689402 | &nbsp;&nbsp; (66379581)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 24140093 | &nbsp;&nbsp; 574,329<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 83364812 | &nbsp;&nbsp; 110855011 | &nbsp;&nbsp; (131304352)<br>| &nbsp;&nbsp; (4096)<br>| &nbsp;&nbsp; 4125 | &nbsp;&nbsp; 62915500 | &nbsp;&nbsp; 1,549,104<br> \*<br>|
| Total | &nbsp;&nbsp; $120806353 | &nbsp;&nbsp; $191599669 | &nbsp;&nbsp; $(225350458)<br>| &nbsp;&nbsp; $(4096)<br>| &nbsp;&nbsp; $4125 | &nbsp;&nbsp; $87055593 | &nbsp;&nbsp; $2170311 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**5**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.66%** |  |  |  |  |
| **California-97.24%** |  |  |  |  |
| Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2052 | $1070 | &nbsp;&nbsp; $1110840 |
| Alameda (County of), CA Transportation Commission, Series 2022, RB | 5.00% | 03/01/2045 | 815 | &nbsp;&nbsp; 880221 |
| Alameda County Fire Department, Series 2025, GO Bonds | 5.25% | 06/01/2055 | 500 | &nbsp;&nbsp; 545532 |
| Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds | 5.00% | 08/01/2049 | 340 | &nbsp;&nbsp; 360746 |
| Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds | 4.00% | 08/01/2052 | 945 | &nbsp;&nbsp; 906326 |
| Alvord Unified School District, Series 2023 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2052 | 1480 | &nbsp;&nbsp; 1559081 |
| Anaheim (City of), CA (Election of 2016), Series 2023 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.25% | 08/01/2053 | 40 | &nbsp;&nbsp; 39668 |
| Anaheim Union High School District (Election of 2024), Series 2025 A, GO Bonds | 4.50% | 08/01/2050 | 330 | &nbsp;&nbsp; 338447 |
| Anaheim Union High School District (Election of 2024), Series 2025 A, GO Bonds | 4.63% | 08/01/2052 | 135 | &nbsp;&nbsp; 138970 |
| Antelope Valley Healthcare District, Series 2016 A, Ref. RB | 5.00% | 03/01/2041 | 375 | &nbsp;&nbsp; 373682 |
| Antioch Unified School District (Election of 2024), Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2054 | 50 | &nbsp;&nbsp; 47581 |
| Bay Area Toll Authority, Series 2025 F-1, Ref. RB | 5.00% | 04/01/2048 | 1495 | &nbsp;&nbsp; 1622522 |
| Bay Area Toll Authority, Series 2025 F-1, Ref. RB | 5.00% | 04/01/2053 | 850 | &nbsp;&nbsp; 907380 |
| Bay Area Toll Authority, Series 2026 F-1, Ref. RB<sup>(b)</sup> | 5.00% | 04/01/2042 | 130 | &nbsp;&nbsp; 161184 |
| Bay Area Toll Authority, Series 2026 F-1, Ref. RB<sup>(b)</sup> | 5.00% | 04/01/2043 | 750 | &nbsp;&nbsp; 921676 |
| Bay Area Toll Authority, Series 2026 F-1, Ref. RB<sup>(b)</sup> | 5.00% | 04/01/2044 | 750 | &nbsp;&nbsp; 916456 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2041 | 55 | &nbsp;&nbsp; 61644 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2041 | 105 | &nbsp;&nbsp; 123189 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2042 | 165 | &nbsp;&nbsp; 183600 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2043 | 545 | &nbsp;&nbsp; 601028 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2043 | 255 | &nbsp;&nbsp; 292438 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2044 | 75 | &nbsp;&nbsp; 84998 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2047 | 10 | &nbsp;&nbsp; 10949 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB | 4.00% | 04/01/2056 | 1005 | &nbsp;&nbsp; 949409 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB | 4.00% | 04/01/2042 | 3625 | &nbsp;&nbsp; 3632889 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2047 | 2570 | &nbsp;&nbsp; 2499963 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2049 | 655 | &nbsp;&nbsp; 630223 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB | 3.00% | 04/01/2054 | 1455 | &nbsp;&nbsp; 1093953 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2021 F-2, Ref. RB | 2.60% | 04/01/2056 | 3610 | &nbsp;&nbsp; 2399887 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 5.00% | 04/01/2054 | 1830 | &nbsp;&nbsp; 1926265 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 5.25% | 04/01/2054 | 615 | &nbsp;&nbsp; 657483 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-2, RB | 4.13% | 04/01/2054 | 795 | &nbsp;&nbsp; 784573 |
| Benicia Unified School District (Election of 2004), Series 2026 B, GO Bonds | 5.00% | 08/01/2055 | 350 | &nbsp;&nbsp; 373027 |
| Beverly Hills Unified School District, Series 2019 A, GO Bonds | 3.00% | 08/01/2044 | 350 | &nbsp;&nbsp; 304086 |
| Brentwood Union School District (Election of 2016), Series 2022, GO Bonds | 5.25% | 08/01/2052 | 1400 | &nbsp;&nbsp; 1485132 |
| Burbank (City of), CA, Series 2023, RB | 5.00% | 06/01/2048 | 365 | &nbsp;&nbsp; 381990 |
| Burbank (City of), CA, Series 2023, RB | 5.00% | 06/01/2053 | 35 | &nbsp;&nbsp; 36301 |
| Burbank Unified School District (Election of 2024), Series 2025, GO Bonds | 5.00% | 08/01/2054 | 225 | &nbsp;&nbsp; 238962 |
| Burbank-Glendale-Pasadena Airport Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2054 | 340 | &nbsp;&nbsp; 325258 |
| Butte-Glenn Community College District, Series 2025 D, GO Bonds | 5.00% | 08/01/2050 | 405 | &nbsp;&nbsp; 435324 |
| Calexico (City of), CA, Series 2022, GO Bonds, (INS - BAM)<sup>(a)</sup> | 3.00% | 08/01/2052 | 25 | &nbsp;&nbsp; 18539 |
| California (State of), Series 2013, GO Bonds | 4.00% | 02/01/2043 | 260 | &nbsp;&nbsp; 260040 |
| California (State of), Series 2013, GO Bonds | 4.00% | 04/01/2043 | 270 | &nbsp;&nbsp; 270041 |
| California (State of), Series 2014, Ref. GO Bonds | 4.00% | 11/01/2044 | 930 | &nbsp;&nbsp; 930069 |
| California (State of), Series 2015, GO Bonds | 4.00% | 03/01/2045 | 470 | &nbsp;&nbsp; 469984 |
| California (State of), Series 2015, GO Bonds | 4.00% | 08/01/2045 | 165 | &nbsp;&nbsp; 164994 |
| California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2045 | 890 | &nbsp;&nbsp; 890098 |
| California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2045 | 1325 | &nbsp;&nbsp; 1332735 |
| California (State of), Series 2016, GO Bonds | 3.00% | 09/01/2046 | 1265 | &nbsp;&nbsp; 1026230 |
| California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2046 | 195 | &nbsp;&nbsp; 193605 |
| California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2046 | 900 | &nbsp;&nbsp; 904636 |
| California (State of), Series 2017, GO Bonds | 5.00% | 08/01/2046 | 1120 | &nbsp;&nbsp; 1124721 |
| California (State of), Series 2017, GO Bonds | 4.00% | 11/01/2047 | 460 | &nbsp;&nbsp; 458273 |
| California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2047 | 1555 | &nbsp;&nbsp; 1582574 |

---

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

------

**6**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2018, GO Bonds | 3.63% | 10/01/2047 | $485 | &nbsp;&nbsp; $436869 |
| California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2047 | 2075 | &nbsp;&nbsp; 2076482 |
| California (State of), Series 2019, GO Bonds | 4.00% | 10/01/2044 | 205 | &nbsp;&nbsp; 206633 |
| California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2045 | 705 | &nbsp;&nbsp; 735670 |
| California (State of), Series 2019, GO Bonds | 4.00% | 04/01/2049 | 20 | &nbsp;&nbsp; 19884 |
| California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2049 | 1200 | &nbsp;&nbsp; 1240083 |
| California (State of), Series 2019, GO Bonds | 3.00% | 10/01/2049 | 400 | &nbsp;&nbsp; 316146 |
| California (State of), Series 2020, GO Bonds | 3.00% | 11/01/2041 | 145 | &nbsp;&nbsp; 135469 |
| California (State of), Series 2020, GO Bonds | 4.00% | 11/01/2041 | 1050 | &nbsp;&nbsp; 1050227 |
| California (State of), Series 2020, GO Bonds | 2.25% | 11/01/2043 | 60 | &nbsp;&nbsp; 46364 |
| California (State of), Series 2020, GO Bonds | 4.00% | 11/01/2045 | 700 | &nbsp;&nbsp; 699983 |
| California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2046 | 890 | &nbsp;&nbsp; 737591 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2046 | 1260 | &nbsp;&nbsp; 1265005 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2046 | 580 | &nbsp;&nbsp; 582304 |
| California (State of), Series 2020, GO Bonds | 2.50% | 03/01/2050 | 40 | &nbsp;&nbsp; 27848 |
| California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2050 | 420 | &nbsp;&nbsp; 328489 |
| California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2050 | 2455 | &nbsp;&nbsp; 1920095 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2050 | 1585 | &nbsp;&nbsp; 1571547 |
| California (State of), Series 2020, GO Bonds | 3.00% | 11/01/2050 | 1185 | &nbsp;&nbsp; 923737 |
| California (State of), Series 2020, GO Bonds | 4.00% | 11/01/2050 | 290 | &nbsp;&nbsp; 281320 |
| California (State of), Series 2021, GO Bonds<sup>(c)(d)</sup> | 5.00% | 12/01/2030 | 15 | &nbsp;&nbsp; 17077 |
| California (State of), Series 2021, GO Bonds | 2.38% | 12/01/2043 | 580 | &nbsp;&nbsp; 456376 |
| California (State of), Series 2021, GO Bonds | 3.00% | 12/01/2043 | 400 | &nbsp;&nbsp; 360405 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2043 | 425 | &nbsp;&nbsp; 457459 |
| California (State of), Series 2021, GO Bonds | 3.00% | 12/01/2046 | 625 | &nbsp;&nbsp; 515969 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2046 | 380 | &nbsp;&nbsp; 402125 |
| California (State of), Series 2021, GO Bonds | 2.50% | 12/01/2049 | 635 | &nbsp;&nbsp; 447317 |
| California (State of), Series 2021, GO Bonds | 3.00% | 12/01/2049 | 240 | &nbsp;&nbsp; 189527 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2041 | 2100 | &nbsp;&nbsp; 2319947 |
| California (State of), Series 2021, Ref. GO Bonds | 4.00% | 10/01/2041 | 1925 | &nbsp;&nbsp; 1990827 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2041 | 965 | &nbsp;&nbsp; 1058939 |
| California (State of), Series 2022 CU, GO Bonds | 4.75% | 12/01/2042 | 1425 | &nbsp;&nbsp; 1528318 |
| California (State of), Series 2022 CU, GO Bonds | 4.85% | 12/01/2046 | 810 | &nbsp;&nbsp; 846542 |
| California (State of), Series 2022 CU, GO Bonds | 5.50% | 12/01/2052 | 710 | &nbsp;&nbsp; 753744 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2047 | 875 | &nbsp;&nbsp; 934155 |
| California (State of), Series 2022, GO Bonds | 5.25% | 09/01/2047 | 1545 | &nbsp;&nbsp; 1679780 |
| California (State of), Series 2022, GO Bonds | 4.00% | 04/01/2049 | 1630 | &nbsp;&nbsp; 1620508 |
| California (State of), Series 2022, GO Bonds | 3.00% | 04/01/2052 | 1820 | &nbsp;&nbsp; 1404635 |
| California (State of), Series 2022, GO Bonds | 4.25% | 09/01/2052 | 930 | &nbsp;&nbsp; 935807 |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2052 | 1180 | &nbsp;&nbsp; 1246971 |
| California (State of), Series 2022, Ref. GO Bonds | 4.00% | 04/01/2042 | 965 | &nbsp;&nbsp; 996536 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2042 | 1555 | &nbsp;&nbsp; 1595341 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2042 | 990 | &nbsp;&nbsp; 1094638 |
| California (State of), Series 2022, Ref. GO Bonds | 4.00% | 09/01/2042 | 1730 | &nbsp;&nbsp; 1790043 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2042 | 1430 | &nbsp;&nbsp; 1590546 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2042 | 195 | &nbsp;&nbsp; 202352 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2042 | 1365 | &nbsp;&nbsp; 1521737 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2045 | 1665 | &nbsp;&nbsp; 1820707 |
| California (State of), Series 2023, GO Bonds | 5.25% | 10/01/2045 | 940 | &nbsp;&nbsp; 1043777 |
| California (State of), Series 2023, GO Bonds | 4.00% | 10/01/2050 | 1395 | &nbsp;&nbsp; 1382954 |
| California (State of), Series 2023, GO Bonds | 5.25% | 10/01/2050 | 1350 | &nbsp;&nbsp; 1460411 |
| California (State of), Series 2023, GO Bonds | 5.25% | 09/01/2053 | 3265 | &nbsp;&nbsp; 3528959 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2042 | 1320 | &nbsp;&nbsp; 1395497 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2042 | 1880 | &nbsp;&nbsp; 2107999 |
| California (State of), Series 2023, Ref. GO Bonds | 4.00% | 09/01/2043 | 3505 | &nbsp;&nbsp; 3605762 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2043 | 2175 | &nbsp;&nbsp; 2426499 |
| California (State of), Series 2024, GO Bonds | 5.25% | 08/01/2044 | 290 | &nbsp;&nbsp; 330114 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2044 | 805 | &nbsp;&nbsp; 896349 |

---

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

------

**7**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2044 | $305 | &nbsp;&nbsp; $339610 |
| California (State of), Series 2024, GO Bonds | 4.00% | 09/01/2047 | 390 | &nbsp;&nbsp; 391171 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2048 | 2510 | &nbsp;&nbsp; 2709535 |
| California (State of), Series 2024, GO Bonds | 4.00% | 08/01/2049 | 1500 | &nbsp;&nbsp; 1491188 |
| California (State of), Series 2024, GO Bonds | 5.00% | 08/01/2049 | 390 | &nbsp;&nbsp; 421122 |
| California (State of), Series 2024, GO Bonds | 4.00% | 09/01/2052 | 965 | &nbsp;&nbsp; 943476 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2053 | 1830 | &nbsp;&nbsp; 1952698 |
| California (State of), Series 2024, GO Bonds | 5.25% | 08/01/2054 | 380 | &nbsp;&nbsp; 413502 |
| California (State of), Series 2024, GO Bonds | 5.50% | 08/01/2054 | 390 | &nbsp;&nbsp; 432171 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2043 | 1420 | &nbsp;&nbsp; 1593800 |
| California (State of), Series 2024, Ref. GO Bonds | 4.00% | 08/01/2044 | 385 | &nbsp;&nbsp; 393851 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2044 | 545 | &nbsp;&nbsp; 609621 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2042 | 540 | &nbsp;&nbsp; 620928 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2042 | 515 | &nbsp;&nbsp; 595254 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2043 | 565 | &nbsp;&nbsp; 641612 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2043 | 500 | &nbsp;&nbsp; 570473 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2044 | 2380 | &nbsp;&nbsp; 2679047 |
| California (State of), Series 2025, GO Bonds | 5.00% | 11/01/2045 | 395 | &nbsp;&nbsp; 439026 |
| California (State of), Series 2025, GO Bonds | 4.13% | 03/01/2049 | 20 | &nbsp;&nbsp; 20129 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2049 | 3250 | &nbsp;&nbsp; 3524522 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2050 | 1070 | &nbsp;&nbsp; 1157958 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2055 | 4295 | &nbsp;&nbsp; 4604047 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2045 | 790 | &nbsp;&nbsp; 880977 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 08/01/2045 | 270 | &nbsp;&nbsp; 302304 |
| California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - <br> Orange Coast College), Series 2018, RB<br>| 5.25% | 05/01/2053 | 10 | &nbsp;&nbsp; 10097 |
| California (State of) Department of Water Resources (Central Valley), Series 2026 A, RB | 5.00% | 12/01/2051 | 1000 | &nbsp;&nbsp; 1084188 |
| California (State of) Department of Water Resources (Central Valley), Series 2026 A, RB | 5.00% | 12/01/2056 | 1350 | &nbsp;&nbsp; 1450048 |
| California (State of) Educational Facilities Authority (Art Center College of Design), Series 2018 A, <br> Ref. RB<br>| 5.00% | 12/01/2044 | 1000 | &nbsp;&nbsp; 1012731 |
| California (State of) Educational Facilities Authority (Chapman University), Series 2017 B, RB | 4.00% | 04/01/2047 | 160 | &nbsp;&nbsp; 154552 |
| California (State of) Educational Facilities Authority (Southern California University), Series 2025 A, <br> RB<br>| 5.00% | 10/01/2055 | 6325 | &nbsp;&nbsp; 6721440 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2013 U-3, RB | 5.00% | 06/01/2043 | 3030 | &nbsp;&nbsp; 3734933 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB | 5.00% | 05/01/2045 | 4075 | &nbsp;&nbsp; 4893099 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2016 U-7, RB | 5.00% | 06/01/2046 | 2850 | &nbsp;&nbsp; 3369254 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB | 5.00% | 05/01/2049 | 5370 | &nbsp;&nbsp; 6239279 |
| California (State of) Educational Facilities Authority (Stanford University) (Green Bonds), <br> Series 2021 V-2, Ref. RB<br>| 5.00% | 04/01/2051 | 1670 | &nbsp;&nbsp; 1926967 |
| California (State of) Educational Facilities Authority (Stanford University) (Green Bonds), <br> Series 2021, Ref. RB<br>| 2.25% | 04/01/2051 | 2060 | &nbsp;&nbsp; 1351209 |
| California (State of) Educational Facilities Authority (university of Pacific), Series 2025, RB | 5.00% | 11/01/2055 | 65 | &nbsp;&nbsp; 68464 |
| California (State of) Educational Facilities Authority (University of Redlands), Series 2022 A, RB | 5.00% | 10/01/2052 | 570 | &nbsp;&nbsp; 571580 |
| California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, <br> RB<br>| 5.00% | 10/01/2048 | 25 | &nbsp;&nbsp; 25157 |
| California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, <br> RB<br>| 5.00% | 10/01/2053 | 1905 | &nbsp;&nbsp; 1914453 |
| California (State of) Enterprise Development Authority (Castilleja School Foundation), Series 2024, <br> RB<br>| 4.00% | 06/01/2054 | 1795 | &nbsp;&nbsp; 1660758 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness <br> Village), Series 2024, RB<br>| 5.25% | 11/01/2049 | 1015 | &nbsp;&nbsp; 1100200 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness <br> Village), Series 2024, RB<br>| 5.25% | 11/01/2049 | 530 | &nbsp;&nbsp; 540714 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness <br> Village), Series 2024, RB<br>| 5.25% | 11/01/2054 | 1380 | &nbsp;&nbsp; 1480635 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness <br> Village), Series 2024, RB<br>| 5.50% | 11/01/2059 | 2170 | &nbsp;&nbsp; 2366311 |

---

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

------

**8**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, <br> RB<br>| 4.00% | 03/01/2043 | $910 | &nbsp;&nbsp; $867830 |
| California (State of) Health Facilities Financing Authority (Cedars Sinai Health System), Series 2021, <br> Ref. RB<br>| 5.00% | 08/15/2041 | 1195 | &nbsp;&nbsp; 1314831 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 <br> A, Ref. RB<br>| 5.00% | 08/15/2051 | 2275 | &nbsp;&nbsp; 2387255 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, <br> Ref. RB<br>| 3.00% | 08/15/2051 | 2220 | &nbsp;&nbsp; 1672930 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2016 <br> B, Ref. RB<br>| 4.00% | 08/15/2039 | 25 | &nbsp;&nbsp; 25039 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 <br> A, Ref. RB<br>| 4.00% | 08/15/2048 | 7920 | &nbsp;&nbsp; 7583382 |
| California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles), <br> Series 2017 A, Ref. RB<br>| 5.00% | 08/15/2042 | 700 | &nbsp;&nbsp; 706322 |
| California (State of) Health Facilities Financing Authority (Children's Hospital Los Angeles), <br> Series 2017 A, Ref. RB<br>| 5.00% | 08/15/2047 | 25 | &nbsp;&nbsp; 24850 |
| California (State of) Health Facilities Financing Authority (Children's Hospital of Orange), <br> Series 2021, Ref. RB<br>| 2.13% | 11/01/2041 | 1170 | &nbsp;&nbsp; 896376 |
| California (State of) Health Facilities Financing Authority (Children's Hospital of Orange), <br> Series 2024, RB<br>| 5.00% | 11/01/2054 | 125 | &nbsp;&nbsp; 132341 |
| California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB | 4.00% | 11/15/2045 | 1345 | &nbsp;&nbsp; 1262773 |
| California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB | 5.00% | 11/15/2049 | 1920 | &nbsp;&nbsp; 1926898 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. <br> RB<br>| 4.00% | 04/01/2044 | 1295 | &nbsp;&nbsp; 1270342 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. <br> RB<br>| 4.00% | 04/01/2045 | 1530 | &nbsp;&nbsp; 1472954 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2024 A, RB | 5.25% | 12/01/2049 | 770 | &nbsp;&nbsp; 823219 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health), Series 2020, Ref. <br> RB<sup>(c)(d)</sup><br>| 4.00% | 04/01/2030 | 35 | &nbsp;&nbsp; 37873 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health), Series 2020, Ref. <br> RB<br>| 4.00% | 04/01/2049 | 2340 | &nbsp;&nbsp; 2175762 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health), Series 2024 A, RB | 5.00% | 12/01/2054 | 1225 | &nbsp;&nbsp; 1275518 |
| California (State of) Health Facilities Financing Authority (El Camino Health), Series 2025 A, Ref. RB | 5.25% | 02/01/2048 | 20 | &nbsp;&nbsp; 21755 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB | 4.00% | 02/01/2042 | 785 | &nbsp;&nbsp; 789323 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB | 5.00% | 02/01/2042 | 400 | &nbsp;&nbsp; 407841 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB | 4.13% | 02/01/2047 | 255 | &nbsp;&nbsp; 250960 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB | 5.00% | 02/01/2047 | 525 | &nbsp;&nbsp; 531072 |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, <br> RB<br>| 4.00% | 11/01/2044 | 8700 | &nbsp;&nbsp; 8557979 |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, <br> RB<br>| 5.00% | 11/01/2047 | 3430 | &nbsp;&nbsp; 3867104 |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, <br> RB<br>| 4.00% | 11/01/2051 | 195 | &nbsp;&nbsp; 181745 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at <br> Stanford), Series 2016 B, RB<br>| 5.00% | 08/15/2055 | 1135 | &nbsp;&nbsp; 1139421 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at <br> Stanford), Series 2017, RB<br>| 5.00% | 11/15/2056 | 145 | &nbsp;&nbsp; 146378 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at <br> Stanford), Series 2022, Ref. RB<br>| 4.00% | 05/15/2051 | 1850 | &nbsp;&nbsp; 1747475 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. <br> RB<br>| 4.00% | 05/15/2046 | 1075 | &nbsp;&nbsp; 1043311 |
| California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, Ref. RB | 3.00% | 06/01/2047 | 1000 | &nbsp;&nbsp; 794754 |
| California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, Ref. RB | 4.00% | 06/01/2050 | 1145 | &nbsp;&nbsp; 1034381 |
| California (State of) Health Facilities Financing Authority (Providence Health & Services), <br> Series 2014 B, RB<br>| 5.00% | 10/01/2044 | 1200 | &nbsp;&nbsp; 1200944 |
| California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), <br> Series 2016 A, Ref. RB<br>| 3.00% | 10/01/2047 | 4345 | &nbsp;&nbsp; 3319593 |

---

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

------

**9**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), <br> Series 2016 A, Ref. RB<br>| 4.00% | 10/01/2047 | $1805 | &nbsp;&nbsp; $1656398 |
| California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), <br> Series 2016, Ref. RB<br>| 3.00% | 10/01/2041 | 1180 | &nbsp;&nbsp; 1051133 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2041 | 860 | &nbsp;&nbsp; 984074 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2042 | 740 | &nbsp;&nbsp; 835926 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2043 | 335 | &nbsp;&nbsp; 374054 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2044 | 1135 | &nbsp;&nbsp; 1255834 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2015 A, RB | 5.00% | 08/15/2054 | 550 | &nbsp;&nbsp; 550157 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. <br> RB<br>| 4.00% | 08/15/2050 | 2805 | &nbsp;&nbsp; 2693810 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2025 A, Ref. <br> RB<br>| 5.25% | 08/15/2054 | 1530 | &nbsp;&nbsp; 1651163 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB | 4.00% | 11/15/2041 | 2380 | &nbsp;&nbsp; 2382994 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB | 5.00% | 11/15/2046 | 1035 | &nbsp;&nbsp; 1044844 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 4.00% | 11/15/2048 | 1425 | &nbsp;&nbsp; 1308541 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 5.00% | 11/15/2048 | 1325 | &nbsp;&nbsp; 1340273 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 4.00% | 11/15/2042 | 2030 | &nbsp;&nbsp; 2017534 |
| California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & <br> Sciences Obligated Group), Series 2015, Ref. RB<br>| 4.00% | 11/01/2045 | 1945 | &nbsp;&nbsp; 1937815 |
| California (State of) Infrastructure & Economic Development Bank (Adventist Health System), <br> Series 2024 A, RB<br>| 5.25% | 07/01/2054 | 955 | &nbsp;&nbsp; 973924 |
| California (State of) Infrastructure & Economic Development Bank (Adventist Health System), <br> Series 2024, RB<br>| 5.25% | 07/01/2049 | 1000 | &nbsp;&nbsp; 1027765 |
| California (State of) Infrastructure & Economic Development Bank (California State Teachers' <br> Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB<br>| 5.00% | 08/01/2044 | 1235 | &nbsp;&nbsp; 1300896 |
| California (State of) Infrastructure & Economic Development Bank (California State Teachers' <br> Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB<br>| 5.00% | 08/01/2049 | 1275 | &nbsp;&nbsp; 1320666 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2043 | 370 | &nbsp;&nbsp; 383894 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2041 | 35 | &nbsp;&nbsp; 36690 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2042 | 160 | &nbsp;&nbsp; 166141 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2043 | 1460 | &nbsp;&nbsp; 1503520 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2044 | 1055 | &nbsp;&nbsp; 1076945 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2045 | 1085 | &nbsp;&nbsp; 1097941 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2047 | 525 | &nbsp;&nbsp; 521709 |
| California (State of) Infrastructure & Economic Development Bank (Green Bonds) (California Science <br> Center Phase III), Series 2021 B, RB<br>| 4.00% | 05/01/2046 | 405 | &nbsp;&nbsp; 392702 |
| California (State of) Infrastructure & Economic Development Bank (Green Bonds) (California Science <br> Center Phase III), Series 2021 B, RB<br>| 4.00% | 05/01/2051 | 65 | &nbsp;&nbsp; 61236 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2022, RB<br>| 5.00% | 10/01/2047 | 675 | &nbsp;&nbsp; 721438 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2022, RB<br>| 5.00% | 10/01/2052 | 55 | &nbsp;&nbsp; 57936 |
| California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of <br> Natural History Foundation), Series 2020, Ref. RB<br>| 3.00% | 07/01/2050 | 1625 | &nbsp;&nbsp; 1232215 |
| California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of <br> Natural History Foundation), Series 2020, Ref. RB<br>| 4.00% | 07/01/2050 | 1475 | &nbsp;&nbsp; 1412729 |
| California (State of) Infrastructure & Economic Development Bank (Social Bonds), Series 2024, RB | 5.00% | 11/01/2049 | 125 | &nbsp;&nbsp; 130266 |
| California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), <br> Series 2017, RB<br>| 5.00% | 05/15/2042 | 855 | &nbsp;&nbsp; 887440 |

---

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

------

**10**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), <br> Series 2017, RB<br>| 5.00% | 05/15/2047 | $1175 | &nbsp;&nbsp; $1201817 |
| California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), <br> Series 2017, RB<br>| 5.00% | 05/15/2052 | 650 | &nbsp;&nbsp; 661211 |
| California (State of) Infrastructure & Economic Development Bank (UCSF Clinic and Lifr Science), <br> Series 2025, RB<br>| 5.00% | 05/15/2050 | 555 | &nbsp;&nbsp; 592689 |
| California (State of) Infrastructure & Economic Development Bank (UCSF Clinic and Lifr Science), <br> Series 2025, RB<br>| 4.50% | 05/15/2055 | 1470 | &nbsp;&nbsp; 1481138 |
| California (State of) Infrastructure & Economic Development Bank (UCSF Clinic and Lifr Science), <br> Series 2025, RB<br>| 5.25% | 05/15/2059 | 655 | &nbsp;&nbsp; 706980 |
| California (State of) Infrastructure & Economic Development Bank(Green Bonds), Series 2025, RB | 5.00% | 10/01/2042 | 15 | &nbsp;&nbsp; 17563 |
| California (State of) Infrastructure & Economic Development Bank(Green Bonds), Series 2025, RB | 4.00% | 10/01/2044 | 380 | &nbsp;&nbsp; 390934 |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), <br> Series 2018, RB<br>| 5.00% | 05/15/2043 | 1000 | &nbsp;&nbsp; 1021724 |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), <br> Series 2018, RB, (INS - BAM)<sup>(a)</sup><br>| 4.00% | 05/15/2048 | 260 | &nbsp;&nbsp; 243024 |
| California (State of) Municipal Finance Authority (CHF-Riverside I, LLC - UCR Dundee-Glasgow <br> Student Housing), Series 2018, RB, (INS - BAM)<sup>(a)</sup><br>| 4.00% | 05/15/2048 | 15 | &nbsp;&nbsp; 14223 |
| California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB | 4.00% | 03/01/2050 | 2890 | &nbsp;&nbsp; 2415670 |
| California (State of) Municipal Finance Authority (Community Health System), Series 2021 A, RB | 3.00% | 02/01/2046 | 155 | &nbsp;&nbsp; 121468 |
| California (State of) Municipal Finance Authority (Community Health System), Series 2021 A, RB | 4.00% | 02/01/2051 | 1500 | &nbsp;&nbsp; 1317179 |
| California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. <br> RB<br>| 4.00% | 02/01/2042 | 1380 | &nbsp;&nbsp; 1376929 |
| California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. <br> RB<br>| 5.00% | 02/01/2042 | 1200 | &nbsp;&nbsp; 1210957 |
| California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. <br> RB<br>| 5.00% | 02/01/2047 | 1355 | &nbsp;&nbsp; 1360235 |
| California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. <br> RB<br>| 5.00% | 07/01/2042 | 1100 | &nbsp;&nbsp; 1112345 |
| California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. <br> RB<br>| 4.00% | 07/01/2047 | 105 | &nbsp;&nbsp; 93782 |
| California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 05/15/2046 | 1000 | &nbsp;&nbsp; 962123 |
| California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)<sup>(a)</sup> | 3.00% | 05/15/2051 | 680 | &nbsp;&nbsp; 516871 |
| California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)<sup>(a)</sup> | 3.00% | 05/15/2054 | 410 | &nbsp;&nbsp; 302886 |
| California (State of) Municipal Finance Authority (Humangood - California Obligated Group), <br> Series 2019 A, Ref. RB<br>| 5.00% | 10/01/2044 | 1200 | &nbsp;&nbsp; 1205069 |
| California (State of) Municipal Finance Authority (Humangood - California Obligated Group), <br> Series 2021, RB<br>| 4.00% | 10/01/2049 | 1000 | &nbsp;&nbsp; 894417 |
| California (State of) Municipal Finance Authority (Inland Regional Center), Series 2015, Ref. RB | 5.00% | 06/15/2045 | 200 | &nbsp;&nbsp; 200097 |
| California (State of) Municipal Finance Authority (NCROC-Paradise Valley Estates), Series 2019, RB, <br> (INS - Cal-Mortgage)<sup>(a)</sup><br>| 5.00% | 01/01/2049 | 685 | &nbsp;&nbsp; 703267 |
| California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB | 5.25% | 11/01/2041 | 630 | &nbsp;&nbsp; 632714 |
| California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB | 5.00% | 11/01/2047 | 1080 | &nbsp;&nbsp; 1047155 |
| California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB | 5.25% | 11/01/2047 | 500 | &nbsp;&nbsp; 500170 |
| California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure <br> Improvement Program - Phase I), Series 2017 A, RB<br>| 5.00% | 06/01/2042 | 1000 | &nbsp;&nbsp; 1027369 |
| California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 11/01/2052 | 2375 | &nbsp;&nbsp; 2423045 |
| California (State of) Municipal Finance Authority (St. Ignatius College Preparatory), Series 2024 A, <br> RB<br>| 5.00% | 09/01/2049 | 515 | &nbsp;&nbsp; 541975 |
| California (State of) Municipal Finance Authority (St. Ignatius College Preparatory), Series 2024 A, <br> RB<br>| 5.00% | 09/01/2054 | 475 | &nbsp;&nbsp; 499326 |
| California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), <br> Series 2019, RB<br>| 5.00% | 05/15/2049 | 1000 | &nbsp;&nbsp; 1000968 |
| California (State of) Municipal Finance Authority (UCR North District Phase 1 Student Housing), <br> Series 2019, RB<br>| 5.00% | 05/15/2052 | 1000 | &nbsp;&nbsp; 991355 |
| California (State of) Municipal Finance Authority (University of La Verne), Series 2017 A, Ref. RB | 5.00% | 06/01/2043 | 1010 | &nbsp;&nbsp; 1019167 |

---

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

------

**11**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Pollution Control Financing Authority (San Diego County Water Authority), <br> Series 2019, Ref. RB<sup>(e)</sup><br>| 5.00% | 11/21/2045 | $1000 | &nbsp;&nbsp; $1020721 |
| California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB | 5.00% | 10/15/2047 | 1000 | &nbsp;&nbsp; 1000754 |
| California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB | 5.00% | 07/15/2046 | 800 | &nbsp;&nbsp; 854386 |
| California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB | 4.00% | 07/15/2051 | 1920 | &nbsp;&nbsp; 1836801 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB | 4.00% | 08/01/2047 | 1335 | &nbsp;&nbsp; 1286216 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB | 5.00% | 08/01/2047 | 625 | &nbsp;&nbsp; 636381 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 4.00% | 11/01/2046 | 1325 | &nbsp;&nbsp; 1329497 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 5.00% | 11/01/2046 | 1220 | &nbsp;&nbsp; 1298279 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2041 | 40 | &nbsp;&nbsp; 45907 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2042 | 575 | &nbsp;&nbsp; 654305 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2043 | 465 | &nbsp;&nbsp; 523124 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2044 | 975 | &nbsp;&nbsp; 1083703 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2045 | 1055 | &nbsp;&nbsp; 1160290 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2049 | 4815 | &nbsp;&nbsp; 5158650 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2044 | 235 | &nbsp;&nbsp; 248010 |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB | 4.00% | 05/01/2046 | 1910 | &nbsp;&nbsp; 1915960 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB | 5.00% | 04/01/2041 | 5 | &nbsp;&nbsp; 5818 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB | 5.25% | 04/01/2042 | 35 | &nbsp;&nbsp; 41096 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB | 5.00% | 04/01/2043 | 990 | &nbsp;&nbsp; 1126955 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB | 5.00% | 04/01/2044 | 45 | &nbsp;&nbsp; 50548 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB | 5.00% | 04/01/2050 | 2615 | &nbsp;&nbsp; 2802994 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2043 | 500 | &nbsp;&nbsp; 572954 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2044 | 225 | &nbsp;&nbsp; 254244 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2045 | 5 | &nbsp;&nbsp; 5581 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2046 | 410 | &nbsp;&nbsp; 451844 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2047 | 435 | &nbsp;&nbsp; 475917 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2050 | 1500 | &nbsp;&nbsp; 1613484 |
| California (State of) Public Works Board (Various Capital), Series 2025, RB | 5.00% | 04/01/2045 | 35 | &nbsp;&nbsp; 38860 |
| California (State of) Statewide Communities Development Authority (Adventist Health System), <br> Series 2018, Ref. RB<br>| 4.00% | 03/01/2048 | 410 | &nbsp;&nbsp; 360330 |
| California (State of) Statewide Communities Development Authority (Buck Institute for Research on <br> Aging), Series 2021, Ref. RB<br>| 3.00% | 04/01/2051 | 1780 | &nbsp;&nbsp; 1286452 |
| California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 <br> A, RB<br>| 4.00% | 04/01/2045 | 1450 | &nbsp;&nbsp; 1377774 |
| California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 <br> A, RB<br>| 3.00% | 04/01/2050 | 1000 | &nbsp;&nbsp; 728648 |
| California (State of) Statewide Communities Development Authority (Enloe Medical Center), <br> Series 2022 A, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 08/15/2052 | 1000 | &nbsp;&nbsp; 1025284 |
| California (State of) Statewide Communities Development Authority (Front Porch Communities & <br> Services), Series 2017 A, Ref. RB<br>| 5.00% | 04/01/2047 | 300 | &nbsp;&nbsp; 300939 |
| California (State of) Statewide Communities Development Authority (Front Porch Communities & <br> Services), Series 2021, Ref. RB<br>| 3.00% | 04/01/2046 | 1250 | &nbsp;&nbsp; 981018 |
| California (State of) Statewide Communities Development Authority (Front Porch Communities & <br> Services), Series 2021, Ref. RB<br>| 2.50% | 04/01/2051 | 335 | &nbsp;&nbsp; 215669 |
| California (State of) Statewide Communities Development Authority (Front Porch Communities & <br> Services), Series 2021, Ref. RB<br>| 4.00% | 04/01/2051 | 300 | &nbsp;&nbsp; 261636 |
| California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), <br> Series 2018, RB<br>| 4.00% | 07/01/2048 | 1895 | &nbsp;&nbsp; 1804025 |
| California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), <br> Series 2018, RB<br>| 5.00% | 07/01/2048 | 600 | &nbsp;&nbsp; 615331 |
| California (State of) Statewide Communities Development Authority (Jewish Home of San <br> Francisco), Series 2016, RB, (INS - Cal-Mortgage)<sup>(a)</sup><br>| 4.00% | 11/01/2046 | 1635 | &nbsp;&nbsp; 1594748 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 <br> A, Ref. RB<br>| 4.00% | 08/15/2046 | 1940 | &nbsp;&nbsp; 1829407 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 <br> A, Ref. RB<br>| 4.00% | 08/15/2051 | 1795 | &nbsp;&nbsp; 1632107 |

---

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

------

**12**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 <br> A, Ref. RB<br>| 5.00% | 08/15/2051 | $1045 | &nbsp;&nbsp; $1047671 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 <br> A, Ref. RB<br>| 4.00% | 12/01/2057 | 850 | &nbsp;&nbsp; 761272 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 <br> A, Ref. RB<br>| 5.00% | 12/01/2057 | 275 | &nbsp;&nbsp; 276117 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024 <br> A, Ref. RB<br>| 5.00% | 12/01/2049 | 1110 | &nbsp;&nbsp; 1167596 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024 <br> A, Ref. RB<br>| 5.25% | 12/01/2054 | 1460 | &nbsp;&nbsp; 1562877 |
| California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green <br> Bonds), Series 2018, RB<br>| 4.00% | 08/01/2045 | 160 | &nbsp;&nbsp; 148397 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 4.25% | 01/01/2043 | 365 | &nbsp;&nbsp; 367672 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 5.00% | 01/01/2043 | 15 | &nbsp;&nbsp; 15431 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 5.00% | 01/01/2048 | 1140 | &nbsp;&nbsp; 1158583 |
| California (State of) Statewide Communities Development Authority (Redlands Community Hospital), <br> Series 2016, Ref. RB<br>| 5.00% | 10/01/2046 | 155 | &nbsp;&nbsp; 155993 |
| California (State of) Statewide Communities Development Authority (Sequoia Living), Series 2025 <br> A, Ref. RB, (INS - Cal-Mortgage)<sup>(a)</sup><br>| 5.00% | 07/01/2055 | 1000 | &nbsp;&nbsp; 1054658 |
| California (State of) Statewide Communities Development Authority (University of California - Irvine <br> East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB<br>| 5.00% | 05/15/2047 | 500 | &nbsp;&nbsp; 502362 |
| California State University, Series 2015 A, Ref. RB | 4.00% | 11/01/2043 | 375 | &nbsp;&nbsp; 375048 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2041 | 1820 | &nbsp;&nbsp; 1825963 |
| California State University, Series 2016 A, Ref. RB | 4.00% | 11/01/2045 | 1365 | &nbsp;&nbsp; 1364977 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2045 | 760 | &nbsp;&nbsp; 761770 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2042 | 1685 | &nbsp;&nbsp; 1723972 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2047 | 1615 | &nbsp;&nbsp; 1638330 |
| California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2043 | 15 | &nbsp;&nbsp; 15711 |
| California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2048 | 1030 | &nbsp;&nbsp; 1060290 |
| California State University, Series 2019 A, RB | 5.00% | 11/01/2044 | 50 | &nbsp;&nbsp; 52856 |
| California State University, Series 2019 A, RB | 5.00% | 11/01/2049 | 1000 | &nbsp;&nbsp; 1038244 |
| California State University, Series 2020 C, RB | 4.00% | 11/01/2045 | 1895 | &nbsp;&nbsp; 1905578 |
| California State University, Series 2020 C, RB | 3.00% | 11/01/2051 | 2455 | &nbsp;&nbsp; 1868224 |
| California State University, Series 2023 A, RB | 5.25% | 11/01/2048 | 870 | &nbsp;&nbsp; 951561 |
| California State University, Series 2023 A, RB | 5.25% | 11/01/2053 | 1675 | &nbsp;&nbsp; 1807163 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2045 | 350 | &nbsp;&nbsp; 403972 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2046 | 1280 | &nbsp;&nbsp; 1455311 |
| California State University, Series 2024 A, RB | 4.00% | 11/01/2049 | 645 | &nbsp;&nbsp; 635372 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2049 | 215 | &nbsp;&nbsp; 241100 |
| California State University, Series 2024 A, RB | 4.00% | 11/01/2055 | 745 | &nbsp;&nbsp; 713946 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2055 | 2925 | &nbsp;&nbsp; 3230298 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2041 | 720 | &nbsp;&nbsp; 851693 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2042 | 685 | &nbsp;&nbsp; 801666 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2043 | 1650 | &nbsp;&nbsp; 1905569 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2044 | 925 | &nbsp;&nbsp; 1051757 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2045 | 950 | &nbsp;&nbsp; 1067846 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2046 | 635 | &nbsp;&nbsp; 703068 |
| California State University, Series 2025 A, Ref. RB | 5.25% | 11/01/2050 | 2965 | &nbsp;&nbsp; 3278105 |
| California State University, Series 2025 A, Ref. RB | 4.63% | 11/01/2056 | 1885 | &nbsp;&nbsp; 1938862 |
| California State University, Series 2025 A, Ref. RB | 5.25% | 11/01/2056 | 1470 | &nbsp;&nbsp; 1603624 |
| Carlsbad Unified School District (Election of 2018), Series 2019 A, GO Bonds | 3.13% | 08/01/2048 | 60 | &nbsp;&nbsp; 49131 |
| Carlsbad Unified School District (Election of 2018), Series 2025 C, GO Bonds | 4.00% | 08/01/2050 | 500 | &nbsp;&nbsp; 493409 |
| Centinela Valley Union High School District, Series 2016 B, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2050 | 190 | &nbsp;&nbsp; 181655 |
| Cerritos Community College District (Election of 2012), Series 2019 C, GO Bonds | 3.00% | 08/01/2044 | 95 | &nbsp;&nbsp; 82838 |
| Cerritos Community College District (Election of 2022), Series 2024 A, GO Bonds | 4.00% | 08/01/2049 | 80 | &nbsp;&nbsp; 79171 |

---

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

------

**13**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | $1345 | &nbsp;&nbsp; $1334283 |
| Chabot-Las Positas Community College District (Election of 2016), Series 2023 C, GO Bonds | 5.25% | 08/01/2048 | 1250 | &nbsp;&nbsp; 1351326 |
| Chaffey Community College District (Election of 2018), Series 2024 B-1, GO Bonds | 5.50% | 06/01/2049 | 105 | &nbsp;&nbsp; 117106 |
| Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds | 5.00% | 08/01/2044 | 1740 | &nbsp;&nbsp; 1744304 |
| Chaffey Joint Union High School District (Election of 2012), Series 2017, C GO Bonds | 5.25% | 08/01/2047 | 80 | &nbsp;&nbsp; 81090 |
| Chaffey Joint Union High School District (Election of 2012), Series 2019 D, GO Bonds | 4.00% | 08/01/2049 | 1015 | &nbsp;&nbsp; 996958 |
| Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds | 4.00% | 08/01/2052 | 1475 | &nbsp;&nbsp; 1437487 |
| Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds | 5.25% | 08/01/2052 | 535 | &nbsp;&nbsp; 570634 |
| Chaffey Joint Union High School District (Election of 2012), Series 2024 H, GO Bonds | 4.00% | 08/01/2054 | 295 | &nbsp;&nbsp; 285978 |
| Chino Valley Unified School District, Series 2020 B, GO Bonds | 4.00% | 08/01/2045 | 1305 | &nbsp;&nbsp; 1311416 |
| Chino Valley Unified School District, Series 2020 B, GO Bonds | 3.38% | 08/01/2050 | 1500 | &nbsp;&nbsp; 1261915 |
| Chino Valley Unified School District, Series 2020 B, GO Bonds | 5.00% | 08/01/2055 | 1405 | &nbsp;&nbsp; 1457359 |
| Chino Valley Unified School District (Election of 2016), Series 2022 C, GO Bonds | 4.00% | 08/01/2055 | 670 | &nbsp;&nbsp; 636801 |
| Chino Valley Unified School District (Election of 2016), Series 2024 D, GO Bonds | 5.00% | 08/01/2055 | 1125 | &nbsp;&nbsp; 1199019 |
| Chula Vista Elementary School District School Facilities District No. 1, Series 2017, C GO Bonds | 4.00% | 08/01/2041 | 100 | &nbsp;&nbsp; 100054 |
| Citrus Community College District (Election of 2020), Series 2024 B, GO Bonds | 5.00% | 08/01/2049 | 1365 | &nbsp;&nbsp; 1465814 |
| Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds | 5.00% | 08/01/2047 | 85 | &nbsp;&nbsp; 89086 |
| Clovis Unified School District (Election of 2020), Series 2024 C, GO Bonds | 4.00% | 08/01/2048 | 2235 | &nbsp;&nbsp; 2203587 |
| Clovis Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2050 | 750 | &nbsp;&nbsp; 791984 |
| Coachella Valley Unified School District (Election of 2005), Series 2016 E, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2045 | 1515 | &nbsp;&nbsp; 1515037 |
| Coachella Valley Unified School District (Election of 2005), Series 2016 F, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2046 | 100 | &nbsp;&nbsp; 100499 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds | 4.00% | 08/01/2042 | 190 | &nbsp;&nbsp; 190773 |
| College of the Sequoias Community College District (Visalia Area Improvement District No. 2), <br> Series 2024, GO Bonds<br>| 5.00% | 08/01/2054 | 1000 | &nbsp;&nbsp; 1052926 |
| Colton Joint Unified School District, Series 2025 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2055 | 160 | &nbsp;&nbsp; 169241 |
| Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 06/01/2049 | 1295 | &nbsp;&nbsp; 1256947 |
| Corona-Norco Unified School District (Election of 2014), Series 2018 B, GO Bonds | 4.00% | 08/01/2043 | 25 | &nbsp;&nbsp; 25108 |
| Corona-Norco Unified School District (Election of 2014), Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 20 | &nbsp;&nbsp; 19644 |
| Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds | 4.00% | 08/01/2049 | 1750 | &nbsp;&nbsp; 1685753 |
| Corona-Norco Unified School District (Election of 2014), Series 2026 D, GO Bonds | 5.00% | 08/01/2049 | 350 | &nbsp;&nbsp; 376684 |
| Del Mar Union School District (Election of 2018), Series 2022 B, GO Bonds | 4.00% | 08/01/2046 | 705 | &nbsp;&nbsp; 714236 |
| Desert Community College District (Election of 2016), Series 2021 A-1, GO Bonds | 4.00% | 08/01/2051 | 925 | &nbsp;&nbsp; 899032 |
| Desert Community College District (Election of 2016), Series 2024, GO Bonds | 4.00% | 08/01/2051 | 1080 | &nbsp;&nbsp; 1052986 |
| Desert Community College District (Election of 2016), Series 2026, GO Bonds | 5.00% | 08/01/2051 | 1000 | &nbsp;&nbsp; 1076941 |
| Desert Sands Unified School District (Election Of 2024), Series 2025, GO Bonds | 4.00% | 08/01/2050 | 1015 | &nbsp;&nbsp; 996998 |
| Downey Unified School District, Series 2023 A, GO Bonds | 4.00% | 08/01/2048 | 1045 | &nbsp;&nbsp; 1030312 |
| Downey Unified School District, Series 2023 A, GO Bonds | 4.00% | 08/01/2052 | 1490 | &nbsp;&nbsp; 1433599 |
| Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds | 4.13% | 08/01/2049 | 2185 | &nbsp;&nbsp; 2187171 |
| Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds | 4.25% | 08/01/2053 | 465 | &nbsp;&nbsp; 465818 |
| East Bay Municipal Utility District, Series 2017 A, RB | 4.00% | 06/01/2045 | 330 | &nbsp;&nbsp; 330493 |
| East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2042 | 505 | &nbsp;&nbsp; 517489 |
| East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2045 | 875 | &nbsp;&nbsp; 891292 |
| East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB | 5.00% | 06/01/2049 | 5 | &nbsp;&nbsp; 5191 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2049 | 1280 | &nbsp;&nbsp; 1377186 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2054 | 1210 | &nbsp;&nbsp; 1284750 |
| East Bay Municipal Utility District (Green Bonds), Series 2025 A, RB | 5.00% | 06/01/2050 | 1000 | &nbsp;&nbsp; 1084196 |
| East Bay Municipal Utility District (Green Bonds), Series 2025 A, RB | 5.00% | 06/01/2055 | 2385 | &nbsp;&nbsp; 2560410 |
| Eastern Municipal Water District Financing Authority, Series 2017 D, RB | 5.25% | 07/01/2042 | 20 | &nbsp;&nbsp; 20608 |
| Eastern Municipal Water District Financing Authority, Series 2017 D, RB | 5.00% | 07/01/2047 | 1570 | &nbsp;&nbsp; 1598158 |
| El Camino Community College District Fountation (The) (Election of 2012), Series 2018 B, GO <br> Bonds<br>| 5.00% | 08/01/2048 | 155 | &nbsp;&nbsp; 159513 |
| El Dorado Irrigation District, Series 2024 A, COP | 4.00% | 03/01/2050 | 385 | &nbsp;&nbsp; 371414 |
| El Rancho Unified School District (Election of 2016), Series 2023 D, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.75% | 08/01/2048 | 675 | &nbsp;&nbsp; 765178 |
| Elk Grove Unified School District (Election of 1998), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/01/2042 | 750 | &nbsp;&nbsp; 766586 |
| Elk Grove Unified School District (Election of 2016), Series 2019, GO Bonds | 4.00% | 08/01/2046 | 30 | &nbsp;&nbsp; 29458 |
| Elk Grove Unified School District (Election of 2016), Series 2019, GO Bonds | 4.00% | 08/01/2048 | 170 | &nbsp;&nbsp; 164939 |
| Escondido Union School District (Election of 2014), Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 140 | &nbsp;&nbsp; 137703 |
| Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 10/01/2044 | 2845 | &nbsp;&nbsp; 2848174 |

---

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

------

**14**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Folsom Cordova Unified School District (Election of 2014), Series 2018 C, GO Bonds | 4.00% | 10/01/2043 | $650 | &nbsp;&nbsp; $652361 |
| Fontana Public Facilities Financing Authority, Series 2025 A, Ref. RB | 5.00% | 11/01/2050 | 25 | &nbsp;&nbsp; 26624 |
| Fontana Public Facilities Financing Authority, Series 2025 A, Ref. RB | 5.00% | 11/01/2055 | 170 | &nbsp;&nbsp; 180034 |
| Fontana Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2050 | 1700 | &nbsp;&nbsp; 1847802 |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 A, RB | 4.00% | 01/15/2046 | 1165 | &nbsp;&nbsp; 1144294 |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB | 4.00% | 01/15/2046 | 4840 | &nbsp;&nbsp; 4753978 |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 C, Ref. RB | 4.00% | 01/15/2043 | 1746 | &nbsp;&nbsp; 1755944 |
| Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB | 3.95% | 01/15/2053 | 2170 | &nbsp;&nbsp; 1990741 |
| Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-2, Ref. RB | 3.50% | 01/15/2053 | 1500 | &nbsp;&nbsp; 1262968 |
| Fremont Union High School District, Series 2015, GO Bonds | 4.00% | 08/01/2044 | 1000 | &nbsp;&nbsp; 1000056 |
| Fremont Union High School District, Series 2019 A, GO Bonds | 4.00% | 08/01/2046 | 3000 | &nbsp;&nbsp; 3002872 |
| Fremont Union High School District, Series 2023, GO Bonds | 4.00% | 08/01/2048 | 760 | &nbsp;&nbsp; 759943 |
| Fremont Union High School District, Series 2026, GO Bonds | 4.13% | 08/01/2050 | 350 | &nbsp;&nbsp; 346208 |
| Fresno Unified School District, Series 2016 A, Ref. GO Bonds | 4.00% | 08/01/2041 | 190 | &nbsp;&nbsp; 190220 |
| Fresno Unified School District, Series 2016 B, Ref. GO Bonds | 4.00% | 08/01/2046 | 1110 | &nbsp;&nbsp; 1080967 |
| Fresno Unified School District, Series 2022 B, GO Bonds | 4.00% | 08/01/2052 | 1520 | &nbsp;&nbsp; 1427940 |
| Fresno Unified School District, Series 2022 B, GO Bonds | 4.00% | 08/01/2055 | 510 | &nbsp;&nbsp; 474266 |
| Fullerton Joint Union High School District (Election of 2024), Series 2025 A, GO Bonds | 4.00% | 08/01/2054 | 400 | &nbsp;&nbsp; 384549 |
| Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 04/01/2049 | 100 | &nbsp;&nbsp; 106425 |
| Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 04/01/2054 | 1565 | &nbsp;&nbsp; 1485198 |
| Glendale (City of), AZ, Series 2024, RB | 5.00% | 02/01/2054 | 500 | &nbsp;&nbsp; 521413 |
| Glendale (City of), CA, Second Series 2024, RB | 5.00% | 02/01/2054 | 2025 | &nbsp;&nbsp; 2111722 |
| Glendale (City of), CA, Series 2025, RB | 5.00% | 02/01/2052 | 330 | &nbsp;&nbsp; 345712 |
| Glendale Community College District, Series 2020 B, GO Bonds | 3.00% | 08/01/2047 | 400 | &nbsp;&nbsp; 319893 |
| Glendale Community College District, Series 2020 B, GO Bonds | 4.00% | 08/01/2050 | 2285 | &nbsp;&nbsp; 2230702 |
| Glendale Community College District, Series 2025 A, GO Bonds | 4.13% | 08/01/2050 | 945 | &nbsp;&nbsp; 940555 |
| Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds | 3.00% | 08/01/2045 | 625 | &nbsp;&nbsp; 505536 |
| Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds | 5.00% | 08/01/2044 | 700 | &nbsp;&nbsp; 726064 |
| Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 675 | &nbsp;&nbsp; 669622 |
| Hacienda La Puente Unified School District (Election of 2016), Series 2023 A, GO Bonds | 5.00% | 08/01/2047 | 665 | &nbsp;&nbsp; 703502 |
| Hayward Area Recreation & Park District (Election of 2016), Series 2017 A, Ref. GO Bonds | 4.00% | 08/01/2046 | 1540 | &nbsp;&nbsp; 1542315 |
| Hayward Unified School District, Series 2017, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2042 | 460 | &nbsp;&nbsp; 460227 |
| Hayward Unified School District, Series 2019 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2044 | 600 | &nbsp;&nbsp; 623730 |
| Hayward Unified School District, Series 2019, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2043 | 1455 | &nbsp;&nbsp; 1453241 |
| Hayward Unified School District, Series 2020, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2045 | 720 | &nbsp;&nbsp; 712271 |
| Hayward Unified School District, Series 2020, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2050 | 335 | &nbsp;&nbsp; 323733 |
| Hayward Unified School District, Series 2022, COP | 5.25% | 08/01/2052 | 405 | &nbsp;&nbsp; 410682 |
| Hayward Unified School District, Series 2025 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2055 | 300 | &nbsp;&nbsp; 319851 |
| Hayward Unified School District (Election of 2018), Series 2019 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2048 | 1030 | &nbsp;&nbsp; 995854 |
| Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2050 | 1310 | &nbsp;&nbsp; 1265941 |
| Imperial (County of), CA Community college District (Election of 2022), Series 2024 B, GO Bonds, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2054 | 775 | &nbsp;&nbsp; 819953 |
| Imperial Irrigation District, Series 2016 B-1, RB | 5.00% | 11/01/2046 | 1200 | &nbsp;&nbsp; 1210694 |
| Imperial Irrigation District, Series 2017, Ref. RB | 4.00% | 11/01/2041 | 590 | &nbsp;&nbsp; 594386 |
| Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10), <br> Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| 5.25% | 09/01/2053 | 370 | &nbsp;&nbsp; 398919 |
| Irvine (City of), CA Community Facilities District No. 2013-3 (Great Park Improvement Area No. 10), <br> Series 2023, RB, (INS - BAM)<sup>(a)</sup><br>| 4.00% | 09/01/2058 | 695 | &nbsp;&nbsp; 642599 |
| Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB | 5.25% | 05/01/2048 | 400 | &nbsp;&nbsp; 400867 |
| Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB | 4.25% | 05/01/2053 | 2410 | &nbsp;&nbsp; 2390064 |
| Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023, RB | 5.25% | 05/01/2043 | 60 | &nbsp;&nbsp; 60172 |
| Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.25% | 09/01/2053 | 965 | &nbsp;&nbsp; 1027573 |
| Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 4.00% | 09/01/2058 | 2060 | &nbsp;&nbsp; 1904681 |
| Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 09/01/2048 | 1220 | &nbsp;&nbsp; 1297847 |
| Irvine Ranch Water District, Series 2016, RB | 5.25% | 02/01/2046 | 25 | &nbsp;&nbsp; 25200 |

---

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

------

**15**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Irvine Unified School District (Community Facilities District No. 09-1), Series 2019 A, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 4.00% | 09/01/2054 | $50 | &nbsp;&nbsp; $47419 |
| Jurupa Unified School District, Series 2017 B, GO Bonds | 4.00% | 08/01/2041 | 1450 | &nbsp;&nbsp; 1456822 |
| Livermore Valley Joint Unified School District (Measure J), Series 2016, GO Bonds | 3.00% | 08/01/2046 | 395 | &nbsp;&nbsp; 323176 |
| Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds | 4.00% | 08/01/2046 | 510 | &nbsp;&nbsp; 494210 |
| Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds | 4.00% | 08/01/2047 | 335 | &nbsp;&nbsp; 320681 |
| Lodi Unified School District (Election of 2016), Series 2020, GO Bonds | 3.00% | 08/01/2043 | 1885 | &nbsp;&nbsp; 1638713 |
| Long Beach (City of), CA, Series 2017 C, Ref. RB | 5.00% | 05/15/2047 | 455 | &nbsp;&nbsp; 462337 |
| Long Beach (City of), CA, Series 2019 A, RB | 7.15% | 05/15/2044 | 1025 | &nbsp;&nbsp; 1078086 |
| Long Beach (City of), CA, Series 2019 A, RB | 5.00% | 05/15/2049 | 355 | &nbsp;&nbsp; 368809 |
| Long Beach (City of), CA Bond Finance Authority, Series 2023, RB | 4.00% | 08/01/2053 | 300 | &nbsp;&nbsp; 283198 |
| Long Beach Community College District, Series 2019 C, GO Bonds | 4.00% | 08/01/2049 | 1525 | &nbsp;&nbsp; 1469013 |
| Long Beach Community College District, Series 2025 E, GO Bonds | 5.00% | 08/01/2048 | 350 | &nbsp;&nbsp; 381919 |
| Long Beach Community College District, Series 2025 E, GO Bonds | 5.00% | 08/01/2052 | 2000 | &nbsp;&nbsp; 2139438 |
| Long Beach Unified School District (Election of 2008), Series 2019 F, GO Bonds | 3.00% | 08/01/2047 | 450 | &nbsp;&nbsp; 360501 |
| Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds | 3.00% | 08/01/2050 | 755 | &nbsp;&nbsp; 583933 |
| Long Beach Unified School District (Election of 2016), Series 2023 C, GO Bonds | 4.00% | 08/01/2050 | 2465 | &nbsp;&nbsp; 2406425 |
| Long Beach Unified School District (Election of 2016), Series 2023 C, GO Bonds | 4.00% | 08/01/2053 | 2170 | &nbsp;&nbsp; 2099115 |
| Los Angeles (City of), CA, Series 2017 A, RB | 4.00% | 06/01/2042 | 185 | &nbsp;&nbsp; 185774 |
| Los Angeles (City of), CA, Series 2018 A, RB | 5.00% | 06/01/2048 | 945 | &nbsp;&nbsp; 968408 |
| Los Angeles (City of), CA, Series 2025 A, RB | 5.25% | 06/01/2050 | 2140 | &nbsp;&nbsp; 2357871 |
| Los Angeles (City of), CA, Series 2025 A, RB | 5.00% | 06/01/2055 | 2370 | &nbsp;&nbsp; 2527340 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB | 5.00% | 06/01/2044 | 785 | &nbsp;&nbsp; 888601 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB | 5.00% | 06/01/2045 | 10 | &nbsp;&nbsp; 11178 |
| Los Angeles (City of), CA, Series 2025 C, Ref. RB | 5.00% | 06/01/2041 | 85 | &nbsp;&nbsp; 99507 |
| Los Angeles (City of), CA, Series 2025 C, Ref. RB | 5.00% | 06/01/2042 | 10 | &nbsp;&nbsp; 11587 |
| Los Angeles (City of), CA, Series 2025 E, RB | 5.00% | 05/15/2050 | 1035 | &nbsp;&nbsp; 1111855 |
| Los Angeles (City of), CA, Series 2025 E, RB | 5.25% | 05/15/2055 | 1500 | &nbsp;&nbsp; 1627658 |
| Los Angeles (City of), CA, Series 2025, Ref. RB | 5.00% | 06/01/2043 | 30 | &nbsp;&nbsp; 34370 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.25% | 06/01/2047 | 835 | &nbsp;&nbsp; 849911 |
| Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2047 | 805 | &nbsp;&nbsp; 859802 |
| Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB | 4.00% | 06/01/2052 | 200 | &nbsp;&nbsp; 192451 |
| Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2042 | 125 | &nbsp;&nbsp; 145514 |
| Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2044 | 140 | &nbsp;&nbsp; 159234 |
| Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2045 | 705 | &nbsp;&nbsp; 788905 |
| Los Angeles (City of), CA Department of Airports, Series 2017 B, RB | 5.00% | 05/15/2042 | 370 | &nbsp;&nbsp; 379945 |
| Los Angeles (City of), CA Department of Airports, Series 2018, Ref. RB | 5.00% | 05/15/2043 | 500 | &nbsp;&nbsp; 530303 |
| Los Angeles (City of), CA Department of Airports, Series 2018, Ref. RB | 5.00% | 05/15/2048 | 20 | &nbsp;&nbsp; 20725 |
| Los Angeles (City of), CA Department of Airports, Series 2020 D, RB | 4.00% | 05/15/2048 | 350 | &nbsp;&nbsp; 345605 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2043 | 1015 | &nbsp;&nbsp; 1166605 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2048 | 2315 | &nbsp;&nbsp; 2512758 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB | 5.25% | 05/15/2048 | 1305 | &nbsp;&nbsp; 1452194 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB | 5.25% | 05/15/2051 | 2895 | &nbsp;&nbsp; 3157128 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, <br> RB<br>| 5.00% | 05/15/2044 | 685 | &nbsp;&nbsp; 719382 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, <br> RB<br>| 5.00% | 05/15/2049 | 1005 | &nbsp;&nbsp; 1034111 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 <br> B, Ref. RB<br>| 5.00% | 05/15/2045 | 1780 | &nbsp;&nbsp; 1912298 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 <br> B, Ref. RB<br>| 5.00% | 05/15/2048 | 980 | &nbsp;&nbsp; 1032801 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 <br> B, RB<br>| 4.00% | 05/15/2048 | 770 | &nbsp;&nbsp; 760331 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds), <br> Series 2022 I, RB<br>| 5.00% | 05/15/2048 | 1190 | &nbsp;&nbsp; 1260890 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2042 | 1995 | &nbsp;&nbsp; 2020008 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2047 | 510 | &nbsp;&nbsp; 513575 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.00% | 07/01/2041 | 1070 | &nbsp;&nbsp; 1084437 |

---

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

------

**16**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.00% | 07/01/2044 | $1495 | &nbsp;&nbsp; $1510439 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 4.00% | 07/01/2047 | 1295 | &nbsp;&nbsp; 1243527 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 C, RB | 5.00% | 07/01/2042 | 1080 | &nbsp;&nbsp; 1101535 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB | 5.00% | 07/01/2048 | 1625 | &nbsp;&nbsp; 1648836 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2043 | 2065 | &nbsp;&nbsp; 2131790 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2048 | 695 | &nbsp;&nbsp; 707858 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2043 | 1200 | &nbsp;&nbsp; 1238812 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2048 | 680 | &nbsp;&nbsp; 692581 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2045 | 460 | &nbsp;&nbsp; 474071 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB | 5.00% | 07/01/2042 | 605 | &nbsp;&nbsp; 635793 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB | 5.00% | 07/01/2049 | 1095 | &nbsp;&nbsp; 1121940 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB | 5.00% | 07/01/2044 | 1325 | &nbsp;&nbsp; 1378467 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB | 5.00% | 07/01/2049 | 1705 | &nbsp;&nbsp; 1746948 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2041 | 615 | &nbsp;&nbsp; 656236 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2050 | 55 | &nbsp;&nbsp; 56535 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2045 | 905 | &nbsp;&nbsp; 946211 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2050 | 745 | &nbsp;&nbsp; 765788 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2041 | 1205 | &nbsp;&nbsp; 1294408 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2046 | 1585 | &nbsp;&nbsp; 1657332 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2046 | 550 | &nbsp;&nbsp; 575099 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2048 | 790 | &nbsp;&nbsp; 819908 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2049 | 80 | &nbsp;&nbsp; 82701 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2051 | 1225 | &nbsp;&nbsp; 1260885 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2041 | 1140 | &nbsp;&nbsp; 1216437 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB | 5.00% | 07/01/2045 | 760 | &nbsp;&nbsp; 801828 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB | 5.00% | 07/01/2051 | 2400 | &nbsp;&nbsp; 2476801 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 A, RB | 5.00% | 07/01/2051 | 90 | &nbsp;&nbsp; 92880 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2042 | 330 | &nbsp;&nbsp; 359044 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2043 | 380 | &nbsp;&nbsp; 410312 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2046 | 2040 | &nbsp;&nbsp; 2141775 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2047 | 1065 | &nbsp;&nbsp; 1123630 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2052 | 1000 | &nbsp;&nbsp; 1035607 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2042 | 1125 | &nbsp;&nbsp; 1216944 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2043 | 215 | &nbsp;&nbsp; 230930 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2047 | 1080 | &nbsp;&nbsp; 1135279 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 4.00% | 07/01/2049 | 1530 | &nbsp;&nbsp; 1462996 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2041 | 665 | &nbsp;&nbsp; 723616 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2041 | 560 | &nbsp;&nbsp; 613171 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2042 | 680 | &nbsp;&nbsp; 735575 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2042 | 1200 | &nbsp;&nbsp; 1305615 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2043 | 570 | &nbsp;&nbsp; 615468 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2043 | 1685 | &nbsp;&nbsp; 1809850 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2047 | 1595 | &nbsp;&nbsp; 1682807 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2052 | 1235 | &nbsp;&nbsp; 1278975 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.00% | 07/01/2049 | 665 | &nbsp;&nbsp; 697424 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.25% | 07/01/2053 | 1235 | &nbsp;&nbsp; 1304717 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 B, RB | 5.25% | 07/01/2053 | 30 | &nbsp;&nbsp; 31594 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2041 | 905 | &nbsp;&nbsp; 1002942 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2042 | 615 | &nbsp;&nbsp; 676663 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2043 | 695 | &nbsp;&nbsp; 758117 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2048 | 935 | &nbsp;&nbsp; 986175 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2053 | 750 | &nbsp;&nbsp; 779720 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2044 | 680 | &nbsp;&nbsp; 738651 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2044 | 1015 | &nbsp;&nbsp; 1107327 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2041 | 60 | &nbsp;&nbsp; 66882 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2042 | 700 | &nbsp;&nbsp; 774365 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2043 | 380 | &nbsp;&nbsp; 416554 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2044 | 945 | &nbsp;&nbsp; 1026508 |

---

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

------

**17**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2046 | $550 | &nbsp;&nbsp; $588477 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2049 | 515 | &nbsp;&nbsp; 541561 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2043 | 895 | &nbsp;&nbsp; 985824 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2045 | 655 | &nbsp;&nbsp; 708357 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2047 | 1465 | &nbsp;&nbsp; 1567221 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2050 | 420 | &nbsp;&nbsp; 440809 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2052 | 500 | &nbsp;&nbsp; 522500 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.25% | 07/01/2054 | 100 | &nbsp;&nbsp; 106192 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2048 | 1500 | &nbsp;&nbsp; 1591521 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2054 | 1205 | &nbsp;&nbsp; 1257047 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 A, Ref. RB | 5.00% | 07/01/2050 | 1660 | &nbsp;&nbsp; 1746322 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 07/01/2045 | 5 | &nbsp;&nbsp; 5540 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2053 | 1000 | &nbsp;&nbsp; 1050053 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2042 | 515 | &nbsp;&nbsp; 578629 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2049 | 1070 | &nbsp;&nbsp; 1133858 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2052 | 320 | &nbsp;&nbsp; 335809 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2055 | 850 | &nbsp;&nbsp; 889414 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2042 | 10 | &nbsp;&nbsp; 11278 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2046 | 10 | &nbsp;&nbsp; 10852 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2041 | 700 | &nbsp;&nbsp; 793446 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2042 | 700 | &nbsp;&nbsp; 786485 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2043 | 700 | &nbsp;&nbsp; 778239 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2044 | 700 | &nbsp;&nbsp; 770088 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2045 | 1200 | &nbsp;&nbsp; 1307542 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2046 | 700 | &nbsp;&nbsp; 756763 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2047 | 700 | &nbsp;&nbsp; 753697 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2052 | 575 | &nbsp;&nbsp; 603407 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.25% | 07/01/2056 | 450 | &nbsp;&nbsp; 479677 |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2042 | 1355 | &nbsp;&nbsp; 1391016 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, <br> RB<br>| 5.00% | 07/01/2041 | 425 | &nbsp;&nbsp; 437464 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, <br> RB<br>| 5.00% | 07/01/2042 | 1175 | &nbsp;&nbsp; 1206232 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, <br> RB<br>| 5.00% | 07/01/2044 | 2020 | &nbsp;&nbsp; 2115448 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB | 4.00% | 12/01/2040 | 1190 | &nbsp;&nbsp; 1190401 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB | 5.00% | 12/01/2045 | 950 | &nbsp;&nbsp; 952792 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB | 5.00% | 12/01/2044 | 325 | &nbsp;&nbsp; 344080 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB | 5.00% | 12/01/2049 | 1095 | &nbsp;&nbsp; 1141640 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.25% | 12/01/2044 | 355 | &nbsp;&nbsp; 404907 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2049 | 1190 | &nbsp;&nbsp; 1278957 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.50% | 12/01/2049 | 750 | &nbsp;&nbsp; 836469 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 4.00% | 12/01/2053 | 565 | &nbsp;&nbsp; 535761 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.25% | 12/01/2053 | 380 | &nbsp;&nbsp; 409462 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.50% | 12/01/2053 | 395 | &nbsp;&nbsp; 433707 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2041 | 20 | &nbsp;&nbsp; 23573 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2044 | 45 | &nbsp;&nbsp; 50931 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2045 | 60 | &nbsp;&nbsp; 67023 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2046 | 1000 | &nbsp;&nbsp; 1102784 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2047 | 1015 | &nbsp;&nbsp; 1111148 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.25% | 12/01/2050 | 1585 | &nbsp;&nbsp; 1729393 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.25% | 12/01/2054 | 1005 | &nbsp;&nbsp; 1086551 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.50% | 12/01/2054 | 1530 | &nbsp;&nbsp; 1688310 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB | 4.00% | 12/01/2043 | 2175 | &nbsp;&nbsp; 2205939 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB | 5.00% | 12/01/2045 | 815 | &nbsp;&nbsp; 865543 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB | 3.00% | 12/01/2050 | 595 | &nbsp;&nbsp; 462779 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2021 F, RB | 4.00% | 12/01/2046 | 600 | &nbsp;&nbsp; 600835 |

---

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

------

**18**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital) (Green Bonds), <br> Series 2016 A, Ref. RB<br>| 4.00% | 10/01/2042 | $690 | &nbsp;&nbsp; $691432 |
| Los Angeles Community College District (Election of 2008), Series 2017 J, GO Bonds | 4.00% | 08/01/2041 | 250 | &nbsp;&nbsp; 251691 |
| Los Angeles Community College District (Election of 2008), Series 2019 K, GO Bonds | 3.00% | 08/01/2039 | 1100 | &nbsp;&nbsp; 1087002 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB | 5.25% | 06/01/2049 | 1015 | &nbsp;&nbsp; 1092323 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB | 5.25% | 06/01/2054 | 865 | &nbsp;&nbsp; 918724 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB | 5.25% | 06/01/2057 | 520 | &nbsp;&nbsp; 551347 |
| Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 <br> A, RB<br>| 5.00% | 12/01/2043 | 760 | &nbsp;&nbsp; 796286 |
| Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 <br> A, RB<br>| 5.00% | 12/01/2051 | 410 | &nbsp;&nbsp; 419896 |
| Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018, <br> RB<br>| 4.00% | 12/01/2048 | 2175 | &nbsp;&nbsp; 2109616 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2044 | 1095 | &nbsp;&nbsp; 1105828 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 3.00% | 07/01/2045 | 1110 | &nbsp;&nbsp; 925367 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 4.00% | 07/01/2044 | 5575 | &nbsp;&nbsp; 5630129 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2046 | 110 | &nbsp;&nbsp; 110269 |
| Los Angeles Unified School District (Sustainability Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2041 | 50 | &nbsp;&nbsp; 58323 |
| Los Angeles Unified School District (Election of 2005), Series 2018 M, GO Bonds | 5.25% | 07/01/2042 | 365 | &nbsp;&nbsp; 380900 |
| Los Angeles Unified School District (Election of 2008), Series 2016 A, GO Bonds | 4.00% | 07/01/2040 | 205 | &nbsp;&nbsp; 205044 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.25% | 07/01/2042 | 2255 | &nbsp;&nbsp; 2353233 |
| Los Angeles Unified School District (Election of 2024), Series 2025 A-1, GO Bonds | 5.00% | 07/01/2045 | 85 | &nbsp;&nbsp; 94662 |
| Los Angeles Unified School District (Election of 2024), Series 2025 A-1, GO Bonds | 5.00% | 07/01/2049 | 1925 | &nbsp;&nbsp; 2076866 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.25% | 07/01/2047 | 1525 | &nbsp;&nbsp; 1656294 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2041 | 515 | &nbsp;&nbsp; 592058 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.25% | 07/01/2042 | 130 | &nbsp;&nbsp; 150370 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2043 | 485 | &nbsp;&nbsp; 546467 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.25% | 07/01/2048 | 3060 | &nbsp;&nbsp; 3341409 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2042 | 140 | &nbsp;&nbsp; 161456 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2043 | 1660 | &nbsp;&nbsp; 1893727 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2044 | 150 | &nbsp;&nbsp; 168419 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2045 | 1650 | &nbsp;&nbsp; 1828993 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 4.00% | 07/01/2049 | 1635 | &nbsp;&nbsp; 1618071 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.25% | 07/01/2049 | 1470 | &nbsp;&nbsp; 1610202 |
| Los Rios Community College District, Series 2019 D, GO Bonds | 3.00% | 08/01/2044 | 100 | &nbsp;&nbsp; 85189 |
| Madera Unified School District (Election of 2014), Series 2017, GO Bonds | 4.00% | 08/01/2046 | 1445 | &nbsp;&nbsp; 1430686 |
| Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds | 4.00% | 09/01/2045 | 355 | &nbsp;&nbsp; 357660 |
| Manteca Unified School District (Election of 2020), Series 2023 B, GO Bonds | 5.25% | 08/01/2053 | 1150 | &nbsp;&nbsp; 1237456 |
| Manteca Unified School District (Election of 2020), Series 2025 C, GO Bonds | 5.25% | 08/01/2050 | 630 | &nbsp;&nbsp; 692512 |
| Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds | 4.00% | 08/01/2045 | 440 | &nbsp;&nbsp; 436443 |
| Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds | 5.00% | 08/01/2041 | 1005 | &nbsp;&nbsp; 1028976 |
| Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | 2325 | &nbsp;&nbsp; 2247744 |
| Metropolitan Water District of Southern California, Series 2020 A, RB | 5.00% | 10/01/2045 | 800 | &nbsp;&nbsp; 843368 |
| Metropolitan Water District of Southern California, Series 2020 A, RB | 5.00% | 10/01/2049 | 805 | &nbsp;&nbsp; 834390 |
| Metropolitan Water District of Southern California, Series 2021 A, RB | 5.00% | 10/01/2046 | 1200 | &nbsp;&nbsp; 1284028 |
| Metropolitan Water District of Southern California, Series 2021 A, RB | 5.00% | 10/01/2051 | 810 | &nbsp;&nbsp; 847733 |
| Metropolitan Water District of Southern California, Series 2023 A, RB | 5.00% | 04/01/2048 | 1100 | &nbsp;&nbsp; 1179809 |
| Metropolitan Water District of Southern California, Series 2023 A, RB | 5.00% | 04/01/2053 | 1125 | &nbsp;&nbsp; 1190690 |
| Metropolitan Water District of Southern California, Series 2024 C, Ref. RB | 5.00% | 04/01/2049 | 1105 | &nbsp;&nbsp; 1189849 |
| Mill Valley School District (Election of 2022), Series 2024 B, GO Bonds | 4.00% | 08/01/2054 | 255 | &nbsp;&nbsp; 249037 |
| Modesto High School District (Election of 2022), Series 2022 A, GO Bonds | 4.00% | 08/01/2052 | 1040 | &nbsp;&nbsp; 1005450 |
| Modesto High School District (Election of 2022), Series 2025 B, GO Bonds | 5.25% | 08/01/2050 | 235 | &nbsp;&nbsp; 258706 |
| Modesto Irrigation District, Series 2023 A, RB | 5.25% | 10/01/2048 | 695 | &nbsp;&nbsp; 756442 |
| Montebello Unified School District, Series 2022 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2050 | 210 | &nbsp;&nbsp; 219014 |
| Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds | 4.00% | 08/01/2046 | 595 | &nbsp;&nbsp; 590598 |
| Monterey Peninsula Community College District (Election of 2020), Series 2024 B, GO Bonds | 4.00% | 08/01/2051 | 400 | &nbsp;&nbsp; 391224 |
| Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)<sup>(a)</sup> | 3.00% | 08/01/2050 | 520 | &nbsp;&nbsp; 405852 |
| Moreno Valley Unified School District (Election of 2014), Series 2023 D, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.13% | 08/01/2050 | 620 | &nbsp;&nbsp; 609605 |

---

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

------

**19**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Moreno Valley Unified School District (Election of 2014), Series 2023 D, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2052 | $630 | &nbsp;&nbsp; $667218 |
| Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds | 4.00% | 08/01/2047 | 1735 | &nbsp;&nbsp; 1735522 |
| Mountain House Public Financing Authority (Green Bonds), Series 2020 A, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/01/2050 | 80 | &nbsp;&nbsp; 76105 |
| Mountain House Public Financing Authority (Green Bonds), Series 2020 A, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/01/2055 | 100 | &nbsp;&nbsp; 93553 |
| Mountain View Shoreline Regional Park Community, Series 2018 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2048 | 225 | &nbsp;&nbsp; 230410 |
| Mountain View Whisman School District (Santa Clara County, California) (Election of 2020), <br> Series 2022 B, GO Bonds<br>| 4.25% | 09/01/2045 | 405 | &nbsp;&nbsp; 411700 |
| Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds | 4.00% | 08/01/2049 | 2890 | &nbsp;&nbsp; 2855758 |
| Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds | 5.00% | 08/01/2044 | 735 | &nbsp;&nbsp; 781375 |
| Mt. San Antonio Community College District (Election of 2018), Series 2024 D, GO Bonds | 4.00% | 08/01/2049 | 1000 | &nbsp;&nbsp; 989640 |
| Mt. San Antonio Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 1150 | &nbsp;&nbsp; 1256311 |
| Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds | 4.00% | 08/01/2043 | 1345 | &nbsp;&nbsp; 1350813 |
| Municipal Improvement Corp. of Los Angeles, Series 2025, RB | 5.25% | 05/01/2050 | 2400 | &nbsp;&nbsp; 2583891 |
| Municipal Improvement Corp. of Los Angeles, Series 2025, RB | 5.50% | 05/01/2055 | 2515 | &nbsp;&nbsp; 2775429 |
| Municipal Improvement Corp. of Los Angeles (Los Angeles Convention Center), Series 2025 A, RB | 5.00% | 05/01/2055 | 1880 | &nbsp;&nbsp; 1971379 |
| Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2044 | 2210 | &nbsp;&nbsp; 2211327 |
| Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2049 | 390 | &nbsp;&nbsp; 375682 |
| Natomas Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2042 | 1000 | &nbsp;&nbsp; 1000679 |
| New Haven Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2050 | 1200 | &nbsp;&nbsp; 1277270 |
| New Haven Unified School District (Election of 2024), Series 2025 A, GO Bonds | 4.50% | 08/01/2054 | 180 | &nbsp;&nbsp; 182272 |
| North Orange County Community College District, Series 2022 C, GO Bonds | 4.00% | 08/01/2047 | 610 | &nbsp;&nbsp; 606869 |
| North Orange County Community College District (Election of 2014), Series 2019 B, GO Bonds | 4.00% | 08/01/2044 | 50 | &nbsp;&nbsp; 50317 |
| Norwalk-La Mirada Unified School District (Election of 2014), Series 2021 E, GO Bonds | 3.00% | 08/01/2050 | 100 | &nbsp;&nbsp; 77342 |
| Oak Grove School District, Series 2023 A-2, GO Bonds | 5.00% | 08/01/2052 | 510 | &nbsp;&nbsp; 536095 |
| Oak Grove School District (Election of 2022), Series 2023 A-2, GO Bonds | 4.00% | 08/01/2049 | 1000 | &nbsp;&nbsp; 988151 |
| Oakland (City of), CA, Series 2020 B-1, GO Bonds | 3.00% | 01/15/2050 | 300 | &nbsp;&nbsp; 229362 |
| Oakland (City of), CA, Series 2023 D, GO Bonds | 5.50% | 07/15/2053 | 570 | &nbsp;&nbsp; 616833 |
| Oakland Unified School District (Election of 2012), Series 2019 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.00% | 08/01/2040 | 65 | &nbsp;&nbsp; 61650 |
| Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2048 | 1000 | &nbsp;&nbsp; 1075197 |
| Oakland Unified School District (Election of 2020), Series 2021 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2046 | 2155 | &nbsp;&nbsp; 2127263 |
| Ohlone Community College District, Series 2016 C, GO Bonds | 4.00% | 08/01/2041 | 210 | &nbsp;&nbsp; 210045 |
| Ohlone Community College District, Series 2016 C, GO Bonds | 4.00% | 08/01/2045 | 500 | &nbsp;&nbsp; 498176 |
| Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 05/15/2051 | 675 | &nbsp;&nbsp; 653058 |
| Ontario (City of), CA Public Financing Authority, Series 2025 A, RB | 5.00% | 11/01/2050 | 515 | &nbsp;&nbsp; 551833 |
| Ontario (City of), CA Public Financing Authority, Series 2025 A, RB | 4.50% | 11/01/2055 | 900 | &nbsp;&nbsp; 908514 |
| Ontario (City of), CA Public Financing Authority, Series 2025 A, RB | 5.25% | 11/01/2055 | 385 | &nbsp;&nbsp; 417511 |
| Ontario (City of), CA Public Financing Authority (Civic Center Improvements), Series 2022 A, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/01/2052 | 1375 | &nbsp;&nbsp; 1440102 |
| Orange (County of), CA Water District, Series 2017 A, Ref. RB | 4.00% | 08/15/2041 | 500 | &nbsp;&nbsp; 501907 |
| Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2045 | 395 | &nbsp;&nbsp; 401489 |
| Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds | 4.00% | 08/01/2047 | 2795 | &nbsp;&nbsp; 2760899 |
| Palm Springs Unified School District (Election of 2016), Series 2024 B, GO Bonds | 4.00% | 08/01/2049 | 2550 | &nbsp;&nbsp; 2550137 |
| Palo Alto Unified School District, Series 2022, GO Bonds | 3.25% | 08/01/2042 | 1600 | &nbsp;&nbsp; 1543718 |
| Palomar Community College District, Series 2017, Ref. GO Bonds | 4.00% | 08/01/2045 | 45 | &nbsp;&nbsp; 45025 |
| Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds | 5.25% | 08/01/2045 | 1545 | &nbsp;&nbsp; 1581352 |
| Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds | 4.00% | 08/01/2046 | 100 | &nbsp;&nbsp; 99421 |
| Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds | 5.00% | 08/01/2048 | 1415 | &nbsp;&nbsp; 1501189 |
| Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds | 4.00% | 08/01/2052 | 580 | &nbsp;&nbsp; 565249 |
| Pasedena (City of), CA, Series 2025, GO Bonds | 5.00% | 09/01/2054 | 65 | &nbsp;&nbsp; 69591 |
| Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2047 | 1000 | &nbsp;&nbsp; 1057234 |
| Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2051 | 455 | &nbsp;&nbsp; 474998 |
| Peralta Community College District, Series 2022 B, GO Bonds | 5.50% | 08/01/2052 | 1440 | &nbsp;&nbsp; 1552687 |
| Peralta Community College District (Election of 2018), Series 2025 C-1, GO Bonds | 5.00% | 08/01/2050 | 950 | &nbsp;&nbsp; 1017287 |
| Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 09/01/2043 | 675 | &nbsp;&nbsp; 681592 |
| Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 09/01/2048 | 805 | &nbsp;&nbsp; 791357 |
| Perris Union High School District (Election of 2012), Series 2021 C, GO Bonds | 3.00% | 09/01/2045 | 65 | &nbsp;&nbsp; 54507 |
| Pleasanton Unified School District (Election of 2022), Series 2023, GO Bonds | 4.00% | 08/01/2052 | 485 | &nbsp;&nbsp; 463668 |
| Pleasanton Unified School District (Election of 2022), Series 2025, GO Bonds | 4.25% | 08/01/2050 | 20 | &nbsp;&nbsp; 20021 |

---

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

------

**20**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Pleasanton Unified School District (Election of 2022), Series 2025, GO Bonds | 4.50% | 08/01/2052 | $1020 | &nbsp;&nbsp; $1035670 |
| Pomona Unified School District, Series 2025 A, GO Bonds | 5.00% | 08/01/2055 | 500 | &nbsp;&nbsp; 532531 |
| Redlands Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 07/01/2054 | 320 | &nbsp;&nbsp; 337479 |
| Redondo Beach Unified School District (Election of 2024), Series 2025 A, GO Bonds | 4.63% | 08/01/2055 | 40 | &nbsp;&nbsp; 41002 |
| Redwood City School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2052 | 35 | &nbsp;&nbsp; 37065 |
| Redwoods Community College District (Election of 2024), Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.25% | 08/01/2054 | 810 | &nbsp;&nbsp; 877470 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2041 | 1100 | &nbsp;&nbsp; 1104594 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 3.00% | 05/15/2042 | 810 | &nbsp;&nbsp; 711547 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 4.00% | 05/15/2044 | 700 | &nbsp;&nbsp; 699994 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2047 | 1975 | &nbsp;&nbsp; 1980016 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2041 | 1010 | &nbsp;&nbsp; 1127886 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2042 | 945 | &nbsp;&nbsp; 1048668 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 4.00% | 05/15/2043 | 2460 | &nbsp;&nbsp; 2504238 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2047 | 6740 | &nbsp;&nbsp; 7170052 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 4.00% | 05/15/2053 | 6235 | &nbsp;&nbsp; 5884337 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 3.50% | 05/15/2054 | 1400 | &nbsp;&nbsp; 1170511 |
| Rio Hondo Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2050 | 1000 | &nbsp;&nbsp; 1069214 |
| Rio Hondo Community College District (Election of 2024), Series 2025 A, GO Bonds | 4.38% | 08/01/2055 | 1210 | &nbsp;&nbsp; 1215229 |
| Rio Hondo Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 660 | &nbsp;&nbsp; 714033 |
| River Islands Public Financing Authority, Series 2022 A-1, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 09/01/2052 | 1115 | &nbsp;&nbsp; 1183306 |
| River Islands Public Financing Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2042 | 560 | &nbsp;&nbsp; 604889 |
| River Islands Public Financing Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.25% | 09/01/2047 | 110 | &nbsp;&nbsp; 110238 |
| Riverside (City of), CA, Series 2024 A, Ref. RB | 5.00% | 10/01/2049 | 1500 | &nbsp;&nbsp; 1610376 |
| Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB | 4.00% | 06/01/2046 | 1825 | &nbsp;&nbsp; 1711014 |
| Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB | 3.00% | 06/01/2049 | 2015 | &nbsp;&nbsp; 1536241 |
| Riverside (County of), CA Transportation Commission, Series 2021, Ref. RB | 4.00% | 06/01/2047 | 250 | &nbsp;&nbsp; 230876 |
| Riverside Community College District (Election of 2024), Series 2025 A, GO Bonds | 4.00% | 08/01/2050 | 135 | &nbsp;&nbsp; 132606 |
| Riverside Community College District (Election of 2024), Series 2025 A, GO Bonds | 4.00% | 08/01/2054 | 750 | &nbsp;&nbsp; 724641 |
| Riverside Unified School District (Election of 2016), Series 2019 B, GO Bonds | 4.00% | 08/01/2042 | 585 | &nbsp;&nbsp; 587220 |
| Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB | 5.00% | 06/01/2043 | 660 | &nbsp;&nbsp; 686783 |
| Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB | 5.00% | 06/01/2048 | 845 | &nbsp;&nbsp; 868848 |
| Sacramento (City of), CA (Convention Centre Ballroom), Series 2019, RB | 3.00% | 06/01/2050 | 340 | &nbsp;&nbsp; 261373 |
| Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District <br> No.2), Series 2016, Ref. RB<br>| 5.00% | 10/01/2047 | 2000 | &nbsp;&nbsp; 2017475 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 4.00% | 08/15/2045 | 1140 | &nbsp;&nbsp; 1146591 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2050 | 2470 | &nbsp;&nbsp; 2571251 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB | 5.00% | 08/15/2048 | 655 | &nbsp;&nbsp; 702237 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB | 5.00% | 08/15/2053 | 1025 | &nbsp;&nbsp; 1086298 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB | 5.00% | 11/15/2049 | 800 | &nbsp;&nbsp; 860129 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB | 5.00% | 11/15/2054 | 1235 | &nbsp;&nbsp; 1313917 |
| Sacramento (City of), CA Unified School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2054 | 1660 | &nbsp;&nbsp; 1556367 |
| Sacramento (City of), CA Unified School District (Measure D) (Election of 2024), Series 2025 A, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2050 | 555 | &nbsp;&nbsp; 593648 |
| Sacramento (City of), CA Unified School District (Measure D) (Election of 2024), Series 2025 A, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2053 | 740 | &nbsp;&nbsp; 787554 |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO <br> Bonds, (INS - BAM)<sup>(a)</sup><br>| 5.50% | 08/01/2047 | 880 | &nbsp;&nbsp; 939121 |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2022 A, GO <br> Bonds, (INS - BAM)<sup>(a)</sup><br>| 5.50% | 08/01/2052 | 1000 | &nbsp;&nbsp; 1057013 |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2025 C, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2050 | 1140 | &nbsp;&nbsp; 1219384 |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2025 C, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2054 | 1795 | &nbsp;&nbsp; 1904133 |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2025 C, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.50% | 08/01/2054 | 830 | &nbsp;&nbsp; 915834 |
| Sacramento (City of), CA Unified School District (Measure Q) (Election of 2012), Series 2021 G, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 4.00% | 08/01/2049 | 1275 | &nbsp;&nbsp; 1231595 |
| Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2049 | 270 | &nbsp;&nbsp; 287992 |

---

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

------

**21**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Sacramento (County of), CA, Series 2024, RB | 5.25% | 07/01/2049 | $260 | &nbsp;&nbsp; $282265 |
| Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2054 | 1985 | &nbsp;&nbsp; 2090571 |
| Sacramento (County of), CA, Series 2024, RB | 5.25% | 07/01/2054 | 1120 | &nbsp;&nbsp; 1200672 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2045 | 70 | &nbsp;&nbsp; 75163 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2050 | 855 | &nbsp;&nbsp; 892498 |
| Sacramento Metropolitan Fire District (Election of 2024), Series 2025 A, GO Bonds | 4.00% | 08/01/2055 | 240 | &nbsp;&nbsp; 227341 |
| Salinas Union High School District, Series 2020 B, Ref. GO Bonds | 4.00% | 08/01/2045 | 1190 | &nbsp;&nbsp; 1195739 |
| Salinas Union High School District, Series 2022 A, GO Bonds | 4.00% | 08/01/2047 | 920 | &nbsp;&nbsp; 916585 |
| San Bernardino City Unified School District, Series 2020 F, GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.00% | 08/01/2044 | 720 | &nbsp;&nbsp; 627257 |
| San Bernardino Community College District (Election of 2008), Series 2023 E, GO Bonds | 4.13% | 08/01/2049 | 1140 | &nbsp;&nbsp; 1143049 |
| San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds | 4.13% | 08/01/2049 | 1055 | &nbsp;&nbsp; 1057822 |
| San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds | 5.00% | 08/01/2049 | 1000 | &nbsp;&nbsp; 1054243 |
| San Diego (City of), CA (Green Bonds), Series 2023, COP | 5.00% | 10/01/2048 | 510 | &nbsp;&nbsp; 544555 |
| San Diego (City of), CA (Green Bonds), Series 2023, COP | 5.00% | 10/01/2053 | 1155 | &nbsp;&nbsp; 1217363 |
| San Diego (City of), CA Association of Governments, Series 2017 A, RB | 5.00% | 07/01/2042 | 400 | &nbsp;&nbsp; 410035 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB | 5.25% | 08/01/2047 | 580 | &nbsp;&nbsp; 605527 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB | 4.00% | 08/01/2045 | 670 | &nbsp;&nbsp; 675189 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB | 3.00% | 08/01/2049 | 545 | &nbsp;&nbsp; 431290 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB | 5.00% | 05/15/2047 | 500 | &nbsp;&nbsp; 536971 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB | 5.00% | 05/15/2052 | 635 | &nbsp;&nbsp; 667425 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB | 5.25% | 08/01/2048 | 245 | &nbsp;&nbsp; 268982 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB | 4.00% | 10/15/2048 | 350 | &nbsp;&nbsp; 343530 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB | 4.00% | 08/01/2052 | 650 | &nbsp;&nbsp; 634488 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB | 5.00% | 05/15/2049 | 85 | &nbsp;&nbsp; 91636 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB | 5.00% | 05/15/2054 | 1025 | &nbsp;&nbsp; 1089763 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, RB | 5.00% | 08/01/2051 | 500 | &nbsp;&nbsp; 537658 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, RB | 5.00% | 08/01/2053 | 1500 | &nbsp;&nbsp; 1607943 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB | 5.00% | 10/15/2050 | 1425 | &nbsp;&nbsp; 1524208 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, <br> RB<br>| 5.00% | 10/15/2046 | 825 | &nbsp;&nbsp; 865774 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, <br> RB<br>| 4.00% | 10/15/2050 | 1055 | &nbsp;&nbsp; 1021887 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2023 A, <br> RB<br>| 5.25% | 10/15/2052 | 510 | &nbsp;&nbsp; 543947 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, <br> Ref. RB<br>| 5.00% | 10/15/2049 | 1090 | &nbsp;&nbsp; 1166393 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, <br> Ref. RB<br>| 5.00% | 10/15/2054 | 1000 | &nbsp;&nbsp; 1056949 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2025 A, <br> Ref. RB<br>| 5.25% | 10/15/2055 | 1010 | &nbsp;&nbsp; 1093314 |
| San Diego (County of), CA Regional Airport Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2042 | 110 | &nbsp;&nbsp; 112742 |
| San Diego (County of), CA Regional Airport Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2047 | 1000 | &nbsp;&nbsp; 1014649 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 1035 | &nbsp;&nbsp; 1089036 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2049 | 1000 | &nbsp;&nbsp; 1032136 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2046 | 695 | &nbsp;&nbsp; 741024 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 4.00% | 07/01/2051 | 1245 | &nbsp;&nbsp; 1196908 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2051 | 980 | &nbsp;&nbsp; 1023694 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 4.00% | 07/01/2056 | 2345 | &nbsp;&nbsp; 2214719 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2056 | 85 | &nbsp;&nbsp; 88170 |
| San Diego (County of), CA Regional Airport Authority, Series 2025 A, RB | 5.25% | 07/01/2050 | 60 | &nbsp;&nbsp; 65811 |
| San Diego (County of), CA Regional Airport Authority, Series 2025 A, RB | 5.25% | 07/01/2055 | 500 | &nbsp;&nbsp; 543041 |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB<sup>(c)(d)</sup> | 5.00% | 04/01/2026 | 1605 | &nbsp;&nbsp; 1609061 |
| San Diego (County of), CA Water Authority, Series 2022 A, RB | 5.00% | 05/01/2047 | 770 | &nbsp;&nbsp; 821693 |
| San Diego (County of), CA Water Authority, Series 2022 A, RB | 5.00% | 05/01/2052 | 45 | &nbsp;&nbsp; 47255 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2043 | 565 | &nbsp;&nbsp; 652566 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2045 | 680 | &nbsp;&nbsp; 761937 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 4.00% | 08/01/2050 | 2930 | &nbsp;&nbsp; 2864555 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2055 | 4615 | &nbsp;&nbsp; 4933473 |

---

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

------

**22**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Diego Unified School District, Series 2019 C-2, GO Bonds | 3.00% | 07/01/2044 | $160 | &nbsp;&nbsp; $138727 |
| San Diego Unified School District, Series 2019 L, GO Bonds | 4.00% | 07/01/2044 | 1000 | &nbsp;&nbsp; 1005866 |
| San Diego Unified School District, Series 2020 D-2, GO Bonds | 2.00% | 07/01/2045 | 455 | &nbsp;&nbsp; 318364 |
| San Diego Unified School District, Series 2020 M-2, GO Bonds | 3.00% | 07/01/2050 | 1545 | &nbsp;&nbsp; 1195416 |
| San Diego Unified School District, Series 2021 L-2, GO Bonds | 2.25% | 07/01/2045 | 45 | &nbsp;&nbsp; 33009 |
| San Diego Unified School District (Election of 20012) (Green Bonds), Series 2017, GO Bonds | 3.13% | 07/01/2040 | 90 | &nbsp;&nbsp; 88219 |
| San Diego Unified School District (Election of 2008), Series 2023, GO Bonds | 5.00% | 07/01/2048 | 40 | &nbsp;&nbsp; 42895 |
| San Diego Unified School District (Election of 2012), Series 2016 F, GO Bonds | 4.00% | 07/01/2045 | 190 | &nbsp;&nbsp; 189994 |
| San Diego Unified School District (Election of 2012), Series 2016, GO Bonds | 4.00% | 07/01/2045 | 30 | &nbsp;&nbsp; 29999 |
| San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds | 3.13% | 07/01/2042 | 1050 | &nbsp;&nbsp; 969216 |
| San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds | 4.00% | 07/01/2047 | 4005 | &nbsp;&nbsp; 3978758 |
| San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds | 5.00% | 07/01/2047 | 80 | &nbsp;&nbsp; 81526 |
| San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds | 4.00% | 07/01/2049 | 1100 | &nbsp;&nbsp; 1085345 |
| San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds | 4.00% | 07/01/2050 | 1195 | &nbsp;&nbsp; 1170226 |
| San Diego Unified School District (Election of 2012), Series 2025, Ref. GO Bonds | 5.00% | 07/01/2042 | 70 | &nbsp;&nbsp; 86734 |
| San Diego Unified School District (Election of 2012) (Green Bonds), Series 2021 N-2, GO Bonds | 4.00% | 07/01/2046 | 1480 | &nbsp;&nbsp; 1483340 |
| San Diego Unified School District (Election of 2018), Series 2019 B, GO Bonds | 3.25% | 07/01/2048 | 370 | &nbsp;&nbsp; 310489 |
| San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds | 4.00% | 07/01/2050 | 1175 | &nbsp;&nbsp; 1150641 |
| San Diego Unified School District (Election of 2018), Series 2025 I-3, GO Bonds | 5.00% | 07/01/2055 | 1655 | &nbsp;&nbsp; 1764377 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2022 F-2, GO Bonds | 4.25% | 07/01/2052 | 260 | &nbsp;&nbsp; 260855 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2043 | 375 | &nbsp;&nbsp; 420348 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2048 | 2015 | &nbsp;&nbsp; 2160845 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 4.00% | 07/01/2053 | 2800 | &nbsp;&nbsp; 2708637 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 4.00% | 07/01/2053 | 3655 | &nbsp;&nbsp; 3535738 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2053 | 530 | &nbsp;&nbsp; 559510 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024 B-3, GO Bonds | 4.00% | 07/01/2054 | 1525 | &nbsp;&nbsp; 1471040 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds | 4.00% | 07/01/2045 | 60 | &nbsp;&nbsp; 60689 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds | 5.00% | 07/01/2049 | 1670 | &nbsp;&nbsp; 1794727 |
| San Diego Unified School District (Election of 2022), Series 2025 C-3, GO Bonds | 5.00% | 07/01/2046 | 890 | &nbsp;&nbsp; 987835 |
| San Diego Unified School District (Election of 2022), Series 2025 C-3, GO Bonds | 5.00% | 07/01/2047 | 940 | &nbsp;&nbsp; 1032066 |
| San Diego Unified School District (Election of 2022), Series 2025 C-3, GO Bonds | 5.00% | 07/01/2050 | 2860 | &nbsp;&nbsp; 3074821 |
| San Diego Unified School District (Green Bonds), Series 2022, GO Bonds | 4.25% | 07/01/2047 | 100 | &nbsp;&nbsp; 101181 |
| San Dieguito Union High School District (Election of 2012), Series 2016 C-2, GO Bonds | 3.00% | 02/01/2041 | 15 | &nbsp;&nbsp; 13533 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Second Series 2022 B, Ref. RB<br>| 4.00% | 05/01/2052 | 95 | &nbsp;&nbsp; 91131 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Second Series 2022 B, Ref. RB<br>| 5.00% | 05/01/2052 | 1715 | &nbsp;&nbsp; 1796380 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Second Series 2023 B, Ref. RB<br>| 5.00% | 05/01/2043 | 1080 | &nbsp;&nbsp; 1207952 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2016 C, RB<br>| 5.00% | 05/01/2046 | 2225 | &nbsp;&nbsp; 2229776 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2017 B, RB<br>| 5.00% | 05/01/2047 | 2980 | &nbsp;&nbsp; 3023048 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2018, RB<br>| 5.00% | 05/01/2048 | 1625 | &nbsp;&nbsp; 1665527 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019 F, RB<br>| 5.00% | 05/01/2050 | 1070 | &nbsp;&nbsp; 1100624 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, RB<br>| 5.00% | 05/01/2049 | 960 | &nbsp;&nbsp; 991707 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2023, Ref. RB<br>| 5.25% | 05/01/2048 | 530 | &nbsp;&nbsp; 577558 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2024, Ref. RB<br>| 5.00% | 05/01/2049 | 30 | &nbsp;&nbsp; 32073 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2025 B, RB<br>| 5.00% | 05/01/2053 | 1000 | &nbsp;&nbsp; 1066421 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2013 B, RB | 4.00% | 10/01/2042 | 1420 | &nbsp;&nbsp; 1420161 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 A, RB | 5.00% | 11/01/2053 | 220 | &nbsp;&nbsp; 231673 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2024 D, RB | 5.00% | 10/01/2054 | 1065 | &nbsp;&nbsp; 1134121 |

---

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

------

**23**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB | 4.00% | 10/01/2043 | $1480 | &nbsp;&nbsp; $1485250 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 B, Ref. <br> RB<br>| 5.00% | 10/01/2043 | 45 | &nbsp;&nbsp; 46654 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2020 A, RB | 5.00% | 11/01/2050 | 1000 | &nbsp;&nbsp; 1042298 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2044 | 45 | &nbsp;&nbsp; 49086 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2045 | 165 | &nbsp;&nbsp; 178077 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2046 | 90 | &nbsp;&nbsp; 96261 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 4.00% | 10/01/2047 | 205 | &nbsp;&nbsp; 203651 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 4.00% | 10/01/2048 | 50 | &nbsp;&nbsp; 49294 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 4.00% | 10/01/2049 | 100 | &nbsp;&nbsp; 98067 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 4.00% | 10/01/2050 | 970 | &nbsp;&nbsp; 945401 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 4.00% | 10/01/2051 | 465 | &nbsp;&nbsp; 450476 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. <br> RB<br>| 4.00% | 11/01/2041 | 90 | &nbsp;&nbsp; 94708 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2049 | 985 | &nbsp;&nbsp; 1066414 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2054 | 4290 | &nbsp;&nbsp; 4568431 |
| San Francisco (City & County of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 <br> D, RB<br>| 3.00% | 11/01/2050 | 600 | &nbsp;&nbsp; 463463 |
| San Francisco (City & County of), CA Public Utilities Commission (Local Water), Series 2020 C, RB | 4.00% | 11/01/2050 | 505 | &nbsp;&nbsp; 492159 |
| San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), <br> Series 2023 A, RB<br>| 5.25% | 11/01/2048 | 1195 | &nbsp;&nbsp; 1312857 |
| San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), <br> Series 2023 A, RB<br>| 5.25% | 11/01/2052 | 1220 | &nbsp;&nbsp; 1315613 |
| San Francisco (City & County of), CA Public Utilities Commission (Regional Water), Series 2020 B, <br> RB<br>| 5.00% | 11/01/2050 | 500 | &nbsp;&nbsp; 507980 |
| San Francisco (City of), CA, Series 2025 E, RB | 5.25% | 11/01/2055 | 2505 | &nbsp;&nbsp; 2731097 |
| San Francisco (City of), CA, Series 2025, RB | 5.00% | 11/01/2051 | 1130 | &nbsp;&nbsp; 1216940 |
| San Francisco (City of), CA, Series 2025, RB | 5.00% | 11/01/2055 | 4250 | &nbsp;&nbsp; 4542566 |
| San Francisco (City of), CA (Green Bonds), Series 2020 A, RB | 4.00% | 11/01/2050 | 40 | &nbsp;&nbsp; 38983 |
| San Francisco (City of), CA Municipal Transportation Agency, Series 2017, RB | 4.00% | 03/01/2046 | 975 | &nbsp;&nbsp; 958941 |
| San Francisco (City of), CA Municipal Transportation Agency (Green Bonds), Series 2021 C, RB | 4.00% | 03/01/2051 | 1340 | &nbsp;&nbsp; 1274802 |
| San Francisco (City of), CA Municipal Transportation Agency (Green Bonds), Series 2021 C, RB | 5.00% | 03/01/2051 | 5 | &nbsp;&nbsp; 5172 |
| San Francisco Bay Area Rapid Transit District, Series 2019 A, RB | 3.00% | 07/01/2044 | 50 | &nbsp;&nbsp; 43424 |
| San Francisco Bay Area Rapid Transit District, Series 2025, GO Bonds | 5.00% | 08/01/2043 | 15 | &nbsp;&nbsp; 17206 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2017 D, GO Bonds | 4.00% | 08/01/2042 | 335 | &nbsp;&nbsp; 336409 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2025, GO Bonds | 5.00% | 08/01/2044 | 15 | &nbsp;&nbsp; 16959 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2025, GO Bonds | 5.00% | 08/01/2045 | 30 | &nbsp;&nbsp; 33487 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO <br> Bonds<br>| 5.00% | 08/01/2047 | 975 | &nbsp;&nbsp; 992599 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2020 C-1, <br> GO Bonds<br>| 3.00% | 08/01/2050 | 2720 | &nbsp;&nbsp; 2107527 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, <br> GO Bonds<br>| 3.00% | 08/01/2041 | 360 | &nbsp;&nbsp; 343094 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, <br> GO Bonds<br>| 3.00% | 08/01/2042 | 1000 | &nbsp;&nbsp; 934365 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, <br> GO Bonds<br>| 4.00% | 08/01/2047 | 1180 | &nbsp;&nbsp; 1163945 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, <br> GO Bonds<br>| 4.25% | 08/01/2052 | 3270 | &nbsp;&nbsp; 3269999 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022, GO <br> Bonds<br>| 5.25% | 08/01/2047 | 1235 | &nbsp;&nbsp; 1329291 |
| San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019 B-1, GO Bonds | 3.00% | 08/01/2049 | 295 | &nbsp;&nbsp; 231681 |
| San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019, GO Bonds | 4.00% | 08/01/2044 | 500 | &nbsp;&nbsp; 504286 |
| San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds | 4.00% | 08/01/2045 | 605 | &nbsp;&nbsp; 607341 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Series 2025, RB | 5.00% | 05/01/2045 | 25 | &nbsp;&nbsp; 28027 |
| San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds | 4.00% | 06/15/2045 | 2830 | &nbsp;&nbsp; 2830438 |
| San Francisco Community College District (Election of 2020), Series 2024 B, GO Bonds, <br> (INS - BAM)<sup>(a)</sup><br>| 5.25% | 06/15/2049 | 2230 | &nbsp;&nbsp; 2411251 |

---

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

------

**24**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Joaquin (County of), CA Transportation Authority (Measure K), Series 2017, Ref. RB | 4.00% | 03/01/2041 | $410 | &nbsp;&nbsp; $410939 |
| San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB | 4.00% | 01/15/2050 | 3050 | &nbsp;&nbsp; 2868284 |
| San Joaquin Hills Transportation Corridor Agency, Series 2014 B, Ref. RB | 5.25% | 01/15/2049 | 600 | &nbsp;&nbsp; 600365 |
| San Jose (City of), CA, Series 2017 B, Ref. RB | 5.00% | 03/01/2042 | 470 | &nbsp;&nbsp; 478841 |
| San Jose (City of), CA, Series 2017 B, Ref. RB | 5.00% | 03/01/2047 | 680 | &nbsp;&nbsp; 687805 |
| San Jose (City of), CA, Series 2019 A-1, GO Bonds | 5.00% | 09/01/2045 | 280 | &nbsp;&nbsp; 292282 |
| San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB | 5.00% | 11/01/2047 | 430 | &nbsp;&nbsp; 462370 |
| San Jose (City of), CA Financing Authority (Green Bonds), Series 2022 B, RB | 5.00% | 11/01/2052 | 565 | &nbsp;&nbsp; 598831 |
| San Jose Evergreen Community College District (Election of 2016), Series 2023 C, GO Bonds | 4.00% | 09/01/2045 | 115 | &nbsp;&nbsp; 116406 |
| San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds | 4.00% | 08/01/2042 | 1715 | &nbsp;&nbsp; 1722252 |
| San Juan Unified School District (Election of 2016), Series 2022, GO Bonds | 4.00% | 08/01/2046 | 225 | &nbsp;&nbsp; 225430 |
| San Juan Unified School District (Election of 2016), Series 2024, GO Bonds | 4.00% | 08/01/2049 | 1910 | &nbsp;&nbsp; 1881698 |
| San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds | 5.25% | 08/01/2048 | 1000 | &nbsp;&nbsp; 1080856 |
| San Leandro Unified School District (Election of 2024), Series 2026 B, GO Bonds | 5.00% | 08/01/2052 | 500 | &nbsp;&nbsp; 535263 |
| San Luis Coastal Unified School District (Election of 2022), Series 2023 A, GO Bonds | 4.00% | 08/01/2053 | 610 | &nbsp;&nbsp; 592009 |
| San Luis Coastal Unified School District (Election of 2022), Series 2024 B, GO Bonds | 4.00% | 08/01/2054 | 225 | &nbsp;&nbsp; 217755 |
| San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO <br> Bonds<br>| 4.00% | 08/01/2043 | 1300 | &nbsp;&nbsp; 1306513 |
| San Marcos Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2050 | 750 | &nbsp;&nbsp; 819490 |
| San Marcos Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 2485 | &nbsp;&nbsp; 2694480 |
| San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, <br> RB<br>| 4.00% | 08/01/2044 | 890 | &nbsp;&nbsp; 892811 |
| San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, <br> RB<br>| 5.00% | 08/01/2049 | 1035 | &nbsp;&nbsp; 1075429 |
| San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB | 5.00% | 07/15/2043 | 515 | &nbsp;&nbsp; 536334 |
| San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2021 A-1, RB | 3.00% | 06/15/2046 | 300 | &nbsp;&nbsp; 245726 |
| San Mateo (County of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB | 4.00% | 07/15/2052 | 720 | &nbsp;&nbsp; 688354 |
| San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds | 5.00% | 09/01/2045 | 1655 | &nbsp;&nbsp; 1720654 |
| San Mateo Foster City School District, Series 2021 A, GO Bonds | 2.50% | 08/01/2046 | 1000 | &nbsp;&nbsp; 732551 |
| San Mateo Foster City School District, Series 2021 A, GO Bonds | 2.50% | 08/01/2051 | 1000 | &nbsp;&nbsp; 672876 |
| San Mateo Foster City School District, Series 2023 B, GO Bonds | 4.00% | 08/01/2048 | 415 | &nbsp;&nbsp; 415217 |
| San Mateo Foster City School District, Series 2023 B, GO Bonds | 4.00% | 08/01/2051 | 50 | &nbsp;&nbsp; 49149 |
| San Mateo Foster City School District (Election of 2014), Series 2018 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2043 | 1270 | &nbsp;&nbsp; 1277999 |
| San Mateo Foster City School District (Election of 2020), Series 2025 C, GO Bonds | 5.00% | 08/01/2051 | 1100 | &nbsp;&nbsp; 1167565 |
| San Mateo Union High School District, Series 2021 B, GO Bonds | 2.00% | 09/01/2045 | 1000 | &nbsp;&nbsp; 676475 |
| San Mateo Union High School District, Series 2021 B, GO Bonds | 2.13% | 09/01/2048 | 300 | &nbsp;&nbsp; 191433 |
| San Mateo Union High School District (Election of 2020), Series 2023 C, GO Bonds | 4.00% | 09/01/2043 | 145 | &nbsp;&nbsp; 149135 |
| San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 1100 | &nbsp;&nbsp; 1075816 |
| San Rafael City High School District (Election of 2022), Series 2024 B, GO Bonds | 4.00% | 08/01/2053 | 350 | &nbsp;&nbsp; 334176 |
| Santa Clara (County of), CA Financing Authority, Series 2019 A, RB | 4.00% | 05/01/2045 | 225 | &nbsp;&nbsp; 224779 |
| Santa Clara (County of), CA Financing Authority, Series 2019 A, RB | 3.13% | 05/01/2047 | 930 | &nbsp;&nbsp; 773525 |
| Santa Clara (County of), CA Financing Authority, Series 2019 A, RB | 3.13% | 05/01/2049 | 360 | &nbsp;&nbsp; 291251 |
| Santa Clara Unified School District (Election of 2014), Series 2017, GO Bonds | 3.50% | 07/01/2042 | 225 | &nbsp;&nbsp; 222008 |
| Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds | 3.25% | 07/01/2044 | 1205 | &nbsp;&nbsp; 1089251 |
| Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds | 4.00% | 07/01/2048 | 215 | &nbsp;&nbsp; 214755 |
| Santa Clarita Community College District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2046 | 85 | &nbsp;&nbsp; 83464 |
| Santa Clarita Community College District, Series 2019, GO Bonds | 3.00% | 08/01/2049 | 670 | &nbsp;&nbsp; 525249 |
| Santa Clarita Community College District (Election of 2016), Series 2022, GO Bonds | 5.25% | 08/01/2048 | 350 | &nbsp;&nbsp; 376444 |
| Santa Cruz City High School District (Election of 2022), Series 2024 A, GO Bonds | 4.00% | 08/01/2054 | 335 | &nbsp;&nbsp; 324754 |
| Santa Monica Community College District, Series 2022 B, GO Bonds | 4.00% | 08/01/2045 | 325 | &nbsp;&nbsp; 328346 |
| Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds | 5.00% | 08/01/2043 | 35 | &nbsp;&nbsp; 36476 |
| Santa Monica-Malibu Unified School District, Series 2019, GO Bonds | 3.00% | 08/01/2049 | 5 | &nbsp;&nbsp; 3913 |
| Santa Monica-Malibu Unified School District, Series 2025 A, GO Bonds | 5.00% | 08/01/2055 | 1340 | &nbsp;&nbsp; 1415664 |
| Santa Monica-Malibu Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2050 | 1250 | &nbsp;&nbsp; 1330654 |
| Santa Monica-Malibu Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2054 | 500 | &nbsp;&nbsp; 528998 |
| Santa Rosa High School District, Series 2025 B, GO Bonds | 5.25% | 08/01/2050 | 500 | &nbsp;&nbsp; 544797 |
| Santa Rosa High School District, Series 2025 B, GO Bonds | 4.75% | 08/01/2054 | 695 | &nbsp;&nbsp; 713164 |
| Santa Rosa High School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2053 | 10 | &nbsp;&nbsp; 10513 |

---

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

------

**25**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Simi Valley Unified School District, Series 2020 C, GO Bonds | 4.00% | 08/01/2050 | $130 | &nbsp;&nbsp; $123088 |
| Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2046 | 1000 | &nbsp;&nbsp; 979222 |
| Solano County Community College District (Election of 2012), Series 2017 C, GO Bonds | 4.00% | 08/01/2046 | 530 | &nbsp;&nbsp; 528393 |
| South San Francisco Unified School District, Series 2023, GO Bonds | 4.00% | 09/01/2052 | 640 | &nbsp;&nbsp; 623599 |
| South San Francisco Unified School District (Election of 2022), Series 2023, GO Bonds | 4.00% | 09/01/2048 | 535 | &nbsp;&nbsp; 531629 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023-<br> 1A, RB<br>| 5.00% | 07/01/2048 | 1905 | &nbsp;&nbsp; 2009265 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023-<br> 1A, RB<br>| 5.25% | 07/01/2053 | 2545 | &nbsp;&nbsp; 2688668 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, <br> RB<br>| 5.00% | 07/01/2044 | 365 | &nbsp;&nbsp; 398201 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, <br> RB<br>| 5.00% | 07/01/2049 | 1125 | &nbsp;&nbsp; 1186125 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, <br> RB<br>| 5.25% | 07/01/2049 | 1000 | &nbsp;&nbsp; 1073191 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, <br> RB<br>| 5.00% | 07/01/2053 | 1610 | &nbsp;&nbsp; 1681053 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2025, <br> RB, (INS - BAM)<sup>(a)</sup><br>| 5.25% | 07/01/2050 | 1000 | &nbsp;&nbsp; 1079052 |
| Southern California Water Replenishment District, Series 2015, Ref. RB | 4.00% | 08/01/2045 | 310 | &nbsp;&nbsp; 309996 |
| Southwestern Community College District, Series 2021 D, GO Bonds | 4.00% | 08/01/2046 | 225 | &nbsp;&nbsp; 225084 |
| Southwestern Community College District, Series 2025 A, GO Bonds | 5.25% | 08/01/2051 | 25 | &nbsp;&nbsp; 27246 |
| Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | 2050 | &nbsp;&nbsp; 2033666 |
| Southwestern Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 1450 | &nbsp;&nbsp; 1569882 |
| State Center Community College District, Series 2022 C, GO Bonds | 5.00% | 08/01/2047 | 1505 | &nbsp;&nbsp; 1610802 |
| Stockton Unified School District (Election of 2022), Series 2025 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2049 | 585 | &nbsp;&nbsp; 627702 |
| Sunnyvale (City of), CA Financing Authority (Green Bonds) (Civic Center), Series 2020, RB | 4.00% | 04/01/2045 | 1435 | &nbsp;&nbsp; 1439411 |
| Sunnyvale (City of), CA Financing Authority (Green Bonds) (Civic Center), Series 2020, RB | 4.00% | 04/01/2050 | 425 | &nbsp;&nbsp; 415615 |
| Sunnyvale School District, Series 2015, Ref. GO Bonds | 4.00% | 09/01/2042 | 265 | &nbsp;&nbsp; 265067 |
| Sunnyvale School District, Series 2025 A, GO Bonds | 5.00% | 09/01/2056 | 530 | &nbsp;&nbsp; 566329 |
| Sweetwater Union High School District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2042 | 1410 | &nbsp;&nbsp; 1410182 |
| Sweetwater Union High School District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2047 | 150 | &nbsp;&nbsp; 143418 |
| Sweetwater Union High School District (Election of 2018), Series 2022 A-1, GO Bonds | 5.00% | 08/01/2052 | 215 | &nbsp;&nbsp; 223724 |
| Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB | 5.00% | 10/01/2045 | 680 | &nbsp;&nbsp; 688802 |
| Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB | 5.00% | 10/01/2049 | 890 | &nbsp;&nbsp; 891953 |
| University of California, Series 2016 AR, Ref. RB | 5.00% | 05/15/2041 | 700 | &nbsp;&nbsp; 701651 |
| University of California, Series 2016 AR, Ref. RB | 5.00% | 05/15/2046 | 1715 | &nbsp;&nbsp; 1717713 |
| University of California, Series 2017 AV, RB | 5.25% | 05/15/2042 | 1035 | &nbsp;&nbsp; 1064119 |
| University of California, Series 2017 AV, RB | 4.00% | 05/15/2045 | 100 | &nbsp;&nbsp; 100010 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2043 | 2295 | &nbsp;&nbsp; 2392048 |
| University of California, Series 2018 AZ, Ref. RB | 4.00% | 05/15/2048 | 245 | &nbsp;&nbsp; 239125 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2048 | 1540 | &nbsp;&nbsp; 1584320 |
| University of California, Series 2018 AZ, Ref. RB | 5.25% | 05/15/2058 | 1000 | &nbsp;&nbsp; 1026247 |
| University of California, Series 2019 BB, Ref. RB | 5.00% | 05/15/2049 | 1460 | &nbsp;&nbsp; 1507883 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2041 | 155 | &nbsp;&nbsp; 166428 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2042 | 80 | &nbsp;&nbsp; 85617 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2043 | 45 | &nbsp;&nbsp; 47905 |
| University of California, Series 2020 BE, Ref. RB | 4.00% | 05/15/2047 | 1985 | &nbsp;&nbsp; 1980448 |
| University of California, Series 2020 BE, Ref. RB | 2.50% | 05/15/2050 | 1040 | &nbsp;&nbsp; 718002 |
| University of California, Series 2020 BE, Ref. RB | 4.00% | 05/15/2050 | 1765 | &nbsp;&nbsp; 1731165 |
| University of California, Series 2021 BH, Ref. RB | 4.00% | 05/15/2046 | 1675 | &nbsp;&nbsp; 1679473 |
| University of California, Series 2021 BH, Ref. RB | 4.00% | 05/15/2051 | 815 | &nbsp;&nbsp; 794694 |
| University of California, Series 2022 BK, RB | 5.00% | 05/15/2052 | 4240 | &nbsp;&nbsp; 4444656 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2041 | 1120 | &nbsp;&nbsp; 1255328 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2042 | 165 | &nbsp;&nbsp; 183962 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2043 | 895 | &nbsp;&nbsp; 989390 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2041 | 1000 | &nbsp;&nbsp; 1135583 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2042 | 925 | &nbsp;&nbsp; 1044237 |

---

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

------

**26**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2043 | $185 | &nbsp;&nbsp; $206871 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2044 | 1500 | &nbsp;&nbsp; 1660345 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2041 | 580 | &nbsp;&nbsp; 658638 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2042 | 605 | &nbsp;&nbsp; 682987 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2044 | 1150 | &nbsp;&nbsp; 1272932 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2045 | 1100 | &nbsp;&nbsp; 1204633 |
| University of California, Series 2024 BW, Ref. RB | 5.00% | 05/15/2054 | 1895 | &nbsp;&nbsp; 2007954 |
| University of California, Series 2024, Ref. RB | 5.00% | 05/15/2043 | 1410 | &nbsp;&nbsp; 1576693 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2041 | 305 | &nbsp;&nbsp; 350716 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2042 | 290 | &nbsp;&nbsp; 331311 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2043 | 1100 | &nbsp;&nbsp; 1243621 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2044 | 50 | &nbsp;&nbsp; 55899 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2045 | 695 | &nbsp;&nbsp; 767913 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2046 | 45 | &nbsp;&nbsp; 49188 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2047 | 370 | &nbsp;&nbsp; 401619 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2053 | 3860 | &nbsp;&nbsp; 4117262 |
| University of California, Series 2025 CC, RB | 4.00% | 05/15/2055 | 685 | &nbsp;&nbsp; 658888 |
| University of California, Series 2025 CC, RB | 5.25% | 05/15/2055 | 1000 | &nbsp;&nbsp; 1085105 |
| University of California, Series 2026 CE, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2042 | 200 | &nbsp;&nbsp; 231051 |
| University of California, Series 2026 CE, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2043 | 150 | &nbsp;&nbsp; 171332 |
| University of California, Series 2026 CF, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2042 | 150 | &nbsp;&nbsp; 173288 |
| University of California, Series 2026 CF, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2043 | 150 | &nbsp;&nbsp; 171332 |
| University of California, Series 2026 CF, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2044 | 150 | &nbsp;&nbsp; 169264 |
| University of California, Series 2026 CF, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2045 | 70 | &nbsp;&nbsp; 77989 |
| University of California (Limited), Series 2016 K, RB | 4.00% | 05/15/2046 | 2505 | &nbsp;&nbsp; 2466726 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2042 | 1920 | &nbsp;&nbsp; 1967926 |
| University of California (Limited), Series 2017 M, RB | 4.00% | 05/15/2047 | 850 | &nbsp;&nbsp; 830238 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2052 | 10 | &nbsp;&nbsp; 10140 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2043 | 855 | &nbsp;&nbsp; 890783 |
| University of California (Limited), Series 2018 O, Ref. RB | 4.00% | 05/15/2048 | 805 | &nbsp;&nbsp; 783421 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2048 | 2180 | &nbsp;&nbsp; 2241807 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2058 | 2565 | &nbsp;&nbsp; 2616221 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.50% | 05/15/2058 | 440 | &nbsp;&nbsp; 453845 |
| University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2046 | 2130 | &nbsp;&nbsp; 2250370 |
| University of California (Limited), Series 2021 Q, Ref. RB | 3.00% | 05/15/2051 | 2140 | &nbsp;&nbsp; 1632230 |
| University of California (Limited), Series 2021 Q, Ref. RB | 4.00% | 05/15/2051 | 975 | &nbsp;&nbsp; 943306 |
| Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP | 4.00% | 01/01/2042 | 885 | &nbsp;&nbsp; 845859 |
| Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP | 5.00% | 01/01/2047 | 600 | &nbsp;&nbsp; 605222 |
| Upper Santa Clara Valley Joint Powers Authority, Series 2020 A, Ref. RB | 4.00% | 08/01/2050 | 225 | &nbsp;&nbsp; 217307 |
| Vacaville Unified School District, Series 2020 D, GO Bonds | 4.00% | 08/01/2045 | 1065 | &nbsp;&nbsp; 1062538 |
| Ventura Unified School District (Election of 2022), Series 2023 A, GO Bonds | 4.00% | 08/01/2052 | 490 | &nbsp;&nbsp; 471452 |
| Ventura Unified School District (Election of 2022), Series 2025 B, GO Bonds | 4.25% | 08/01/2051 | 140 | &nbsp;&nbsp; 140347 |
| Ventura Unified School District (Election of 2022), Series 2025 B, GO Bonds | 5.25% | 08/01/2055 | 900 | &nbsp;&nbsp; 965667 |
| Victor Valley Community College District (Election of 2008), Series 2020 D, GO Bonds | 4.00% | 08/01/2050 | 1385 | &nbsp;&nbsp; 1345873 |
| Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.25% | 08/01/2048 | 1690 | &nbsp;&nbsp; 1809768 |
| Washington Township Health Care District, Series 2015 B, GO Bonds | 4.00% | 08/01/2045 | 340 | &nbsp;&nbsp; 339985 |
| Washington Township Health Care District (Election of 2004), Series 2013 B, GO Bonds | 5.00% | 08/01/2043 | 20 | &nbsp;&nbsp; 20009 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds | 5.25% | 08/01/2048 | 460 | &nbsp;&nbsp; 503212 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds | 5.50% | 08/01/2053 | 620 | &nbsp;&nbsp; 674273 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds, <br> (INS - AGI)<sup>(a)</sup><br>| 4.50% | 08/01/2053 | 295 | &nbsp;&nbsp; 296227 |
| West Contra Costa Unified School District (Election of 2012), Series 2015 B, GO Bonds | 4.00% | 08/01/2054 | 510 | &nbsp;&nbsp; 478161 |
| West Contra Costa Unified School District (Election of 2020), Series 2024 B, GO Bonds, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 08/01/2049 | 655 | &nbsp;&nbsp; 696624 |
| West Contra Costa Unified School District (Election of 2020), Series 2024 B, GO Bonds, <br> (INS - BAM)<sup>(a)</sup><br>| 4.00% | 08/01/2054 | 745 | &nbsp;&nbsp; 693909 |

---

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

------

**27**

------

**Invesco California AMT-Free Municipal Bond ETF (PWZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |  |
| West Contra Costa Unified School District (Election of 2020), Series 2024 B, GO Bonds, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 08/01/2054 | $| 565 | &nbsp;&nbsp; $594670 |
| West Valley-Mission Community College District, Series 2019 A, GO Bonds | 4.00% | 08/01/2044 |  | 200 | &nbsp;&nbsp; 200802 |
|  |  |  |  |  | &nbsp;&nbsp; 1071101897 |
| **Guam-0.42%** |  |  |  |  |  |
| Guam (Territory of), Series 2021 F, Ref. RB | 4.00% | 01/01/2042 |  | 1570 | &nbsp;&nbsp; 1563404 |
| Guam (Territory of) Waterworks Authority, Series 2016, RB | 5.00% | 01/01/2046 |  | 1060 | &nbsp;&nbsp; 1061911 |
| Guam (Territory of) Waterworks Authority, Series 2020 A, RB | 5.00% | 01/01/2050 |  | 50 | &nbsp;&nbsp; 51033 |
| Guam (Territory of) Waterworks Authority, Series 2025 A, RB | 5.25% | 07/01/2050 |  | 810 | &nbsp;&nbsp; 841576 |
| Guam (Territory of) Waterworks Authority, Series 2025 A, RB | 5.50% | 07/01/2055 |  | 1020 | &nbsp;&nbsp; 1072147 |
|  |  |  |  |  | &nbsp;&nbsp; 4590071 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.66% <br>(Cost $1,058,134,513) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.66% <br>(Cost $1,058,134,513) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.66% <br>(Cost $1,058,134,513) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.66% <br>(Cost $1,058,134,513) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.66% <br>(Cost $1,058,134,513) | &nbsp;&nbsp; 1075691968 |
| OTHER ASSETS LESS LIABILITIES-2.34% | OTHER ASSETS LESS LIABILITIES-2.34% | OTHER ASSETS LESS LIABILITIES-2.34% | OTHER ASSETS LESS LIABILITIES-2.34% | OTHER ASSETS LESS LIABILITIES-2.34% | &nbsp;&nbsp; 25785872 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1101477840 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| COP | -Certificates of Participation |
| GO | -General Obligation |
| INS | -Insurer |
| NCCD | -National Campus and Community Development |
| RB | -Revenue Bonds |
| Ref. | -Refunding |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| <sup>(c)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(d)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <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 value of this security at February 28, <br> 2026 represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(f)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

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

------

**28**

------

**Invesco CEF Income Composite ETF (PCEF)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Closed-End Funds-99.98%** | **Closed-End Funds-99.98%** | **Closed-End Funds-99.98%** |
| **Bonds-29.29%** | **Bonds-29.29%** | **Bonds-29.29%** |
| BlackRock Core Bond Trust | 674666 | &nbsp;&nbsp; $6463300 |
| BlackRock Credit Allocation Income Trust | 878018 | &nbsp;&nbsp; 9315771 |
| BlackRock Limited Duration Income Trust<sup>(a)</sup> | 313673 | &nbsp;&nbsp; 4284773 |
| BlackRock Multi-Sector Income Trust<sup>(a)</sup> | 662230 | &nbsp;&nbsp; 8642102 |
| BlackRock Taxable Municipal Bond Trust | 574106 | &nbsp;&nbsp; 9604793 |
| Blackstone Long-Short Credit Income Fund | 168035 | &nbsp;&nbsp; 1821499 |
| Cohen & Steers Limited Duration Preferred <br> and Income Fund, Inc.<br>| 275144 | &nbsp;&nbsp; 5866070 |
| Cohen & Steers Select Preferred and Income <br> Fund, Inc.<br>| 143486 | &nbsp;&nbsp; 2925680 |
| DoubleLine Income Solutions Fund<sup>(a)</sup> | 1089115 | &nbsp;&nbsp; 12426802 |
| DoubleLine Opportunistic Credit Fund<sup>(a)</sup> | 153592 | &nbsp;&nbsp; 2294664 |
| Eaton Vance Limited Duration Income <br> Fund<sup>(a)</sup><br>| 1104752 | &nbsp;&nbsp; 10892855 |
| Eaton Vance Short Duration Diversified <br> Income Fund<sup>(a)</sup><br>| 126391 | &nbsp;&nbsp; 1377662 |
| First Trust Intermediate Duration Preferred & <br> Income Fund<sup>(a)</sup><br>| 709212 | &nbsp;&nbsp; 13567226 |
| Flaherty & Crumrine Dynamic Preferred and <br> Income Fund, Inc.<sup>(a)</sup><br>| 246466 | &nbsp;&nbsp; 5353242 |
| Flaherty & Crumrine Preferred & Income <br> Securities Fund, Inc.<br>| 563749 | &nbsp;&nbsp; 9341321 |
| Flaherty & Crumrine Total Return Fund, Inc. | 124221 | &nbsp;&nbsp; 2204923 |
| Franklin Limited Duration Income Trust<sup>(a)</sup> | 526215 | &nbsp;&nbsp; 3220436 |
| Guggenheim Taxable Municipal Bond & <br> Investment Grade Debt Trust<sup>(a)</sup><br>| 191324 | &nbsp;&nbsp; 2959782 |
| Invesco Bond Fund<sup>(b)</sup> | 133657 | &nbsp;&nbsp; 2062328 |
| Invesco Senior Income Trust<sup>(b)</sup> | 2036870 | &nbsp;&nbsp; 6293928 |
| John Hancock Preferred Income Fund<sup>(a)</sup> | 180399 | &nbsp;&nbsp; 2908032 |
| John Hancock Preferred Income Fund II | 148212 | &nbsp;&nbsp; 2393624 |
| John Hancock Preferred Income Fund III | 219998 | &nbsp;&nbsp; 3251570 |
| John Hancock Premium Dividend Fund<sup>(a)</sup> | 589125 | &nbsp;&nbsp; 8000318 |
| MFS Charter Income Trust | 485325 | &nbsp;&nbsp; 3023575 |
| MFS Intermediate Income Trust | 1050293 | &nbsp;&nbsp; 2730762 |
| MFS Multimarket Income Trust | 650559 | &nbsp;&nbsp; 3064133 |
| Nuveen Credit Strategies Income Fund<sup>(a)</sup> | 1958399 | &nbsp;&nbsp; 9576571 |
| Nuveen Floating Rate Income Fund | 2121087 | &nbsp;&nbsp; 16077839 |
| Nuveen Global High Income Fund<sup>(a)</sup> | 339311 | &nbsp;&nbsp; 4329608 |
| Nuveen Preferred & Income Opportunities <br> Fund<sup>(a)</sup><br>| 2932124 | &nbsp;&nbsp; 24072738 |
| Nuveen Taxable Municipal Income Fund | 274006 | &nbsp;&nbsp; 4490958 |
| PIMCO Dynamic Income Opportunities <br> Fund<sup>(a)</sup><br>| 913509 | &nbsp;&nbsp; 12743451 |
| PIMCO Income Strategy Fund<sup>(a)</sup> | 312345 | &nbsp;&nbsp; 2633068 |
| PIMCO Income Strategy Fund II | 663788 | &nbsp;&nbsp; 4805825 |
| Putnam Premier Income Trust<sup>(a)</sup> | 1120325 | &nbsp;&nbsp; 4089186 |
| Saba Capital Income & Opportunities Fund II | 412160 | &nbsp;&nbsp; 3313766 |
| Western Asset Inflation-Linked Opportunities <br> & Income Fund<br>| 818660 | &nbsp;&nbsp; 7130529 |
|  |  | &nbsp;&nbsp; 239554710 |
| **Bonds/High Yield-18.00%** | **Bonds/High Yield-18.00%** | **Bonds/High Yield-18.00%** |
| Aberdeen Asia-Pacific Income Fund, Inc.<sup>(a)</sup> | 485286 | &nbsp;&nbsp; 7783987 |
| AllianceBernstein Global High Income Fund, <br> Inc.<br>| 1004369 | &nbsp;&nbsp; 10465525 |
| Allspring Income Opportunities Fund<sup>(a)</sup> | 696456 | &nbsp;&nbsp; 4756794 |
| Allspring Multi-Sector Income Fund<sup>(a)</sup> | 327844 | &nbsp;&nbsp; 3075177 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Bonds/High Yield-(continued)** | **Bonds/High Yield-(continued)** | **Bonds/High Yield-(continued)** |
| Barings Global Short Duration High Yield <br> Fund<br>| 159549 | &nbsp;&nbsp; $2279955 |
| BlackRock Corporate High Yield Fund, Inc. | 1570409 | &nbsp;&nbsp; 13835303 |
| BlackRock Debt Strategies Fund, Inc.<sup>(a)</sup> | 490049 | &nbsp;&nbsp; 4846585 |
| BlackRock Floating Rate Income Strategies <br> Fund, Inc.<sup>(a)</sup><br>| 290824 | &nbsp;&nbsp; 3245596 |
| BlackRock Floating Rate Income Trust | 278733 | &nbsp;&nbsp; 3074425 |
| BNY Mellon High Yield Strategies Fund | 959044 | &nbsp;&nbsp; 2388020 |
| Credit Suisse Asset Management Income <br> Fund, Inc.<br>| 439777 | &nbsp;&nbsp; 1191796 |
| Credit Suisse High Yield Bond Fund | 974219 | &nbsp;&nbsp; 1889985 |
| Eaton Vance Floating-Rate Income Trust | 351768 | &nbsp;&nbsp; 3837789 |
| Eaton Vance Senior Floating-Rate Trust<sup>(a)</sup> | 390881 | &nbsp;&nbsp; 4166791 |
| First Trust Senior Floating Rate Income Fund <br> II<sup>(a)</sup><br>| 296469 | &nbsp;&nbsp; 2929114 |
| High Income Securities Fund<sup>(a)</sup> | 281923 | &nbsp;&nbsp; 1688719 |
| Highland Opportunities and Income Fund <br> (Acquired 09/30/2020 - 12/31/2025; <br> Cost $9,164,669)<sup>(c)</sup><br>| 1346304 | &nbsp;&nbsp; 8374011 |
| Morgan Stanley Emerging Markets Debt <br> Fund, Inc.<br>| 235902 | &nbsp;&nbsp; 1823522 |
| Morgan Stanley Emerging Markets Domestic <br> Debt Fund, Inc.<sup>(a)</sup><br>| 755611 | &nbsp;&nbsp; 4601671 |
| Neuberger Berman High Yield Strategies <br> Fund, Inc.<sup>(a)</sup><br>| 254714 | &nbsp;&nbsp; 1966392 |
| Nuveen NASDAQ 100 Dynamic Overwrite <br> Fund<br>| 640398 | &nbsp;&nbsp; 17860700 |
| PGIM Global High Yield Fund, Inc. | 477739 | &nbsp;&nbsp; 6091172 |
| PGIM High Yield Bond Fund, Inc.<sup>(a)</sup> | 224268 | &nbsp;&nbsp; 3278798 |
| PGIM Short Duration High Yield Opportunities <br> Fund<sup>(a)</sup><br>| 290666 | &nbsp;&nbsp; 4871562 |
| PIMCO High Income Fund | 1197270 | &nbsp;&nbsp; 5854650 |
| Templeton Emerging Markets Income Fund<sup>(a)</sup> | 552411 | &nbsp;&nbsp; 3811636 |
| Western Asset Emerging Markets Debt Fund, <br> Inc.<br>| 659163 | &nbsp;&nbsp; 7277160 |
| Western Asset Global High Income Fund, <br> Inc.<sup>(a)</sup><br>| 348220 | &nbsp;&nbsp; 2228608 |
| Western Asset High Income Fund II, Inc. | 847891 | &nbsp;&nbsp; 3535705 |
| Western Asset High Income Opportunity <br> Fund, Inc.<sup>(a)</sup><br>| 1118814 | &nbsp;&nbsp; 4195553 |
|  |  | &nbsp;&nbsp; 147226701 |
| **Domestic Equity-5.31%** | **Domestic Equity-5.31%** | **Domestic Equity-5.31%** |
| Guggenheim Strategic Opportunities Fund | 1301639 | &nbsp;&nbsp; 15619668 |
| John Hancock Tax-Advantaged Dividend <br> Income Fund<sup>(a)</sup><br>| 418647 | &nbsp;&nbsp; 10830398 |
| Virtus Dividend, Interest & Premium Strategy <br> Fund<sup>(a)</sup><br>| 1249931 | &nbsp;&nbsp; 16936565 |
|  |  | &nbsp;&nbsp; 43386631 |
| **Equities-5.87%** | **Equities-5.87%** | **Equities-5.87%** |
| BlackRock Capital Allocation Term Trust<sup>(a)</sup> | 1240418 | &nbsp;&nbsp; 18829545 |
| BlackRock Health Sciences Term Trust | 851856 | &nbsp;&nbsp; 12803396 |
| BlackRock Technology and Private Equity <br> Term Trust<sup>(a)</sup><br>| 1782023 | &nbsp;&nbsp; 11707891 |
| BlackRock Utilities, Infrastructure & Power <br> Opportunities Trust<sup>(a)</sup><br>| 153085 | &nbsp;&nbsp; 4682870 |
|  |  | &nbsp;&nbsp; 48023702 |

---

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

------

**29**

------

**Invesco CEF Income Composite ETF (PCEF)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Fixed Income-9.17%** | **Fixed Income-9.17%** | **Fixed Income-9.17%** |
| Barings Corporate Investors<sup>(a)</sup> | 223357 | &nbsp;&nbsp; $4467140 |
| BlackRock ESG Capital Allocation Term Trust | 935615 | &nbsp;&nbsp; 14165211 |
| BlackRock Income Trust, Inc.<sup>(a)</sup> | 370354 | &nbsp;&nbsp; 4133151 |
| BlackRock Science & Technology Term <br> Trust<sup>(a)</sup><br>| 901303 | &nbsp;&nbsp; 20513657 |
| Nuveen Variable Rate Preferred & Income <br> Fund<sup>(a)</sup><br>| 228661 | &nbsp;&nbsp; 4502335 |
| PIMCO Corporate & Income Opportunity <br> Fund<br>| 1302980 | &nbsp;&nbsp; 16665114 |
| PIMCO Corporate & Income Strategy Fund<sup>(a)</sup> | 468319 | &nbsp;&nbsp; 5891453 |
| Saba Capital Income & Opportunities Fund | 705751 | &nbsp;&nbsp; 4665014 |
|  |  | &nbsp;&nbsp; 75003075 |
| **Foreign Equity-0.44%** | **Foreign Equity-0.44%** | **Foreign Equity-0.44%** |
| Allspring Global Dividend Opportunity Fund | 568623 | &nbsp;&nbsp; 3570952 |
| **Option Income-31.90%** | **Option Income-31.90%** | **Option Income-31.90%** |
| BlackRock Energy and Resources Trust | 237893 | &nbsp;&nbsp; 3746815 |
| BlackRock Enhanced Equity Dividend Trust<sup>(a)</sup> | 2017194 | &nbsp;&nbsp; 19506266 |
| BlackRock Enhanced Global Dividend Trust | 730815 | &nbsp;&nbsp; 8806321 |
| BlackRock Enhanced International Dividend <br> Trust<br>| 1063473 | &nbsp;&nbsp; 6582898 |
| BlackRock Enhanced Large Cap Core Fund, <br> Inc.<sup>(a)</sup><br>| 343013 | &nbsp;&nbsp; 7789825 |
| BlackRock Health Sciences Trust<sup>(a)</sup> | 165736 | &nbsp;&nbsp; 7063668 |
| BlackRock Resources & Commodities <br> Strategy Trust<br>| 882976 | &nbsp;&nbsp; 11973155 |
| BlackRock Science & Technology Trust | 411909 | &nbsp;&nbsp; 16554623 |
| Columbia Seligman Premium Technology <br> Growth Fund, Inc.<br>| 163656 | &nbsp;&nbsp; 6619885 |
| Eaton Vance Enhanced Equity Income Fund | 381165 | &nbsp;&nbsp; 7798636 |
| Eaton Vance Enhanced Equity Income Fund <br> II<sup>(a)</sup><br>| 622381 | &nbsp;&nbsp; 13686158 |
| Eaton Vance Risk-Managed Diversified Equity <br> Income Fund<sup>(a)</sup><br>| 887156 | &nbsp;&nbsp; 7780358 |
| Eaton Vance Tax-Managed Buy-Write Income <br> Fund<sup>(a)</sup><br>| 344920 | &nbsp;&nbsp; 5315217 |
| Eaton Vance Tax-Managed Buy-Write <br> Opportunities Fund<sup>(a)</sup><br>| 1386218 | &nbsp;&nbsp; 20280369 |
| Eaton Vance Tax-Managed Diversified Equity <br> Income Fund<br>| 1287013 | &nbsp;&nbsp; 19215104 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Option Income-(continued)** | **Option Income-(continued)** | **Option Income-(continued)** |
| Eaton Vance Tax-Managed Global Buy Write <br> Opportunities Fund<sup>(a)</sup><br>| 1453531 | &nbsp;&nbsp; $13764939 |
| Eaton Vance Tax-Managed Global Diversified <br> Equity Income Fund<sup>(a)</sup><br>| 3588011 | &nbsp;&nbsp; 34660186 |
| First Trust Enhanced Equity Income Fund | 263327 | &nbsp;&nbsp; 5761595 |
| Nuveen Dow 30<sup>sm</sup> Dynamic Overwrite Fund | 529285 | &nbsp;&nbsp; 8098061 |
| Nuveen S&P 500 Buy-Write Income Fund | 1394149 | &nbsp;&nbsp; 20382458 |
| Nuveen S&P 500 Dynamic Overwrite Fund<sup>(a)</sup> | 231825 | &nbsp;&nbsp; 4114894 |
| Voya Global Advantage and Premium <br> Opportunity Fund<br>| 178902 | &nbsp;&nbsp; 1803332 |
| Voya Global Equity Dividend and Premium <br> Opportunity Fund<sup>(a)</sup><br>| 910435 | &nbsp;&nbsp; 5462610 |
| Voya Infrastructure Industrials and Materials <br> Fund<sup>(a)</sup><br>| 175776 | &nbsp;&nbsp; 2510081 |
| XAI Madison Equity Premium Income Fund | 252729 | &nbsp;&nbsp; 1556811 |
|  |  | &nbsp;&nbsp; 260834265 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $755,574,915) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $755,574,915) | &nbsp;&nbsp; 817600036 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-4.19%** | **Money Market Funds-4.19%** | **Money Market Funds-4.19%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(b)(d)(e)</sup><br>| 9433196 | &nbsp;&nbsp; 9433196 |
| Invesco Private Prime Fund, 3.81%<sup>(b)(d)(e)</sup> | 24848500 | &nbsp;&nbsp; 24855955 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $34,289,151) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $34,289,151) | &nbsp;&nbsp; 34289151 |
| TOTAL INVESTMENTS IN SECURITIES-104.17% <br>(Cost $789,864,066) | TOTAL INVESTMENTS IN SECURITIES-104.17% <br>(Cost $789,864,066) | &nbsp;&nbsp; 851889187 |
| OTHER ASSETS LESS LIABILITIES-(4.17)% | OTHER ASSETS LESS LIABILITIES-(4.17)% | &nbsp;&nbsp; (34137851)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $817751336 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<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>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Bond Fund | &nbsp;&nbsp; $2174479 | &nbsp;&nbsp; $134424 | &nbsp;&nbsp; $(238173)<br>| &nbsp;&nbsp; $1309 | &nbsp;&nbsp; $(9711)<br>| &nbsp;&nbsp; $2062328 | &nbsp;&nbsp; $59395 |
| Invesco Senior <br> Income Trust<br>| &nbsp;&nbsp; 5509730 | &nbsp;&nbsp; 2133389 | &nbsp;&nbsp; (378480)<br>| &nbsp;&nbsp; (960260)<br>| &nbsp;&nbsp; (10451)<br>| &nbsp;&nbsp; 6293928 | &nbsp;&nbsp; 402207 |

---

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

------

**30**

------

**Invesco CEF Income Composite ETF (PCEF)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<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> **February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $3512369 | &nbsp;&nbsp; $17826597 | &nbsp;&nbsp; $(21338966)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $21762 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 6694262 | &nbsp;&nbsp; 77741050 | &nbsp;&nbsp; (75002116)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 9433196 | &nbsp;&nbsp; 203,956<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 17317989 | &nbsp;&nbsp; 190030716 | &nbsp;&nbsp; (182492001)<br>| &nbsp;&nbsp; (88)<br>| &nbsp;&nbsp; (661)<br>| &nbsp;&nbsp; 24855955 | &nbsp;&nbsp; 552,482<br> \*<br>|
| Total | &nbsp;&nbsp; $35208829 | &nbsp;&nbsp; $287866176 | &nbsp;&nbsp; $(279449736)<br>| &nbsp;&nbsp; $(959039)<br>| &nbsp;&nbsp; $(20823)<br>| &nbsp;&nbsp; $42645407 | &nbsp;&nbsp; $1239802 |

---

\* 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>(c)</sup> Restricted security. The value of this security at February 28, 2026 represented 1.02% of the Fund's Net Assets.

<sup>(d)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

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

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

------

**31**

------

**Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Securities-99.88%** | **U.S. Treasury Securities-99.88%** | **U.S. Treasury Securities-99.88%** |
| **U.S. Treasury Bonds-79.94%** | **U.S. Treasury Bonds-79.94%** | **U.S. Treasury Bonds-79.94%** |
| 6.63%, 02/15/2027 | $34340200 | &nbsp;&nbsp; $35356253 |
| 5.25%, 02/15/2029 | 33636000 | &nbsp;&nbsp; 35466271 |
| 5.38%, 02/15/2031 | 32784600 | &nbsp;&nbsp; 35507259 |
| 4.50%, 02/15/2036 | 33930000 | &nbsp;&nbsp; 35626500 |
| 4.75%, 02/15/2037 | 33354300 | &nbsp;&nbsp; 35639591 |
| 4.38%, 02/15/2038 | 34569400 | &nbsp;&nbsp; 35651044 |
| 3.50%, 02/15/2039 | 38170900 | &nbsp;&nbsp; 35688301 |
| 4.63%, 02/15/2040 | 34396700 | &nbsp;&nbsp; 35648955 |
| 4.75%, 02/15/2041 | 34128800 | &nbsp;&nbsp; 35652598 |
| 3.13%, 02/15/2042 | 42033300 | &nbsp;&nbsp; 35680689 |
| 3.13%, 02/15/2043 | 42710600 | &nbsp;&nbsp; 35686709 |
| 3.63%, 02/15/2044 | 40227600 | &nbsp;&nbsp; 35675281 |
| 2.50%, 02/15/2045 | 48638300 | &nbsp;&nbsp; 35714952 |
| 2.50%, 02/15/2046 | 49435400 | &nbsp;&nbsp; 35744112 |
| 3.00%, 02/15/2047 | 45745300 | &nbsp;&nbsp; 35729582 |
| 3.00%, 02/15/2048 | 46248700 | &nbsp;&nbsp; 35719894 |
| 3.00%, 02/15/2049 | 46722200 | &nbsp;&nbsp; 35731532 |
| 2.00%, 02/15/2050 | 58458200 | &nbsp;&nbsp; 35769111 |
| 1.88%, 02/15/2051 | 61257200 | &nbsp;&nbsp; 35763676 |
| 2.25%, 02/15/2052 | 56500700 | &nbsp;&nbsp; 35763177 |
| 3.63%, 02/15/2053 | 42530100 | &nbsp;&nbsp; 35716977 |
| 4.25%, 02/15/2054 | 38114500 | &nbsp;&nbsp; 35718200 |
| 4.63%, 02/15/2055 | 35810900 | &nbsp;&nbsp; 35722072 |
| 4.75%, 02/15/2056 | 35051000 | &nbsp;&nbsp; 35721898 |
|  |  | &nbsp;&nbsp; 856094634 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Notes-19.94%** | **U.S. Treasury Notes-19.94%** | **U.S. Treasury Notes-19.94%** |
| 2.75%, 02/15/2028 | $35897300 | &nbsp;&nbsp; $35472422 |
| 1.50%, 02/15/2030 | 38288800 | &nbsp;&nbsp; 35559227 |
| 1.88%, 02/15/2032 | 39300800 | &nbsp;&nbsp; 35620956 |
| 3.50%, 02/15/2033 | 36100400 | &nbsp;&nbsp; 35609660 |
| 4.00%, 02/15/2034 | 35156300 | &nbsp;&nbsp; 35623906 |
| 4.63%, 02/15/2035 | 33757800 | &nbsp;&nbsp; 35619094 |
|  |  | &nbsp;&nbsp; 213505265 |
| Total U.S. Treasury Securities <br>(Cost $1,143,054,364) | Total U.S. Treasury Securities <br>(Cost $1,143,054,364) | &nbsp;&nbsp; 1069599899 |
|  | **Shares** |  |
| **Money Market Funds-5.12%** | **Money Market Funds-5.12%** | **Money Market Funds-5.12%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(a)(b)</sup> <br>(Cost $54,807,338)<br>| 54807338 | &nbsp;&nbsp; 54807338 |
| TOTAL INVESTMENTS IN SECURITIES-105.00% <br>(Cost $1,197,861,702) | TOTAL INVESTMENTS IN SECURITIES-105.00% <br>(Cost $1,197,861,702) | &nbsp;&nbsp; 1124407237 |
| OTHER ASSETS LESS LIABILITIES-(5.00)% | OTHER ASSETS LESS LIABILITIES-(5.00)% | &nbsp;&nbsp; (53558240)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1070848997 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $19463235 | &nbsp;&nbsp; $75016617 | &nbsp;&nbsp; $(39672514)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $54807338 | &nbsp;&nbsp; $74108 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 383185 | &nbsp;&nbsp; (383185)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 116<br> \*<br>|
| Total | &nbsp;&nbsp; $19463235 | &nbsp;&nbsp; $75399802 | &nbsp;&nbsp; $(40055699)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $54807338 | &nbsp;&nbsp; $74224 |

---

\* 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>(b)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

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

------

**32**

------

**Invesco Floating Rate Municipal Income ETF (PVI)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-99.76%** |  |  |  |  |
| **Arizona-1.08%** |  |  |  |  |
| Arizona (State of) Health Facilities Authority (Banner Health), Series 2015 C, VRD RB, <br> (LOC - Bank of America, N.A.)<sup>(a)(b)</sup><br>| 1.10% | 01/01/2046 | $115 | &nbsp;&nbsp; $115000 |
| Arizona (State of) Industrial Development Authority (Phoenix Children's Hospital), Series 2019, Ref. <br> VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 02/01/2048 | 120 | &nbsp;&nbsp; 120000 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2024 C, VRD RB, <br> (LOC - Royal Bank of Canada)<sup>(a)(b)</sup><br>| 1.65% | 12/01/2054 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 335000 |
| **California-3.13%** |  |  |  |  |
| Bay Area Toll Authority, Series 2023 B, Ref. VRD RB, (LOC - Barclays Bank PLC)<sup>(a)(b)</sup> | 0.55% | 04/01/2055 | 160 | &nbsp;&nbsp; 160000 |
| California (State of), Series 2003 A-1, VRD GO Bonds, (LOC - Barclays Bank PLC)<sup>(a)(b)</sup> | 0.50% | 05/01/2033 | 385 | &nbsp;&nbsp; 385000 |
| Modesto (City of), CA, Series 2008 A, Ref. VRD COP, (INS - AGI)<sup>(a)(c)</sup> | 1.60% | 10/01/2036 | 100 | &nbsp;&nbsp; 100000 |
| Orange (County of), CA Water District, Series 2003 A, VRD COP, (LOC - Citibank, N.A.)<sup>(a)(b)</sup> | 0.73% | 08/01/2042 | 100 | &nbsp;&nbsp; 100000 |
| San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2007 A, VRD RB, <br> (LOC - Wells Fargo Bank, N.A.)<sup>(a)(b)</sup><br>| 1.10% | 04/01/2039 | 125 | &nbsp;&nbsp; 125000 |
| San Mateo (County of), CA Transportation Authority, Series 2020 B, VRD RB, <br> (LOC - Bank of America, N.A.)<sup>(a)(b)</sup><br>| 0.25% | 06/01/2049 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 970000 |
| **Colorado-1.61%** |  |  |  |  |
| Colorado (State of) Health Facilities Authority (Children's Hospital), Series 2020, Ref. VRD RB, <br> (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.10% | 12/01/2052 | 100 | &nbsp;&nbsp; 100000 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 E, VRD RB<sup>(a)</sup> | 1.05% | 05/15/2064 | 100 | &nbsp;&nbsp; 100000 |
| Colorado Springs (City of), CO, Series 2006 B, VRD RB<sup>(a)</sup> | 1.92% | 11/01/2036 | 200 | &nbsp;&nbsp; 200000 |
| University of Colorado Hospital Authority, Series 2018, Ref. VRD RB<sup>(a)</sup> | 1.05% | 11/15/2039 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 500000 |
| **Connecticut-2.26%** |  |  |  |  |
| Connecticut (State of) Housing Finance Authority, Series 2020 E-3, Ref. VRD RB<sup>(a)</sup> | 1.90% | 11/15/2050 | 700 | &nbsp;&nbsp; 700000 |
| **District of Columbia-2.98%** |  |  |  |  |
| District of Columbia (Tranche 3), Series 1998 A, VRD RB, (LOC - PNC Bank, N.A.)<sup>(a)(b)</sup> | 1.60% | 08/15/2038 | 925 | &nbsp;&nbsp; 925000 |
| **Florida-10.32%** |  |  |  |  |
| Florida Keys Aqueduct Authority, Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup> | 1.65% | 09/01/2035 | 1000 | &nbsp;&nbsp; 1000000 |
| Halifax Hospital Medical Center, Series 2008, Ref. VRD RB, (LOC - JPMorgan Chase Bank, N.A.)<sup>(a)(b)</sup> | 1.90% | 06/01/2048 | 500 | &nbsp;&nbsp; 500000 |
| Orlando (City of), FL Utilities Commission, Series 2015 B, Ref. VRD RB<sup>(a)</sup> | 1.25% | 10/01/2039 | 1200 | &nbsp;&nbsp; 1200000 |
| West Palm Beach (City of), FL, Series 2008 C, VRD RB, (INS - AGI)<sup>(a)(c)</sup> | 1.40% | 10/01/2038 | 500 | &nbsp;&nbsp; 500000 |
|  |  |  |  | &nbsp;&nbsp; 3200000 |
| **Georgia-0.97%** |  |  |  |  |
| Brookhaven (City of), GA Development Authority (Children's Healthcare of Atlanta, Inc.), Series 2019 <br> D, VRD RB<sup>(a)</sup><br>| 1.92% | 07/01/2042 | 100 | &nbsp;&nbsp; 100000 |
| Georgia (State of) Municipal Electric Authority, Series 2008 B, VRD RB, (LOC - PNC Bank, N.A.)<sup>(a)(b)</sup> | 1.75% | 01/01/2048 | 100 | &nbsp;&nbsp; 100000 |
| Roswell Development Authority (Wellstar Healthcare, Inc.), Series 2025, VRD RB, <br> (LOC - Truist Bank)<sup>(a)(b)</sup><br>| 1.00% | 04/01/2047 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 300000 |
| **Hawaii-0.32%** |  |  |  |  |
| Hawaii (State of) Department of Budget & Finance (The Queen's Health System), Series 2025, RB, VRD, <br> (LOC - Barclays Bank PLC)<sup>(a)(b)</sup><br>| 0.55% | 07/01/2060 | 100 | &nbsp;&nbsp; 100000 |
| **Idaho-0.48%** |  |  |  |  |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2018 C, VRD Ref. RB, <br> (LOC - U.S. Bank, N.A.)<sup>(a)(b)</sup><br>| 0.95% | 03/01/2048 | 150 | &nbsp;&nbsp; 150000 |

---

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

------

**33**

------

**Invesco Floating Rate Municipal Income ETF (PVI)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-3.43%** |  |  |  |  |
| Illinois (State of) Educational Facilities Authority (The Adler Planetarium), Series 1997, VRD RB, <br> (LOC - PNC Bank, N.A.)<sup>(a)(b)</sup><br>| 1.75% | 04/01/2031 | $100 | &nbsp;&nbsp; $100000 |
| Illinois (State of) Finance Authority (Advocate Health Care Network), Subseries 2008 C, VRD RB<sup>(a)</sup> | 1.40% | 11/01/2038 | 670 | &nbsp;&nbsp; 670000 |
| Illinois (State of) Finance Authority (Little Co Mary Hospital), Series 2008 A, Ref. VRD RB, <br> (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.88% | 08/15/2035 | 145 | &nbsp;&nbsp; 145000 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2006, VRD RB, <br> (LOC - BMO Harris Bank, N.A.)<sup>(a)(b)</sup><br>| 1.85% | 01/01/2036 | 150 | &nbsp;&nbsp; 150000 |
|  |  |  |  | &nbsp;&nbsp; 1065000 |
| **Indiana-0.65%** |  |  |  |  |
| Indiana (State of) Finance Authority (Parkview Health System), Series 2009, VRD Ref.RB, <br> (LOC - Sumitomo Mitsui Banking)<sup>(a)(b)</sup><br>| 1.35% | 11/01/2039 | 100 | &nbsp;&nbsp; 100000 |
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.), Series 2008, VRD RB, <br> (LOC - Barclays Bank PLC)<sup>(a)(b)</sup><br>| 1.75% | 09/01/2048 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 200000 |
| **Iowa-1.29%** |  |  |  |  |
| Iowa (State of) Finance Authority, Series 2017, VRD RB, (CEP - GNMA)<sup>(a)</sup> | 1.88% | 01/01/2047 | 100 | &nbsp;&nbsp; 100000 |
| Iowa (State of) Finance Authority (Unitypoint Health), Series 2018, Ref. VRD RB, <br> (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 07/01/2041 | 200 | &nbsp;&nbsp; 200000 |
| Iowa (State of) Finance Authority (Unitypoint Health), Series 2018, VRD Ref. RB, <br> (LOC - JPMorgan Chase Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 02/15/2041 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 400000 |
| **Kentucky-0.97%** |  |  |  |  |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2013, VRD RB, (LOC - PNC Bank, N.A.)<sup>(a)(b)</sup><br>| 1.75% | 10/01/2043 | 300 | &nbsp;&nbsp; 300000 |
| **Louisiana-1.93%** |  |  |  |  |
| Louisiana (State of), Series 2023 A-1, Ref. VRD RB, (LOC - Toronto-dominion Bank)<sup>(a)(b)</sup> | 1.05% | 05/01/2043 | 225 | &nbsp;&nbsp; 225000 |
| Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC), Series 2013 B, Ref. VRD <br> RB, (LOC - JPMorgan Chase Bank, N.A.)<sup>(a)(b)</sup><br>| 1.50% | 09/01/2033 | 105 | &nbsp;&nbsp; 105000 |
| Louisiana (State of) Public Facilities Authority (Louisiana Children's Medical Center), Series 2017, VRD <br> RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.87% | 09/01/2057 | 170 | &nbsp;&nbsp; 170000 |
| Louisiana Housing Corp., Series 2007, VRD RB, (LOC - Fannie Mae)<sup>(a)(b)</sup> | 1.82% | 09/15/2040 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 600000 |
| **Maryland-0.65%** |  |  |  |  |
| Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program), <br> Series 1985 B, VRD RB, (LOC - TD Bank N.A.)<sup>(a)(b)</sup><br>| 1.65% | 04/01/2035 | 100 | &nbsp;&nbsp; 100000 |
| Washington (State of) Suburban Sanitary Commission, Series 2013 A, VRD RB<sup>(a)</sup> | 1.05% | 06/01/2027 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 200000 |
| **Massachusetts-3.35%** |  |  |  |  |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Partners Healthcare <br> System), Series 1997 P-1, VRD RB<sup>(a)</sup><br>| 0.70% | 07/01/2027 | 100 | &nbsp;&nbsp; 100000 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Partners Healthcare <br> System), Series 2005, VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.25% | 07/01/2040 | 100 | &nbsp;&nbsp; 100000 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2024, Ref. <br> VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 03/01/2048 | 200 | &nbsp;&nbsp; 200000 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2024, Ref. <br> VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 03/01/2048 | 200 | &nbsp;&nbsp; 200000 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority, Series 2009 J, VRD RB, <br> (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 07/01/2044 | 100 | &nbsp;&nbsp; 100000 |
| Massachusetts (Commonwealth of) Transportation Trust Fund, Series 2022, Ref. VRD RB<sup>(a)</sup> | 1.88% | 01/01/2039 | 105 | &nbsp;&nbsp; 105000 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2008 E, VRD Ref. RB<sup>(a)</sup> | 1.67% | 08/01/2037 | 110 | &nbsp;&nbsp; 110000 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2025, Ref. VRD RB<sup>(a)</sup> | 1.15% | 08/01/2031 | 125 | &nbsp;&nbsp; 125000 |
|  |  |  |  | &nbsp;&nbsp; 1040000 |

---

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

------

**34**

------

**Invesco Floating Rate Municipal Income ETF (PVI)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-0.97%** |  |  |  |  |
| Green Lake Township Economic Development Corp., Series 2004, Ref. VRD RB, <br> (LOC - PNC Bank, N.A.)<sup>(a)(b)</sup><br>| 0.50% | 06/01/2034 | $100 | &nbsp;&nbsp; $100000 |
| Oakland University Board of Trustees, Series 2008, Ref. VRD RB, <br> (LOC - JPMorgan Chase Bank, N.A.)<sup>(a)(b)</sup><br>| 1.75% | 03/01/2031 | 200 | &nbsp;&nbsp; 200000 |
|  |  |  |  | &nbsp;&nbsp; 300000 |
| **Minnesota-0.97%** |  |  |  |  |
| Minneapolis (City of), MN (Fairview Health), Series 2018 B, Ref. VRD RB, <br> (LOC - JPMorgan Chase Bank, N.A.)<sup>(a)(b)</sup><br>| 1.37% | 11/15/2048 | 200 | &nbsp;&nbsp; 200000 |
| Rochester (City of), MN, Series 2019, VRD RB, (LOC - United Fidelity Bank)<sup>(a)(b)</sup> | 1.91% | 05/01/2061 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 300000 |
| **Missouri-0.97%** |  |  |  |  |
| Missouri (State of) Health & Educational Facilities Authority, Series 2000 C, VRD RB<sup>(a)</sup> | 0.90% | 03/01/2040 | 100 | &nbsp;&nbsp; 100000 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2008, Ref. VRD <br> RB<sup>(a)</sup><br>| 1.85% | 05/15/2038 | 100 | &nbsp;&nbsp; 100000 |
| Missouri (State of) Health & Educational Facilities Authority (Washington University (The)), Series 2000 <br> B, VRD RB<sup>(a)</sup><br>| 1.10% | 03/01/2040 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 300000 |
| **Nebraska-0.32%** |  |  |  |  |
| Douglas (County of), NE Hospital Authority No. 2, Series 2008 A, Ref. VRD RB, <br> (LOC - U.S. Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 08/15/2032 | 100 | &nbsp;&nbsp; 100000 |
| **Nevada-0.52%** |  |  |  |  |
| Clark (County of), NV Department of Aviation, Series 2008 D-2B, Ref. VRD RB, <br> (LOC - Sumitomo Mitsui Banking Corp.)<sup>(a)(b)</sup><br>| 1.65% | 07/01/2040 | 160 | &nbsp;&nbsp; 160000 |
| **New Hampshire-0.64%** |  |  |  |  |
| New Hampshire (State of) Business Finance Authority, Series 2024, VRD RB, (LOC - Truist Bank)<sup>(a)(b)</sup> | 1.10% | 11/01/2064 | 200 | &nbsp;&nbsp; 200000 |
| **New Jersey-0.32%** |  |  |  |  |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2008, Ref. <br> VRD RB, (LOC - JPMorgan Chase Bank, N.A.)<sup>(a)(b)</sup><br>| 1.90% | 07/01/2036 | 100 | &nbsp;&nbsp; 100000 |
| **New Mexico-0.48%** |  |  |  |  |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2008, Ref. <br> VRD RB<sup>(a)</sup><br>| 1.90% | 08/01/2034 | 150 | &nbsp;&nbsp; 150000 |
| **New York-27.14%** |  |  |  |  |
| Battery Park (City of), NY Authority, Series 2019 D-1, Ref. VRD RB<sup>(a)</sup> | 0.98% | 11/01/2038 | 100 | &nbsp;&nbsp; 100000 |
| Dutchess (County of), NY Industrial Development Agency (Marist College Civic Facility), Series 2008 A, <br> VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.92% | 07/01/2038 | 125 | &nbsp;&nbsp; 125000 |
| Metropolitan Transportation Authority, Series 2005 D-1, Ref. VRD RB, (LOC - Truist Bank)<sup>(a)(b)</sup> | 1.10% | 11/01/2035 | 125 | &nbsp;&nbsp; 125000 |
| Metropolitan Transportation Authority, Series 2020 B, VRD RB, (LOC - Royal Bank Of Canada)<sup>(a)(b)</sup> | 1.05% | 11/15/2046 | 100 | &nbsp;&nbsp; 100000 |
| New York (City of), NY, Subseries 2013 D-4, VRD GO Bonds, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup> | 1.05% | 08/01/2040 | 220 | &nbsp;&nbsp; 220000 |
| New York (City of), NY, Subseries 2015 F, VRD GO Bonds<sup>(a)</sup> | 1.10% | 06/01/2044 | 335 | &nbsp;&nbsp; 335000 |
| New York (City of), NY, Subseries 2016 A-5, VRD GO Bonds<sup>(a)</sup> | 1.10% | 08/01/2044 | 1000 | &nbsp;&nbsp; 1000000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2010, VRD RB<sup>(a)</sup> | 1.05% | 06/15/2043 | 100 | &nbsp;&nbsp; 100000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2012, VRD RB<sup>(a)</sup> | 1.75% | 06/15/2046 | 1375 | &nbsp;&nbsp; 1375000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2013, VRD RB<sup>(a)</sup> | 1.10% | 06/15/2050 | 100 | &nbsp;&nbsp; 100000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2013, VRD RB<sup>(a)</sup> | 1.10% | 06/15/2050 | 225 | &nbsp;&nbsp; 225000 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 BB, VRD RB<sup>(a)</sup> | 1.10% | 06/15/2049 | 110 | &nbsp;&nbsp; 110000 |
| New York (City of), NY Transitional Finance Authority, Series 2014 A-3, VRD RB<sup>(a)</sup> | 1.06% | 08/01/2043 | 200 | &nbsp;&nbsp; 200000 |
| New York (City of), NY Transitional Finance Authority, Series 2018, VRD RB<sup>(a)</sup> | 1.10% | 08/01/2042 | 400 | &nbsp;&nbsp; 400000 |
| New York (City of), NY Transitional Finance Authority, Subseries 2012 C-4, VRD RB<sup>(a)</sup> | 1.10% | 11/01/2036 | 700 | &nbsp;&nbsp; 700000 |
| New York (State of) Dormitory Authority, Series 2009, VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup> | 1.90% | 12/01/2036 | 100 | &nbsp;&nbsp; 100000 |
| New York (State of) Dormitory Authority (Rockefeller University), Series 2008 A, VRD RB<sup>(a)</sup> | 1.85% | 07/01/2039 | 1200 | &nbsp;&nbsp; 1200000 |
| New York (State of) Housing Finance Agency, Series 2004, VRD RB, (LOC - Fannie Mae)<sup>(a)(b)</sup> | 1.40% | 11/15/2036 | 200 | &nbsp;&nbsp; 200000 |

---

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

------

**35**

------

**Invesco Floating Rate Municipal Income ETF (PVI)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York City Housing Development Corp., Series 2021, VRD RB, <br> (CEP - Federal Housing Administration)<sup>(a)</sup><br>| 1.75% | 05/01/2061 | $500 | &nbsp;&nbsp; $500000 |
| New York City Housing Development Corp. (Green Bonds), Series 2006 A, VRD RB, <br> (LOC - Fannie Mae)<sup>(a)(b)</sup><br>| 1.60% | 10/15/2041 | 1200 | &nbsp;&nbsp; 1200000 |
|  |  |  |  | &nbsp;&nbsp; 8415000 |
| **North Carolina-2.39%** |  |  |  |  |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2018 G, VRD RB<sup>(a)</sup> | 1.10% | 01/15/2048 | 105 | &nbsp;&nbsp; 105000 |
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2007, Ref. VRD <br> RB<sup>(a)</sup><br>| 1.10% | 01/15/2038 | 400 | &nbsp;&nbsp; 400000 |
| North Carolina (State of) Medical Care Commission, Series 2017, Ref. VRD RB<sup>(a)</sup> | 1.00% | 10/01/2032 | 130 | &nbsp;&nbsp; 130000 |
| Raleigh (City of), NC, Series 2016 A, Ref. VRD RB<sup>(a)</sup> | 1.75% | 06/01/2034 | 105 | &nbsp;&nbsp; 105000 |
|  |  |  |  | &nbsp;&nbsp; 740000 |
| **North Dakota-0.47%** |  |  |  |  |
| North Dakota (State of) Housing Finance Agency, Series 2015, VRD RB<sup>(a)</sup> | 1.88% | 01/01/2046 | 145 | &nbsp;&nbsp; 145000 |
| **Ohio-2.90%** |  |  |  |  |
| Allen (County of), OH, Series 2010, VRD RB, (LOC - Truist Bank)<sup>(a)(b)</sup> | 1.10% | 06/01/2034 | 100 | &nbsp;&nbsp; 100000 |
| Cleveland (City of) & Cuyahoga (County of), OH Port Authority (Museum of Art), Series 2005 D, VRD <br> RB<sup>(a)</sup><br>| 1.88% | 10/01/2040 | 300 | &nbsp;&nbsp; 300000 |
| Franklin (County of), OH (Nationwide Children's Hospital), Series 2017, Ref. VRD RB<sup>(a)</sup> | 1.95% | 11/01/2052 | 100 | &nbsp;&nbsp; 100000 |
| Hamilton (County of), OH (TriHealth, Inc. Obligated), Series 2021, Ref. VRD RB<sup>(a)</sup> | 1.05% | 08/15/2051 | 100 | &nbsp;&nbsp; 100000 |
| Ohio (State of), Series 2019, VRD RB<sup>(a)</sup> | 0.90% | 01/01/2052 | 200 | &nbsp;&nbsp; 200000 |
| Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated <br> Group), Series 2008 B4, Ref. VRD RB<sup>(a)</sup><br>| 1.00% | 01/01/2043 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 900000 |
| **Oregon-0.65%** |  |  |  |  |
| Oregon (State of), Series 2022, VRD GO Bonds<sup>(a)</sup> | 1.10% | 06/01/2045 | 100 | &nbsp;&nbsp; 100000 |
| Oregon (State of) Facilities Authority (PeaceHealth), Series 2018 A, Ref. VRD RB, <br> (LOC - U.S. Bank N.A.)<sup>(a)(b)</sup><br>| 0.90% | 08/01/2034 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 200000 |
| **Pennsylvania-4.82%** |  |  |  |  |
| Delaware Valley Regional Finance Authority, Series 2022 E, VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup> | 1.65% | 03/01/2052 | 195 | &nbsp;&nbsp; 195000 |
| Emmaus (Borough of), PA General Authority, Series 1996, VRD RB, (INS - AGI)<sup>(a)(c)</sup> | 1.60% | 12/01/2028 | 800 | &nbsp;&nbsp; 800000 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson University), <br> Series 2024, VRD RB, (LOC - PNC Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 11/01/2061 | 100 | &nbsp;&nbsp; 100000 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020, Ref. VRD RB, <br> (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.88% | 12/01/2039 | 200 | &nbsp;&nbsp; 200000 |
| Philadelphia (City of), PA, Eighth Series 2009 C, Ref. VRD RB<sup>(a)</sup> | 1.88% | 08/01/2031 | 100 | &nbsp;&nbsp; 100000 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, VRD RB<sup>(a)</sup><br>| 1.05% | 07/01/2054 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 1495000 |
| **Rhode Island-0.64%** |  |  |  |  |
| Rhode Island Health & Educational Building Corp., Series 2008 B, VRD RB, (LOC - U.S. Bank, N.A.)<sup>(a)(b)</sup> | 1.60% | 11/15/2038 | 100 | &nbsp;&nbsp; 100000 |
| Rhode Island Health & Educational Building Corp., Series 2008, Ref. VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup> | 1.65% | 06/01/2035 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 200000 |
| **South Carolina-0.81%** |  |  |  |  |
| South Carolina (State of) Housing Finance & Development Authority, Series 2020, VRD RB, <br> (LOC - Federal Home Loan Bank)<sup>(a)(b)</sup><br>| 1.93% | 12/01/2058 | 110 | &nbsp;&nbsp; 110000 |
| South Carolina (State of) Jobs-Economic Development Authority, Series 2021, VRD RB, <br> (LOC - United Fidelity Bank)<sup>(a)(b)</sup><br>| 1.93% | 05/01/2061 | 140 | &nbsp;&nbsp; 140000 |
|  |  |  |  | &nbsp;&nbsp; 250000 |
| **South Dakota-0.42%** |  |  |  |  |
| South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), <br> Series 2004 B, VRD RB, (LOC - U.S. Bank, N.A.)<sup>(a)(b)</sup><br>| 1.90% | 11/01/2034 | 130 | &nbsp;&nbsp; 130000 |

---

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

------

**36**

------

**Invesco Floating Rate Municipal Income ETF (PVI)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee-1.61%** |  |  |  |  |
| Public Building Authority of Blount County Tennessee (The), Series 2003, VRD RB<sup>(a)</sup> | 2.18% | 06/01/2029 | $195 | &nbsp;&nbsp; $195000 |
| Sevier (County of), TN Public Building Authority (The), Series 2004 6-A1, VRD RB<sup>(a)</sup> | 2.18% | 06/01/2029 | 155 | &nbsp;&nbsp; 155000 |
| Shelby (County of), TN, Series 2006 B, VRD GO Bonds<sup>(a)</sup> | 1.90% | 03/01/2031 | 150 | &nbsp;&nbsp; 150000 |
|  |  |  |  | &nbsp;&nbsp; 500000 |
| **Texas-10.95%** |  |  |  |  |
| Board of Regents of the University of Texas System, Series 2008 B, VRD RB<sup>(a)</sup> | 1.80% | 08/01/2039 | 500 | &nbsp;&nbsp; 500000 |
| Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2015, VRD <br> RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.65% | 10/01/2045 | 400 | &nbsp;&nbsp; 400000 |
| Houston (City of), TX, Series 2012, Ref. VRD RB<sup>(a)</sup> | 1.90% | 05/15/2034 | 275 | &nbsp;&nbsp; 275000 |
| Houston (City of), TX, Series 2018 C, Ref. VRD RB<sup>(a)</sup> | 1.90% | 05/15/2034 | 500 | &nbsp;&nbsp; 500000 |
| Rockwall Independent School District, Series 2006, VRD GO Bonds, <br> (CEP - Texas Permanent School Fund)<sup>(a)</sup><br>| 1.83% | 08/01/2037 | 150 | &nbsp;&nbsp; 150000 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2008 C1, Ref. VRD <br> RB, (LOC - Sumitomo Mitsui Banking Corp.)<sup>(a)(b)</sup><br>| 1.40% | 07/01/2047 | 160 | &nbsp;&nbsp; 160000 |
| Tennessee (State of), Series 2021, VRD GO Bonds<sup>(a)</sup> | 1.75% | 12/01/2051 | 275 | &nbsp;&nbsp; 275000 |
| Texas (State of), Series 2015 B, VRD GO Bonds<sup>(a)</sup> | 1.40% | 06/01/2046 | 1010 | &nbsp;&nbsp; 1010000 |
| Texas (State of), Series 2018, VRD GO Bonds<sup>(a)</sup> | 1.75% | 12/01/2049 | 125 | &nbsp;&nbsp; 125000 |
|  |  |  |  | &nbsp;&nbsp; 3395000 |
| **Utah-0.97%** |  |  |  |  |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2014, VRD RB<sup>(a)</sup> | 1.85% | 05/15/2049 | 100 | &nbsp;&nbsp; 100000 |
| Utah (State of), Series 2008 B-1, VRD RB<sup>(a)</sup> | 1.90% | 10/01/2037 | 100 | &nbsp;&nbsp; 100000 |
| Utah (State of), Series 2008 B-2, VRD RB<sup>(a)</sup> | 1.90% | 10/01/2035 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 300000 |
| **Virginia-1.45%** |  |  |  |  |
| Albemarle (County of), VA Economic Development Authority, Series 2018, Ref. VRD RB<sup>(a)</sup> | 1.05% | 10/01/2048 | 150 | &nbsp;&nbsp; 150000 |
| Fairfax (County of), VA Economic Development Authority (Vernon Ladies Association), Series 2007, <br> VRD RB, (LOC - Truist Bank)<sup>(a)(b)</sup><br>| 1.63% | 06/01/2037 | 100 | &nbsp;&nbsp; 100000 |
| Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), Series 2020, <br> Ref. VRD RB, (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 07/01/2052 | 100 | &nbsp;&nbsp; 100000 |
| Virginia (Commonwealth of) Small Business Financing Authority, Series 2008, VRD RB, <br> (LOC - TD Bank, N.A.)<sup>(a)(b)</sup><br>| 1.05% | 07/01/2042 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 450000 |
| **Washington-1.32%** |  |  |  |  |
| Chelan County Public Utility District No. 1, Series 2008 B, Ref. VRD RB<sup>(a)</sup> | 1.65% | 07/01/2032 | 100 | &nbsp;&nbsp; 100000 |
| Washington (State of) Housing Finance Commission, Series 2008, VRD RB, <br> (LOC - Wells Fargo Bank, N.A.)<sup>(a)(b)</sup><br>| 1.88% | 04/01/2043 | 110 | &nbsp;&nbsp; 110000 |
| Washington (State of) Housing Finance Commission, Series 2018, VRD RB<sup>(a)</sup> | 1.88% | 12/01/2048 | 100 | &nbsp;&nbsp; 100000 |
| Washington (State of) Housing Finance Commission (Redmond Ridge Apartments), Series 2017, VRD <br> RB, (LOC - FHLB of San Francisco)<sup>(a)(b)</sup><br>| 1.93% | 11/01/2047 | 100 | &nbsp;&nbsp; 100000 |
|  |  |  |  | &nbsp;&nbsp; 410000 |
| **West Virginia-0.35%** |  |  |  |  |
| West Virginia (State of) Hospital Finance Authority (Cabell Hospital), Series 2008 A, Ref. VRD RB<sup>(a)</sup> | 2.03% | 01/01/2034 | 110 | &nbsp;&nbsp; 110000 |
| **Wisconsin-2.26%** |  |  |  |  |
| Appleton Redevelopment Authority, Series 2001, VRD RB, (LOC - Thrivent Finl Lutherans)<sup>(a)(b)</sup> | 1.70% | 06/01/2036 | 100 | &nbsp;&nbsp; 100000 |
| University of Wisconsin Hospitals & Clinics, Series 2018, Ref. VRD RB<sup>(a)</sup> | 1.05% | 04/01/2048 | 100 | &nbsp;&nbsp; 100000 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital), Series 2004, <br> VRD RB, (LOC - JPMorgan Chase Bank, N.A.)<sup>(a)(b)</sup><br>| 1.65% | 08/15/2034 | 200 | &nbsp;&nbsp; 200000 |

---

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

------

**37**

------

**Invesco Floating Rate Municipal Income ETF (PVI)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| Wisconsin (State of) Housing & Economic Development Authority, Series 2012 A, VRD RB<sup>(a)</sup> | 1.88% | 05/01/2055 | $| 100 | &nbsp;&nbsp; $100000 |
| Wisconsin (State of) Housing & Economic Development Authority, Series 2015 C, VRD RB<sup>(a)</sup> | 1.88% | 03/01/2031 |  | 200 | &nbsp;&nbsp; 200000 |
|  |  |  |  |  | &nbsp;&nbsp; 700000 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-99.76% <br>(Cost $30,935,000) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-99.76% <br>(Cost $30,935,000) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-99.76% <br>(Cost $30,935,000) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-99.76% <br>(Cost $30,935,000) | TOTAL INVESTMENTS IN SECURITIES<sup>(d)</sup>-99.76% <br>(Cost $30,935,000) | &nbsp;&nbsp; 30935000 |
| OTHER ASSETS LESS LIABILITIES-0.24% | OTHER ASSETS LESS LIABILITIES-0.24% | OTHER ASSETS LESS LIABILITIES-0.24% | OTHER ASSETS LESS LIABILITIES-0.24% | OTHER ASSETS LESS LIABILITIES-0.24% | &nbsp;&nbsp; 75759 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $31010759 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| FHLB | -Federal Home Loan Bank |
| GNMA | -Government National Mortgage Association |
| GO | -General Obligation |
| INS | -Insurer |
| LOC | -Letter of Credit |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| VRD | -Variable Rate Demand |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by <br> the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2026.<br>|
| <sup>(b)</sup> | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| <sup>(c)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(d)</sup> | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the <br> securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily <br> responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations.<br>|

---

---

| | |
|:---|:---|
| **Entities** | **Percentage** |
| TD Bank, N.A. | 12.53% |
| PNC Bank, N.A. | 5.25% |

---

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

------

**38**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.88%** | **U.S. Dollar Denominated Bonds & Notes-98.88%** | **U.S. Dollar Denominated Bonds & Notes-98.88%** |
| **Aerospace & Defense-2.28%** | **Aerospace & Defense-2.28%** | **Aerospace & Defense-2.28%** |
| Boeing Co. (The) |  |  |
| 5.15%, 05/01/2030 | $145000 | &nbsp;&nbsp; $150209 |
| 6.53%, 05/01/2034 | 130000 | &nbsp;&nbsp; 145799 |
| General Dynamics Corp. |  |  |
| 3.63%, 04/01/2030 | 160000 | &nbsp;&nbsp; 158376 |
| 2.25%, 06/01/2031 | 165000 | &nbsp;&nbsp; 151628 |
| General Electric Co. |  |  |
| 4.30%, 07/29/2030 | 160000 | &nbsp;&nbsp; 162591 |
| 6.75%, 03/15/2032 | 125000 | &nbsp;&nbsp; 142909 |
| Howmet Aerospace, Inc. |  |  |
| 3.00%, 01/15/2029 | 55000 | &nbsp;&nbsp; 53697 |
| 4.85%, 10/15/2031 | 40000 | &nbsp;&nbsp; 41534 |
| Huntington Ingalls Industries, Inc. |  |  |
| 4.20%, 05/01/2030 | 75000 | &nbsp;&nbsp; 74954 |
| 5.75%, 01/15/2035 | 50000 | &nbsp;&nbsp; 53506 |
| L3Harris Technologies, Inc. |  |  |
| 4.40%, 06/15/2028 | 113000 | &nbsp;&nbsp; 113888 |
| 5.40%, 07/31/2033 | 100000 | &nbsp;&nbsp; 105386 |
| Lockheed Martin Corp. |  |  |
| 4.40%, 08/15/2030 | 190000 | &nbsp;&nbsp; 193559 |
| 3.90%, 06/15/2032 | 202000 | &nbsp;&nbsp; 200770 |
| Northrop Grumman Corp. |  |  |
| 3.25%, 01/15/2028 | 131000 | &nbsp;&nbsp; 129705 |
| 4.70%, 03/15/2033 | 130000 | &nbsp;&nbsp; 132847 |
| RTX Corp. |  |  |
| 4.13%, 11/16/2028 | 198000 | &nbsp;&nbsp; 199260 |
| 6.10%, 03/15/2034 | 180000 | &nbsp;&nbsp; 199078 |
| Textron, Inc. |  |  |
| 3.00%, 06/01/2030 | 60000 | &nbsp;&nbsp; 57511 |
| 5.50%, 05/15/2035 | 60000 | &nbsp;&nbsp; 63277 |
|  |  | &nbsp;&nbsp; 2530484 |
| **Air Freight & Logistics-0.95%** | **Air Freight & Logistics-0.95%** | **Air Freight & Logistics-0.95%** |
| C.H. Robinson Worldwide, Inc., 4.20%, <br> 04/15/2028<br>| 140000 | &nbsp;&nbsp; 140425 |
| FedEx Corp. |  |  |
| 3.10%, 08/05/2029 | 175000 | &nbsp;&nbsp; 169974 |
| 2.40%, 05/15/2031 | 200000 | &nbsp;&nbsp; 183950 |
| GXO Logistics, Inc. |  |  |
| 6.25%, 05/06/2029 | 50000 | &nbsp;&nbsp; 52798 |
| 6.50%, 05/06/2034 | 50000 | &nbsp;&nbsp; 54447 |
| United Parcel Service, Inc. |  |  |
| 4.45%, 04/01/2030 | 216000 | &nbsp;&nbsp; 221389 |
| 5.15%, 05/22/2034 | 215000 | &nbsp;&nbsp; 226459 |
|  |  | &nbsp;&nbsp; 1049442 |
| **Automobile Components-0.28%** | **Automobile Components-0.28%** | **Automobile Components-0.28%** |
| BorgWarner, Inc. |  |  |
| 2.65%, 07/01/2027 | 75000 | &nbsp;&nbsp; 73680 |
| 5.40%, 08/15/2034 | 80000 | &nbsp;&nbsp; 83310 |
| Lear Corp., 3.80%, 09/15/2027 | 155000 | &nbsp;&nbsp; 154684 |
|  |  | &nbsp;&nbsp; 311674 |
| **Automobiles-0.22%** | **Automobiles-0.22%** | **Automobiles-0.22%** |
| PACCAR Financial Corp., 4.45%, <br> 08/06/2027<sup>(b)</sup><br>| 240000 | &nbsp;&nbsp; 243040 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Banks-5.53%** | **Banks-5.53%** | **Banks-5.53%** |
| Bank of America Corp., 3.25%, 10/21/2027 | $910000 | &nbsp;&nbsp; $903344 |
| Citigroup, Inc. |  |  |
| 4.45%, 09/29/2027 | 380000 | &nbsp;&nbsp; 382403 |
| 6.63%, 06/15/2032<sup>(b)</sup> | 365000 | &nbsp;&nbsp; 406768 |
| Citizens Financial Group, Inc. |  |  |
| 3.25%, 04/30/2030 | 130000 | &nbsp;&nbsp; 125075 |
| 2.64%, 09/30/2032 | 150000 | &nbsp;&nbsp; 131971 |
| Fifth Third Bancorp, 2.55%, 05/05/2027 | 260000 | &nbsp;&nbsp; 256101 |
| Huntington National Bank (The), 5.65%, <br> 01/10/2030<sup>(b)</sup><br>| 237000 | &nbsp;&nbsp; 249689 |
| JPMorgan Chase & Co., 2.95%, <br> 10/01/2026<sup>(b)</sup><br>| 1075000 | &nbsp;&nbsp; 1069418 |
| KeyBank N.A., 5.00%, 01/26/2033 | 134000 | &nbsp;&nbsp; 135625 |
| KeyCorp, 2.55%, 10/01/2029 | 130000 | &nbsp;&nbsp; 123683 |
| PNC Financial Services Group, Inc. (The), <br> 2.55%, 01/22/2030<sup>(b)</sup><br>| 460000 | &nbsp;&nbsp; 436409 |
| Regions Financial Corp., 1.80%, 08/12/2028 | 250000 | &nbsp;&nbsp; 236803 |
| Truist Financial Corp., 1.95%, 06/05/2030<sup>(b)</sup> | 465000 | &nbsp;&nbsp; 427409 |
| U.S. Bancorp, 1.38%, 07/22/2030<sup>(b)</sup> | 542000 | &nbsp;&nbsp; 485411 |
| Wachovia Corp., 5.50%, 08/01/2035<sup>(b)</sup> | 370000 | &nbsp;&nbsp; 384676 |
| Wells Fargo & Co., 4.15%, 01/24/2029 | 380000 | &nbsp;&nbsp; 382428 |
|  |  | &nbsp;&nbsp; 6137213 |
| **Beverages-1.50%** | **Beverages-1.50%** | **Beverages-1.50%** |
| Coca-Cola Co. (The) |  |  |
| 1.45%, 06/01/2027 | 245000 | &nbsp;&nbsp; 238831 |
| 2.25%, 01/05/2032<sup>(b)</sup> | 270000 | &nbsp;&nbsp; 246346 |
| Coca-Cola Consolidated, Inc. |  |  |
| 5.25%, 06/01/2029 | 30000 | &nbsp;&nbsp; 31147 |
| 5.45%, 06/01/2034 | 45000 | &nbsp;&nbsp; 47842 |
| Constellation Brands, Inc. |  |  |
| 4.35%, 05/09/2027 | 85000 | &nbsp;&nbsp; 85427 |
| 2.25%, 08/01/2031 | 105000 | &nbsp;&nbsp; 94462 |
| Keurig Dr Pepper, Inc. |  |  |
| 4.60%, 05/25/2028 | 121000 | &nbsp;&nbsp; 122304 |
| 4.05%, 04/15/2032 | 115000 | &nbsp;&nbsp; 112010 |
| Molson Coors Beverage Co., 3.00%, <br> 07/15/2026<br>| 158000 | &nbsp;&nbsp; 157355 |
| PepsiCo, Inc. |  |  |
| 2.75%, 03/19/2030<sup>(b)</sup> | 275000 | &nbsp;&nbsp; 263292 |
| 5.00%, 02/07/2035 | 255000 | &nbsp;&nbsp; 264179 |
|  |  | &nbsp;&nbsp; 1663195 |
| **Biotechnology-1.61%** | **Biotechnology-1.61%** | **Biotechnology-1.61%** |
| AbbVie, Inc. |  |  |
| 3.20%, 11/21/2029 | 289000 | &nbsp;&nbsp; 282338 |
| 5.05%, 03/15/2034<sup>(b)</sup> | 265000 | &nbsp;&nbsp; 275209 |
| Amgen, Inc. |  |  |
| 5.15%, 03/02/2028 | 195000 | &nbsp;&nbsp; 199751 |
| 5.25%, 03/02/2033 | 190000 | &nbsp;&nbsp; 199001 |
| Biogen, Inc. |  |  |
| 2.25%, 05/01/2030 | 125000 | &nbsp;&nbsp; 115983 |
| 5.75%, 05/15/2035 | 110000 | &nbsp;&nbsp; 117340 |

---

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

------

**39**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Gilead Sciences, Inc. |  |  |  |
| 1.65%, 10/01/2030 | $| 220000 | &nbsp;&nbsp; $198954 |
| 4.60%, 09/01/2035 |  | 180000 | &nbsp;&nbsp; 179940 |
| Regeneron Pharmaceuticals, Inc., 1.75%, <br> 09/15/2030<br>|  | 248000 | &nbsp;&nbsp; 223622 |
|  |  |  | &nbsp;&nbsp; 1792138 |
| **Broadline Retail-0.96%** | **Broadline Retail-0.96%** | **Broadline Retail-0.96%** | **Broadline Retail-0.96%** |
| Amazon.com, Inc. |  |  |  |
| 3.15%, 08/22/2027 |  | 445000 | &nbsp;&nbsp; 442421 |
| 2.10%, 05/12/2031<sup>(b)</sup> |  | 495000 | &nbsp;&nbsp; 450969 |
| eBay, Inc. |  |  |  |
| 2.70%, 03/11/2030 |  | 90000 | &nbsp;&nbsp; 85370 |
| 2.60%, 05/10/2031 |  | 100000 | &nbsp;&nbsp; 92256 |
|  |  |  | &nbsp;&nbsp; 1071016 |
| **Building Products-0.89%** | **Building Products-0.89%** | **Building Products-0.89%** | **Building Products-0.89%** |
| Carlisle Cos., Inc. |  |  |  |
| 2.75%, 03/01/2030 |  | 55000 | &nbsp;&nbsp; 52280 |
| 2.20%, 03/01/2032 |  | 50000 | &nbsp;&nbsp; 44256 |
| Carrier Global Corp. |  |  |  |
| 2.72%, 02/15/2030 |  | 95000 | &nbsp;&nbsp; 90312 |
| 5.90%, 03/15/2034 |  | 95000 | &nbsp;&nbsp; 102813 |
| Fortune Brands Innovations, Inc. |  |  |  |
| 3.25%, 09/15/2029 |  | 63000 | &nbsp;&nbsp; 61190 |
| 5.88%, 06/01/2033 |  | 40000 | &nbsp;&nbsp; 42911 |
| Johnson Controls International PLC/Tyco Fire <br> & Security Finance S.C.A.<br>|  |  |  |
| 1.75%, 09/15/2030 |  | 135000 | &nbsp;&nbsp; 122475 |
| 4.90%, 12/01/2032 |  | 110000 | &nbsp;&nbsp; 113167 |
| Lennox International, Inc., 5.50%, <br> 09/15/2028<br>|  | 90000 | &nbsp;&nbsp; 93172 |
| Masco Corp., 2.00%, 02/15/2031 |  | 145000 | &nbsp;&nbsp; 130419 |
| Owens Corning |  |  |  |
| 5.50%, 06/15/2027 |  | 70000 | &nbsp;&nbsp; 71305 |
| 5.70%, 06/15/2034 |  | 60000 | &nbsp;&nbsp; 63668 |
|  |  |  | &nbsp;&nbsp; 987968 |
| **Capital Markets-3.77%** | **Capital Markets-3.77%** | **Capital Markets-3.77%** | **Capital Markets-3.77%** |
| Ameriprise Financial, Inc. |  |  |  |
| 2.88%, 09/15/2026 |  | 111000 | &nbsp;&nbsp; 110447 |
| 4.50%, 05/13/2032 |  | 130000 | &nbsp;&nbsp; 131473 |
| Bank of New York Mellon Corp. (The) |  |  |  |
| 3.30%, 08/23/2029 |  | 181000 | &nbsp;&nbsp; 176936 |
| 1.80%, 07/28/2031 |  | 200000 | &nbsp;&nbsp; 178174 |
| BlackRock, Inc. |  |  |  |
| 1.90%, 01/28/2031 |  | 180000 | &nbsp;&nbsp; 163804 |
| 4.75%, 05/25/2033 |  | 170000 | &nbsp;&nbsp; 175327 |
| Charles Schwab Corp. (The) |  |  |  |
| 2.00%, 03/20/2028 |  | 190000 | &nbsp;&nbsp; 183608 |
| 2.90%, 03/03/2032 |  | 220000 | &nbsp;&nbsp; 203687 |
| CME Group, Inc. |  |  |  |
| 3.75%, 06/15/2028 |  | 140000 | &nbsp;&nbsp; 140065 |
| 2.65%, 03/15/2032 |  | 155000 | &nbsp;&nbsp; 143407 |
| Franklin Resources, Inc., 1.60%, 10/30/2030 |  | 190000 | &nbsp;&nbsp; 170950 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| 3.80%, 03/15/2030 |  | 345000 | &nbsp;&nbsp; 341753 |
| 6.13%, 02/15/2033<sup>(b)</sup> |  | 300000 | &nbsp;&nbsp; 329140 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| Jefferies Financial Group, Inc. |  |  |  |
| 4.15%, 01/23/2030 | $| 80000 | &nbsp;&nbsp; $78715 |
| 6.20%, 04/14/2034 |  | 80000 | &nbsp;&nbsp; 83699 |
| Morgan Stanley |  |  |  |
| 3.63%, 01/20/2027 |  | 307000 | &nbsp;&nbsp; 306542 |
| 7.25%, 04/01/2032<sup>(b)</sup> |  | 250000 | &nbsp;&nbsp; 289260 |
| MSCI, Inc., 3.25%, 08/15/2033<sup>(c)</sup> |  | 125000 | &nbsp;&nbsp; 111479 |
| Nasdaq, Inc. |  |  |  |
| 1.65%, 01/15/2031 |  | 95000 | &nbsp;&nbsp; 84765 |
| 5.55%, 02/15/2034 |  | 70000 | &nbsp;&nbsp; 73799 |
| Northern Trust Corp. |  |  |  |
| 1.95%, 05/01/2030 |  | 135000 | &nbsp;&nbsp; 124742 |
| 6.13%, 11/02/2032 |  | 100000 | &nbsp;&nbsp; 109589 |
| Raymond James Financial, Inc. |  |  |  |
| 4.65%, 04/01/2030 |  | 80000 | &nbsp;&nbsp; 81869 |
| 4.90%, 09/11/2035 |  | 90000 | &nbsp;&nbsp; 89891 |
| State Street Corp. |  |  |  |
| 2.40%, 01/24/2030 |  | 155000 | &nbsp;&nbsp; 147397 |
| 2.20%, 03/03/2031 |  | 175000 | &nbsp;&nbsp; 159386 |
|  |  |  | &nbsp;&nbsp; 4189904 |
| **Chemicals-2.88%** | **Chemicals-2.88%** | **Chemicals-2.88%** | **Chemicals-2.88%** |
| Air Products and Chemicals, Inc. |  |  |  |
| 2.05%, 05/15/2030 |  | 119000 | &nbsp;&nbsp; 110371 |
| 4.85%, 02/08/2034 |  | 120000 | &nbsp;&nbsp; 123232 |
| Albemarle Corp. |  |  |  |
| 4.65%, 06/01/2027 |  | 65000 | &nbsp;&nbsp; 65495 |
| 5.05%, 06/01/2032 |  | 65000 | &nbsp;&nbsp; 66223 |
| CF Industries, Inc., 5.15%, 03/15/2034 |  | 160000 | &nbsp;&nbsp; 163079 |
| Dow Chemical Co. (The) |  |  |  |
| 2.10%, 11/15/2030 |  | 180000 | &nbsp;&nbsp; 160532 |
| 5.65%, 03/15/2036 |  | 170000 | &nbsp;&nbsp; 170450 |
| DuPont de Nemours, Inc., 4.73%, <br> 11/15/2028<br>|  | 265000 | &nbsp;&nbsp; 269182 |
| Eastman Chemical Co. |  |  |  |
| 4.50%, 12/01/2028 |  | 75000 | &nbsp;&nbsp; 75887 |
| 5.75%, 03/08/2033 |  | 80000 | &nbsp;&nbsp; 85109 |
| Ecolab, Inc. |  |  |  |
| 4.80%, 03/24/2030 |  | 85000 | &nbsp;&nbsp; 87598 |
| 2.13%, 02/01/2032 |  | 115000 | &nbsp;&nbsp; 103228 |
| EIDP, Inc. |  |  |  |
| 2.30%, 07/15/2030 |  | 95000 | &nbsp;&nbsp; 88950 |
| 4.80%, 05/15/2033 |  | 90000 | &nbsp;&nbsp; 91136 |
| International Flavors & Fragrances, Inc., <br> 2.30%, 11/01/2030<sup>(c)</sup><br>|  | 185000 | &nbsp;&nbsp; 168820 |
| Linde, Inc., 1.10%, 08/10/2030<sup>(b)</sup> |  | 400000 | &nbsp;&nbsp; 356196 |
| LYB International Finance III LLC |  |  |  |
| 2.25%, 10/01/2030 |  | 165000 | &nbsp;&nbsp; 149188 |
| 5.50%, 03/01/2034 |  | 150000 | &nbsp;&nbsp; 151240 |
| Mosaic Co. (The) |  |  |  |
| 4.05%, 11/15/2027 |  | 80000 | &nbsp;&nbsp; 80113 |
| 5.45%, 11/15/2033 |  | 80000 | &nbsp;&nbsp; 83097 |
| PPG Industries, Inc., 3.75%, 03/15/2028 |  | 186000 | &nbsp;&nbsp; 185931 |
| Sherwin-Williams Co. (The) |  |  |  |
| 2.95%, 08/15/2029 |  | 100000 | &nbsp;&nbsp; 96679 |
| 2.20%, 03/15/2032 |  | 120000 | &nbsp;&nbsp; 106563 |
| Westlake Corp., 5.55%, 11/15/2035 |  | 160000 | &nbsp;&nbsp; 162545 |
|  |  |  | &nbsp;&nbsp; 3200844 |

---

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

------

**40**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Commercial Services & Supplies-0.78%** | **Commercial Services & Supplies-0.78%** | **Commercial Services & Supplies-0.78%** |
| CDW LLC/CDW Finance Corp. |  |  |
| 2.67%, 12/01/2026 | $85000 | &nbsp;&nbsp; $84130 |
| 3.57%, 12/01/2031 | 110000 | &nbsp;&nbsp; 102445 |
| Cintas Corp. No. 2 |  |  |
| 3.70%, 04/01/2027 | 63000 | &nbsp;&nbsp; 62959 |
| 4.00%, 05/01/2032 | 75000 | &nbsp;&nbsp; 74428 |
| Republic Services, Inc. |  |  |
| 3.95%, 05/15/2028 | 94000 | &nbsp;&nbsp; 94325 |
| 1.75%, 02/15/2032 | 122000 | &nbsp;&nbsp; 106648 |
| Veralto Corp. |  |  |
| 5.35%, 09/18/2028 | 55000 | &nbsp;&nbsp; 56812 |
| 5.45%, 09/18/2033 | 50000 | &nbsp;&nbsp; 52706 |
| Waste Management, Inc. |  |  |
| 3.15%, 11/15/2027 | 110000 | &nbsp;&nbsp; 109160 |
| 1.50%, 03/15/2031 | 135000 | &nbsp;&nbsp; 119592 |
|  |  | &nbsp;&nbsp; 863205 |
| **Communications Equipment-0.59%** | **Communications Equipment-0.59%** | **Communications Equipment-0.59%** |
| Cisco Systems, Inc. |  |  |
| 2.50%, 09/20/2026<sup>(b)</sup> | 234000 | &nbsp;&nbsp; 232463 |
| 5.05%, 02/26/2034 | 240000 | &nbsp;&nbsp; 249181 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/2029 | 88000 | &nbsp;&nbsp; 89395 |
| 5.40%, 04/15/2034 | 80000 | &nbsp;&nbsp; 83655 |
|  |  | &nbsp;&nbsp; 654694 |
| **Construction & Engineering-0.24%** | **Construction & Engineering-0.24%** | **Construction & Engineering-0.24%** |
| MasTec, Inc., 5.90%, 06/15/2029 | 115000 | &nbsp;&nbsp; 120725 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/2030 | 75000 | &nbsp;&nbsp; 70973 |
| 5.25%, 08/09/2034 | 70000 | &nbsp;&nbsp; 72559 |
|  |  | &nbsp;&nbsp; 264257 |
| **Construction Materials-0.30%** | **Construction Materials-0.30%** | **Construction Materials-0.30%** |
| Eagle Materials, Inc., 2.50%, 07/01/2031 | 85000 | &nbsp;&nbsp; 77924 |
| Martin Marietta Materials, Inc., 2.40%, <br> 07/15/2031<br>| 155000 | &nbsp;&nbsp; 141100 |
| Vulcan Materials Co. |  |  |
| 3.50%, 06/01/2030 | 60000 | &nbsp;&nbsp; 58707 |
| 5.35%, 12/01/2034 | 50000 | &nbsp;&nbsp; 52250 |
|  |  | &nbsp;&nbsp; 329981 |
| **Consumer Finance-1.41%** | **Consumer Finance-1.41%** | **Consumer Finance-1.41%** |
| Ally Financial, Inc. |  |  |
| 2.20%, 11/02/2028 | 140000 | &nbsp;&nbsp; 133299 |
| 8.00%, 11/01/2031 | 105000 | &nbsp;&nbsp; 119204 |
| American Express Co., 4.05%, 05/03/2029 | 390000 | &nbsp;&nbsp; 393412 |
| Capital One Financial Corp. |  |  |
| 3.80%, 01/31/2028 | 215000 | &nbsp;&nbsp; 214463 |
| 6.70%, 11/29/2032 | 185000 | &nbsp;&nbsp; 205941 |
| General Motors Financial Co., Inc. |  |  |
| 5.80%, 01/07/2029<sup>(b)</sup> | 230000 | &nbsp;&nbsp; 240250 |
| 3.10%, 01/12/2032 | 275000 | &nbsp;&nbsp; 254391 |
|  |  | &nbsp;&nbsp; 1560960 |
| **Consumer Staples Distribution & Retail-2.56%** | **Consumer Staples Distribution & Retail-2.56%** | **Consumer Staples Distribution & Retail-2.56%** |
| Costco Wholesale Corp. |  |  |
| 1.60%, 04/20/2030 | 255000 | &nbsp;&nbsp; 233510 |
| 1.75%, 04/20/2032<sup>(b)</sup> | 280000 | &nbsp;&nbsp; 246334 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** | **Consumer Staples Distribution & Retail-(continued)** |
| Dollar General Corp. |  |  |  |
| 3.50%, 04/03/2030 | $| 120000 | &nbsp;&nbsp; $116821 |
| 5.45%, 07/05/2033 |  | 112000 | &nbsp;&nbsp; 117761 |
| Dollar Tree, Inc. |  |  |  |
| 4.20%, 05/15/2028 |  | 107000 | &nbsp;&nbsp; 107455 |
| 2.65%, 12/01/2031 |  | 120000 | &nbsp;&nbsp; 109705 |
| Kroger Co. (The) |  |  |  |
| 4.50%, 01/15/2029 |  | 180000 | &nbsp;&nbsp; 183166 |
| 5.00%, 09/15/2034 |  | 185000 | &nbsp;&nbsp; 188167 |
| Sysco Corp. |  |  |  |
| 5.95%, 04/01/2030 |  | 125000 | &nbsp;&nbsp; 133092 |
| 5.40%, 03/23/2035 |  | 140000 | &nbsp;&nbsp; 146299 |
| Target Corp. |  |  |  |
| 3.38%, 04/15/2029 |  | 185000 | &nbsp;&nbsp; 183062 |
| 4.50%, 09/15/2032 |  | 195000 | &nbsp;&nbsp; 199583 |
| Walmart, Inc. |  |  |  |
| 3.70%, 06/26/2028 |  | 435000 | &nbsp;&nbsp; 436214 |
| 1.80%, 09/22/2031<sup>(b)</sup> |  | 485000 | &nbsp;&nbsp; 437477 |
|  |  |  | &nbsp;&nbsp; 2838646 |
| **Containers & Packaging-0.58%** | **Containers & Packaging-0.58%** | **Containers & Packaging-0.58%** | **Containers & Packaging-0.58%** |
| Amcor Finance (USA), Inc., 3.63%, <br> 04/28/2026<br>|  | 91000 | &nbsp;&nbsp; 90915 |
| Amcor Flexibles North America, Inc., 2.69%, <br> 05/25/2031<br>|  | 100000 | &nbsp;&nbsp; 92484 |
| Avery Dennison Corp. |  |  |  |
| 4.88%, 12/06/2028 |  | 51000 | &nbsp;&nbsp; 52030 |
| 2.25%, 02/15/2032 |  | 65000 | &nbsp;&nbsp; 57933 |
| Packaging Corp. of America |  |  |  |
| 3.00%, 12/15/2029 |  | 75000 | &nbsp;&nbsp; 72364 |
| 5.20%, 08/15/2035 |  | 70000 | &nbsp;&nbsp; 71801 |
| Sealed Air Corp., 1.57%, 10/15/2026<sup>(c)</sup> |  | 105000 | &nbsp;&nbsp; 103558 |
| Sonoco Products Co. |  |  |  |
| 3.13%, 05/01/2030 |  | 45000 | &nbsp;&nbsp; 43053 |
| 5.00%, 09/01/2034 |  | 60000 | &nbsp;&nbsp; 60615 |
|  |  |  | &nbsp;&nbsp; 644753 |
| **Distributors-0.28%** | **Distributors-0.28%** | **Distributors-0.28%** | **Distributors-0.28%** |
| Genuine Parts Co. |  |  |  |
| 1.88%, 11/01/2030 |  | 110000 | &nbsp;&nbsp; 97121 |
| 2.75%, 02/01/2032 |  | 110000 | &nbsp;&nbsp; 97642 |
| LKQ Corp. |  |  |  |
| 5.75%, 06/15/2028 |  | 55000 | &nbsp;&nbsp; 56496 |
| 6.25%, 06/15/2033 |  | 55000 | &nbsp;&nbsp; 58308 |
|  |  |  | &nbsp;&nbsp; 309567 |
| **Diversified REITs-0.60%** | **Diversified REITs-0.60%** | **Diversified REITs-0.60%** | **Diversified REITs-0.60%** |
| American Assets Trust L.P. |  |  |  |
| 3.38%, 02/01/2031 |  | 30000 | &nbsp;&nbsp; 27640 |
| 6.15%, 10/01/2034 |  | 30000 | &nbsp;&nbsp; 30763 |
| CubeSmart L.P. |  |  |  |
| 2.25%, 12/15/2028 |  | 45000 | &nbsp;&nbsp; 42901 |
| 2.50%, 02/15/2032 |  | 65000 | &nbsp;&nbsp; 58384 |
| Digital Realty Trust L.P., 3.60%, 07/01/2029 |  | 230000 | &nbsp;&nbsp; 227149 |
| VICI Properties L.P. |  |  |  |
| 4.75%, 02/15/2028 |  | 75000 | &nbsp;&nbsp; 75771 |
| 5.13%, 05/15/2032 |  | 70000 | &nbsp;&nbsp; 71030 |
| W.P. Carey, Inc., 2.40%, 02/01/2031 |  | 145000 | &nbsp;&nbsp; 132388 |
|  |  |  | &nbsp;&nbsp; 666026 |

---

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

------

**41**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Diversified Telecommunication Services-1.29%** | **Diversified Telecommunication Services-1.29%** | **Diversified Telecommunication Services-1.29%** |
| AT&T, Inc. |  |  |
| 4.30%, 02/15/2030 | $354000 | &nbsp;&nbsp; $357431 |
| 2.55%, 12/01/2033 | 420000 | &nbsp;&nbsp; 364396 |
| Verizon Communications, Inc. |  |  |
| 4.33%, 09/21/2028<sup>(b)</sup> | 340000 | &nbsp;&nbsp; 343700 |
| 2.36%, 03/15/2032 | 416000 | &nbsp;&nbsp; 371587 |
|  |  | &nbsp;&nbsp; 1437114 |
| **Electric Utilities-5.39%** | **Electric Utilities-5.39%** | **Electric Utilities-5.39%** |
| AEP Texas, Inc., Series I, 2.10%, 07/01/2030 | 156000 | &nbsp;&nbsp; 143889 |
| Alexander Funding Trust II, 7.47%, <br> 07/31/2028<sup>(c)</sup><br>| 85000 | &nbsp;&nbsp; 90577 |
| American Electric Power Co., Inc., 5.63%, <br> 03/01/2033<br>| 130000 | &nbsp;&nbsp; 137940 |
| American Transmission Systems, Inc., 2.65%, <br> 01/15/2032<sup>(c)</sup><br>| 130000 | &nbsp;&nbsp; 118996 |
| Arizona Public Service Co., 5.55%, <br> 08/01/2033<br>| 140000 | &nbsp;&nbsp; 147430 |
| Berkshire Hathaway Energy Co., 3.70%, <br> 07/15/2030<br>| 430000 | &nbsp;&nbsp; 425958 |
| CenterPoint Energy Houston Electric LLC, <br> Series AQ, 4.95%, 08/15/2035<br>| 90000 | &nbsp;&nbsp; 91513 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 2.40%, 06/15/2031 | 125000 | &nbsp;&nbsp; 115260 |
| Series D, 4.00%, 12/01/2028 | 125000 | &nbsp;&nbsp; 125916 |
| Constellation Energy Generation LLC |  |  |
| 5.60%, 03/01/2028 | 95000 | &nbsp;&nbsp; 98013 |
| 5.80%, 03/01/2033 | 90000 | &nbsp;&nbsp; 96557 |
| Duke Energy Corp. |  |  |
| 2.65%, 09/01/2026 | 196000 | &nbsp;&nbsp; 194747 |
| 2.55%, 06/15/2031 | 235000 | &nbsp;&nbsp; 216363 |
| Entergy Corp., 1.90%, 06/15/2028 | 130000 | &nbsp;&nbsp; 124259 |
| Entergy Louisiana LLC, 4.00%, 03/15/2033 | 120000 | &nbsp;&nbsp; 116896 |
| Evergy Kansas Central, Inc., 5.25%, <br> 03/15/2035<br>| 70000 | &nbsp;&nbsp; 72086 |
| Evergy, Inc., 2.90%, 09/15/2029 | 81000 | &nbsp;&nbsp; 77887 |
| Eversource Energy, 3.38%, 03/01/2032 | 110000 | &nbsp;&nbsp; 103212 |
| Exelon Corp. |  |  |
| 4.05%, 04/15/2030 | 140000 | &nbsp;&nbsp; 139641 |
| 5.30%, 03/15/2033 | 140000 | &nbsp;&nbsp; 146828 |
| Florida Power & Light Co., 2.45%, <br> 02/03/2032<br>| 200000 | &nbsp;&nbsp; 182713 |
| Interstate Power and Light Co., 4.10%, <br> 09/26/2028<br>| 75000 | &nbsp;&nbsp; 75347 |
| Mid-Atlantic Interstate Transmission LLC, <br> 4.10%, 05/15/2028<sup>(c)</sup><br>| 105000 | &nbsp;&nbsp; 105406 |
| NextEra Energy Capital Holdings, Inc., 2.25%, <br> 06/01/2030<br>| 196000 | &nbsp;&nbsp; 181948 |
| NRG Energy, Inc., 7.00%, 03/15/2033<sup>(c)</sup> | 80000 | &nbsp;&nbsp; 89079 |
| Pacific Gas and Electric Co. |  |  |
| 4.55%, 07/01/2030 | 145000 | &nbsp;&nbsp; 145731 |
| 6.40%, 06/15/2033 | 140000 | &nbsp;&nbsp; 152578 |
| PacifiCorp, 5.45%, 02/15/2034 | 420000 | &nbsp;&nbsp; 431602 |
| PPL Capital Funding, Inc., 3.10%, <br> 05/15/2026<br>| 115000 | &nbsp;&nbsp; 114776 |
| PPL Electric Utilities Corp., 5.00%, <br> 05/15/2033<br>| 110000 | &nbsp;&nbsp; 113788 |
| Public Service Co. of Colorado, 1.88%, <br> 06/15/2031<br>| 140000 | &nbsp;&nbsp; 124715 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| San Diego Gas & Electric Co. |  |  |  |
| 5.40%, 04/15/2035 | $| 130000 | &nbsp;&nbsp; $135522 |
| Series VVV, 1.70%, 10/01/2030 |  | 155000 | &nbsp;&nbsp; 139660 |
| Southern California Edison Co. |  |  |  |
| 5.25%, 03/15/2030 |  | 125000 | &nbsp;&nbsp; 129225 |
| 5.95%, 11/01/2032 |  | 125000 | &nbsp;&nbsp; 133961 |
| Southern Co. (The) |  |  |  |
| 5.70%, 03/15/2034 |  | 170000 | &nbsp;&nbsp; 180875 |
| Series A, 3.70%, 04/30/2030 |  | 182000 | &nbsp;&nbsp; 179303 |
| Vistra Operations Co. LLC |  |  |  |
| 3.70%, 01/30/2027<sup>(c)</sup> |  | 90000 | &nbsp;&nbsp; 89697 |
| 6.95%, 10/15/2033<sup>(c)</sup> |  | 80000 | &nbsp;&nbsp; 89735 |
| Wisconsin Electric Power Co. |  |  |  |
| 4.15%, 10/15/2030 |  | 110000 | &nbsp;&nbsp; 110680 |
| 4.75%, 09/30/2032 |  | 105000 | &nbsp;&nbsp; 108279 |
| Wisconsin Power and Light Co., 3.95%, <br> 09/01/2032<br>|  | 75000 | &nbsp;&nbsp; 73285 |
| Xcel Energy, Inc., 4.00%, 06/15/2028 |  | 110000 | &nbsp;&nbsp; 110262 |
|  |  |  | &nbsp;&nbsp; 5982135 |
| **Electrical Equipment-0.29%** | **Electrical Equipment-0.29%** | **Electrical Equipment-0.29%** | **Electrical Equipment-0.29%** |
| Acuity Brands Lighting, Inc., 2.15%, <br> 12/15/2030<br>|  | 90000 | &nbsp;&nbsp; 81906 |
| Emerson Electric Co. |  |  |  |
| 0.88%, 10/15/2026 |  | 125000 | &nbsp;&nbsp; 122831 |
| 2.20%, 12/21/2031 |  | 135000 | &nbsp;&nbsp; 122596 |
|  |  |  | &nbsp;&nbsp; 327333 |
| **Electronic Equipment, Instruments & Components-1.31%** | **Electronic Equipment, Instruments & Components-1.31%** | **Electronic Equipment, Instruments & Components-1.31%** | **Electronic Equipment, Instruments & Components-1.31%** |
| Amphenol Corp. |  |  |  |
| 2.80%, 02/15/2030 |  | 95000 | &nbsp;&nbsp; 90944 |
| 5.00%, 01/15/2035 |  | 80000 | &nbsp;&nbsp; 82121 |
| Arrow Electronics, Inc. |  |  |  |
| 3.88%, 01/12/2028 |  | 98000 | &nbsp;&nbsp; 97528 |
| 2.95%, 02/15/2032 |  | 115000 | &nbsp;&nbsp; 104166 |
| Avnet, Inc., 4.63%, 04/15/2026 |  | 150000 | &nbsp;&nbsp; 149996 |
| Flex Ltd. |  |  |  |
| 4.88%, 06/15/2029 |  | 95000 | &nbsp;&nbsp; 96808 |
| 5.25%, 01/15/2032 |  | 75000 | &nbsp;&nbsp; 77025 |
| Jabil, Inc. |  |  |  |
| 3.00%, 01/15/2031<sup>(b)</sup> |  | 185000 | &nbsp;&nbsp; 173601 |
| 4.75%, 02/01/2033 |  | 90000 | &nbsp;&nbsp; 89698 |
| Keysight Technologies, Inc. |  |  |  |
| 3.00%, 10/30/2029 |  | 60000 | &nbsp;&nbsp; 58027 |
| 4.95%, 10/15/2034 |  | 55000 | &nbsp;&nbsp; 56094 |
| TD SYNNEX Corp. |  |  |  |
| 1.75%, 08/09/2026 |  | 100000 | &nbsp;&nbsp; 98930 |
| 6.10%, 04/12/2034 |  | 80000 | &nbsp;&nbsp; 84840 |
| Teledyne Technologies, Inc. |  |  |  |
| 2.25%, 04/01/2028 |  | 55000 | &nbsp;&nbsp; 53225 |
| 2.75%, 04/01/2031 |  | 50000 | &nbsp;&nbsp; 46779 |
| Trimble, Inc. |  |  |  |
| 4.90%, 06/15/2028 |  | 45000 | &nbsp;&nbsp; 45432 |
| 6.10%, 03/15/2033 |  | 45000 | &nbsp;&nbsp; 47969 |
|  |  |  | &nbsp;&nbsp; 1453183 |
| **Energy Equipment & Services-0.61%** | **Energy Equipment & Services-0.61%** | **Energy Equipment & Services-0.61%** | **Energy Equipment & Services-0.61%** |
| Halliburton Co. |  |  |  |
| 2.92%, 03/01/2030 |  | 105000 | &nbsp;&nbsp; 100638 |
| 4.85%, 11/15/2035 |  | 100000 | &nbsp;&nbsp; 100022 |

---

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

------

**42**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Energy Equipment & Services-(continued)** | **Energy Equipment & Services-(continued)** | **Energy Equipment & Services-(continued)** | **Energy Equipment & Services-(continued)** |
| Helmerich & Payne, Inc., 2.90%, 09/29/2031 | $| 115000 | &nbsp;&nbsp; $105304 |
| NOV, Inc., 3.60%, 12/01/2029 |  | 93000 | &nbsp;&nbsp; 91286 |
| Schlumberger Holdings Corp., 3.90%, <br> 05/17/2028<sup>(c)</sup><br>|  | 280000 | &nbsp;&nbsp; 280314 |
|  |  |  | &nbsp;&nbsp; 677564 |
| **Entertainment-0.88%** | **Entertainment-0.88%** | **Entertainment-0.88%** | **Entertainment-0.88%** |
| Electronic Arts, Inc., 1.85%, 02/15/2031 |  | 150000 | &nbsp;&nbsp; 141845 |
| Netflix, Inc. |  |  |  |
| 4.88%, 06/15/2030<sup>(c)</sup> |  | 165000 | &nbsp;&nbsp; 170052 |
| 4.90%, 08/15/2034 |  | 160000 | &nbsp;&nbsp; 165086 |
| Take-Two Interactive Software, Inc. |  |  |  |
| 4.95%, 03/28/2028 |  | 50000 | &nbsp;&nbsp; 50864 |
| 4.00%, 04/14/2032 |  | 61000 | &nbsp;&nbsp; 59558 |
| Walt Disney Co. (The) |  |  |  |
| 2.65%, 01/13/2031 |  | 200000 | &nbsp;&nbsp; 189475 |
| 6.20%, 12/15/2034 |  | 180000 | &nbsp;&nbsp; 203578 |
|  |  |  | &nbsp;&nbsp; 980458 |
| **Financial Services-2.69%** | **Financial Services-2.69%** | **Financial Services-2.69%** | **Financial Services-2.69%** |
| Apollo Global Management, Inc., 6.38%, <br> 11/15/2033<sup>(b)</sup><br>|  | 245000 | &nbsp;&nbsp; 268116 |
| Block Financial LLC, 3.88%, 08/15/2030 |  | 105000 | &nbsp;&nbsp; 99974 |
| Corebridge Financial, Inc. |  |  |  |
| 3.65%, 04/05/2027 |  | 150000 | &nbsp;&nbsp; 149256 |
| 3.90%, 04/05/2032 |  | 160000 | &nbsp;&nbsp; 152036 |
| Enact Holdings, Inc., 6.25%, 05/28/2029 |  | 75000 | &nbsp;&nbsp; 78736 |
| Equitable Holdings, Inc. |  |  |  |
| 4.35%, 04/20/2028 |  | 121000 | &nbsp;&nbsp; 121673 |
| 5.59%, 01/11/2033 |  | 119000 | &nbsp;&nbsp; 124029 |
| Essent Group Ltd., 6.25%, 07/01/2029 |  | 70000 | &nbsp;&nbsp; 73691 |
| Fidelity National Information Services, Inc. |  |  |  |
| 2.25%, 03/01/2031<sup>(b)</sup> |  | 125000 | &nbsp;&nbsp; 112848 |
| 5.10%, 07/15/2032 |  | 120000 | &nbsp;&nbsp; 122164 |
| Fiserv, Inc. |  |  |  |
| 3.50%, 07/01/2029 |  | 123000 | &nbsp;&nbsp; 119510 |
| 5.63%, 08/21/2033 |  | 125000 | &nbsp;&nbsp; 129422 |
| Global Payments, Inc. |  |  |  |
| 3.20%, 08/15/2029 |  | 93000 | &nbsp;&nbsp; 89263 |
| 5.55%, 11/15/2035 |  | 95000 | &nbsp;&nbsp; 94545 |
| LPL Holdings, Inc. |  |  |  |
| 6.75%, 11/17/2028 |  | 55000 | &nbsp;&nbsp; 58347 |
| 6.00%, 05/20/2034 |  | 55000 | &nbsp;&nbsp; 57339 |
| Mastercard, Inc. |  |  |  |
| 3.35%, 03/26/2030 |  | 155000 | &nbsp;&nbsp; 152382 |
| 4.35%, 01/15/2032 |  | 150000 | &nbsp;&nbsp; 152099 |
| PayPal Holdings, Inc. |  |  |  |
| 2.85%, 10/01/2029 |  | 120000 | &nbsp;&nbsp; 115672 |
| 4.40%, 06/01/2032 |  | 125000 | &nbsp;&nbsp; 125194 |
| Radian Group, Inc., 6.20%, 05/15/2029 |  | 80000 | &nbsp;&nbsp; 84030 |
| TPG Operating Group II L.P., 5.88%, <br> 03/05/2034<br>|  | 110000 | &nbsp;&nbsp; 113970 |
| Visa, Inc. |  |  |  |
| 2.05%, 04/15/2030<sup>(b)</sup> |  | 205000 | &nbsp;&nbsp; 191674 |
| 4.15%, 12/14/2035 |  | 200000 | &nbsp;&nbsp; 195779 |
|  |  |  | &nbsp;&nbsp; 2981749 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Food Products-2.60%** | **Food Products-2.60%** | **Food Products-2.60%** |
| Archer-Daniels-Midland Co. |  |  |
| 3.25%, 03/27/2030 | $170000 | &nbsp;&nbsp; $165581 |
| 2.90%, 03/01/2032 | 165000 | &nbsp;&nbsp; 153528 |
| Bunge Ltd. Finance Corp. |  |  |
| 4.20%, 09/17/2029 | 130000 | &nbsp;&nbsp; 130876 |
| 2.75%, 05/14/2031 | 130000 | &nbsp;&nbsp; 121003 |
| Campbell's Co. (The) |  |  |
| 2.38%, 04/24/2030 | 75000 | &nbsp;&nbsp; 69485 |
| 5.40%, 03/21/2034 | 80000 | &nbsp;&nbsp; 81789 |
| Conagra Brands, Inc. |  |  |
| 4.85%, 11/01/2028 | 95000 | &nbsp;&nbsp; 96367 |
| 5.75%, 08/01/2035 | 90000 | &nbsp;&nbsp; 92843 |
| Flowers Foods, Inc., 2.40%, 03/15/2031 | 105000 | &nbsp;&nbsp; 92435 |
| General Mills, Inc. |  |  |
| 4.20%, 04/17/2028 | 126000 | &nbsp;&nbsp; 126518 |
| 4.95%, 03/29/2033 | 130000 | &nbsp;&nbsp; 132973 |
| Hershey Co. (The) |  |  |
| 2.30%, 08/15/2026 | 98000 | &nbsp;&nbsp; 97374 |
| 5.10%, 02/24/2035 | 80000 | &nbsp;&nbsp; 83905 |
| Hormel Foods Corp., 1.80%, 06/11/2030 | 175000 | &nbsp;&nbsp; 159749 |
| Ingredion, Inc., 2.90%, 06/01/2030 | 120000 | &nbsp;&nbsp; 114644 |
| J.M. Smucker Co. (The), 6.20%, 11/15/2033 | 80000 | &nbsp;&nbsp; 87813 |
| JM Smucker Co. (The), 2.38%, 03/15/2030 | 75000 | &nbsp;&nbsp; 70254 |
| Kraft Heinz Foods Co. (The) |  |  |
| 3.00%, 06/01/2026 | 157000 | &nbsp;&nbsp; 156628 |
| 5.00%, 07/15/2035 | 145000 | &nbsp;&nbsp; 145591 |
| McCormick & Co., Inc. |  |  |
| 1.85%, 02/15/2031 | 75000 | &nbsp;&nbsp; 67066 |
| 4.70%, 10/15/2034 | 70000 | &nbsp;&nbsp; 70012 |
| Mondelez International, Inc. |  |  |
| 2.75%, 04/13/2030 | 151000 | &nbsp;&nbsp; 143313 |
| 3.00%, 03/17/2032 | 170000 | &nbsp;&nbsp; 157883 |
| Tyson Foods, Inc. |  |  |
| 4.35%, 03/01/2029 | 125000 | &nbsp;&nbsp; 126214 |
| 4.88%, 08/15/2034 | 135000 | &nbsp;&nbsp; 137024 |
|  |  | &nbsp;&nbsp; 2880868 |
| **Gas Utilities-0.38%** | **Gas Utilities-0.38%** | **Gas Utilities-0.38%** |
| Atmos Energy Corp. |  |  |
| 1.50%, 01/15/2031 | 80000 | &nbsp;&nbsp; 71300 |
| 5.90%, 11/15/2033 | 70000 | &nbsp;&nbsp; 76615 |
| National Fuel Gas Co. |  |  |
| 2.95%, 03/01/2031 | 50000 | &nbsp;&nbsp; 46483 |
| 5.95%, 03/15/2035 | 50000 | &nbsp;&nbsp; 53290 |
| ONE Gas, Inc., 5.10%, 04/01/2029 | 70000 | &nbsp;&nbsp; 72431 |
| Southwest Gas Corp., 4.05%, 03/15/2032 | 105000 | &nbsp;&nbsp; 102866 |
|  |  | &nbsp;&nbsp; 422985 |
| **Ground Transportation-1.16%** | **Ground Transportation-1.16%** | **Ground Transportation-1.16%** |
| CSX Corp. |  |  |
| 4.25%, 03/15/2029 | 120000 | &nbsp;&nbsp; 121624 |
| 4.10%, 11/15/2032 | 120000 | &nbsp;&nbsp; 119688 |
| J.B. Hunt Transport Services, Inc., 4.90%, <br> 03/15/2030<br>| 120000 | &nbsp;&nbsp; 123378 |
| Norfolk Southern Corp. |  |  |
| 5.05%, 08/01/2030 | 105000 | &nbsp;&nbsp; 109278 |
| 3.00%, 03/15/2032 | 130000 | &nbsp;&nbsp; 121556 |
| Ryder System, Inc. |  |  |
| 5.25%, 06/01/2028 | 75000 | &nbsp;&nbsp; 77068 |
| 6.60%, 12/01/2033 | 60000 | &nbsp;&nbsp; 67763 |

---

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

------

**43**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** | **Ground Transportation-(continued)** |
| Uber Technologies, Inc. |  |  |  |
| 4.30%, 01/15/2030 | $| 85000 | &nbsp;&nbsp; $85520 |
| 4.80%, 09/15/2034 |  | 90000 | &nbsp;&nbsp; 90309 |
| Union Pacific Corp. |  |  |  |
| 3.95%, 09/10/2028 |  | 184000 | &nbsp;&nbsp; 184918 |
| 2.80%, 02/14/2032 |  | 195000 | &nbsp;&nbsp; 181539 |
|  |  |  | &nbsp;&nbsp; 1282641 |
| **Health Care Equipment & Supplies-1.88%** | **Health Care Equipment & Supplies-1.88%** | **Health Care Equipment & Supplies-1.88%** | **Health Care Equipment & Supplies-1.88%** |
| Abbott Laboratories, 3.75%, 11/30/2026<sup>(b)</sup> |  | 347000 | &nbsp;&nbsp; 347079 |
| Baxter International, Inc. |  |  |  |
| 1.92%, 02/01/2027 |  | 90000 | &nbsp;&nbsp; 88252 |
| 2.54%, 02/01/2032 |  | 95000 | &nbsp;&nbsp; 83144 |
| Becton, Dickinson and Co., 1.96%, <br> 02/11/2031<br>|  | 135000 | &nbsp;&nbsp; 121416 |
| Boston Scientific Corp., 2.65%, 06/01/2030 |  | 195000 | &nbsp;&nbsp; 184556 |
| DENTSPLY SIRONA, Inc., 3.25%, <br> 06/01/2030<br>|  | 100000 | &nbsp;&nbsp; 93840 |
| DH Europe Finance II S.a.r.l., 2.60%, <br> 11/15/2029<sup>(b)</sup><br>|  | 276000 | &nbsp;&nbsp; 263416 |
| Edwards Lifesciences Corp., 4.30%, <br> 06/15/2028<br>|  | 122000 | &nbsp;&nbsp; 122810 |
| GE HealthCare Technologies, Inc. |  |  |  |
| 5.65%, 11/15/2027 |  | 75000 | &nbsp;&nbsp; 77085 |
| 5.91%, 11/22/2032 |  | 75000 | &nbsp;&nbsp; 81270 |
| Solventum Corp. |  |  |  |
| 5.40%, 03/01/2029 |  | 60000 | &nbsp;&nbsp; 62229 |
| 5.60%, 03/23/2034 |  | 70000 | &nbsp;&nbsp; 73217 |
| STERIS Irish FinCo Unlimited Co., 2.70%, <br> 03/15/2031<br>|  | 120000 | &nbsp;&nbsp; 111615 |
| Stryker Corp. |  |  |  |
| 1.95%, 06/15/2030 |  | 130000 | &nbsp;&nbsp; 119472 |
| 5.20%, 02/10/2035 |  | 110000 | &nbsp;&nbsp; 114253 |
| Zimmer Biomet Holdings, Inc. |  |  |  |
| 5.35%, 12/01/2028 |  | 70000 | &nbsp;&nbsp; 72557 |
| 2.60%, 11/24/2031 |  | 80000 | &nbsp;&nbsp; 73207 |
|  |  |  | &nbsp;&nbsp; 2089418 |
| **Health Care Providers & Services-4.11%** | **Health Care Providers & Services-4.11%** | **Health Care Providers & Services-4.11%** | **Health Care Providers & Services-4.11%** |
| Cardinal Health, Inc. |  |  |  |
| 3.41%, 06/15/2027 |  | 194000 | &nbsp;&nbsp; 192937 |
| 5.45%, 02/15/2034 |  | 181000 | &nbsp;&nbsp; 190447 |
| Cencora, Inc. |  |  |  |
| 3.45%, 12/15/2027 |  | 214000 | &nbsp;&nbsp; 212494 |
| 2.70%, 03/15/2031 |  | 240000 | &nbsp;&nbsp; 223722 |
| Cigna Group (The) |  |  |  |
| 4.38%, 10/15/2028 |  | 224000 | &nbsp;&nbsp; 226373 |
| 2.38%, 03/15/2031<sup>(b)</sup> |  | 265000 | &nbsp;&nbsp; 242971 |
| CVS Health Corp. |  |  |  |
| 4.30%, 03/25/2028 |  | 290000 | &nbsp;&nbsp; 291841 |
| 5.25%, 02/21/2033<sup>(b)</sup> |  | 315000 | &nbsp;&nbsp; 327281 |
| Elevance Health, Inc. |  |  |  |
| 2.25%, 05/15/2030 |  | 235000 | &nbsp;&nbsp; 217794 |
| 5.20%, 02/15/2035 |  | 200000 | &nbsp;&nbsp; 205720 |
| HCA, Inc. |  |  |  |
| 3.50%, 09/01/2030 |  | 180000 | &nbsp;&nbsp; 174428 |
| 3.63%, 03/15/2032 |  | 170000 | &nbsp;&nbsp; 162031 |
| Humana, Inc. |  |  |  |
| 1.35%, 02/03/2027 |  | 140000 | &nbsp;&nbsp; 136582 |
| 2.15%, 02/03/2032 |  | 155000 | &nbsp;&nbsp; 135350 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| Laboratory Corp. of America Holdings |  |  |  |
| 2.95%, 12/01/2029 | $| 75000 | &nbsp;&nbsp; $72180 |
| 4.80%, 10/01/2034 |  | 85000 | &nbsp;&nbsp; 85338 |
| McKesson Corp. |  |  |  |
| 1.30%, 08/15/2026 |  | 246000 | &nbsp;&nbsp; 243155 |
| 5.10%, 07/15/2033 |  | 215000 | &nbsp;&nbsp; 224740 |
| Quest Diagnostics, Inc. |  |  |  |
| 2.95%, 06/30/2030 |  | 85000 | &nbsp;&nbsp; 81078 |
| 5.00%, 12/15/2034 |  | 80000 | &nbsp;&nbsp; 81975 |
| UnitedHealth Group, Inc. |  |  |  |
| 2.00%, 05/15/2030 |  | 370000 | &nbsp;&nbsp; 341345 |
| 5.35%, 02/15/2033<sup>(b)</sup> |  | 330000 | &nbsp;&nbsp; 346565 |
| Universal Health Services, Inc. |  |  |  |
| 2.65%, 10/15/2030 |  | 80000 | &nbsp;&nbsp; 73663 |
| 5.05%, 10/15/2034 |  | 70000 | &nbsp;&nbsp; 69621 |
|  |  |  | &nbsp;&nbsp; 4559631 |
| **Health Care REITs-0.84%** | **Health Care REITs-0.84%** | **Health Care REITs-0.84%** | **Health Care REITs-0.84%** |
| Alexandria Real Estate Equities, Inc. |  |  |  |
| 4.90%, 12/15/2030 |  | 80000 | &nbsp;&nbsp; 81660 |
| 2.00%, 05/18/2032 |  | 85000 | &nbsp;&nbsp; 73116 |
| Healthcare Realty Holdings L.P. |  |  |  |
| 3.50%, 08/01/2026 |  | 56000 | &nbsp;&nbsp; 55781 |
| 2.00%, 03/15/2031 |  | 60000 | &nbsp;&nbsp; 53199 |
| Healthpeak OP LLC |  |  |  |
| 3.25%, 07/15/2026 |  | 67000 | &nbsp;&nbsp; 66820 |
| 5.25%, 12/15/2032 |  | 70000 | &nbsp;&nbsp; 72399 |
| Omega Healthcare Investors, Inc. |  |  |  |
| 3.38%, 02/01/2031 |  | 45000 | &nbsp;&nbsp; 42489 |
| 3.25%, 04/15/2033 |  | 50000 | &nbsp;&nbsp; 45171 |
| Sabra Health Care L.P., 3.20%, 12/01/2031 |  | 70000 | &nbsp;&nbsp; 64775 |
| Ventas Realty L.P. |  |  |  |
| 4.40%, 01/15/2029 |  | 79000 | &nbsp;&nbsp; 79799 |
| 2.50%, 09/01/2031 |  | 94000 | &nbsp;&nbsp; 85575 |
| Welltower OP LLC |  |  |  |
| 3.10%, 01/15/2030 |  | 110000 | &nbsp;&nbsp; 106396 |
| 2.80%, 06/01/2031 |  | 110000 | &nbsp;&nbsp; 103109 |
|  |  |  | &nbsp;&nbsp; 930289 |
| **Hotel & Resort REITs-0.10%** | **Hotel & Resort REITs-0.10%** | **Hotel & Resort REITs-0.10%** | **Hotel & Resort REITs-0.10%** |
| Host Hotels & Resorts L.P. |  |  |  |
| 5.50%, 04/15/2035 |  | 60000 | &nbsp;&nbsp; 61227 |
| Series H, 3.38%, 12/15/2029 |  | 54000 | &nbsp;&nbsp; 52340 |
|  |  |  | &nbsp;&nbsp; 113567 |
| **Hotels, Restaurants & Leisure-1.58%** | **Hotels, Restaurants & Leisure-1.58%** | **Hotels, Restaurants & Leisure-1.58%** | **Hotels, Restaurants & Leisure-1.58%** |
| Booking Holdings, Inc., 3.55%, 03/15/2028 |  | 190000 | &nbsp;&nbsp; 188899 |
| Carnival Corp., 4.00%, 08/01/2028<sup>(c)</sup> |  | 150000 | &nbsp;&nbsp; 149050 |
| Choice Hotels International, Inc., 5.85%, <br> 08/01/2034<br>|  | 55000 | &nbsp;&nbsp; 57073 |
| Darden Restaurants, Inc. |  |  |  |
| 3.85%, 05/01/2027 |  | 74000 | &nbsp;&nbsp; 73902 |
| 6.30%, 10/10/2033 |  | 90000 | &nbsp;&nbsp; 99024 |
| Expedia Group, Inc. |  |  |  |
| 3.80%, 02/15/2028 |  | 63000 | &nbsp;&nbsp; 62715 |
| 5.40%, 02/15/2035 |  | 50000 | &nbsp;&nbsp; 50544 |
| Hyatt Hotels Corp. |  |  |  |
| 5.75%, 01/30/2027 |  | 30000 | &nbsp;&nbsp; 30414 |
| 5.75%, 03/30/2032 |  | 40000 | &nbsp;&nbsp; 42264 |

---

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

------

**44**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| Marriott International, Inc. |  |  |  |
| 5.35%, 03/15/2035 | $| 70000 | &nbsp;&nbsp; $72743 |
| Series FF, 4.63%, 06/15/2030 |  | 85000 | &nbsp;&nbsp; 86662 |
| McDonald's Corp. |  |  |  |
| 3.60%, 07/01/2030 |  | 200000 | &nbsp;&nbsp; 197834 |
| 4.95%, 03/03/2035 |  | 200000 | &nbsp;&nbsp; 205094 |
| Royal Caribbean Cruises Ltd. |  |  |  |
| 5.50%, 04/01/2028<sup>(c)</sup> |  | 70000 | &nbsp;&nbsp; 71557 |
| 6.00%, 02/01/2033<sup>(c)</sup> |  | 70000 | &nbsp;&nbsp; 72530 |
| Starbucks Corp. |  |  |  |
| 2.55%, 11/15/2030 |  | 155000 | &nbsp;&nbsp; 144917 |
| 3.00%, 02/14/2032 |  | 160000 | &nbsp;&nbsp; 149440 |
|  |  |  | &nbsp;&nbsp; 1754662 |
| **Household Durables-1.14%** | **Household Durables-1.14%** | **Household Durables-1.14%** | **Household Durables-1.14%** |
| D.R. Horton, Inc. |  |  |  |
| 1.40%, 10/15/2027 |  | 115000 | &nbsp;&nbsp; 110769 |
| 5.00%, 10/15/2034 |  | 110000 | &nbsp;&nbsp; 112801 |
| Leggett & Platt, Inc., 4.40%, 03/15/2029 |  | 105000 | &nbsp;&nbsp; 104627 |
| Lennar Corp., 4.75%, 11/29/2027 |  | 205000 | &nbsp;&nbsp; 206921 |
| Meritage Homes Corp., 5.65%, 03/15/2035 |  | 85000 | &nbsp;&nbsp; 87731 |
| Mohawk Industries, Inc., 3.63%, 05/15/2030 |  | 150000 | &nbsp;&nbsp; 146764 |
| NVR, Inc., 3.00%, 05/15/2030 |  | 150000 | &nbsp;&nbsp; 143584 |
| Toll Brothers Finance Corp., 5.60%, <br> 06/15/2035<sup>(b)</sup><br>|  | 110000 | &nbsp;&nbsp; 116467 |
| Tyco Electronics Group S.A. (Switzerland) |  |  |  |
| 4.50%, 02/09/2031 |  | 50000 | &nbsp;&nbsp; 50898 |
| 2.50%, 02/04/2032 |  | 205000 | &nbsp;&nbsp; 186671 |
|  |  |  | &nbsp;&nbsp; 1267233 |
| **Household Products-1.24%** | **Household Products-1.24%** | **Household Products-1.24%** | **Household Products-1.24%** |
| Church & Dwight Co., Inc., 5.60%, <br> 11/15/2032<br>|  | 105000 | &nbsp;&nbsp; 113227 |
| Clorox Co. (The) |  |  |  |
| 3.90%, 05/15/2028 |  | 85000 | &nbsp;&nbsp; 85092 |
| 4.60%, 05/01/2032 |  | 85000 | &nbsp;&nbsp; 86362 |
| Colgate-Palmolive Co. |  |  |  |
| 4.20%, 05/01/2030 |  | 130000 | &nbsp;&nbsp; 132043 |
| 3.25%, 08/15/2032 |  | 130000 | &nbsp;&nbsp; 124566 |
| Kimberly-Clark Corp. |  |  |  |
| 3.20%, 04/25/2029 |  | 137000 | &nbsp;&nbsp; 134777 |
| 2.00%, 11/02/2031 |  | 145000 | &nbsp;&nbsp; 131450 |
| Procter & Gamble Co. (The) |  |  |  |
| 3.00%, 03/25/2030 |  | 280000 | &nbsp;&nbsp; 272431 |
| 1.95%, 04/23/2031 |  | 320000 | &nbsp;&nbsp; 292877 |
|  |  |  | &nbsp;&nbsp; 1372825 |
| **Independent Power and Renewable Electricity Producers-0.28%** | **Independent Power and Renewable Electricity Producers-0.28%** | **Independent Power and Renewable Electricity Producers-0.28%** | **Independent Power and Renewable Electricity Producers-0.28%** |
| AES Corp. (The) |  |  |  |
| 2.45%, 01/15/2031 |  | 110000 | &nbsp;&nbsp; 102051 |
| 5.80%, 03/15/2032 |  | 90000 | &nbsp;&nbsp; 94051 |
| NSTAR Electric Co., 3.20%, 05/15/2027 |  | 113000 | &nbsp;&nbsp; 112326 |
|  |  |  | &nbsp;&nbsp; 308428 |
| **Industrial Conglomerates-0.84%** | **Industrial Conglomerates-0.84%** | **Industrial Conglomerates-0.84%** | **Industrial Conglomerates-0.84%** |
| 3M Co. |  |  |  |
| 2.38%, 08/26/2029 |  | 175000 | &nbsp;&nbsp; 166276 |
| 5.15%, 03/15/2035 |  | 160000 | &nbsp;&nbsp; 165632 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** | **Industrial Conglomerates-(continued)** |
| Eaton Corp. |  |  |  |
| 3.10%, 09/15/2027 | $| 124000 | &nbsp;&nbsp; $122988 |
| 4.00%, 11/02/2032 |  | 135000 | &nbsp;&nbsp; 134173 |
| Honeywell International, Inc. |  |  |  |
| 2.50%, 11/01/2026 |  | 168000 | &nbsp;&nbsp; 166663 |
| 1.75%, 09/01/2031 |  | 200000 | &nbsp;&nbsp; 177218 |
|  |  |  | &nbsp;&nbsp; 932950 |
| **Insurance-6.22%** | **Insurance-6.22%** | **Insurance-6.22%** | **Insurance-6.22%** |
| Aflac, Inc., 3.60%, 04/01/2030 |  | 275000 | &nbsp;&nbsp; 271001 |
| Allstate Corp. (The) |  |  |  |
| 1.45%, 12/15/2030 |  | 180000 | &nbsp;&nbsp; 158918 |
| 5.25%, 03/30/2033 |  | 140000 | &nbsp;&nbsp; 146312 |
| American International Group, Inc. |  |  |  |
| 4.85%, 05/07/2030 |  | 210000 | &nbsp;&nbsp; 215597 |
| 5.13%, 03/27/2033 |  | 205000 | &nbsp;&nbsp; 211395 |
| Aon Corp., 2.80%, 05/15/2030 |  | 100000 | &nbsp;&nbsp; 94820 |
| Aon North America, Inc., 5.45%, 03/01/2034 |  | 100000 | &nbsp;&nbsp; 104368 |
| Arthur J. Gallagher & Co. |  |  |  |
| 4.85%, 12/15/2029 |  | 85000 | &nbsp;&nbsp; 87107 |
| 5.15%, 02/15/2035 |  | 80000 | &nbsp;&nbsp; 81136 |
| Brighthouse Financial, Inc., 5.63%, <br> 05/15/2030<sup>(b)</sup><br>|  | 215000 | &nbsp;&nbsp; 217211 |
| Brown & Brown, Inc. |  |  |  |
| 4.90%, 06/23/2030 |  | 60000 | &nbsp;&nbsp; 61025 |
| 2.38%, 03/15/2031 |  | 60000 | &nbsp;&nbsp; 53945 |
| Chubb INA Holdings LLC |  |  |  |
| 1.38%, 09/15/2030 |  | 200000 | &nbsp;&nbsp; 178530 |
| 5.00%, 03/15/2034 |  | 170000 | &nbsp;&nbsp; 175042 |
| CNA Financial Corp. |  |  |  |
| 3.90%, 05/01/2029 |  | 113000 | &nbsp;&nbsp; 112255 |
| 5.13%, 02/15/2034 |  | 101000 | &nbsp;&nbsp; 102653 |
| CNO Financial Group, Inc. |  |  |  |
| 5.25%, 05/30/2029 |  | 53000 | &nbsp;&nbsp; 53855 |
| 6.45%, 06/15/2034 |  | 55000 | &nbsp;&nbsp; 57383 |
| F&G Annuities & Life, Inc., 6.25%, <br> 10/04/2034<br>|  | 135000 | &nbsp;&nbsp; 128570 |
| Fidelity National Financial, Inc., 3.40%, <br> 06/15/2030<br>|  | 195000 | &nbsp;&nbsp; 185781 |
| First American Financial Corp., 2.40%, <br> 08/15/2031<br>|  | 160000 | &nbsp;&nbsp; 141111 |
| Five Corners Funding Trust II, 2.85%, <br> 05/15/2030<sup>(c)</sup><br>|  | 235000 | &nbsp;&nbsp; 222994 |
| Globe Life, Inc., 4.55%, 09/15/2028 |  | 111000 | &nbsp;&nbsp; 111964 |
| Hanover Insurance Group, Inc. (The), 5.50%, <br> 09/01/2035<br>|  | 100000 | &nbsp;&nbsp; 102236 |
| Hartford Insurance Group, Inc. (The), 2.80%, <br> 08/19/2029<br>|  | 244000 | &nbsp;&nbsp; 234993 |
| Jackson National Life Global Funding, 3.05%, <br> 04/29/2026<sup>(c)</sup><br>|  | 255000 | &nbsp;&nbsp; 254548 |
| Lincoln National Corp. |  |  |  |
| 3.40%, 01/15/2031 |  | 145000 | &nbsp;&nbsp; 136558 |
| 5.35%, 11/15/2035 |  | 145000 | &nbsp;&nbsp; 141673 |
| Loews Corp. |  |  |  |
| 3.20%, 05/15/2030 |  | 180000 | &nbsp;&nbsp; 173777 |
| 4.94%, 04/01/2036 |  | 90000 | &nbsp;&nbsp; 89824 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| 4.38%, 03/15/2029 |  | 123000 | &nbsp;&nbsp; 124336 |
| 5.00%, 03/15/2035 |  | 130000 | &nbsp;&nbsp; 132409 |

---

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

------

**45**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| MetLife, Inc. |  |  |  |
| 4.55%, 03/23/2030<sup>(b)</sup> | $| 225000 | &nbsp;&nbsp; $230298 |
| 5.70%, 06/15/2035<sup>(b)</sup> |  | 220000 | &nbsp;&nbsp; 235194 |
| Old Republic International Corp., 3.88%, <br> 08/26/2026<br>|  | 189000 | &nbsp;&nbsp; 188895 |
| Peachtree Corners Funding Trust II, 6.01%, <br> 05/15/2035<sup>(c)</sup><br>|  | 170000 | &nbsp;&nbsp; 178995 |
| Primerica, Inc., 2.80%, 11/19/2031 |  | 105000 | &nbsp;&nbsp; 96241 |
| Principal Financial Group, Inc., 2.13%, <br> 06/15/2030<br>|  | 307000 | &nbsp;&nbsp; 281425 |
| Progressive Corp. (The) |  |  |  |
| 4.00%, 03/01/2029 |  | 155000 | &nbsp;&nbsp; 155798 |
| 3.00%, 03/15/2032 |  | 170000 | &nbsp;&nbsp; 157840 |
| Prudential Financial, Inc., 5.20%, <br> 03/14/2035<br>|  | 220000 | &nbsp;&nbsp; 225511 |
| RGA Global Funding |  |  |  |
| 5.50%, 01/11/2031<sup>(c)</sup> |  | 85000 | &nbsp;&nbsp; 88981 |
| 5.00%, 08/25/2032<sup>(c)</sup> |  | 80000 | &nbsp;&nbsp; 81462 |
| Travelers Property Casualty Corp., 6.38%, <br> 03/15/2033<sup>(b)</sup><br>|  | 240000 | &nbsp;&nbsp; 272122 |
| Willis North America, Inc. |  |  |  |
| 2.95%, 09/15/2029 |  | 80000 | &nbsp;&nbsp; 76489 |
| 5.35%, 05/15/2033 |  | 70000 | &nbsp;&nbsp; 72133 |
|  |  |  | &nbsp;&nbsp; 6904711 |
| **Interactive Media & Services-1.33%** | **Interactive Media & Services-1.33%** | **Interactive Media & Services-1.33%** | **Interactive Media & Services-1.33%** |
| Alphabet, Inc. |  |  |  |
| 1.10%, 08/15/2030<sup>(b)</sup> |  | 490000 | &nbsp;&nbsp; 436790 |
| 4.50%, 05/15/2035<sup>(b)</sup> |  | 415000 | &nbsp;&nbsp; 417876 |
| Meta Platforms, Inc. |  |  |  |
| 3.50%, 08/15/2027 |  | 310000 | &nbsp;&nbsp; 309816 |
| 4.88%, 11/15/2035 |  | 310000 | &nbsp;&nbsp; 313204 |
|  |  |  | &nbsp;&nbsp; 1477686 |
| **IT Services-0.63%** | **IT Services-0.63%** | **IT Services-0.63%** | **IT Services-0.63%** |
| Amdocs Ltd., 2.54%, 06/15/2030 |  | 113000 | &nbsp;&nbsp; 103226 |
| DXC Technology Co., 2.38%, 09/15/2028<sup>(b)</sup> |  | 163000 | &nbsp;&nbsp; 153818 |
| International Business Machines Corp., 3.50%, <br> 05/15/2029<br>|  | 240000 | &nbsp;&nbsp; 236676 |
| Kyndryl Holdings, Inc. |  |  |  |
| 2.05%, 10/15/2026 |  | 71000 | &nbsp;&nbsp; 69918 |
| 3.15%, 10/15/2031 |  | 75000 | &nbsp;&nbsp; 63728 |
| VeriSign, Inc., 2.70%, 06/15/2031 |  | 75000 | &nbsp;&nbsp; 68298 |
|  |  |  | &nbsp;&nbsp; 695664 |
| **Leisure Products-0.41%** | **Leisure Products-0.41%** | **Leisure Products-0.41%** | **Leisure Products-0.41%** |
| Brunswick Corp., 2.40%, 08/18/2031 |  | 110000 | &nbsp;&nbsp; 97790 |
| Hasbro, Inc. |  |  |  |
| 3.90%, 11/19/2029 |  | 63000 | &nbsp;&nbsp; 62484 |
| 6.05%, 05/14/2034 |  | 67000 | &nbsp;&nbsp; 71966 |
| Mattel, Inc., 5.00%, 11/17/2030 |  | 110000 | &nbsp;&nbsp; 111721 |
| Polaris, Inc., 6.95%, 03/15/2029 |  | 110000 | &nbsp;&nbsp; 116714 |
|  |  |  | &nbsp;&nbsp; 460675 |
| **Life Sciences Tools & Services-0.79%** | **Life Sciences Tools & Services-0.79%** | **Life Sciences Tools & Services-0.79%** | **Life Sciences Tools & Services-0.79%** |
| Agilent Technologies, Inc. |  |  |  |
| 2.75%, 09/15/2029 |  | 57000 | &nbsp;&nbsp; 54644 |
| 2.30%, 03/12/2031 |  | 75000 | &nbsp;&nbsp; 68518 |
| Bio-Rad Laboratories, Inc., 3.70%, <br> 03/15/2032<br>|  | 103000 | &nbsp;&nbsp; 98213 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Life Sciences Tools & Services-(continued)** | **Life Sciences Tools & Services-(continued)** | **Life Sciences Tools & Services-(continued)** | **Life Sciences Tools & Services-(continued)** |
| Illumina, Inc. |  |  |  |
| 5.75%, 12/13/2027 | $| 40000 | &nbsp;&nbsp; $41196 |
| 2.55%, 03/23/2031 |  | 55000 | &nbsp;&nbsp; 50512 |
| IQVIA, Inc., 6.25%, 02/01/2029 |  | 170000 | &nbsp;&nbsp; 178773 |
| Revvity, Inc. |  |  |  |
| 3.30%, 09/15/2029 |  | 38000 | &nbsp;&nbsp; 36880 |
| 2.25%, 09/15/2031 |  | 65000 | &nbsp;&nbsp; 57926 |
| Thermo Fisher Scientific, Inc. |  |  |  |
| 4.80%, 11/21/2027 |  | 136000 | &nbsp;&nbsp; 138418 |
| 2.00%, 10/15/2031<sup>(b)</sup> |  | 170000 | &nbsp;&nbsp; 152997 |
|  |  |  | &nbsp;&nbsp; 878077 |
| **Machinery-2.50%** | **Machinery-2.50%** | **Machinery-2.50%** | **Machinery-2.50%** |
| AGCO Corp., 5.80%, 03/21/2034 |  | 140000 | &nbsp;&nbsp; 148005 |
| Caterpillar, Inc. |  |  |  |
| 2.60%, 04/09/2030 |  | 195000 | &nbsp;&nbsp; 186122 |
| 5.20%, 05/15/2035 |  | 180000 | &nbsp;&nbsp; 188637 |
| CNH Industrial N.V., 3.85%, 11/15/2027 |  | 200000 | &nbsp;&nbsp; 199853 |
| Cummins, Inc. |  |  |  |
| 1.50%, 09/01/2030 |  | 125000 | &nbsp;&nbsp; 112922 |
| 5.30%, 05/09/2035 |  | 110000 | &nbsp;&nbsp; 115411 |
| Flowserve Corp. |  |  |  |
| 3.50%, 10/01/2030 |  | 40000 | &nbsp;&nbsp; 38621 |
| 2.80%, 01/15/2032 |  | 40000 | &nbsp;&nbsp; 36365 |
| Fortive Corp., 3.15%, 06/15/2026 |  | 117000 | &nbsp;&nbsp; 116597 |
| IDEX Corp. |  |  |  |
| 3.00%, 05/01/2030 |  | 40000 | &nbsp;&nbsp; 38286 |
| 2.63%, 06/15/2031 |  | 50000 | &nbsp;&nbsp; 45993 |
| Illinois Tool Works, Inc., 2.65%, 11/15/2026 |  | 244000 | &nbsp;&nbsp; 242418 |
| Ingersoll Rand, Inc. |  |  |  |
| 5.40%, 08/14/2028 |  | 50000 | &nbsp;&nbsp; 51729 |
| 5.70%, 08/14/2033 |  | 60000 | &nbsp;&nbsp; 64227 |
| John Deere Capital Corp. |  |  |  |
| 4.95%, 07/14/2028 |  | 150000 | &nbsp;&nbsp; 154270 |
| 5.10%, 04/11/2034 |  | 155000 | &nbsp;&nbsp; 162025 |
| Nordson Corp. |  |  |  |
| 4.50%, 12/15/2029 |  | 30000 | &nbsp;&nbsp; 30433 |
| 5.80%, 09/15/2033 |  | 50000 | &nbsp;&nbsp; 53482 |
| Otis Worldwide Corp. |  |  |  |
| 2.57%, 02/15/2030 |  | 95000 | &nbsp;&nbsp; 89790 |
| 5.13%, 11/19/2031 |  | 80000 | &nbsp;&nbsp; 83747 |
| Parker-Hannifin Corp. |  |  |  |
| 3.25%, 06/14/2029 |  | 102000 | &nbsp;&nbsp; 100037 |
| 4.20%, 11/21/2034 |  | 95000 | &nbsp;&nbsp; 93851 |
| Stanley Black & Decker, Inc. |  |  |  |
| 2.30%, 03/15/2030 |  | 91000 | &nbsp;&nbsp; 84420 |
| 3.00%, 05/15/2032 |  | 95000 | &nbsp;&nbsp; 87350 |
| Wabtec Corp. |  |  |  |
| 3.45%, 11/15/2026 |  | 52000 | &nbsp;&nbsp; 51825 |
| 5.61%, 03/11/2034 |  | 75000 | &nbsp;&nbsp; 79562 |
| Xylem, Inc., 2.25%, 01/30/2031 |  | 130000 | &nbsp;&nbsp; 119067 |
|  |  |  | &nbsp;&nbsp; 2775045 |
| **Marine Transportation-0.07%** | **Marine Transportation-0.07%** | **Marine Transportation-0.07%** | **Marine Transportation-0.07%** |
| Kirby Corp., 4.20%, 03/01/2028 |  | 83000 | &nbsp;&nbsp; 83298 |
| **Media-0.81%** | **Media-0.81%** | **Media-0.81%** | **Media-0.81%** |
| Comcast Corp. |  |  |  |
| 4.15%, 10/15/2028 |  | 256000 | &nbsp;&nbsp; 257891 |
| 4.25%, 01/15/2033 |  | 280000 | &nbsp;&nbsp; 277428 |

---

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

------

**46**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Media-(continued)** | **Media-(continued)** | **Media-(continued)** | **Media-(continued)** |
| Fox Corp. |  |  |  |
| 4.71%, 01/25/2029 | $| 90000 | &nbsp;&nbsp; $91394 |
| 6.50%, 10/13/2033 |  | 85000 | &nbsp;&nbsp; 93322 |
| Omnicom Group, Inc., 2.60%, 08/01/2031 |  | 110000 | &nbsp;&nbsp; 100283 |
| Omnicom Group, Inc./Omnicom Capital, Inc., <br> 3.60%, 04/15/2026<br>|  | 83000 | &nbsp;&nbsp; 82987 |
|  |  |  | &nbsp;&nbsp; 903305 |
| **Metals & Mining-1.17%** | **Metals & Mining-1.17%** | **Metals & Mining-1.17%** | **Metals & Mining-1.17%** |
| Freeport-McMoRan, Inc., 5.40%, <br> 11/14/2034<sup>(b)</sup><br>|  | 225000 | &nbsp;&nbsp; 235528 |
| Newmont Corp./Newcrest Finance Pty Ltd., <br> 5.35%, 03/15/2034<br>|  | 210000 | &nbsp;&nbsp; 221975 |
| Nucor Corp. |  |  |  |
| 3.95%, 05/01/2028 |  | 124000 | &nbsp;&nbsp; 124489 |
| 3.13%, 04/01/2032 |  | 135000 | &nbsp;&nbsp; 127075 |
| Reliance, Inc., 2.15%, 08/15/2030 |  | 160000 | &nbsp;&nbsp; 146560 |
| Southern Copper Corp. (Mexico), 7.50%, <br> 07/27/2035<br>|  | 225000 | &nbsp;&nbsp; 268287 |
| Steel Dynamics, Inc. |  |  |  |
| 3.45%, 04/15/2030 |  | 81000 | &nbsp;&nbsp; 78833 |
| 5.25%, 05/15/2035 |  | 90000 | &nbsp;&nbsp; 92530 |
|  |  |  | &nbsp;&nbsp; 1295277 |
| **Multi-Utilities-1.26%** | **Multi-Utilities-1.26%** | **Multi-Utilities-1.26%** | **Multi-Utilities-1.26%** |
| Ameren Corp. |  |  |  |
| 3.50%, 01/15/2031 |  | 95000 | &nbsp;&nbsp; 92214 |
| 5.38%, 03/15/2035 |  | 80000 | &nbsp;&nbsp; 82644 |
| CenterPoint Energy, Inc., 1.45%, <br> 06/01/2026<br>|  | 100000 | &nbsp;&nbsp; 99361 |
| Consumers Energy Co. |  |  |  |
| 4.90%, 02/15/2029 |  | 80000 | &nbsp;&nbsp; 82321 |
| 4.63%, 05/15/2033 |  | 85000 | &nbsp;&nbsp; 86302 |
| Dominion Energy, Inc. |  |  |  |
| Series C, 3.38%, 04/01/2030 |  | 155000 | &nbsp;&nbsp; 150847 |
| Series C, 2.25%, 08/15/2031 |  | 170000 | &nbsp;&nbsp; 153546 |
| DTE Electric Co., Series C, 2.63%, <br> 03/01/2031<br>|  | 105000 | &nbsp;&nbsp; 98544 |
| DTE Energy Co., 5.85%, 06/01/2034 |  | 100000 | &nbsp;&nbsp; 107594 |
| NiSource, Inc. |  |  |  |
| 3.60%, 05/01/2030 |  | 75000 | &nbsp;&nbsp; 73601 |
| 5.35%, 04/01/2034 |  | 80000 | &nbsp;&nbsp; 83542 |
| NorthWestern Corp., 5.07%, 03/21/2030<sup>(c)</sup> |  | 72000 | &nbsp;&nbsp; 74315 |
| Public Service Enterprise Group, Inc. |  |  |  |
| 5.20%, 04/01/2029 |  | 105000 | &nbsp;&nbsp; 108576 |
| 2.45%, 11/15/2031 |  | 115000 | &nbsp;&nbsp; 104287 |
|  |  |  | &nbsp;&nbsp; 1397694 |
| **Office REITs-0.40%** | **Office REITs-0.40%** | **Office REITs-0.40%** | **Office REITs-0.40%** |
| Boston Properties L.P. |  |  |  |
| 3.25%, 01/30/2031 |  | 90000 | &nbsp;&nbsp; 84805 |
| 5.75%, 01/15/2035 |  | 80000 | &nbsp;&nbsp; 81531 |
| COPT Defense Properties L.P., 2.75%, <br> 04/15/2031<br>|  | 95000 | &nbsp;&nbsp; 87806 |
| Cousins Properties L.P. |  |  |  |
| 5.25%, 07/15/2030 |  | 30000 | &nbsp;&nbsp; 31015 |
| 5.88%, 10/01/2034 |  | 60000 | &nbsp;&nbsp; 62881 |
| Kilroy Realty L.P., 3.05%, 02/15/2030 |  | 103000 | &nbsp;&nbsp; 96015 |
|  |  |  | &nbsp;&nbsp; 444053 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-5.49%** | **Oil, Gas & Consumable Fuels-5.49%** | **Oil, Gas & Consumable Fuels-5.49%** |
| Cheniere Corpus Christi Holdings LLC, 3.70%, <br> 11/15/2029<br>| $110000 | &nbsp;&nbsp; $108521 |
| Cheniere Energy, Inc., 5.65%, 04/15/2034 | 100000 | &nbsp;&nbsp; 105192 |
| Chevron Corp., 2.24%, 05/11/2030<sup>(b)</sup> | 400000 | &nbsp;&nbsp; 374938 |
| Chevron USA, Inc., 4.98%, 04/15/2035 | 350000 | &nbsp;&nbsp; 363431 |
| ConocoPhillips Co. |  |  |
| 6.95%, 04/15/2029 | 185000 | &nbsp;&nbsp; 201831 |
| 5.05%, 09/15/2033 | 210000 | &nbsp;&nbsp; 218667 |
| Coterra Energy, Inc. |  |  |
| 3.90%, 05/15/2027 | 85000 | &nbsp;&nbsp; 84938 |
| 5.60%, 03/15/2034 | 80000 | &nbsp;&nbsp; 83897 |
| Devon Energy Corp., 7.88%, 09/30/2031 | 210000 | &nbsp;&nbsp; 246365 |
| Diamondback Energy, Inc. |  |  |
| 3.50%, 12/01/2029 | 85000 | &nbsp;&nbsp; 83233 |
| 5.40%, 04/18/2034 | 95000 | &nbsp;&nbsp; 98821 |
| EOG Resources, Inc. |  |  |
| 4.38%, 04/15/2030 | 170000 | &nbsp;&nbsp; 172510 |
| 3.90%, 04/01/2035 | 180000 | &nbsp;&nbsp; 170281 |
| EQT Corp. |  |  |
| 7.00%, 02/01/2030 | 66000 | &nbsp;&nbsp; 72301 |
| 5.75%, 02/01/2034 | 65000 | &nbsp;&nbsp; 68880 |
| Expand Energy Corp., 5.70%, 01/15/2035 | 160000 | &nbsp;&nbsp; 167606 |
| Exxon Mobil Corp., 2.61%, 10/15/2030<sup>(b)</sup> | 925000 | &nbsp;&nbsp; 878742 |
| HF Sinclair Corp. |  |  |
| 5.75%, 01/15/2031 | 80000 | &nbsp;&nbsp; 83060 |
| 6.25%, 01/15/2035 | 90000 | &nbsp;&nbsp; 94794 |
| Kinder Morgan, Inc. |  |  |
| 4.30%, 03/01/2028 | 150000 | &nbsp;&nbsp; 151265 |
| 5.20%, 06/01/2033 | 150000 | &nbsp;&nbsp; 156573 |
| Marathon Petroleum Corp. |  |  |
| 5.15%, 03/01/2030 | 205000 | &nbsp;&nbsp; 212511 |
| 5.70%, 03/01/2035<sup>(b)</sup> | 205000 | &nbsp;&nbsp; 216006 |
| ONEOK, Inc. |  |  |
| 4.55%, 07/15/2028 | 131000 | &nbsp;&nbsp; 132463 |
| 5.05%, 11/01/2034 | 135000 | &nbsp;&nbsp; 135538 |
| Ovintiv, Inc. |  |  |
| 5.65%, 05/15/2028 | 80000 | &nbsp;&nbsp; 82884 |
| 7.38%, 11/01/2031 | 85000 | &nbsp;&nbsp; 96138 |
| Phillips 66 |  |  |
| 2.15%, 12/15/2030 | 220000 | &nbsp;&nbsp; 200715 |
| 4.65%, 11/15/2034 | 190000 | &nbsp;&nbsp; 188758 |
| Targa Resources Corp. |  |  |
| 5.20%, 07/01/2027 | 80000 | &nbsp;&nbsp; 81305 |
| 5.50%, 02/15/2035 | 80000 | &nbsp;&nbsp; 82819 |
| Valero Energy Corp. |  |  |
| 2.15%, 09/15/2027 | 225000 | &nbsp;&nbsp; 219274 |
| 7.50%, 04/15/2032 | 176000 | &nbsp;&nbsp; 204411 |
| Williams Cos., Inc. (The) |  |  |
| 3.75%, 06/15/2027 | 125000 | &nbsp;&nbsp; 124784 |
| 2.60%, 03/15/2031 | 145000 | &nbsp;&nbsp; 134219 |
|  |  | &nbsp;&nbsp; 6097671 |
| **Passenger Airlines-0.60%** | **Passenger Airlines-0.60%** | **Passenger Airlines-0.60%** |
| Delta Air Lines, Inc., 4.95%, 07/10/2028 | 245000 | &nbsp;&nbsp; 249129 |
| Southwest Airlines Co. |  |  |
| 5.13%, 06/15/2027 | 75000 | &nbsp;&nbsp; 75901 |
| 5.25%, 11/15/2035 | 80000 | &nbsp;&nbsp; 79379 |
| United AirLines, Inc., 4.63%, 04/15/2029<sup>(c)</sup> | 260000 | &nbsp;&nbsp; 259977 |
|  |  | &nbsp;&nbsp; 664386 |

---

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

------

**47**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Personal Care Products-0.35%** | **Personal Care Products-0.35%** | **Personal Care Products-0.35%** |
| Estee Lauder Cos., Inc. (The) |  |  |
| 2.38%, 12/01/2029 | $118000 | &nbsp;&nbsp; $111593 |
| 4.65%, 05/15/2033 | 100000 | &nbsp;&nbsp; 101630 |
| Kenvue, Inc. |  |  |
| 5.05%, 03/22/2028 | 80000 | &nbsp;&nbsp; 81942 |
| 4.90%, 03/22/2033 | 88000 | &nbsp;&nbsp; 90929 |
|  |  | &nbsp;&nbsp; 386094 |
| **Pharmaceuticals-2.52%** | **Pharmaceuticals-2.52%** | **Pharmaceuticals-2.52%** |
| Bristol-Myers Squibb Co. |  |  |
| 3.40%, 07/26/2029<sup>(b)</sup> | 224000 | &nbsp;&nbsp; 220912 |
| 5.20%, 02/22/2034 | 200000 | &nbsp;&nbsp; 209398 |
| Eli Lilly and Co. |  |  |
| 3.38%, 03/15/2029 | 181000 | &nbsp;&nbsp; 179365 |
| 4.70%, 02/09/2034 | 170000 | &nbsp;&nbsp; 173989 |
| Johnson & Johnson |  |  |
| 1.30%, 09/01/2030<sup>(b)</sup> | 360000 | &nbsp;&nbsp; 325226 |
| 5.00%, 03/01/2035<sup>(b)</sup> | 295000 | &nbsp;&nbsp; 310661 |
| Merck & Co., Inc. |  |  |
| 3.40%, 03/07/2029<sup>(b)</sup> | 255000 | &nbsp;&nbsp; 252695 |
| 2.15%, 12/10/2031 | 285000 | &nbsp;&nbsp; 257635 |
| Pfizer Investment Enterprises Pte. Ltd. |  |  |
| 4.45%, 05/19/2028 | 280000 | &nbsp;&nbsp; 284164 |
| 4.75%, 05/19/2033 | 290000 | &nbsp;&nbsp; 296117 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 65000 | &nbsp;&nbsp; 59743 |
| 5.20%, 09/25/2035 | 60000 | &nbsp;&nbsp; 60997 |
| Zoetis, Inc. |  |  |
| 2.00%, 05/15/2030 | 95000 | &nbsp;&nbsp; 87785 |
| 5.60%, 11/16/2032 | 70000 | &nbsp;&nbsp; 75088 |
|  |  | &nbsp;&nbsp; 2793775 |
| **Professional Services-0.89%** | **Professional Services-0.89%** | **Professional Services-0.89%** |
| Automatic Data Processing, Inc. |  |  |
| 1.25%, 09/01/2030 | 135000 | &nbsp;&nbsp; 120486 |
| 4.45%, 09/09/2034 | 130000 | &nbsp;&nbsp; 129977 |
| Broadridge Financial Solutions, Inc. |  |  |
| 3.40%, 06/27/2026 | 60000 | &nbsp;&nbsp; 59846 |
| 2.60%, 05/01/2031 | 70000 | &nbsp;&nbsp; 63489 |
| Concentrix Corp. |  |  |
| 6.60%, 08/02/2028 | 40000 | &nbsp;&nbsp; 40359 |
| 6.85%, 08/02/2033 | 60000 | &nbsp;&nbsp; 57726 |
| Equifax, Inc. |  |  |
| 5.10%, 12/15/2027 | 50000 | &nbsp;&nbsp; 50940 |
| 2.35%, 09/15/2031 | 80000 | &nbsp;&nbsp; 71699 |
| Jacobs Engineering Group, Inc., 6.35%, <br> 08/18/2028<br>| 115000 | &nbsp;&nbsp; 120896 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/2030 | 90000 | &nbsp;&nbsp; 91934 |
| 5.35%, 04/15/2032 | 90000 | &nbsp;&nbsp; 92342 |
| Verisk Analytics, Inc. |  |  |
| 4.13%, 03/15/2029 | 50000 | &nbsp;&nbsp; 50194 |
| 5.75%, 04/01/2033 | 40000 | &nbsp;&nbsp; 42402 |
|  |  | &nbsp;&nbsp; 992290 |
| **Real Estate Management & Development-0.17%** | **Real Estate Management & Development-0.17%** | **Real Estate Management & Development-0.17%** |
| CBRE Services, Inc. |  |  |
| 5.50%, 04/01/2029 | 90000 | &nbsp;&nbsp; 93556 |
| 2.50%, 04/01/2031 | 110000 | &nbsp;&nbsp; 100503 |
|  |  | &nbsp;&nbsp; 194059 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Residential REITs-1.09%** | **Residential REITs-1.09%** | **Residential REITs-1.09%** |
| American Homes 4 Rent L.P. |  |  |
| 4.25%, 02/15/2028 | $63000 | &nbsp;&nbsp; $63158 |
| 3.63%, 04/15/2032 | 40000 | &nbsp;&nbsp; 37981 |
| AvalonBay Communities, Inc. |  |  |
| 2.30%, 03/01/2030 | 95000 | &nbsp;&nbsp; 89039 |
| 2.05%, 01/15/2032 | 100000 | &nbsp;&nbsp; 89047 |
| Camden Property Trust, 2.80%, 05/15/2030 | 105000 | &nbsp;&nbsp; 99977 |
| ERP Operating L.P. |  |  |
| 2.50%, 02/15/2030 | 90000 | &nbsp;&nbsp; 85359 |
| 4.65%, 09/15/2034 | 90000 | &nbsp;&nbsp; 90260 |
| Essex Portfolio L.P. |  |  |
| 3.00%, 01/15/2030 | 70000 | &nbsp;&nbsp; 67090 |
| 2.65%, 03/15/2032 | 75000 | &nbsp;&nbsp; 67746 |
| Invitation Homes Operating Partnership L.P. |  |  |
| 2.30%, 11/15/2028 | 60000 | &nbsp;&nbsp; 57141 |
| 2.00%, 08/15/2031 | 60000 | &nbsp;&nbsp; 52907 |
| Mid-America Apartments L.P., 3.95%, <br> 03/15/2029<br>| 140000 | &nbsp;&nbsp; 140099 |
| Sun Communities Operating L.P., 2.70%, <br> 07/15/2031<br>| 145000 | &nbsp;&nbsp; 133141 |
| UDR, Inc. |  |  |
| 3.20%, 01/15/2030 | 68000 | &nbsp;&nbsp; 66033 |
| 3.00%, 08/15/2031 | 75000 | &nbsp;&nbsp; 70341 |
|  |  | &nbsp;&nbsp; 1209319 |
| **Retail REITs-0.79%** | **Retail REITs-0.79%** | **Retail REITs-0.79%** |
| Brixmor Operating Partnership L.P. |  |  |
| 4.05%, 07/01/2030 | 45000 | &nbsp;&nbsp; 44612 |
| 2.50%, 08/16/2031 | 65000 | &nbsp;&nbsp; 59123 |
| Kimco Realty OP LLC |  |  |
| 2.80%, 10/01/2026 | 55000 | &nbsp;&nbsp; 54655 |
| 4.60%, 02/01/2033 | 55000 | &nbsp;&nbsp; 55611 |
| NNN REIT, Inc. |  |  |
| 4.60%, 02/15/2031 | 50000 | &nbsp;&nbsp; 50682 |
| 5.60%, 10/15/2033 | 85000 | &nbsp;&nbsp; 89651 |
| Realty Income Corp. |  |  |
| 3.25%, 01/15/2031 | 95000 | &nbsp;&nbsp; 91269 |
| 5.13%, 02/15/2034 | 80000 | &nbsp;&nbsp; 82954 |
| Regency Centers L.P., 3.70%, 06/15/2030 | 120000 | &nbsp;&nbsp; 118458 |
| Simon Property Group L.P. |  |  |
| 2.45%, 09/13/2029 | 123000 | &nbsp;&nbsp; 116970 |
| 2.65%, 02/01/2032 | 120000 | &nbsp;&nbsp; 109559 |
|  |  | &nbsp;&nbsp; 873544 |
| **Semiconductors & Semiconductor Equipment-3.16%** | **Semiconductors & Semiconductor Equipment-3.16%** | **Semiconductors & Semiconductor Equipment-3.16%** |
| Advanced Micro Devices, Inc., 3.92%, <br> 06/01/2032<br>| 100000 | &nbsp;&nbsp; 99193 |
| Analog Devices, Inc. |  |  |
| 3.50%, 12/05/2026 | 115000 | &nbsp;&nbsp; 114770 |
| 2.10%, 10/01/2031 | 120000 | &nbsp;&nbsp; 108064 |
| Applied Materials, Inc. |  |  |
| 1.75%, 06/01/2030 | 140000 | &nbsp;&nbsp; 127954 |
| 5.10%, 10/01/2035 | 120000 | &nbsp;&nbsp; 124947 |
| Broadcom, Inc. |  |  |
| 2.45%, 02/15/2031 | 260000 | &nbsp;&nbsp; 240391 |
| 3.14%, 11/15/2035<sup>(c)</sup> | 260000 | &nbsp;&nbsp; 227425 |
| Intel Corp. |  |  |
| 2.45%, 11/15/2029 | 287000 | &nbsp;&nbsp; 270698 |
| 5.20%, 02/10/2033<sup>(b)</sup> | 260000 | &nbsp;&nbsp; 268149 |

---

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

------

**48**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| KLA Corp. |  |  |  |
| 4.10%, 03/15/2029 | $| 90000 | &nbsp;&nbsp; $90559 |
| 4.65%, 07/15/2032 |  | 85000 | &nbsp;&nbsp; 87195 |
| Lam Research Corp., 1.90%, 06/15/2030<sup>(b)</sup> |  | 225000 | &nbsp;&nbsp; 207020 |
| Marvell Technology, Inc. |  |  |  |
| 1.65%, 04/15/2026 |  | 56000 | &nbsp;&nbsp; 55840 |
| 2.95%, 04/15/2031 |  | 75000 | &nbsp;&nbsp; 70129 |
| Micron Technology, Inc. |  |  |  |
| 5.30%, 01/15/2031 |  | 120000 | &nbsp;&nbsp; 126061 |
| 5.80%, 01/15/2035 |  | 130000 | &nbsp;&nbsp; 139266 |
| NVIDIA Corp. |  |  |  |
| 2.85%, 04/01/2030 |  | 157000 | &nbsp;&nbsp; 151071 |
| 2.00%, 06/15/2031 |  | 170000 | &nbsp;&nbsp; 155038 |
| QUALCOMM, Inc. |  |  |  |
| 3.25%, 05/20/2027 |  | 168000 | &nbsp;&nbsp; 167199 |
| 1.65%, 05/20/2032 |  | 204000 | &nbsp;&nbsp; 176400 |
| Texas Instruments, Inc. |  |  |  |
| 2.25%, 09/04/2029 |  | 196000 | &nbsp;&nbsp; 186222 |
| 4.90%, 03/14/2033 |  | 180000 | &nbsp;&nbsp; 187059 |
| Xilinx, Inc., 2.38%, 06/01/2030 |  | 130000 | &nbsp;&nbsp; 121966 |
|  |  |  | &nbsp;&nbsp; 3502616 |
| **Software-2.96%** | **Software-2.96%** | **Software-2.96%** | **Software-2.96%** |
| Accenture Capital, Inc. |  |  |  |
| 4.05%, 10/04/2029 |  | 170000 | &nbsp;&nbsp; 171086 |
| 4.50%, 10/04/2034 |  | 195000 | &nbsp;&nbsp; 193000 |
| Adobe, Inc. |  |  |  |
| 2.30%, 02/01/2030 |  | 130000 | &nbsp;&nbsp; 121837 |
| 4.95%, 04/04/2034 |  | 115000 | &nbsp;&nbsp; 117973 |
| AppLovin Corp. |  |  |  |
| 5.13%, 12/01/2029 |  | 40000 | &nbsp;&nbsp; 40857 |
| 5.50%, 12/01/2034 |  | 30000 | &nbsp;&nbsp; 30599 |
| Autodesk, Inc. |  |  |  |
| 2.85%, 01/15/2030 |  | 60000 | &nbsp;&nbsp; 57173 |
| 2.40%, 12/15/2031 |  | 50000 | &nbsp;&nbsp; 44852 |
| Cadence Design Systems, Inc. |  |  |  |
| 4.30%, 09/10/2029 |  | 60000 | &nbsp;&nbsp; 60625 |
| 4.70%, 09/10/2034 |  | 40000 | &nbsp;&nbsp; 40361 |
| Fortinet, Inc. |  |  |  |
| 1.00%, 03/15/2026 |  | 51000 | &nbsp;&nbsp; 50910 |
| 2.20%, 03/15/2031 |  | 116000 | &nbsp;&nbsp; 105176 |
| Intuit, Inc. |  |  |  |
| 5.13%, 09/15/2028 |  | 90000 | &nbsp;&nbsp; 92658 |
| 5.20%, 09/15/2033 |  | 85000 | &nbsp;&nbsp; 88178 |
| Microsoft Corp. |  |  |  |
| 3.30%, 02/06/2027<sup>(b)</sup> |  | 449000 | &nbsp;&nbsp; 447665 |
| 3.50%, 02/12/2035<sup>(b)</sup> |  | 470000 | &nbsp;&nbsp; 446856 |
| Oracle Corp. |  |  |  |
| 3.25%, 11/15/2027 |  | 220000 | &nbsp;&nbsp; 216144 |
| 2.88%, 03/25/2031<sup>(b)</sup> |  | 235000 | &nbsp;&nbsp; 213680 |
| Roper Technologies, Inc. |  |  |  |
| 1.75%, 02/15/2031 |  | 90000 | &nbsp;&nbsp; 79096 |
| 5.10%, 09/15/2035 |  | 70000 | &nbsp;&nbsp; 69904 |
| Salesforce, Inc. |  |  |  |
| 3.70%, 04/11/2028 |  | 132000 | &nbsp;&nbsp; 131733 |
| 1.95%, 07/15/2031 |  | 159000 | &nbsp;&nbsp; 141453 |
| ServiceNow, Inc., 1.40%, 09/01/2030 |  | 120000 | &nbsp;&nbsp; 106338 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Software-(continued)** | **Software-(continued)** | **Software-(continued)** | **Software-(continued)** |
| Synopsys, Inc. |  |  |  |
| 4.85%, 04/01/2030 | $| 60000 | &nbsp;&nbsp; $61451 |
| 5.15%, 04/01/2035 |  | 55000 | &nbsp;&nbsp; 56351 |
| Workday, Inc. |  |  |  |
| 3.50%, 04/01/2027 |  | 50000 | &nbsp;&nbsp; 49745 |
| 3.80%, 04/01/2032 |  | 55000 | &nbsp;&nbsp; 52194 |
|  |  |  | &nbsp;&nbsp; 3287895 |
| **Specialized REITs-1.48%** | **Specialized REITs-1.48%** | **Specialized REITs-1.48%** | **Specialized REITs-1.48%** |
| American Tower Corp. |  |  |  |
| 3.80%, 08/15/2029 |  | 143000 | &nbsp;&nbsp; 141888 |
| 5.55%, 07/15/2033 |  | 140000 | &nbsp;&nbsp; 147877 |
| Crown Castle, Inc. |  |  |  |
| 2.25%, 01/15/2031 |  | 140000 | &nbsp;&nbsp; 126614 |
| 5.80%, 03/01/2034 |  | 110000 | &nbsp;&nbsp; 116563 |
| EPR Properties, 3.75%, 08/15/2029 |  | 85000 | &nbsp;&nbsp; 82947 |
| Equinix, Inc. |  |  |  |
| 3.20%, 11/18/2029 |  | 100000 | &nbsp;&nbsp; 96686 |
| 3.90%, 04/15/2032 |  | 110000 | &nbsp;&nbsp; 106563 |
| Extra Space Storage L.P. |  |  |  |
| 5.70%, 04/01/2028 |  | 75000 | &nbsp;&nbsp; 77474 |
| 2.35%, 03/15/2032 |  | 75000 | &nbsp;&nbsp; 66298 |
| Prologis L.P. |  |  |  |
| 2.25%, 04/15/2030 |  | 147000 | &nbsp;&nbsp; 137733 |
| 5.00%, 03/15/2034 |  | 130000 | &nbsp;&nbsp; 133766 |
| Public Storage Operating Co. |  |  |  |
| 1.85%, 05/01/2028 |  | 105000 | &nbsp;&nbsp; 100773 |
| 2.30%, 05/01/2031 |  | 114000 | &nbsp;&nbsp; 104683 |
| Weyerhaeuser Co. |  |  |  |
| 4.00%, 04/15/2030 |  | 110000 | &nbsp;&nbsp; 109148 |
| 7.38%, 03/15/2032 |  | 85000 | &nbsp;&nbsp; 97439 |
|  |  |  | &nbsp;&nbsp; 1646452 |
| **Specialty Retail-2.82%** | **Specialty Retail-2.82%** | **Specialty Retail-2.82%** | **Specialty Retail-2.82%** |
| AutoNation, Inc. |  |  |  |
| 4.75%, 06/01/2030 |  | 80000 | &nbsp;&nbsp; 81179 |
| 3.85%, 03/01/2032 |  | 100000 | &nbsp;&nbsp; 95468 |
| AutoZone, Inc. |  |  |  |
| 4.00%, 04/15/2030 |  | 85000 | &nbsp;&nbsp; 84666 |
| 4.75%, 08/01/2032 |  | 80000 | &nbsp;&nbsp; 81218 |
| Best Buy Co., Inc., 1.95%, 10/01/2030 |  | 270000 | &nbsp;&nbsp; 244101 |
| Booz Allen Hamilton, Inc., 5.95%, <br> 08/04/2033<br>|  | 125000 | &nbsp;&nbsp; 128284 |
| Dell International LLC/EMC Corp. |  |  |  |
| 5.30%, 10/01/2029 |  | 150000 | &nbsp;&nbsp; 155713 |
| 5.40%, 04/15/2034 |  | 150000 | &nbsp;&nbsp; 155344 |
| Dick's Sporting Goods, Inc., 3.15%, <br> 01/15/2032<br>|  | 150000 | &nbsp;&nbsp; 139578 |
| Home Depot, Inc. (The) |  |  |  |
| 2.95%, 06/15/2029<sup>(b)</sup> |  | 305000 | &nbsp;&nbsp; 297455 |
| 4.50%, 09/15/2032<sup>(b)</sup> |  | 295000 | &nbsp;&nbsp; 301271 |
| Leidos, Inc. |  |  |  |
| 2.30%, 02/15/2031 |  | 85000 | &nbsp;&nbsp; 77252 |
| 5.75%, 03/15/2033 |  | 70000 | &nbsp;&nbsp; 74355 |
| Lowe's Cos., Inc. |  |  |  |
| 2.50%, 04/15/2026 |  | 199000 | &nbsp;&nbsp; 198658 |
| 2.63%, 04/01/2031 |  | 215000 | &nbsp;&nbsp; 199500 |
| O'Reilly Automotive, Inc. |  |  |  |
| 3.60%, 09/01/2027 |  | 89000 | &nbsp;&nbsp; 88612 |
| 4.70%, 06/15/2032 |  | 95000 | &nbsp;&nbsp; 96767 |

---

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

------

**49**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** | **Specialty Retail-(continued)** |
| Ross Stores, Inc., 1.88%, 04/15/2031 | $| 205000 | &nbsp;&nbsp; $183044 |
| TJX Cos., Inc. (The) |  |  |  |
| 2.25%, 09/15/2026 |  | 150000 | &nbsp;&nbsp; 148879 |
| 1.60%, 05/15/2031 |  | 165000 | &nbsp;&nbsp; 147024 |
| Tractor Supply Co. |  |  |  |
| 1.75%, 11/01/2030 |  | 89000 | &nbsp;&nbsp; 79750 |
| 5.25%, 05/15/2033 |  | 70000 | &nbsp;&nbsp; 72770 |
|  |  |  | &nbsp;&nbsp; 3130888 |
| **Technology Hardware, Storage & Peripherals-1.75%** | **Technology Hardware, Storage & Peripherals-1.75%** | **Technology Hardware, Storage & Peripherals-1.75%** | **Technology Hardware, Storage & Peripherals-1.75%** |
| Apple, Inc. |  |  |  |
| 1.65%, 02/08/2031 |  | 570000 | &nbsp;&nbsp; 515513 |
| 3.35%, 08/08/2032 |  | 540000 | &nbsp;&nbsp; 523545 |
| Hewlett Packard Enterprise Co. |  |  |  |
| 4.55%, 10/15/2029 |  | 110000 | &nbsp;&nbsp; 111340 |
| 5.00%, 10/15/2034 |  | 120000 | &nbsp;&nbsp; 118962 |
| HP, Inc. |  |  |  |
| 3.00%, 06/17/2027 |  | 156000 | &nbsp;&nbsp; 154099 |
| 4.20%, 04/15/2032 |  | 145000 | &nbsp;&nbsp; 140909 |
| IBM International Capital Pte. Ltd., 4.90%, <br> 02/05/2034<br>|  | 240000 | &nbsp;&nbsp; 242981 |
| NetApp, Inc. |  |  |  |
| 2.70%, 06/22/2030 |  | 80000 | &nbsp;&nbsp; 75076 |
| 5.70%, 03/17/2035 |  | 60000 | &nbsp;&nbsp; 62672 |
|  |  |  | &nbsp;&nbsp; 1945097 |
| **Textiles, Apparel & Luxury Goods-0.62%** | **Textiles, Apparel & Luxury Goods-0.62%** | **Textiles, Apparel & Luxury Goods-0.62%** | **Textiles, Apparel & Luxury Goods-0.62%** |
| NIKE, Inc., 2.85%, 03/27/2030 |  | 330000 | &nbsp;&nbsp; 317487 |
| PVH Corp., 5.50%, 06/13/2030 |  | 121000 | &nbsp;&nbsp; 124320 |
| Ralph Lauren Corp. |  |  |  |
| 2.95%, 06/15/2030 |  | 50000 | &nbsp;&nbsp; 47912 |
| 5.00%, 06/15/2032 |  | 60000 | &nbsp;&nbsp; 62462 |
| Tapestry, Inc. |  |  |  |
| 5.10%, 03/11/2030 |  | 70000 | &nbsp;&nbsp; 72292 |
| 3.05%, 03/15/2032 |  | 70000 | &nbsp;&nbsp; 65159 |
|  |  |  | &nbsp;&nbsp; 689632 |
| **Tobacco-0.81%** | **Tobacco-0.81%** | **Tobacco-0.81%** | **Tobacco-0.81%** |
| Altria Group, Inc. |  |  |  |
| 4.80%, 02/14/2029 |  | 215000 | &nbsp;&nbsp; 219713 |
| 2.45%, 02/04/2032 |  | 240000 | &nbsp;&nbsp; 215450 |
| Philip Morris International, Inc. |  |  |  |
| 5.13%, 11/17/2027 |  | 225000 | &nbsp;&nbsp; 229799 |
| 5.75%, 11/17/2032 |  | 221000 | &nbsp;&nbsp; 238438 |
|  |  |  | &nbsp;&nbsp; 903400 |
| **Trading Companies & Distributors-0.34%** | **Trading Companies & Distributors-0.34%** | **Trading Companies & Distributors-0.34%** | **Trading Companies & Distributors-0.34%** |
| Ferguson Enterprises, Inc., 5.00%, <br> 10/03/2034<sup>(b)</sup><br>|  | 205000 | &nbsp;&nbsp; 208352 |
| W.W. Grainger, Inc., 4.45%, 09/15/2034 |  | 165000 | &nbsp;&nbsp; 165588 |
|  |  |  | &nbsp;&nbsp; 373940 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Water Utilities-0.24%** | **Water Utilities-0.24%** | **Water Utilities-0.24%** |
| American Water Capital Corp. |  |  |
| 3.75%, 09/01/2028 | $75000 | &nbsp;&nbsp; $74923 |
| 4.45%, 06/01/2032 | 80000 | &nbsp;&nbsp; 80801 |
| Essential Utilities, Inc. |  |  |
| 2.70%, 04/15/2030 | 60000 | &nbsp;&nbsp; 56807 |
| 5.38%, 01/15/2034 | 50000 | &nbsp;&nbsp; 52153 |
|  |  | &nbsp;&nbsp; 264684 |
| **Wireless Telecommunication Services-0.39%** | **Wireless Telecommunication Services-0.39%** | **Wireless Telecommunication Services-0.39%** |
| T-Mobile USA, Inc. |  |  |
| 3.88%, 04/15/2030 | 215000 | &nbsp;&nbsp; 213387 |
| 5.05%, 07/15/2033 | 210000 | &nbsp;&nbsp; 216686 |
|  |  | &nbsp;&nbsp; 430073 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $108,094,745) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $108,094,745) | &nbsp;&nbsp; 109765340 |
|  | **Shares** |  |
| **Money Market Funds-0.27%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $299,031)<br>| 299031 | &nbsp;&nbsp; 299031 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.15% <br>(Cost $108,393,776) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.15% <br>(Cost $108,393,776) | &nbsp;&nbsp; 110064371 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-12.51%** | **Money Market Funds-12.51%** | **Money Market Funds-12.51%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 4026861 | &nbsp;&nbsp; 4026861 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 9863675 | &nbsp;&nbsp; 9866634 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,893,495) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,893,495) | &nbsp;&nbsp; 13893495 |
| TOTAL INVESTMENTS IN SECURITIES-111.66% <br>(Cost $122,287,271) | TOTAL INVESTMENTS IN SECURITIES-111.66% <br>(Cost $122,287,271) | &nbsp;&nbsp; 123957866 |
| OTHER ASSETS LESS LIABILITIES-(11.66)% | OTHER ASSETS LESS LIABILITIES-(11.66)% | &nbsp;&nbsp; (12948862)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $111009004 |

---

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

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

------

**50**

------

**Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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> February 28, 2026 was $3,099,547, which represented 2.79% 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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $705402 | &nbsp;&nbsp; $3815279 | &nbsp;&nbsp; $(4221650)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $299031 | &nbsp;&nbsp; $5431 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2899487 | &nbsp;&nbsp; 11230143 | &nbsp;&nbsp; (10102769)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4026861 | &nbsp;&nbsp; 49,164<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 7549983 | &nbsp;&nbsp; 22127276 | &nbsp;&nbsp; (19810602)<br>| &nbsp;&nbsp; (462)<br>| &nbsp;&nbsp; 439 | &nbsp;&nbsp; 9866634 | &nbsp;&nbsp; 132,238<br> \*<br>|
| Total | &nbsp;&nbsp; $11154872 | &nbsp;&nbsp; $37172698 | &nbsp;&nbsp; $(34135021)<br>| &nbsp;&nbsp; $(462)<br>| &nbsp;&nbsp; $439 | &nbsp;&nbsp; $14192526 | &nbsp;&nbsp; $186833 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**51**

------

**Invesco MSCI Treasury Duration Rotation ETF (TROT)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Securities-99.10%** | **U.S. Treasury Securities-99.10%** | **U.S. Treasury Securities-99.10%** |
| **U.S. Treasury Bonds-1.17%** | **U.S. Treasury Bonds-1.17%** | **U.S. Treasury Bonds-1.17%** |
| 6.38%, 08/15/2027 | $5000 | &nbsp;&nbsp; $5208 |
| 5.25%, 11/15/2028 | 2000 | &nbsp;&nbsp; 2097 |
| 6.13%, 08/15/2029 | 2000 | &nbsp;&nbsp; 2175 |
| 6.25%, 05/15/2030 | 2000 | &nbsp;&nbsp; 2215 |
|  |  | &nbsp;&nbsp; 11695 |
| **U.S. Treasury Notes-97.93%** | **U.S. Treasury Notes-97.93%** | **U.S. Treasury Notes-97.93%** |
| 2.50% - 3.88%, 03/31/2027 | 24000 | &nbsp;&nbsp; 23936 |
| 4.50%, 04/15/2027 | 12000 | &nbsp;&nbsp; 12132 |
| 3.75%, 04/30/2027 | 12000 | &nbsp;&nbsp; 12036 |
| 4.50%, 05/15/2027 | 10000 | &nbsp;&nbsp; 10119 |
| 3.88%, 05/31/2027 | 15000 | &nbsp;&nbsp; 15073 |
| 4.63%, 06/15/2027 | 10000 | &nbsp;&nbsp; 10145 |
| 3.75%, 06/30/2027 | 15000 | &nbsp;&nbsp; 15057 |
| 2.75% - 3.88%, 07/31/2027 | 26000 | &nbsp;&nbsp; 25968 |
| 3.75%, 08/15/2027 | 13000 | &nbsp;&nbsp; 13057 |
| 3.13% - 3.63%, 08/31/2027 | 26000 | &nbsp;&nbsp; 25991 |
| 3.38%, 09/15/2027 | 12000 | &nbsp;&nbsp; 11990 |
| 3.50%, 09/30/2027 | 13000 | &nbsp;&nbsp; 13015 |
| 3.88%, 10/15/2027 | 13000 | &nbsp;&nbsp; 13092 |
| 3.50%, 10/31/2027 | 13000 | &nbsp;&nbsp; 13016 |
| 2.25% - 4.13%, 11/15/2027 | 15000 | &nbsp;&nbsp; 15083 |
| 3.38% - 3.88%, 11/30/2027 | 22000 | &nbsp;&nbsp; 22088 |
| 3.38% - 3.88%, 12/31/2027 | 27000 | &nbsp;&nbsp; 27094 |
| 4.25%, 01/15/2028 | 10000 | &nbsp;&nbsp; 10153 |
| 3.50%, 01/31/2028 | 5000 | &nbsp;&nbsp; 5010 |
| 2.75% - 4.25%, 02/15/2028 | 25000 | &nbsp;&nbsp; 25096 |
| 4.00%, 02/29/2028 | 13000 | &nbsp;&nbsp; 13151 |
| 3.88%, 03/15/2028 | 10000 | &nbsp;&nbsp; 10097 |
| 1.25%, 03/31/2028 | 12000 | &nbsp;&nbsp; 11491 |
| 3.75%, 04/15/2028 | 10000 | &nbsp;&nbsp; 10074 |
| 2.88% - 3.75%, 05/15/2028 | 24000 | &nbsp;&nbsp; 23982 |
| 1.25%, 05/31/2028 | 15000 | &nbsp;&nbsp; 14314 |
| 1.25%, 06/30/2028 | 14000 | &nbsp;&nbsp; 13339 |
| 3.88%, 07/15/2028 | 12000 | &nbsp;&nbsp; 12133 |
| 1.00%, 07/31/2028 | 13000 | &nbsp;&nbsp; 12290 |
| 3.63%, 08/15/2028 | 15000 | &nbsp;&nbsp; 15087 |
| 1.13%, 08/31/2028 | 15000 | &nbsp;&nbsp; 14197 |
| 1.25%, 09/30/2028 | 14000 | &nbsp;&nbsp; 13267 |
| 3.50%, 10/15/2028 | 12000 | &nbsp;&nbsp; 12034 |
| 4.88%, 10/31/2028 | 13000 | &nbsp;&nbsp; 13488 |
| 3.50%, 11/15/2028 | 16000 | &nbsp;&nbsp; 16047 |
| 1.50% - 4.38%, 11/30/2028 | 24000 | &nbsp;&nbsp; 23644 |
| 3.75%, 12/31/2028 | 11000 | &nbsp;&nbsp; 11108 |
| 4.00%, 01/31/2029 | 14000 | &nbsp;&nbsp; 14236 |
| 2.63%, 02/15/2029 | 14000 | &nbsp;&nbsp; 13700 |
| 1.88% - 4.25%, 02/28/2029 | 16000 | &nbsp;&nbsp; 16119 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Notes-(continued)** | **U.S. Treasury Notes-(continued)** | **U.S. Treasury Notes-(continued)** | **U.S. Treasury Notes-(continued)** |
| 4.13%, 03/31/2029 | $| 13000 | &nbsp;&nbsp; $13275 |
| 4.63%, 04/30/2029 |  | 14000 | &nbsp;&nbsp; 14508 |
| 2.38%, 05/15/2029 |  | 13000 | &nbsp;&nbsp; 12598 |
| 4.50%, 05/31/2029 |  | 13000 | &nbsp;&nbsp; 13433 |
| 4.25%, 06/30/2029 |  | 12000 | &nbsp;&nbsp; 12314 |
| 4.00%, 07/31/2029 |  | 12000 | &nbsp;&nbsp; 12224 |
| 1.63%, 08/15/2029 |  | 17000 | &nbsp;&nbsp; 16024 |
| 3.50%, 09/30/2029 |  | 12000 | &nbsp;&nbsp; 12027 |
| 4.13%, 10/31/2029 |  | 12000 | &nbsp;&nbsp; 12281 |
| 1.75%, 11/15/2029 |  | 12000 | &nbsp;&nbsp; 11307 |
| 4.13%, 11/30/2029 |  | 11000 | &nbsp;&nbsp; 11260 |
| 4.38%, 12/31/2029 |  | 11000 | &nbsp;&nbsp; 11363 |
| 4.25%, 01/31/2030 |  | 12000 | &nbsp;&nbsp; 12347 |
| 1.50%, 02/15/2030 |  | 12000 | &nbsp;&nbsp; 11144 |
| 4.00%, 02/28/2030 |  | 15000 | &nbsp;&nbsp; 15299 |
| 4.00%, 03/31/2030 |  | 10000 | &nbsp;&nbsp; 10202 |
| 3.88%, 04/30/2030 |  | 14000 | &nbsp;&nbsp; 14217 |
| 0.63%, 05/15/2030 |  | 17000 | &nbsp;&nbsp; 15122 |
| 4.00%, 05/31/2030 |  | 8000 | &nbsp;&nbsp; 8164 |
| 3.88%, 06/30/2030 |  | 12000 | &nbsp;&nbsp; 12188 |
| 3.88%, 07/31/2030 |  | 12000 | &nbsp;&nbsp; 12190 |
| 0.63%, 08/15/2030 |  | 16000 | &nbsp;&nbsp; 14124 |
| 3.63%, 08/31/2030 |  | 12000 | &nbsp;&nbsp; 12063 |
| 3.63%, 09/30/2030 |  | 12000 | &nbsp;&nbsp; 12063 |
| 4.88%, 10/31/2030 |  | 10000 | &nbsp;&nbsp; 10585 |
| 0.88%, 11/15/2030 |  | 20000 | &nbsp;&nbsp; 17735 |
| 3.50%, 11/30/2030 |  | 8000 | &nbsp;&nbsp; 7997 |
| 3.63%, 12/31/2030 |  | 14000 | &nbsp;&nbsp; 14067 |
| 3.75%, 01/31/2031 |  | 10000 | &nbsp;&nbsp; 10103 |
| 1.13%, 02/15/2031 |  | 18000 | &nbsp;&nbsp; 16068 |
|  |  |  | &nbsp;&nbsp; 981241 |
| Total U.S. Treasury Securities <br>(Cost $991,482) | Total U.S. Treasury Securities <br>(Cost $991,482) | Total U.S. Treasury Securities <br>(Cost $991,482) | &nbsp;&nbsp; 992936 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(a)(b)</sup> <br>(Cost $79)<br>|  | 79 | &nbsp;&nbsp; 79 |
| TOTAL INVESTMENTS IN SECURITIES-99.11% <br>(Cost $991,561) | TOTAL INVESTMENTS IN SECURITIES-99.11% <br>(Cost $991,561) | TOTAL INVESTMENTS IN SECURITIES-99.11% <br>(Cost $991,561) | &nbsp;&nbsp; 993015 |
| OTHER ASSETS LESS LIABILITIES-0.89% | OTHER ASSETS LESS LIABILITIES-0.89% | OTHER ASSETS LESS LIABILITIES-0.89% | &nbsp;&nbsp; 8931 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1001946 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the period ended February 28, 2026.<br>|

---

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

------

**52**

------

**Invesco MSCI Treasury Duration Rotation ETF (TROT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $5255 | &nbsp;&nbsp; $(5176)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $- |

---

<sup>(b)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

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

------

**53**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.33%** |  |  |  |  |
| **Alabama-0.78%** |  |  |  |  |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.00% | 07/01/2042 | $45 | &nbsp;&nbsp; $48668 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.25% | 07/01/2047 | 1140 | &nbsp;&nbsp; 1204840 |
| Alabama (State of) Corrections Institution Finance Authority, Series 2022, RB | 5.25% | 07/01/2052 | 800 | &nbsp;&nbsp; 833605 |
| Alabama Highway Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2042 | 580 | &nbsp;&nbsp; 659316 |
| Alabama Highway Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2044 | 25 | &nbsp;&nbsp; 27774 |
| Alhambra Unified School District, Series 2016 B, RB | 4.00% | 10/01/2043 | 550 | &nbsp;&nbsp; 550039 |
| Auburn University, Series 2016 A, Ref. RB | 4.00% | 06/01/2041 | 10 | &nbsp;&nbsp; 10006 |
| Auburn University, Series 2018 A, RB | 5.00% | 06/01/2043 | 10 | &nbsp;&nbsp; 10344 |
| Auburn University, Series 2018 A, RB | 5.00% | 06/01/2048 | 510 | &nbsp;&nbsp; 519975 |
| Auburn University, Series 2025 A, RB | 5.00% | 06/01/2055 | 100 | &nbsp;&nbsp; 104680 |
| Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB | 4.00% | 07/01/2043 | 400 | &nbsp;&nbsp; 399005 |
| Birmingham (City of) & Jefferson (County of), AL Civic Center Authority, Series 2018 A, RB | 5.00% | 07/01/2048 | 1000 | &nbsp;&nbsp; 1014725 |
| Gadsden (City of), AL, Series 2025 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2055 | 300 | &nbsp;&nbsp; 313264 |
| Homewood (City of), AL, Series 2024, RB | 5.50% | 10/01/2049 | 115 | &nbsp;&nbsp; 118711 |
| Huntsville (City of), AL Health Care Authority (The), Series 2020 B-1, RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 06/01/2050 | 690 | &nbsp;&nbsp; 529248 |
| Huntsville (City of), AL Health Care Authority (The), Series 2020, RB | 4.00% | 06/01/2045 | 35 | &nbsp;&nbsp; 33425 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.25% | 10/01/2041 | 530 | &nbsp;&nbsp; 592894 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.25% | 10/01/2042 | 620 | &nbsp;&nbsp; 687974 |
| Jefferson (County of), AL, Series 2024, Ref. RB | 5.25% | 10/01/2045 | 1090 | &nbsp;&nbsp; 1175860 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2043 | 875 | &nbsp;&nbsp; 956617 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2044 | 1055 | &nbsp;&nbsp; 1148878 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.25% | 10/01/2049 | 2935 | &nbsp;&nbsp; 3094869 |
| Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 5.50% | 10/01/2053 | 3230 | &nbsp;&nbsp; 3426985 |
| Lower Alabama Gas District (The), Series 2016 A, RB | 5.00% | 09/01/2046 | 3350 | &nbsp;&nbsp; 3656902 |
| Madison (City of), AL Water & Wastewater Board, Series 2020, Ref. RB | 3.00% | 12/01/2050 | 80 | &nbsp;&nbsp; 58926 |
| Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021 <br> A, Ref. RB<br>| 4.00% | 02/01/2046 | 1750 | &nbsp;&nbsp; 1583497 |
| Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority (Infirmary <br> Health System, Inc.), Series 2016 A, RB<br>| 4.00% | 02/01/2046 | 325 | &nbsp;&nbsp; 294887 |
| Mobile County Board of School Commissioners, Series 2022 B, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 03/01/2052 | 75 | &nbsp;&nbsp; 73388 |
| Montgomery (City of), AL, Series 2023, RB | 5.00% | 09/01/2048 | 1000 | &nbsp;&nbsp; 1048919 |
| Pike Road (Town of), AL, Series 2023, GO Bonds | 5.00% | 03/01/2048 | 30 | &nbsp;&nbsp; 31357 |
| Pike Road (Town of), AL, Series 2023, GO Wts. | 5.00% | 03/01/2052 | 1195 | &nbsp;&nbsp; 1237824 |
| UAB Medicine Finance Authority, Series 2016 B, Ref. RB | 3.63% | 09/01/2041 | 455 | &nbsp;&nbsp; 455159 |
| UAB Medicine Finance Authority, Series 2019, RB | 4.00% | 09/01/2044 | 570 | &nbsp;&nbsp; 571020 |
| UAB Medicine Finance Authority, Series 2019, RB | 4.00% | 09/01/2048 | 10 | &nbsp;&nbsp; 9559 |
| UAB Medicine Finance Authority (University of Alabama Birmingham Hospital), Series 2017 B-2, <br> Ref. RB<br>| 4.00% | 09/01/2047 | 320 | &nbsp;&nbsp; 305685 |
| University of Alabama (The), Series 2012 A, Ref. RB | 3.50% | 07/01/2042 | 1680 | &nbsp;&nbsp; 1636060 |
| University of Alabama (The), Series 2024 B, RB | 4.00% | 07/01/2054 | 115 | &nbsp;&nbsp; 105907 |
| University of South Alabama, Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 04/01/2054 | 1115 | &nbsp;&nbsp; 1173701 |
|  |  |  |  | &nbsp;&nbsp; 29704493 |
| **Alaska-0.03%** |  |  |  |  |
| Alaska (State of) Industrial Development & Export Authority (Boys & Girls Home & Family Services, <br> Inc.), Series 2019, RB<br>| 4.00% | 10/01/2049 | 500 | &nbsp;&nbsp; 450102 |
| Alaska (State of) Industrial Development & Export Authority (Tanana Chiefs Conferene), <br> Series 2019, RB<br>| 4.00% | 10/01/2044 | 95 | &nbsp;&nbsp; 91031 |
| Anchorage (Municipality of), AK, Series 2022 A, Ref. RB | 4.00% | 11/01/2052 | 275 | &nbsp;&nbsp; 255336 |
| Municipality of Anchorage AK Solid Waste Services Revenue, Series 2022 A, Ref. RB | 5.25% | 11/01/2062 | 500 | &nbsp;&nbsp; 515530 |
|  |  |  |  | &nbsp;&nbsp; 1311999 |

---

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

------

**54**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona-1.26%** |  |  |  |  |
| Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2024, <br> RB<br>| 5.00% | 11/01/2049 | $65 | &nbsp;&nbsp; $67265 |
| Arizona (State of) Industrial Development Authority (Equitable School Revolving Fund), Series 2024, <br> RB<br>| 5.00% | 11/01/2054 | 5 | &nbsp;&nbsp; 5118 |
| Arizona (State of) Industrial Development Authority (KIPP NYC Public Charter Schools-Jerome <br> Facility) (Social Bonds), Series 2021 B, RB<br>| 4.00% | 07/01/2051 | 575 | &nbsp;&nbsp; 481969 |
| Arizona (State of) Industrial Development Authority (Macombs Facilities), Series 2021 A, RB | 4.00% | 07/01/2051 | 1250 | &nbsp;&nbsp; 1047760 |
| Arizona (State of) Industrial Development Authority (Macombs Facilities), Series 2021, RB | 4.00% | 07/01/2061 | 400 | &nbsp;&nbsp; 319975 |
| Arizona (State of) Industrial Development Authority (Phoenix Children's Hospital), Series 2020 A, <br> RB<br>| 3.00% | 02/01/2045 | 1010 | &nbsp;&nbsp; 812042 |
| Arizona (State of) Industrial Development Authority (Phoenix Children's Hospital), Series 2020 A, <br> RB<br>| 4.00% | 02/01/2050 | 700 | &nbsp;&nbsp; 616865 |
| Arizona (State of) Industrial Development Authority (Social Bonds), Series 2020 A, RB | 4.00% | 11/01/2050 | 2480 | &nbsp;&nbsp; 2219397 |
| Arizona (State of) Industrial Development Authority (Social Bonds), Series 2023, RB | 5.25% | 11/01/2048 | 520 | &nbsp;&nbsp; 543235 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 4.00% | 07/15/2041 | 20 | &nbsp;&nbsp; 20575 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 4.00% | 07/15/2042 | 1220 | &nbsp;&nbsp; 1246550 |
| Gilbert Water Resource Municipal Property Corp. (Green Bonds), Series 2022, RB | 4.00% | 07/15/2047 | 250 | &nbsp;&nbsp; 251261 |
| Glendale (City of), AZ Industrial Development Authority (Sun Health Services), Series 2019 A, Ref. <br> RB<br>| 5.00% | 11/15/2054 | 35 | &nbsp;&nbsp; 34344 |
| Goodyear (City of), AZ, Series 2020, RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 07/01/2049 | 15 | &nbsp;&nbsp; 11356 |
| Lake Havasu (Ciity of), AZ, Series 2015 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2045 | 125 | &nbsp;&nbsp; 121707 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2019 A, RB<br>| 4.00% | 01/01/2044 | 140 | &nbsp;&nbsp; 136888 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2019 E, RB<br>| 3.00% | 01/01/2049 | 1000 | &nbsp;&nbsp; 758587 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2019 F, RB<br>| 4.00% | 01/01/2045 | 265 | &nbsp;&nbsp; 251603 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series 2019 F, RB<br>| 3.00% | 01/01/2049 | 1075 | &nbsp;&nbsp; 815482 |
| Maricopa (County of), AZ Industrial Development Authority (Banner Health Obligated Group), <br> Series R-2017D, RB<br>| 4.00% | 01/01/2048 | 350 | &nbsp;&nbsp; 319963 |
| Maricopa (County of), AZ Industrial Development Authority (Bannerhealth), Series 2017, RB | 3.00% | 01/01/2048 | 20 | &nbsp;&nbsp; 15423 |
| Maricopa (County of), AZ Industrial Development Authority (Creighton University), Series 2020, RB | 5.00% | 07/01/2047 | 45 | &nbsp;&nbsp; 45886 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2019 A, Ref. RB | 5.00% | 09/01/2042 | 20 | &nbsp;&nbsp; 20711 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2021 A, RB | 3.00% | 09/01/2051 | 880 | &nbsp;&nbsp; 631962 |
| Maricopa (County of), AZ Industrial Development Authority (HonorHealth), Series 2021 A, RB | 4.00% | 09/01/2051 | 275 | &nbsp;&nbsp; 243400 |
| Maricopa County Pollution Control Corp. (EL PASO Electric Company Palo Verde), Series 2012, Ref. <br> RB<br>| 4.50% | 08/01/2042 | 105 | &nbsp;&nbsp; 105029 |
| Mesa (City of), AZ, Series 2019 A, RB | 5.00% | 07/01/2043 | 50 | &nbsp;&nbsp; 52457 |
| Phoenix (City of), AZ Industrial Development Authority, Series 2022, RB | 3.75% | 11/15/2057 | 1340 | &nbsp;&nbsp; 1142843 |
| Phoenix (City of), AZ Industrial Development Authority (The) (Downtown Phoenix Student Housing, <br> LLC- Arizona State University), Series 2018 A, Ref. RB<br>| 5.00% | 07/01/2042 | 1000 | &nbsp;&nbsp; 1006701 |
| Phoenix Civic Improvement Corp., Series 2019 A, RB | 4.00% | 07/01/2045 | 60 | &nbsp;&nbsp; 58369 |
| Phoenix Civic Improvement Corp., Series 2019 A, RB | 5.00% | 07/01/2045 | 1000 | &nbsp;&nbsp; 1034407 |
| Phoenix Civic Improvement Corp., Series 2019 A, RB | 3.00% | 07/01/2049 | 165 | &nbsp;&nbsp; 127446 |
| Phoenix Civic Improvement Corp., Series 2019, RB | 4.00% | 07/01/2044 | 560 | &nbsp;&nbsp; 562762 |
| Phoenix Civic Improvement Corp., Series 2019, RB | 5.00% | 07/01/2044 | 15 | &nbsp;&nbsp; 15615 |
| Phoenix Civic Improvement Corp., Series 2019, RB | 4.00% | 07/01/2049 | 20 | &nbsp;&nbsp; 19011 |
| Phoenix Civic Improvement Corp., Series 2019, RB | 5.00% | 07/01/2049 | 1765 | &nbsp;&nbsp; 1805118 |
| Phoenix Civic Improvement Corp., Series 2020 A, RB | 5.00% | 07/01/2044 | 70 | &nbsp;&nbsp; 74538 |
| Phoenix Civic Improvement Corp., Series 2021 A, RB | 5.00% | 07/01/2045 | 105 | &nbsp;&nbsp; 111490 |
| Phoenix Civic Improvement Corp., Series 2023, RB | 5.25% | 07/01/2047 | 1000 | &nbsp;&nbsp; 1085958 |
| Phoenix Civic Improvement Corp. (Green Bonds), Series 2020, RB | 5.00% | 07/01/2044 | 1000 | &nbsp;&nbsp; 1064826 |
| Pima (County of), AZ Industrial Development Authority (The) (Tucson Medical Center), Series 2021, <br> Ref. RB<br>| 4.00% | 04/01/2046 | 45 | &nbsp;&nbsp; 39972 |
| Pima (County of), AZ Industrial Development Authority (Tucson Medical Center), Series 2021, Ref. <br> RB<br>| 3.00% | 04/01/2051 | 135 | &nbsp;&nbsp; 97076 |
| Queen Creek (Town of), AZ, Series 2024, RB | 5.00% | 08/01/2054 | 220 | &nbsp;&nbsp; 230443 |

---

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

------

**55**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Arizona-(continued)** |  |  |  |  |
| Queen Creek (Town of), AZ, Series 2026, COP | 5.00% | 10/01/2051 | $25 | &nbsp;&nbsp; $26241 |
| Queen Creek (Town of), AZ, Series 2026, COP | 5.25% | 10/01/2056 | 500 | &nbsp;&nbsp; 529685 |
| Queen Creek (Town of), AZ, Series 2026, COP | 5.50% | 10/01/2065 | 1680 | &nbsp;&nbsp; 1798644 |
| Salt River Project Agricultural Improvement & Power District, Series 2020 A, Ref. RB | 5.00% | 01/01/2045 | 145 | &nbsp;&nbsp; 152972 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB | 5.00% | 01/01/2043 | 35 | &nbsp;&nbsp; 38264 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB | 5.00% | 01/01/2047 | 1450 | &nbsp;&nbsp; 1539295 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 A, RB | 5.00% | 01/01/2050 | 1495 | &nbsp;&nbsp; 1569973 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB | 5.00% | 01/01/2043 | 1040 | &nbsp;&nbsp; 1149375 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB | 5.00% | 01/01/2044 | 1000 | &nbsp;&nbsp; 1093703 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB | 5.00% | 01/01/2048 | 2650 | &nbsp;&nbsp; 2820325 |
| Salt River Project Agricultural Improvement & Power District, Series 2023 B, RB | 5.25% | 01/01/2053 | 2990 | &nbsp;&nbsp; 3191377 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 A, RB | 5.00% | 01/01/2042 | 65 | &nbsp;&nbsp; 73424 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 A, RB | 5.00% | 01/01/2049 | 1005 | &nbsp;&nbsp; 1072756 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 A, RB | 5.00% | 01/01/2054 | 1465 | &nbsp;&nbsp; 1540226 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 A, RB | 5.25% | 01/01/2054 | 1450 | &nbsp;&nbsp; 1555267 |
| Salt River Project Agricultural Improvement & Power District, Series 2024 B, RB | 5.00% | 05/01/2042 | 40 | &nbsp;&nbsp; 45123 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB | 5.00% | 01/01/2051 | 1475 | &nbsp;&nbsp; 1567906 |
| Salt River Project Agricultural Improvement & Power District, Series 2025 C, RB | 5.25% | 01/01/2055 | 4000 | &nbsp;&nbsp; 4309046 |
| University of Arizona Board of Regents, Series 2017 B, Ref. RB | 5.00% | 07/01/2042 | 75 | &nbsp;&nbsp; 76770 |
| University of Arizona Board of Regents (Green Bonds), Series 2023 A, RB | 5.50% | 07/01/2048 | 5 | &nbsp;&nbsp; 5452 |
| University of Arizona Board of Regents (Green Bonds), Series 2024, RB | 5.00% | 07/01/2050 | 315 | &nbsp;&nbsp; 333051 |
| University of Arizona Board of Regents (Green Bonds), Series 2024, RB | 5.00% | 07/01/2054 | 15 | &nbsp;&nbsp; 15771 |
| University of Arizona Board of Regents (Stimulus Plan for Economic and Educational Development), <br> Series 2020, Ref. RB<br>| 4.00% | 08/01/2044 | 2550 | &nbsp;&nbsp; 2523776 |
| Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024, <br> Ref. RB<br>| 5.25% | 08/01/2049 | 375 | &nbsp;&nbsp; 393577 |
| Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024, <br> Ref. RB<br>| 5.25% | 08/01/2054 | 500 | &nbsp;&nbsp; 517984 |
| Yuma (City of), AZ Industrial Development Authority (Yuma Regional Medical Center), Series 2024, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 4.00% | 08/01/2054 | 165 | &nbsp;&nbsp; 148267 |
|  |  |  |  | &nbsp;&nbsp; 47761635 |
| **Arkansas-0.19%** |  |  |  |  |
| Arkansas (State of) Development Finance Authority (Arkansas Division of Emergency Management), <br> Series 2020, RB<br>| 4.00% | 06/01/2045 | 265 | &nbsp;&nbsp; 260803 |
| Arkansas (State of) Development Finance Authority (Baptist Memorial Health), Series 2019, RB | 5.00% | 12/01/2047 | 245 | &nbsp;&nbsp; 248430 |
| Arkansas (State of) Development Finance Authority (Baptist Memorial Health), Series 2019, RB | 3.20% | 12/01/2049 | 630 | &nbsp;&nbsp; 489760 |
| Arkansas (State of) Development Finance Authority (Baptist Memorial Health), Series 2020, Ref. <br> RB<br>| 5.00% | 09/01/2044 | 65 | &nbsp;&nbsp; 65941 |
| Beaver Water District of Benton & Washington Counties, Series 2025, RB | 5.00% | 04/15/2055 | 15 | &nbsp;&nbsp; 15625 |
| Bentonville School District No. 6, Series 2018 B, Ref. GO Bonds | 4.00% | 06/01/2047 | 65 | &nbsp;&nbsp; 62900 |
| Fayetteville School District No. 1, Series 2020, Ref. GO Bonds | 2.75% | 06/01/2046 | 140 | &nbsp;&nbsp; 103898 |
| Fayetteville School District No. 1, Series 2020, Ref. GO Bonds | 3.00% | 06/01/2050 | 200 | &nbsp;&nbsp; 152968 |
| Fayetteville School District No. 1, Series 2024, GO Bonds | 4.00% | 02/01/2046 | 320 | &nbsp;&nbsp; 312989 |
| Fayetteville School District No. 1, Series 2024, GO Bonds | 4.00% | 02/01/2050 | 500 | &nbsp;&nbsp; 475293 |
| Pulaski (County of), AR, Series 2023, RB | 5.25% | 03/01/2053 | 200 | &nbsp;&nbsp; 209510 |
| Springdale (City of), AR, Series 2023 B, RB, (INS - BAM)<sup>(a)</sup> | 4.13% | 08/01/2047 | 205 | &nbsp;&nbsp; 201205 |
| Springdale (City of), AR, Series 2023 B, RB, (INS - BAM)<sup>(a)</sup> | 4.13% | 08/01/2050 | 30 | &nbsp;&nbsp; 28938 |
| Springdale (City of), AR, Series 2023 B, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 08/01/2053 | 440 | &nbsp;&nbsp; 430015 |
| Springdale School District No. 50, Series 2022 B, Ref. GO Bonds | 3.00% | 06/01/2047 | 60 | &nbsp;&nbsp; 46664 |
| Springdale School District No. 50, Series 2022 B, Ref. GO Bonds | 3.00% | 06/01/2051 | 330 | &nbsp;&nbsp; 240909 |
| University of Arkansas, Series 2021 A, RB | 5.00% | 12/01/2045 | 2445 | &nbsp;&nbsp; 2583872 |
| University of Arkansas, Series 2022, RB | 5.00% | 04/01/2052 | 1090 | &nbsp;&nbsp; 1129194 |
|  |  |  |  | &nbsp;&nbsp; 7058914 |
| **California-16.25%** |  |  |  |  |
| Alameda (City of), CA Corridor Transportation Authority, Series 2022 C, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2052 | 770 | &nbsp;&nbsp; 799389 |
| Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds | 5.00% | 08/01/2049 | 85 | &nbsp;&nbsp; 90186 |
| Alameda Unified School District (Election of 2022), Series 2024 B, GO Bonds | 4.00% | 08/01/2052 | 760 | &nbsp;&nbsp; 728897 |

---

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

------

**56**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Alvord Unified School District, Series 2023 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2052 | $230 | &nbsp;&nbsp; $242290 |
| Anaheim (City of), CA (Election of 2016), Series 2018 A, GO Bonds | 4.00% | 08/01/2048 | 100 | &nbsp;&nbsp; 98163 |
| Anaheim (City of), CA (Election of 2016), Series 2023 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.25% | 08/01/2053 | 150 | &nbsp;&nbsp; 148756 |
| Antelope Valley Community College District, Series 2020 B, GO Bonds | 3.00% | 08/01/2050 | 35 | &nbsp;&nbsp; 27070 |
| Antelope Valley Healthcare District, Series 2016 A, Ref. RB | 5.00% | 03/01/2041 | 625 | &nbsp;&nbsp; 622803 |
| Antelope Valley Union High School District, Series 2025 A, GO Bonds | 5.00% | 08/01/2054 | 130 | &nbsp;&nbsp; 138692 |
| Antioch Unified School District (Election of 2024), Series 2024 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2054 | 10 | &nbsp;&nbsp; 9516 |
| Bay Area Toll Authority, Series 2025 F-1, Ref. RB | 5.00% | 04/01/2048 | 170 | &nbsp;&nbsp; 184501 |
| Bay Area Toll Authority, Series 2025 F-1, Ref. RB | 5.00% | 04/01/2053 | 440 | &nbsp;&nbsp; 469702 |
| Bay Area Toll Authority, Series 2026 F-1, Ref. RB<sup>(b)</sup> | 5.00% | 04/01/2042 | 70 | &nbsp;&nbsp; 86792 |
| Bay Area Toll Authority, Series 2026 F-1, Ref. RB<sup>(b)</sup> | 5.00% | 04/01/2043 | 370 | &nbsp;&nbsp; 454694 |
| Bay Area Toll Authority, Series 2026 F-1, Ref. RB<sup>(b)</sup> | 5.00% | 04/01/2044 | 50 | &nbsp;&nbsp; 61097 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2041 | 40 | &nbsp;&nbsp; 44832 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2042 | 60 | &nbsp;&nbsp; 66764 |
| Bay Area Toll Authority (Green Bonds), Series 2024 F-2, RB | 5.00% | 04/01/2043 | 640 | &nbsp;&nbsp; 705794 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017 F-1, RB | 4.00% | 04/01/2056 | 1405 | &nbsp;&nbsp; 1327284 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017 S-7, Ref. RB | 4.00% | 04/01/2042 | 2680 | &nbsp;&nbsp; 2685832 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2047 | 1675 | &nbsp;&nbsp; 1629353 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2017, Ref. RB | 4.00% | 04/01/2049 | 90 | &nbsp;&nbsp; 86596 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2019 S-8, Ref. RB | 3.00% | 04/01/2054 | 1020 | &nbsp;&nbsp; 766895 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2021 F-2, Ref. RB | 2.60% | 04/01/2056 | 100 | &nbsp;&nbsp; 66479 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-1, RB | 5.00% | 04/01/2054 | 2000 | &nbsp;&nbsp; 2105207 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2023 F-2, RB | 4.13% | 04/01/2054 | 250 | &nbsp;&nbsp; 246721 |
| Beverly Hills Unified School District, Series 2019 A, GO Bonds | 3.00% | 08/01/2044 | 405 | &nbsp;&nbsp; 351871 |
| Brentwood Union School District (Election of 2016), Series 2022, GO Bonds | 5.25% | 08/01/2052 | 255 | &nbsp;&nbsp; 270506 |
| Burbank (City of), CA, Series 2023, RB | 5.00% | 06/01/2048 | 500 | &nbsp;&nbsp; 523274 |
| Burbank-Glendale-Pasadena Airport Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2054 | 675 | &nbsp;&nbsp; 645732 |
| Butte-Glenn Community College District, Series 2025 D, GO Bonds | 5.00% | 08/01/2050 | 200 | &nbsp;&nbsp; 214975 |
| Calexico (City of), CA, Series 2022, GO Bonds, (INS - BAM)<sup>(a)</sup> | 3.00% | 08/01/2052 | 90 | &nbsp;&nbsp; 66742 |
| California (State of), Series 2013, GO Bonds | 4.00% | 02/01/2043 | 355 | &nbsp;&nbsp; 355054 |
| California (State of), Series 2013, GO Bonds | 4.00% | 04/01/2043 | 25 | &nbsp;&nbsp; 25004 |
| California (State of), Series 2014, Ref. GO Bonds | 4.00% | 11/01/2044 | 705 | &nbsp;&nbsp; 705052 |
| California (State of), Series 2015, GO Bonds | 4.00% | 03/01/2045 | 70 | &nbsp;&nbsp; 69998 |
| California (State of), Series 2015, GO Bonds | 4.00% | 08/01/2045 | 185 | &nbsp;&nbsp; 184994 |
| California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2045 | 195 | &nbsp;&nbsp; 195021 |
| California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2045 | 25 | &nbsp;&nbsp; 25146 |
| California (State of), Series 2016, GO Bonds | 3.00% | 09/01/2046 | 460 | &nbsp;&nbsp; 373174 |
| California (State of), Series 2016, GO Bonds | 4.00% | 09/01/2046 | 255 | &nbsp;&nbsp; 253175 |
| California (State of), Series 2016, GO Bonds | 5.00% | 09/01/2046 | 2840 | &nbsp;&nbsp; 2854628 |
| California (State of), Series 2017, GO Bonds | 5.00% | 08/01/2046 | 10 | &nbsp;&nbsp; 10042 |
| California (State of), Series 2017, GO Bonds | 4.00% | 11/01/2047 | 5 | &nbsp;&nbsp; 4981 |
| California (State of), Series 2017, GO Bonds | 5.00% | 11/01/2047 | 835 | &nbsp;&nbsp; 849806 |
| California (State of), Series 2018, GO Bonds | 3.63% | 10/01/2047 | 1275 | &nbsp;&nbsp; 1148470 |
| California (State of), Series 2018, GO Bonds | 5.00% | 10/01/2047 | 3400 | &nbsp;&nbsp; 3402429 |
| California (State of), Series 2019, GO Bonds | 4.00% | 10/01/2044 | 240 | &nbsp;&nbsp; 241911 |
| California (State of), Series 2019, GO Bonds | 3.25% | 04/01/2045 | 485 | &nbsp;&nbsp; 431793 |
| California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2045 | 1740 | &nbsp;&nbsp; 1815697 |
| California (State of), Series 2019, GO Bonds | 4.00% | 04/01/2049 | 135 | &nbsp;&nbsp; 134214 |
| California (State of), Series 2019, GO Bonds | 5.00% | 04/01/2049 | 1000 | &nbsp;&nbsp; 1033402 |
| California (State of), Series 2019, GO Bonds | 3.00% | 10/01/2049 | 1220 | &nbsp;&nbsp; 964245 |
| California (State of), Series 2020, GO Bonds | 3.00% | 11/01/2041 | 815 | &nbsp;&nbsp; 761430 |
| California (State of), Series 2020, GO Bonds | 4.00% | 11/01/2041 | 80 | &nbsp;&nbsp; 80017 |
| California (State of), Series 2020, GO Bonds | 4.00% | 11/01/2045 | 775 | &nbsp;&nbsp; 774981 |
| California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2046 | 675 | &nbsp;&nbsp; 559409 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2046 | 1000 | &nbsp;&nbsp; 1003972 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2046 | 600 | &nbsp;&nbsp; 602383 |
| California (State of), Series 2020, GO Bonds | 2.50% | 03/01/2050 | 220 | &nbsp;&nbsp; 153165 |
| California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2050 | 110 | &nbsp;&nbsp; 86033 |

---

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

------

**57**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2020, GO Bonds | 3.00% | 03/01/2050 | $565 | &nbsp;&nbsp; $441896 |
| California (State of), Series 2020, GO Bonds | 4.00% | 03/01/2050 | 370 | &nbsp;&nbsp; 366860 |
| California (State of), Series 2020, GO Bonds | 3.00% | 11/01/2050 | 370 | &nbsp;&nbsp; 288424 |
| California (State of), Series 2020, GO Bonds | 4.00% | 11/01/2050 | 85 | &nbsp;&nbsp; 82456 |
| California (State of), Series 2021, GO Bonds | 2.38% | 12/01/2043 | 120 | &nbsp;&nbsp; 94423 |
| California (State of), Series 2021, GO Bonds | 3.00% | 12/01/2043 | 170 | &nbsp;&nbsp; 153172 |
| California (State of), Series 2021, GO Bonds | 5.00% | 12/01/2043 | 65 | &nbsp;&nbsp; 69964 |
| California (State of), Series 2021, GO Bonds | 3.00% | 12/01/2046 | 460 | &nbsp;&nbsp; 379753 |
| California (State of), Series 2021, GO Bonds | 2.50% | 12/01/2049 | 30 | &nbsp;&nbsp; 21133 |
| California (State of), Series 2021, GO Bonds | 3.00% | 12/01/2049 | 85 | &nbsp;&nbsp; 67124 |
| California (State of), Series 2021, GO Bonds | 2.38% | 10/01/2051 | 75 | &nbsp;&nbsp; 49380 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 09/01/2041 | 2095 | &nbsp;&nbsp; 2314423 |
| California (State of), Series 2021, Ref. GO Bonds | 4.00% | 10/01/2041 | 1475 | &nbsp;&nbsp; 1525439 |
| California (State of), Series 2021, Ref. GO Bonds | 5.00% | 10/01/2041 | 1800 | &nbsp;&nbsp; 1975224 |
| California (State of), Series 2022 CU, GO Bonds | 4.75% | 12/01/2042 | 195 | &nbsp;&nbsp; 209138 |
| California (State of), Series 2022, GO Bonds | 5.00% | 04/01/2047 | 800 | &nbsp;&nbsp; 854084 |
| California (State of), Series 2022, GO Bonds | 4.00% | 04/01/2049 | 1080 | &nbsp;&nbsp; 1073711 |
| California (State of), Series 2022, GO Bonds | 3.00% | 04/01/2052 | 1990 | &nbsp;&nbsp; 1535837 |
| California (State of), Series 2022, GO Bonds | 5.00% | 09/01/2052 | 925 | &nbsp;&nbsp; 977498 |
| California (State of), Series 2022, Ref. GO Bonds | 4.00% | 04/01/2042 | 965 | &nbsp;&nbsp; 996536 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2042 | 1090 | &nbsp;&nbsp; 1118278 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 04/01/2042 | 885 | &nbsp;&nbsp; 978540 |
| California (State of), Series 2022, Ref. GO Bonds | 4.00% | 09/01/2042 | 1060 | &nbsp;&nbsp; 1096789 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 09/01/2042 | 1425 | &nbsp;&nbsp; 1584984 |
| California (State of), Series 2022, Ref. GO Bonds | 5.00% | 11/01/2042 | 1835 | &nbsp;&nbsp; 2045705 |
| California (State of), Series 2023, GO Bonds | 5.00% | 10/01/2045 | 1030 | &nbsp;&nbsp; 1126323 |
| California (State of), Series 2023, GO Bonds | 5.25% | 10/01/2045 | 1050 | &nbsp;&nbsp; 1165921 |
| California (State of), Series 2023, GO Bonds | 4.00% | 10/01/2050 | 1355 | &nbsp;&nbsp; 1343300 |
| California (State of), Series 2023, GO Bonds | 5.25% | 09/01/2053 | 2400 | &nbsp;&nbsp; 2594028 |
| California (State of), Series 2023, Ref. GO Bonds | 4.00% | 10/01/2042 | 1210 | &nbsp;&nbsp; 1255308 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 10/01/2042 | 820 | &nbsp;&nbsp; 919447 |
| California (State of), Series 2023, Ref. GO Bonds | 4.00% | 09/01/2043 | 4185 | &nbsp;&nbsp; 4305310 |
| California (State of), Series 2023, Ref. GO Bonds | 5.00% | 09/01/2043 | 2500 | &nbsp;&nbsp; 2789079 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2041 | 555 | &nbsp;&nbsp; 636648 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2043 | 1000 | &nbsp;&nbsp; 1122394 |
| California (State of), Series 2024, GO Bonds | 5.25% | 08/01/2044 | 1160 | &nbsp;&nbsp; 1320455 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2044 | 2050 | &nbsp;&nbsp; 2282627 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2044 | 1140 | &nbsp;&nbsp; 1269363 |
| California (State of), Series 2024, GO Bonds | 4.00% | 09/01/2047 | 110 | &nbsp;&nbsp; 110330 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2048 | 2135 | &nbsp;&nbsp; 2304724 |
| California (State of), Series 2024, GO Bonds | 4.00% | 08/01/2049 | 1000 | &nbsp;&nbsp; 994125 |
| California (State of), Series 2024, GO Bonds | 5.00% | 08/01/2049 | 20 | &nbsp;&nbsp; 21596 |
| California (State of), Series 2024, GO Bonds | 5.50% | 08/01/2049 | 15 | &nbsp;&nbsp; 16788 |
| California (State of), Series 2024, GO Bonds | 4.00% | 09/01/2052 | 305 | &nbsp;&nbsp; 298197 |
| California (State of), Series 2024, GO Bonds | 5.00% | 09/01/2053 | 1075 | &nbsp;&nbsp; 1147077 |
| California (State of), Series 2024, GO Bonds | 4.00% | 08/01/2054 | 1000 | &nbsp;&nbsp; 972659 |
| California (State of), Series 2024, GO Bonds | 5.25% | 08/01/2054 | 140 | &nbsp;&nbsp; 152343 |
| California (State of), Series 2024, Ref. GO Bonds | 4.00% | 09/01/2043 | 80 | &nbsp;&nbsp; 82433 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 09/01/2043 | 1495 | &nbsp;&nbsp; 1677980 |
| California (State of), Series 2024, Ref. GO Bonds | 4.00% | 08/01/2044 | 430 | &nbsp;&nbsp; 439886 |
| California (State of), Series 2024, Ref. GO Bonds | 5.00% | 08/01/2044 | 1020 | &nbsp;&nbsp; 1140941 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2042 | 430 | &nbsp;&nbsp; 494443 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2042 | 35 | &nbsp;&nbsp; 40454 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2043 | 565 | &nbsp;&nbsp; 641612 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2043 | 515 | &nbsp;&nbsp; 587587 |
| California (State of), Series 2025, GO Bonds | 5.00% | 11/01/2043 | 30 | &nbsp;&nbsp; 33936 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2044 | 1840 | &nbsp;&nbsp; 2071196 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2044 | 850 | &nbsp;&nbsp; 960989 |

---

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

------

**58**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2045 | $70 | &nbsp;&nbsp; $78375 |
| California (State of), Series 2025, GO Bonds | 5.00% | 11/01/2045 | 365 | &nbsp;&nbsp; 405682 |
| California (State of), Series 2025, GO Bonds | 5.00% | 11/01/2047 | 500 | &nbsp;&nbsp; 546006 |
| California (State of), Series 2025, GO Bonds | 4.13% | 03/01/2049 | 900 | &nbsp;&nbsp; 905800 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2049 | 2000 | &nbsp;&nbsp; 2168936 |
| California (State of), Series 2025, GO Bonds | 5.00% | 08/01/2050 | 1845 | &nbsp;&nbsp; 1996667 |
| California (State of), Series 2025, GO Bonds | 5.00% | 11/01/2050 | 1310 | &nbsp;&nbsp; 1411453 |
| California (State of), Series 2025, GO Bonds | 5.00% | 03/01/2055 | 3390 | &nbsp;&nbsp; 3633928 |
| California (State of), Series 2025, GO Bonds | 5.25% | 08/01/2055 | 110 | &nbsp;&nbsp; 120530 |
| California (State of), Series 2025, GO Bonds | 5.00% | 11/01/2055 | 500 | &nbsp;&nbsp; 534836 |
| California (State of), Series 2025, Ref. GO Bonds | 4.13% | 03/01/2045 | 700 | &nbsp;&nbsp; 716821 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 03/01/2045 | 780 | &nbsp;&nbsp; 869826 |
| California (State of), Series 2025, Ref. GO Bonds | 5.00% | 08/01/2045 | 210 | &nbsp;&nbsp; 235125 |
| California (State of) Community College Financing Authority (NCCD - Orange Coast Properties LLC - <br> Orange Coast College), Series 2018, RB<br>| 5.25% | 05/01/2048 | 35 | &nbsp;&nbsp; 35442 |
| California (State of) Department of Water Resources (Central Valley), Series 2026 A, RB | 5.00% | 12/01/2051 | 500 | &nbsp;&nbsp; 542094 |
| California (State of) Department of Water Resources (Central Valley), Series 2026 A, RB | 5.00% | 12/01/2056 | 650 | &nbsp;&nbsp; 698171 |
| California (State of) Educational Facilities Authority (Chapman University), Series 2017 B, RB | 4.00% | 04/01/2047 | 120 | &nbsp;&nbsp; 115914 |
| California (State of) Educational Facilities Authority (Southern California University), Series 2025 A, <br> RB<br>| 5.00% | 10/01/2055 | 3410 | &nbsp;&nbsp; 3623733 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2013 U-3, RB | 5.00% | 06/01/2043 | 2000 | &nbsp;&nbsp; 2465302 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2013 U-4, RB | 5.00% | 06/01/2043 | 25 | &nbsp;&nbsp; 30816 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2014 U-6, RB | 5.00% | 05/01/2045 | 1750 | &nbsp;&nbsp; 2101331 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2016 U-7, RB | 5.00% | 06/01/2046 | 765 | &nbsp;&nbsp; 904379 |
| California (State of) Educational Facilities Authority (Stanford University), Series 2019 V-1, RB | 5.00% | 05/01/2049 | 2910 | &nbsp;&nbsp; 3381062 |
| California (State of) Educational Facilities Authority (Stanford University) (Green Bonds), <br> Series 2021 V-2, Ref. RB<br>| 5.00% | 04/01/2051 | 1570 | &nbsp;&nbsp; 1811580 |
| California (State of) Educational Facilities Authority (Stanford University) (Green Bonds), <br> Series 2021, Ref. RB<br>| 2.25% | 04/01/2051 | 1310 | &nbsp;&nbsp; 859264 |
| California (State of) Educational Facilities Authority (university of Pacific), Series 2025, RB | 5.00% | 11/01/2055 | 330 | &nbsp;&nbsp; 347586 |
| California (State of) Educational Facilities Authority (University of Redlands), Series 2022 A, RB | 5.00% | 10/01/2052 | 550 | &nbsp;&nbsp; 551524 |
| California (State of) Educational Facilities Authority (University of San Francisco), Series 2018 A, <br> RB<br>| 5.00% | 10/01/2053 | 990 | &nbsp;&nbsp; 994913 |
| California (State of) Enterprise Development Authority (Castilleja School Foundation), Series 2024, <br> RB<br>| 4.00% | 06/01/2054 | 1040 | &nbsp;&nbsp; 962222 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness <br> Village), Series 2024, RB<br>| 5.25% | 11/01/2049 | 580 | &nbsp;&nbsp; 628686 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness <br> Village), Series 2024, RB<br>| 5.25% | 11/01/2054 | 905 | &nbsp;&nbsp; 970996 |
| California (State of) Enterprise Development Authority (Riverside County-Mead Valley Wellness <br> Village), Series 2024, RB<br>| 5.50% | 11/01/2059 | 1250 | &nbsp;&nbsp; 1363082 |
| California (State of) Health Facilities Financing Authority (Adventist Health System), Series 2013 A, <br> RB<br>| 4.00% | 03/01/2043 | 630 | &nbsp;&nbsp; 600806 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021 <br> A, Ref. RB<br>| 5.00% | 08/15/2051 | 525 | &nbsp;&nbsp; 550905 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Health System), Series 2021, <br> Ref. RB<br>| 3.00% | 08/15/2051 | 295 | &nbsp;&nbsp; 222304 |
| California (State of) Health Facilities Financing Authority (Cedars-Sinai Medical Center), Series 2021 <br> A, Ref. RB<br>| 4.00% | 08/15/2048 | 3970 | &nbsp;&nbsp; 3801266 |
| California (State of) Health Facilities Financing Authority (Children's Hospital of Orange), <br> Series 2021, Ref. RB<br>| 2.13% | 11/01/2041 | 830 | &nbsp;&nbsp; 635891 |
| California (State of) Health Facilities Financing Authority (Children's Hospital of Orange), <br> Series 2024, RB<br>| 5.00% | 11/01/2054 | 750 | &nbsp;&nbsp; 794047 |
| California (State of) Health Facilities Financing Authority (City of Hope), Series 2019, RB | 4.00% | 11/15/2045 | 1195 | &nbsp;&nbsp; 1121943 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. <br> RB<br>| 4.00% | 04/01/2044 | 465 | &nbsp;&nbsp; 456146 |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2020 A, Ref. <br> RB<br>| 4.00% | 04/01/2045 | 425 | &nbsp;&nbsp; 409154 |

---

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

------

**59**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Health Facilities Financing Authority (Commonspirit Health), Series 2024 A, RB | 5.25% | 12/01/2049 | $15 | &nbsp;&nbsp; $16037 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health), Series 2020, Ref. <br> RB<br>| 4.00% | 04/01/2049 | 770 | &nbsp;&nbsp; 715956 |
| California (State of) Health Facilities Financing Authority (CommonSpirit Health), Series 2024 A, RB | 5.00% | 12/01/2054 | 1000 | &nbsp;&nbsp; 1041239 |
| California (State of) Health Facilities Financing Authority (El Camino Health), Series 2025 A, Ref. RB | 5.25% | 02/01/2048 | 10 | &nbsp;&nbsp; 10877 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB | 4.00% | 02/01/2042 | 3135 | &nbsp;&nbsp; 3152265 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB | 5.00% | 02/01/2042 | 600 | &nbsp;&nbsp; 611762 |
| California (State of) Health Facilities Financing Authority (El Camino Hospital), Series 2017, RB | 4.13% | 02/01/2047 | 60 | &nbsp;&nbsp; 59049 |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, <br> RB<br>| 4.00% | 11/01/2044 | 5415 | &nbsp;&nbsp; 5326604 |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, <br> RB<br>| 5.00% | 11/01/2047 | 2000 | &nbsp;&nbsp; 2254871 |
| California (State of) Health Facilities Financing Authority (Kaiser Permanente), Subseries 2017 A-2, <br> RB<br>| 4.00% | 11/01/2051 | 750 | &nbsp;&nbsp; 699020 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at <br> Stanford), Series 2017, RB<br>| 5.00% | 11/15/2056 | 1065 | &nbsp;&nbsp; 1075121 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard Children's Hospital at <br> Stanford), Series 2022, Ref. RB<br>| 4.00% | 05/15/2051 | 165 | &nbsp;&nbsp; 155856 |
| California (State of) Health Facilities Financing Authority (Lucile Salter Packard), Series 2022, Ref. <br> RB<br>| 4.00% | 05/15/2046 | 610 | &nbsp;&nbsp; 592018 |
| California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, Ref. RB | 3.00% | 06/01/2047 | 40 | &nbsp;&nbsp; 31790 |
| California (State of) Health Facilities Financing Authority (PIH Health), Series 2020 A, Ref. RB | 4.00% | 06/01/2050 | 795 | &nbsp;&nbsp; 718195 |
| California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), <br> Series 2016 A, Ref. RB<br>| 3.00% | 10/01/2047 | 2450 | &nbsp;&nbsp; 1871807 |
| California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), <br> Series 2016 A, Ref. RB<br>| 4.00% | 10/01/2047 | 600 | &nbsp;&nbsp; 550603 |
| California (State of) Health Facilities Financing Authority (Providence St. Joseph Health), <br> Series 2016, Ref. RB<br>| 3.00% | 10/01/2041 | 840 | &nbsp;&nbsp; 748264 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2041 | 350 | &nbsp;&nbsp; 400495 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2042 | 560 | &nbsp;&nbsp; 632592 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2043 | 945 | &nbsp;&nbsp; 1055167 |
| California (State of) Health Facilities Financing Authority (Scripps Health), Series 2024 A, Ref. RB | 5.00% | 11/15/2044 | 1420 | &nbsp;&nbsp; 1571176 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2015 A, RB | 4.25% | 08/15/2052 | 25 | &nbsp;&nbsp; 24762 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2020 A, Ref. <br> RB<br>| 4.00% | 08/15/2050 | 2130 | &nbsp;&nbsp; 2045567 |
| California (State of) Health Facilities Financing Authority (Stanford Health Care), Series 2025 A, Ref. <br> RB<br>| 5.25% | 08/15/2054 | 470 | &nbsp;&nbsp; 507220 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB | 4.00% | 11/15/2041 | 845 | &nbsp;&nbsp; 846063 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2016 B, Ref. RB | 5.00% | 11/15/2046 | 1185 | &nbsp;&nbsp; 1196270 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2017 A, Ref. RB | 4.00% | 11/15/2048 | 690 | &nbsp;&nbsp; 633609 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 4.00% | 11/15/2042 | 500 | &nbsp;&nbsp; 496929 |
| California (State of) Health Facilities Financing Authority (Sutter Health), Series 2018 A, RB | 5.00% | 11/15/2048 | 145 | &nbsp;&nbsp; 146671 |
| California (State of) Infrastructure & Economic Development Bank (Academy Motion Picture Arts & <br> Sciences Obligated Group), Series 2015, Ref. RB<br>| 4.00% | 11/01/2045 | 1025 | &nbsp;&nbsp; 1021214 |
| California (State of) Infrastructure & Economic Development Bank (Adventist Health System), <br> Series 2024 A, RB<br>| 5.25% | 07/01/2054 | 1000 | &nbsp;&nbsp; 1019816 |
| California (State of) Infrastructure & Economic Development Bank (Adventist Health System), <br> Series 2024, RB<br>| 5.25% | 07/01/2049 | 1000 | &nbsp;&nbsp; 1027765 |
| California (State of) Infrastructure & Economic Development Bank (California State Teachers' <br> Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB<br>| 5.00% | 08/01/2044 | 1005 | &nbsp;&nbsp; 1058624 |
| California (State of) Infrastructure & Economic Development Bank (California State Teachers' <br> Retirement System Headquarters Expansion) (Green Bonds), Series 2019, RB<br>| 5.00% | 08/01/2049 | 595 | &nbsp;&nbsp; 616311 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2018, RB<br>| 5.00% | 10/01/2043 | 185 | &nbsp;&nbsp; 191947 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2042 | 190 | &nbsp;&nbsp; 197292 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2043 | 300 | &nbsp;&nbsp; 308943 |

---

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

------

**60**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2044 | $1160 | &nbsp;&nbsp; $1184130 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2045 | 10 | &nbsp;&nbsp; 10119 |
| California (State of) Infrastructure & Economic Development Bank (Clean Water Revolving Fund) <br> (Green Bonds), Series 2023, RB<br>| 4.00% | 10/01/2047 | 180 | &nbsp;&nbsp; 178872 |
| California (State of) Infrastructure & Economic Development Bank (Green Bonds) (California Science <br> Center Phase III), Series 2021 B, RB<br>| 4.00% | 05/01/2046 | 540 | &nbsp;&nbsp; 523603 |
| California (State of) Infrastructure & Economic Development Bank (Green Bonds) (California Science <br> Center Phase III), Series 2021 B, RB<br>| 4.00% | 05/01/2051 | 20 | &nbsp;&nbsp; 18842 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2022, RB<br>| 5.00% | 10/01/2047 | 300 | &nbsp;&nbsp; 320639 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2022, RB<br>| 5.00% | 10/01/2052 | 100 | &nbsp;&nbsp; 105338 |
| California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of <br> Natural History Foundation), Series 2020, Ref. RB<br>| 3.00% | 07/01/2050 | 375 | &nbsp;&nbsp; 284357 |
| California (State of) Infrastructure & Economic Development Bank (Los Angeles County Museum of <br> Natural History Foundation), Series 2020, Ref. RB<br>| 4.00% | 07/01/2050 | 1215 | &nbsp;&nbsp; 1163706 |
| California (State of) Infrastructure & Economic Development Bank (Social Bonds), Series 2024, RB | 5.00% | 11/01/2049 | 495 | &nbsp;&nbsp; 515854 |
| California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), <br> Series 2017, RB<br>| 5.00% | 05/15/2042 | 500 | &nbsp;&nbsp; 518971 |
| California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), <br> Series 2017, RB<br>| 5.00% | 05/15/2047 | 205 | &nbsp;&nbsp; 209679 |
| California (State of) Infrastructure & Economic Development Bank (UCSF 2130 Third Street), <br> Series 2017, RB<br>| 5.00% | 05/15/2052 | 20 | &nbsp;&nbsp; 20345 |
| California (State of) Infrastructure & Economic Development Bank (UCSF Clinic and Lifr Science), <br> Series 2025, RB<br>| 5.00% | 05/15/2050 | 580 | &nbsp;&nbsp; 619387 |
| California (State of) Infrastructure & Economic Development Bank (UCSF Clinic and Lifr Science), <br> Series 2025, RB<br>| 4.50% | 05/15/2055 | 1000 | &nbsp;&nbsp; 1007577 |
| California (State of) Infrastructure & Economic Development Bank (UCSF Clinic and Lifr Science), <br> Series 2025, RB<br>| 5.25% | 05/15/2059 | 275 | &nbsp;&nbsp; 296823 |
| California (State of) Infrastructure & Economic Development Bank(Green Bonds), Series 2025, RB | 5.00% | 10/01/2042 | 15 | &nbsp;&nbsp; 17563 |
| California (State of) Infrastructure & Economic Development Bank(Green Bonds), Series 2025, RB | 4.00% | 10/01/2044 | 930 | &nbsp;&nbsp; 956759 |
| California (State of) Infrastructure & Economic Development Bank(Green Bonds), Series 2025, RB | 4.13% | 10/01/2047 | 140 | &nbsp;&nbsp; 140894 |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), <br> Series 2018, RB<br>| 5.00% | 05/15/2043 | 100 | &nbsp;&nbsp; 102172 |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), <br> Series 2018, RB<br>| 5.00% | 05/15/2048 | 90 | &nbsp;&nbsp; 90544 |
| California (State of) Municipal Finance Authority (CHF-Davis I, LLC - West Village Student Housing), <br> Series 2018, RB, (INS - BAM)<sup>(a)</sup><br>| 4.00% | 05/15/2048 | 215 | &nbsp;&nbsp; 200962 |
| California (State of) Municipal Finance Authority (CHF-Riverside I, LLC - UCR Dundee-Glasgow <br> Student Housing), Series 2018, RB, (INS - BAM)<sup>(a)</sup><br>| 4.00% | 05/15/2048 | 5 | &nbsp;&nbsp; 4741 |
| California (State of) Municipal Finance Authority (Clinicas Del Camino Real, Inc.), Series 2020, RB | 4.00% | 03/01/2050 | 195 | &nbsp;&nbsp; 162995 |
| California (State of) Municipal Finance Authority (Community Health System), Series 2021 A, RB | 3.00% | 02/01/2046 | 725 | &nbsp;&nbsp; 568156 |
| California (State of) Municipal Finance Authority (Community Health System), Series 2021 A, RB | 4.00% | 02/01/2051 | 185 | &nbsp;&nbsp; 162452 |
| California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. <br> RB<br>| 4.00% | 02/01/2042 | 1055 | &nbsp;&nbsp; 1052652 |
| California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. <br> RB<br>| 5.00% | 02/01/2042 | 515 | &nbsp;&nbsp; 519702 |
| California (State of) Municipal Finance Authority (Community Medical Centers), Series 2017 A, Ref. <br> RB<br>| 5.00% | 02/01/2047 | 1895 | &nbsp;&nbsp; 1902322 |
| California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. <br> RB<br>| 5.00% | 07/01/2042 | 340 | &nbsp;&nbsp; 343816 |
| California (State of) Municipal Finance Authority (Eisenhower Medical Centers), Series 2017 A, Ref. <br> RB<br>| 4.00% | 07/01/2047 | 475 | &nbsp;&nbsp; 424250 |
| California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 05/15/2046 | 165 | &nbsp;&nbsp; 158750 |
| California (State of) Municipal Finance Authority (Green Bonds), Series 2021, RB, (INS - BAM)<sup>(a)</sup> | 3.00% | 05/15/2054 | 200 | &nbsp;&nbsp; 147749 |
| California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB | 5.25% | 11/01/2041 | 40 | &nbsp;&nbsp; 40172 |

---

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

------

**61**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Municipal Finance Authority (NorthBay Healthcare Group), Series 2017 A, RB | 5.25% | 11/01/2047 | $40 | &nbsp;&nbsp; $40014 |
| California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure <br> Improvement Program - Phase I), Series 2017 A, RB<br>| 5.00% | 06/01/2042 | 400 | &nbsp;&nbsp; 410948 |
| California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure <br> Improvement Program - Phase I), Series 2017, RB<br>| 4.00% | 06/01/2047 | 25 | &nbsp;&nbsp; 24931 |
| California (State of) Municipal Finance Authority (Orange County Civic Center Infrastructure <br> Improvement Program - Phase II), Series 2018, RB<br>| 5.00% | 06/01/2043 | 220 | &nbsp;&nbsp; 229561 |
| California (State of) Municipal Finance Authority (Palomar Health), Series 2022 A, Ref. COP, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 11/01/2052 | 1525 | &nbsp;&nbsp; 1555850 |
| California (State of) Municipal Finance Authority (St. Ignatius College Preparatory), Series 2024 A, <br> RB<br>| 5.00% | 09/01/2049 | 255 | &nbsp;&nbsp; 268356 |
| California (State of) Pollution Control Financing Authority (San Diego County Water Authority), <br> Series 2019, Ref. RB<sup>(c)</sup><br>| 5.00% | 11/21/2045 | 265 | &nbsp;&nbsp; 270491 |
| California (State of) Public Finance Authority (Henry Mayo Newhall Hospital), Series 2017, Ref. RB | 5.00% | 10/15/2047 | 805 | &nbsp;&nbsp; 805607 |
| California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB | 5.00% | 07/15/2046 | 380 | &nbsp;&nbsp; 405833 |
| California (State of) Public Finance Authority (Hoag Memorial Hospital), Series 2022 A, RB | 4.00% | 07/15/2051 | 650 | &nbsp;&nbsp; 621834 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB | 4.00% | 08/01/2047 | 515 | &nbsp;&nbsp; 496181 |
| California (State of) Public Finance Authority (Sharp Healthcare), Series 2017 A, Ref. RB | 5.00% | 08/01/2047 | 430 | &nbsp;&nbsp; 437830 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 4.00% | 11/01/2046 | 935 | &nbsp;&nbsp; 938174 |
| California (State of) Public Works Board (Green Bonds), Series 2021, RB | 5.00% | 11/01/2046 | 2400 | &nbsp;&nbsp; 2553992 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2042 | 165 | &nbsp;&nbsp; 187757 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2043 | 780 | &nbsp;&nbsp; 877498 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024 A, RB | 5.00% | 04/01/2044 | 230 | &nbsp;&nbsp; 255643 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2045 | 1000 | &nbsp;&nbsp; 1099801 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.00% | 04/01/2049 | 1860 | &nbsp;&nbsp; 1992749 |
| California (State of) Public Works Board (Various Capital), Series 2019 C, RB | 5.00% | 11/01/2044 | 45 | &nbsp;&nbsp; 47491 |
| California (State of) Public Works Board (Various Capital), Series 2021 B, RB | 4.00% | 05/01/2046 | 785 | &nbsp;&nbsp; 787449 |
| California (State of) Public Works Board (Various Capital), Series 2025 A, RB | 5.00% | 04/01/2050 | 1250 | &nbsp;&nbsp; 1339863 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2042 | 340 | &nbsp;&nbsp; 394805 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2044 | 15 | &nbsp;&nbsp; 16950 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2045 | 45 | &nbsp;&nbsp; 50230 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2046 | 300 | &nbsp;&nbsp; 330618 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2047 | 930 | &nbsp;&nbsp; 1017478 |
| California (State of) Public Works Board (Various Capital), Series 2025 C, RB | 5.00% | 11/01/2050 | 770 | &nbsp;&nbsp; 828255 |
| California (State of) Statewide Communities Development Authority (Adventist Health System), <br> Series 2018 A, Ref. RB<br>| 5.00% | 03/01/2048 | 790 | &nbsp;&nbsp; 796612 |
| California (State of) Statewide Communities Development Authority (Adventist Health System), <br> Series 2018, Ref. RB<br>| 4.00% | 03/01/2048 | 170 | &nbsp;&nbsp; 149405 |
| California (State of) Statewide Communities Development Authority (Buck Institute for Research on <br> Aging), Series 2021, Ref. RB<br>| 3.00% | 04/01/2051 | 240 | &nbsp;&nbsp; 173454 |
| California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 <br> A, RB<br>| 4.00% | 04/01/2045 | 640 | &nbsp;&nbsp; 608121 |
| California (State of) Statewide Communities Development Authority (Emanate Health), Series 2020 <br> A, RB<br>| 3.00% | 04/01/2050 | 2860 | &nbsp;&nbsp; 2083932 |
| California (State of) Statewide Communities Development Authority (Front Porch Communities & <br> Services), Series 2017 A, Ref. RB<br>| 5.00% | 04/01/2047 | 1100 | &nbsp;&nbsp; 1103442 |
| California (State of) Statewide Communities Development Authority (Front Porch Communities & <br> Services), Series 2021, Ref. RB<br>| 2.50% | 04/01/2051 | 235 | &nbsp;&nbsp; 151290 |
| California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), <br> Series 2018, RB<br>| 4.00% | 07/01/2048 | 235 | &nbsp;&nbsp; 223718 |
| California (State of) Statewide Communities Development Authority (Huntington Memorial Hospital), <br> Series 2018, RB<br>| 5.00% | 07/01/2048 | 250 | &nbsp;&nbsp; 256388 |
| California (State of) Statewide Communities Development Authority (Jewish Home of San <br> Francisco), Series 2016, RB, (INS - Cal-Mortgage)<sup>(a)</sup><br>| 4.00% | 11/01/2046 | 235 | &nbsp;&nbsp; 229215 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 <br> A, Ref. RB<br>| 4.00% | 08/15/2046 | 445 | &nbsp;&nbsp; 419632 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2016 <br> A, Ref. RB<br>| 4.00% | 08/15/2051 | 575 | &nbsp;&nbsp; 522820 |

---

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

------

**62**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2018 <br> A, Ref. RB<br>| 4.00% | 12/01/2057 | $500 | &nbsp;&nbsp; $447807 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024 <br> A, Ref. RB<br>| 5.00% | 12/01/2049 | 430 | &nbsp;&nbsp; 452312 |
| California (State of) Statewide Communities Development Authority (John Muir Health), Series 2024 <br> A, Ref. RB<br>| 5.25% | 12/01/2054 | 1070 | &nbsp;&nbsp; 1145396 |
| California (State of) Statewide Communities Development Authority (Marin General Hospital) (Green <br> Bonds), Series 2018, RB<br>| 4.00% | 08/01/2045 | 30 | &nbsp;&nbsp; 27824 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 4.25% | 01/01/2043 | 280 | &nbsp;&nbsp; 282050 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 5.00% | 01/01/2043 | 265 | &nbsp;&nbsp; 272618 |
| California (State of) Statewide Communities Development Authority (Methodist Hospital of Southern <br> California), Series 2018, RB<br>| 5.00% | 01/01/2048 | 335 | &nbsp;&nbsp; 340461 |
| California (State of) Statewide Communities Development Authority (Redlands Community Hospital), <br> Series 2016, Ref. RB<br>| 5.00% | 10/01/2046 | 1245 | &nbsp;&nbsp; 1252976 |
| California (State of) Statewide Communities Development Authority (Sequoia Living), Series 2025 <br> A, Ref. RB, (INS - Cal-Mortgage)<sup>(a)</sup><br>| 5.00% | 07/01/2055 | 1500 | &nbsp;&nbsp; 1581988 |
| California (State of) Statewide Communities Development Authority (University of California - Irvine <br> East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017 A, RB<br>| 5.00% | 05/15/2047 | 15 | &nbsp;&nbsp; 15071 |
| California (State of) Statewide Communities Development Authority (University of California - Irvine <br> East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017, RB<br>| 5.00% | 05/15/2042 | 35 | &nbsp;&nbsp; 35405 |
| California (State of) Statewide Communities Development Authority (University of California - Irvine <br> East Campus Apartments, Phase IV-A - CHF-Irvine, LLC), Series 2017, RB<br>| 5.00% | 05/15/2050 | 170 | &nbsp;&nbsp; 170507 |
| California State University, Series 2015 A, Ref. RB | 4.00% | 11/01/2043 | 130 | &nbsp;&nbsp; 130017 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2041 | 855 | &nbsp;&nbsp; 857801 |
| California State University, Series 2016 A, Ref. RB | 4.00% | 11/01/2045 | 805 | &nbsp;&nbsp; 804987 |
| California State University, Series 2016 A, Ref. RB | 5.00% | 11/01/2045 | 425 | &nbsp;&nbsp; 425990 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2042 | 2090 | &nbsp;&nbsp; 2138340 |
| California State University, Series 2017 A, Ref. RB | 5.00% | 11/01/2047 | 770 | &nbsp;&nbsp; 781123 |
| California State University, Series 2018 A, Ref. RB | 5.00% | 11/01/2043 | 95 | &nbsp;&nbsp; 99503 |
| California State University, Series 2019 A, RB | 5.00% | 11/01/2044 | 45 | &nbsp;&nbsp; 47571 |
| California State University, Series 2019 A, RB | 5.00% | 11/01/2049 | 5 | &nbsp;&nbsp; 5191 |
| California State University, Series 2020 C, RB | 4.00% | 11/01/2045 | 455 | &nbsp;&nbsp; 457540 |
| California State University, Series 2020 C, RB | 3.00% | 11/01/2051 | 650 | &nbsp;&nbsp; 494642 |
| California State University, Series 2023 A, RB | 5.25% | 11/01/2048 | 695 | &nbsp;&nbsp; 760155 |
| California State University, Series 2023 A, RB | 5.25% | 11/01/2053 | 850 | &nbsp;&nbsp; 917068 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2045 | 585 | &nbsp;&nbsp; 675211 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2046 | 290 | &nbsp;&nbsp; 329719 |
| California State University, Series 2024 A, RB | 4.00% | 11/01/2049 | 55 | &nbsp;&nbsp; 54179 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2049 | 90 | &nbsp;&nbsp; 100926 |
| California State University, Series 2024 A, RB | 4.00% | 11/01/2055 | 525 | &nbsp;&nbsp; 503116 |
| California State University, Series 2024 A, RB | 5.50% | 11/01/2055 | 1100 | &nbsp;&nbsp; 1214813 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2041 | 310 | &nbsp;&nbsp; 366701 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2042 | 130 | &nbsp;&nbsp; 152141 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2043 | 360 | &nbsp;&nbsp; 415761 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2044 | 730 | &nbsp;&nbsp; 830035 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2045 | 350 | &nbsp;&nbsp; 393417 |
| California State University, Series 2025 A, Ref. RB | 5.00% | 11/01/2046 | 70 | &nbsp;&nbsp; 77504 |
| California State University, Series 2025 A, Ref. RB | 5.25% | 11/01/2050 | 140 | &nbsp;&nbsp; 154784 |
| California State University, Series 2025 A, Ref. RB | 4.63% | 11/01/2056 | 750 | &nbsp;&nbsp; 771431 |
| California State University, Series 2025 A, Ref. RB | 5.25% | 11/01/2056 | 190 | &nbsp;&nbsp; 207271 |
| Carlsbad Unified School District (Election of 2018), Series 2019 A, GO Bonds | 3.13% | 08/01/2048 | 5 | &nbsp;&nbsp; 4094 |
| Carlsbad Unified School District (Election of 2018), Series 2025 C, GO Bonds | 4.00% | 08/01/2050 | 500 | &nbsp;&nbsp; 493409 |
| Centinela Valley Union High School District, Series 2016 B, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2050 | 240 | &nbsp;&nbsp; 229459 |
| Chabot-Las Positas Community College District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | 125 | &nbsp;&nbsp; 124004 |
| Chabot-Las Positas Community College District (Election of 2016), Series 2023 C, GO Bonds | 5.25% | 08/01/2048 | 590 | &nbsp;&nbsp; 637826 |
| Chaffey Community College District (Election of 2018), Series 2024 B-1, GO Bonds | 5.50% | 06/01/2049 | 25 | &nbsp;&nbsp; 27882 |

---

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

------

**63**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Chaffey Joint Union High School District (Election of 2012), Series 2015 B, GO Bonds | 5.00% | 08/01/2044 | $200 | &nbsp;&nbsp; $200495 |
| Chaffey Joint Union High School District (Election of 2012), Series 2019 D, GO Bonds | 4.00% | 08/01/2049 | 1940 | &nbsp;&nbsp; 1905517 |
| Chaffey Joint Union High School District (Election of 2012), Series 2023 G, GO Bonds | 4.00% | 08/01/2052 | 590 | &nbsp;&nbsp; 574995 |
| Chaffey Joint Union High School District (Election of 2012), Series 2024 H, GO Bonds | 4.00% | 08/01/2054 | 250 | &nbsp;&nbsp; 242354 |
| Chico Unified School District (Election of 2024), Series 2025 A, GO Bonds | 4.50% | 08/01/2049 | 25 | &nbsp;&nbsp; 25422 |
| Chino Valley Unified School District, Series 2020 B, GO Bonds | 4.00% | 08/01/2045 | 500 | &nbsp;&nbsp; 502458 |
| Chino Valley Unified School District, Series 2020 B, GO Bonds | 3.38% | 08/01/2050 | 3550 | &nbsp;&nbsp; 2986533 |
| Chino Valley Unified School District, Series 2020 B, GO Bonds | 5.00% | 08/01/2055 | 130 | &nbsp;&nbsp; 134845 |
| Chino Valley Unified School District (Election of 2016), Series 2024 D, GO Bonds | 5.00% | 08/01/2055 | 375 | &nbsp;&nbsp; 399673 |
| Chula Vista Elementary School District School Facilities District No. 1, Series 2017, C GO Bonds | 4.00% | 08/01/2041 | 480 | &nbsp;&nbsp; 480260 |
| Citrus Community College District (Election of 2020), Series 2024 B, GO Bonds | 5.00% | 08/01/2049 | 1225 | &nbsp;&nbsp; 1315474 |
| Clovis Unified School District (Election of 2020), Series 2022 B, GO Bonds | 5.00% | 08/01/2047 | 70 | &nbsp;&nbsp; 73365 |
| Clovis Unified School District (Election of 2020), Series 2024 C, GO Bonds | 4.00% | 08/01/2048 | 1020 | &nbsp;&nbsp; 1005664 |
| Coachella Valley Unified School District (Election of 2005), Series 2016 E, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2045 | 300 | &nbsp;&nbsp; 300007 |
| Coast Community College District (Election of 2012), Series 2017 D, GO Bonds | 4.00% | 08/01/2042 | 500 | &nbsp;&nbsp; 502034 |
| College of the Sequoias Community College District (Visalia Area Improvement District No. 2), <br> Series 2024, GO Bonds<br>| 5.00% | 08/01/2054 | 125 | &nbsp;&nbsp; 131616 |
| Colton Joint Unified School District, Series 2025 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2055 | 500 | &nbsp;&nbsp; 528880 |
| Compton Unified School District, Series 2019 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 06/01/2049 | 705 | &nbsp;&nbsp; 684284 |
| Corona-Norco Unified School District (Election of 2014), Series 2018 B, GO Bonds | 4.00% | 08/01/2043 | 65 | &nbsp;&nbsp; 65281 |
| Corona-Norco Unified School District (Election of 2014), Series 2019 C, GO Bonds | 4.00% | 08/01/2049 | 305 | &nbsp;&nbsp; 293803 |
| Corona-Norco Unified School District (Election of 2014), Series 2026 D, GO Bonds | 5.00% | 08/01/2049 | 200 | &nbsp;&nbsp; 215248 |
| Desert Community College District (Election of 2016), Series 2021 A-1, GO Bonds | 4.00% | 08/01/2051 | 330 | &nbsp;&nbsp; 320736 |
| Desert Community College District (Election of 2016), Series 2024, GO Bonds | 4.00% | 08/01/2051 | 820 | &nbsp;&nbsp; 799489 |
| Desert Community College District (Election of 2016), Series 2026, GO Bonds | 5.00% | 08/01/2051 | 505 | &nbsp;&nbsp; 543855 |
| Desert Sands Unified School District (Election Of 2014), Series 2019, GO Bonds | 4.00% | 08/01/2044 | 500 | &nbsp;&nbsp; 501149 |
| Desert Sands Unified School District (Election Of 2024), Series 2025, GO Bonds | 4.00% | 08/01/2050 | 505 | &nbsp;&nbsp; 496043 |
| Downey Unified School District, Series 2023 A, GO Bonds | 4.00% | 08/01/2048 | 650 | &nbsp;&nbsp; 640864 |
| Downey Unified School District, Series 2023 A, GO Bonds | 4.00% | 08/01/2052 | 1120 | &nbsp;&nbsp; 1077605 |
| Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds | 4.13% | 08/01/2049 | 400 | &nbsp;&nbsp; 400398 |
| Dublin Unified School District (Election of 2020), Series 2023 B, GO Bonds | 4.25% | 08/01/2053 | 50 | &nbsp;&nbsp; 50088 |
| East Bay Municipal Utility District (Green Bonds), Series 2017 A, RB | 5.00% | 06/01/2045 | 310 | &nbsp;&nbsp; 315772 |
| East Bay Municipal Utility District (Green Bonds), Series 2019 A, RB | 5.00% | 06/01/2044 | 230 | &nbsp;&nbsp; 243805 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2049 | 600 | &nbsp;&nbsp; 645556 |
| East Bay Municipal Utility District (Green Bonds), Series 2024 A, RB | 5.00% | 06/01/2054 | 725 | &nbsp;&nbsp; 769788 |
| East Bay Municipal Utility District (Green Bonds), Series 2025 A, RB | 5.00% | 06/01/2050 | 1000 | &nbsp;&nbsp; 1084196 |
| East Bay Municipal Utility District (Green Bonds), Series 2025 A, RB | 5.00% | 06/01/2055 | 775 | &nbsp;&nbsp; 831999 |
| Eastern Municipal Water District Financing Authority, Series 2017 D, RB | 5.00% | 07/01/2047 | 430 | &nbsp;&nbsp; 437712 |
| El Camino Community College District Fountation (The) (Election of 2012), Series 2018 B, GO <br> Bonds<br>| 5.00% | 08/01/2048 | 15 | &nbsp;&nbsp; 15437 |
| El Dorado Irrigation District, Series 2024 A, COP | 4.00% | 03/01/2050 | 255 | &nbsp;&nbsp; 246001 |
| El Rancho Unified School District (Election of 2016), Series 2023 D, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.75% | 08/01/2048 | 1540 | &nbsp;&nbsp; 1745739 |
| Elk Grove Unified School District (Election of 1998), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/01/2042 | 370 | &nbsp;&nbsp; 378182 |
| Elk Grove Unified School District (Election of 2016), Series 2019, GO Bonds | 4.00% | 08/01/2048 | 90 | &nbsp;&nbsp; 87320 |
| Escondido Union School District (Election of 2014), Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 30 | &nbsp;&nbsp; 29508 |
| Folsom Cordova Unified School District (Election of 2007), Series 2019 D, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 10/01/2044 | 2420 | &nbsp;&nbsp; 2422699 |
| Folsom Cordova Unified School District (Election of 2014), Series 2018 C, GO Bonds | 4.00% | 10/01/2043 | 815 | &nbsp;&nbsp; 817961 |
| Fontana Public Facilities Financing Authority, Series 2025 A, Ref. RB | 5.00% | 11/01/2055 | 160 | &nbsp;&nbsp; 169444 |
| Fontana Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2050 | 455 | &nbsp;&nbsp; 494559 |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 A, RB | 4.00% | 01/15/2046 | 908 | &nbsp;&nbsp; 891862 |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 A, Ref. RB | 4.00% | 01/15/2046 | 1030 | &nbsp;&nbsp; 1011694 |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 C, Ref. RB | 4.00% | 01/15/2043 | 1045 | &nbsp;&nbsp; 1050951 |
| Foothill-Eastern Transportation Corridor Agency, Subseries 2014 B-1, Ref. RB | 3.95% | 01/15/2053 | 3290 | &nbsp;&nbsp; 3018220 |
| Fremont Union High School District, Series 2015, GO Bonds | 4.00% | 08/01/2044 | 185 | &nbsp;&nbsp; 185010 |
| Fremont Union High School District, Series 2019 A, GO Bonds | 4.00% | 08/01/2046 | 200 | &nbsp;&nbsp; 200191 |
| Fremont Union High School District, Series 2023, GO Bonds | 4.00% | 08/01/2048 | 320 | &nbsp;&nbsp; 319976 |
| Fremont Union High School District, Series 2026, GO Bonds | 4.13% | 08/01/2050 | 150 | &nbsp;&nbsp; 148375 |
| Fresno Unified School District, Series 2016 A, Ref. GO Bonds | 4.00% | 08/01/2041 | 85 | &nbsp;&nbsp; 85098 |

---

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

------

**64**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Fresno Unified School District, Series 2016 B, Ref. GO Bonds | 4.00% | 08/01/2046 | $760 | &nbsp;&nbsp; $740122 |
| Fresno Unified School District, Series 2022 B, GO Bonds | 4.00% | 08/01/2052 | 415 | &nbsp;&nbsp; 389865 |
| Fresno Unified School District, Series 2022 B, GO Bonds | 4.00% | 08/01/2055 | 125 | &nbsp;&nbsp; 116242 |
| Fullerton Joint Union High School District (Election of 2024), Series 2025 A, GO Bonds | 4.00% | 08/01/2054 | 425 | &nbsp;&nbsp; 408584 |
| Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 04/01/2049 | 160 | &nbsp;&nbsp; 170281 |
| Garden Grove Public Financing Authority, Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 04/01/2054 | 1010 | &nbsp;&nbsp; 958498 |
| Glendale (City of), AZ, Series 2024, RB | 5.00% | 02/01/2054 | 10 | &nbsp;&nbsp; 10428 |
| Glendale (City of), CA, Second Series 2024, RB | 5.00% | 02/01/2054 | 530 | &nbsp;&nbsp; 552698 |
| Glendale (City of), CA, Series 2025, RB | 5.00% | 02/01/2052 | 200 | &nbsp;&nbsp; 209523 |
| Glendale (City of), CA, Series 2025, RB | 5.00% | 02/01/2055 | 100 | &nbsp;&nbsp; 104469 |
| Glendale Community College District, Series 2020 B, GO Bonds | 3.00% | 08/01/2047 | 25 | &nbsp;&nbsp; 19993 |
| Glendale Community College District, Series 2020 B, GO Bonds | 4.00% | 08/01/2050 | 585 | &nbsp;&nbsp; 571099 |
| Glendale Community College District, Series 2025 A, GO Bonds | 4.13% | 08/01/2050 | 1830 | &nbsp;&nbsp; 1821392 |
| Glendale Community College District, Series 2025 A, GO Bonds | 5.00% | 08/01/2050 | 75 | &nbsp;&nbsp; 80373 |
| Glendale Community College District, Series 2025 A, GO Bonds | 5.00% | 08/01/2055 | 500 | &nbsp;&nbsp; 531292 |
| Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds | 4.00% | 08/01/2042 | 60 | &nbsp;&nbsp; 60068 |
| Grossmont Union High School District (Election of 2008), Series 2016 B, Ref. GO Bonds | 3.00% | 08/01/2045 | 345 | &nbsp;&nbsp; 279056 |
| Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds | 5.00% | 08/01/2044 | 300 | &nbsp;&nbsp; 311170 |
| Grossmont-Cuyamaca Community College District (Election of 2012), Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 570 | &nbsp;&nbsp; 565458 |
| Hayward Area Recreation & Park District (Election of 2016), Series 2017 A, Ref. GO Bonds | 4.00% | 08/01/2046 | 65 | &nbsp;&nbsp; 65098 |
| Hayward Unified School District, Series 2017, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2042 | 90 | &nbsp;&nbsp; 90044 |
| Hayward Unified School District, Series 2019 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2044 | 5 | &nbsp;&nbsp; 5198 |
| Hayward Unified School District, Series 2019, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2043 | 710 | &nbsp;&nbsp; 709142 |
| Hayward Unified School District, Series 2020, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2045 | 50 | &nbsp;&nbsp; 49463 |
| Hayward Unified School District, Series 2020, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2050 | 550 | &nbsp;&nbsp; 531502 |
| Hayward Unified School District, Series 2022, COP | 5.25% | 08/01/2052 | 1435 | &nbsp;&nbsp; 1455132 |
| Hayward Unified School District (Election of 2018), Series 2019 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2048 | 665 | &nbsp;&nbsp; 642954 |
| Hayward Unified School District (Election of 2018), Series 2022, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2050 | 155 | &nbsp;&nbsp; 149787 |
| Imperial (County of), CA Community college District (Election of 2022), Series 2024 B, GO Bonds, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2054 | 265 | &nbsp;&nbsp; 280371 |
| Imperial Irrigation District, Series 2016 B-1, RB | 5.00% | 11/01/2046 | 195 | &nbsp;&nbsp; 196738 |
| Imperial Irrigation District, Series 2017, Ref. RB | 4.00% | 11/01/2041 | 25 | &nbsp;&nbsp; 25186 |
| Irvine (City of), CA Community Facilities District No. 2013-3, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2060 | 350 | &nbsp;&nbsp; 375699 |
| Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB | 5.25% | 05/01/2048 | 475 | &nbsp;&nbsp; 476029 |
| Irvine Facilities Financing Authority (Gateway Preserve Land Acquisition), Series 2023 A, RB | 4.25% | 05/01/2053 | 1360 | &nbsp;&nbsp; 1348750 |
| Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.25% | 09/01/2053 | 780 | &nbsp;&nbsp; 830577 |
| Irvine Facilities Financing Authority (Irvine Great Park Infrastructure), Series 2023 A, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 4.00% | 09/01/2058 | 1615 | &nbsp;&nbsp; 1493233 |
| Irvine Ranch Water District, Series 2016, RB | 5.25% | 02/01/2046 | 200 | &nbsp;&nbsp; 201597 |
| Irvine Unified School District (Community Facilities District No. 09-1), Series 2019 A, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 4.00% | 09/01/2054 | 15 | &nbsp;&nbsp; 14226 |
| Jurupa Unified School District, Series 2017 B, GO Bonds | 4.00% | 08/01/2041 | 3455 | &nbsp;&nbsp; 3471256 |
| Livermore Valley Joint Unified School District (Measure J), Series 2016, GO Bonds | 3.00% | 08/01/2046 | 790 | &nbsp;&nbsp; 646352 |
| Livermore Valley Joint Unified School District (Measure J), Series 2019, GO Bonds | 4.00% | 08/01/2046 | 1830 | &nbsp;&nbsp; 1773341 |
| Livermore Valley Joint Unified School District (Measure J), Series 2021, GO Bonds | 4.00% | 08/01/2047 | 200 | &nbsp;&nbsp; 191451 |
| Lodi Unified School District (Election of 2016), Series 2020, GO Bonds | 3.00% | 08/01/2043 | 190 | &nbsp;&nbsp; 165175 |
| Lodi Unified School District (Election of 2016), Series 2021, GO Bonds | 3.00% | 08/01/2046 | 160 | &nbsp;&nbsp; 130967 |
| Long Beach (City of), CA, Series 2017 C, Ref. RB | 5.00% | 05/15/2047 | 95 | &nbsp;&nbsp; 96532 |
| Long Beach (City of), CA, Series 2019 A, RB | 7.15% | 05/15/2044 | 1030 | &nbsp;&nbsp; 1083345 |
| Long Beach (City of), CA, Series 2019 A, RB | 5.00% | 05/15/2049 | 120 | &nbsp;&nbsp; 124668 |
| Long Beach (City of), CA Bond Finance Authority, Series 2023, RB | 4.00% | 08/01/2053 | 75 | &nbsp;&nbsp; 70800 |
| Long Beach Community College District, Series 2019 C, GO Bonds | 4.00% | 08/01/2049 | 575 | &nbsp;&nbsp; 553890 |
| Long Beach Community College District, Series 2025 E, GO Bonds | 5.00% | 08/01/2048 | 640 | &nbsp;&nbsp; 698365 |
| Long Beach Community College District, Series 2025 E, GO Bonds | 5.00% | 08/01/2052 | 1645 | &nbsp;&nbsp; 1759688 |
| Long Beach Unified School District (Election of 2008), Series 2019 F, GO Bonds | 3.00% | 08/01/2047 | 230 | &nbsp;&nbsp; 184256 |
| Long Beach Unified School District (Election of 2016), Series 2019 B, GO Bonds | 3.00% | 08/01/2050 | 1295 | &nbsp;&nbsp; 1001580 |
| Long Beach Unified School District (Election of 2016), Series 2023 C, GO Bonds | 4.00% | 08/01/2050 | 245 | &nbsp;&nbsp; 239178 |

---

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

------

**65**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Long Beach Unified School District (Election of 2016), Series 2023 C, GO Bonds | 4.00% | 08/01/2053 | $595 | &nbsp;&nbsp; $575564 |
| Los Angeles (City of), CA, Series 2018 A, RB | 5.00% | 06/01/2048 | 25 | &nbsp;&nbsp; 25619 |
| Los Angeles (City of), CA, Series 2025 A, RB | 5.25% | 06/01/2050 | 770 | &nbsp;&nbsp; 848393 |
| Los Angeles (City of), CA, Series 2025 A, RB | 5.00% | 06/01/2055 | 1000 | &nbsp;&nbsp; 1066388 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB | 5.00% | 06/01/2044 | 325 | &nbsp;&nbsp; 367892 |
| Los Angeles (City of), CA, Series 2025 A, Ref. RB | 5.00% | 06/01/2045 | 500 | &nbsp;&nbsp; 558912 |
| Los Angeles (City of), CA, Series 2025 C, Ref. RB | 5.00% | 06/01/2041 | 25 | &nbsp;&nbsp; 29267 |
| Los Angeles (City of), CA, Series 2025 C, Ref. RB | 5.00% | 06/01/2042 | 75 | &nbsp;&nbsp; 86899 |
| Los Angeles (City of), CA, Series 2025 E, RB | 5.00% | 05/15/2050 | 500 | &nbsp;&nbsp; 537128 |
| Los Angeles (City of), CA, Series 2025 E, RB | 5.25% | 05/15/2055 | 1010 | &nbsp;&nbsp; 1095956 |
| Los Angeles (City of), CA, Series 2025, Ref. RB | 5.00% | 06/01/2043 | 50 | &nbsp;&nbsp; 57283 |
| Los Angeles (City of), CA (Green Bonds), Series 2017 A, RB | 5.25% | 06/01/2047 | 1500 | &nbsp;&nbsp; 1526786 |
| Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2047 | 75 | &nbsp;&nbsp; 80106 |
| Los Angeles (City of), CA (Green Bonds), Series 2022 A, RB | 4.00% | 06/01/2052 | 310 | &nbsp;&nbsp; 298299 |
| Los Angeles (City of), CA (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2045 | 325 | &nbsp;&nbsp; 363680 |
| Los Angeles (City of), CA Department of Airports, Series 2017 B, RB | 5.00% | 05/15/2042 | 635 | &nbsp;&nbsp; 652068 |
| Los Angeles (City of), CA Department of Airports, Series 2018, Ref. RB | 5.00% | 05/15/2048 | 1000 | &nbsp;&nbsp; 1036231 |
| Los Angeles (City of), CA Department of Airports, Series 2020 D, RB | 4.00% | 05/15/2048 | 35 | &nbsp;&nbsp; 34561 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2043 | 5 | &nbsp;&nbsp; 5747 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB | 5.00% | 05/15/2048 | 1990 | &nbsp;&nbsp; 2159995 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB | 5.25% | 05/15/2048 | 145 | &nbsp;&nbsp; 161355 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2025, Ref. RB | 5.25% | 05/15/2051 | 1325 | &nbsp;&nbsp; 1444972 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, <br> RB<br>| 5.00% | 05/15/2044 | 100 | &nbsp;&nbsp; 105019 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2019 E, <br> RB<br>| 5.00% | 05/15/2049 | 10 | &nbsp;&nbsp; 10290 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 <br> B, Ref. RB<br>| 5.00% | 05/15/2045 | 1000 | &nbsp;&nbsp; 1074325 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2021 <br> B, Ref. RB<br>| 5.00% | 05/15/2048 | 570 | &nbsp;&nbsp; 600711 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport), Series 2022 <br> B, RB<br>| 4.00% | 05/15/2048 | 2535 | &nbsp;&nbsp; 2503169 |
| Los Angeles (City of), CA Department of Airports (Los Angeles International Airport) (Green Bonds), <br> Series 2022 I, RB<br>| 5.00% | 05/15/2048 | 115 | &nbsp;&nbsp; 121851 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2042 | 915 | &nbsp;&nbsp; 926470 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, RB | 5.00% | 07/01/2047 | 1005 | &nbsp;&nbsp; 1012044 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.00% | 07/01/2041 | 25 | &nbsp;&nbsp; 25337 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 5.00% | 07/01/2044 | 10 | &nbsp;&nbsp; 10103 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 A, Ref. RB | 4.00% | 07/01/2047 | 65 | &nbsp;&nbsp; 62416 |
| Los Angeles (City of), CA Department of Water & Power, Series 2017 C, RB | 5.00% | 07/01/2042 | 475 | &nbsp;&nbsp; 484471 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 A, RB | 5.00% | 07/01/2048 | 445 | &nbsp;&nbsp; 451527 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2043 | 695 | &nbsp;&nbsp; 717479 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 B, Ref. RB | 5.00% | 07/01/2048 | 305 | &nbsp;&nbsp; 310643 |
| Los Angeles (City of), CA Department of Water & Power, Series 2018 D, Ref. RB | 5.00% | 07/01/2043 | 145 | &nbsp;&nbsp; 149690 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.00% | 07/01/2045 | 35 | &nbsp;&nbsp; 36071 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 A, RB | 5.25% | 07/01/2049 | 90 | &nbsp;&nbsp; 92543 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 C, RB | 5.00% | 07/01/2042 | 155 | &nbsp;&nbsp; 162889 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB | 5.00% | 07/01/2044 | 1075 | &nbsp;&nbsp; 1118379 |
| Los Angeles (City of), CA Department of Water & Power, Series 2019 D, Ref. RB | 5.00% | 07/01/2049 | 620 | &nbsp;&nbsp; 635254 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2041 | 125 | &nbsp;&nbsp; 133381 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 A, Ref. RB | 5.00% | 07/01/2050 | 65 | &nbsp;&nbsp; 66814 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2045 | 715 | &nbsp;&nbsp; 747559 |
| Los Angeles (City of), CA Department of Water & Power, Series 2020 B, Ref. RB | 5.00% | 07/01/2050 | 805 | &nbsp;&nbsp; 827462 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2041 | 335 | &nbsp;&nbsp; 359856 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2046 | 1000 | &nbsp;&nbsp; 1045635 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2046 | 325 | &nbsp;&nbsp; 339831 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2048 | 150 | &nbsp;&nbsp; 155679 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 B, Ref. RB | 5.00% | 07/01/2051 | 630 | &nbsp;&nbsp; 648455 |

---

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

------

**66**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (City of), CA Department of Water & Power, Series 2021 C, Ref. RB | 5.00% | 07/01/2041 | $120 | &nbsp;&nbsp; $128046 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB | 5.00% | 07/01/2045 | 135 | &nbsp;&nbsp; 142430 |
| Los Angeles (City of), CA Department of Water & Power, Series 2021, RB | 5.00% | 07/01/2051 | 595 | &nbsp;&nbsp; 614040 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2042 | 280 | &nbsp;&nbsp; 304643 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2043 | 435 | &nbsp;&nbsp; 469699 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2046 | 1530 | &nbsp;&nbsp; 1606332 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, RB | 5.00% | 07/01/2047 | 2070 | &nbsp;&nbsp; 2183957 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2042 | 505 | &nbsp;&nbsp; 546272 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2043 | 305 | &nbsp;&nbsp; 327599 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 5.00% | 07/01/2047 | 525 | &nbsp;&nbsp; 551872 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 B, Ref. RB | 4.00% | 07/01/2049 | 250 | &nbsp;&nbsp; 239052 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2041 | 255 | &nbsp;&nbsp; 277477 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2041 | 55 | &nbsp;&nbsp; 60222 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2042 | 335 | &nbsp;&nbsp; 362379 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2042 | 385 | &nbsp;&nbsp; 418885 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2043 | 275 | &nbsp;&nbsp; 296936 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 C, Ref. RB | 5.00% | 07/01/2043 | 525 | &nbsp;&nbsp; 563900 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2047 | 555 | &nbsp;&nbsp; 585554 |
| Los Angeles (City of), CA Department of Water & Power, Series 2022 D, Ref. RB | 5.00% | 07/01/2052 | 1080 | &nbsp;&nbsp; 1118456 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 A, Ref. RB | 5.25% | 07/01/2053 | 295 | &nbsp;&nbsp; 311653 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2041 | 145 | &nbsp;&nbsp; 160692 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2042 | 415 | &nbsp;&nbsp; 456610 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 D, Ref. RB | 5.00% | 07/01/2043 | 430 | &nbsp;&nbsp; 469051 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2048 | 255 | &nbsp;&nbsp; 268957 |
| Los Angeles (City of), CA Department of Water & Power, Series 2023 E, Ref. RB | 5.00% | 07/01/2053 | 500 | &nbsp;&nbsp; 519814 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 A, Ref. RB | 5.00% | 07/01/2044 | 545 | &nbsp;&nbsp; 592007 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 B, Ref. RB | 5.00% | 07/01/2044 | 255 | &nbsp;&nbsp; 278195 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2042 | 185 | &nbsp;&nbsp; 204654 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2043 | 240 | &nbsp;&nbsp; 263087 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2044 | 825 | &nbsp;&nbsp; 896158 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2045 | 25 | &nbsp;&nbsp; 26932 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2046 | 190 | &nbsp;&nbsp; 203292 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 C, Ref. RB | 5.00% | 07/01/2049 | 750 | &nbsp;&nbsp; 788681 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2043 | 395 | &nbsp;&nbsp; 435084 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2045 | 125 | &nbsp;&nbsp; 135183 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2047 | 330 | &nbsp;&nbsp; 353026 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.00% | 07/01/2052 | 175 | &nbsp;&nbsp; 182875 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 D, RB | 5.25% | 07/01/2054 | 80 | &nbsp;&nbsp; 84954 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2048 | 1090 | &nbsp;&nbsp; 1156505 |
| Los Angeles (City of), CA Department of Water & Power, Series 2024 E, Ref. RB | 5.00% | 07/01/2054 | 295 | &nbsp;&nbsp; 307742 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 A, Ref. RB | 5.00% | 07/01/2050 | 340 | &nbsp;&nbsp; 357680 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 07/01/2044 | 100 | &nbsp;&nbsp; 111985 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2042 | 635 | &nbsp;&nbsp; 713455 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2045 | 125 | &nbsp;&nbsp; 136202 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2045 | 305 | &nbsp;&nbsp; 332334 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2049 | 250 | &nbsp;&nbsp; 264920 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2051 | 400 | &nbsp;&nbsp; 420676 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB | 5.00% | 07/01/2052 | 1250 | &nbsp;&nbsp; 1311753 |
| Los Angeles (City of), CA Department of Water & Power, Series 2025 C, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2044 | 900 | &nbsp;&nbsp; 993849 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2041 | 1300 | &nbsp;&nbsp; 1473542 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2042 | 800 | &nbsp;&nbsp; 898841 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2043 | 300 | &nbsp;&nbsp; 333531 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2044 | 800 | &nbsp;&nbsp; 880101 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2045 | 800 | &nbsp;&nbsp; 871695 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2046 | 300 | &nbsp;&nbsp; 324327 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2047 | 400 | &nbsp;&nbsp; 430684 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.00% | 07/01/2052 | 700 | &nbsp;&nbsp; 734582 |
| Los Angeles (City of), CA Department of Water & Power, Series 2026 D, Ref. RB | 5.25% | 07/01/2056 | 200 | &nbsp;&nbsp; 213190 |

---

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

------

**67**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Los Angeles (County of), CA Metropolitan Transportation Authority, Series 2017 A, RB | 5.00% | 07/01/2042 | $125 | &nbsp;&nbsp; $128323 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2017 A, <br> RB<br>| 5.00% | 07/01/2041 | 90 | &nbsp;&nbsp; 92639 |
| Los Angeles (County of), CA Metropolitan Transportation Authority (Green Bonds), Series 2019 A, <br> RB<br>| 5.00% | 07/01/2044 | 230 | &nbsp;&nbsp; 240868 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2016 D, RB | 5.00% | 12/01/2045 | 1400 | &nbsp;&nbsp; 1404115 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2019 E-1, RB | 5.00% | 12/01/2044 | 90 | &nbsp;&nbsp; 95284 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.25% | 12/01/2044 | 210 | &nbsp;&nbsp; 239522 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.00% | 12/01/2049 | 480 | &nbsp;&nbsp; 515882 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.50% | 12/01/2049 | 350 | &nbsp;&nbsp; 390352 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 4.00% | 12/01/2053 | 45 | &nbsp;&nbsp; 42671 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.25% | 12/01/2053 | 260 | &nbsp;&nbsp; 280158 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2024 H, Ref. RB | 5.50% | 12/01/2053 | 25 | &nbsp;&nbsp; 27450 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2041 | 125 | &nbsp;&nbsp; 147334 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2043 | 35 | &nbsp;&nbsp; 40271 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2044 | 10 | &nbsp;&nbsp; 11318 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2045 | 165 | &nbsp;&nbsp; 184313 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2046 | 220 | &nbsp;&nbsp; 242612 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.00% | 12/01/2047 | 350 | &nbsp;&nbsp; 383154 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.25% | 12/01/2050 | 1750 | &nbsp;&nbsp; 1909425 |
| Los Angeles (County of), CA Public Works Financing Authority, Series 2025 J, RB | 5.25% | 12/01/2054 | 135 | &nbsp;&nbsp; 145955 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB | 4.00% | 12/01/2043 | 605 | &nbsp;&nbsp; 613606 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB | 5.00% | 12/01/2045 | 45 | &nbsp;&nbsp; 47791 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2020 A, RB | 3.00% | 12/01/2050 | 70 | &nbsp;&nbsp; 54445 |
| Los Angeles (County of), CA Public Works Financing Authority (Green Bonds), Series 2021 F, RB | 4.00% | 12/01/2046 | 595 | &nbsp;&nbsp; 595828 |
| Los Angeles (County of), CA Sanitation Districts Financing Authority (Capital) (Green Bonds), <br> Series 2016 A, Ref. RB<br>| 4.00% | 10/01/2042 | 365 | &nbsp;&nbsp; 365758 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB | 5.25% | 06/01/2049 | 750 | &nbsp;&nbsp; 807135 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB | 5.25% | 06/01/2054 | 320 | &nbsp;&nbsp; 339875 |
| Los Angeles County Facilities 2, Inc., Series 2024 A, RB | 5.25% | 06/01/2057 | 245 | &nbsp;&nbsp; 259769 |
| Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 <br> A, RB<br>| 5.00% | 12/01/2043 | 90 | &nbsp;&nbsp; 94297 |
| Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018 <br> A, RB<br>| 5.00% | 12/01/2051 | 2225 | &nbsp;&nbsp; 2278703 |
| Los Angeles County Facilities, Inc. (Vermont Corridor County Administration Building), Series 2018, <br> RB<br>| 4.00% | 12/01/2048 | 925 | &nbsp;&nbsp; 897193 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 4.00% | 07/01/2044 | 1415 | &nbsp;&nbsp; 1428992 |
| Los Angeles Unified School District, Series 2020 C, GO Bonds | 3.00% | 07/01/2045 | 15 | &nbsp;&nbsp; 12505 |
| Los Angeles Unified School District, Series 2020 RYQ, GO Bonds | 4.00% | 07/01/2044 | 2360 | &nbsp;&nbsp; 2383337 |
| Los Angeles Unified School District, Series 2021 RYRR, GO Bonds | 4.00% | 07/01/2046 | 10 | &nbsp;&nbsp; 10024 |
| Los Angeles Unified School District (Election of 2005), Series 2018 M, GO Bonds | 5.25% | 07/01/2042 | 25 | &nbsp;&nbsp; 26089 |
| Los Angeles Unified School District (Election of 2008), Series 2018 B-1, GO Bonds | 5.25% | 07/01/2042 | 385 | &nbsp;&nbsp; 401771 |
| Los Angeles Unified School District (Election of 2024), Series 2025 A-1, GO Bonds | 5.00% | 07/01/2045 | 30 | &nbsp;&nbsp; 33410 |
| Los Angeles Unified School District (Election of 2024), Series 2025 A-1, GO Bonds | 5.00% | 07/01/2049 | 785 | &nbsp;&nbsp; 846930 |
| Los Angeles Unified School District (Green Bonds), Series 2022 QRR, GO Bonds | 5.25% | 07/01/2047 | 735 | &nbsp;&nbsp; 798279 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2041 | 440 | &nbsp;&nbsp; 505836 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.25% | 07/01/2042 | 255 | &nbsp;&nbsp; 294956 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.00% | 07/01/2043 | 170 | &nbsp;&nbsp; 191545 |
| Los Angeles Unified School District (Green Bonds), Series 2023 QRR, GO Bonds | 5.25% | 07/01/2048 | 1325 | &nbsp;&nbsp; 1446852 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2042 | 560 | &nbsp;&nbsp; 645823 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2043 | 890 | &nbsp;&nbsp; 1015311 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2044 | 305 | &nbsp;&nbsp; 342451 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.00% | 07/01/2045 | 335 | &nbsp;&nbsp; 371341 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 4.00% | 07/01/2049 | 1185 | &nbsp;&nbsp; 1172731 |
| Los Angeles Unified School District (Green Bonds), Series 2024 QRR, GO Bonds | 5.25% | 07/01/2049 | 825 | &nbsp;&nbsp; 903685 |
| Los Rios Community College District, Series 2019 D, GO Bonds | 3.00% | 08/01/2044 | 15 | &nbsp;&nbsp; 12778 |
| Madera Unified School District (Election of 2014), Series 2017, GO Bonds | 4.00% | 08/01/2046 | 2655 | &nbsp;&nbsp; 2628699 |
| Manhattan Beach Unified School District (Measure C), Series 2020 B, GO Bonds | 4.00% | 09/01/2045 | 695 | &nbsp;&nbsp; 700208 |

---

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

------

**68**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Manteca Unified School District (Election of 2020), Series 2023 B, GO Bonds | 5.25% | 08/01/2053 | $230 | &nbsp;&nbsp; $247491 |
| Manteca Unified School District (Election of 2020), Series 2025 C, GO Bonds | 5.25% | 08/01/2050 | 370 | &nbsp;&nbsp; 406714 |
| Marin (County of), CA Healthcare District (Election of 2013), Series 2015, GO Bonds | 4.00% | 08/01/2045 | 10 | &nbsp;&nbsp; 9919 |
| Marin (County of), CA Healthcare District (Election of 2013), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | 815 | &nbsp;&nbsp; 787919 |
| Metropolitan Water District of Southern California, Series 2020 A, RB | 5.00% | 10/01/2045 | 1230 | &nbsp;&nbsp; 1296678 |
| Metropolitan Water District of Southern California, Series 2020 A, RB | 5.00% | 10/01/2049 | 1060 | &nbsp;&nbsp; 1098700 |
| Metropolitan Water District of Southern California, Series 2021 A, RB | 5.00% | 10/01/2046 | 80 | &nbsp;&nbsp; 85602 |
| Metropolitan Water District of Southern California, Series 2021 A, RB | 5.00% | 10/01/2051 | 25 | &nbsp;&nbsp; 26165 |
| Metropolitan Water District of Southern California, Series 2023 A, RB | 5.00% | 04/01/2048 | 325 | &nbsp;&nbsp; 348580 |
| Metropolitan Water District of Southern California, Series 2024 C, Ref. RB | 5.00% | 04/01/2049 | 55 | &nbsp;&nbsp; 59223 |
| Mill Valley School District (Election of 2022), Series 2024 B, GO Bonds | 4.00% | 08/01/2054 | 340 | &nbsp;&nbsp; 332050 |
| Modesto High School District (Election of 2022), Series 2022 A, GO Bonds | 4.00% | 08/01/2052 | 15 | &nbsp;&nbsp; 14502 |
| Modesto Irrigation District, Series 2023 A, RB | 5.25% | 10/01/2048 | 200 | &nbsp;&nbsp; 217681 |
| Montebello Unified School District (Election of 2016), Series 2016 A, GO Bonds | 4.00% | 08/01/2046 | 515 | &nbsp;&nbsp; 511190 |
| Monterey Peninsula Community College District (Election of 2020), Series 2024 B, GO Bonds | 4.00% | 08/01/2051 | 1000 | &nbsp;&nbsp; 978060 |
| Moreno Valley Unified School District, Series 2021 C, GO Bonds, (INS - BAM)<sup>(a)</sup> | 3.00% | 08/01/2050 | 985 | &nbsp;&nbsp; 768778 |
| Moreno Valley Unified School District (Election of 2014), Series 2023 D, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.13% | 08/01/2050 | 250 | &nbsp;&nbsp; 245809 |
| Morgan Hill Unified School District (Election of 2012), Series 2017 B, GO Bonds | 4.00% | 08/01/2047 | 2010 | &nbsp;&nbsp; 2010605 |
| Mountain House Public Financing Authority (Green Bonds), Series 2020 A, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/01/2050 | 50 | &nbsp;&nbsp; 47566 |
| Mountain House Public Financing Authority (Green Bonds), Series 2020 A, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/01/2055 | 60 | &nbsp;&nbsp; 56132 |
| Mountain View Whisman School District (Santa Clara County, California) (Election of 2020), <br> Series 2022 B, GO Bonds<br>| 4.25% | 09/01/2045 | 1510 | &nbsp;&nbsp; 1534980 |
| Mt. San Antonio Community College District (Election of 2008), Series 2019 A, GO Bonds | 4.00% | 08/01/2049 | 1570 | &nbsp;&nbsp; 1551398 |
| Mt. San Antonio Community College District (Election of 2018), Series 2019 A, GO Bonds | 5.00% | 08/01/2044 | 55 | &nbsp;&nbsp; 58470 |
| Mt. San Antonio Community College District (Election of 2018), Series 2024 D, GO Bonds | 4.00% | 08/01/2046 | 100 | &nbsp;&nbsp; 100554 |
| Mt. San Antonio Community College District (Election of 2018), Series 2024 D, GO Bonds | 4.00% | 08/01/2049 | 90 | &nbsp;&nbsp; 89068 |
| Mt. San Antonio Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2050 | 500 | &nbsp;&nbsp; 541921 |
| Mt. San Antonio Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 820 | &nbsp;&nbsp; 895804 |
| Mt. San Jacinto Community College District (Election of 2014), Series 2018 B, GO Bonds | 4.00% | 08/01/2043 | 1465 | &nbsp;&nbsp; 1471332 |
| Municipal Improvement Corp. of Los Angeles, Series 2025, RB | 5.25% | 05/01/2050 | 1895 | &nbsp;&nbsp; 2040197 |
| Municipal Improvement Corp. of Los Angeles, Series 2025, RB | 5.50% | 05/01/2055 | 2990 | &nbsp;&nbsp; 3299615 |
| Municipal Improvement Corp. of Los Angeles (Los Angeles Convention Center), Series 2025 A, RB | 5.00% | 05/01/2055 | 2445 | &nbsp;&nbsp; 2563841 |
| Napa Valley Unified School District (Election of 2016), Series 2016 A, GO Bonds | 3.50% | 08/01/2041 | 415 | &nbsp;&nbsp; 404656 |
| Napa Valley Unified School District (Election of 2016), Series 2019 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2044 | 3000 | &nbsp;&nbsp; 3001801 |
| Natomas Unified School District, Series 2020 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2049 | 1170 | &nbsp;&nbsp; 1127046 |
| Natomas Unified School District (Election of 2014), Series 2017, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2042 | 265 | &nbsp;&nbsp; 265180 |
| New Haven Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2050 | 750 | &nbsp;&nbsp; 798294 |
| New Haven Unified School District (Election of 2024), Series 2025 A, GO Bonds | 4.50% | 08/01/2054 | 195 | &nbsp;&nbsp; 197461 |
| North Orange County Community College District, Series 2022 C, GO Bonds | 4.00% | 08/01/2047 | 1480 | &nbsp;&nbsp; 1472403 |
| Norwalk-La Mirada Unified School District (Election of 2014), Series 2021 E, GO Bonds | 3.00% | 08/01/2050 | 125 | &nbsp;&nbsp; 96678 |
| Oak Grove School District, Series 2023 A-2, GO Bonds | 5.00% | 08/01/2052 | 3000 | &nbsp;&nbsp; 3153502 |
| Oak Grove School District (Election of 2022), Series 2023 A-2, GO Bonds | 4.00% | 08/01/2049 | 220 | &nbsp;&nbsp; 217393 |
| Oakland (City of), CA, Series 2020 B-1, GO Bonds | 3.00% | 01/15/2050 | 170 | &nbsp;&nbsp; 129972 |
| Oakland (City of), CA, Series 2025 B-1, GO Bonds | 5.00% | 07/15/2055 | 15 | &nbsp;&nbsp; 15840 |
| Oakland Unified School District (Election of 2012), Series 2023 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2048 | 500 | &nbsp;&nbsp; 537598 |
| Oakland Unified School District (Election of 2020), Series 2021 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/01/2046 | 640 | &nbsp;&nbsp; 631762 |
| Ohlone Community College District, Series 2016 C, GO Bonds | 4.00% | 08/01/2041 | 20 | &nbsp;&nbsp; 20004 |
| Ontario (City of), CA International Airport Authority, Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 05/15/2051 | 250 | &nbsp;&nbsp; 241873 |
| Ontario (City of), CA Public Financing Authority, Series 2025 A, RB | 5.00% | 11/01/2050 | 260 | &nbsp;&nbsp; 278596 |
| Ontario (City of), CA Public Financing Authority, Series 2025 A, RB | 4.50% | 11/01/2055 | 175 | &nbsp;&nbsp; 176655 |
| Ontario (City of), CA Public Financing Authority, Series 2025 A, RB | 5.25% | 11/01/2055 | 250 | &nbsp;&nbsp; 271111 |
| Oxnard School District (Election of 2016), Series 2017 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2045 | 1105 | &nbsp;&nbsp; 1123153 |
| Oxnard Union High School District, Series 2020 B, GO Bonds | 5.00% | 08/01/2045 | 100 | &nbsp;&nbsp; 103424 |
| Oxnard Union High School District (Election of 2018), Series 2022 C, GO Bonds | 4.00% | 08/01/2047 | 365 | &nbsp;&nbsp; 360547 |
| Palm Springs Unified School District (Election of 2016), Series 2024 B, GO Bonds | 4.00% | 08/01/2049 | 550 | &nbsp;&nbsp; 550030 |
| Palo Alto Unified School District, Series 2022, GO Bonds | 3.25% | 08/01/2042 | 1100 | &nbsp;&nbsp; 1061306 |
| Palomar Community College District, Series 2017, Ref. GO Bonds | 4.00% | 08/01/2045 | 135 | &nbsp;&nbsp; 135075 |
| Palomar Community College District (Election of 2006), Series 2017 D, GO Bonds | 5.25% | 08/01/2045 | 240 | &nbsp;&nbsp; 245647 |

---

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

------

**69**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds | 5.00% | 08/01/2048 | $185 | &nbsp;&nbsp; $196269 |
| Pasadena Area Community College District, Series 2023 A-1, Ref. GO Bonds | 4.00% | 08/01/2052 | 355 | &nbsp;&nbsp; 345971 |
| Peninsula Corridor Joint Powers Board (Green Bonds), Series 2022 A, RB | 5.00% | 06/01/2051 | 805 | &nbsp;&nbsp; 840381 |
| Peralta Community College District, Series 2022 B, GO Bonds | 5.50% | 08/01/2052 | 255 | &nbsp;&nbsp; 274955 |
| Peralta Community College District (Election of 2018), Series 2025 C-1, GO Bonds | 5.00% | 08/01/2050 | 245 | &nbsp;&nbsp; 262353 |
| Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 09/01/2043 | 15 | &nbsp;&nbsp; 15146 |
| Perris Union High School District, Series 2019 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 09/01/2048 | 3000 | &nbsp;&nbsp; 2949155 |
| Perris Union High School District (Election of 2012), Series 2021 C, GO Bonds | 3.00% | 09/01/2045 | 85 | &nbsp;&nbsp; 71278 |
| Pleasanton Unified School District (Election of 2022), Series 2023, GO Bonds | 4.00% | 08/01/2052 | 300 | &nbsp;&nbsp; 286805 |
| Pleasanton Unified School District (Election of 2022), Series 2025, GO Bonds | 4.25% | 08/01/2050 | 40 | &nbsp;&nbsp; 40043 |
| Pleasanton Unified School District (Election of 2022), Series 2025, GO Bonds | 4.50% | 08/01/2052 | 30 | &nbsp;&nbsp; 30461 |
| Pomona Unified School District, Series 2025 A, GO Bonds | 5.00% | 08/01/2055 | 250 | &nbsp;&nbsp; 266265 |
| Redlands Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 07/01/2054 | 200 | &nbsp;&nbsp; 210924 |
| Redondo Beach Unified School District (Election of 2024), Series 2025 A, GO Bonds | 4.63% | 08/01/2055 | 275 | &nbsp;&nbsp; 281888 |
| Redwood City School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2052 | 205 | &nbsp;&nbsp; 217097 |
| Redwoods Community College District (Election of 2024), Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.25% | 08/01/2054 | 350 | &nbsp;&nbsp; 379154 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2041 | 105 | &nbsp;&nbsp; 105438 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 3.00% | 05/15/2042 | 420 | &nbsp;&nbsp; 368950 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 4.00% | 05/15/2044 | 40 | &nbsp;&nbsp; 40000 |
| Regents of the University of California Medical Center, Series 2016 L, Ref. RB | 5.00% | 05/15/2047 | 705 | &nbsp;&nbsp; 706791 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2041 | 1010 | &nbsp;&nbsp; 1127886 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2042 | 520 | &nbsp;&nbsp; 577045 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 4.00% | 05/15/2043 | 1965 | &nbsp;&nbsp; 2000337 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 5.00% | 05/15/2047 | 3900 | &nbsp;&nbsp; 4148843 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 4.00% | 05/15/2053 | 430 | &nbsp;&nbsp; 405816 |
| Regents of the University of California Medical Center, Series 2022 P, RB | 3.50% | 05/15/2054 | 150 | &nbsp;&nbsp; 125412 |
| Rio Hondo Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2050 | 500 | &nbsp;&nbsp; 534607 |
| Rio Hondo Community College District (Election of 2024), Series 2025 A, GO Bonds | 4.38% | 08/01/2055 | 480 | &nbsp;&nbsp; 482074 |
| Rio Hondo Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 500 | &nbsp;&nbsp; 540934 |
| River Islands Public Financing Authority, Series 2022 A-1, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 09/01/2052 | 505 | &nbsp;&nbsp; 535937 |
| River Islands Public Financing Authority, Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2042 | 250 | &nbsp;&nbsp; 270040 |
| Riverside (City of), CA, Series 2024 A, Ref. RB | 5.00% | 10/01/2049 | 1965 | &nbsp;&nbsp; 2109593 |
| Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB | 4.00% | 06/01/2046 | 810 | &nbsp;&nbsp; 759409 |
| Riverside (County of), CA Transportation Commission, Series 2021 B-1, Ref. RB | 3.00% | 06/01/2049 | 935 | &nbsp;&nbsp; 712847 |
| Riverside (County of), CA Transportation Commission, Series 2021, Ref. RB | 4.00% | 06/01/2047 | 130 | &nbsp;&nbsp; 120056 |
| Riverside Unified School District (Election of 2016), Series 2019 B, GO Bonds | 4.00% | 08/01/2042 | 335 | &nbsp;&nbsp; 336271 |
| Roseville Joint Union High School District (Election of 2007), Series 2025, GO Bonds | 4.63% | 08/01/2053 | 250 | &nbsp;&nbsp; 255471 |
| Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB | 5.00% | 06/01/2043 | 720 | &nbsp;&nbsp; 749218 |
| Sacramento (City of), CA (Convention Center Complex), Series 2018 A, RB | 5.00% | 06/01/2048 | 355 | &nbsp;&nbsp; 365019 |
| Sacramento (City of), CA (Convention Centre Ballroom), Series 2019, RB | 3.00% | 06/01/2050 | 940 | &nbsp;&nbsp; 722619 |
| Sacramento (City of), CA Area Flood Control Agency (Consolidated Capital Assessment District <br> No.2), Series 2016, Ref. RB<br>| 5.00% | 10/01/2047 | 2410 | &nbsp;&nbsp; 2431057 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 4.00% | 08/15/2045 | 455 | &nbsp;&nbsp; 457630 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2020 H, RB | 5.00% | 08/15/2050 | 680 | &nbsp;&nbsp; 707875 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB | 5.00% | 08/15/2048 | 1125 | &nbsp;&nbsp; 1206133 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2023 K, RB | 5.00% | 08/15/2053 | 2300 | &nbsp;&nbsp; 2437547 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB | 5.00% | 11/15/2049 | 410 | &nbsp;&nbsp; 440816 |
| Sacramento (City of), CA Municipal Utility District (Green Bonds), Series 2024 M, RB | 5.00% | 11/15/2054 | 1705 | &nbsp;&nbsp; 1813950 |
| Sacramento (City of), CA Unified School District, Series 2024 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2054 | 755 | &nbsp;&nbsp; 707866 |
| Sacramento (City of), CA Unified School District (Measure D) (Election of 2024), Series 2025 A, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2050 | 500 | &nbsp;&nbsp; 534818 |
| Sacramento (City of), CA Unified School District (Measure D) (Election of 2024), Series 2025 A, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2053 | 350 | &nbsp;&nbsp; 372492 |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2025 C, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2050 | 500 | &nbsp;&nbsp; 534818 |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2025 C, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 08/01/2054 | 1610 | &nbsp;&nbsp; 1707885 |

---

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

------

**70**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Sacramento (City of), CA Unified School District (Measure H) (Election of 2020), Series 2025 C, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 5.50% | 08/01/2054 | $590 | &nbsp;&nbsp; $651015 |
| Sacramento (City of), CA Unified School District (Measure Q) (Election of 2012), Series 2021 G, GO <br> Bonds, (INS - AGI)<sup>(a)</sup><br>| 4.00% | 08/01/2049 | 425 | &nbsp;&nbsp; 410532 |
| Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2049 | 50 | &nbsp;&nbsp; 53332 |
| Sacramento (County of), CA, Series 2024, RB | 5.25% | 07/01/2049 | 165 | &nbsp;&nbsp; 179130 |
| Sacramento (County of), CA, Series 2024, RB | 5.00% | 07/01/2054 | 1030 | &nbsp;&nbsp; 1084780 |
| Sacramento (County of), CA, Series 2024, RB | 5.25% | 07/01/2054 | 195 | &nbsp;&nbsp; 209046 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2045 | 20 | &nbsp;&nbsp; 21475 |
| Sacramento (County of), CA Sanitation Districts Financing Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2050 | 2400 | &nbsp;&nbsp; 2505259 |
| Sacramento Metropolitan Fire District (Election of 2024), Series 2025 A, GO Bonds | 4.00% | 08/01/2055 | 205 | &nbsp;&nbsp; 194187 |
| Salinas Union High School District, Series 2020 B, Ref. GO Bonds | 4.00% | 08/01/2045 | 180 | &nbsp;&nbsp; 180868 |
| Salinas Union High School District, Series 2022 A, GO Bonds | 4.00% | 08/01/2047 | 275 | &nbsp;&nbsp; 273979 |
| San Bernardino City Unified School District, Series 2020 F, GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.00% | 08/01/2044 | 80 | &nbsp;&nbsp; 69695 |
| San Bernardino Community College District (Election of 2008), Series 2023 E, GO Bonds | 4.13% | 08/01/2049 | 265 | &nbsp;&nbsp; 265709 |
| San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds | 4.13% | 08/01/2049 | 950 | &nbsp;&nbsp; 952541 |
| San Bernardino Community College District (Election of 2018), Series 2023 B, GO Bonds | 5.00% | 08/01/2049 | 275 | &nbsp;&nbsp; 289917 |
| San Diego (City of), CA (Green Bonds), Series 2023, COP | 5.00% | 10/01/2048 | 1040 | &nbsp;&nbsp; 1110464 |
| San Diego (City of), CA (Green Bonds), Series 2023, COP | 5.00% | 10/01/2053 | 410 | &nbsp;&nbsp; 432138 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB | 5.00% | 08/01/2043 | 170 | &nbsp;&nbsp; 177574 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, RB | 5.25% | 08/01/2047 | 40 | &nbsp;&nbsp; 41760 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB | 4.00% | 08/01/2045 | 360 | &nbsp;&nbsp; 362788 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2020 A, RB | 3.00% | 08/01/2049 | 445 | &nbsp;&nbsp; 352154 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB | 5.00% | 05/15/2047 | 390 | &nbsp;&nbsp; 418838 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2022 A, RB | 5.00% | 05/15/2052 | 340 | &nbsp;&nbsp; 357361 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB | 5.25% | 08/01/2048 | 50 | &nbsp;&nbsp; 54894 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB | 4.00% | 10/15/2048 | 270 | &nbsp;&nbsp; 265009 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2023 A, RB | 4.00% | 08/01/2052 | 390 | &nbsp;&nbsp; 380693 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB | 5.00% | 05/15/2049 | 220 | &nbsp;&nbsp; 237176 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2024 A, RB | 5.00% | 05/15/2054 | 1070 | &nbsp;&nbsp; 1137606 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, RB | 5.00% | 08/01/2053 | 200 | &nbsp;&nbsp; 214392 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2025 A, Ref. RB | 5.00% | 10/15/2050 | 700 | &nbsp;&nbsp; 748734 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, <br> RB<br>| 5.00% | 10/15/2046 | 645 | &nbsp;&nbsp; 676878 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2021 A, <br> RB<br>| 4.00% | 10/15/2050 | 275 | &nbsp;&nbsp; 266369 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2023 A, <br> RB<br>| 5.25% | 10/15/2052 | 1150 | &nbsp;&nbsp; 1226546 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, <br> Ref. RB<br>| 5.00% | 10/15/2049 | 410 | &nbsp;&nbsp; 438735 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2024, <br> Ref. RB<br>| 5.00% | 10/15/2054 | 360 | &nbsp;&nbsp; 380501 |
| San Diego (City of), CA Public Facilities Financing Authority (Capital Improvement), Series 2025 A, <br> Ref. RB<br>| 5.25% | 10/15/2055 | 845 | &nbsp;&nbsp; 914704 |
| San Diego (County of), CA Regional Airport Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2042 | 25 | &nbsp;&nbsp; 25623 |
| San Diego (County of), CA Regional Airport Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2047 | 5 | &nbsp;&nbsp; 5073 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 370 | &nbsp;&nbsp; 389317 |
| San Diego (County of), CA Regional Airport Authority, Series 2019 A, Ref. RB | 5.00% | 07/01/2049 | 805 | &nbsp;&nbsp; 830869 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 4.00% | 07/01/2046 | 215 | &nbsp;&nbsp; 214940 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2046 | 465 | &nbsp;&nbsp; 495793 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 4.00% | 07/01/2051 | 150 | &nbsp;&nbsp; 144206 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2051 | 450 | &nbsp;&nbsp; 470063 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 4.00% | 07/01/2056 | 1160 | &nbsp;&nbsp; 1095554 |
| San Diego (County of), CA Regional Airport Authority, Series 2021 A, RB | 5.00% | 07/01/2056 | 995 | &nbsp;&nbsp; 1032102 |
| San Diego (County of), CA Regional Airport Authority, Series 2025 A, RB | 5.25% | 07/01/2050 | 15 | &nbsp;&nbsp; 16453 |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB<sup>(d)(e)</sup> | 5.00% | 04/01/2026 | 3065 | &nbsp;&nbsp; 3072756 |
| San Diego (County of), CA Regional Transportation Commission, Series 2016 A, RB<sup>(d)(e)</sup> | 5.00% | 04/01/2026 | 70 | &nbsp;&nbsp; 70177 |
| San Diego (County of), CA Water Authority, Series 2022 A, RB | 5.00% | 05/01/2047 | 30 | &nbsp;&nbsp; 32014 |

---

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

------

**71**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2042 | $60 | &nbsp;&nbsp; $70151 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2043 | 90 | &nbsp;&nbsp; 103949 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2044 | 420 | &nbsp;&nbsp; 479208 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2045 | 180 | &nbsp;&nbsp; 201689 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 4.00% | 08/01/2050 | 1600 | &nbsp;&nbsp; 1564262 |
| San Diego Community College District, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2055 | 2965 | &nbsp;&nbsp; 3169610 |
| San Diego Unified School District, Series 2019 L, GO Bonds | 4.00% | 07/01/2044 | 250 | &nbsp;&nbsp; 251466 |
| San Diego Unified School District, Series 2020 D-2, GO Bonds | 2.00% | 07/01/2045 | 370 | &nbsp;&nbsp; 258889 |
| San Diego Unified School District, Series 2020 M-2, GO Bonds | 3.00% | 07/01/2050 | 325 | &nbsp;&nbsp; 251463 |
| San Diego Unified School District, Series 2021 L-2, GO Bonds | 2.25% | 07/01/2045 | 65 | &nbsp;&nbsp; 47680 |
| San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds | 3.13% | 07/01/2042 | 495 | &nbsp;&nbsp; 456916 |
| San Diego Unified School District (Election of 2012), Series 2017 I, GO Bonds | 4.00% | 07/01/2047 | 3885 | &nbsp;&nbsp; 3859545 |
| San Diego Unified School District (Election of 2012), Series 2019 L, GO Bonds | 4.00% | 07/01/2049 | 485 | &nbsp;&nbsp; 478539 |
| San Diego Unified School District (Election of 2012), Series 2020 M-2, GO Bonds | 4.00% | 07/01/2050 | 2600 | &nbsp;&nbsp; 2546099 |
| San Diego Unified School District (Election of 2012), Series 2025, Ref. GO Bonds | 5.00% | 07/01/2042 | 15 | &nbsp;&nbsp; 18586 |
| San Diego Unified School District (Election of 2012) (Green Bonds), Series 2021 N-2, GO Bonds | 4.00% | 07/01/2046 | 15 | &nbsp;&nbsp; 15034 |
| San Diego Unified School District (Election of 2018), Series 2019 B, GO Bonds | 3.25% | 07/01/2048 | 315 | &nbsp;&nbsp; 264336 |
| San Diego Unified School District (Election of 2018), Series 2020 D-2, GO Bonds | 4.00% | 07/01/2050 | 75 | &nbsp;&nbsp; 73445 |
| San Diego Unified School District (Election of 2018), Series 2025 I-3, GO Bonds | 5.00% | 07/01/2055 | 365 | &nbsp;&nbsp; 389122 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2043 | 45 | &nbsp;&nbsp; 50442 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 5.00% | 07/01/2048 | 1275 | &nbsp;&nbsp; 1367284 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 4.00% | 07/01/2053 | 1100 | &nbsp;&nbsp; 1064107 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2023, GO Bonds | 4.00% | 07/01/2053 | 1125 | &nbsp;&nbsp; 1088292 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024 B-3, GO Bonds | 4.00% | 07/01/2054 | 1000 | &nbsp;&nbsp; 964616 |
| San Diego Unified School District (Election of 2018) (Green Bonds), Series 2024, GO Bonds | 5.00% | 07/01/2049 | 435 | &nbsp;&nbsp; 467489 |
| San Diego Unified School District (Election of 2022), Series 2025 C-3, GO Bonds | 5.00% | 07/01/2047 | 250 | &nbsp;&nbsp; 274486 |
| San Diego Unified School District (Election of 2022), Series 2025 C-3, GO Bonds | 5.00% | 07/01/2050 | 2325 | &nbsp;&nbsp; 2499636 |
| San Diego Unified School District (Green Bonds), Series 2021 E-2, GO Bonds | 4.00% | 07/01/2051 | 20 | &nbsp;&nbsp; 19500 |
| San Dieguito Union High School District (Election of 2012), Series 2016 C-2, GO Bonds | 3.00% | 02/01/2041 | 25 | &nbsp;&nbsp; 22555 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Second Series 2022 B, Ref. RB<br>| 4.00% | 05/01/2052 | 200 | &nbsp;&nbsp; 191854 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Second Series 2022 B, Ref. RB<br>| 5.00% | 05/01/2052 | 1580 | &nbsp;&nbsp; 1654974 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Second Series 2023 B, Ref. RB<br>| 5.00% | 05/01/2043 | 3220 | &nbsp;&nbsp; 3601486 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2016 C, RB<br>| 5.00% | 05/01/2046 | 395 | &nbsp;&nbsp; 395848 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2017 B, RB<br>| 5.00% | 05/01/2047 | 15 | &nbsp;&nbsp; 15217 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019 F, RB<br>| 5.00% | 05/01/2050 | 45 | &nbsp;&nbsp; 46288 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2019, RB<br>| 5.00% | 05/01/2049 | 50 | &nbsp;&nbsp; 51651 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2023, Ref. RB<br>| 5.25% | 05/01/2048 | 350 | &nbsp;&nbsp; 381406 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2024, Ref. RB<br>| 5.00% | 05/01/2049 | 240 | &nbsp;&nbsp; 256583 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2025 B, RB<br>| 5.00% | 05/01/2053 | 2000 | &nbsp;&nbsp; 2132842 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2013 B, RB | 4.00% | 10/01/2042 | 705 | &nbsp;&nbsp; 705080 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2023 A, RB | 5.00% | 11/01/2053 | 10 | &nbsp;&nbsp; 10531 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2024 D, RB | 5.00% | 10/01/2054 | 20 | &nbsp;&nbsp; 21298 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 A, RB | 4.00% | 10/01/2043 | 970 | &nbsp;&nbsp; 973441 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2018 B, Ref. <br> RB<br>| 5.00% | 10/01/2043 | 55 | &nbsp;&nbsp; 57021 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2044 | 5 | &nbsp;&nbsp; 5454 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2045 | 50 | &nbsp;&nbsp; 53963 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 5.00% | 10/01/2046 | 175 | &nbsp;&nbsp; 187175 |

---

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

------

**72**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 4.00% | 10/01/2047 | $15 | &nbsp;&nbsp; $14901 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 4.00% | 10/01/2049 | 230 | &nbsp;&nbsp; 225554 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 4.00% | 10/01/2050 | 920 | &nbsp;&nbsp; 896669 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2021 A, RB | 4.00% | 10/01/2051 | 855 | &nbsp;&nbsp; 828295 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2023, Ref. <br> RB<br>| 4.00% | 11/01/2041 | 55 | &nbsp;&nbsp; 57877 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2049 | 505 | &nbsp;&nbsp; 546740 |
| San Francisco (City & County of), CA Public Utilities Commission (Green Bonds), Series 2024 C, RB | 5.00% | 10/01/2054 | 2910 | &nbsp;&nbsp; 3098866 |
| San Francisco (City & County of), CA Public Utilities Commission (Hetch Hetchy Water), Series 2020 <br> D, RB<br>| 3.00% | 11/01/2050 | 635 | &nbsp;&nbsp; 490498 |
| San Francisco (City & County of), CA Public Utilities Commission (Local Water), Series 2020 C, RB | 4.00% | 11/01/2050 | 200 | &nbsp;&nbsp; 194915 |
| San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), <br> Series 2023 A, RB<br>| 5.25% | 11/01/2048 | 420 | &nbsp;&nbsp; 461422 |
| San Francisco (City & County of), CA Public Utilities Commission (Regional Water and Local Water), <br> Series 2023 A, RB<br>| 5.25% | 11/01/2052 | 75 | &nbsp;&nbsp; 80878 |
| San Francisco (City & County of), CA Public Utilities Commission (Regional Water), Series 2020 B, <br> RB<br>| 5.00% | 11/01/2050 | 55 | &nbsp;&nbsp; 55878 |
| San Francisco (City of), CA, Series 2025 E, RB | 5.25% | 11/01/2055 | 1505 | &nbsp;&nbsp; 1640839 |
| San Francisco (City of), CA, Series 2025, RB | 5.00% | 11/01/2051 | 370 | &nbsp;&nbsp; 398467 |
| San Francisco (City of), CA, Series 2025, RB | 5.00% | 11/01/2055 | 2510 | &nbsp;&nbsp; 2682786 |
| San Francisco (City of), CA (Green Bonds), Series 2020 A, RB | 4.00% | 11/01/2050 | 10 | &nbsp;&nbsp; 9746 |
| San Francisco (City of), CA Municipal Transportation Agency, Series 2017, RB | 4.00% | 03/01/2046 | 440 | &nbsp;&nbsp; 432753 |
| San Francisco (City of), CA Municipal Transportation Agency (Green Bonds), Series 2021 C, RB | 4.00% | 03/01/2051 | 300 | &nbsp;&nbsp; 285403 |
| San Francisco Bay Area Rapid Transit District, Series 2019 A, RB | 3.00% | 07/01/2044 | 395 | &nbsp;&nbsp; 343046 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2017 D, GO Bonds | 4.00% | 08/01/2042 | 375 | &nbsp;&nbsp; 376577 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2025, GO Bonds | 5.00% | 08/01/2042 | 10 | &nbsp;&nbsp; 11638 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2025, GO Bonds | 5.00% | 08/01/2044 | 95 | &nbsp;&nbsp; 107405 |
| San Francisco Bay Area Rapid Transit District (Election of 2016), Series 2025, GO Bonds | 5.00% | 08/01/2045 | 10 | &nbsp;&nbsp; 11162 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2017 A, GO <br> Bonds<br>| 5.00% | 08/01/2047 | 1180 | &nbsp;&nbsp; 1201299 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2020 C-1, <br> GO Bonds<br>| 3.00% | 08/01/2050 | 570 | &nbsp;&nbsp; 441651 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, <br> GO Bonds<br>| 3.00% | 08/01/2041 | 2640 | &nbsp;&nbsp; 2516020 |
| San Francisco Bay Area Rapid Transit District (Election of 2016) (Green Bonds), Series 2022 D-1, <br> GO Bonds<br>| 4.00% | 08/01/2047 | 495 | &nbsp;&nbsp; 488265 |
| San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019 B-1, GO Bonds | 3.00% | 08/01/2049 | 590 | &nbsp;&nbsp; 463362 |
| San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2019, GO Bonds | 4.00% | 08/01/2044 | 395 | &nbsp;&nbsp; 398386 |
| San Francisco Bay Area Rapid Transit District (Green Bonds), Series 2020 C-1, GO Bonds | 4.00% | 08/01/2045 | 35 | &nbsp;&nbsp; 35135 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Series 2024, Ref. <br> RB<br>| 5.00% | 05/01/2044 | 5 | &nbsp;&nbsp; 5604 |
| San Francisco Community College District (Election of 2020), Series 2020 A, GO Bonds | 4.00% | 06/15/2045 | 715 | &nbsp;&nbsp; 715111 |
| San Francisco Community College District (Election of 2020), Series 2024 B, GO Bonds, <br> (INS - BAM)<sup>(a)</sup><br>| 5.25% | 06/15/2049 | 1020 | &nbsp;&nbsp; 1102904 |
| San Joaquin (County of), CA Transportation Authority (Measure K), Series 2017, Ref. RB | 4.00% | 03/01/2041 | 1400 | &nbsp;&nbsp; 1403208 |
| San Joaquin Hills Transportation Corridor Agency, Series 2014 A, Ref. RB | 4.00% | 01/15/2050 | 1700 | &nbsp;&nbsp; 1598716 |
| San Joaquin Hills Transportation Corridor Agency, Series 2021 A, Ref. RB | 4.00% | 01/15/2044 | 1000 | &nbsp;&nbsp; 975068 |
| San Jose (City of), CA, Series 2017 B, Ref. RB | 5.00% | 03/01/2042 | 1050 | &nbsp;&nbsp; 1069751 |
| San Jose (City of), CA, Series 2017 B, Ref. RB | 5.00% | 03/01/2047 | 630 | &nbsp;&nbsp; 637231 |
| San Jose (City of), CA, Series 2019 A-1, GO Bonds | 5.00% | 09/01/2045 | 10 | &nbsp;&nbsp; 10439 |
| San Jose (City of), CA Financing Authority (Green bonds), Series 2022 B, RB | 5.00% | 11/01/2047 | 1145 | &nbsp;&nbsp; 1231194 |
| San Jose Evergreen Community College District (Election of 2016), Series 2023 C, GO Bonds | 4.00% | 09/01/2045 | 345 | &nbsp;&nbsp; 349219 |
| San Jose Unified School District (Election of 2012), Series 2018 E, GO Bonds | 4.00% | 08/01/2042 | 490 | &nbsp;&nbsp; 492072 |
| San Juan Unified School District (Election of 2016), Series 2022, GO Bonds | 4.00% | 08/01/2046 | 25 | &nbsp;&nbsp; 25048 |
| San Juan Unified School District (Election of 2016), Series 2024, GO Bonds | 4.00% | 08/01/2049 | 385 | &nbsp;&nbsp; 379295 |
| San Leandro Unified School District (Election of 2020), Series 2022 B, GO Bonds | 5.25% | 08/01/2048 | 350 | &nbsp;&nbsp; 378300 |
| San Luis Coastal Unified School District (Election of 2022), Series 2023 A, GO Bonds | 4.00% | 08/01/2053 | 90 | &nbsp;&nbsp; 87346 |
| San Luis Coastal Unified School District (Election of 2022), Series 2024 B, GO Bonds | 4.00% | 08/01/2054 | 30 | &nbsp;&nbsp; 29034 |

---

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

------

**73**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Luis Obispo County Community College District (Election of 2014), Series 2018 B, Ref. GO <br> Bonds<br>| 4.00% | 08/01/2043 | $715 | &nbsp;&nbsp; $718582 |
| San Marcos Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2050 | 1180 | &nbsp;&nbsp; 1289332 |
| San Marcos Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 440 | &nbsp;&nbsp; 477091 |
| San Mateo & Foster (Cities of), CA Public Financing Authority (Clean Water Program), Series 2019, <br> RB<br>| 4.00% | 08/01/2044 | 515 | &nbsp;&nbsp; 516626 |
| San Mateo (City of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB | 5.00% | 07/15/2043 | 255 | &nbsp;&nbsp; 265564 |
| San Mateo (City of), CA Joint Powers Financing Authority (Public Safety), Series 2021 A-1, RB | 3.00% | 06/15/2046 | 1250 | &nbsp;&nbsp; 1023858 |
| San Mateo (County of), CA Joint Powers Financing Authority (Capital), Series 2018 A, RB | 4.00% | 07/15/2052 | 255 | &nbsp;&nbsp; 243792 |
| San Mateo County Community College District (Election of 2014), Series 2018 B, GO Bonds | 5.00% | 09/01/2045 | 20 | &nbsp;&nbsp; 20793 |
| San Mateo Foster City School District, Series 2023 B, GO Bonds | 4.00% | 08/01/2048 | 350 | &nbsp;&nbsp; 350183 |
| San Mateo Foster City School District (Election of 2020), Series 2025 C, GO Bonds | 5.00% | 08/01/2051 | 400 | &nbsp;&nbsp; 424569 |
| San Mateo Union High School District (Election of 2020), Series 2023 C, GO Bonds | 4.00% | 09/01/2043 | 365 | &nbsp;&nbsp; 375408 |
| San Rafael City High School District (Election of 2015), Series 2018 B, GO Bonds | 4.00% | 08/01/2047 | 100 | &nbsp;&nbsp; 97801 |
| San Rafael City High School District (Election of 2022), Series 2024 B, GO Bonds | 4.00% | 08/01/2053 | 360 | &nbsp;&nbsp; 343724 |
| Santa Barbara Community College District, Series 2025 A, GO Bonds | 6.00% | 08/01/2055 | 500 | &nbsp;&nbsp; 581699 |
| Santa Clara (County of), CA Financing Authority, Series 2019 A, RB | 4.00% | 05/01/2045 | 325 | &nbsp;&nbsp; 324681 |
| Santa Clara (County of), CA Financing Authority, Series 2019 A, RB | 3.13% | 05/01/2047 | 215 | &nbsp;&nbsp; 178826 |
| Santa Clara (County of), CA Financing Authority, Series 2019 A, RB | 3.13% | 05/01/2049 | 150 | &nbsp;&nbsp; 121355 |
| Santa Clara Unified School District (Election of 2014), Series 2017, GO Bonds | 3.50% | 07/01/2042 | 970 | &nbsp;&nbsp; 957099 |
| Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds | 3.25% | 07/01/2044 | 1470 | &nbsp;&nbsp; 1328796 |
| Santa Clara Unified School District (Election of 2018), Series 2019, GO Bonds | 4.00% | 07/01/2048 | 70 | &nbsp;&nbsp; 69920 |
| Santa Clarita Community College District, Series 2019, GO Bonds | 3.00% | 08/01/2049 | 140 | &nbsp;&nbsp; 109754 |
| Santa Clarita Community College District (Election of 2016), Series 2022, GO Bonds | 5.25% | 08/01/2048 | 675 | &nbsp;&nbsp; 726000 |
| Santa Cruz City High School District (Election of 2022), Series 2024 A, GO Bonds | 4.00% | 08/01/2054 | 520 | &nbsp;&nbsp; 504096 |
| Santa Monica Community College District, Series 2022 B, GO Bonds | 4.00% | 08/01/2045 | 1095 | &nbsp;&nbsp; 1106273 |
| Santa Monica Community College District (Election of 2016), Series 2018 A, GO Bonds | 5.00% | 08/01/2043 | 10 | &nbsp;&nbsp; 10422 |
| Santa Monica-Malibu Unified School District, Series 2025 A, GO Bonds | 5.00% | 08/01/2055 | 1600 | &nbsp;&nbsp; 1690345 |
| Santa Monica-Malibu Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2050 | 300 | &nbsp;&nbsp; 319357 |
| Santa Monica-Malibu Unified School District (Election of 2024), Series 2025 A, GO Bonds | 5.00% | 08/01/2054 | 500 | &nbsp;&nbsp; 528998 |
| Santa Rosa High School District (Election of 2022), Series 2023 A, GO Bonds | 5.00% | 08/01/2053 | 230 | &nbsp;&nbsp; 241806 |
| Simi Valley Unified School District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2046 | 3000 | &nbsp;&nbsp; 2937667 |
| Solano County Community College District (Election of 2012), Series 2017 C, GO Bonds | 4.00% | 08/01/2046 | 155 | &nbsp;&nbsp; 154530 |
| South San Francisco Unified School District, Series 2023, GO Bonds | 4.00% | 09/01/2052 | 340 | &nbsp;&nbsp; 331287 |
| South San Francisco Unified School District (Election of 2022), Series 2023, GO Bonds | 4.00% | 09/01/2048 | 75 | &nbsp;&nbsp; 74527 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023-<br> 1A, RB<br>| 5.00% | 07/01/2048 | 1150 | &nbsp;&nbsp; 1212942 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2023-<br> 1A, RB<br>| 5.25% | 07/01/2053 | 5 | &nbsp;&nbsp; 5282 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, <br> RB<br>| 5.00% | 07/01/2044 | 25 | &nbsp;&nbsp; 27274 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, <br> RB<br>| 5.00% | 07/01/2049 | 40 | &nbsp;&nbsp; 42173 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2024, <br> RB<br>| 5.00% | 07/01/2053 | 500 | &nbsp;&nbsp; 522066 |
| Southern California Public Power Authority (Southern Transmission System Renewal), Series 2025, <br> RB, (INS - BAM)<sup>(a)</sup><br>| 5.25% | 07/01/2050 | 500 | &nbsp;&nbsp; 539526 |
| Southwestern Community College District, Series 2021 D, GO Bonds | 4.00% | 08/01/2046 | 95 | &nbsp;&nbsp; 95035 |
| Southwestern Community College District (Election of 2016), Series 2017 A, GO Bonds | 4.00% | 08/01/2047 | 685 | &nbsp;&nbsp; 679542 |
| Southwestern Community College District (Election of 2024), Series 2025 A, GO Bonds | 5.25% | 08/01/2055 | 265 | &nbsp;&nbsp; 286909 |
| State Center Community College District, Series 2022 C, GO Bonds | 5.00% | 08/01/2047 | 100 | &nbsp;&nbsp; 107030 |
| Stockton Unified School District (Election of 2022), Series 2025 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 08/01/2049 | 415 | &nbsp;&nbsp; 445293 |
| Sunnyvale (City of), CA Financing Authority (Green Bonds) (Civic Center), Series 2020, RB | 4.00% | 04/01/2045 | 370 | &nbsp;&nbsp; 371137 |
| Sunnyvale (City of), CA Financing Authority (Green Bonds) (Civic Center), Series 2020, RB | 4.00% | 04/01/2050 | 225 | &nbsp;&nbsp; 220032 |
| Sunnyvale School District, Series 2015, Ref. GO Bonds | 4.00% | 09/01/2042 | 515 | &nbsp;&nbsp; 515131 |
| Sunnyvale School District, Series 2025 A, GO Bonds | 5.00% | 09/01/2056 | 105 | &nbsp;&nbsp; 112197 |
| Sweetwater Union High School District, Series 2016, Ref. GO Bonds | 4.00% | 08/01/2042 | 1180 | &nbsp;&nbsp; 1180152 |
| Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB | 5.00% | 10/01/2045 | 1365 | &nbsp;&nbsp; 1382668 |

---

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

------

**74**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Transbay Joint Powers Authority (Green Bonds), Series 2020 A, RB | 5.00% | 10/01/2049 | $310 | &nbsp;&nbsp; $310680 |
| University of California, Series 2016 AR, Ref. RB | 5.00% | 05/15/2046 | 2755 | &nbsp;&nbsp; 2759358 |
| University of California, Series 2017 AV, RB | 5.25% | 05/15/2042 | 850 | &nbsp;&nbsp; 873914 |
| University of California, Series 2017 AV, RB | 4.00% | 05/15/2045 | 15 | &nbsp;&nbsp; 15002 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2043 | 1300 | &nbsp;&nbsp; 1354972 |
| University of California, Series 2018 AZ, Ref. RB | 5.00% | 05/15/2048 | 50 | &nbsp;&nbsp; 51439 |
| University of California, Series 2019 BB, Ref. RB | 5.00% | 05/15/2049 | 210 | &nbsp;&nbsp; 216887 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2041 | 60 | &nbsp;&nbsp; 64424 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2042 | 25 | &nbsp;&nbsp; 26755 |
| University of California, Series 2020 BE, Ref. RB | 5.00% | 05/15/2043 | 500 | &nbsp;&nbsp; 532276 |
| University of California, Series 2020 BE, Ref. RB | 4.00% | 05/15/2047 | 1190 | &nbsp;&nbsp; 1187271 |
| University of California, Series 2020 BE, Ref. RB | 2.50% | 05/15/2050 | 600 | &nbsp;&nbsp; 414232 |
| University of California, Series 2020 BE, Ref. RB | 4.00% | 05/15/2050 | 525 | &nbsp;&nbsp; 514936 |
| University of California, Series 2021 BH, Ref. RB | 4.00% | 05/15/2046 | 715 | &nbsp;&nbsp; 716910 |
| University of California, Series 2021 BH, Ref. RB | 4.00% | 05/15/2051 | 885 | &nbsp;&nbsp; 862950 |
| University of California, Series 2022 BK, RB | 5.00% | 05/15/2052 | 2680 | &nbsp;&nbsp; 2809358 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2041 | 560 | &nbsp;&nbsp; 627664 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2042 | 680 | &nbsp;&nbsp; 758146 |
| University of California, Series 2023 BN, Ref. RB | 5.00% | 05/15/2043 | 705 | &nbsp;&nbsp; 779352 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2041 | 15 | &nbsp;&nbsp; 17034 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2042 | 395 | &nbsp;&nbsp; 445917 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2043 | 370 | &nbsp;&nbsp; 413742 |
| University of California, Series 2024 BS, Ref. RB | 5.00% | 05/15/2044 | 440 | &nbsp;&nbsp; 487035 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2041 | 310 | &nbsp;&nbsp; 352031 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2042 | 105 | &nbsp;&nbsp; 118535 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2044 | 300 | &nbsp;&nbsp; 332069 |
| University of California, Series 2024 BV, Ref. RB | 5.00% | 05/15/2045 | 25 | &nbsp;&nbsp; 27378 |
| University of California, Series 2024 BW, Ref. RB | 5.00% | 05/15/2054 | 2040 | &nbsp;&nbsp; 2161597 |
| University of California, Series 2024, Ref. RB | 5.00% | 05/15/2043 | 205 | &nbsp;&nbsp; 229236 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2042 | 30 | &nbsp;&nbsp; 34274 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2044 | 280 | &nbsp;&nbsp; 313034 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2045 | 5 | &nbsp;&nbsp; 5525 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2046 | 25 | &nbsp;&nbsp; 27327 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2047 | 685 | &nbsp;&nbsp; 743538 |
| University of California, Series 2025 CC, RB | 5.00% | 05/15/2053 | 4405 | &nbsp;&nbsp; 4698585 |
| University of California, Series 2025 CC, RB | 4.00% | 05/15/2055 | 1070 | &nbsp;&nbsp; 1029213 |
| University of California, Series 2025 CC, RB | 5.25% | 05/15/2055 | 135 | &nbsp;&nbsp; 146489 |
| University of California, Series 2026 CE, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2042 | 100 | &nbsp;&nbsp; 115525 |
| University of California, Series 2026 CE, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2043 | 100 | &nbsp;&nbsp; 114221 |
| University of California, Series 2026 CF, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2042 | 100 | &nbsp;&nbsp; 115525 |
| University of California, Series 2026 CF, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2043 | 100 | &nbsp;&nbsp; 114221 |
| University of California, Series 2026 CF, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2044 | 100 | &nbsp;&nbsp; 112843 |
| University of California, Series 2026 CF, Ref. RB<sup>(b)</sup> | 5.00% | 11/15/2045 | 30 | &nbsp;&nbsp; 33424 |
| University of California (Limited), Series 2016 K, RB | 4.00% | 05/15/2046 | 1345 | &nbsp;&nbsp; 1324449 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2042 | 395 | &nbsp;&nbsp; 404860 |
| University of California (Limited), Series 2017 M, RB | 4.00% | 05/15/2047 | 735 | &nbsp;&nbsp; 717911 |
| University of California (Limited), Series 2017 M, RB | 5.00% | 05/15/2047 | 25 | &nbsp;&nbsp; 25417 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2043 | 775 | &nbsp;&nbsp; 807435 |
| University of California (Limited), Series 2018 O, Ref. RB | 4.00% | 05/15/2048 | 240 | &nbsp;&nbsp; 233566 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2048 | 565 | &nbsp;&nbsp; 581019 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.00% | 05/15/2058 | 770 | &nbsp;&nbsp; 785376 |
| University of California (Limited), Series 2018 O, Ref. RB | 5.50% | 05/15/2058 | 310 | &nbsp;&nbsp; 319754 |
| University of California (Limited), Series 2021 Q, Ref. RB | 5.00% | 05/15/2046 | 1220 | &nbsp;&nbsp; 1288945 |
| University of California (Limited), Series 2021 Q, Ref. RB | 3.00% | 05/15/2051 | 330 | &nbsp;&nbsp; 251699 |
| University of California (Limited), Series 2021 Q, Ref. RB | 4.00% | 05/15/2051 | 1275 | &nbsp;&nbsp; 1233554 |
| Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP | 4.00% | 01/01/2042 | 50 | &nbsp;&nbsp; 47789 |
| Upland (City of), CA (San Antonio Regional Hospital), Series 2017, Ref. COP | 5.00% | 01/01/2047 | 70 | &nbsp;&nbsp; 70609 |
| Upper Santa Clara Valley Joint Powers Authority, Series 2020 A, Ref. RB | 4.00% | 08/01/2050 | 200 | &nbsp;&nbsp; 193162 |

---

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

------

**75**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Vacaville Unified School District, Series 2020 D, GO Bonds | 4.00% | 08/01/2045 | $780 | &nbsp;&nbsp; $778197 |
| Ventura Unified School District (Election of 2022), Series 2023 A, GO Bonds | 4.00% | 08/01/2052 | 260 | &nbsp;&nbsp; 250158 |
| Victor Valley Community College District (Election of 2008), Series 2020 D, GO Bonds | 4.00% | 08/01/2050 | 890 | &nbsp;&nbsp; 864857 |
| Vista Unified School District, Series 2022 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.25% | 08/01/2048 | 530 | &nbsp;&nbsp; 567560 |
| Washington Township Health Care District, Series 2015 B, GO Bonds | 4.00% | 08/01/2045 | 25 | &nbsp;&nbsp; 24999 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds | 5.25% | 08/01/2048 | 610 | &nbsp;&nbsp; 667303 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds | 5.50% | 08/01/2053 | 505 | &nbsp;&nbsp; 549206 |
| Washington Township Health Care District (Election of 2020), Series 2023 B, GO Bonds, <br> (INS - AGI)<sup>(a)</sup><br>| 4.50% | 08/01/2053 | 510 | &nbsp;&nbsp; 512121 |
| West Contra Costa Unified School District (Election of 2012), Series 2015 B, GO Bonds | 4.00% | 08/01/2054 | 200 | &nbsp;&nbsp; 187514 |
| West Contra Costa Unified School District (Election of 2020), Series 2024 B, GO Bonds, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 08/01/2049 | 610 | &nbsp;&nbsp; 648764 |
| West Contra Costa Unified School District (Election of 2020), Series 2024 B, GO Bonds, <br> (INS - BAM)<sup>(a)</sup><br>| 4.00% | 08/01/2054 | 1000 | &nbsp;&nbsp; 931421 |
| West Contra Costa Unified School District (Election of 2020), Series 2024 B, GO Bonds, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 08/01/2054 | 450 | &nbsp;&nbsp; 473631 |
| West Valley-Mission Community College District, Series 2019 A, GO Bonds | 4.00% | 08/01/2044 | 25 | &nbsp;&nbsp; 25100 |
|  |  |  |  | &nbsp;&nbsp; 616614489 |
| **Colorado-2.01%** |  |  |  |  |
| Adams & Weld Counties School District No. 27J Brighton, Series 2022, GO Bonds | 4.00% | 12/01/2046 | 45 | &nbsp;&nbsp; 43846 |
| Adams & Weld Counties School District No. 27J Brighton, Series 2024 A, GO Bonds | 5.00% | 12/01/2047 | 655 | &nbsp;&nbsp; 701555 |
| Adams & Weld Counties School District No. 27J Brighton, Series 2024 A, GO Bonds | 5.00% | 12/01/2048 | 120 | &nbsp;&nbsp; 127967 |
| Adams (County of), CO , Series 2015, Ref. COP | 4.00% | 12/01/2045 | 360 | &nbsp;&nbsp; 359998 |
| Arapahoe County School District No 5 Cherry Creek, Series 2026, GO Bonds | 5.25% | 12/15/2047 | 35 | &nbsp;&nbsp; 39074 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2041 | 395 | &nbsp;&nbsp; 460223 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2042 | 710 | &nbsp;&nbsp; 818442 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2043 | 450 | &nbsp;&nbsp; 511734 |
| Arapahoe County School District No. 5 Cherry Creek, Series 2024, GO Bonds | 5.25% | 12/15/2044 | 390 | &nbsp;&nbsp; 439403 |
| Arista Metropolitan District, Series 2023 A, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.50% | 12/01/2058 | 45 | &nbsp;&nbsp; 44012 |
| Arkansas River Power Authority, Series 2018 A, Ref. RB | 5.00% | 10/01/2043 | 200 | &nbsp;&nbsp; 204159 |
| Aurora (City of), CO, Series 2021, RB | 2.25% | 08/01/2051 | 50 | &nbsp;&nbsp; 31562 |
| Aurora (City of), CO, Series 2024, RB | 4.00% | 08/01/2054 | 850 | &nbsp;&nbsp; 794315 |
| Aurora (City of), CO, Series 2025, RB | 4.13% | 08/01/2055 | 345 | &nbsp;&nbsp; 330014 |
| Board of Governors of Colorado State University System, Series 2017 C, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 4.00% | 03/01/2047 | 285 | &nbsp;&nbsp; 265387 |
| Board of Governors of Colorado State University System, Series 2017 E, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 4.00% | 03/01/2043 | 1045 | &nbsp;&nbsp; 1046963 |
| Brighton (City of), CO (Water System), Series 2025, RB | 4.25% | 06/01/2055 | 375 | &nbsp;&nbsp; 361658 |
| Colorado (State of), Series 2017 J, COP | 4.00% | 03/15/2042 | 300 | &nbsp;&nbsp; 300126 |
| Colorado (State of), Series 2018 N, COP | 4.00% | 03/15/2043 | 25 | &nbsp;&nbsp; 25054 |
| Colorado (State of), Series 2019, COP | 4.00% | 03/15/2044 | 530 | &nbsp;&nbsp; 531708 |
| Colorado (State of), Series 2020 R, COP | 4.00% | 03/15/2045 | 485 | &nbsp;&nbsp; 482213 |
| Colorado (State of), Series 2021 S, COP | 4.00% | 03/15/2046 | 810 | &nbsp;&nbsp; 789741 |
| Colorado (State of), Series 2022, COP | 6.00% | 12/15/2041 | 20 | &nbsp;&nbsp; 23667 |
| Colorado (State of), Series 2024, COP | 5.00% | 11/01/2049 | 85 | &nbsp;&nbsp; 90268 |
| Colorado (State of), Series 2024, COP | 5.00% | 11/01/2053 | 1865 | &nbsp;&nbsp; 1966247 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2049 | 605 | &nbsp;&nbsp; 649036 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 12/01/2054 | 80 | &nbsp;&nbsp; 86530 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2050 | 125 | &nbsp;&nbsp; 134309 |
| Colorado (State of) Bridge & Tunnel Enterprise, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2054 | 410 | &nbsp;&nbsp; 437041 |
| Colorado (State of) Educational & Cultural Facilities Authority (University of Denver), Series 2017 A, <br> RB<br>| 5.00% | 03/01/2047 | 2100 | &nbsp;&nbsp; 2119985 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. <br> RB<br>| 4.00% | 11/15/2043 | 1005 | &nbsp;&nbsp; 997360 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2019 A, Ref. <br> RB<br>| 3.00% | 11/15/2046 | 395 | &nbsp;&nbsp; 312432 |

---

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

------

**76**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. <br> RB<br>| 4.00% | 11/15/2046 | $600 | &nbsp;&nbsp; $564073 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. <br> RB<br>| 4.00% | 11/15/2050 | 3955 | &nbsp;&nbsp; 3603317 |
| Colorado (State of) Health Facilities Authority (Adventhealth Obligated Group), Series 2021 A, Ref. <br> RB<br>| 3.00% | 11/15/2051 | 2090 | &nbsp;&nbsp; 1539941 |
| Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), <br> Series 2016, Ref. RB<br>| 4.00% | 11/15/2046 | 970 | &nbsp;&nbsp; 909767 |
| Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), <br> Series 2018 A, RB<br>| 5.00% | 11/15/2048 | 20 | &nbsp;&nbsp; 20325 |
| Colorado (State of) Health Facilities Authority (Adventist Health System/Sunbelt Obligated Group), <br> Series 2018, RB<br>| 4.00% | 11/15/2048 | 655 | &nbsp;&nbsp; 602582 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-1, Ref. RB | 4.00% | 08/01/2044 | 500 | &nbsp;&nbsp; 468926 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 5.00% | 08/01/2044 | 2925 | &nbsp;&nbsp; 3008665 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 3.25% | 08/01/2049 | 1505 | &nbsp;&nbsp; 1198104 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2019 A-2, Ref. RB | 4.00% | 08/01/2049 | 1060 | &nbsp;&nbsp; 944182 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB | 5.50% | 11/01/2047 | 1000 | &nbsp;&nbsp; 1063257 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2022, RB | 5.25% | 11/01/2052 | 1015 | &nbsp;&nbsp; 1056706 |
| Colorado (State of) Health Facilities Authority (CommonSpirit Health), Series 2024 A, Ref. RB | 5.25% | 12/01/2054 | 360 | &nbsp;&nbsp; 374194 |
| Colorado (State of) Health Facilities Authority (Covenant Living Communinities and Services), <br> Series 2018, RB<br>| 5.00% | 12/01/2048 | 400 | &nbsp;&nbsp; 400414 |
| Colorado (State of) Health Facilities Authority (Craig Hospital), Series 2025 A, RB | 5.25% | 12/01/2050 | 80 | &nbsp;&nbsp; 83901 |
| Colorado (State of) Health Facilities Authority (Craig Hospital), Series 2025, RB | 5.50% | 12/01/2055 | 500 | &nbsp;&nbsp; 529045 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB | 5.00% | 05/15/2047 | 550 | &nbsp;&nbsp; 574894 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2022 A, Ref. RB | 4.00% | 05/15/2052 | 80 | &nbsp;&nbsp; 73621 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2044 | 135 | &nbsp;&nbsp; 143857 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2045 | 475 | &nbsp;&nbsp; 502270 |
| Colorado (State of) Health Facilities Authority (Intermountain Healthcare), Series 2024 A, Ref. RB | 5.00% | 05/15/2054 | 920 | &nbsp;&nbsp; 947217 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 A, Ref. RB | 5.00% | 11/01/2044 | 85 | &nbsp;&nbsp; 87517 |
| Colorado (State of) Health Facilities Authority (Vail Valley Medical Center), Series 2015, RB | 4.00% | 01/15/2045 | 980 | &nbsp;&nbsp; 957908 |
| Colorado (State of) Regional Transportation District (Fastracks), Series 2016 A, RB | 5.00% | 11/01/2046 | 520 | &nbsp;&nbsp; 524225 |
| Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB | 2.00% | 11/01/2041 | 1000 | &nbsp;&nbsp; 779481 |
| Colorado (State of) Regional Transportation District (Green Bonds), Series 2021 B, Ref. RB | 2.25% | 11/01/2045 | 1035 | &nbsp;&nbsp; 737244 |
| Colorado School of Mines, Series 2023 C, RB | 5.25% | 12/01/2053 | 245 | &nbsp;&nbsp; 258831 |
| Colorado School of Mines, Series 2024 A, RB, (CEP - Colorado Higher Education Intercept Program) | 5.00% | 12/01/2054 | 60 | &nbsp;&nbsp; 62780 |
| Colorado Springs (City of), CO, Series 2020 A, Ref. RB | 4.00% | 11/15/2045 | 90 | &nbsp;&nbsp; 90430 |
| Colorado Springs (City of), CO, Series 2020 A, Ref. RB | 4.00% | 11/15/2050 | 105 | &nbsp;&nbsp; 99457 |
| Colorado Springs (City of), CO, Series 2021 B, RB | 4.00% | 11/15/2046 | 205 | &nbsp;&nbsp; 203989 |
| Colorado Springs (City of), CO, Series 2022 B, RB | 5.00% | 11/15/2047 | 10 | &nbsp;&nbsp; 10586 |
| Colorado Springs (City of), CO, Series 2022 B, RB | 5.25% | 11/15/2052 | 765 | &nbsp;&nbsp; 809247 |
| Colorado Springs (City of), CO, Series 2023 A, RB | 5.25% | 11/15/2048 | 1000 | &nbsp;&nbsp; 1080252 |
| Colorado Springs (City of), CO, Series 2023 A, RB | 5.25% | 11/15/2053 | 165 | &nbsp;&nbsp; 175576 |
| Colorado Springs (City of), CO, Series 2024 A, RB | 5.00% | 11/15/2049 | 500 | &nbsp;&nbsp; 531030 |
| Colorado Springs (City of), CO, Series 2024 A, RB | 5.25% | 11/15/2054 | 545 | &nbsp;&nbsp; 583265 |
| Colorado Springs (City of), CO, Series 2025 A, RB | 5.00% | 11/15/2043 | 60 | &nbsp;&nbsp; 67876 |
| Colorado Springs (City of), CO, Series 2025 A, RB | 5.00% | 11/15/2044 | 50 | &nbsp;&nbsp; 55907 |
| Colorado Springs (City of), CO, Series 2025 A, RB | 5.25% | 11/15/2050 | 1220 | &nbsp;&nbsp; 1323611 |
| Colorado Springs (City of), CO, Series 2025 A, RB | 5.25% | 11/15/2055 | 1580 | &nbsp;&nbsp; 1700782 |
| Colorado Springs School District No. 11 Facilities Corp., Series 2024, COP, (INS - BAM)<sup>(a)</sup> | 5.25% | 12/15/2048 | 20 | &nbsp;&nbsp; 21299 |
| Denver (City & County of), CO, Series 2012 B, RB | 4.00% | 11/15/2043 | 925 | &nbsp;&nbsp; 925149 |
| Denver (City & County of), CO, Series 2016 A, Ref. RB | 5.00% | 08/01/2042 | 1000 | &nbsp;&nbsp; 1006835 |
| Denver (City & County of), CO, Series 2016 A, Ref. RB | 5.00% | 08/01/2044 | 875 | &nbsp;&nbsp; 879754 |
| Denver (City & County of), CO, Series 2016 A, Ref. RB | 4.00% | 08/01/2046 | 505 | &nbsp;&nbsp; 498206 |
| Denver (City & County of), CO, Series 2018 A, COP | 4.00% | 06/01/2048 | 1000 | &nbsp;&nbsp; 956599 |
| Denver (City & County of), CO, Series 2018 A-1, RB | 5.00% | 08/01/2041 | 180 | &nbsp;&nbsp; 181409 |
| Denver (City & County of), CO, Series 2018 A-1, RB | 5.00% | 08/01/2048 | 320 | &nbsp;&nbsp; 321554 |
| Denver (City & County of), CO, Series 2018 B, Ref. RB | 5.00% | 12/01/2048 | 10 | &nbsp;&nbsp; 10188 |
| Denver (City & County of), CO, Series 2021 A, RB | 4.00% | 08/01/2051 | 1165 | &nbsp;&nbsp; 1107080 |

---

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

------

**77**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Colorado-(continued)** |  |  |  |  |
| Denver (City & County of), CO, Series 2022 B, RB | 5.25% | 11/15/2053 | $1000 | &nbsp;&nbsp; $1057037 |
| Denver (City & County of), CO, Series 2022 C, Ref. RB | 5.25% | 11/15/2053 | 100 | &nbsp;&nbsp; 105584 |
| Denver (City & County of), CO (Convention Center Expansion), Series 2018 A, COP | 5.38% | 06/01/2043 | 20 | &nbsp;&nbsp; 20096 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2017 A, RB | 4.00% | 09/15/2042 | 40 | &nbsp;&nbsp; 40309 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2020 A, RB | 3.00% | 09/15/2048 | 500 | &nbsp;&nbsp; 392043 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2024 A, Ref. RB | 5.00% | 09/15/2049 | 5 | &nbsp;&nbsp; 5331 |
| Denver (City & County of), CO Board of Water Commissioners (The), Series 2024 A, Ref. RB | 5.00% | 09/15/2054 | 75 | &nbsp;&nbsp; 78814 |
| Denver (City & County of), CO Board of Water Commissioners (The) (Green Bonds), Series 2017 A, <br> RB<br>| 5.00% | 09/15/2047 | 2255 | &nbsp;&nbsp; 2292639 |
| Denver (City & County of), CO Health & Hospital Authority, Series 2025 A, RB | 5.13% | 12/01/2050 | 810 | &nbsp;&nbsp; 820726 |
| Denver City & County School District No. 1, Series 2017, GO Bonds | 4.00% | 12/01/2041 | 55 | &nbsp;&nbsp; 55208 |
| Denver City & County School District No. 1, Series 2021, GO Bonds | 3.00% | 12/01/2043 | 470 | &nbsp;&nbsp; 408989 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2041 | 90 | &nbsp;&nbsp; 99977 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2042 | 550 | &nbsp;&nbsp; 606481 |
| Denver City & County School District No. 1, Series 2022 A, GO Bonds | 5.00% | 12/01/2045 | 765 | &nbsp;&nbsp; 821868 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2042 | 790 | &nbsp;&nbsp; 915025 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.25% | 12/01/2043 | 380 | &nbsp;&nbsp; 434602 |
| Denver City & County School District No. 1, Series 2025 A, GO Bonds | 5.50% | 12/01/2044 | 15 | &nbsp;&nbsp; 17290 |
| Denver City & County School District No. 1, Series 2025, GO Bonds | 5.50% | 12/01/2047 | 500 | &nbsp;&nbsp; 559587 |
| Denver City & County School District No. 1, Series 2025, GO Bonds | 5.50% | 12/01/2049 | 1290 | &nbsp;&nbsp; 1432108 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds | 5.00% | 12/15/2041 | 275 | &nbsp;&nbsp; 312660 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds | 5.00% | 12/15/2042 | 105 | &nbsp;&nbsp; 118019 |
| Douglas County School District No. Re-1 Douglas & Elbert Counties, Series 2024, GO Bonds | 5.00% | 12/15/2044 | 70 | &nbsp;&nbsp; 76947 |
| Ebert Metropolitan District, Series 2018 A-1, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2043 | 220 | &nbsp;&nbsp; 228319 |
| Ebert Metropolitan District, Series 2018 A-1, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/01/2048 | 405 | &nbsp;&nbsp; 384442 |
| El Paso County School District No. 3 Widefield, Series 2025 B, GO Bonds | 5.25% | 12/01/2055 | 500 | &nbsp;&nbsp; 531758 |
| Gypsum (Town of), CO, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2054 | 190 | &nbsp;&nbsp; 197840 |
| Loveland (City of), CO Electric & Communications Enterprise, Series 2019 A, RB | 5.00% | 12/01/2044 | 2350 | &nbsp;&nbsp; 2410312 |
| Mesa County Valley School District No. 51 Grand Junction, Series 2025, GO Bonds | 5.25% | 12/01/2049 | 1000 | &nbsp;&nbsp; 1081883 |
| Metro Water Recovery, Series 2020 A, RB | 2.50% | 04/01/2045 | 50 | &nbsp;&nbsp; 37875 |
| Park Creek Metropolitan District, Series 2019 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/01/2046 | 640 | &nbsp;&nbsp; 600774 |
| Pueblo (City of), CO (Green Bonds), Series 2022, COP | 4.50% | 07/01/2046 | 760 | &nbsp;&nbsp; 764233 |
| Pueblo (City of), CO (Green Bonds), Series 2022, COP | 5.00% | 07/01/2049 | 490 | &nbsp;&nbsp; 500587 |
| Pueblo (City of), CO (Green Bonds), Series 2022, COP | 4.63% | 07/01/2052 | 30 | &nbsp;&nbsp; 29975 |
| Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2042 | 50 | &nbsp;&nbsp; 50792 |
| Rampart Range Metropolitan District No. 1, Series 2017, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2047 | 660 | &nbsp;&nbsp; 666454 |
| University of Colorado, Series 2017 A-2, Ref. RB | 4.00% | 06/01/2043 | 1220 | &nbsp;&nbsp; 1222641 |
| Vail (Town of), CO, Series 2025, COP | 5.50% | 12/01/2064 | 300 | &nbsp;&nbsp; 322690 |
| Weld County School District No. 6 Greeley, Series 2020, GO Bonds | 5.00% | 12/01/2044 | 95 | &nbsp;&nbsp; 100021 |
| Weld County School District No. 6 Greeley, Series 2021, GO Bonds | 4.00% | 12/01/2045 | 375 | &nbsp;&nbsp; 375828 |
| Weld County School District No. RE-2 Eaton, Series 2019, GO Bonds | 5.00% | 12/01/2044 | 1920 | &nbsp;&nbsp; 2009783 |
| Weld County School District No. RE-4, Series 2016, GO Bonds | 5.25% | 12/01/2041 | 20 | &nbsp;&nbsp; 20304 |
| Weld County School District No. RE-4, Series 2023, GO Bonds | 5.25% | 12/01/2047 | 2165 | &nbsp;&nbsp; 2321260 |
| Weld County School District No. RE-5J, Series 2021, GO Bonds | 4.00% | 12/01/2045 | 1010 | &nbsp;&nbsp; 1017693 |
| Westminster (City of), CO, Series 2024, RB | 5.00% | 12/01/2054 | 520 | &nbsp;&nbsp; 547626 |
| Westminster Public Schools, Series 2024 A, GO Bonds | 5.00% | 12/01/2049 | 95 | &nbsp;&nbsp; 100835 |
|  |  |  |  | &nbsp;&nbsp; 76378619 |
| **Connecticut-0.46%** |  |  |  |  |
| Connecticut (State of), Series 2021 A, RB | 5.00% | 05/01/2041 | 1770 | &nbsp;&nbsp; 1923658 |
| Connecticut (State of), Series 2021 D, RB | 5.00% | 11/01/2041 | 250 | &nbsp;&nbsp; 273625 |
| Connecticut (State of), Series 2023 A, RB | 5.25% | 07/01/2043 | 25 | &nbsp;&nbsp; 28137 |
| Connecticut (State of), Series 2024 B, GO Bonds | 4.00% | 01/15/2043 | 1000 | &nbsp;&nbsp; 1016774 |
| Connecticut (State of), Series 2025 C, GO Bonds | 5.00% | 08/15/2042 | 20 | &nbsp;&nbsp; 22741 |
| Connecticut (State of) (Green Bonds), Series 2022 B, GO Bonds | 3.00% | 01/15/2042 | 475 | &nbsp;&nbsp; 427878 |
| Connecticut (State of) (Green Bonds), Series 2022 F, GO Bonds | 5.00% | 11/15/2041 | 30 | &nbsp;&nbsp; 33303 |
| Connecticut (State of) (Green Bonds), Series 2024 G, GO Bonds | 5.00% | 11/15/2041 | 485 | &nbsp;&nbsp; 552271 |
| Connecticut (State of) (Social Bonds), Series 2024 B, GO Bonds | 4.00% | 01/15/2042 | 10 | &nbsp;&nbsp; 10250 |

---

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

------

**78**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.00% | 07/01/2041 | $775 | &nbsp;&nbsp; $861777 |
| Connecticut (State of) (Transportation Infrastructure), Series 2022 A, RB | 5.25% | 07/01/2042 | 600 | &nbsp;&nbsp; 672554 |
| Connecticut (State of) (Transportation Infrastructure), Series 2023 A, RB | 5.25% | 07/01/2042 | 10 | &nbsp;&nbsp; 11365 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2043 | 500 | &nbsp;&nbsp; 558551 |
| Connecticut (State of) (Transportation Infrastructure), Series 2024, RB | 5.00% | 07/01/2044 | 10 | &nbsp;&nbsp; 11051 |
| Connecticut (State of) (Transportation Infrastructure), Series 2025, Ref. RB | 5.00% | 07/01/2042 | 1400 | &nbsp;&nbsp; 1598346 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2015 L, Ref. RB | 4.13% | 07/01/2041 | 1045 | &nbsp;&nbsp; 1045341 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2015 L, Ref. RB | 5.00% | 07/01/2045 | 5 | &nbsp;&nbsp; 5003 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2016 Q-1, RB | 5.00% | 07/01/2046 | 60 | &nbsp;&nbsp; 60167 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2022 M, Ref. RB | 4.00% | 07/01/2052 | 10 | &nbsp;&nbsp; 8858 |
| Connecticut (State of) Health & Educational Facilities Authority, Series 2023 N, RB | 5.25% | 07/01/2053 | 250 | &nbsp;&nbsp; 261325 |
| Connecticut (State of) Health & Educational Facilities Authority (Connecticut Children's Medical <br> Center), Series 2023, RB<br>| 4.25% | 07/15/2053 | 670 | &nbsp;&nbsp; 634386 |
| Connecticut (State of) Health & Educational Facilities Authority (Fairfield University), Series 2017 R, <br> Ref. RB<br>| 4.00% | 07/01/2042 | 175 | &nbsp;&nbsp; 175356 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2021 <br> A, RB<br>| 4.00% | 07/01/2046 | 225 | &nbsp;&nbsp; 212190 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2021 <br> A, RB<br>| 4.00% | 07/01/2051 | 175 | &nbsp;&nbsp; 155457 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2026, <br> Ref. RB<br>| 5.50% | 07/01/2051 | 1600 | &nbsp;&nbsp; 1736436 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2026, <br> Ref. RB<br>| 5.50% | 07/01/2055 | 1000 | &nbsp;&nbsp; 1075179 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2026, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2042 | 500 | &nbsp;&nbsp; 563301 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2026, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2043 | 250 | &nbsp;&nbsp; 277914 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2026, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.50% | 07/01/2051 | 500 | &nbsp;&nbsp; 551021 |
| Connecticut (State of) Health & Educational Facilities Authority (Hartford Healthcare), Series 2026, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.50% | 07/01/2055 | 2000 | &nbsp;&nbsp; 2178506 |
| Connecticut (State of) Health & Educational Facilities Authority (Trinity Health Corp.), Series 2016, <br> RB<br>| 5.00% | 12/01/2045 | 115 | &nbsp;&nbsp; 115327 |
| University of Connecticut, Series 2018 A, RB | 5.00% | 11/15/2043 | 450 | &nbsp;&nbsp; 466395 |
| University of Connecticut, Series 2023 A, RB | 5.50% | 11/15/2053 | 10 | &nbsp;&nbsp; 10997 |
|  |  |  |  | &nbsp;&nbsp; 17535440 |
| **Delaware-0.13%** |  |  |  |  |
| Delaware (State of) Economic Development Authority (ACTS Retirement-Life Community), <br> Series 2023, RB<br>| 5.25% | 11/15/2053 | 920 | &nbsp;&nbsp; 933266 |
| Delaware (State of) Economic Development Authority (Delmarva Power & Light), Series 2018, RB | 5.00% | 11/15/2048 | 535 | &nbsp;&nbsp; 537820 |
| Delaware (State of) Health Facilities Authority (Bayhealth Medical Center), Series 2017 A, Ref. RB | 4.00% | 07/01/2043 | 825 | &nbsp;&nbsp; 822118 |
| Delaware (State of) Health Facilities Authority (Beebe Medical Center), Series 2018, RB | 5.00% | 06/01/2043 | 255 | &nbsp;&nbsp; 257785 |
| Delaware (State of) Health Facilities Authority (Beebe Medical Center), Series 2018, RB | 5.00% | 06/01/2048 | 60 | &nbsp;&nbsp; 58530 |
| Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. <br> RB<br>| 5.00% | 10/01/2045 | 335 | &nbsp;&nbsp; 347772 |
| Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2020, Ref. <br> RB<br>| 4.00% | 10/01/2049 | 435 | &nbsp;&nbsp; 400323 |
| Delaware (State of) Health Facilities Authority (Christiana Health Care Systems), Series 2026, RB | 5.25% | 10/01/2051 | 1000 | &nbsp;&nbsp; 1058595 |
| Delaware (State of) River & Bay Authority, Series 2019, Ref. RB | 4.00% | 01/01/2044 | 25 | &nbsp;&nbsp; 25079 |
| Delaware (State of) Transportation Authority, Series 2015, RB | 5.00% | 06/01/2055 | 335 | &nbsp;&nbsp; 335119 |
|  |  |  |  | &nbsp;&nbsp; 4776407 |
| **District of Columbia-1.46%** |  |  |  |  |
| District of Columbia, Series 2015, Ref. RB | 4.00% | 07/15/2040 | 560 | &nbsp;&nbsp; 560058 |
| District of Columbia, Series 2016 A, GO Bonds | 4.00% | 06/01/2041 | 10 | &nbsp;&nbsp; 10044 |
| District of Columbia, Series 2016 D, GO Bonds | 5.00% | 06/01/2041 | 55 | &nbsp;&nbsp; 55628 |
| District of Columbia, Series 2017 D, GO Bonds | 4.00% | 06/01/2042 | 50 | &nbsp;&nbsp; 50093 |
| District of Columbia, Series 2017 D, GO Bonds | 5.00% | 06/01/2042 | 330 | &nbsp;&nbsp; 336654 |

---

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

------

**79**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| District of Columbia, Series 2018 A, GO Bonds | 5.00% | 06/01/2043 | $140 | &nbsp;&nbsp; $144634 |
| District of Columbia, Series 2019 A, GO Bonds | 5.00% | 10/15/2044 | 55 | &nbsp;&nbsp; 57262 |
| District of Columbia, Series 2019 A, RB | 4.00% | 03/01/2044 | 685 | &nbsp;&nbsp; 685197 |
| District of Columbia, Series 2019 A, RB | 5.00% | 03/01/2044 | 230 | &nbsp;&nbsp; 240098 |
| District of Columbia, Series 2020 A, RB | 2.63% | 03/01/2045 | 1000 | &nbsp;&nbsp; 772702 |
| District of Columbia, Series 2020 A, RB | 4.00% | 03/01/2045 | 610 | &nbsp;&nbsp; 603707 |
| District of Columbia, Series 2020 C, RB | 4.00% | 05/01/2045 | 700 | &nbsp;&nbsp; 691565 |
| District of Columbia, Series 2020 C, RB | 5.00% | 05/01/2045 | 500 | &nbsp;&nbsp; 523577 |
| District of Columbia, Series 2021 D, GO Bonds | 4.00% | 02/01/2046 | 1000 | &nbsp;&nbsp; 972806 |
| District of Columbia, Series 2021 D, GO Bonds | 5.00% | 02/01/2046 | 1000 | &nbsp;&nbsp; 1047300 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2041 | 695 | &nbsp;&nbsp; 765281 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2042 | 335 | &nbsp;&nbsp; 366647 |
| District of Columbia, Series 2022 A, RB | 5.00% | 07/01/2047 | 865 | &nbsp;&nbsp; 910432 |
| District of Columbia, Series 2022 A, RB | 5.50% | 07/01/2047 | 895 | &nbsp;&nbsp; 970933 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2042 | 190 | &nbsp;&nbsp; 208798 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2043 | 130 | &nbsp;&nbsp; 141792 |
| District of Columbia, Series 2023 A, GO Bonds | 5.00% | 01/01/2045 | 65 | &nbsp;&nbsp; 69674 |
| District of Columbia, Series 2023 A, GO Bonds | 5.25% | 01/01/2048 | 490 | &nbsp;&nbsp; 524038 |
| District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2041 | 120 | &nbsp;&nbsp; 133580 |
| District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2042 | 110 | &nbsp;&nbsp; 121568 |
| District of Columbia, Series 2023 A, RB | 5.00% | 05/01/2043 | 245 | &nbsp;&nbsp; 268616 |
| District of Columbia, Series 2023 A, RB | 5.25% | 05/01/2048 | 1680 | &nbsp;&nbsp; 1802690 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2041 | 90 | &nbsp;&nbsp; 101507 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2042 | 140 | &nbsp;&nbsp; 156611 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2043 | 950 | &nbsp;&nbsp; 1053928 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2044 | 400 | &nbsp;&nbsp; 438728 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2045 | 155 | &nbsp;&nbsp; 168345 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2046 | 110 | &nbsp;&nbsp; 118343 |
| District of Columbia, Series 2024 A, GO Bonds | 5.00% | 08/01/2049 | 1765 | &nbsp;&nbsp; 1870716 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2042 | 125 | &nbsp;&nbsp; 141383 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2043 | 30 | &nbsp;&nbsp; 33604 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2044 | 90 | &nbsp;&nbsp; 99686 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2045 | 5 | &nbsp;&nbsp; 5477 |
| District of Columbia, Series 2025 A, Ref. RB | 5.00% | 06/01/2050 | 2045 | &nbsp;&nbsp; 2169870 |
| District of Columbia, Series 2025 A, Ref. RB | 5.25% | 06/01/2050 | 2110 | &nbsp;&nbsp; 2289024 |
| District of Columbia (Catholic University of America (The)), Series 2017 B, RB | 5.00% | 10/01/2047 | 300 | &nbsp;&nbsp; 300422 |
| District of Columbia Water & Sewer Authority, Series 2017 B, RB | 4.00% | 10/01/2044 | 385 | &nbsp;&nbsp; 385607 |
| District of Columbia Water & Sewer Authority, Series 2018 B, RB | 5.00% | 10/01/2049 | 680 | &nbsp;&nbsp; 691023 |
| District of Columbia Water & Sewer Authority, Series 2019 A, RB | 4.00% | 10/01/2049 | 60 | &nbsp;&nbsp; 57392 |
| District of Columbia Water & Sewer Authority, Series 2022 C-1, RB | 4.00% | 10/01/2047 | 455 | &nbsp;&nbsp; 442046 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2041 | 45 | &nbsp;&nbsp; 51011 |
| District of Columbia Water & Sewer Authority, Series 2024 A, Ref. RB | 5.00% | 10/01/2042 | 250 | &nbsp;&nbsp; 280832 |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2017 A, RB | 5.00% | 10/01/2052 | 1085 | &nbsp;&nbsp; 1092935 |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2019 A, RB | 5.00% | 10/01/2044 | 130 | &nbsp;&nbsp; 135983 |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2022 C-1, RB | 4.00% | 10/01/2051 | 350 | &nbsp;&nbsp; 328748 |
| Metropolitan Washington Airports Authority, Series 2019 A, Ref. RB | 5.00% | 10/01/2044 | 1090 | &nbsp;&nbsp; 1124181 |
| Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB | 4.00% | 10/01/2044 | 1270 | &nbsp;&nbsp; 1212240 |
| Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB | 4.00% | 10/01/2049 | 1900 | &nbsp;&nbsp; 1699393 |
| Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB | 4.00% | 10/01/2053 | 430 | &nbsp;&nbsp; 373450 |
| Metropolitan Washington Airports Authority, Series 2019 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 10/01/2050 | 1380 | &nbsp;&nbsp; 1012024 |
| Metropolitan Washington Airports Authority, Series 2019, Ref. RB | 5.00% | 10/01/2047 | 515 | &nbsp;&nbsp; 523650 |
| Metropolitan Washington Airports Authority, Series 2019, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 10/01/2053 | 1285 | &nbsp;&nbsp; 1167581 |
| Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), <br> Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 4.00% | 10/01/2052 | 1900 | &nbsp;&nbsp; 1732654 |
| Metropolitan Washington Airports Authority (Dulles Metrorail and Capital Improvement), <br> Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.00% | 10/01/2053 | 130 | &nbsp;&nbsp; 92316 |
| Washington Metropolitan Area Transit Authority, Series 2017 B, RB | 5.00% | 07/01/2042 | 1170 | &nbsp;&nbsp; 1191776 |
| Washington Metropolitan Area Transit Authority, Series 2018, RB | 5.00% | 07/01/2043 | 500 | &nbsp;&nbsp; 508373 |

---

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

------

**80**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **District of Columbia-(continued)** |  |  |  |  |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 4.00% | 07/15/2045 | $475 | &nbsp;&nbsp; $470240 |
| Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 5.00% | 07/15/2045 | 1425 | &nbsp;&nbsp; 1482902 |
| Washington Metropolitan Area Transit Authority, Series 2023, RB | 5.00% | 07/15/2044 | 55 | &nbsp;&nbsp; 58818 |
| Washington Metropolitan Area Transit Authority, Series 2024, RB | 5.25% | 07/15/2059 | 1320 | &nbsp;&nbsp; 1387349 |
| Washington Metropolitan Area Transit Authority, Series 2025 A, RB | 5.25% | 07/15/2055 | 60 | &nbsp;&nbsp; 63556 |
| Washington Metropolitan Area Transit Authority, Series 2025 A, RB | 5.00% | 07/15/2060 | 2000 | &nbsp;&nbsp; 2070938 |
| Washington Metropolitan Area Transit Authority, Series 2025 A, RB | 5.50% | 07/15/2060 | 625 | &nbsp;&nbsp; 673283 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2041 | 410 | &nbsp;&nbsp; 442928 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 3.00% | 07/15/2043 | 290 | &nbsp;&nbsp; 250658 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 4.00% | 07/15/2043 | 810 | &nbsp;&nbsp; 818814 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 4.00% | 07/15/2046 | 1475 | &nbsp;&nbsp; 1430845 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2021 A, RB | 5.00% | 07/15/2046 | 795 | &nbsp;&nbsp; 828824 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 4.13% | 07/15/2047 | 1240 | &nbsp;&nbsp; 1198827 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.00% | 07/15/2048 | 215 | &nbsp;&nbsp; 224097 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.50% | 07/15/2051 | 610 | &nbsp;&nbsp; 653490 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023 A, RB | 5.25% | 07/15/2053 | 1675 | &nbsp;&nbsp; 1760159 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2042 | 130 | &nbsp;&nbsp; 141407 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2043 | 135 | &nbsp;&nbsp; 145671 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2023, RB | 5.00% | 07/15/2045 | 30 | &nbsp;&nbsp; 31821 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024 A, RB | 4.38% | 07/15/2056 | 600 | &nbsp;&nbsp; 576053 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024 A, RB | 5.00% | 07/15/2056 | 1060 | &nbsp;&nbsp; 1095782 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024 A, RB | 4.38% | 07/15/2059 | 780 | &nbsp;&nbsp; 746265 |
| Washington Metropolitan Area Transit Authority (Green Bonds), Series 2024, RB | 5.00% | 07/15/2054 | 1000 | &nbsp;&nbsp; 1034861 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Series 2025, RB | 5.25% | 07/15/2050 | 1750 | &nbsp;&nbsp; 1870652 |
|  |  |  |  | &nbsp;&nbsp; 55544473 |
| **Florida-4.20%** |  |  |  |  |
| Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), <br> Series 2014 A, RB<br>| 4.00% | 12/01/2044 | 2040 | &nbsp;&nbsp; 1979848 |
| Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), <br> Series 2019, RB<br>| 3.00% | 12/01/2046 | 310 | &nbsp;&nbsp; 239999 |
| Alachua (County of), FL Health Facilities Authority (Shands Teaching Hospital & Clinics, Inc.), <br> Series 2019, RB<br>| 4.00% | 12/01/2049 | 1350 | &nbsp;&nbsp; 1197996 |
| Bay County School Board, Series 2022 A, COP, (INS - AGI)<sup>(a)</sup> | 4.25% | 07/01/2047 | 860 | &nbsp;&nbsp; 866293 |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, <br> Ref. RB<br>| 4.00% | 04/01/2052 | 315 | &nbsp;&nbsp; 280755 |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022 A, <br> Ref. RB<br>| 5.00% | 04/01/2052 | 920 | &nbsp;&nbsp; 932007 |
| Brevard (County of), FL Health Facilities Authority (Health First Obligated Group), Series 2022, Ref. <br> RB<br>| 5.00% | 04/01/2047 | 1130 | &nbsp;&nbsp; 1161388 |
| Broward (County of), FL, Series 2012 Q-1, RB | 4.00% | 10/01/2042 | 1665 | &nbsp;&nbsp; 1665188 |
| Broward (County of), FL, Series 2019 A, RB | 3.00% | 10/01/2041 | 770 | &nbsp;&nbsp; 691716 |
| Broward (County of), FL, Series 2019 A, RB | 4.00% | 10/01/2042 | 235 | &nbsp;&nbsp; 237046 |
| Broward (County of), FL, Series 2019 A, RB | 4.00% | 10/01/2043 | 195 | &nbsp;&nbsp; 196401 |
| Broward (County of), FL, Series 2019 A, RB | 5.00% | 09/01/2044 | 50 | &nbsp;&nbsp; 51857 |
| Broward (County of), FL, Series 2019 A, RB | 5.00% | 09/01/2049 | 225 | &nbsp;&nbsp; 229677 |
| Broward (County of), FL, Series 2022 A, RB | 4.00% | 10/01/2047 | 765 | &nbsp;&nbsp; 740681 |
| Broward (County of), FL, Series 2022, RB | 5.00% | 01/01/2047 | 640 | &nbsp;&nbsp; 669918 |
| Broward (County of), FL, Series 2022, RB | 4.00% | 01/01/2051 | 360 | &nbsp;&nbsp; 340110 |
| Broward (County of), FL (Convention Center Expansion), Series 2021, RB | 4.00% | 09/01/2047 | 1000 | &nbsp;&nbsp; 936608 |
| Broward (County of), FL (Convention Center Expansion), Series 2021, RB | 4.00% | 09/01/2051 | 1000 | &nbsp;&nbsp; 906995 |
| Broward (County of), FL School District, Series 2022, GO Bonds | 5.00% | 07/01/2051 | 400 | &nbsp;&nbsp; 414525 |
| Cape Coral (City of), FL, Series 2017, Ref. RB | 4.00% | 10/01/2042 | 205 | &nbsp;&nbsp; 203934 |
| Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.60% | 03/01/2048 | 780 | &nbsp;&nbsp; 842341 |
| Cape Coral (City of), FL, Series 2023, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 10/01/2053 | 1130 | &nbsp;&nbsp; 1205594 |
| Central Florida Expressway Authority, Series 2017, Ref. RB | 4.00% | 07/01/2041 | 700 | &nbsp;&nbsp; 701012 |
| Central Florida Expressway Authority, Series 2017, Ref. RB | 5.00% | 07/01/2042 | 25 | &nbsp;&nbsp; 25591 |
| Central Florida Expressway Authority, Series 2018, RB | 5.00% | 07/01/2043 | 295 | &nbsp;&nbsp; 306227 |

---

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

------

**81**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Central Florida Expressway Authority, Series 2018, RB | 5.00% | 07/01/2048 | $1060 | &nbsp;&nbsp; $1082337 |
| Central Florida Expressway Authority, Series 2019 A, RB | 5.00% | 07/01/2044 | 75 | &nbsp;&nbsp; 78144 |
| Central Florida Expressway Authority, Series 2019 A, RB | 3.13% | 07/01/2049 | 200 | &nbsp;&nbsp; 157521 |
| Central Florida Expressway Authority, Series 2019 B, RB | 5.00% | 07/01/2044 | 670 | &nbsp;&nbsp; 701513 |
| Central Florida Expressway Authority, Series 2019 B, RB | 5.00% | 07/01/2049 | 165 | &nbsp;&nbsp; 169544 |
| Central Florida Expressway Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2049 | 410 | &nbsp;&nbsp; 435648 |
| Central Florida Expressway Authority, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2054 | 55 | &nbsp;&nbsp; 57907 |
| Collier (County of), FL Industrial Development Authority (NCH Healthcare System), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 10/01/2049 | 395 | &nbsp;&nbsp; 410171 |
| Collier (County of), FL Industrial Development Authority (NCH Healthcare System), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 10/01/2054 | 455 | &nbsp;&nbsp; 467064 |
| Davie (Town of), FL (Nova Southeastern University), Series 2018, Ref. RB | 5.00% | 04/01/2048 | 750 | &nbsp;&nbsp; 760163 |
| East Central Regional Wastewater Treatment Facilities Operation Board, Series 2017, Ref. RB | 5.00% | 10/01/2044 | 40 | &nbsp;&nbsp; 40779 |
| Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), <br> Series 2020, Ref. RB<br>| 4.00% | 08/15/2045 | 580 | &nbsp;&nbsp; 523304 |
| Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), <br> Series 2020, Ref. RB<br>| 4.00% | 08/15/2050 | 185 | &nbsp;&nbsp; 157993 |
| Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), <br> Series 2020, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.00% | 08/15/2050 | 500 | &nbsp;&nbsp; 362284 |
| Florida (State of), Series 2024 A, GO Bonds | 4.13% | 07/01/2053 | 55 | &nbsp;&nbsp; 53178 |
| Florida (State of) (Department of Transportation), Series 2018, GO Bonds | 4.00% | 07/01/2048 | 545 | &nbsp;&nbsp; 537252 |
| Florida (State of) Atlantic University Finance Corp., Series 2024, RB | 5.00% | 07/01/2049 | 595 | &nbsp;&nbsp; 622532 |
| Florida (State of) Atlantic University Finance Corp., Series 2024, RB | 5.00% | 07/01/2054 | 560 | &nbsp;&nbsp; 582159 |
| Florida (State of) Department of Transportation, Series 2018 A, RB | 4.00% | 07/01/2048 | 375 | &nbsp;&nbsp; 359069 |
| Florida (State of) Department of Transportation, Series 2019 B, RB | 3.00% | 07/01/2049 | 165 | &nbsp;&nbsp; 126316 |
| Florida (State of) Department of Transportation, Series 2021 C, RB | 3.00% | 07/01/2051 | 100 | &nbsp;&nbsp; 75530 |
| Florida (State of) Department of Transportation, Series 2022, RB | 5.00% | 07/01/2047 | 360 | &nbsp;&nbsp; 381104 |
| Florida (State of) Department of Transportation, Series 2022, RB | 4.00% | 07/01/2052 | 65 | &nbsp;&nbsp; 59884 |
| Florida (State of) Department of Transportation, Series 2022, RB | 5.00% | 07/01/2052 | 70 | &nbsp;&nbsp; 72830 |
| Florida (State of) Department of Transportation, Series 2024 B, RB | 4.00% | 07/01/2051 | 805 | &nbsp;&nbsp; 746758 |
| Florida (State of) Department of Transportation, Series 2024 B, RB | 4.00% | 07/01/2054 | 165 | &nbsp;&nbsp; 150966 |
| Florida (State of) Department of Transportation, Series 2024 C, RB | 4.00% | 07/01/2051 | 1560 | &nbsp;&nbsp; 1447134 |
| Florida (State of) Department of Transportation, Series 2024 C, RB | 4.00% | 07/01/2054 | 235 | &nbsp;&nbsp; 215012 |
| Florida (State of) Department of Transportation, Series 2024, RB | 4.00% | 07/01/2054 | 25 | &nbsp;&nbsp; 22874 |
| Florida (State of) Department of Transportation, Series 2025 C, RB | 5.00% | 07/01/2055 | 265 | &nbsp;&nbsp; 277702 |
| Florida (State of) Department of Transportation, Series 2025, RB | 4.25% | 07/01/2055 | 300 | &nbsp;&nbsp; 288829 |
| Florida (State of) Department of Transportation, Series 2026, RB | 4.25% | 07/01/2049 | 250 | &nbsp;&nbsp; 244978 |
| Florida (State of) Department of Transportation, Series 2026, RB | 4.25% | 07/01/2053 | 300 | &nbsp;&nbsp; 288589 |
| Florida (State of) Department of Transportation, Series 2026, RB | 4.50% | 07/01/2055 | 250 | &nbsp;&nbsp; 250005 |
| Florida (State of) Higher Educational Facilities Financial Authority (Ringling College), Series 2017, <br> RB<br>| 5.00% | 03/01/2042 | 470 | &nbsp;&nbsp; 470858 |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2020, Ref. <br> RB<br>| 3.00% | 12/01/2048 | 875 | &nbsp;&nbsp; 660078 |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2020, Ref. <br> RB<br>| 4.00% | 12/01/2050 | 35 | &nbsp;&nbsp; 31336 |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2024, RB | 4.13% | 12/01/2054 | 285 | &nbsp;&nbsp; 258145 |
| Florida (State of) Higher Educational Facilities Financial Authority (Rollins College), Series 2024, RB | 5.25% | 12/01/2054 | 185 | &nbsp;&nbsp; 194723 |
| Florida (State of) North Broward Hospital District, Series 2017 B, Ref. RB | 5.00% | 01/01/2042 | 295 | &nbsp;&nbsp; 301981 |
| Florida (State of) North Broward Hospital District, Series 2017 B, Ref. RB | 5.00% | 01/01/2048 | 455 | &nbsp;&nbsp; 459056 |
| Florida Development Finance Corp. (Tampa General Hospital), Series 2024, RB | 5.25% | 08/01/2049 | 45 | &nbsp;&nbsp; 46841 |
| Florida Development Finance Corp. (Tampa General Hospital), Series 2024, RB | 4.50% | 08/01/2055 | 60 | &nbsp;&nbsp; 57094 |
| Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 02/01/2046 | 1405 | &nbsp;&nbsp; 1318002 |
| Florida State Board of Governors, Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 10/01/2053 | 150 | &nbsp;&nbsp; 141849 |
| Fort Lauderdale (City of), FL, Series 2018, RB | 4.00% | 09/01/2043 | 15 | &nbsp;&nbsp; 15043 |
| Fort Lauderdale (City of), FL, Series 2018, RB | 3.50% | 09/01/2048 | 505 | &nbsp;&nbsp; 441758 |
| Fort Lauderdale (City of), FL (Enabling Works), Series 2023 A, RB | 5.50% | 09/01/2048 | 260 | &nbsp;&nbsp; 287209 |
| Fort Lauderdale (City of), FL (Enabling Works), Series 2023 A, RB | 5.50% | 09/01/2053 | 550 | &nbsp;&nbsp; 599889 |
| Fort Lauderdale (City of), FL (Prospect Lake Water Treatment Plant), Series 2023, RB | 5.50% | 09/01/2053 | 560 | &nbsp;&nbsp; 610796 |

---

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

------

**82**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Fort Myers (City of), FL, Series 2019 A, Ref. RB | 4.00% | 10/01/2044 | $250 | &nbsp;&nbsp; $250996 |
| Fort Myers (City of), FL, Series 2019 A, Ref. RB | 4.00% | 10/01/2049 | 280 | &nbsp;&nbsp; 262848 |
| Fort Myers (City of), FL, Series 2023, Ref. RB | 5.50% | 10/01/2049 | 250 | &nbsp;&nbsp; 271468 |
| Fort Myers (City of), FL, Series 2023, Ref. RB | 5.25% | 10/01/2053 | 665 | &nbsp;&nbsp; 705762 |
| Fort Pierce (City of), FL Utilities Authority, Series 2022 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 10/01/2052 | 1640 | &nbsp;&nbsp; 1495772 |
| Gainesville (City of), FL, Series 2017 A-2, RB | 5.00% | 10/01/2051 | 500 | &nbsp;&nbsp; 518501 |
| Gainesville (City of), FL, Series 2019 A, RB | 5.00% | 10/01/2044 | 125 | &nbsp;&nbsp; 129985 |
| Gainesville (City of), FL, Series 2019 A, RB | 5.00% | 10/01/2047 | 1095 | &nbsp;&nbsp; 1127707 |
| Halifax Hospital Medical Center, Series 2016, Ref. RB | 3.75% | 06/01/2041 | 270 | &nbsp;&nbsp; 253525 |
| Halifax Hospital Medical Center, Series 2016, Ref. RB | 4.00% | 06/01/2046 | 220 | &nbsp;&nbsp; 197063 |
| Halifax Hospital Medical Center (Daytona Beach), Series 2024, RB | 4.25% | 06/01/2054 | 120 | &nbsp;&nbsp; 111803 |
| Halifax Hospital Medical Center (Daytona Beach), Series 2024, RB | 5.25% | 06/01/2054 | 360 | &nbsp;&nbsp; 370757 |
| Hillsborough (County of), FL, Series 2021 A, RB | 2.50% | 08/01/2051 | 35 | &nbsp;&nbsp; 23383 |
| Hillsborough (County of), FL, Series 2021, RB | 3.00% | 08/01/2046 | 530 | &nbsp;&nbsp; 417634 |
| Hillsborough (County of), FL, Series 2021, RB | 2.25% | 08/01/2051 | 15 | &nbsp;&nbsp; 9433 |
| Hillsborough (County of), FL, Series 2023, GO Bonds | 5.00% | 07/01/2053 | 175 | &nbsp;&nbsp; 183113 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB | 5.00% | 10/01/2043 | 245 | &nbsp;&nbsp; 253865 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2018 F, RB | 5.00% | 10/01/2048 | 1545 | &nbsp;&nbsp; 1575399 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2022 B, RB | 4.00% | 10/01/2052 | 75 | &nbsp;&nbsp; 69774 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), <br> Series 2024 C, Ref. RB<br>| 5.25% | 11/15/2049 | 1585 | &nbsp;&nbsp; 1689397 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), <br> Series 2024 C, Ref. RB<br>| 5.50% | 11/15/2054 | 2275 | &nbsp;&nbsp; 2455107 |
| Hillsborough (County of), FL Industrial Development Authority (Baycare Health System), <br> Series 2024, Ref. RB<br>| 4.13% | 11/15/2051 | 1415 | &nbsp;&nbsp; 1309939 |
| Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), <br> Series 2020 A, RB<br>| 4.00% | 08/01/2045 | 505 | &nbsp;&nbsp; 470845 |
| Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), <br> Series 2020 A, RB<br>| 4.00% | 08/01/2050 | 175 | &nbsp;&nbsp; 152132 |
| Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), <br> Series 2020 A, RB<br>| 3.50% | 08/01/2055 | 1485 | &nbsp;&nbsp; 1134614 |
| Hillsborough (County of), FL Industrial Development Authority (Tampa General Hospital), <br> Series 2020, RB<br>| 4.00% | 08/01/2055 | 220 | &nbsp;&nbsp; 185445 |
| Hollywood (City of), FL, Series 2022, GO Bonds | 5.00% | 07/01/2047 | 20 | &nbsp;&nbsp; 20933 |
| Jacksonville (City of), FL, Series 2023 A, Ref. RB | 5.25% | 10/01/2048 | 1145 | &nbsp;&nbsp; 1231436 |
| Jacksonville (City of), FL, Series 2023 A, Ref. RB | 5.50% | 10/01/2053 | 55 | &nbsp;&nbsp; 59438 |
| Jacksonville (City of), FL, Series 2024, Ref. RB | 5.25% | 10/01/2054 | 260 | &nbsp;&nbsp; 277889 |
| Jacksonville (City of), FL (Brooks Rehabilitation), Series 2015, RB | 4.00% | 11/01/2040 | 270 | &nbsp;&nbsp; 262578 |
| Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB | 4.00% | 11/01/2045 | 65 | &nbsp;&nbsp; 59396 |
| Jacksonville (City of), FL (Brooks Rehabilitation), Series 2020, Ref. RB | 5.00% | 11/01/2050 | 625 | &nbsp;&nbsp; 628299 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB | 5.25% | 10/01/2049 | 1270 | &nbsp;&nbsp; 1372311 |
| JEA Water & Sewer System, Series 2024 A, Ref. RB | 5.50% | 10/01/2054 | 1330 | &nbsp;&nbsp; 1449067 |
| JEA Water & Sewer System, Series 2025 A, Ref. RB | 5.00% | 10/01/2045 | 170 | &nbsp;&nbsp; 185988 |
| JEA Water & Sewer System, Series 2025 A, Ref. RB | 5.25% | 10/01/2049 | 310 | &nbsp;&nbsp; 336086 |
| JEA Water & Sewer System, Series 2025 A, Ref. RB | 5.25% | 10/01/2055 | 2135 | &nbsp;&nbsp; 2286368 |
| Kissimmee (City of), FL, Series 2024 A, RB | 5.00% | 10/01/2054 | 305 | &nbsp;&nbsp; 318776 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 5.00% | 04/01/2044 | 80 | &nbsp;&nbsp; 81983 |
| Lee (County of), FL Industrial Development Authority, Series 2019 A-1, Ref. RB | 4.00% | 04/01/2049 | 440 | &nbsp;&nbsp; 395084 |
| Lee (County of), FL Industrial Development Authority (Shell Point Obligated Group), Series 2024, <br> RB<br>| 5.25% | 11/15/2054 | 300 | &nbsp;&nbsp; 303474 |
| Lee (County of), FL Industrial Development Authority (Shell Point/Waterside Health), Series 2019, <br> RB<br>| 5.00% | 11/15/2044 | 30 | &nbsp;&nbsp; 30502 |
| Lee (County of), FL Industrial Development Authority (Shell Point/Waterside Health), Series 2019, <br> RB<br>| 5.00% | 11/15/2049 | 820 | &nbsp;&nbsp; 818524 |
| Lee County School Board (The), Series 2023 A, COP | 4.00% | 08/01/2046 | 410 | &nbsp;&nbsp; 390520 |
| Lee County School Board (The), Series 2023 A, COP | 4.00% | 08/01/2048 | 125 | &nbsp;&nbsp; 116633 |
| Manatee (County of), FL, Series 2022, Ref. RB | 5.25% | 10/01/2047 | 95 | &nbsp;&nbsp; 101878 |
| Manatee (County of), FL, Series 2022, Ref. RB | 4.00% | 10/01/2052 | 525 | &nbsp;&nbsp; 488319 |

---

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

------

**83**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Manatee (County of), FL, Series 2023, RB | 5.25% | 10/01/2048 | $410 | &nbsp;&nbsp; $441505 |
| Manatee (County of), FL, Series 2023, RB | 5.50% | 10/01/2053 | 1410 | &nbsp;&nbsp; 1528903 |
| Manatee (County of), FL, Series 2023, Ref. RB | 4.00% | 10/01/2048 | 10 | &nbsp;&nbsp; 9486 |
| Manatee (County of), FL, Series 2023, Ref. RB | 4.00% | 10/01/2053 | 480 | &nbsp;&nbsp; 443457 |
| Martin (County of), FL Health Facilities Authority, Series 2019, Ref. RB | 4.00% | 01/01/2046 | 1230 | &nbsp;&nbsp; 1169624 |
| Miami (City of) & Dade (County of), FL Health Facilities Authority, Series 2017, Ref. RB | 5.00% | 08/01/2042 | 75 | &nbsp;&nbsp; 76526 |
| Miami (City of) & Dade (County of), FL Health Facilities Authority, Series 2017, Ref. RB | 4.00% | 08/01/2047 | 315 | &nbsp;&nbsp; 285300 |
| Miami (City of) & Dade (County of), FL Health Facilities Authority (Nicklaus Children's Hospital), <br> Series 2017, Ref. RB<br>| 5.00% | 08/01/2047 | 80 | &nbsp;&nbsp; 80888 |
| Miami (City of) & Dade (County of), FL Health Facilities Authority (Nicklaus Children's Hospital), <br> Series 2021 A, Ref. RB<br>| 4.00% | 08/01/2051 | 1000 | &nbsp;&nbsp; 881334 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2016, GO Bonds<sup>(d)(e)</sup> | 5.00% | 03/17/2026 | 185 | &nbsp;&nbsp; 185210 |
| Miami (City of) & Dade (County of), FL School Board (The), Series 2022 A, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/15/2052 | 975 | &nbsp;&nbsp; 1010404 |
| Miami (City of), FL, Series 2023 A, RB | 5.00% | 03/01/2048 | 1000 | &nbsp;&nbsp; 1042114 |
| Miami (City of), FL, Series 2023 A, RB | 5.25% | 03/01/2053 | 530 | &nbsp;&nbsp; 556500 |
| Miami (City of), FL (Miami Forever Infrastructure Programs), Series 2024, RB | 5.50% | 01/01/2049 | 610 | &nbsp;&nbsp; 661052 |
| Miami Beach (City of), FL, Series 2015, RB | 4.00% | 09/01/2045 | 835 | &nbsp;&nbsp; 824884 |
| Miami Beach (City of), FL, Series 2015, RB | 5.00% | 09/01/2045 | 1545 | &nbsp;&nbsp; 1546303 |
| Miami Beach (City of), FL, Series 2015, RB | 5.00% | 09/01/2045 | 25 | &nbsp;&nbsp; 25022 |
| Miami Beach (City of), FL, Series 2017, Ref. RB | 5.00% | 09/01/2047 | 90 | &nbsp;&nbsp; 91208 |
| Miami Beach (City of), FL, Series 2019, Ref. GO Bonds | 4.00% | 05/01/2044 | 230 | &nbsp;&nbsp; 231063 |
| Miami Beach (City of), FL (Arts and Cultural Facilities)(, Series 2023 A, GO Bonds | 5.25% | 05/01/2053 | 40 | &nbsp;&nbsp; 42297 |
| Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB | 4.00% | 11/15/2046 | 555 | &nbsp;&nbsp; 505616 |
| Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB | 3.00% | 11/15/2051 | 415 | &nbsp;&nbsp; 304647 |
| Miami Beach (City of), FL Health Facilities Authority (Mt. Sinai Medical Center), Series 2021, RB | 4.00% | 11/15/2051 | 335 | &nbsp;&nbsp; 292651 |
| Miami-Dade (County of), FL, Series 2014 A, GO Bonds | 3.75% | 07/01/2042 | 995 | &nbsp;&nbsp; 988378 |
| Miami-Dade (County of), FL, Series 2014 A, GO Bonds | 4.00% | 07/01/2042 | 595 | &nbsp;&nbsp; 595131 |
| Miami-Dade (County of), FL, Series 2014 A, GO Bonds | 5.00% | 07/01/2043 | 90 | &nbsp;&nbsp; 90334 |
| Miami-Dade (County of), FL, Series 2016 A, GO Bonds | 4.00% | 07/01/2042 | 335 | &nbsp;&nbsp; 337996 |
| Miami-Dade (County of), FL, Series 2016 A, Ref. RB | 5.00% | 10/01/2041 | 120 | &nbsp;&nbsp; 121206 |
| Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2044 | 855 | &nbsp;&nbsp; 843354 |
| Miami-Dade (County of), FL, Series 2017 A, RB | 3.38% | 10/01/2047 | 525 | &nbsp;&nbsp; 439689 |
| Miami-Dade (County of), FL, Series 2017 A, RB | 4.00% | 10/01/2047 | 575 | &nbsp;&nbsp; 542560 |
| Miami-Dade (County of), FL, Series 2018, RB | 5.00% | 07/01/2043 | 100 | &nbsp;&nbsp; 103419 |
| Miami-Dade (County of), FL, Series 2018, RB | 4.00% | 07/01/2044 | 15 | &nbsp;&nbsp; 15021 |
| Miami-Dade (County of), FL, Series 2018, RB | 4.00% | 07/01/2045 | 175 | &nbsp;&nbsp; 173133 |
| Miami-Dade (County of), FL, Series 2018, RB | 4.00% | 07/01/2046 | 125 | &nbsp;&nbsp; 121254 |
| Miami-Dade (County of), FL, Series 2018, RB | 4.00% | 07/01/2048 | 345 | &nbsp;&nbsp; 322707 |
| Miami-Dade (County of), FL, Series 2019 B, RB | 4.00% | 10/01/2044 | 635 | &nbsp;&nbsp; 627164 |
| Miami-Dade (County of), FL, Series 2019 B, RB | 5.00% | 10/01/2044 | 60 | &nbsp;&nbsp; 63236 |
| Miami-Dade (County of), FL, Series 2019 B, RB | 3.00% | 10/01/2049 | 710 | &nbsp;&nbsp; 536944 |
| Miami-Dade (County of), FL, Series 2019 B, RB | 4.00% | 10/01/2049 | 3860 | &nbsp;&nbsp; 3569249 |
| Miami-Dade (County of), FL, Series 2019, RB | 5.00% | 10/01/2043 | 375 | &nbsp;&nbsp; 388092 |
| Miami-Dade (County of), FL, Series 2019, RB | 5.00% | 10/01/2046 | 35 | &nbsp;&nbsp; 35815 |
| Miami-Dade (County of), FL, Series 2019, RB | 4.00% | 10/01/2048 | 505 | &nbsp;&nbsp; 478642 |
| Miami-Dade (County of), FL, Series 2020 A, RB | 4.00% | 07/01/2049 | 440 | &nbsp;&nbsp; 409513 |
| Miami-Dade (County of), FL, Series 2020 A, RB | 4.00% | 07/01/2050 | 445 | &nbsp;&nbsp; 409919 |
| Miami-Dade (County of), FL, Series 2021 B-2, Ref. RB | 4.00% | 10/01/2043 | 635 | &nbsp;&nbsp; 640274 |
| Miami-Dade (County of), FL, Series 2021, GO Bonds | 4.00% | 07/01/2050 | 45 | &nbsp;&nbsp; 42514 |
| Miami-Dade (County of), FL, Series 2021, GO Bonds | 5.00% | 07/01/2051 | 550 | &nbsp;&nbsp; 577991 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2041 | 5 | &nbsp;&nbsp; 5132 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2042 | 225 | &nbsp;&nbsp; 229589 |
| Miami-Dade (County of), FL, Series 2021, RB | 3.00% | 10/01/2043 | 250 | &nbsp;&nbsp; 217895 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2044 | 60 | &nbsp;&nbsp; 60341 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2046 | 1045 | &nbsp;&nbsp; 998889 |
| Miami-Dade (County of), FL, Series 2021, RB | 5.00% | 10/01/2046 | 185 | &nbsp;&nbsp; 194754 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2048 | 740 | &nbsp;&nbsp; 692723 |
| Miami-Dade (County of), FL, Series 2021, RB | 3.00% | 10/01/2051 | 140 | &nbsp;&nbsp; 105468 |

---

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

------

**84**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2051 | $590 | &nbsp;&nbsp; $547488 |
| Miami-Dade (County of), FL, Series 2021, RB | 4.00% | 10/01/2051 | 420 | &nbsp;&nbsp; 383886 |
| Miami-Dade (County of), FL, Series 2022 A, RB | 5.00% | 04/01/2052 | 10 | &nbsp;&nbsp; 10257 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2043 | 40 | &nbsp;&nbsp; 42968 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2044 | 30 | &nbsp;&nbsp; 31972 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2046 | 60 | &nbsp;&nbsp; 63001 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2047 | 210 | &nbsp;&nbsp; 219675 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2048 | 295 | &nbsp;&nbsp; 307468 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2049 | 490 | &nbsp;&nbsp; 508943 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2051 | 170 | &nbsp;&nbsp; 175983 |
| Miami-Dade (County of), FL, Series 2022, RB | 5.00% | 07/01/2052 | 875 | &nbsp;&nbsp; 904972 |
| Miami-Dade (County of), FL, Series 2023 A, RB | 5.00% | 04/01/2048 | 55 | &nbsp;&nbsp; 57307 |
| Miami-Dade (County of), FL, Series 2024 A, RB | 5.00% | 10/01/2049 | 50 | &nbsp;&nbsp; 52517 |
| Miami-Dade (County of), FL, Series 2024 A, RB | 4.13% | 10/01/2050 | 1305 | &nbsp;&nbsp; 1227785 |
| Miami-Dade (County of), FL, Series 2024 A, RB | 5.25% | 10/01/2054 | 1735 | &nbsp;&nbsp; 1836393 |
| Miami-Dade (County of), FL, Series 2024, RB | 5.00% | 04/01/2054 | 50 | &nbsp;&nbsp; 51665 |
| Miami-Dade (County of), FL, Series 2025 A, RB | 4.50% | 10/01/2051 | 1000 | &nbsp;&nbsp; 990116 |
| Miami-Dade (County of), FL, Series 2025 A, RB | 5.00% | 10/01/2055 | 2500 | &nbsp;&nbsp; 2610536 |
| Miami-Dade (County of), FL, Series 2025 B, RB | 5.25% | 10/01/2055 | 1160 | &nbsp;&nbsp; 1223159 |
| Miami-Dade (County of), FL, Series 2025, Ref. RB | 5.50% | 06/01/2055 | 1020 | &nbsp;&nbsp; 1097331 |
| Miami-Dade (County of), FL, Subseries 2021 A-2, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 10/01/2049 | 1320 | &nbsp;&nbsp; 1228838 |
| Miami-Dade (County of), FL, Subseries 2021 A-2, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 10/01/2050 | 1325 | &nbsp;&nbsp; 994674 |
| Miami-Dade (County of), FL (Building Better Communities Program), Series 2015 D, GO Bonds | 5.00% | 07/01/2045 | 600 | &nbsp;&nbsp; 601888 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2015 A, <br> Ref. RB<br>| 4.00% | 04/01/2045 | 1075 | &nbsp;&nbsp; 1048482 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2018 A, <br> RB<br>| 4.00% | 04/01/2053 | 220 | &nbsp;&nbsp; 195453 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2018 A, <br> RB<br>| 5.00% | 04/01/2053 | 45 | &nbsp;&nbsp; 45411 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, <br> Ref. RB<br>| 5.00% | 04/01/2041 | 60 | &nbsp;&nbsp; 67853 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, <br> Ref. RB<br>| 5.00% | 04/01/2042 | 10 | &nbsp;&nbsp; 11178 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, <br> Ref. RB<br>| 5.00% | 04/01/2043 | 20 | &nbsp;&nbsp; 22110 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, <br> Ref. RB<br>| 5.00% | 04/01/2044 | 10 | &nbsp;&nbsp; 10919 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, <br> Ref. RB<br>| 5.00% | 04/01/2045 | 30 | &nbsp;&nbsp; 32405 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, <br> Ref. RB<br>| 5.00% | 04/01/2046 | 40 | &nbsp;&nbsp; 42823 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, <br> Ref. RB<br>| 5.25% | 04/01/2047 | 30 | &nbsp;&nbsp; 32422 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2024 A, <br> Ref. RB<br>| 5.25% | 04/01/2048 | 50 | &nbsp;&nbsp; 53810 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, <br> Ref. RB<br>| 5.25% | 04/01/2044 | 90 | &nbsp;&nbsp; 99988 |
| Miami-Dade (County of), FL Educational Facilities Authority (University of Miami), Series 2025 B, <br> Ref. RB<br>| 5.25% | 04/01/2045 | 5 | &nbsp;&nbsp; 5496 |
| North Sumter County Utility Dependent District, Series 2021, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2052 | 65 | &nbsp;&nbsp; 67375 |
| Okaloosa County School Board, Series 2024, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2049 | 675 | &nbsp;&nbsp; 708747 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019 A, <br> RB<br>| 5.00% | 10/01/2047 | 350 | &nbsp;&nbsp; 357051 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2019, <br> RB<br>| 4.00% | 10/01/2049 | 240 | &nbsp;&nbsp; 211371 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2022, <br> RB<br>| 3.00% | 10/01/2047 | 50 | &nbsp;&nbsp; 38134 |

---

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

------

**85**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2022, <br> RB<br>| 4.00% | 10/01/2052 | $425 | &nbsp;&nbsp; $374769 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2023 A, <br> RB<br>| 5.00% | 10/01/2053 | 1200 | &nbsp;&nbsp; 1238233 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, <br> Ref. RB<br>| 4.50% | 10/01/2056 | 115 | &nbsp;&nbsp; 112003 |
| Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2025, <br> Ref. RB<br>| 5.25% | 10/01/2056 | 3095 | &nbsp;&nbsp; 3247403 |
| Orange (County of), FL Health Facilities Authority (Presbyterian Retirement Communities Obligated <br> Group), Series 2024, Ref. RB<br>| 5.00% | 08/01/2054 | 85 | &nbsp;&nbsp; 84733 |
| Orlando (City of), FL, Series 2018 B, RB | 5.00% | 10/01/2048 | 1285 | &nbsp;&nbsp; 1312954 |
| Orlando (City of), FL, Series 2024 A, GO Bonds | 5.00% | 10/01/2054 | 1100 | &nbsp;&nbsp; 1164214 |
| Orlando (City of), FL, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 11/01/2050 | 390 | &nbsp;&nbsp; 422312 |
| Orlando (City of), FL, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 11/01/2055 | 775 | &nbsp;&nbsp; 837150 |
| Orlando (City of), FL Utilities Commission, Series 2023 A, RB | 5.00% | 10/01/2048 | 680 | &nbsp;&nbsp; 718983 |
| Orlando (City of), FL Utilities Commission, Series 2025 A, RB | 5.00% | 10/01/2050 | 400 | &nbsp;&nbsp; 422069 |
| Osceola (County of), FL, Series 2019 A-1, Ref. RB | 5.00% | 10/01/2044 | 320 | &nbsp;&nbsp; 326823 |
| Osceola (County of), FL, Series 2020 A-1, Ref. RB | 4.00% | 10/01/2054 | 640 | &nbsp;&nbsp; 563991 |
| Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), <br> Series 2018, RB<br>| 5.00% | 11/15/2045 | 50 | &nbsp;&nbsp; 50625 |
| Palm Beach (County of), FL Health Facilities Authority (ACTS Retirement-Life Communities, Inc.), <br> Series 2025, Ref. RB<br>| 5.00% | 11/15/2055 | 700 | &nbsp;&nbsp; 701071 |
| Palm Beach (County of), FL Health Facilities Authority (Baptist Health South Florida), Series 2019, <br> RB<br>| 3.00% | 08/15/2044 | 1435 | &nbsp;&nbsp; 1182295 |
| Palm Beach (County of), FL Health Facilities Authority (Baptist Health South Florida), Series 2019, <br> RB<br>| 4.00% | 08/15/2049 | 590 | &nbsp;&nbsp; 533902 |
| Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB | 5.00% | 11/01/2047 | 250 | &nbsp;&nbsp; 252866 |
| Palm Beach (County of), FL Health Facilities Authority (Jupiter Medical Center), Series 2022, RB | 5.00% | 11/01/2052 | 1000 | &nbsp;&nbsp; 997098 |
| Palm Beach (County of), FL Health Facilities Authority (Lifespace Communities, Inc.), Series 2019 B, <br> RB<br>| 5.00% | 05/15/2053 | 1000 | &nbsp;&nbsp; 948071 |
| Pasco (City of), FL, Series 2014 B, RB | 4.00% | 10/01/2044 | 235 | &nbsp;&nbsp; 233006 |
| Pasco (City of), FL, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2048 | 300 | &nbsp;&nbsp; 308411 |
| Pasco (County of), FL School Board, Series 2021 B, COP, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2046 | 10 | &nbsp;&nbsp; 10496 |
| Peace River Manasota Regional Water Supply Authority, Series 2025 A, RB | 5.25% | 10/01/2050 | 750 | &nbsp;&nbsp; 802663 |
| Peace River Manasota Regional Water Supply Authority, Series 2025 A, RB | 5.50% | 10/01/2055 | 1500 | &nbsp;&nbsp; 1625578 |
| Polk (County of), FL, Series 2020, Ref. RB | 4.00% | 10/01/2043 | 550 | &nbsp;&nbsp; 554831 |
| Pompano Beach (City of), FL, Series 2018, GO Bonds | 4.00% | 07/01/2048 | 10 | &nbsp;&nbsp; 9673 |
| Pompano Beach (City of), FL (John Knox Village), Series 2021 A, RB | 4.00% | 09/01/2056 | 385 | &nbsp;&nbsp; 314694 |
| Port St. Lucie (City of), FL, Series 2016, Ref. RB | 3.25% | 07/01/2045 | 455 | &nbsp;&nbsp; 393482 |
| Putnam (County of), FL Development Authority (Seminole Electric Cooperative), Series 2018 A, Ref. <br> RB<br>| 5.00% | 03/15/2042 | 310 | &nbsp;&nbsp; 319149 |
| Putnam (County of), FL Development Authority (Seminole Electric Cooperative), Series 2018 B, Ref. <br> PCR<br>| 5.00% | 03/15/2042 | 350 | &nbsp;&nbsp; 357982 |
| Putnam County School District, Series 2023, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.25% | 07/01/2052 | 155 | &nbsp;&nbsp; 148353 |
| Putnam County School District, Series 2025, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2054 | 1000 | &nbsp;&nbsp; 1042382 |
| Sarasota (County of), FL, Series 2022, RB | 5.25% | 10/01/2052 | 480 | &nbsp;&nbsp; 505971 |
| Sarasota (County of), FL, Series 2025, RB | 5.25% | 10/01/2055 | 500 | &nbsp;&nbsp; 535815 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB | 5.00% | 07/01/2041 | 305 | &nbsp;&nbsp; 314627 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2018, RB | 4.00% | 07/01/2048 | 1190 | &nbsp;&nbsp; 1078963 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2022, RB | 4.00% | 07/01/2052 | 1075 | &nbsp;&nbsp; 948100 |
| Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital), Series 2022, RB | 5.00% | 07/01/2052 | 270 | &nbsp;&nbsp; 275952 |
| Seminole (County of), FL, Series 2022, Ref. RB | 5.00% | 10/01/2052 | 1125 | &nbsp;&nbsp; 1162083 |
| South Broward Hospital District, Series 2016 A, Ref. RB | 4.00% | 05/01/2044 | 1260 | &nbsp;&nbsp; 1221576 |
| South Broward Hospital District, Series 2018, RB | 4.00% | 05/01/2048 | 975 | &nbsp;&nbsp; 927792 |
| South Broward Hospital District, Series 2021 A, RB | 3.00% | 05/01/2051 | 1120 | &nbsp;&nbsp; 812120 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 4.00% | 08/15/2042 | 1135 | &nbsp;&nbsp; 1134874 |

---

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

------

**86**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2042 | $565 | &nbsp;&nbsp; $577778 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 4.00% | 08/15/2047 | 320 | &nbsp;&nbsp; 291971 |
| South Miami Health Facilities Authority, Inc. (Baptist Health South Florida Obligated Group), <br> Series 2017, Ref. RB<br>| 5.00% | 08/15/2047 | 100 | &nbsp;&nbsp; 101306 |
| St Johns County Industrial Development Authority, Series 2020, Ref. RB | 4.00% | 08/01/2055 | 1340 | &nbsp;&nbsp; 1119588 |
| St. Johns (County of), FL, Series 2022, RB | 5.00% | 06/01/2052 | 125 | &nbsp;&nbsp; 130870 |
| St. Johns County School Board, Series 2024 A, COP, (INS - AGI)<sup>(a)</sup> | 5.50% | 07/01/2049 | 525 | &nbsp;&nbsp; 566446 |
| St. Lucie (County of), FL School Board, Series 2023 A, COP, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2053 | 600 | &nbsp;&nbsp; 626930 |
| St. Petersburg (City of), FL, Series 2025 C, RB | 4.50% | 10/01/2055 | 850 | &nbsp;&nbsp; 859903 |
| Tallahassee (City of), FL, Series 2024, RB | 5.00% | 10/01/2049 | 120 | &nbsp;&nbsp; 124719 |
| Tallahassee (City of), FL (Tallahassee Memorial Health Care, Inc.), Series 2016, RB | 5.00% | 12/01/2055 | 795 | &nbsp;&nbsp; 790281 |
| Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 B, Ref. RB | 4.00% | 07/01/2042 | 1000 | &nbsp;&nbsp; 1005015 |
| Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017 C, RB | 5.00% | 07/01/2048 | 250 | &nbsp;&nbsp; 254934 |
| Tampa (City of) & Hillsborough (County of), FL Expressway Authority, Series 2017, RB | 5.00% | 07/01/2047 | 1250 | &nbsp;&nbsp; 1266077 |
| Tampa (City of), FL, Series 2016 A, RB | 4.00% | 11/15/2046 | 1015 | &nbsp;&nbsp; 954591 |
| Tampa (City of), FL, Series 2016 A, RB | 5.00% | 11/15/2046 | 750 | &nbsp;&nbsp; 751152 |
| Tampa (City of), FL, Series 2020 A, RB | 4.00% | 10/01/2044 | 10 | &nbsp;&nbsp; 10088 |
| Tampa (City of), FL, Series 2020 A, RB | 4.00% | 10/01/2048 | 60 | &nbsp;&nbsp; 59596 |
| Tampa (City of), FL, Series 2020 A, RB | 5.00% | 10/01/2050 | 200 | &nbsp;&nbsp; 207051 |
| Tampa (City of), FL, Series 2020 A, RB | 5.00% | 10/01/2054 | 100 | &nbsp;&nbsp; 103161 |
| Tampa (City of), FL, Series 2020, Ref. RB | 4.00% | 04/01/2050 | 385 | &nbsp;&nbsp; 346727 |
| Tampa (City of), FL, Series 2024, RB | 5.00% | 10/01/2047 | 10 | &nbsp;&nbsp; 10752 |
| Tampa (City of), FL, Series 2024, RB | 5.00% | 10/01/2049 | 600 | &nbsp;&nbsp; 640650 |
| Tampa (City of), FL, Series 2024, RB | 5.00% | 10/01/2054 | 485 | &nbsp;&nbsp; 513671 |
| Tampa (City of), FL (Green Bonds), Series 2022 A, RB | 5.00% | 10/01/2047 | 55 | &nbsp;&nbsp; 58291 |
| Tampa (City of), FL (Green Bonds), Series 2022 A, RB | 5.00% | 10/01/2052 | 525 | &nbsp;&nbsp; 550553 |
| Tampa (City of), FL (Green Bonds), Series 2022 A, RB | 5.25% | 10/01/2057 | 15 | &nbsp;&nbsp; 15826 |
| Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB | 4.00% | 07/01/2045 | 550 | &nbsp;&nbsp; 510913 |
| Tampa (City of), FL (H. Lee Moffitt Cancer Center), Series 2020 B, RB | 5.00% | 07/01/2050 | 750 | &nbsp;&nbsp; 761389 |
| Tampa Bay (City of), FL Water, Series 2024 A, RB | 5.00% | 10/01/2049 | 500 | &nbsp;&nbsp; 529784 |
| Tampa Bay (City of), FL Water, Series 2024 A, RB | 5.25% | 10/01/2054 | 1420 | &nbsp;&nbsp; 1515602 |
| Tampa Bay (City of), FL Water (Green Bonds), Series 2022, RB | 5.25% | 10/01/2047 | 1755 | &nbsp;&nbsp; 1878290 |
| Tampa Bay (City of), FL Water (Green Bonds), Series 2022, RB | 5.00% | 10/01/2052 | 1525 | &nbsp;&nbsp; 1589413 |
| Volusia (County of), FL Educational Facility Authority (Embry–Riddle Aeronautical University), <br> Series 2020, Ref. RB<br>| 5.00% | 10/15/2049 | 360 | &nbsp;&nbsp; 368970 |
| Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 10/01/2046 | 20 | &nbsp;&nbsp; 20932 |
| Wildwood (City of), FL Utility Dependent District (South Sumter Utility), Series 2021, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 10/01/2052 | 1140 | &nbsp;&nbsp; 1169698 |
| Wildwood Utility Dependent District, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 10/01/2053 | 25 | &nbsp;&nbsp; 26792 |
| Woodland (City of), FL, Series 2026, RB, (INS - BAM)<sup>(a)</sup> | 4.63% | 11/01/2056 | 1250 | &nbsp;&nbsp; 1242722 |
|  |  |  |  | &nbsp;&nbsp; 159483927 |
| **Georgia-1.53%** |  |  |  |  |
| Albany-Dougherty (County of), GA Hospital Authority, Series 2012, RB | 4.00% | 12/01/2042 | 765 | &nbsp;&nbsp; 754741 |
| Atlanta (City of), GA, Series 2018 B, RB | 3.50% | 11/01/2043 | 230 | &nbsp;&nbsp; 220322 |
| Atlanta (City of), GA, Series 2018 B, RB | 5.00% | 11/01/2047 | 750 | &nbsp;&nbsp; 760638 |
| Atlanta (City of), GA, Series 2022 A, RB | 4.00% | 07/01/2052 | 100 | &nbsp;&nbsp; 93952 |
| Atlanta (City of), GA (Green Bonds), Series 2023 B-1, RB | 5.00% | 07/01/2048 | 250 | &nbsp;&nbsp; 263521 |
| Atlanta (City of), GA (Green Bonds), Series 2023 B-1, RB | 5.00% | 07/01/2053 | 1050 | &nbsp;&nbsp; 1093615 |
| Atlanta (City of), GA (Green Bonds), Series 2024 A-1, RB | 5.00% | 07/01/2049 | 430 | &nbsp;&nbsp; 454602 |
| Atlanta (City of), GA (Green Bonds), Series 2024 A-1, RB | 5.00% | 07/01/2054 | 510 | &nbsp;&nbsp; 532753 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2041 | 200 | &nbsp;&nbsp; 222662 |
| Atlanta (City of), GA (Social Bonds), Series 2022 A-1, GO Bonds | 5.00% | 12/01/2042 | 205 | &nbsp;&nbsp; 226436 |
| Atlanta Development Authority (The), Series 2015 A-1, RB | 5.25% | 07/01/2044 | 350 | &nbsp;&nbsp; 350351 |
| Augusta (City of), GA, Series 2012, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.50% | 10/01/2042 | 1640 | &nbsp;&nbsp; 1585716 |

---

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

------

**87**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia-(continued)** |  |  |  |  |
| Augusta (City of), GA (Wellstar Health System, Inc.), Series 2023, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.13% | 04/01/2053 | $85 | &nbsp;&nbsp; $89118 |
| Brookhaven (City of), GA Development Authority (Children's Healthcare of Atlanta, Inc.), <br> Series 2019 A, RB<br>| 4.00% | 07/01/2044 | 1770 | &nbsp;&nbsp; 1773022 |
| Brookhaven (City of), GA Development Authority (Children's Healthcare of Atlanta, Inc.), <br> Series 2019 A, RB<br>| 3.00% | 07/01/2046 | 920 | &nbsp;&nbsp; 737319 |
| Brookhaven (City of), GA Development Authority (Children's Healthcare of Atlanta, Inc.), <br> Series 2019 A, RB<br>| 4.00% | 07/01/2049 | 1040 | &nbsp;&nbsp; 977039 |
| Brookhaven (City of), GA Urban Redevelopment Agency, Series 2023 A, RB | 4.00% | 07/01/2053 | 125 | &nbsp;&nbsp; 121317 |
| Burke (County of), GA Development Authority (The) (Georgia Transmission Corp. Vogtle), <br> Series 2012, Ref. RB<br>| 2.75% | 01/01/2052 | 1590 | &nbsp;&nbsp; 1034872 |
| Burke (County of), GA Development Authority (The) (Oglethorpe Power Corp.), Series 2017, Ref. <br> RB<br>| 4.13% | 11/01/2045 | 740 | &nbsp;&nbsp; 719531 |
| Burke (County of), GA Development Authority (The) (Oglethorpe Power Corp.), Series 2017, Ref. <br> RB<br>| 4.13% | 11/01/2045 | 415 | &nbsp;&nbsp; 403521 |
| Carroll City-County Hospital Authority, Series 2025, Ref. RB | 5.00% | 07/01/2050 | 45 | &nbsp;&nbsp; 47096 |
| Carroll City-County Hospital Authority, Series 2025, Ref. RB | 5.00% | 07/01/2055 | 350 | &nbsp;&nbsp; 362971 |
| Clarke (County of), GA Hospital Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB | 5.00% | 07/01/2046 | 25 | &nbsp;&nbsp; 25067 |
| Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2017 A, <br> Ref. RAC<br>| 5.00% | 04/01/2042 | 80 | &nbsp;&nbsp; 81027 |
| Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2017, <br> Ref. RAC<br>| 5.00% | 04/01/2047 | 220 | &nbsp;&nbsp; 221524 |
| Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2020, <br> Ref. RB<br>| 5.00% | 04/01/2050 | 445 | &nbsp;&nbsp; 452051 |
| Cobb (County of), GA Kennestone Hospital Authority (Wellstar Health System, Inc.), Series 2022, <br> RAC<br>| 4.00% | 04/01/2052 | 1440 | &nbsp;&nbsp; 1271641 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority, Series 2025, RB | 5.50% | 10/01/2050 | 1200 | &nbsp;&nbsp; 1321898 |
| Columbia (City of), GA (Wellstar Health System, Inc.), Series 2023, RAC | 5.13% | 04/01/2048 | 120 | &nbsp;&nbsp; 125907 |
| Columbia (City of), GA (Wellstar Health System, Inc.), Series 2023, RB | 5.13% | 04/01/2053 | 710 | &nbsp;&nbsp; 737809 |
| Columbia (City of), GA (Wellstar Health System, Inc.), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 04/01/2048 | 25 | &nbsp;&nbsp; 26275 |
| Coweta (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2020, Ref. RB | 5.00% | 07/01/2044 | 95 | &nbsp;&nbsp; 98258 |
| Coweta County Water & Sewage Authority, Series 2024, RB | 5.00% | 06/01/2054 | 75 | &nbsp;&nbsp; 78848 |
| Coweta County Water & Sewage Authority, Series 2024, RB | 4.25% | 06/01/2057 | 450 | &nbsp;&nbsp; 436302 |
| Dalton Whitfield (County of), GA Joint Development Authority (Hamilton Health Care System), <br> Series 2017, RB<br>| 4.00% | 08/15/2048 | 590 | &nbsp;&nbsp; 539450 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2041 | 320 | &nbsp;&nbsp; 356263 |
| DeKalb (County of), GA, Series 2022, Ref. RB | 5.00% | 10/01/2052 | 370 | &nbsp;&nbsp; 385354 |
| DeKalb (County of), GA, Series 2025 A, RB | 5.00% | 10/01/2050 | 300 | &nbsp;&nbsp; 317823 |
| DeKalb (County of), GA, Series 2025 A, RB | 5.00% | 10/01/2055 | 1000 | &nbsp;&nbsp; 1049966 |
| Forsyth (County of), GA, Series 2019, Ref. RB | 3.00% | 04/01/2049 | 105 | &nbsp;&nbsp; 81730 |
| Fulton (County of), GA, Series 2020 A, RB | 2.25% | 01/01/2042 | 500 | &nbsp;&nbsp; 396342 |
| Fulton (County of), GA, Series 2020 A, RB | 2.25% | 01/01/2043 | 195 | &nbsp;&nbsp; 151373 |
| Fulton (County of), GA, Series 2020 A, RB | 2.38% | 01/01/2044 | 220 | &nbsp;&nbsp; 166670 |
| Fulton (County of), GA, Series 2020 A, RB | 3.00% | 01/01/2045 | 25 | &nbsp;&nbsp; 20592 |
| Fulton (County of), GA Development Authority (Curran Street Residence Hall), Series 2017, RB | 5.00% | 04/01/2047 | 50 | &nbsp;&nbsp; 50346 |
| Fulton (County of), GA Development Authority (Curran Street Residence Hall), Series 2024, RB | 5.00% | 06/15/2056 | 25 | &nbsp;&nbsp; 26100 |
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB | 3.63% | 07/01/2041 | 725 | &nbsp;&nbsp; 705087 |
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2016 A, Ref. RB | 5.00% | 07/01/2046 | 10 | &nbsp;&nbsp; 10027 |
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2019, RB | 3.00% | 07/01/2044 | 775 | &nbsp;&nbsp; 642283 |
| Fulton (County of), GA Development Authority (Piedmont Healthcare, Inc.), Series 2019, RB | 4.00% | 07/01/2049 | 915 | &nbsp;&nbsp; 843306 |
| Fulton (County of), GA Development Authority (Robert W. Woodruff Arts Center), Series 2019, Ref. <br> RB<br>| 5.00% | 03/15/2044 | 10 | &nbsp;&nbsp; 10318 |
| Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2017, RAC | 5.00% | 04/01/2042 | 425 | &nbsp;&nbsp; 430456 |
| Fulton (County of), GA Development Authority (Wellstar Health System, Inc.), Series 2020, RB | 4.00% | 04/01/2050 | 1065 | &nbsp;&nbsp; 945917 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.), Series 2017 A, Ref. RB<br>| 5.00% | 02/15/2042 | 60 | &nbsp;&nbsp; 60736 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.), Series 2017 B, Ref. RB<br>| 5.50% | 02/15/2042 | 200 | &nbsp;&nbsp; 204438 |

---

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

------

**88**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia-(continued)** |  |  |  |  |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.), Series 2017, Ref. RB<br>| 4.00% | 02/15/2042 | $230 | &nbsp;&nbsp; $230045 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.), Series 2020, Ref. RB<br>| 4.00% | 02/15/2045 | 1345 | &nbsp;&nbsp; 1267402 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.), Series 2020, Ref. RB<br>| 3.00% | 02/15/2047 | 140 | &nbsp;&nbsp; 107494 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.), Series 2021 A, RB<br>| 2.50% | 02/15/2051 | 1000 | &nbsp;&nbsp; 651122 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.), Series 2021 A, RB<br>| 3.00% | 02/15/2051 | 1030 | &nbsp;&nbsp; 752430 |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.), Series 2021 A, RB<br>| 4.00% | 02/15/2051 | 1000 | &nbsp;&nbsp; 897802 |
| George L Smith II Congress Center Authority (Convention Center Hotel), Series 2021, RB | 4.00% | 01/01/2054 | 1375 | &nbsp;&nbsp; 1189378 |
| Georgia (State of), Series 2021 A, Ref. GO Bonds | 3.00% | 07/01/2041 | 100 | &nbsp;&nbsp; 94086 |
| Georgia (State of) Municipal Electric Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.13% | 01/01/2049 | 790 | &nbsp;&nbsp; 760095 |
| Georgia (State of) Municipal Electric Authority, Series 2019, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 01/01/2044 | 500 | &nbsp;&nbsp; 498119 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015 A, RB | 5.00% | 07/01/2060 | 85 | &nbsp;&nbsp; 84997 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2015, RB | 5.00% | 07/01/2060 | 370 | &nbsp;&nbsp; 369989 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, RB | 4.00% | 01/01/2049 | 55 | &nbsp;&nbsp; 50009 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, RB | 4.00% | 01/01/2049 | 380 | &nbsp;&nbsp; 343531 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, RB | 5.00% | 01/01/2059 | 650 | &nbsp;&nbsp; 650797 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2019, Ref. RB | 5.00% | 01/01/2049 | 250 | &nbsp;&nbsp; 251189 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 01/01/2062 | 165 | &nbsp;&nbsp; 166186 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2021 A, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 01/01/2062 | 350 | &nbsp;&nbsp; 352515 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB | 4.50% | 07/01/2063 | 1010 | &nbsp;&nbsp; 977915 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2055 | 250 | &nbsp;&nbsp; 256848 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 A, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2064 | 1000 | &nbsp;&nbsp; 1014926 |
| Georgia (State of) Municipal Electric Authority (Project One), Series 2024 B, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 01/01/2054 | 50 | &nbsp;&nbsp; 52399 |
| Georgia (State of) Ports Authority, Series 2021, RB | 3.00% | 07/01/2046 | 135 | &nbsp;&nbsp; 108516 |
| Georgia (State of) Ports Authority, Series 2021, RB | 4.00% | 07/01/2046 | 50 | &nbsp;&nbsp; 49301 |
| Georgia (State of) Ports Authority, Series 2021, RB | 2.63% | 07/01/2051 | 525 | &nbsp;&nbsp; 365798 |
| Georgia (State of) Ports Authority, Series 2021, RB | 4.00% | 07/01/2051 | 970 | &nbsp;&nbsp; 922410 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2042 | 155 | &nbsp;&nbsp; 170214 |
| Georgia (State of) Ports Authority, Series 2022, RB | 4.00% | 07/01/2047 | 1155 | &nbsp;&nbsp; 1131251 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.00% | 07/01/2047 | 175 | &nbsp;&nbsp; 185035 |
| Georgia (State of) Ports Authority, Series 2022, RB | 4.00% | 07/01/2052 | 2015 | &nbsp;&nbsp; 1908196 |
| Georgia (State of) Ports Authority, Series 2022, RB | 5.25% | 07/01/2052 | 1015 | &nbsp;&nbsp; 1074259 |
| Glynn (County of) & Brunswick (City of), GA Memorial Hospital Authority (Southeast Georgia Health <br> System), Series 2017, RAC<br>| 5.00% | 08/01/2047 | 2100 | &nbsp;&nbsp; 2100026 |
| Griffin (City of), GA, Series 2025, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 01/01/2056 | 250 | &nbsp;&nbsp; 261029 |
| Griffin-Spalding County Hospital Authority, Series 2017, RAC | 4.00% | 04/01/2042 | 440 | &nbsp;&nbsp; 432132 |
| Griffin-Spalding County Hospital Authority, Series 2017, RAC | 3.75% | 04/01/2047 | 1100 | &nbsp;&nbsp; 954267 |
| Jefferson Public Building Authority, Series 2025, RB | 4.50% | 02/01/2055 | 925 | &nbsp;&nbsp; 925761 |
| Macon Water Authority, Series 2024, RB | 5.00% | 10/01/2054 | 295 | &nbsp;&nbsp; 309356 |
| Main Street Natural Gas, Inc., Series 2019 A, RB | 5.00% | 05/15/2043 | 800 | &nbsp;&nbsp; 819673 |
| Main Street Natural Gas, Inc., Series 2019 A, RB | 5.00% | 05/15/2049 | 1965 | &nbsp;&nbsp; 2075277 |
| Metropolitan Atlanta Rapid Transit Authority, Series 2020 A, RB | 3.00% | 07/01/2047 | 145 | &nbsp;&nbsp; 112895 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2025 A, RB | 5.25% | 07/01/2050 | 540 | &nbsp;&nbsp; 584522 |
| Metropolitan Atlanta Rapid Transit Authority (Green Bonds), Series 2025 A, RB | 5.00% | 07/01/2055 | 910 | &nbsp;&nbsp; 957830 |
| Paulding (County of), GA, Series 2016, Ref. RB | 3.00% | 12/01/2048 | 600 | &nbsp;&nbsp; 464802 |
| Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB | 4.00% | 10/01/2046 | 525 | &nbsp;&nbsp; 506979 |
| Private Colleges & Universities Authority (Emory University), Series 2016 A, Ref. RB | 5.00% | 10/01/2046 | 610 | &nbsp;&nbsp; 612325 |
| Private Colleges & Universities Authority (Emory University), Series 2020 B, Ref. RB | 4.00% | 09/01/2041 | 10 | &nbsp;&nbsp; 10103 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.25% | 09/01/2043 | 145 | &nbsp;&nbsp; 165105 |

---

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

------

**89**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia-(continued)** |  |  |  |  |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.25% | 09/01/2044 | $15 | &nbsp;&nbsp; $16874 |
| Private Colleges & Universities Authority (Emory University), Series 2025 A, Ref. RB | 5.25% | 09/01/2045 | 30 | &nbsp;&nbsp; 33372 |
| Private Colleges & Universities Authority (Mercer University), Series 2015, RB | 5.00% | 10/01/2045 | 25 | &nbsp;&nbsp; 25003 |
| Private Colleges & Universities Authority (Mercer University), Series 2021, Ref. RB | 4.00% | 10/01/2050 | 95 | &nbsp;&nbsp; 83117 |
| Private Colleges & Universities Authority (The Savannah College of Art and Design), Series 2021, <br> RB<br>| 4.00% | 04/01/2044 | 840 | &nbsp;&nbsp; 812577 |
| Rockdale (County of), GA Public Facilities Authority, Series 2024, RB | 5.00% | 01/01/2049 | 235 | &nbsp;&nbsp; 247280 |
| Rockdale (County of), GA Public Facilities Authority, Series 2024, RB | 5.00% | 01/01/2054 | 1025 | &nbsp;&nbsp; 1067728 |
| Savannah (City of), GA Hospital Authority (St. Josephs Candler Health System), Series 2019 A, Ref. <br> RB<br>| 4.00% | 07/01/2043 | 515 | &nbsp;&nbsp; 496766 |
| Savannah Georgia Convention Center Authority, Series 2025, RB | 5.25% | 06/01/2061 | 400 | &nbsp;&nbsp; 401405 |
| Savannah Georgia Convention Center Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 06/01/2058 | 760 | &nbsp;&nbsp; 781452 |
| Valdosta & Lowndes County Hospital Authority, Series 2024, RB | 5.00% | 10/01/2054 | 115 | &nbsp;&nbsp; 119676 |
| Valdosta (City of) & Lowndes (County of), GA Hospital Authority (South Georgia Medical Center), <br> Series 2024, RB<br>| 4.13% | 10/01/2049 | 555 | &nbsp;&nbsp; 536774 |
| Walton Industrial Building Authority, Series 2021, RB | 4.00% | 02/01/2052 | 30 | &nbsp;&nbsp; 28604 |
|  |  |  |  | &nbsp;&nbsp; 57973263 |
| **Guam-0.01%** |  |  |  |  |
| Guam (Territory of) Waterworks Authority, Series 2016, RB | 5.00% | 01/01/2046 | 445 | &nbsp;&nbsp; 445802 |
| Guam (Territory of) Waterworks Authority, Series 2020 A, RB | 5.00% | 01/01/2050 | 40 | &nbsp;&nbsp; 40827 |
|  |  |  |  | &nbsp;&nbsp; 486629 |
| **Hawaii-0.10%** |  |  |  |  |
| Hawaii (State of) Department of Budget & Finance (The Queen's Health System), Series 2025, Ref. <br> RB<br>| 5.00% | 07/01/2043 | 5 | &nbsp;&nbsp; 5468 |
| Honolulu (City & County of), HI, Series 2018 A, RB | 4.00% | 07/01/2042 | 795 | &nbsp;&nbsp; 800206 |
| Honolulu (City & County of), HI, Series 2018 A, RB | 5.00% | 07/01/2047 | 250 | &nbsp;&nbsp; 254740 |
| Honolulu (City & County of), HI, Series 2019 A, RB | 5.00% | 07/01/2049 | 1200 | &nbsp;&nbsp; 1234179 |
| Honolulu (City & County of), HI (Green Bonds), First Series 2024, RB | 5.25% | 07/01/2054 | 1000 | &nbsp;&nbsp; 1072420 |
| Honolulu (City & County of), HI (Green Bonds), Series 2019 A, RB | 4.00% | 07/01/2044 | 5 | &nbsp;&nbsp; 5029 |
| Honolulu (City & County of), HI (Green Bonds), Series 2022 A, RB | 4.13% | 07/01/2047 | 500 | &nbsp;&nbsp; 500760 |
|  |  |  |  | &nbsp;&nbsp; 3872802 |
| **Idaho-0.18%** |  |  |  |  |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2021, Ref. RB | 4.00% | 03/01/2046 | 475 | &nbsp;&nbsp; 441966 |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2021, Ref. RB | 3.00% | 03/01/2051 | 125 | &nbsp;&nbsp; 89543 |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2021, Ref. RB | 4.00% | 03/01/2051 | 565 | &nbsp;&nbsp; 510245 |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2025, Ref. RB | 4.38% | 03/01/2053 | 90 | &nbsp;&nbsp; 86865 |
| Idaho (State of) Health Facilities Authority (St. Luke's Health ystem), Series 2025, Ref. RB | 5.25% | 03/01/2050 | 280 | &nbsp;&nbsp; 298468 |
| Idaho (State of) Health Facilities Authority (Trinity Health Credit Group), Series 2017, RB | 4.00% | 12/01/2046 | 105 | &nbsp;&nbsp; 98527 |
| Idaho (State of) Health Facilities Authority (Trinity Health Credit Group), Series 2019, RB | 4.00% | 12/01/2043 | 40 | &nbsp;&nbsp; 39716 |
| Idaho (State of) Housing & Finance Association, Series 2022, RB | 5.00% | 08/15/2047 | 1410 | &nbsp;&nbsp; 1492469 |
| Idaho (State of) Housing & Finance Association, Series 2023 A, RB | 5.25% | 08/15/2048 | 600 | &nbsp;&nbsp; 646861 |
| Idaho (State of) Housing & Finance Association, Series 2024, RB | 5.00% | 08/15/2048 | 1225 | &nbsp;&nbsp; 1307919 |
| Idaho (State of) Housing & Finance Association, Series 2024, RB | 4.00% | 08/15/2049 | 670 | &nbsp;&nbsp; 640853 |
| Idaho (State of) Housing & Finance Association, Series 2025 A, RB | 5.00% | 08/15/2049 | 440 | &nbsp;&nbsp; 469740 |
| Idaho (State of) Housing & Finance Association, Series 2025 A, RB | 4.00% | 08/15/2050 | 600 | &nbsp;&nbsp; 568815 |
|  |  |  |  | &nbsp;&nbsp; 6691987 |
| **Illinois-3.51%** |  |  |  |  |
| Chicago (City of), IL, Series 2017 A, RB | 5.00% | 01/01/2047 | 250 | &nbsp;&nbsp; 251274 |
| Chicago (City of), IL, Series 2017 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 01/01/2042 | 200 | &nbsp;&nbsp; 202884 |
| Chicago (City of), IL, Series 2017 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 01/01/2052 | 210 | &nbsp;&nbsp; 188555 |
| Chicago (City of), IL, Series 2019 A, GO Bonds | 5.00% | 01/01/2044 | 2145 | &nbsp;&nbsp; 2152538 |
| Chicago (City of), IL, Series 2019 A, GO Bonds | 5.50% | 01/01/2049 | 455 | &nbsp;&nbsp; 457300 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 01/01/2048 | 405 | &nbsp;&nbsp; 427853 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/01/2048 | 1035 | &nbsp;&nbsp; 1092064 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 01/01/2053 | 500 | &nbsp;&nbsp; 523490 |

---

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

------

**90**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 11/01/2053 | $470 | &nbsp;&nbsp; $491828 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 01/01/2058 | 75 | &nbsp;&nbsp; 78329 |
| Chicago (City of), IL, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 11/01/2062 | 1200 | &nbsp;&nbsp; 1271169 |
| Chicago (City of), IL, Series 2024 A, GO Bonds | 5.00% | 01/01/2042 | 250 | &nbsp;&nbsp; 257180 |
| Chicago (City of), IL, Series 2024 A, GO Bonds | 5.00% | 01/01/2043 | 1090 | &nbsp;&nbsp; 1108535 |
| Chicago (City of), IL, Series 2024 A, GO Bonds | 5.00% | 01/01/2044 | 1300 | &nbsp;&nbsp; 1318455 |
| Chicago (City of), IL, Series 2024 A, GO Bonds | 5.00% | 01/01/2045 | 1000 | &nbsp;&nbsp; 1005532 |
| Chicago (City of), IL, Series 2024 A, GO Bonds | 5.25% | 01/01/2045 | 30 | &nbsp;&nbsp; 30649 |
| Chicago (City of), IL, Series 2025 A, GO Bonds | 6.00% | 01/01/2050 | 1440 | &nbsp;&nbsp; 1516199 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.00% | 01/01/2047 | 1380 | &nbsp;&nbsp; 1389223 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 D, RB | 5.00% | 01/01/2052 | 395 | &nbsp;&nbsp; 396474 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 F, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 01/01/2042 | 205 | &nbsp;&nbsp; 205755 |
| Chicago (City of), IL (O'Hare International Airport), Series 2017 F, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 01/01/2047 | 260 | &nbsp;&nbsp; 254848 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 4.00% | 01/01/2044 | 2010 | &nbsp;&nbsp; 1977304 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2048 | 1040 | &nbsp;&nbsp; 1057032 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB | 5.00% | 01/01/2053 | 725 | &nbsp;&nbsp; 733689 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 01/01/2053 | 1005 | &nbsp;&nbsp; 905160 |
| Chicago (City of), IL (O'Hare International Airport), Series 2022, RB | 4.50% | 01/01/2056 | 750 | &nbsp;&nbsp; 734214 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.00% | 01/01/2048 | 985 | &nbsp;&nbsp; 1027961 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.25% | 01/01/2053 | 1665 | &nbsp;&nbsp; 1746360 |
| Chicago (City of), IL (O'Hare International Airport), Series 2024 B, RB | 5.50% | 01/01/2059 | 1215 | &nbsp;&nbsp; 1291022 |
| Chicago (City of), IL (O'Hare International Airport), Series 2025 C, Ref. RB | 5.25% | 01/01/2054 | 75 | &nbsp;&nbsp; 79334 |
| Chicago (City of), IL (O'Hare International Airport), Series 2026 A, RB | 5.25% | 01/01/2061 | 1000 | &nbsp;&nbsp; 1049507 |
| Chicago (City of), IL Board of Education, Series 2016, RB | 6.00% | 04/01/2046 | 2565 | &nbsp;&nbsp; 2599058 |
| Chicago (City of), IL Board of Education, Series 2018, RB | 5.00% | 04/01/2042 | 680 | &nbsp;&nbsp; 686451 |
| Chicago (City of), IL Board of Education, Series 2018, RB | 5.00% | 04/01/2046 | 500 | &nbsp;&nbsp; 495564 |
| Chicago (City of), IL Board of Education, Series 2023, RB | 5.00% | 04/01/2045 | 100 | &nbsp;&nbsp; 103117 |
| Chicago (City of), IL Board of Education, Series 2023, RB | 5.75% | 04/01/2048 | 2000 | &nbsp;&nbsp; 2130077 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO <br> Bonds<br>| 5.00% | 12/01/2041 | 320 | &nbsp;&nbsp; 361473 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO <br> Bonds<br>| 5.00% | 12/01/2042 | 415 | &nbsp;&nbsp; 463472 |
| Chicago (City of), IL Metropolitan Water Reclamation District (Green Bonds), Series 2024 A, GO <br> Bonds<br>| 5.00% | 12/01/2043 | 270 | &nbsp;&nbsp; 297681 |
| Chicago (City of), IL Midway International Airport, Series 2025 B, Ref. RB | 5.00% | 01/01/2050 | 280 | &nbsp;&nbsp; 292466 |
| Chicago (City of), IL Midway International Airport, Series 2025 B, Ref. RB | 5.00% | 01/01/2055 | 620 | &nbsp;&nbsp; 642887 |
| Chicago (City of), IL Transit Authority, Series 2017, RB | 5.00% | 12/01/2046 | 220 | &nbsp;&nbsp; 221165 |
| Chicago (City of), IL Transit Authority, Series 2017, RB | 5.00% | 12/01/2051 | 270 | &nbsp;&nbsp; 270879 |
| Chicago (City of), IL Transit Authority, Series 2017, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2051 | 1065 | &nbsp;&nbsp; 1067844 |
| Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2045 | 885 | &nbsp;&nbsp; 916796 |
| Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB | 4.00% | 12/01/2050 | 150 | &nbsp;&nbsp; 132985 |
| Chicago (City of), IL Transit Authority, Series 2020 A, Ref. RB | 4.00% | 12/01/2055 | 1810 | &nbsp;&nbsp; 1565773 |
| Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB | 4.00% | 12/01/2049 | 1950 | &nbsp;&nbsp; 1756020 |
| Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB | 5.00% | 12/01/2052 | 625 | &nbsp;&nbsp; 638372 |
| Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB | 5.00% | 12/01/2057 | 815 | &nbsp;&nbsp; 830398 |
| Chicago (City of), IL Transit Authority, Series 2022 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2046 | 520 | &nbsp;&nbsp; 539310 |
| Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB | 5.00% | 12/01/2041 | 405 | &nbsp;&nbsp; 448075 |
| Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB | 5.00% | 12/01/2042 | 315 | &nbsp;&nbsp; 346048 |
| Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB | 5.00% | 12/01/2043 | 435 | &nbsp;&nbsp; 473133 |
| Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB | 5.00% | 12/01/2044 | 490 | &nbsp;&nbsp; 527645 |
| Chicago (City of), IL Transit Authority, Series 2024 A, Ref. RB | 5.00% | 12/01/2049 | 2520 | &nbsp;&nbsp; 2601922 |
| Cook (County of), IL, Series 2021 A, Ref. RB | 4.00% | 11/15/2040 | 120 | &nbsp;&nbsp; 121305 |
| Cook (County of), IL, Series 2021 A, Ref. RB | 4.00% | 11/15/2041 | 185 | &nbsp;&nbsp; 186297 |
| Cook (County of), IL, Series 2022 A, Ref. RB | 5.25% | 11/15/2045 | 225 | &nbsp;&nbsp; 240507 |
| Cook (County of), IL, Series 2024, Ref. RB | 5.00% | 11/15/2042 | 270 | &nbsp;&nbsp; 291903 |
| Cook County Community College District No. 508, Series 2017, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 12/01/2047 | 130 | &nbsp;&nbsp; 131320 |
| Du Page (County of), IL (Morton Abroretum), Series 2020, Ref. RB | 3.00% | 05/15/2047 | 1640 | &nbsp;&nbsp; 1242269 |
| DuPage & Cook Counties Community Unit School District No. 205 Elmhurst, Series 2022, GO Bonds | 4.00% | 09/15/2042 | 125 | &nbsp;&nbsp; 126024 |

---

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

------

**91**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2016, GO Bonds | 4.00% | 06/01/2041 | $65 | &nbsp;&nbsp; $63340 |
| Illinois (State of), Series 2017 A, GO Bonds | 4.25% | 12/01/2040 | 10 | &nbsp;&nbsp; 10028 |
| Illinois (State of), Series 2017 A, GO Bonds | 4.50% | 12/01/2041 | 10 | &nbsp;&nbsp; 10047 |
| Illinois (State of), Series 2019 C, GO Bonds | 4.00% | 11/01/2041 | 95 | &nbsp;&nbsp; 92774 |
| Illinois (State of), Series 2019 C, GO Bonds | 4.00% | 11/01/2042 | 175 | &nbsp;&nbsp; 168739 |
| Illinois (State of), Series 2019 C, GO Bonds | 4.00% | 11/01/2043 | 130 | &nbsp;&nbsp; 123574 |
| Illinois (State of), Series 2019 C, GO Bonds | 4.00% | 11/01/2044 | 80 | &nbsp;&nbsp; 74563 |
| Illinois (State of), Series 2020 C, GO Bonds | 4.00% | 10/01/2042 | 50 | &nbsp;&nbsp; 48291 |
| Illinois (State of), Series 2020 C, GO Bonds | 4.25% | 10/01/2045 | 780 | &nbsp;&nbsp; 744789 |
| Illinois (State of), Series 2020 C, Ref. GO Bonds | 4.00% | 10/01/2041 | 445 | &nbsp;&nbsp; 435185 |
| Illinois (State of), Series 2020, GO Bonds | 5.75% | 05/01/2045 | 1290 | &nbsp;&nbsp; 1370347 |
| Illinois (State of), Series 2021 A, GO Bonds | 4.00% | 03/01/2041 | 105 | &nbsp;&nbsp; 104245 |
| Illinois (State of), Series 2021 A, GO Bonds | 5.00% | 03/01/2046 | 1430 | &nbsp;&nbsp; 1466292 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.50% | 03/01/2042 | 2455 | &nbsp;&nbsp; 2683694 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.50% | 03/01/2047 | 1500 | &nbsp;&nbsp; 1586758 |
| Illinois (State of), Series 2022 C, GO Bonds | 5.50% | 10/01/2045 | 500 | &nbsp;&nbsp; 535472 |
| Illinois (State of), Series 2022 C, GO Bonds | 5.25% | 10/01/2046 | 45 | &nbsp;&nbsp; 47009 |
| Illinois (State of), Series 2022 C, GO Bonds | 5.25% | 10/01/2047 | 30 | &nbsp;&nbsp; 31171 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2041 | 370 | &nbsp;&nbsp; 399275 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2042 | 250 | &nbsp;&nbsp; 267947 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.25% | 05/01/2043 | 855 | &nbsp;&nbsp; 909039 |
| Illinois (State of), Series 2023 B, GO Bonds | 5.50% | 05/01/2047 | 1750 | &nbsp;&nbsp; 1846280 |
| Illinois (State of), Series 2023 B, GO Bonds | 4.50% | 05/01/2048 | 65 | &nbsp;&nbsp; 63090 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 12/01/2044 | 65 | &nbsp;&nbsp; 68034 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 12/01/2045 | 1025 | &nbsp;&nbsp; 1064898 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 12/01/2046 | 45 | &nbsp;&nbsp; 46436 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 12/01/2047 | 250 | &nbsp;&nbsp; 256088 |
| Illinois (State of), Series 2023 C, GO Bonds | 5.00% | 12/01/2048 | 240 | &nbsp;&nbsp; 244734 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.00% | 05/01/2041 | 160 | &nbsp;&nbsp; 174116 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2042 | 650 | &nbsp;&nbsp; 712109 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2043 | 465 | &nbsp;&nbsp; 504152 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2044 | 510 | &nbsp;&nbsp; 547337 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2045 | 220 | &nbsp;&nbsp; 234123 |
| Illinois (State of), Series 2024 B, GO Bonds | 4.25% | 05/01/2046 | 525 | &nbsp;&nbsp; 496655 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2047 | 1550 | &nbsp;&nbsp; 1626676 |
| Illinois (State of), Series 2024 B, GO Bonds | 5.25% | 05/01/2048 | 550 | &nbsp;&nbsp; 573507 |
| Illinois (State of), Series 2024 C, GO Bonds | 4.00% | 10/01/2041 | 110 | &nbsp;&nbsp; 107574 |
| Illinois (State of), Series 2024 C, GO Bonds | 4.00% | 10/01/2043 | 400 | &nbsp;&nbsp; 380896 |
| Illinois (State of), Series 2024 C, GO Bonds | 4.00% | 10/01/2048 | 1055 | &nbsp;&nbsp; 948597 |
| Illinois (State of), Series 2024 C, RB | 5.00% | 06/15/2042 | 210 | &nbsp;&nbsp; 228405 |
| Illinois (State of), Series 2024 C, RB | 5.00% | 06/15/2043 | 595 | &nbsp;&nbsp; 642192 |
| Illinois (State of), Series 2024 C, RB | 5.00% | 06/15/2044 | 95 | &nbsp;&nbsp; 101451 |
| Illinois (State of), Series 2025 E, GO Bonds | 5.00% | 09/01/2044 | 510 | &nbsp;&nbsp; 536980 |
| Illinois (State of), Series 2025 F, GO Bonds | 5.25% | 09/01/2046 | 610 | &nbsp;&nbsp; 644124 |
| Illinois (State of), Series 2025 F, GO Bonds | 5.25% | 09/01/2047 | 780 | &nbsp;&nbsp; 817956 |
| Illinois (State of), Series 2025 F, GO Bonds | 5.25% | 09/01/2048 | 1370 | &nbsp;&nbsp; 1428529 |
| Illinois (State of), Series 2025, RB | 5.00% | 06/15/2042 | 295 | &nbsp;&nbsp; 323470 |
| Illinois (State of), Series 2025, RB | 5.00% | 06/15/2043 | 135 | &nbsp;&nbsp; 146785 |
| Illinois (State of), Series 2025, RB | 5.00% | 06/15/2044 | 100 | &nbsp;&nbsp; 107469 |
| Illinois (State of), Series 2025, RB | 5.00% | 06/15/2045 | 25 | &nbsp;&nbsp; 26541 |
| Illinois (State of) Finance Authority (Advocate Health Care Network), Series 2015, RB | 4.13% | 05/01/2045 | 15 | &nbsp;&nbsp; 14395 |
| Illinois (State of) Finance Authority (Ascension Health), Series 2016 C, Ref. RB | 5.00% | 02/15/2041 | 240 | &nbsp;&nbsp; 243610 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 4.00% | 08/15/2041 | 640 | &nbsp;&nbsp; 642704 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 3.00% | 08/15/2048 | 1320 | &nbsp;&nbsp; 1033091 |
| Illinois (State of) Finance Authority (Carle Foundation (The)), Series 2021 A, Ref. RB | 4.00% | 08/15/2048 | 1400 | &nbsp;&nbsp; 1280052 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 A, RB | 5.00% | 07/01/2042 | 680 | &nbsp;&nbsp; 774494 |
| Illinois (State of) Finance Authority (Green Bonds), Series 2025 A, RB | 5.00% | 07/01/2043 | 235 | &nbsp;&nbsp; 264642 |
| Illinois (State of) Finance Authority (Mercy Health Corp.), Series 2016, Ref. RB<sup>(d)(e)</sup> | 5.00% | 06/01/2026 | 1100 | &nbsp;&nbsp; 1107616 |

---

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

------

**92**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2017, <br> Ref. RB<br>| 5.00% | 07/15/2042 | $1060 | &nbsp;&nbsp; $1087371 |
| Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022 <br> A, Ref. RB<br>| 5.00% | 08/15/2047 | 920 | &nbsp;&nbsp; 945832 |
| Illinois (State of) Finance Authority (Northshore Edward Elmhurst Health Credit Group), Series 2022 <br> A, Ref. RB<br>| 5.00% | 08/15/2051 | 905 | &nbsp;&nbsp; 917969 |
| Illinois (State of) Finance Authority (Northshore University Health System), Series 2020, Ref. RB | 3.25% | 08/15/2049 | 225 | &nbsp;&nbsp; 179184 |
| Illinois (State of) Finance Authority (Northwestern Memorial Healthcare), Series 2017, Ref. RB | 4.00% | 07/15/2047 | 1105 | &nbsp;&nbsp; 1014619 |
| Illinois (State of) Finance Authority (OSF Healthcare System), Series 2015 A, Ref. RB | 5.00% | 11/15/2045 | 1190 | &nbsp;&nbsp; 1192042 |
| Illinois (State of) Finance Authority (OSF Healthcare System), Series 2018 A, Ref. RB | 4.13% | 05/15/2047 | 240 | &nbsp;&nbsp; 228503 |
| Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB | 3.00% | 05/15/2050 | 1365 | &nbsp;&nbsp; 962874 |
| Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020 A, Ref. RB | 4.00% | 05/15/2050 | 2325 | &nbsp;&nbsp; 2029845 |
| Illinois (State of) Finance Authority (Southern Illinois Healthcare), Series 2017, RB | 5.00% | 03/01/2047 | 165 | &nbsp;&nbsp; 165434 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2018 A, RB | 5.00% | 10/01/2048 | 550 | &nbsp;&nbsp; 555036 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB | 5.25% | 05/15/2048 | 620 | &nbsp;&nbsp; 658260 |
| Illinois (State of) Finance Authority (The University of Chicago), Series 2023 A, RB | 5.25% | 05/15/2054 | 345 | &nbsp;&nbsp; 362525 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2016 B, Ref. RB | 4.00% | 08/15/2041 | 390 | &nbsp;&nbsp; 388502 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2020 A, RB | 4.00% | 04/01/2050 | 740 | &nbsp;&nbsp; 672051 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB | 5.00% | 08/15/2047 | 855 | &nbsp;&nbsp; 874425 |
| Illinois (State of) Finance Authority (University of Chicago Medical), Series 2022 A, RB | 5.00% | 08/15/2052 | 1190 | &nbsp;&nbsp; 1204332 |
| Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB | 4.00% | 10/01/2050 | 1535 | &nbsp;&nbsp; 1341641 |
| Illinois (State of) Finance Authority (University of Illinois Health Services), Series 2020, RB | 4.00% | 10/01/2055 | 1450 | &nbsp;&nbsp; 1241548 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), Series 2015 <br> A, RB<br>| 5.00% | 06/15/2053 | 260 | &nbsp;&nbsp; 259980 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), <br> Series 2015, Ref. RB<br>| 5.00% | 06/15/2052 | 500 | &nbsp;&nbsp; 499966 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), <br> Series 2020, Ref. RB<br>| 5.00% | 06/15/2042 | 405 | &nbsp;&nbsp; 422128 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), <br> Series 2020, Ref. RB<br>| 4.00% | 06/15/2050 | 635 | &nbsp;&nbsp; 557101 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), <br> Series 2020, Ref. RB<br>| 5.00% | 06/15/2050 | 3010 | &nbsp;&nbsp; 3020465 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), <br> Series 2022, Ref. RB<br>| 4.00% | 12/15/2042 | 2040 | &nbsp;&nbsp; 2015800 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), <br> Series 2022, Ref. RB<br>| 4.00% | 12/15/2047 | 1075 | &nbsp;&nbsp; 961897 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), <br> Series 2022, Ref. RB<br>| 4.00% | 06/15/2052 | 1905 | &nbsp;&nbsp; 1644643 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), <br> Series 2024, Ref. RB<br>| 5.00% | 06/15/2053 | 230 | &nbsp;&nbsp; 230050 |
| Illinois (State of) Regional Transportation Authority, Series 2016 A, RB | 4.00% | 06/01/2046 | 230 | &nbsp;&nbsp; 215286 |
| Illinois (State of) Regional Transportation Authority, Series 2025 A, RB | 5.00% | 06/01/2055 | 25 | &nbsp;&nbsp; 25786 |
| Illinois (State of) Toll Highway Authority, Series 2017 A, RB | 5.00% | 01/01/2042 | 2105 | &nbsp;&nbsp; 2173636 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, RB | 5.00% | 01/01/2044 | 920 | &nbsp;&nbsp; 957266 |
| Illinois (State of) Toll Highway Authority, Series 2019 A, Ref. RB | 4.00% | 01/01/2044 | 780 | &nbsp;&nbsp; 768448 |
| Illinois (State of) Toll Highway Authority, Series 2020 A, RB | 5.00% | 01/01/2041 | 500 | &nbsp;&nbsp; 538006 |
| Illinois (State of) Toll Highway Authority, Series 2020 A, RB | 5.00% | 01/01/2045 | 2715 | &nbsp;&nbsp; 2847132 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 4.00% | 01/01/2042 | 330 | &nbsp;&nbsp; 332541 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 5.00% | 01/01/2043 | 1050 | &nbsp;&nbsp; 1132572 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 4.00% | 01/01/2046 | 1610 | &nbsp;&nbsp; 1518718 |
| Illinois (State of) Toll Highway Authority, Series 2021 A, RB | 5.00% | 01/01/2046 | 1520 | &nbsp;&nbsp; 1602503 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.00% | 01/01/2042 | 540 | &nbsp;&nbsp; 594302 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.25% | 01/01/2043 | 1100 | &nbsp;&nbsp; 1216355 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.00% | 01/01/2044 | 1305 | &nbsp;&nbsp; 1409980 |
| Illinois (State of) Toll Highway Authority, Series 2023 A, RB | 5.25% | 01/01/2045 | 1055 | &nbsp;&nbsp; 1148212 |
| Illinois (State of) Toll Highway Authority, Series 2025 A, RB | 5.00% | 01/01/2044 | 15 | &nbsp;&nbsp; 16514 |
| Illinois (State of) Toll Highway Authority, Series 2025 A, RB | 5.00% | 01/01/2046 | 170 | &nbsp;&nbsp; 182823 |
| Illinois (State of) Toll Highway Authority, Series 2025 A, RB | 5.00% | 01/01/2047 | 1035 | &nbsp;&nbsp; 1105251 |

---

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

------

**93**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB | 4.00% | 12/01/2041 | $930 | &nbsp;&nbsp; $932168 |
| Northern Illinois Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 12/01/2041 | 100 | &nbsp;&nbsp; 100972 |
| Rosemont (Village of), IL, Series 2017 A, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2046 | 1100 | &nbsp;&nbsp; 1104470 |
| Sales Tax Securitization Corp., Series 2018 A, Ref. RB | 4.00% | 01/01/2048 | 1375 | &nbsp;&nbsp; 1217848 |
| Sales Tax Securitization Corp., Series 2018 A, Ref. RB | 5.00% | 01/01/2048 | 125 | &nbsp;&nbsp; 125950 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.00% | 01/01/2043 | 775 | &nbsp;&nbsp; 796382 |
| Sales Tax Securitization Corp., Series 2018 C, Ref. RB | 5.25% | 01/01/2043 | 540 | &nbsp;&nbsp; 558478 |
| Sales Tax Securitization Corp., Series 2025 A, Ref. RB | 5.00% | 01/01/2045 | 450 | &nbsp;&nbsp; 478147 |
| Sales Tax Securitization Corp. (Social Bonds), Series 2023, Ref. RB | 5.00% | 01/01/2044 | 109 | &nbsp;&nbsp; 112514 |
| Sangamon (County of), IL (Waterworks System Alternative Revenue Source), Series 2019 A, Ref. <br> GO Bonds<br>| 4.00% | 01/01/2049 | 1015 | &nbsp;&nbsp; 926079 |
| Sangamon (County of), IL School District No. 186 (Springfield), Series 2023, GO Bonds, <br> (INS - AGI)<sup>(a)</sup><br>| 4.50% | 06/01/2063 | 860 | &nbsp;&nbsp; 859868 |
| Schaumburg (Village of), IL, Series 2013 A, Ref. GO Bonds | 4.00% | 12/01/2041 | 360 | &nbsp;&nbsp; 360118 |
| University of Illinois, Series 2018 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 04/01/2043 | 1065 | &nbsp;&nbsp; 1065753 |
| University of Illinois, Series 2018 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.13% | 04/01/2048 | 725 | &nbsp;&nbsp; 686271 |
| Will (County of), IL, Series 2019, GO Bonds | 4.00% | 11/15/2047 | 1015 | &nbsp;&nbsp; 967834 |
|  |  |  |  | &nbsp;&nbsp; 133114546 |
| **Indiana-0.76%** |  |  |  |  |
| Allen County Building Corp., Series 2024, RB, (CEP - Colorado Higher Education Intercept Program) | 4.00% | 07/15/2044 | 5 | &nbsp;&nbsp; 4994 |
| Brownsburg 1999 School Building Corp., Series 2024 A, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 07/15/2044 | 195 | &nbsp;&nbsp; 211205 |
| Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.63% | 07/15/2053 | 750 | &nbsp;&nbsp; 825084 |
| Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.75% | 07/15/2058 | 250 | &nbsp;&nbsp; 276598 |
| Fishers Town Hall Building Corp., Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.75% | 01/15/2063 | 1750 | &nbsp;&nbsp; 1936190 |
| Illinois (State of) Finance Authority (Green Bonds) (Clean Water Initiative), Series 2016, RB | 5.00% | 10/01/2041 | 205 | &nbsp;&nbsp; 206697 |
| Indiana (State of) Finance Authority, Series 2018 A, RB | 5.00% | 11/01/2043 | 5 | &nbsp;&nbsp; 5137 |
| Indiana (State of) Finance Authority, Series 2020 A, RB | 4.00% | 07/01/2050 | 10 | &nbsp;&nbsp; 8676 |
| Indiana (State of) Finance Authority, Series 2021, Ref. RB | 3.00% | 10/01/2041 | 50 | &nbsp;&nbsp; 44876 |
| Indiana (State of) Finance Authority, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 4.25% | 01/01/2047 | 265 | &nbsp;&nbsp; 258742 |
| Indiana (State of) Finance Authority, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2052 | 10 | &nbsp;&nbsp; 10179 |
| Indiana (State of) Finance Authority, Series 2022, Ref. RB | 5.25% | 09/01/2057 | 525 | &nbsp;&nbsp; 505418 |
| Indiana (State of) Finance Authority, Series 2024 A, RB | 5.00% | 11/01/2054 | 500 | &nbsp;&nbsp; 509460 |
| Indiana (State of) Finance Authority, Series 2024, RB | 5.25% | 07/01/2064 | 300 | &nbsp;&nbsp; 303397 |
| Indiana (State of) Finance Authority, Series 2024, Ref. RB | 4.25% | 03/01/2049 | 250 | &nbsp;&nbsp; 232653 |
| Indiana (State of) Finance Authority, Series 2025 C, Ref. RB | 5.00% | 10/01/2043 | 5 | &nbsp;&nbsp; 5486 |
| Indiana (State of) Finance Authority, Series 2025 C, Ref. RB | 5.25% | 10/01/2045 | 15 | &nbsp;&nbsp; 16433 |
| Indiana (State of) Finance Authority, Series 2025, Ref. RB | 5.00% | 11/15/2042 | 5 | &nbsp;&nbsp; 5582 |
| Indiana (State of) Finance Authority, Series 2025, Ref. RB | 5.00% | 11/15/2043 | 320 | &nbsp;&nbsp; 352548 |
| Indiana (State of) Finance Authority (Baptist Healthcare System Obligated Group), Series 2017, RB | 5.00% | 08/15/2051 | 675 | &nbsp;&nbsp; 680398 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2012 A, RB | 4.00% | 10/01/2042 | 90 | &nbsp;&nbsp; 89997 |
| Indiana (State of) Finance Authority (CWA Authority), Series 2014 A, RB | 4.25% | 10/01/2044 | 150 | &nbsp;&nbsp; 150002 |
| Indiana (State of) Finance Authority (CWA Authority) (Green Bonds), Series 2016 A, RB | 5.00% | 10/01/2046 | 205 | &nbsp;&nbsp; 205992 |
| Indiana (State of) Finance Authority (Deaconess Health System Obligated Group), Series 2016 A, <br> RB<br>| 3.13% | 03/01/2044 | 320 | &nbsp;&nbsp; 265971 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2016 A, RB | 4.00% | 11/01/2051 | 2480 | &nbsp;&nbsp; 2255962 |
| Indiana (State of) Finance Authority (Franciscan Alliance, Inc.), Series 2016 A, RB | 5.00% | 11/01/2051 | 35 | &nbsp;&nbsp; 35034 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022 B, RB | 5.25% | 10/01/2047 | 1410 | &nbsp;&nbsp; 1482233 |
| Indiana (State of) Finance Authority (Green Bonds), Series 2022, RB | 5.25% | 10/01/2052 | 230 | &nbsp;&nbsp; 238827 |
| Indiana (State of) Finance Authority (Hendricks Regional Health), Series 2024, Ref. RB | 5.25% | 03/01/2054 | 1990 | &nbsp;&nbsp; 2053574 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2019 A, RB | 4.00% | 12/01/2049 | 1000 | &nbsp;&nbsp; 926179 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2041 | 265 | &nbsp;&nbsp; 292248 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2042 | 180 | &nbsp;&nbsp; 196272 |
| Indiana (State of) Finance Authority (Indiana University Health Obligated Group), Series 2023 A, RB | 5.00% | 10/01/2053 | 2450 | &nbsp;&nbsp; 2514628 |
| Indiana (State of) Finance Authority (Parkview Health), Series 2018 A, RB | 4.00% | 11/01/2048 | 10 | &nbsp;&nbsp; 9038 |
| Indiana (State of) Finance Authority (Tippecanoe LLC-Student HSG), Series 2023, RB | 5.00% | 06/01/2053 | 390 | &nbsp;&nbsp; 391108 |

---

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

------

**94**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Indiana-(continued)** |  |  |  |  |
| Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit <br> Group), Series 2006 B-2, Ref. RB<br>| 4.00% | 11/15/2046 | $60 | &nbsp;&nbsp; $56429 |
| Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit <br> Group), Series 2006, Ref. RB<br>| 4.00% | 11/15/2046 | 5 | &nbsp;&nbsp; 4702 |
| Indiana (State of) Health & Educational Facilities Financing Authority (Ascension Senior Credit <br> Group), Series 2006, Ref. RB<br>| 5.00% | 11/15/2046 | 1430 | &nbsp;&nbsp; 1436531 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 4.00% | 01/01/2042 | 310 | &nbsp;&nbsp; 310469 |
| Indiana (State of) Municipal Power Agency, Series 2016 A, Ref. RB | 5.00% | 01/01/2042 | 840 | &nbsp;&nbsp; 844532 |
| Indiana (State of) Municipal Power Agency, Series 2017 A, Ref. RB | 5.00% | 01/01/2042 | 240 | &nbsp;&nbsp; 247566 |
| Indiana (State of) Municipal Power Agency, Series 2025 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2043 | 785 | &nbsp;&nbsp; 864987 |
| Indianapolis Local Public Improvement Bond Bank, Series 2019 A, RB | 4.00% | 02/01/2044 | 30 | &nbsp;&nbsp; 30041 |
| Indianapolis Local Public Improvement Bond Bank, Series 2019 A, RB | 3.84% | 02/01/2054 | 290 | &nbsp;&nbsp; 262919 |
| Indianapolis Local Public Improvement Bond Bank, Series 2022 B, Ref. RB | 4.00% | 02/01/2047 | 20 | &nbsp;&nbsp; 19339 |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB | 6.00% | 02/01/2048 | 20 | &nbsp;&nbsp; 22335 |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB | 4.13% | 02/01/2052 | 20 | &nbsp;&nbsp; 18921 |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2053 | 75 | &nbsp;&nbsp; 78136 |
| Indianapolis Local Public Improvement Bond Bank, Series 2023, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 03/01/2058 | 115 | &nbsp;&nbsp; 119183 |
| Indianapolis Local Public Improvement Bond Bank, Series 2025, Ref. RB | 5.25% | 01/01/2055 | 40 | &nbsp;&nbsp; 42139 |
| Indianapolis Local Public Improvement Bond Bank (Circle City Forward Phase II), Series 2023, RB | 5.25% | 02/01/2048 | 970 | &nbsp;&nbsp; 1038340 |
| Indianapolis Local Public Improvement Bond Bank (Convention Center Hotel), Series 2023 E, RB | 6.00% | 03/01/2053 | 150 | &nbsp;&nbsp; 157216 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2044 | 1000 | &nbsp;&nbsp; 1033390 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2049 | 1500 | &nbsp;&nbsp; 1531060 |
| Indianapolis Local Public Improvement Bond Bank (Courthouse and Jail), Series 2019 A, RB | 5.00% | 02/01/2054 | 90 | &nbsp;&nbsp; 91648 |
| Merrillville Multi School Building Corp., Series 2022, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 01/15/2042 | 125 | &nbsp;&nbsp; 135899 |
| Northern Indiana Commuter Transportation District, Series 2016, RB | 5.00% | 07/01/2041 | 935 | &nbsp;&nbsp; 937048 |
| Northern Indiana Commuter Transportation District, Series 2024, RB | 5.25% | 01/01/2049 | 285 | &nbsp;&nbsp; 303590 |
| Northern Indiana Commuter Transportation District, Series 2024, RB | 5.00% | 01/01/2054 | 760 | &nbsp;&nbsp; 792287 |
| St. Joseph (County of), IN Hospital Authority (Beacon Health System Obligated Group), Series 2013 <br> C, Ref. RB<br>| 4.00% | 08/15/2044 | 860 | &nbsp;&nbsp; 845157 |
|  |  |  |  | &nbsp;&nbsp; 28730682 |
| **Iowa-0.13%** |  |  |  |  |
| Coralville (City of), IA, Series 2022 C, Ref. RB | 5.00% | 05/01/2042 | 500 | &nbsp;&nbsp; 506741 |
| Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics), Series 2022 B, RB | 3.00% | 09/01/2056 | 240 | &nbsp;&nbsp; 172688 |
| Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics), Series 2022, RB | 3.00% | 09/01/2061 | 100 | &nbsp;&nbsp; 70111 |
| Iowa (State of) Board of Regents (University of Iowa Hospital & Clinics), Series 2025, RB | 4.50% | 09/01/2048 | 500 | &nbsp;&nbsp; 506241 |
| Iowa (State of) Finance Authority (Alcoa, Inc.), Series 2012, RB | 4.75% | 08/01/2042 | 250 | &nbsp;&nbsp; 250087 |
| Iowa (State of) Finance Authority (Lifespace Communities, Inc.), Series 2018 A, RB | 5.00% | 05/15/2048 | 1530 | &nbsp;&nbsp; 1471249 |
| Iowa (State of) Finance Authority (Lifespace Communities, Inc.), Series 2021 A, Ref. RB | 4.00% | 05/15/2046 | 15 | &nbsp;&nbsp; 13067 |
| Iowa (State of) Finance Authority (Unitypoint Health), Series 2016 E, Ref. RB | 4.00% | 08/15/2046 | 830 | &nbsp;&nbsp; 783753 |
| Iowa (State of) Higher Education Loan Authority (Des Moines University), Series 2020, RB | 4.00% | 10/01/2045 | 60 | &nbsp;&nbsp; 53478 |
| Iowa (State of) Higher Education Loan Authority (DES Moines University), Series 2020, RB | 4.00% | 10/01/2050 | 45 | &nbsp;&nbsp; 37853 |
| Iowa (State of) Higher Education Loan Authority (Grinnell College), Series 2017, RB | 5.00% | 12/01/2046 | 520 | &nbsp;&nbsp; 523370 |
| Iowa (State of) Higher Education Loan Authority (University of Dubuque), Series 2025, RB | 6.00% | 10/01/2055 | 500 | &nbsp;&nbsp; 527225 |
|  |  |  |  | &nbsp;&nbsp; 4915863 |
| **Kansas-0.12%** |  |  |  |  |
| Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2042 | 525 | &nbsp;&nbsp; 564569 |
| Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2047 | 265 | &nbsp;&nbsp; 276540 |
| Ellis County Unified School District No. 489 Hays, Series 2022 B, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 09/01/2052 | 450 | &nbsp;&nbsp; 413701 |
| Johnson County Unified School District No. 512 Shawnee Mission, Series 2021 A, Ref. GO Bonds | 3.00% | 10/01/2041 | 40 | &nbsp;&nbsp; 36471 |
| Johnson County Unified School District No. 512 Shawnee Mission, Series 2023 A, GO Bonds | 4.00% | 10/01/2042 | 15 | &nbsp;&nbsp; 15380 |
| Johnson County Unified School District No. 512 Shawnee Mission, Series 2023 A, GO Bonds | 4.00% | 10/01/2043 | 5 | &nbsp;&nbsp; 5075 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2041 | 15 | &nbsp;&nbsp; 17139 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2042 | 20 | &nbsp;&nbsp; 22683 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2043 | 35 | &nbsp;&nbsp; 39272 |
| Kansas (State of) Department of Transportation, Series 2025 A, Ref. RB | 5.00% | 09/01/2044 | 20 | &nbsp;&nbsp; 22185 |
| Kansas (State of) Development Finance Authority, Series 2025, RB | 4.50% | 09/01/2054 | 500 | &nbsp;&nbsp; 502333 |

---

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

------

**95**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kansas-(continued)** |  |  |  |  |
| University of Kansas Hospital Authority, Series 2017, Ref. RB | 4.00% | 03/01/2042 | $210 | &nbsp;&nbsp; $210058 |
| University of Kansas Hospital Authority (KS Health System), Series 2017 A, Ref. RB | 5.00% | 03/01/2047 | 25 | &nbsp;&nbsp; 25158 |
| University of Kansas Hospital Authority (KS Health System), Series 2019 A, RB | 5.00% | 09/01/2048 | 740 | &nbsp;&nbsp; 750928 |
| University of Kansas Hospital Authority (KU Health System), Series 2015, Ref. RB | 5.00% | 09/01/2045 | 225 | &nbsp;&nbsp; 225102 |
| Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2016 A, RB | 5.00% | 09/01/2045 | 250 | &nbsp;&nbsp; 250158 |
| Wyandotte County Unified School District No. 500, Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.25% | 09/01/2055 | 1000 | &nbsp;&nbsp; 1052605 |
|  |  |  |  | &nbsp;&nbsp; 4429357 |
| **Kentucky-0.67%** |  |  |  |  |
| Kentucky (Commonwealth of), Series 2018, COP | 4.00% | 04/15/2048 | 65 | &nbsp;&nbsp; 61088 |
| Kentucky (Commonwealth of) Economic Development Finance Authority, Series 2019 A, Ref. RB | 5.00% | 08/01/2044 | 55 | &nbsp;&nbsp; 56556 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare <br> System), Series 2017 B, RB<br>| 5.00% | 08/15/2041 | 155 | &nbsp;&nbsp; 158345 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Baptist Healthcare <br> System), Series 2017 B, RB<br>| 5.00% | 08/15/2046 | 250 | &nbsp;&nbsp; 253011 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Commonspirit Health), <br> Series 2019 A-2, Ref. RB<br>| 5.00% | 08/01/2049 | 1010 | &nbsp;&nbsp; 1021989 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, <br> Inc.), Series 2017 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2045 | 1390 | &nbsp;&nbsp; 1409750 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Louisville Arena Authority, <br> Inc.), Series 2017, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 4.00% | 12/01/2041 | 1455 | &nbsp;&nbsp; 1460297 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Next Generation Kentucky <br> Information Highway), Series 2015 A, RB<br>| 5.00% | 01/01/2045 | 205 | &nbsp;&nbsp; 205099 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), <br> Series 2017 A, Ref. RB<br>| 5.25% | 06/01/2041 | 1000 | &nbsp;&nbsp; 1012882 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), <br> Series 2017 A, Ref. RB<br>| 5.00% | 06/01/2045 | 30 | &nbsp;&nbsp; 30085 |
| Kentucky (Commonwealth of) Economic Development Finance Authority (Owensboro Health, Inc.), <br> Series 2017 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 4.00% | 06/01/2045 | 600 | &nbsp;&nbsp; 581951 |
| Kentucky (Commonwealth of) Municipal Energy Agency, Series 2015 A, Ref. RB, (INS - NATL)<sup>(a)</sup> | 5.00% | 09/01/2042 | 5 | &nbsp;&nbsp; 5003 |
| Kentucky (Commonwealth of) Municipal Energy Agency (Energy Center I), Series 2025, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 01/01/2050 | 1000 | &nbsp;&nbsp; 1034153 |
| Kentucky (Commonwealth of) Municipal Power Agency (Prairie State), Series 2019 A, Ref. RB | 4.00% | 09/01/2045 | 15 | &nbsp;&nbsp; 13716 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2041 | 1015 | &nbsp;&nbsp; 1150004 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2042 | 670 | &nbsp;&nbsp; 749706 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2043 | 560 | &nbsp;&nbsp; 620044 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 131), Series 2024 A, RB | 5.00% | 10/01/2044 | 1275 | &nbsp;&nbsp; 1398874 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2041 | 35 | &nbsp;&nbsp; 39889 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2042 | 70 | &nbsp;&nbsp; 78743 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2043 | 610 | &nbsp;&nbsp; 678644 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 132), Series 2025 A, RB | 5.00% | 04/01/2044 | 130 | &nbsp;&nbsp; 142830 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB | 5.00% | 09/01/2042 | 910 | &nbsp;&nbsp; 1028110 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB | 5.00% | 09/01/2044 | 30 | &nbsp;&nbsp; 33075 |
| Kentucky (Commonwealth of) Property & Building Commission (No. 133), Series 2025 A, RB | 5.00% | 09/01/2045 | 500 | &nbsp;&nbsp; 544669 |
| Kentucky Bond Development Corp., Series 2018, RB | 4.00% | 09/01/2048 | 2225 | &nbsp;&nbsp; 2075250 |
| Kentucky Bond Development Corp. (Kentucky Communications Network Authority), Series 2019, <br> RB, (INS - BAM)<sup>(a)</sup><br>| 5.00% | 09/01/2049 | 355 | &nbsp;&nbsp; 364919 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (Norton Healthcare, Inc.), <br> Series 2023 A, Ref. RB<br>| 5.00% | 10/01/2041 | 60 | &nbsp;&nbsp; 65500 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), <br> Series 2022 A, RB<br>| 5.00% | 05/15/2052 | 845 | &nbsp;&nbsp; 826573 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government (UOFL Health), <br> Series 2022 A, RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/15/2047 | 1270 | &nbsp;&nbsp; 1305103 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2016 A, RB | 3.00% | 05/15/2046 | 2055 | &nbsp;&nbsp; 1686466 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2017 A, RB | 4.00% | 05/15/2048 | 50 | &nbsp;&nbsp; 47636 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2020 A, RB | 3.00% | 10/01/2043 | 380 | &nbsp;&nbsp; 315145 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2023 C, Ref. RB | 5.00% | 05/15/2051 | 700 | &nbsp;&nbsp; 733659 |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2014 A, RB | 4.00% | 05/15/2045 | 30 | &nbsp;&nbsp; 29625 |

---

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

------

**96**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Kentucky-(continued)** |  |  |  |  |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2023 C, Ref. RB | 5.00% | 05/15/2053 | $515 | &nbsp;&nbsp; $539026 |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2025 A, Ref. RB | 5.00% | 05/15/2055 | 360 | &nbsp;&nbsp; 379850 |
| Louisville (City of) & Jefferson (County of), KY Visitors and Convention Commission, Series 2016, <br> RB<br>| 3.13% | 06/01/2041 | 955 | &nbsp;&nbsp; 866753 |
| Louisville (City of) & Jefferson (County of), KY Visitors and Convention Commission, Series 2016, <br> RB, (INS - AGI)<sup>(a)</sup><br>| 3.13% | 06/01/2046 | 1825 | &nbsp;&nbsp; 1465949 |
| Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 09/01/2041 | 45 | &nbsp;&nbsp; 48855 |
| Scott County School District Finance Corp., Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 09/01/2045 | 240 | &nbsp;&nbsp; 238688 |
| University of Kentucky, Series 2014 A, RB, (CEP - Colorado Higher Education Intercept Program) | 4.00% | 04/01/2044 | 335 | &nbsp;&nbsp; 334927 |
| University of Kentucky (UK Healthcare Cancer Center Parking), Series 2024, RB | 4.13% | 10/01/2054 | 140 | &nbsp;&nbsp; 129798 |
| Warren (County of), KY (Bowling Green - Warren County Community Hospital Corp.), Series 2024, <br> RB<br>| 5.25% | 04/01/2049 | 25 | &nbsp;&nbsp; 26356 |
| Warren (County of), KY (Bowling Green - Warren County Community Hospital Corp.), Series 2024, <br> RB<br>| 5.25% | 04/01/2054 | 35 | &nbsp;&nbsp; 36649 |
|  |  |  |  | &nbsp;&nbsp; 25285240 |
| **Louisiana-0.56%** |  |  |  |  |
| East Baton Rouge (Parish of), LA Sewerage Commission, Series 2019 A, Ref. RB | 4.00% | 02/01/2045 | 870 | &nbsp;&nbsp; 870976 |
| Jefferson (Parish of), LA Sales Tax District, Series 2017 B, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2042 | 1715 | &nbsp;&nbsp; 1753634 |
| Jefferson (Parish of), LA Sales Tax District, Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/01/2042 | 155 | &nbsp;&nbsp; 155106 |
| Lafayette (City of), LA, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/01/2046 | 140 | &nbsp;&nbsp; 149506 |
| Lafayette (Parish of), LA School Board, Series 2023, RB | 4.00% | 04/01/2048 | 25 | &nbsp;&nbsp; 23874 |
| Lafayette (Parish of), LA School Board, Series 2023, RB | 4.00% | 04/01/2053 | 295 | &nbsp;&nbsp; 272822 |
| Louisiana (State of), Series 2025 B, GO Bonds | 5.00% | 06/01/2044 | 15 | &nbsp;&nbsp; 16602 |
| Louisiana (State of), Series 2025 B, GO Bonds | 5.00% | 06/01/2045 | 20 | &nbsp;&nbsp; 21893 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Ragin Cajun Facilities, Inc.), Series 2018, RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 10/01/2048 | 1405 | &nbsp;&nbsp; 1415844 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Womans Foundation), Series 2017 A, Ref. RB<br>| 5.00% | 10/01/2044 | 110 | &nbsp;&nbsp; 111737 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Woman's Hospital Foundation), Series 2017 A, Ref. RB<br>| 5.00% | 10/01/2041 | 185 | &nbsp;&nbsp; 188943 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development Authority <br> (Woman's Hospital Foundation), Series 2017, Ref. RB<br>| 4.00% | 10/01/2041 | 130 | &nbsp;&nbsp; 128943 |
| Louisiana (State of) Public Facilities Authority (Louisiana Children's Medical Center), Series 2015, <br> RB<br>| 4.00% | 06/01/2045 | 155 | &nbsp;&nbsp; 145661 |
| Louisiana (State of) Public Facilities Authority (Louisiana Children's Medical Center), Series 2015, <br> RB<br>| 5.00% | 06/01/2045 | 30 | &nbsp;&nbsp; 30569 |
| Louisiana (State of) Public Facilities Authority (Louisiana Children's Medical Center), Series 2020, <br> RB<br>| 4.00% | 06/01/2050 | 25 | &nbsp;&nbsp; 21700 |
| Louisiana (State of) Public Facilities Authority (Louisiana Children's Medical Center), Series 2020, <br> RB, (INS - AGI)<sup>(a)</sup><br>| 3.00% | 06/01/2050 | 1335 | &nbsp;&nbsp; 967504 |
| Louisiana (State of) Public Facilities Authority (Louisiana State University), Series 2025, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 07/01/2065 | 400 | &nbsp;&nbsp; 419503 |
| Louisiana (State of) Public Facilities Authority (Loyola University Maryland, Inc.), Series 2023, RB | 5.25% | 10/01/2048 | 220 | &nbsp;&nbsp; 221201 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2015, Ref. RB | 5.00% | 05/15/2047 | 195 | &nbsp;&nbsp; 195081 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2016, Ref. RB | 5.00% | 05/15/2047 | 190 | &nbsp;&nbsp; 190211 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB | 4.00% | 05/15/2042 | 375 | &nbsp;&nbsp; 369239 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB | 5.00% | 05/15/2042 | 455 | &nbsp;&nbsp; 460689 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB | 5.00% | 05/15/2046 | 180 | &nbsp;&nbsp; 181110 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB | 3.00% | 05/15/2047 | 3545 | &nbsp;&nbsp; 2663139 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2020, Ref. RB | 4.00% | 05/15/2049 | 2635 | &nbsp;&nbsp; 2391661 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2025, Ref. RB | 5.25% | 05/15/2050 | 1055 | &nbsp;&nbsp; 1116199 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2025, Ref. RB | 5.25% | 05/15/2055 | 50 | &nbsp;&nbsp; 52409 |
| Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2025, Ref. RB | 5.50% | 05/15/2055 | 10 | &nbsp;&nbsp; 10683 |
| Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana <br> State University Nicholson Gateway), Series 2016, RB<br>| 5.00% | 07/01/2046 | 490 | &nbsp;&nbsp; 490203 |
| Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana <br> State University Nicholson Gateway), Series 2016, RB<br>| 5.00% | 07/01/2051 | 10 | &nbsp;&nbsp; 10000 |

---

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

------

**97**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Louisiana-(continued)** |  |  |  |  |
| Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana <br> State University Nicholson Gateway), Series 2016, RB<br>| 4.00% | 01/01/2056 | $135 | &nbsp;&nbsp; $117756 |
| Louisiana (State of) Public Facilities Authority (Provident Group-Flagship Properties LLC- Louisiana <br> State University Nicholson Gateway), Series 2016, RB<br>| 5.00% | 07/01/2056 | 5 | &nbsp;&nbsp; 5000 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2020, Ref. <br> RB<br>| 5.00% | 04/01/2045 | 395 | &nbsp;&nbsp; 410014 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2020, Ref. <br> RB<br>| 4.00% | 04/01/2050 | 80 | &nbsp;&nbsp; 70273 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023 A, Ref. <br> RB<br>| 5.00% | 10/15/2048 | 1025 | &nbsp;&nbsp; 1071112 |
| Louisiana (State of) Public Facilities Authority (Tulane University of Louisiana), Series 2023, Ref. <br> RB<br>| 5.00% | 10/15/2052 | 440 | &nbsp;&nbsp; 456605 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.00% | 07/01/2048 | 865 | &nbsp;&nbsp; 902073 |
| Louisiana Stadium & Exposition District, Series 2023 A, Ref. RB | 5.25% | 07/01/2053 | 1440 | &nbsp;&nbsp; 1506146 |
| New Orleans (City of), LA, Series 2021 A, GO Bonds | 5.00% | 12/01/2046 | 1000 | &nbsp;&nbsp; 1027398 |
| New Orleans (City of), LA, Series 2024 A, GO Bonds | 5.00% | 12/01/2053 | 75 | &nbsp;&nbsp; 76923 |
| New Orleans (City of), LA Aviation Board (Parking Facilities Corp. Consolidated Garage System), <br> Series 2018 A, RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 10/01/2048 | 15 | &nbsp;&nbsp; 15242 |
| Parish of East Baton Rouge Capital Improvements District, Series 2019, RB | 4.00% | 08/01/2044 | 165 | &nbsp;&nbsp; 165392 |
| Parish of East Baton Rouge Capital Improvements District, Series 2024, RB | 5.00% | 08/01/2048 | 10 | &nbsp;&nbsp; 10514 |
| Shreveport (City of), LA, Series 2016 B, RB | 5.00% | 12/01/2041 | 20 | &nbsp;&nbsp; 20162 |
| Shreveport (City of), LA, Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/01/2049 | 250 | &nbsp;&nbsp; 230542 |
|  |  |  |  | &nbsp;&nbsp; 21131794 |
| **Maine-0.10%** |  |  |  |  |
| Maine (State of) Finance Authority (University of New England), Series 2025, RB | 5.50% | 07/01/2055 | 15 | &nbsp;&nbsp; 15988 |
| Maine (State of) Health & Higher Educational Facilities Autho rity (Mainhealth), Series 2018 A, RB | 4.00% | 07/01/2048 | 25 | &nbsp;&nbsp; 23037 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2023 B, RB, (INS - AGI)<sup>(a)</sup> | 4.75% | 07/01/2053 | 20 | &nbsp;&nbsp; 20226 |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.25% | 10/01/2054 | 660 | &nbsp;&nbsp; 695039 |
| Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2018 A, RB | 5.00% | 07/01/2043 | 40 | &nbsp;&nbsp; 41037 |
| Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2018 A, RB | 5.00% | 07/01/2048 | 60 | &nbsp;&nbsp; 60864 |
| Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB | 4.00% | 07/01/2045 | 590 | &nbsp;&nbsp; 559714 |
| Maine (State of) Health & Higher Educational Facilities Authority (Mainhealth), Series 2020 A, RB | 4.00% | 07/01/2050 | 2265 | &nbsp;&nbsp; 2036279 |
| Maine (State of) Turnpike Authority, Series 2018, RB | 5.00% | 07/01/2047 | 45 | &nbsp;&nbsp; 45966 |
| Maine (State of) Turnpike Authority, Series 2020, RB | 4.00% | 07/01/2045 | 435 | &nbsp;&nbsp; 432662 |
|  |  |  |  | &nbsp;&nbsp; 3930812 |
| **Maryland-0.93%** |  |  |  |  |
| Anne Arundel (County of), MD, Series 2020, GO Bonds | 3.00% | 10/01/2049 | 15 | &nbsp;&nbsp; 11834 |
| Baltimore (City of), MD (Wastewater), Series 2017 A, RB | 5.00% | 07/01/2046 | 300 | &nbsp;&nbsp; 301308 |
| Baltimore (City of), MD (Wastewater), Series 2019 A, RB | 4.00% | 07/01/2044 | 115 | &nbsp;&nbsp; 114855 |
| Baltimore (City of), MD (Wastewater), Series 2019 A, RB | 5.00% | 07/01/2049 | 55 | &nbsp;&nbsp; 56353 |
| Baltimore (City of), MD (Water), Series 2017 A, RB | 5.00% | 07/01/2041 | 20 | &nbsp;&nbsp; 20262 |
| Baltimore (City of), MD (Water), Series 2017 A, RB | 5.00% | 07/01/2046 | 2495 | &nbsp;&nbsp; 2511758 |
| Baltimore (City of), MD (Water), Series 2019 A, RB | 4.00% | 07/01/2049 | 255 | &nbsp;&nbsp; 240600 |
| Baltimore (City of), MD (Water), Series 2020 A, RB | 5.00% | 07/01/2050 | 600 | &nbsp;&nbsp; 617698 |
| Baltimore (County of), MD, Series 2018, GO Bonds | 4.00% | 03/01/2048 | 25 | &nbsp;&nbsp; 24797 |
| Baltimore (County of), MD, Series 2019, GO Bonds | 4.00% | 03/01/2049 | 20 | &nbsp;&nbsp; 19707 |
| Baltimore (County of), MD, Series 2025, GO Bonds | 5.00% | 03/01/2052 | 75 | &nbsp;&nbsp; 79924 |
| Baltimore (County of), MD (84th Issue), Series 2023, GO Bonds | 5.00% | 03/01/2053 | 500 | &nbsp;&nbsp; 526151 |
| Baltimore (County of), MD (Riderwood Village, Inc.), Series 2020, Ref. RB | 4.00% | 01/01/2045 | 1000 | &nbsp;&nbsp; 947005 |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2016 A, Ref. RB | 5.00% | 01/01/2045 | 25 | &nbsp;&nbsp; 25058 |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2021, RB | 3.00% | 07/01/2046 | 225 | &nbsp;&nbsp; 178100 |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2021, RB | 4.00% | 01/01/2051 | 80 | &nbsp;&nbsp; 67980 |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 07/01/2049 | 510 | &nbsp;&nbsp; 526751 |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.00% | 07/01/2054 | 750 | &nbsp;&nbsp; 768640 |
| Maryland (State of) Health & Higher Educational Facilities Authority, Series 2024, RB | 5.25% | 07/01/2054 | 240 | &nbsp;&nbsp; 253296 |
| Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health), <br> Series 2015, Ref. RB<br>| 4.13% | 07/01/2047 | 355 | &nbsp;&nbsp; 349132 |

---

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

------

**98**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-(continued)** |  |  |  |  |
| Maryland (State of) Health & Higher Educational Facilities Authority (LifeBridge Health), <br> Series 2016, Ref. RB<br>| 4.00% | 07/01/2041 | $500 | &nbsp;&nbsp; $500432 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University Maryland, <br> Inc.), Series 2025, Ref. RB<br>| 5.00% | 10/01/2054 | 675 | &nbsp;&nbsp; 689057 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 <br> A, RB<br>| 5.00% | 05/15/2042 | 1800 | &nbsp;&nbsp; 1827808 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 <br> A, RB<br>| 5.00% | 05/15/2045 | 1100 | &nbsp;&nbsp; 1110553 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 <br> A, RB<br>| 3.75% | 05/15/2047 | 235 | &nbsp;&nbsp; 202977 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2017 <br> A, RB<br>| 4.00% | 05/15/2047 | 860 | &nbsp;&nbsp; 779200 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2025, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2055 | 705 | &nbsp;&nbsp; 728726 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2026 <br> A, Ref. RB<br>| 5.25% | 08/15/2051 | 1200 | &nbsp;&nbsp; 1270168 |
| Maryland (State of) Health & Higher Educational Facilities Authority (MedStar Health), Series 2026 <br> A, Ref. RB<br>| 5.25% | 08/15/2054 | 1640 | &nbsp;&nbsp; 1725515 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Medstar Health, Inc.), <br> Series 2015, Ref. RB<br>| 4.00% | 08/15/2045 | 985 | &nbsp;&nbsp; 933171 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Mercy Medical Center), <br> Series 2016, Ref. RB<br>| 4.00% | 07/01/2042 | 520 | &nbsp;&nbsp; 519895 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Peninsula Regional Health), <br> Series 2020, RB<br>| 4.00% | 07/01/2048 | 50 | &nbsp;&nbsp; 45357 |
| Maryland (State of) Health & Higher Educational Facilities Authority (Stevenson University), <br> Series 2021, Ref. RB<br>| 4.00% | 06/01/2055 | 55 | &nbsp;&nbsp; 47284 |
| Maryland (State of) Health & Higher Educational Facilities Authority (TidalHealth), Series 2025 C, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.50% | 07/01/2055 | 275 | &nbsp;&nbsp; 296346 |
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical <br> System), Series 2017, RB<br>| 4.00% | 07/01/2048 | 1360 | &nbsp;&nbsp; 1246074 |
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical <br> System), Series 2025, Ref. RB<br>| 5.25% | 07/01/2052 | 1110 | &nbsp;&nbsp; 1169884 |
| Maryland (State of) Health & Higher Educational Facilities Authority (UPMC), Series 2020 B, RB | 4.00% | 04/15/2045 | 20 | &nbsp;&nbsp; 18502 |
| Maryland (State of) Stadium Authority, Series 2018, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 05/01/2042 | 2105 | &nbsp;&nbsp; 2176817 |
| Maryland (State of) Stadium Authority, Series 2022 A, RB | 4.00% | 06/01/2047 | 1405 | &nbsp;&nbsp; 1334222 |
| Maryland (State of) Stadium Authority, Series 2022 A, RB | 4.00% | 06/01/2052 | 865 | &nbsp;&nbsp; 793810 |
| Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB | 2.75% | 06/01/2051 | 205 | &nbsp;&nbsp; 143625 |
| Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB | 4.00% | 06/01/2051 | 85 | &nbsp;&nbsp; 79227 |
| Maryland (State of) Stadium Authority (Built to Learn), Series 2024, RB | 4.00% | 06/01/2049 | 305 | &nbsp;&nbsp; 285276 |
| Maryland (State of) Stadium Authority (Built to Learn), Series 2024, RB | 5.25% | 06/01/2051 | 110 | &nbsp;&nbsp; 117182 |
| Maryland (State of) Stadium Authority (Built to Learn), Series 2024, RB | 5.00% | 06/01/2054 | 1060 | &nbsp;&nbsp; 1104649 |
| Maryland (State of) Stadium Authority (Baltimore City Public Schools), Series 2018 A, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 05/01/2047 | 1000 | &nbsp;&nbsp; 1016620 |
| Maryland (State of) Stadium Authority (Built to Learn), Series 2021, RB | 4.00% | 06/01/2046 | 450 | &nbsp;&nbsp; 438281 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2046 | 1305 | &nbsp;&nbsp; 1388164 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 3.00% | 07/01/2047 | 335 | &nbsp;&nbsp; 268953 |
| Maryland (State of) Transportation Authority, Series 2021 A, Ref. RB | 5.00% | 07/01/2051 | 1015 | &nbsp;&nbsp; 1057784 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 4.00% | 07/01/2045 | 695 | &nbsp;&nbsp; 695872 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2020, RB | 4.00% | 07/01/2050 | 490 | &nbsp;&nbsp; 466110 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2021 A, Ref. RB | 2.50% | 07/01/2047 | 250 | &nbsp;&nbsp; 178924 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB | 5.00% | 07/01/2041 | 505 | &nbsp;&nbsp; 573217 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB | 5.00% | 07/01/2042 | 620 | &nbsp;&nbsp; 696190 |
| Maryland (State of) Transportation Authority (Transportation Facilities), Series 2024, Ref. RB | 5.00% | 07/01/2043 | 215 | &nbsp;&nbsp; 239274 |
| Maryland Economic Development Corp. (College Park Leonardtown), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2054 | 290 | &nbsp;&nbsp; 295893 |
| Maryland Economic Development Corp. (College Park Leonardtown), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2064 | 260 | &nbsp;&nbsp; 269311 |
| Maryland Economic Development Corp. (Dept. of Health Heardquarters), Series 2025, RB | 5.00% | 06/01/2048 | 440 | &nbsp;&nbsp; 468235 |
| Montgomery (County of), MD, Series 2015, RB | 4.00% | 12/01/2044 | 230 | &nbsp;&nbsp; 223869 |

---

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

------

**99**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Maryland-(continued)** |  |  |  |  |
| University System of Maryland, Series 2021 A, Ref. RB | 4.00% | 04/01/2051 | $160 | &nbsp;&nbsp; $152648 |
| Washington (State of) Suburban Sanitary Commission, Series 2017, RB | 4.00% | 06/15/2047 | 45 | &nbsp;&nbsp; 45017 |
|  |  |  |  | &nbsp;&nbsp; 35261328 |
| **Massachusetts-4.78%** |  |  |  |  |
| Boston (City of), MA, Series 2025 A, GO Bonds | 5.00% | 02/01/2042 | 15 | &nbsp;&nbsp; 16959 |
| Boston (City of), MA, Series 2025 A, GO Bonds | 5.00% | 02/01/2043 | 500 | &nbsp;&nbsp; 559680 |
| Brockton (City of), MA, Series 2022, GO Bonds | 4.00% | 08/01/2047 | 200 | &nbsp;&nbsp; 195603 |
| Greater Fall River Vocational School District, Series 2025, GO Bonds | 5.00% | 06/01/2055 | 395 | &nbsp;&nbsp; 407680 |
| Massachusetts (Commonwealth of), Series 2015 A, RB | 4.00% | 06/01/2045 | 575 | &nbsp;&nbsp; 574989 |
| Massachusetts (Commonwealth of), Series 2015 C, GO Bonds | 4.00% | 07/01/2045 | 10 | &nbsp;&nbsp; 9963 |
| Massachusetts (Commonwealth of), Series 2015 E, GO Bonds | 4.00% | 09/01/2041 | 210 | &nbsp;&nbsp; 210033 |
| Massachusetts (Commonwealth of), Series 2015 E, GO Bonds | 4.00% | 09/01/2042 | 1165 | &nbsp;&nbsp; 1165012 |
| Massachusetts (Commonwealth of), Series 2015 E, GO Bonds | 4.00% | 09/01/2044 | 255 | &nbsp;&nbsp; 255001 |
| Massachusetts (Commonwealth of), Series 2015, GO Bonds | 4.00% | 05/01/2045 | 1980 | &nbsp;&nbsp; 1964965 |
| Massachusetts (Commonwealth of), Series 2016 B, RB | 4.00% | 06/01/2046 | 3225 | &nbsp;&nbsp; 3184385 |
| Massachusetts (Commonwealth of), Series 2016 E, GO Bonds | 3.00% | 04/01/2041 | 2195 | &nbsp;&nbsp; 2001981 |
| Massachusetts (Commonwealth of), Series 2016 E, GO Bonds | 4.00% | 04/01/2042 | 755 | &nbsp;&nbsp; 755008 |
| Massachusetts (Commonwealth of), Series 2016 E, GO Bonds | 3.00% | 04/01/2044 | 1810 | &nbsp;&nbsp; 1548582 |
| Massachusetts (Commonwealth of), Series 2016 E, GO Bonds | 4.00% | 04/01/2046 | 2145 | &nbsp;&nbsp; 2095183 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 4.00% | 09/01/2042 | 3855 | &nbsp;&nbsp; 3854939 |
| Massachusetts (Commonwealth of), Series 2016 G, GO Bonds | 3.00% | 09/01/2046 | 1735 | &nbsp;&nbsp; 1395576 |
| Massachusetts (Commonwealth of), Series 2016 J, GO Bonds | 4.00% | 12/01/2044 | 3000 | &nbsp;&nbsp; 3001398 |
| Massachusetts (Commonwealth of), Series 2016 J, GO Bonds | 4.00% | 12/01/2045 | 205 | &nbsp;&nbsp; 202862 |
| Massachusetts (Commonwealth of), Series 2016 J, GO Bonds | 4.00% | 12/01/2046 | 460 | &nbsp;&nbsp; 449082 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2042 | 1080 | &nbsp;&nbsp; 1102538 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.00% | 04/01/2047 | 40 | &nbsp;&nbsp; 40538 |
| Massachusetts (Commonwealth of), Series 2017 A, GO Bonds | 5.25% | 04/01/2047 | 1115 | &nbsp;&nbsp; 1133748 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 3.50% | 06/01/2042 | 70 | &nbsp;&nbsp; 68382 |
| Massachusetts (Commonwealth of), Series 2017 A, Ref. RB | 5.00% | 06/01/2043 | 2000 | &nbsp;&nbsp; 2065785 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds | 4.00% | 02/01/2043 | 165 | &nbsp;&nbsp; 165157 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds | 4.00% | 02/01/2044 | 740 | &nbsp;&nbsp; 740707 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds | 4.00% | 02/01/2045 | 80 | &nbsp;&nbsp; 79713 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds | 4.00% | 02/01/2046 | 115 | &nbsp;&nbsp; 112343 |
| Massachusetts (Commonwealth of), Series 2017 D, GO Bonds | 4.00% | 02/01/2047 | 80 | &nbsp;&nbsp; 77289 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2041 | 505 | &nbsp;&nbsp; 522222 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2042 | 60 | &nbsp;&nbsp; 61911 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2045 | 45 | &nbsp;&nbsp; 46097 |
| Massachusetts (Commonwealth of), Series 2017 F, GO Bonds | 5.00% | 11/01/2046 | 20 | &nbsp;&nbsp; 20440 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2042 | 10 | &nbsp;&nbsp; 10350 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2044 | 325 | &nbsp;&nbsp; 334550 |
| Massachusetts (Commonwealth of), Series 2018 A, GO Bonds | 5.00% | 01/01/2045 | 100 | &nbsp;&nbsp; 102674 |
| Massachusetts (Commonwealth of), Series 2018 E, GO Bonds | 5.25% | 09/01/2043 | 205 | &nbsp;&nbsp; 215162 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.25% | 01/01/2044 | 1010 | &nbsp;&nbsp; 1061938 |
| Massachusetts (Commonwealth of), Series 2019 A, GO Bonds | 5.00% | 01/01/2049 | 3145 | &nbsp;&nbsp; 3236796 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2041 | 10 | &nbsp;&nbsp; 10635 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2042 | 115 | &nbsp;&nbsp; 121817 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2043 | 65 | &nbsp;&nbsp; 68552 |
| Massachusetts (Commonwealth of), Series 2019 C, GO Bonds | 5.00% | 05/01/2044 | 155 | &nbsp;&nbsp; 162708 |
| Massachusetts (Commonwealth of), Series 2019, GO Bonds | 5.00% | 05/01/2046 | 5 | &nbsp;&nbsp; 5189 |
| Massachusetts (Commonwealth of), Series 2020 B, GO Bonds | 2.50% | 03/01/2043 | 675 | &nbsp;&nbsp; 545047 |
| Massachusetts (Commonwealth of), Series 2020 C, GO Bonds | 3.00% | 03/01/2047 | 595 | &nbsp;&nbsp; 472111 |
| Massachusetts (Commonwealth of), Series 2020 C, GO Bonds | 3.00% | 03/01/2048 | 450 | &nbsp;&nbsp; 353164 |
| Massachusetts (Commonwealth of), Series 2020 C, GO Bonds | 3.00% | 03/01/2049 | 225 | &nbsp;&nbsp; 175219 |
| Massachusetts (Commonwealth of), Series 2020 C, GO Bonds | 2.75% | 03/01/2050 | 240 | &nbsp;&nbsp; 174246 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2045 | 1035 | &nbsp;&nbsp; 1091424 |
| Massachusetts (Commonwealth of), Series 2020 D, GO Bonds | 5.00% | 07/01/2048 | 85 | &nbsp;&nbsp; 88563 |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 4.00% | 11/01/2041 | 5 | &nbsp;&nbsp; 5134 |

---

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

------

**100**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2020 D, Ref. GO Bonds | 3.00% | 11/01/2042 | $30 | &nbsp;&nbsp; $27050 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2045 | 1065 | &nbsp;&nbsp; 1127170 |
| Massachusetts (Commonwealth of), Series 2020 E, GO Bonds | 5.00% | 11/01/2050 | 3245 | &nbsp;&nbsp; 3355729 |
| Massachusetts (Commonwealth of), Series 2020, GO Bonds | 3.00% | 07/01/2048 | 150 | &nbsp;&nbsp; 117495 |
| Massachusetts (Commonwealth of), Series 2021 A, GO Bonds | 2.00% | 03/01/2042 | 115 | &nbsp;&nbsp; 87347 |
| Massachusetts (Commonwealth of), Series 2021 A, Ref. RB | 5.00% | 06/01/2042 | 290 | &nbsp;&nbsp; 318394 |
| Massachusetts (Commonwealth of), Series 2021 B, GO Bonds | 3.00% | 04/01/2047 | 1105 | &nbsp;&nbsp; 876325 |
| Massachusetts (Commonwealth of), Series 2021 B, GO Bonds | 3.00% | 04/01/2048 | 360 | &nbsp;&nbsp; 282390 |
| Massachusetts (Commonwealth of), Series 2021 B, GO Bonds | 3.00% | 04/01/2049 | 515 | &nbsp;&nbsp; 400865 |
| Massachusetts (Commonwealth of), Series 2021 B, GO Bonds | 2.00% | 04/01/2050 | 790 | &nbsp;&nbsp; 480933 |
| Massachusetts (Commonwealth of), Series 2021 D, GO Bonds | 5.00% | 09/01/2051 | 1000 | &nbsp;&nbsp; 1037406 |
| Massachusetts (Commonwealth of), Series 2021, Ref. RB | 5.00% | 06/01/2043 | 315 | &nbsp;&nbsp; 340596 |
| Massachusetts (Commonwealth of), Series 2022 B, GO Bonds | 3.00% | 02/01/2041 | 75 | &nbsp;&nbsp; 69285 |
| Massachusetts (Commonwealth of), Series 2022 B, GO Bonds | 4.00% | 02/01/2042 | 1020 | &nbsp;&nbsp; 1045903 |
| Massachusetts (Commonwealth of), Series 2022 B, GO Bonds | 3.00% | 02/01/2043 | 50 | &nbsp;&nbsp; 43986 |
| Massachusetts (Commonwealth of), Series 2022 B, GO Bonds | 3.00% | 02/01/2048 | 1105 | &nbsp;&nbsp; 867596 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2041 | 15 | &nbsp;&nbsp; 16700 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.00% | 10/01/2047 | 10 | &nbsp;&nbsp; 10588 |
| Massachusetts (Commonwealth of), Series 2022 C, GO Bonds | 5.25% | 10/01/2047 | 105 | &nbsp;&nbsp; 112676 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2042 | 25 | &nbsp;&nbsp; 27649 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2047 | 45 | &nbsp;&nbsp; 47672 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2048 | 2305 | &nbsp;&nbsp; 2426662 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2049 | 15 | &nbsp;&nbsp; 15745 |
| Massachusetts (Commonwealth of), Series 2022 E, GO Bonds | 5.00% | 11/01/2052 | 10 | &nbsp;&nbsp; 10413 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2043 | 30 | &nbsp;&nbsp; 33089 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2048 | 445 | &nbsp;&nbsp; 470010 |
| Massachusetts (Commonwealth of), Series 2023 A, GO Bonds | 5.00% | 05/01/2053 | 1310 | &nbsp;&nbsp; 1366637 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2041 | 30 | &nbsp;&nbsp; 33669 |
| Massachusetts (Commonwealth of), Series 2023 B, Ref. GO Bonds | 5.00% | 05/01/2043 | 75 | &nbsp;&nbsp; 82721 |
| Massachusetts (Commonwealth of), Series 2023 C, GO Bonds | 5.00% | 10/01/2048 | 65 | &nbsp;&nbsp; 68836 |
| Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2042 | 110 | &nbsp;&nbsp; 122818 |
| Massachusetts (Commonwealth of), Series 2023 C, Ref. GO Bonds | 5.00% | 08/01/2043 | 40 | &nbsp;&nbsp; 44246 |
| Massachusetts (Commonwealth of), Series 2023 D, GO Bonds | 5.00% | 10/01/2050 | 750 | &nbsp;&nbsp; 788303 |
| Massachusetts (Commonwealth of), Series 2023 D, GO Bonds | 5.00% | 10/01/2051 | 1000 | &nbsp;&nbsp; 1048124 |
| Massachusetts (Commonwealth of), Series 2023 D, GO Bonds | 5.00% | 10/01/2052 | 1025 | &nbsp;&nbsp; 1072353 |
| Massachusetts (Commonwealth of), Series 2023 D, GO Bonds | 5.00% | 10/01/2053 | 2120 | &nbsp;&nbsp; 2216233 |
| Massachusetts (Commonwealth of), Series 2023, RB | 5.00% | 06/01/2048 | 25 | &nbsp;&nbsp; 26532 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2042 | 35 | &nbsp;&nbsp; 39280 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2049 | 2190 | &nbsp;&nbsp; 2314919 |
| Massachusetts (Commonwealth of), Series 2024 A, GO Bonds | 5.00% | 01/01/2054 | 3105 | &nbsp;&nbsp; 3247012 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. GO Bonds | 5.00% | 03/01/2042 | 100 | &nbsp;&nbsp; 112461 |
| Massachusetts (Commonwealth of), Series 2024 A, Ref. RB | 5.00% | 06/01/2044 | 670 | &nbsp;&nbsp; 742462 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2041 | 5 | &nbsp;&nbsp; 5687 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2042 | 30 | &nbsp;&nbsp; 33805 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2043 | 125 | &nbsp;&nbsp; 139433 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2044 | 10 | &nbsp;&nbsp; 11020 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2046 | 1000 | &nbsp;&nbsp; 1079005 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2047 | 205 | &nbsp;&nbsp; 219504 |
| Massachusetts (Commonwealth of), Series 2024 B, GO Bonds | 5.00% | 05/01/2054 | 1440 | &nbsp;&nbsp; 1508210 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2041 | 115 | &nbsp;&nbsp; 130794 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2042 | 780 | &nbsp;&nbsp; 878937 |
| Massachusetts (Commonwealth of), Series 2024 B, Ref. GO Bonds | 5.00% | 11/01/2043 | 205 | &nbsp;&nbsp; 228671 |
| Massachusetts (Commonwealth of), Series 2024 D, GO Bonds | 5.00% | 08/01/2041 | 10 | &nbsp;&nbsp; 11410 |
| Massachusetts (Commonwealth of), Series 2024 D, GO Bonds | 5.00% | 08/01/2044 | 10 | &nbsp;&nbsp; 11047 |
| Massachusetts (Commonwealth of), Series 2024 E, GO Bonds | 5.00% | 08/01/2051 | 2135 | &nbsp;&nbsp; 2250261 |
| Massachusetts (Commonwealth of), Series 2024 E, GO Bonds | 5.00% | 08/01/2053 | 2645 | &nbsp;&nbsp; 2777967 |
| Massachusetts (Commonwealth of), Series 2024 E, GO Bonds | 5.00% | 08/01/2054 | 1735 | &nbsp;&nbsp; 1819316 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2041 | 60 | &nbsp;&nbsp; 68754 |

---

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

------

**101**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2042 | $180 | &nbsp;&nbsp; $204246 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2043 | 200 | &nbsp;&nbsp; 224514 |
| Massachusetts (Commonwealth of), Series 2024 H, GO Bonds | 5.00% | 12/01/2045 | 175 | &nbsp;&nbsp; 191762 |
| Massachusetts (Commonwealth of), Series 2024 I, GO Bonds | 5.00% | 12/01/2049 | 5 | &nbsp;&nbsp; 5313 |
| Massachusetts (Commonwealth of), Series 2024 I, GO Bonds | 5.00% | 12/01/2053 | 1200 | &nbsp;&nbsp; 1262268 |
| Massachusetts (Commonwealth of), Series 2024, GO Bonds | 5.00% | 12/01/2050 | 50 | &nbsp;&nbsp; 52954 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds | 5.00% | 04/01/2042 | 25 | &nbsp;&nbsp; 28479 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds | 5.00% | 04/01/2046 | 205 | &nbsp;&nbsp; 222724 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds | 5.00% | 04/01/2050 | 2000 | &nbsp;&nbsp; 2121919 |
| Massachusetts (Commonwealth of), Series 2025 A, GO Bonds | 5.00% | 04/01/2055 | 3035 | &nbsp;&nbsp; 3186646 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds | 5.00% | 06/01/2042 | 240 | &nbsp;&nbsp; 273917 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds | 5.00% | 06/01/2046 | 300 | &nbsp;&nbsp; 326326 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds | 5.00% | 06/01/2047 | 255 | &nbsp;&nbsp; 275028 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds | 5.00% | 06/01/2048 | 250 | &nbsp;&nbsp; 267430 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds | 5.00% | 06/01/2049 | 1530 | &nbsp;&nbsp; 1630286 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds | 5.00% | 06/01/2052 | 200 | &nbsp;&nbsp; 211211 |
| Massachusetts (Commonwealth of), Series 2025 C, GO Bonds | 5.00% | 06/01/2053 | 290 | &nbsp;&nbsp; 305752 |
| Massachusetts (Commonwealth of), Series 2025 F, GO Bonds | 5.00% | 08/01/2047 | 250 | &nbsp;&nbsp; 269935 |
| Massachusetts (Commonwealth of), Series 2025 F, GO Bonds | 5.00% | 08/01/2048 | 1195 | &nbsp;&nbsp; 1279583 |
| Massachusetts (Commonwealth of), Series 2025 F, GO Bonds | 5.00% | 08/01/2049 | 500 | &nbsp;&nbsp; 533272 |
| Massachusetts (Commonwealth of), Series 2025 F, GO Bonds | 5.00% | 08/01/2052 | 600 | &nbsp;&nbsp; 634145 |
| Massachusetts (Commonwealth of), Series 2025 G, GO Bonds | 5.00% | 12/01/2042 | 10 | &nbsp;&nbsp; 11478 |
| Massachusetts (Commonwealth of), Series 2025 G, GO Bonds | 5.00% | 12/01/2050 | 1020 | &nbsp;&nbsp; 1085859 |
| Massachusetts (Commonwealth of), Series 2025 G, GO Bonds | 5.00% | 12/01/2055 | 1480 | &nbsp;&nbsp; 1558286 |
| Massachusetts (Commonwealth of), Series 2025, RB | 5.00% | 06/01/2055 | 1500 | &nbsp;&nbsp; 1578362 |
| Massachusetts (Commonwealth of), Subseries 2018 D, GO Bonds | 4.00% | 05/01/2048 | 20 | &nbsp;&nbsp; 19102 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2016 <br> A, RB<br>| 5.00% | 06/01/2041 | 25 | &nbsp;&nbsp; 25131 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 <br> A, RB<br>| 5.00% | 06/01/2042 | 85 | &nbsp;&nbsp; 87062 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2017 <br> A, RB<br>| 5.00% | 06/01/2047 | 50 | &nbsp;&nbsp; 50773 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2018 <br> A, RB<br>| 5.25% | 06/01/2043 | 1915 | &nbsp;&nbsp; 2004903 |
| Massachusetts (Commonwealth of) (Rail Enhancement & Accelerated Bridge Program), Series 2019 <br> A, RB<br>| 5.00% | 06/01/2049 | 10 | &nbsp;&nbsp; 10274 |
| Massachusetts (Commonwealth of) (Rail Enhancement Bonds) (Sustainability Bonds), Series 2024, <br> RB<br>| 5.00% | 06/01/2054 | 1195 | &nbsp;&nbsp; 1252925 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2022 B, RB | 5.00% | 06/01/2052 | 230 | &nbsp;&nbsp; 238987 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program), Series 2024 A, RB | 5.00% | 06/01/2053 | 945 | &nbsp;&nbsp; 991693 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2022, RB | 5.00% | 06/01/2050 | 215 | &nbsp;&nbsp; 223261 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Green Bonds), Series 2023, RB | 5.00% | 06/01/2053 | 2380 | &nbsp;&nbsp; 2485411 |
| Massachusetts (Commonwealth of) (Rail Enhancement Program) (Sustainability Bonds), <br> Series 2021, RB<br>| 4.00% | 06/01/2050 | 620 | &nbsp;&nbsp; 597958 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2020, Ref. RB | 5.00% | 07/01/2050 | 2830 | &nbsp;&nbsp; 2881136 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 2.50% | 07/01/2046 | 40 | &nbsp;&nbsp; 29114 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2021 A-1, Ref. RB | 4.00% | 07/01/2051 | 910 | &nbsp;&nbsp; 850712 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2043 | 765 | &nbsp;&nbsp; 857257 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 4.00% | 07/01/2044 | 325 | &nbsp;&nbsp; 329604 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2044 | 35 | &nbsp;&nbsp; 38739 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2045 | 60 | &nbsp;&nbsp; 65648 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2046 | 20 | &nbsp;&nbsp; 21637 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2047 | 40 | &nbsp;&nbsp; 42908 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.00% | 07/01/2048 | 175 | &nbsp;&nbsp; 186567 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2024 A, Ref. RB | 5.25% | 07/01/2052 | 1085 | &nbsp;&nbsp; 1163580 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2042 | 35 | &nbsp;&nbsp; 40137 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2044 | 40 | &nbsp;&nbsp; 44707 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2045 | 5 | &nbsp;&nbsp; 5518 |

---

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

------

**102**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2046 | $60 | &nbsp;&nbsp; $65403 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.25% | 07/01/2047 | 300 | &nbsp;&nbsp; 329784 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2050 | 175 | &nbsp;&nbsp; 186462 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.25% | 07/01/2050 | 720 | &nbsp;&nbsp; 782127 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 4.75% | 07/01/2055 | 1070 | &nbsp;&nbsp; 1094378 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.00% | 07/01/2055 | 500 | &nbsp;&nbsp; 526316 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Series 2025 B, RB | 5.25% | 07/01/2055 | 1930 | &nbsp;&nbsp; 2074467 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 4.00% | 07/01/2048 | 760 | &nbsp;&nbsp; 735270 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 4.00% | 07/01/2053 | 605 | &nbsp;&nbsp; 567479 |
| Massachusetts (Commonwealth of) Bay Transportation Authority, Subseries 2023 A-1, RB | 5.25% | 07/01/2053 | 2025 | &nbsp;&nbsp; 2153691 |
| Massachusetts (Commonwealth of) Bay Transportation Authority (Green Bonds), Series 2021, Ref. <br> RB<br>| 5.00% | 07/01/2041 | 15 | &nbsp;&nbsp; 16025 |
| Massachusetts (Commonwealth of) Bay Transportation Authority (Green Bonds), Series 2022 A, <br> Ref. RB<br>| 5.00% | 07/01/2052 | 500 | &nbsp;&nbsp; 521457 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2025, RB | 5.00% | 02/01/2044 | 190 | &nbsp;&nbsp; 211665 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2025-26B, RB | 5.00% | 02/01/2043 | 10 | &nbsp;&nbsp; 11271 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2025-26B, RB | 5.00% | 02/01/2045 | 5 | &nbsp;&nbsp; 5511 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2026, Ref. RB | 5.00% | 02/01/2045 | 300 | &nbsp;&nbsp; 333505 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2026, Ref. RB | 5.00% | 02/01/2048 | 500 | &nbsp;&nbsp; 540308 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2026, Ref. RB | 5.00% | 02/01/2049 | 500 | &nbsp;&nbsp; 537232 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2026, Ref. RB | 5.00% | 02/01/2050 | 500 | &nbsp;&nbsp; 535260 |
| Massachusetts (Commonwealth of) Clean Water Trust (The) (Green Bonds), Series 2026, Ref. RB | 5.00% | 02/01/2056 | 1000 | &nbsp;&nbsp; 1059254 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2013, RB | 5.00% | 07/01/2044 | 40 | &nbsp;&nbsp; 39997 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2016, Ref. RB | 5.00% | 07/01/2046 | 1425 | &nbsp;&nbsp; 1425591 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2017, Ref. RB | 4.00% | 04/01/2041 | 535 | &nbsp;&nbsp; 536486 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB | 4.00% | 07/01/2044 | 50 | &nbsp;&nbsp; 44710 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 1045 | &nbsp;&nbsp; 1046855 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2022, Ref. RB | 5.00% | 10/01/2041 | 15 | &nbsp;&nbsp; 16678 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2024 T, RB | 4.00% | 03/01/2054 | 670 | &nbsp;&nbsp; 630710 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2024 T, RB | 5.25% | 03/01/2054 | 1245 | &nbsp;&nbsp; 1322161 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2025, RB | 5.25% | 06/01/2055 | 1250 | &nbsp;&nbsp; 1309759 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2025, Ref. RB | 5.25% | 07/01/2055 | 55 | &nbsp;&nbsp; 54847 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2025, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2050 | 1760 | &nbsp;&nbsp; 1847203 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2026, RB | 5.00% | 07/01/2042 | 600 | &nbsp;&nbsp; 679618 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2026, RB | 5.00% | 07/01/2043 | 500 | &nbsp;&nbsp; 559710 |
| Massachusetts (Commonwealth of) Development Finance Agency, Series 2026, RB | 5.00% | 07/01/2044 | 660 | &nbsp;&nbsp; 729598 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, <br> Ref. RB<br>| 5.00% | 07/01/2053 | 250 | &nbsp;&nbsp; 262307 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, <br> Ref. RB<br>| 4.25% | 07/01/2055 | 265 | &nbsp;&nbsp; 255972 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston College), Series 2025 W, <br> Ref. RB<br>| 5.00% | 07/01/2055 | 300 | &nbsp;&nbsp; 314145 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), <br> Series 1999 P, RB<br>| 5.45% | 05/15/2059 | 340 | &nbsp;&nbsp; 366926 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), <br> Series 2017 T, Ref. RB<br>| 4.00% | 07/01/2042 | 485 | &nbsp;&nbsp; 486134 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2042 | 15 | &nbsp;&nbsp; 15293 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green <br> Bonds), Series 2015, RB<br>| 5.00% | 07/01/2044 | 2350 | &nbsp;&nbsp; 2351241 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green <br> Bonds), Series 2015, RB<br>| 4.00% | 07/01/2045 | 815 | &nbsp;&nbsp; 755050 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green <br> Bonds), Series 2017, RB<br>| 4.00% | 07/01/2047 | 1370 | &nbsp;&nbsp; 1216911 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green <br> Bopnds), Series 2023, Ref. RB<br>| 5.25% | 07/01/2048 | 1725 | &nbsp;&nbsp; 1758894 |

---

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

------

**103**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston Medical Center) (Green <br> Bopnds), Series 2023, Ref. RB<br>| 5.25% | 07/01/2052 | $1020 | &nbsp;&nbsp; $1018565 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 <br> BB-1, RB<br>| 4.00% | 10/01/2046 | 300 | &nbsp;&nbsp; 295778 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2016 <br> BB-1, RB<br>| 5.00% | 10/01/2046 | 1315 | &nbsp;&nbsp; 1322641 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2023 <br> FF, Ref. RB<br>| 4.00% | 10/01/2046 | 585 | &nbsp;&nbsp; 567730 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2023 <br> FF, Ref. RB<br>| 5.00% | 10/01/2048 | 555 | &nbsp;&nbsp; 585707 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2025 <br> B-2, RB<br>| 4.00% | 10/01/2048 | 315 | &nbsp;&nbsp; 299251 |
| Massachusetts (Commonwealth of) Development Finance Agency (Boston University), Series 2025 <br> B-2, RB<br>| 5.00% | 10/01/2048 | 860 | &nbsp;&nbsp; 916401 |
| Massachusetts (Commonwealth of) Development Finance Agency (Brown University), Series 2025, <br> RB<br>| 5.50% | 08/15/2050 | 45 | &nbsp;&nbsp; 47455 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2018 J-2, RB | 5.00% | 07/01/2043 | 285 | &nbsp;&nbsp; 292642 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2018 J-2, RB | 5.00% | 07/01/2048 | 1750 | &nbsp;&nbsp; 1775201 |
| Massachusetts (Commonwealth of) Development Finance Agency (Caregroup), Series 2018 J-2, RB | 5.00% | 07/01/2053 | 370 | &nbsp;&nbsp; 372674 |
| Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), <br> Series 2016, RB<br>| 5.00% | 12/01/2041 | 1415 | &nbsp;&nbsp; 1431203 |
| Massachusetts (Commonwealth of) Development Finance Agency (Dana-Farber Cancer Institute), <br> Series 2016, RB<br>| 5.00% | 12/01/2046 | 1520 | &nbsp;&nbsp; 1528495 |
| Massachusetts (Commonwealth of) Development Finance Agency (Emerson College), Series 2016 A, <br> RB<br>| 5.00% | 01/01/2047 | 600 | &nbsp;&nbsp; 596438 |
| Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016 <br> A, Ref. RB<br>| 5.00% | 10/01/2043 | 175 | &nbsp;&nbsp; 174593 |
| Massachusetts (Commonwealth of) Development Finance Agency (Emmanuel College), Series 2016 <br> A, Ref. RB<br>| 4.00% | 10/01/2046 | 355 | &nbsp;&nbsp; 298698 |
| Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham), <br> Series 2024, Ref. RB<br>| 5.00% | 07/01/2042 | 30 | &nbsp;&nbsp; 33198 |
| Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham), <br> Series 2024, Ref. RB<br>| 5.00% | 07/01/2043 | 20 | &nbsp;&nbsp; 21917 |
| Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham, Inc.), <br> Series 2024 D, Ref. RB<br>| 5.00% | 07/01/2047 | 705 | &nbsp;&nbsp; 744988 |
| Massachusetts (Commonwealth of) Development Finance Agency (Mass General Brigham, Inc.), <br> Series 2024 D, Ref. RB<br>| 5.00% | 07/01/2054 | 620 | &nbsp;&nbsp; 642324 |
| Massachusetts (Commonwealth of) Development Finance Agency (Northern University), <br> Series 2022, Ref. RB<br>| 5.00% | 10/01/2044 | 670 | &nbsp;&nbsp; 723398 |
| Massachusetts (Commonwealth of) Development Finance Agency (Olin College), Series 2025, Ref. <br> RB<br>| 5.25% | 11/01/2051 | 15 | &nbsp;&nbsp; 15883 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2015 O-1, RB<br>| 4.00% | 07/01/2045 | 470 | &nbsp;&nbsp; 450998 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2016, Ref. RB<br>| 5.00% | 07/01/2047 | 455 | &nbsp;&nbsp; 456294 |
| Massachusetts (Commonwealth of) Development Finance Agency (Partners Healthcare System), <br> Series 2017, Ref. RB<br>| 4.00% | 07/01/2041 | 1110 | &nbsp;&nbsp; 1110394 |
| Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), <br> Series 2013, RB<br>| 4.00% | 07/01/2043 | 1435 | &nbsp;&nbsp; 1364209 |
| Massachusetts (Commonwealth of) Development Finance Agency (South Shore Hospital), <br> Series 2016 I, Ref. RB<br>| 5.00% | 07/01/2041 | 1015 | &nbsp;&nbsp; 1016081 |
| Massachusetts (Commonwealth of) Development Finance Agency (Southcoast Health System <br> Obligated Group), Series 2021 G, Ref. RB<br>| 5.00% | 07/01/2050 | 1400 | &nbsp;&nbsp; 1404082 |
| Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University), Series 2021, <br> RB<br>| 4.00% | 07/01/2051 | 700 | &nbsp;&nbsp; 588491 |
| Massachusetts (Commonwealth of) Development Finance Agency (Suffolk University), Series 2025, <br> Ref. RB<br>| 6.00% | 07/01/2050 | 250 | &nbsp;&nbsp; 267178 |

---

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

------

**104**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial Health Care <br> Obligated Group), Series 2025, Ref. RB<br>| 4.50% | 07/01/2054 | $800 | &nbsp;&nbsp; $761229 |
| Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial Health Care), <br> Series 2017, Ref. RB<br>| 4.00% | 07/01/2044 | 20 | &nbsp;&nbsp; 18293 |
| Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial Health Care), <br> Series 2017, Ref. RB<br>| 5.00% | 07/01/2044 | 95 | &nbsp;&nbsp; 95626 |
| Massachusetts (Commonwealth of) Development Finance Agency (Umass Memorial Health Care), <br> Series 2025, Ref. RB<br>| 5.25% | 07/01/2050 | 100 | &nbsp;&nbsp; 103303 |
| Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.00% | 10/01/2045 | 3595 | &nbsp;&nbsp; 2904838 |
| Massachusetts (Commonwealth of) Development Finance Agency (Wellforce, Inc.), Series 2020 C, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 4.00% | 10/01/2045 | 1500 | &nbsp;&nbsp; 1404662 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2017 S, <br> RB<br>| 4.00% | 07/01/2046 | 200 | &nbsp;&nbsp; 196242 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2019, <br> RB<br>| 5.00% | 09/01/2059 | 90 | &nbsp;&nbsp; 90600 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2020, <br> RB<br>| 5.00% | 07/01/2050 | 80 | &nbsp;&nbsp; 90939 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2021 V, <br> RB<br>| 5.00% | 07/01/2055 | 810 | &nbsp;&nbsp; 889843 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2022, <br> Ref. RB<br>| 5.00% | 10/01/2042 | 105 | &nbsp;&nbsp; 115603 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2023 B, <br> Ref. RB<br>| 4.38% | 07/01/2052 | 375 | &nbsp;&nbsp; 340904 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2025, <br> RB<br>| 5.25% | 06/01/2065 | 500 | &nbsp;&nbsp; 523432 |
| Massachusetts (Commonwealth of) Development Finance Agency (Williams College), Series 2025, <br> Ref. RB<br>| 4.00% | 07/01/2045 | 55 | &nbsp;&nbsp; 54851 |
| Massachusetts (Commonwealth of) Port Authority, Series 2015 A, RB | 5.00% | 07/01/2045 | 100 | &nbsp;&nbsp; 100116 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2015 B, RB | 4.00% | 01/15/2045 | 315 | &nbsp;&nbsp; 313045 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2016 B, RB | 5.00% | 11/15/2046 | 460 | &nbsp;&nbsp; 464336 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB | 4.00% | 02/15/2043 | 700 | &nbsp;&nbsp; 702996 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2018 A, RB | 5.25% | 02/15/2048 | 400 | &nbsp;&nbsp; 412131 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2018 B, RB | 5.25% | 02/15/2048 | 395 | &nbsp;&nbsp; 406979 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2019 A, RB | 5.00% | 02/15/2044 | 415 | &nbsp;&nbsp; 436127 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, RB | 5.00% | 02/15/2050 | 1250 | &nbsp;&nbsp; 1323415 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, RB | 5.25% | 02/15/2050 | 400 | &nbsp;&nbsp; 431508 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, RB | 5.00% | 02/15/2055 | 1575 | &nbsp;&nbsp; 1651616 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2025, RB | 5.50% | 02/15/2055 | 550 | &nbsp;&nbsp; 600388 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2016, Ref. RB | 3.00% | 08/01/2042 | 35 | &nbsp;&nbsp; 31441 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB | 4.00% | 08/15/2045 | 80 | &nbsp;&nbsp; 80105 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB | 5.00% | 08/15/2045 | 15 | &nbsp;&nbsp; 15871 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB | 3.00% | 08/15/2050 | 280 | &nbsp;&nbsp; 213793 |
| Massachusetts (Commonwealth of) School Building Authority (Social Bonds), Series 2020 A, RB | 5.00% | 08/15/2050 | 250 | &nbsp;&nbsp; 258290 |
| Massachusetts (Commonwealth of) Water Resources Authority, Series 2018 B, RB | 5.00% | 08/01/2043 | 3080 | &nbsp;&nbsp; 3217228 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2023 B, Ref. <br> RB<br>| 5.25% | 08/01/2048 | 275 | &nbsp;&nbsp; 296377 |
| University of Massachusetts Building Authority, Series 2015-1, RB | 4.00% | 11/01/2045 | 410 | &nbsp;&nbsp; 403855 |
| University of Massachusetts Building Authority, Series 2017-1, RB | 4.00% | 11/01/2044 | 105 | &nbsp;&nbsp; 104641 |
| University of Massachusetts Building Authority, Series 2020 1, RB | 5.00% | 11/01/2050 | 2000 | &nbsp;&nbsp; 2057870 |
| University of Massachusetts Building Authority, Series 2022-1, RB | 4.00% | 11/01/2046 | 335 | &nbsp;&nbsp; 327206 |
| Wakefield (Town of), MA, Series 2025, GO Bonds | 5.00% | 08/15/2050 | 320 | &nbsp;&nbsp; 345717 |
|  |  |  |  | &nbsp;&nbsp; 181219554 |
| **Michigan-1.50%** |  |  |  |  |
| Detroit (City of), MI, Series 2023 C, GO Bonds | 6.00% | 05/01/2043 | 150 | &nbsp;&nbsp; 169515 |
| Detroit Downtown Development Authority, Series 2024 Ref. RB | 5.00% | 07/01/2048 | 195 | &nbsp;&nbsp; 203680 |
| Eastern Michigan University, Series 2018 A, RB | 4.00% | 03/01/2047 | 270 | &nbsp;&nbsp; 242026 |

---

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

------

**105**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-(continued)** |  |  |  |  |
| Eastern Michigan University, Series 2018 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 03/01/2044 | $645 | &nbsp;&nbsp; $636777 |
| Grand Traverse (County of), MO Hospital Finance Authority (Munson Healthcare Obligated Group), <br> Series 2021, Ref. RB<br>| 3.00% | 07/01/2051 | 75 | &nbsp;&nbsp; 54476 |
| Great Lakes Water Authority, Series 2016 B, RB | 5.00% | 07/01/2046 | 1160 | &nbsp;&nbsp; 1164062 |
| Great Lakes Water Authority, Series 2022 A, RB | 5.25% | 07/01/2052 | 10 | &nbsp;&nbsp; 10474 |
| Great Lakes Water Authority, Series 2022 B, RB | 5.50% | 07/01/2052 | 140 | &nbsp;&nbsp; 148657 |
| Great Lakes Water Authority, Series 2023 B, RB | 5.25% | 07/01/2048 | 15 | &nbsp;&nbsp; 16009 |
| Great Lakes Water Authority, Series 2023 B, RB | 5.25% | 07/01/2053 | 315 | &nbsp;&nbsp; 332496 |
| Great Lakes Water Authority, Series 2023 C, RB | 5.25% | 07/01/2053 | 500 | &nbsp;&nbsp; 527772 |
| Great Lakes Water Authority, Series 2025 C, RB | 5.25% | 07/01/2055 | 500 | &nbsp;&nbsp; 529947 |
| Great Lakes Water Authority, Series 2025 D, RB | 5.50% | 07/01/2055 | 210 | &nbsp;&nbsp; 225958 |
| L'Anse Creuse Public Schools, Series 2025 I, GO Bonds | 5.00% | 05/01/2049 | 215 | &nbsp;&nbsp; 226473 |
| Lansing (City of), MI, Series 2023 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.13% | 06/01/2048 | 290 | &nbsp;&nbsp; 281866 |
| Lansing (City of), MI Board of Water & Light, Series 2019 A, RB | 5.00% | 07/01/2044 | 455 | &nbsp;&nbsp; 473203 |
| Lansing (City of), MI Board of Water & Light, Series 2019 A, RB | 5.00% | 07/01/2048 | 85 | &nbsp;&nbsp; 87245 |
| Lansing (City of), MI Board of Water & Light, Series 2021 A, RB | 5.00% | 07/01/2051 | 555 | &nbsp;&nbsp; 574362 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB | 5.00% | 07/01/2049 | 1085 | &nbsp;&nbsp; 1139586 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB | 5.00% | 07/01/2054 | 1000 | &nbsp;&nbsp; 1037209 |
| Lansing (City of), MI Board of Water & Light, Series 2024 A, Ref. RB | 5.25% | 07/01/2054 | 1375 | &nbsp;&nbsp; 1456731 |
| Michigan (State of), Series 2020 B, RB | 4.00% | 11/15/2045 | 1380 | &nbsp;&nbsp; 1356502 |
| Michigan (State of), Series 2020, RB | 5.00% | 11/15/2045 | 165 | &nbsp;&nbsp; 173343 |
| Michigan (State of), Series 2021 A, RB | 4.00% | 11/15/2044 | 1005 | &nbsp;&nbsp; 1003475 |
| Michigan (State of), Series 2021, RB | 4.00% | 11/15/2041 | 805 | &nbsp;&nbsp; 824161 |
| Michigan (State of), Series 2021, RB | 4.00% | 11/15/2046 | 830 | &nbsp;&nbsp; 806587 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2041 | 85 | &nbsp;&nbsp; 95268 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2042 | 85 | &nbsp;&nbsp; 94296 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2043 | 295 | &nbsp;&nbsp; 323704 |
| Michigan (State of), Series 2023, RB | 5.50% | 11/15/2044 | 605 | &nbsp;&nbsp; 679719 |
| Michigan (State of), Series 2023, RB | 5.00% | 11/15/2046 | 990 | &nbsp;&nbsp; 1056407 |
| Michigan (State of), Series 2023, RB | 5.25% | 11/15/2049 | 1170 | &nbsp;&nbsp; 1253040 |
| Michigan (State of), Series 2023, RB | 5.50% | 11/15/2049 | 1275 | &nbsp;&nbsp; 1387187 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 04/15/2041 | 1095 | &nbsp;&nbsp; 1107605 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2046 | 5 | &nbsp;&nbsp; 5032 |
| Michigan (State of) Building Authority (Facilities Program), Series 2016 I, Ref. RB | 5.00% | 10/15/2051 | 280 | &nbsp;&nbsp; 281259 |
| Michigan (State of) Building Authority (Facilities Program), Series 2019, Ref. RB | 4.00% | 10/15/2049 | 265 | &nbsp;&nbsp; 251539 |
| Michigan (State of) Building Authority (Facilities Program), Series 2020 I, Ref. RB | 3.00% | 10/15/2045 | 440 | &nbsp;&nbsp; 359488 |
| Michigan (State of) Building Authority (Facilities Program), Series 2021 I, RB | 4.00% | 10/15/2046 | 325 | &nbsp;&nbsp; 314390 |
| Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB | 5.00% | 10/15/2047 | 1000 | &nbsp;&nbsp; 1055414 |
| Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB | 4.00% | 10/15/2052 | 1065 | &nbsp;&nbsp; 987372 |
| Michigan (State of) Building Authority (Facilities Program), Series 2022 I, RB | 5.25% | 10/15/2057 | 320 | &nbsp;&nbsp; 337515 |
| Michigan (State of) Building Authority (Facilities Program), Series 2023 II, Ref. RB | 4.00% | 10/15/2047 | 360 | &nbsp;&nbsp; 344010 |
| Michigan (State of) Building Authority (Facilities Program), Series 2024 II, RB | 5.25% | 04/15/2059 | 160 | &nbsp;&nbsp; 170956 |
| Michigan (State of) Building Authority (Facilities Program), Series 2025 I, Ref. RB | 5.00% | 10/15/2050 | 425 | &nbsp;&nbsp; 452156 |
| Michigan (State of) Finance Authority, Series 2019 A, Ref. RB | 5.00% | 12/01/2041 | 90 | &nbsp;&nbsp; 94957 |
| Michigan (State of) Finance Authority, Series 2019, RB<sup>(d)(e)</sup> | 5.00% | 05/15/2026 | 175 | &nbsp;&nbsp; 175938 |
| Michigan (State of) Finance Authority, Series 2020, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 4.00% | 11/01/2050 | 80 | &nbsp;&nbsp; 74186 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB | 5.00% | 11/01/2044 | 1190 | &nbsp;&nbsp; 1190814 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2016, RB | 4.00% | 11/01/2046 | 645 | &nbsp;&nbsp; 598695 |
| Michigan (State of) Finance Authority (Beaumont Health Credit Group), Series 2022, Ref. RB | 4.00% | 04/15/2042 | 1400 | &nbsp;&nbsp; 1420636 |
| Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), <br> Series 2018, RB<br>| 5.00% | 11/01/2043 | 210 | &nbsp;&nbsp; 217045 |
| Michigan (State of) Finance Authority (Charter County of Wayne Criminal Justice Center), <br> Series 2018, RB<br>| 4.00% | 11/01/2048 | 230 | &nbsp;&nbsp; 212266 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 5.00% | 11/15/2041 | 1275 | &nbsp;&nbsp; 1288169 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 3.25% | 11/15/2042 | 320 | &nbsp;&nbsp; 281018 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2016, Ref. RB | 4.00% | 11/15/2046 | 1730 | &nbsp;&nbsp; 1589000 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2019 A, RB | 5.00% | 11/15/2048 | 125 | &nbsp;&nbsp; 127732 |

---

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

------

**106**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-(continued)** |  |  |  |  |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2019 A, RB | 4.00% | 11/15/2050 | $1665 | &nbsp;&nbsp; $1474238 |
| Michigan (State of) Finance Authority (Henry Ford Health System), Series 2024, RB | 5.50% | 02/28/2049 | 325 | &nbsp;&nbsp; 344386 |
| Michigan (State of) Finance Authority (Henry Ford Health System) (Green Bonds), Series 2024, RB | 4.38% | 02/28/2054 | 1545 | &nbsp;&nbsp; 1463813 |
| Michigan (State of) Finance Authority (Henry Ford Health System) (Green Bonds), Series 2024, RB | 5.50% | 02/28/2057 | 540 | &nbsp;&nbsp; 562634 |
| Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB | 4.00% | 02/15/2044 | 1555 | &nbsp;&nbsp; 1481129 |
| Michigan (State of) Finance Authority (McLaren Health Care), Series 2019 A, RB | 4.00% | 02/15/2047 | 725 | &nbsp;&nbsp; 661091 |
| Michigan (State of) Finance Authority (McLaren Health Care), Series 2019, RB | 4.00% | 02/15/2050 | 2615 | &nbsp;&nbsp; 2324216 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2016 MI-2, Ref. RB | 4.00% | 03/01/2051 | 105 | &nbsp;&nbsp; 92979 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB<sup>(d)(e)</sup> | 5.00% | 12/01/2027 | 20 | &nbsp;&nbsp; 20923 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2042 | 480 | &nbsp;&nbsp; 492965 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 4.00% | 12/01/2046 | 860 | &nbsp;&nbsp; 806981 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2017, Ref. RB | 5.00% | 12/01/2046 | 10 | &nbsp;&nbsp; 10121 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB | 3.00% | 12/01/2049 | 625 | &nbsp;&nbsp; 462647 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019 A, Ref. RB | 4.00% | 12/01/2049 | 690 | &nbsp;&nbsp; 623193 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB | 4.00% | 12/01/2048 | 795 | &nbsp;&nbsp; 724609 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB | 5.00% | 12/01/2048 | 80 | &nbsp;&nbsp; 81517 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2020, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 4.00% | 11/01/2055 | 70 | &nbsp;&nbsp; 63594 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2020, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 11/01/2055 | 500 | &nbsp;&nbsp; 459272 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2022, RB | 4.00% | 12/01/2047 | 1220 | &nbsp;&nbsp; 1118129 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 2010, Ref. <br> RB<sup>(d)(e)</sup><br>| 5.00% | 05/15/2030 | 165 | &nbsp;&nbsp; 183417 |
| Michigan (State of) Hospital Finance Authority (Ascension Health Credit Group), Series 2010, Ref. <br> RB<br>| 5.00% | 11/15/2047 | 385 | &nbsp;&nbsp; 394438 |
| Michigan (State of) Strategic Fund (Mich Senate Offices), Series 2015, RB | 4.00% | 10/15/2047 | 1665 | &nbsp;&nbsp; 1605497 |
| Michigan State University, Series 2019 B, RB | 4.00% | 02/15/2044 | 460 | &nbsp;&nbsp; 461834 |
| Michigan State University, Series 2019 B, RB | 5.00% | 02/15/2044 | 400 | &nbsp;&nbsp; 417890 |
| Michigan State University, Series 2019 B, RB | 5.00% | 02/15/2048 | 315 | &nbsp;&nbsp; 325159 |
| Michigan State University, Series 2019 C, Ref. RB | 4.00% | 02/15/2044 | 890 | &nbsp;&nbsp; 894112 |
| Michigan State University, Series 2024 A, GO Bonds | 5.25% | 08/15/2046 | 130 | &nbsp;&nbsp; 141888 |
| Michigan State University, Series 2024 A, RB | 5.00% | 08/15/2049 | 420 | &nbsp;&nbsp; 445202 |
| Michigan State University, Series 2024 A, RB | 5.25% | 08/15/2054 | 1260 | &nbsp;&nbsp; 1347638 |
| Michigan State University, Series 2025 A, Ref. RB | 5.25% | 02/15/2050 | 50 | &nbsp;&nbsp; 54037 |
| Michigan State University, Series 2025 A, Ref. RB | 5.00% | 02/15/2055 | 620 | &nbsp;&nbsp; 653002 |
| Northern Michigan University, Series 2025 A, RB | 5.50% | 06/01/2055 | 5 | &nbsp;&nbsp; 5378 |
| Pontiac School District, Series 2020, GO Bonds | 4.00% | 05/01/2050 | 200 | &nbsp;&nbsp; 187361 |
| Troy School District, Series 2023, GO Bonds | 5.00% | 05/01/2047 | 1000 | &nbsp;&nbsp; 1050882 |
| University of Michigan, Series 2018 A, RB | 5.00% | 04/01/2048 | 700 | &nbsp;&nbsp; 719876 |
| Walled Lake Consolidated School District, Series 2020, GO Bonds | 5.00% | 05/01/2050 | 1250 | &nbsp;&nbsp; 1291057 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Airport), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 12/01/2048 | 255 | &nbsp;&nbsp; 272773 |
| Wayne (County of), MI Airport Authority (Detroit Metropolitan Wayne County Airport), Series 2021 <br> A, RB<br>| 5.00% | 12/01/2046 | 310 | &nbsp;&nbsp; 323787 |
| Wayne State University, Series 2018 A, RB | 5.00% | 11/15/2043 | 55 | &nbsp;&nbsp; 57061 |
| Wayne State University, Series 2018 A, RB | 4.00% | 11/15/2048 | 1340 | &nbsp;&nbsp; 1252059 |
|  |  |  |  | &nbsp;&nbsp; 56882190 |
| **Minnesota-0.56%** |  |  |  |  |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.00% | 02/15/2053 | 10 | &nbsp;&nbsp; 10051 |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.25% | 02/15/2053 | 1190 | &nbsp;&nbsp; 1200472 |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.25% | 02/15/2058 | 1000 | &nbsp;&nbsp; 1008072 |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), <br> Series 2018, Ref. RB<br>| 4.25% | 02/15/2043 | 650 | &nbsp;&nbsp; 651722 |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), <br> Series 2018, Ref. RB<br>| 4.25% | 02/15/2048 | 910 | &nbsp;&nbsp; 859686 |

---

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

------

**107**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Minnesota-(continued)** |  |  |  |  |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), <br> Series 2018, Ref. RB<br>| 5.00% | 02/15/2048 | $360 | &nbsp;&nbsp; $362894 |
| Duluth (City of), MN Economic Development Authority (Essentia Health Obligated Group), <br> Series 2018, Ref. RB<br>| 5.00% | 02/15/2058 | 665 | &nbsp;&nbsp; 667551 |
| Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth), Series 2022 <br> B, RB<br>| 5.25% | 06/15/2047 | 1095 | &nbsp;&nbsp; 1147996 |
| Duluth (City of), MN Economic Development Authority (St. Luke's Hospital of Duluth), Series 2022 <br> B, RB<br>| 5.25% | 06/15/2052 | 1000 | &nbsp;&nbsp; 1037655 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2016 C, RB | 5.00% | 01/01/2046 | 15 | &nbsp;&nbsp; 15118 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB | 4.25% | 01/01/2052 | 105 | &nbsp;&nbsp; 101486 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2022 A, Ref. RB | 5.00% | 01/01/2052 | 75 | &nbsp;&nbsp; 76786 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2024 A, RB | 5.00% | 01/01/2052 | 1105 | &nbsp;&nbsp; 1144791 |
| Minneapolis & St. Paul (Cities of), MN Metropolitan Airports Commission, Series 2024 A, RB | 4.00% | 01/01/2054 | 630 | &nbsp;&nbsp; 580740 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2015 A, Ref. RB | 5.00% | 11/15/2044 | 100 | &nbsp;&nbsp; 100013 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 4.00% | 11/15/2048 | 385 | &nbsp;&nbsp; 333248 |
| Minneapolis (City of), MN (Fairview Health Services), Series 2018 A, Ref. RB | 5.00% | 11/15/2049 | 10 | &nbsp;&nbsp; 9960 |
| Minnesota (State of), Series 2021 A, GO Bonds | 4.00% | 09/01/2041 | 935 | &nbsp;&nbsp; 962983 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2042 | 530 | &nbsp;&nbsp; 589476 |
| Minnesota (State of), Series 2023, COP | 5.00% | 11/01/2043 | 290 | &nbsp;&nbsp; 318639 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2042 | 245 | &nbsp;&nbsp; 276640 |
| Minnesota (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2044 | 105 | &nbsp;&nbsp; 116127 |
| Minnesota (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2041 | 310 | &nbsp;&nbsp; 353024 |
| Minnesota (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2043 | 750 | &nbsp;&nbsp; 837844 |
| Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas), Series 2024 A, <br> RB<br>| 4.13% | 10/01/2053 | 90 | &nbsp;&nbsp; 83974 |
| Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), <br> Series 2024, RB<br>| 5.25% | 01/01/2047 | 340 | &nbsp;&nbsp; 360378 |
| Minnesota Agricultural & Economic Development Board (Healthpartners Obligated Group), <br> Series 2024, RB<br>| 5.25% | 01/01/2054 | 1645 | &nbsp;&nbsp; 1712033 |
| Minnesota Agricultural & Economic Development Board (HealthPartners Obligated Group), <br> Series 2024, RB<br>| 4.00% | 01/01/2049 | 505 | &nbsp;&nbsp; 462843 |
| North St. Paul-Maplewood-Oakdale Independent School District No. 622, Series 2019 A, GO Bonds, <br> (CEP - Ohio School District)<br>| 3.00% | 02/01/2046 | 390 | &nbsp;&nbsp; 318437 |
| Rochester (City of), MN, Series 2018, RB | 4.00% | 11/15/2048 | 1025 | &nbsp;&nbsp; 1001052 |
| Rochester (City of), MN, Series 2025 A, RB | 4.25% | 11/15/2050 | 100 | &nbsp;&nbsp; 99641 |
| Rochester (City of), MN, Series 2025 A, RB | 4.38% | 11/15/2053 | 10 | &nbsp;&nbsp; 10000 |
| Rochester (City of), MN (Mayo Clinic), Series 2022, Ref. RB | 5.00% | 11/15/2057 | 775 | &nbsp;&nbsp; 803488 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2016 A, Ref. RB | 5.00% | 05/01/2046 | 20 | &nbsp;&nbsp; 20025 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB | 5.00% | 05/01/2048 | 610 | &nbsp;&nbsp; 622040 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2019, Ref. RB | 4.00% | 05/01/2049 | 240 | &nbsp;&nbsp; 217576 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB | 4.00% | 05/01/2050 | 300 | &nbsp;&nbsp; 273077 |
| St. Cloud (City of), MN (CentraCare Health System), Series 2024, Ref. RB | 5.00% | 05/01/2054 | 995 | &nbsp;&nbsp; 1026870 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Fairview Health Services), Series 2017 <br> A, Ref. RB<br>| 4.00% | 11/15/2043 | 1265 | &nbsp;&nbsp; 1207697 |
| St. Paul (City of), MN Housing & Redevelopment Authority (Fairview Health Services), Series 2017 <br> A, Ref. RB<br>| 5.00% | 11/15/2047 | 55 | &nbsp;&nbsp; 55071 |
| Western Minnesota Municipal Power Agency (Red Rock Hydroelectric), Series 2018, RB | 5.00% | 01/01/2049 | 360 | &nbsp;&nbsp; 365573 |
|  |  |  |  | &nbsp;&nbsp; 21402749 |
| **Mississippi-0.09%** |  |  |  |  |
| Medical Center Educational Building Corp., Series 2017, Ref. RB | 4.00% | 06/01/2047 | 420 | &nbsp;&nbsp; 400907 |
| Medical Center Educational Building Corp., Series 2023, RB | 4.00% | 06/01/2053 | 270 | &nbsp;&nbsp; 252838 |
| Mississippi (State of) Development Bank, Series 2015, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 03/01/2041 | 685 | &nbsp;&nbsp; 684967 |
| Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), <br> Series 2016, RB<br>| 5.00% | 09/01/2041 | 1000 | &nbsp;&nbsp; 1006867 |
| Mississippi (State of) Hospital Equipment & Facilities Authority (Baptist Memorial Health Care), <br> Series 2016, RB<br>| 5.00% | 09/01/2046 | 185 | &nbsp;&nbsp; 185097 |

---

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

------

**108**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Mississippi-(continued)** |  |  |  |  |
| Mississippi (State of) Hospital Equipment & Facilities Authority (Ochsner Clinic Foundation), <br> Series 2025, Ref. RB<br>| 5.00% | 05/15/2055 | $695 | &nbsp;&nbsp; $719266 |
| Mississippi (State of) University Educational Building Corp. (State University Facilities), Series 2017 , <br> Ref. RB<br>| 4.00% | 08/01/2043 | 185 | &nbsp;&nbsp; 185198 |
| Mississippi Business Finance Corp. (System Energy Resources, Inc.), Series 2021, RB | 2.38% | 06/01/2044 | 165 | &nbsp;&nbsp; 111689 |
|  |  |  |  | &nbsp;&nbsp; 3546829 |
| **Missouri-0.68%** |  |  |  |  |
| Jackson (County of), MO, Series 2023 A, RB | 5.25% | 12/01/2047 | 5 | &nbsp;&nbsp; 5328 |
| Jackson (County of), MO, Series 2023 A, RB | 4.25% | 12/01/2053 | 175 | &nbsp;&nbsp; 169333 |
| Jackson (County of), MO, Series 2023 A, RB | 4.38% | 12/01/2058 | 320 | &nbsp;&nbsp; 313672 |
| Jackson (County of), MO, Series 2023 A, RB | 5.25% | 12/01/2058 | 305 | &nbsp;&nbsp; 320402 |
| Kansas (City of), MO, Series 2018 A, RB | 4.00% | 01/01/2042 | 35 | &nbsp;&nbsp; 35170 |
| Kansas (City of), MO, Series 2023 A, RB | 4.00% | 01/01/2048 | 15 | &nbsp;&nbsp; 14390 |
| Kansas (City of), MO, Series 2024 A, RB | 5.00% | 12/01/2048 | 200 | &nbsp;&nbsp; 211170 |
| Kansas (City of), MO, Series 2024 A, RB | 4.00% | 01/01/2049 | 620 | &nbsp;&nbsp; 587442 |
| Metropolitan St. Louis Sewer District, Series 2016 C, RB<sup>(d)</sup> | 4.00% | 05/01/2041 | 95 | &nbsp;&nbsp; 95210 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2042 | 40 | &nbsp;&nbsp; 40774 |
| Metropolitan St. Louis Sewer District, Series 2017 A, Ref. RB | 5.00% | 05/01/2047 | 750 | &nbsp;&nbsp; 758661 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2018 A, RB | 4.00% | 06/01/2048 | 120 | &nbsp;&nbsp; 109529 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2019, Ref. RB | 4.00% | 02/01/2042 | 25 | &nbsp;&nbsp; 23839 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2020, RB | 4.00% | 06/01/2050 | 235 | &nbsp;&nbsp; 210409 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2020, RB | 3.00% | 06/01/2053 | 2380 | &nbsp;&nbsp; 1745579 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2022 A, RB | 5.00% | 06/01/2052 | 525 | &nbsp;&nbsp; 552882 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2013 C, <br> RB<sup>(e)</sup><br>| 4.00% | 01/01/2046 | 250 | &nbsp;&nbsp; 233394 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2015 A, <br> RB<br>| 4.00% | 01/01/2045 | 1380 | &nbsp;&nbsp; 1344756 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2017 D, <br> RB<sup>(e)</sup><br>| 4.00% | 01/01/2048 | 60 | &nbsp;&nbsp; 55535 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A, <br> Ref. RB<br>| 4.00% | 07/01/2046 | 205 | &nbsp;&nbsp; 195180 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2021 A, <br> Ref. RB<br>| 3.00% | 07/01/2051 | 2500 | &nbsp;&nbsp; 1901942 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2025 A, <br> Ref. RB<br>| 4.00% | 04/01/2045 | 170 | &nbsp;&nbsp; 163427 |
| Missouri (State of) Health & Educational Facilities Authority (BJC Health System), Series 2025 A, <br> Ref. RB<br>| 4.25% | 04/01/2055 | 1025 | &nbsp;&nbsp; 961754 |
| Missouri (State of) Health & Educational Facilities Authority (Coxhealth), Series 2019, RB | 4.00% | 11/15/2049 | 125 | &nbsp;&nbsp; 114100 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2012, RB | 4.00% | 11/15/2042 | 2690 | &nbsp;&nbsp; 2623802 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB | 4.00% | 11/15/2045 | 1055 | &nbsp;&nbsp; 979097 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2014 F, RB | 4.25% | 11/15/2048 | 680 | &nbsp;&nbsp; 644580 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB | 5.00% | 11/15/2042 | 100 | &nbsp;&nbsp; 102236 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB | 3.63% | 11/15/2047 | 685 | &nbsp;&nbsp; 586350 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB | 4.00% | 11/15/2047 | 515 | &nbsp;&nbsp; 462695 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2017 C, Ref. RB | 4.00% | 11/15/2049 | 240 | &nbsp;&nbsp; 213977 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2020, RB | 4.00% | 06/01/2053 | 1205 | &nbsp;&nbsp; 1058837 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2023, RB | 5.50% | 12/01/2048 | 40 | &nbsp;&nbsp; 43053 |
| Missouri (State of) Health & Educational Facilities Authority (Mercy Health), Series 2023, RB | 5.00% | 12/01/2052 | 685 | &nbsp;&nbsp; 711293 |
| Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, <br> Ref. RB<br>| 4.00% | 02/15/2044 | 355 | &nbsp;&nbsp; 338561 |
| Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, <br> Ref. RB<br>| 4.00% | 02/15/2049 | 575 | &nbsp;&nbsp; 512281 |
| Missouri (State of) Health & Educational Facilities Authority (Mosaic Health System), Series 2019 A, <br> Ref. RB<br>| 4.00% | 02/15/2054 | 100 | &nbsp;&nbsp; 87274 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health Care), Series 2022 A, RB | 4.00% | 06/01/2052 | 2630 | &nbsp;&nbsp; 2379633 |
| Missouri (State of) Health & Educational Facilities Authority (SSM Health), Series 2022 A, RB | 3.75% | 06/01/2049 | 75 | &nbsp;&nbsp; 62909 |

---

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

------

**109**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Missouri-(continued)** |  |  |  |  |
| Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2015 A, <br> RB<br>| 4.00% | 10/01/2042 | $350 | &nbsp;&nbsp; $350054 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), <br> Series 2016, Ref. RB<br>| 4.00% | 11/15/2042 | 785 | &nbsp;&nbsp; 785283 |
| Missouri (State of) Health & Educational Facilities Authority (St. Luke's Health System, Inc.), <br> Series 2018 A, Ref. RB<br>| 4.00% | 11/15/2048 | 485 | &nbsp;&nbsp; 453348 |
| Missouri (State of) Health & Educational Facilities Authority (The Children's Mercy Hospital), <br> Series 2017 A, RB<br>| 4.00% | 05/15/2042 | 40 | &nbsp;&nbsp; 40004 |
| Missouri (State of) Health & Educational Facilities Authority (The Children's Mercy Hospital), <br> Series 2017 A, RB<br>| 4.00% | 05/15/2048 | 1500 | &nbsp;&nbsp; 1382742 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2016 A, Ref. <br> RB<br>| 4.00% | 12/01/2041 | 20 | &nbsp;&nbsp; 19850 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Marshall Energy Center), <br> Series 2025, RB<br>| 5.00% | 01/01/2051 | 250 | &nbsp;&nbsp; 260133 |
| Springfield (City of), MO, Series 2025, COP | 4.00% | 11/01/2047 | 10 | &nbsp;&nbsp; 9552 |
| Springfield School District No. R-12, Series 2023, GO Bonds | 4.00% | 03/01/2042 | 300 | &nbsp;&nbsp; 306883 |
| Springfield School District No. R-12, Series 2023, GO Bonds | 4.00% | 03/01/2043 | 25 | &nbsp;&nbsp; 25479 |
| St. Charles (County of), MO Public Water Supply District No. 2, Series 2022, COP | 4.00% | 12/01/2044 | 135 | &nbsp;&nbsp; 135157 |
| St. Charles County Francis Howell R-III School District, Series 2022, Ref. GO Bonds | 5.00% | 03/01/2042 | 255 | &nbsp;&nbsp; 273948 |
| St. Louis (City of), MO, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2054 | 720 | &nbsp;&nbsp; 761489 |
|  |  |  |  | &nbsp;&nbsp; 25774378 |
| **Montana-0.08%** |  |  |  |  |
| Lewis & Clark County High School District No 1 Helena, Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2056 | 500 | &nbsp;&nbsp; 523683 |
| Missoula (City of), MT, Series 2019 A, RB | 4.00% | 07/01/2044 | 1415 | &nbsp;&nbsp; 1418690 |
| Montana (State of) Facility Finance Authority, Series 2018, Ref. RB | 5.00% | 07/01/2048 | 630 | &nbsp;&nbsp; 635595 |
| Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2018, Ref. RB | 5.00% | 08/15/2048 | 245 | &nbsp;&nbsp; 247774 |
| Montana (State of) Facility Finance Authority (Bozeman Deaconess Health Services Obligated <br> Group), Series 2021, Ref. RB<br>| 3.00% | 06/01/2050 | 505 | &nbsp;&nbsp; 369435 |
|  |  |  |  | &nbsp;&nbsp; 3195177 |
| **Nebraska-0.69%** |  |  |  |  |
| Boys Town (Village of), NE (Boys Town), Series 2026, RB | 5.00% | 07/01/2046 | 1525 | &nbsp;&nbsp; 1604844 |
| Boys Town (Village of), NE (Boys Town), Series 2026, RB | 5.00% | 07/01/2055 | 1400 | &nbsp;&nbsp; 1431531 |
| Boys Town (Village of), NE (Boys Town), Series 2026, RB | 5.25% | 07/01/2055 | 1000 | &nbsp;&nbsp; 1045074 |
| Central Plains Energy Project (No. 3), Series 2017 A, Ref. RB | 5.00% | 09/01/2042 | 2300 | &nbsp;&nbsp; 2505892 |
| Douglas (County of), NE, Series 2025, Ref. RB | 5.00% | 07/01/2052 | 30 | &nbsp;&nbsp; 31053 |
| Douglas (County of), NE Hospital Authority No. 2, Series 2015, Ref. RB | 4.25% | 11/01/2045 | 115 | &nbsp;&nbsp; 113761 |
| Douglas (County of), NE Hospital Authority No. 2, Series 2017, RB | 4.00% | 11/15/2042 | 25 | &nbsp;&nbsp; 24697 |
| Douglas (County of), NE Hospital Authority No. 2, Series 2017, RB | 5.00% | 11/15/2047 | 80 | &nbsp;&nbsp; 80622 |
| Douglas (County of), NE Hospital Authority No. 2 (Madonna Rehabilitation Hospital), Series 2014, <br> RB<br>| 5.00% | 05/15/2044 | 350 | &nbsp;&nbsp; 350081 |
| Douglas (County of), NE Hospital Authority No. 3, Series 2015, Ref. RB | 5.00% | 11/01/2045 | 80 | &nbsp;&nbsp; 80043 |
| Douglas (County of), NE Hospital Authority No. 3, Series 2025, Ref. RB | 5.00% | 11/01/2049 | 10 | &nbsp;&nbsp; 10419 |
| Fremont School District, Series 2022, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/15/2047 | 770 | &nbsp;&nbsp; 740007 |
| Gretna Public Schools, Series 2022, GO Bonds | 4.00% | 12/15/2047 | 380 | &nbsp;&nbsp; 364677 |
| Nebraska Educational Health Cultural & Social Services Finance Authority, Series 2019, Ref. RB | 4.00% | 01/01/2049 | 85 | &nbsp;&nbsp; 77550 |
| Omaha (City of), NE, Series 2014, RB | 4.00% | 11/15/2044 | 35 | &nbsp;&nbsp; 34993 |
| Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB | 4.00% | 02/01/2042 | 60 | &nbsp;&nbsp; 60339 |
| Omaha (City of), NE Public Power District, Series 2017 A, Ref. RB | 5.00% | 02/01/2042 | 600 | &nbsp;&nbsp; 616830 |
| Omaha (City of), NE Public Power District, Series 2021 A, RB | 5.00% | 02/01/2046 | 715 | &nbsp;&nbsp; 752494 |
| Omaha (City of), NE Public Power District, Series 2021 A, RB | 4.00% | 02/01/2051 | 1005 | &nbsp;&nbsp; 950445 |
| Omaha (City of), NE Public Power District, Series 2021 B, Ref. RB | 4.00% | 02/01/2046 | 180 | &nbsp;&nbsp; 176774 |
| Omaha (City of), NE Public Power District, Series 2022 A, RB | 4.25% | 02/01/2047 | 640 | &nbsp;&nbsp; 641981 |
| Omaha (City of), NE Public Power District, Series 2022 A, RB | 5.00% | 02/01/2047 | 1010 | &nbsp;&nbsp; 1064918 |
| Omaha (City of), NE Public Power District, Series 2023 A, RB | 5.25% | 02/01/2048 | 1315 | &nbsp;&nbsp; 1406794 |
| Omaha (City of), NE Public Power District, Series 2023 A, RB | 5.25% | 02/01/2053 | 800 | &nbsp;&nbsp; 847426 |
| Omaha (City of), NE Public Power District, Series 2023 B, Ref. RB | 5.25% | 02/01/2053 | 1000 | &nbsp;&nbsp; 1059282 |
| Omaha (City of), NE Public Power District, Series 2024 A, RB | 5.50% | 02/01/2049 | 370 | &nbsp;&nbsp; 404651 |

---

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

------

**110**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Nebraska-(continued)** |  |  |  |  |
| Omaha (City of), NE Public Power District, Series 2024 A, RB | 5.50% | 02/01/2054 | $45 | &nbsp;&nbsp; $48619 |
| Omaha (City of), NE Public Power District, Series 2024 C, RB | 4.00% | 02/01/2049 | 1000 | &nbsp;&nbsp; 951409 |
| Omaha (City of), NE Public Power District, Series 2024 C, RB | 5.00% | 02/01/2054 | 420 | &nbsp;&nbsp; 441410 |
| Omaha (City of), NE Public Power District, Series 2024 D, Ref. RB | 5.00% | 02/01/2043 | 575 | &nbsp;&nbsp; 633812 |
| Omaha (City of), NE Public Power District, Series 2025 A, RB | 5.25% | 02/01/2050 | 1640 | &nbsp;&nbsp; 1773766 |
| Omaha (City of), NE Public Power District, Series 2025 B, RB | 5.00% | 02/01/2050 | 250 | &nbsp;&nbsp; 266499 |
| Omaha (City of), NE Public Power District, Series 2025 B, RB | 5.00% | 02/01/2055 | 1850 | &nbsp;&nbsp; 1951048 |
| Omaha Public Power District Nebraska City Station Unit 2, Series 2026 A, Ref. RB | 5.00% | 02/01/2049 | 535 | &nbsp;&nbsp; 569138 |
| Omaha School District, Series 2020, GO Bonds | 3.00% | 12/15/2042 | 10 | &nbsp;&nbsp; 9021 |
| Omaha-Douglas Public Building Commission, Series 2020 B, GO Bonds | 4.00% | 05/01/2050 | 90 | &nbsp;&nbsp; 86510 |
| Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB | 3.00% | 05/15/2046 | 970 | &nbsp;&nbsp; 803418 |
| Sarpy (County of), NE Hospital Authority No. 1 (NE Medicine), Series 2016, Ref. RB | 4.00% | 05/15/2051 | 535 | &nbsp;&nbsp; 477500 |
| University of Nebraska Facilities Corp. (The), Series 2021 A, RB | 4.00% | 07/15/2059 | 595 | &nbsp;&nbsp; 547641 |
| University of Nebraska Facilities Corp. (The), Series 2021 A, RB | 4.00% | 07/15/2062 | 1130 | &nbsp;&nbsp; 1011806 |
| University of Nebraska Facilities Corp. (The), Series 2021, RB | 3.00% | 07/15/2054 | 65 | &nbsp;&nbsp; 47163 |
|  |  |  |  | &nbsp;&nbsp; 26095938 |
| **Nevada-0.48%** |  |  |  |  |
| Carson (City Of), NV (Carson Tahoe Regional Healthcare), Series 2017, Ref. RB | 5.00% | 09/01/2047 | 130 | &nbsp;&nbsp; 130182 |
| Clark (County of), NV, Series 2018 A, GO Bonds | 5.00% | 06/01/2043 | 1100 | &nbsp;&nbsp; 1141725 |
| Clark (County of), NV, Series 2022, RB | 3.00% | 07/01/2042 | 25 | &nbsp;&nbsp; 22961 |
| Clark (County of), NV (Founders Academy of Las Vegas), Series 2018, GO Bonds | 4.00% | 07/01/2044 | 615 | &nbsp;&nbsp; 616370 |
| Clark (County of), NV (Las Vegas McCarran International Airport), Series 2018, GO Bonds | 4.00% | 07/01/2045 | 25 | &nbsp;&nbsp; 25025 |
| Clark (County of), NV (Stadium Improvement Bonds), Series 2018 A, GO Bonds | 5.00% | 05/01/2048 | 1855 | &nbsp;&nbsp; 1898233 |
| Clark (County of), NV Water Reclamation District, Series 2023, GO Bonds | 5.00% | 07/01/2053 | 215 | &nbsp;&nbsp; 223594 |
| Clark County School District, Series 2025 B, Ref. GO Bonds | 5.00% | 06/15/2042 | 5 | &nbsp;&nbsp; 5552 |
| Clark County School District, Series 2025 B, Ref. GO Bonds | 5.00% | 06/15/2043 | 1000 | &nbsp;&nbsp; 1099698 |
| Clark County School District, Series 2025 B, Ref. GO Bonds | 5.00% | 06/15/2044 | 250 | &nbsp;&nbsp; 271858 |
| Henderson (City of), NV, Series 2020 A-1, GO Bonds | 4.00% | 06/01/2045 | 1025 | &nbsp;&nbsp; 1027748 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB | 5.00% | 07/01/2043 | 1775 | &nbsp;&nbsp; 1837706 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2018 B, RB | 4.00% | 07/01/2049 | 2145 | &nbsp;&nbsp; 1975588 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2022 B, RB | 5.25% | 07/01/2049 | 485 | &nbsp;&nbsp; 510133 |
| Las Vegas (City of), NV Convention & Visitors Authority, Series 2023 A, RB | 5.00% | 07/01/2049 | 955 | &nbsp;&nbsp; 995683 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds<sup>(d)(e)</sup> | 5.00% | 06/01/2026 | 770 | &nbsp;&nbsp; 775235 |
| Las Vegas Valley Water District, Series 2016 A, Ref. GO Bonds<sup>(d)(e)</sup> | 5.00% | 06/01/2026 | 1240 | &nbsp;&nbsp; 1248430 |
| Las Vegas Valley Water District, Series 2022 A, GO Bonds | 4.00% | 06/01/2046 | 290 | &nbsp;&nbsp; 287849 |
| Las Vegas Valley Water District, Series 2022 A, GO Bonds | 4.00% | 06/01/2051 | 1075 | &nbsp;&nbsp; 1013254 |
| Las Vegas Valley Water District, Series 2025 A, GO Bonds | 5.00% | 06/01/2044 | 15 | &nbsp;&nbsp; 16639 |
| Las Vegas Valley Water District, Series 2025 A, GO Bonds | 5.25% | 06/01/2050 | 400 | &nbsp;&nbsp; 432341 |
| Nevada (State of), Series 2023 A, GO Bonds | 5.00% | 05/01/2041 | 25 | &nbsp;&nbsp; 27943 |
| Reno (City of), NV, Series 2019 A-1, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2043 | 2040 | &nbsp;&nbsp; 2046157 |
| Washoe (County of), NV (Fuel Tax), Series 2018, Ref. RB | 5.00% | 02/01/2042 | 285 | &nbsp;&nbsp; 298744 |
| Washoe County School District, Series 2020 A, GO Bonds | 4.00% | 10/01/2045 | 225 | &nbsp;&nbsp; 224958 |
|  |  |  |  | &nbsp;&nbsp; 18153606 |
| **New Hampshire-0.23%** |  |  |  |  |
| Manchester (City of), NH (Green Bonds), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 06/01/2054 | 480 | &nbsp;&nbsp; 515197 |
| New Hampshire (State of) Business Finance Authority, Series 2021 A, RB | 4.00% | 07/01/2051 | 1650 | &nbsp;&nbsp; 1575617 |
| New Hampshire (State of) Business Finance Authority (Adventist Health System), Series 2024, RB | 5.25% | 07/01/2054 | 25 | &nbsp;&nbsp; 25140 |
| New Hampshire (State of) Business Finance Authority (Grace Christian School), Series 2025, RB | 6.00% | 08/01/2065 | 2055 | &nbsp;&nbsp; 2066533 |
| New Hampshire (State of) Business Finance Authority (NCCD - Unr Properties LLC - University of <br> Nevada, Reno Project), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup><br>| 5.25% | 06/01/2051 | 575 | &nbsp;&nbsp; 607009 |
| New Hampshire (State of) Business Finance Authority (St. Elizabeth Medical Center, Inc.), <br> Series 2021, RB<br>| 4.00% | 05/01/2051 | 960 | &nbsp;&nbsp; 886484 |
| New Hampshire (State of) Business Finance Authority (St. Luke's University Health), Series 2021, <br> RB, (INS - AGI)<sup>(a)</sup><br>| 3.00% | 08/15/2046 | 2470 | &nbsp;&nbsp; 2015153 |
| New Hampshire (State of) Business Finance Authority (St. Luke's University Health), Series 2021, <br> RB, (INS - AGI)<sup>(a)</sup><br>| 3.00% | 08/15/2051 | 1060 | &nbsp;&nbsp; 782113 |

---

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

------

**111**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Hampshire-(continued)** |  |  |  |  |
| New Hampshire (State of) Health and Education Facilities Authority, Series 2025, Ref. RB | 5.50% | 08/01/2050 | $140 | &nbsp;&nbsp; $151307 |
| New Hampshire (State of) Health and Education Facilities Authority (Concord Hospital Trust), <br> Series 2017, RB<br>| 5.00% | 10/01/2047 | 45 | &nbsp;&nbsp; 45376 |
|  |  |  |  | &nbsp;&nbsp; 8669929 |
| **New Jersey-3.02%** |  |  |  |  |
| Gloucester (County of), NJ Improvement Authority (The) (Rowan University), Series 2015, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 07/01/2042 | 40 | &nbsp;&nbsp; 40008 |
| Hudson (County of), NJ Improvement Authority (Hudson County Courhouse), Series 2020, RB | 4.00% | 10/01/2046 | 465 | &nbsp;&nbsp; 461010 |
| Hudson (County of), NJ Improvement Authority (Hudson County Courhouse), Series 2020, RB | 4.00% | 10/01/2051 | 290 | &nbsp;&nbsp; 275383 |
| Middlesex (County of), NJ Improvement Authority (New Jersey Health + Life Science Exchange - <br> H-1), Series 2023, RB<br>| 5.00% | 08/15/2053 | 1530 | &nbsp;&nbsp; 1608286 |
| New Jersey (State of) Economic Development Authority, Series 2018 A, RB | 5.00% | 06/15/2042 | 10 | &nbsp;&nbsp; 10262 |
| New Jersey (State of) Economic Development Authority, Series 2018, RB | 5.00% | 06/15/2043 | 80 | &nbsp;&nbsp; 83408 |
| New Jersey (State of) Economic Development Authority, Series 2018, RB | 5.00% | 06/15/2048 | 1000 | &nbsp;&nbsp; 1027408 |
| New Jersey (State of) Economic Development Authority, Series 2019, RB | 4.00% | 06/15/2044 | 25 | &nbsp;&nbsp; 24782 |
| New Jersey (State of) Economic Development Authority, Series 2019, RB | 5.00% | 06/15/2044 | 25 | &nbsp;&nbsp; 26067 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB | 5.25% | 11/01/2047 | 3065 | &nbsp;&nbsp; 3261740 |
| New Jersey (State of) Economic Development Authority (Portal North Bridge), Series 2022 A, RB | 5.00% | 11/01/2052 | 2390 | &nbsp;&nbsp; 2478263 |
| New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB | 4.00% | 06/15/2046 | 580 | &nbsp;&nbsp; 558886 |
| New Jersey (State of) Economic Development Authority (Social Bonds), Series 2021 QQQ, RB | 4.00% | 06/15/2050 | 535 | &nbsp;&nbsp; 495489 |
| New Jersey (State of) Economic Development Authority (State House), Series 2017 B, RB | 5.00% | 06/15/2043 | 850 | &nbsp;&nbsp; 886214 |
| New Jersey (State of) Economic Development Authority (Transit Transportation), Series 2020, RB | 4.00% | 11/01/2044 | 460 | &nbsp;&nbsp; 455527 |
| New Jersey (State of) Educational Facilities Authority, Series 2024 A-2, RB | 5.00% | 03/01/2043 | 375 | &nbsp;&nbsp; 420848 |
| New Jersey (State of) Educational Facilities Authority, Series 2024, Ref. RB | 5.00% | 03/01/2044 | 100 | &nbsp;&nbsp; 111261 |
| New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB | 4.63% | 09/01/2048 | 1475 | &nbsp;&nbsp; 1507915 |
| New Jersey (State of) Educational Facilities Authority (Montclair University), Series 2023 A, RB | 5.25% | 09/01/2053 | 250 | &nbsp;&nbsp; 264400 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2017 C, RB | 4.00% | 07/01/2047 | 5 | &nbsp;&nbsp; 4974 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB | 4.00% | 03/01/2053 | 925 | &nbsp;&nbsp; 909736 |
| New Jersey (State of) Educational Facilities Authority (Princeton University), Series 2024, RB | 5.25% | 03/01/2054 | 2700 | &nbsp;&nbsp; 2945455 |
| New Jersey (State of) Educational Facilities Authority (Stevenns Institute Technology), Series 2015 <br> D, RB<br>| 4.00% | 07/01/2045 | 75 | &nbsp;&nbsp; 75001 |
| New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green <br> Bonds), Series 2020 A, RB<br>| 3.00% | 07/01/2050 | 1185 | &nbsp;&nbsp; 864834 |
| New Jersey (State of) Educational Facilities Authority (Stevens Institute of Technology) (Green <br> Bonds), Series 2020 A, RB<br>| 4.00% | 07/01/2050 | 1840 | &nbsp;&nbsp; 1626166 |
| New Jersey (State of) Health Care Facilities Financing Authority, Series 2016, Ref. RB | 4.00% | 07/01/2048 | 1275 | &nbsp;&nbsp; 1114500 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, <br> Ref. RB<br>| 4.00% | 07/01/2041 | 755 | &nbsp;&nbsp; 756555 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2016, <br> Ref. RB<br>| 4.00% | 07/01/2043 | 275 | &nbsp;&nbsp; 275122 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, <br> RB<br>| 5.00% | 07/01/2041 | 15 | &nbsp;&nbsp; 16858 |
| New Jersey (State of) Health Care Facilities Financing Authority (AHS Hospital Corp.), Series 2024, <br> RB<br>| 4.25% | 07/01/2054 | 255 | &nbsp;&nbsp; 241861 |
| New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System <br> Obligated Group), Series 2021, RB<br>| 3.00% | 07/01/2046 | 740 | &nbsp;&nbsp; 598195 |
| New Jersey (State of) Health Care Facilities Financing Authority (Atlanticare Health System <br> Obligated Group), Series 2021, RB<br>| 3.00% | 07/01/2051 | 240 | &nbsp;&nbsp; 179936 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), <br> Series 2016, Ref. RB<br>| 4.00% | 07/01/2041 | 1950 | &nbsp;&nbsp; 1951107 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), <br> Series 2016, Ref. RB<br>| 5.00% | 07/01/2046 | 210 | &nbsp;&nbsp; 210424 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), <br> Series 2017, RB<br>| 4.00% | 07/01/2047 | 265 | &nbsp;&nbsp; 246259 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), <br> Series 2024 A, Ref. RB<br>| 4.13% | 07/01/2054 | 385 | &nbsp;&nbsp; 355071 |

---

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

------

**112**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), <br> Series 2024 A, Ref. RB<br>| 5.25% | 07/01/2054 | $205 | &nbsp;&nbsp; $218266 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Health Obligated Group), <br> Series 2024, Ref. RB<br>| 5.25% | 07/01/2049 | 120 | &nbsp;&nbsp; 129460 |
| New Jersey (State of) Health Care Facilities Financing Authority (Inspira Meridian Health Obligated <br> Group), Series 2017, RB<br>| 5.00% | 07/01/2042 | 1130 | &nbsp;&nbsp; 1150935 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2016 A, Ref. RB<br>| 5.00% | 07/01/2043 | 1655 | &nbsp;&nbsp; 1664827 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2021, RB<br>| 3.00% | 07/01/2051 | 1005 | &nbsp;&nbsp; 772102 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2021, RB<br>| 4.00% | 07/01/2051 | 1665 | &nbsp;&nbsp; 1597397 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2024, RB<br>| 5.00% | 07/01/2042 | 250 | &nbsp;&nbsp; 278123 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2024, RB<br>| 5.25% | 07/01/2043 | 20 | &nbsp;&nbsp; 22379 |
| New Jersey (State of) Health Care Facilities Financing Authority (RWJ Barnabas Health Obligated <br> Group), Series 2024, RB<br>| 5.25% | 07/01/2054 | 85 | &nbsp;&nbsp; 90541 |
| New Jersey (State of) Health Care Facilities Financing Authority (St. Joseph's Healthcare System <br> Obligated Group), Series 2016, Ref. RB<br>| 5.00% | 07/01/2041 | 45 | &nbsp;&nbsp; 45089 |
| New Jersey (State of) Health Care Facilities Financing Authority (University Hospital), Series 2015 <br> A, RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 07/01/2046 | 10 | &nbsp;&nbsp; 10017 |
| New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated <br> Group), Series 2019, RB<br>| 4.00% | 07/01/2044 | 295 | &nbsp;&nbsp; 281319 |
| New Jersey (State of) Health Care Facilities Financing Authority (Valley Health System Obligated <br> Group), Series 2019, RB<br>| 3.00% | 07/01/2049 | 400 | &nbsp;&nbsp; 316748 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2014 AA, RB | 4.25% | 06/15/2044 | 2340 | &nbsp;&nbsp; 2340190 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 AA, RB | 5.25% | 06/15/2043 | 750 | &nbsp;&nbsp; 782023 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 4.00% | 06/15/2044 | 1085 | &nbsp;&nbsp; 1079688 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 5.00% | 06/15/2044 | 1525 | &nbsp;&nbsp; 1575401 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 3.50% | 06/15/2046 | 690 | &nbsp;&nbsp; 598832 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019 BB, RB | 4.00% | 06/15/2050 | 1405 | &nbsp;&nbsp; 1309102 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB | 5.00% | 06/15/2046 | 2625 | &nbsp;&nbsp; 2692730 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, RB | 4.50% | 06/15/2049 | 25 | &nbsp;&nbsp; 25068 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 A, RB | 5.00% | 06/15/2050 | 780 | &nbsp;&nbsp; 800192 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 4.00% | 06/15/2045 | 2330 | &nbsp;&nbsp; 2305951 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 5.00% | 06/15/2045 | 1025 | &nbsp;&nbsp; 1072484 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 3.00% | 06/15/2050 | 1205 | &nbsp;&nbsp; 921358 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2020 AA, RB | 4.00% | 06/15/2050 | 2710 | &nbsp;&nbsp; 2525029 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB | 4.00% | 06/15/2041 | 750 | &nbsp;&nbsp; 764746 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 A, RB | 4.00% | 06/15/2042 | 795 | &nbsp;&nbsp; 804053 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 BB, RB | 4.00% | 06/15/2046 | 1565 | &nbsp;&nbsp; 1520456 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022 CC, RB | 5.25% | 06/15/2041 | 310 | &nbsp;&nbsp; 346142 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 4.00% | 06/15/2041 | 1290 | &nbsp;&nbsp; 1313546 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 4.00% | 06/15/2042 | 1000 | &nbsp;&nbsp; 1010574 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2042 | 530 | &nbsp;&nbsp; 578834 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2043 | 260 | &nbsp;&nbsp; 285401 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.00% | 06/15/2044 | 540 | &nbsp;&nbsp; 579155 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 5.25% | 06/15/2046 | 280 | &nbsp;&nbsp; 299751 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2022, RB | 3.00% | 06/15/2050 | 125 | &nbsp;&nbsp; 95577 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB | 5.25% | 06/15/2041 | 250 | &nbsp;&nbsp; 280533 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 A, Ref. RB | 5.25% | 06/15/2042 | 145 | &nbsp;&nbsp; 161445 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 AA, Ref. RB | 4.25% | 06/15/2044 | 960 | &nbsp;&nbsp; 976343 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2041 | 75 | &nbsp;&nbsp; 83435 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2042 | 5 | &nbsp;&nbsp; 5516 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2043 | 625 | &nbsp;&nbsp; 682909 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.00% | 06/15/2046 | 1705 | &nbsp;&nbsp; 1809602 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2023 BB, RB | 5.25% | 06/15/2050 | 3025 | &nbsp;&nbsp; 3210610 |

---

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

------

**113**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 A, Ref. RB | 4.00% | 06/15/2042 | $1650 | &nbsp;&nbsp; $1675137 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB | 5.25% | 06/15/2041 | 1245 | &nbsp;&nbsp; 1424059 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 AA, Ref. RB | 5.00% | 06/15/2042 | 2020 | &nbsp;&nbsp; 2251604 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2041 | 190 | &nbsp;&nbsp; 213737 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2042 | 75 | &nbsp;&nbsp; 83599 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2043 | 90 | &nbsp;&nbsp; 99251 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2044 | 195 | &nbsp;&nbsp; 212669 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.00% | 06/15/2045 | 510 | &nbsp;&nbsp; 551072 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 4.13% | 06/15/2050 | 870 | &nbsp;&nbsp; 839156 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.25% | 06/15/2050 | 2030 | &nbsp;&nbsp; 2161663 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 4.13% | 06/15/2055 | 1000 | &nbsp;&nbsp; 943289 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 CC, RB | 5.25% | 06/15/2055 | 2650 | &nbsp;&nbsp; 2807742 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB | 5.00% | 06/15/2042 | 500 | &nbsp;&nbsp; 562988 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB | 5.00% | 06/15/2043 | 500 | &nbsp;&nbsp; 556420 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB | 5.00% | 06/15/2044 | 500 | &nbsp;&nbsp; 549509 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB | 5.00% | 06/15/2045 | 105 | &nbsp;&nbsp; 114075 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB | 5.00% | 06/15/2050 | 2180 | &nbsp;&nbsp; 2281960 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2025 AA, RB | 5.00% | 06/15/2055 | 3195 | &nbsp;&nbsp; 3318011 |
| New Jersey (State of) Turnpike Authority, Series 2015 E, RB | 4.00% | 01/01/2045 | 30 | &nbsp;&nbsp; 29892 |
| New Jersey (State of) Turnpike Authority, Series 2017 G, Ref. RB | 4.00% | 01/01/2043 | 605 | &nbsp;&nbsp; 607206 |
| New Jersey (State of) Turnpike Authority, Series 2019 A, RB | 4.00% | 01/01/2048 | 5 | &nbsp;&nbsp; 4874 |
| New Jersey (State of) Turnpike Authority, Series 2019 A, RB | 5.00% | 01/01/2048 | 2575 | &nbsp;&nbsp; 2640787 |
| New Jersey (State of) Turnpike Authority, Series 2021 A, RB | 4.00% | 01/01/2042 | 3740 | &nbsp;&nbsp; 3827243 |
| New Jersey (State of) Turnpike Authority, Series 2021 A, RB | 4.00% | 01/01/2051 | 3095 | &nbsp;&nbsp; 3007042 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB | 5.00% | 01/01/2042 | 400 | &nbsp;&nbsp; 440344 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB | 4.25% | 01/01/2043 | 1445 | &nbsp;&nbsp; 1493854 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB | 5.00% | 01/01/2046 | 2400 | &nbsp;&nbsp; 2559696 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB | 4.50% | 01/01/2048 | 1795 | &nbsp;&nbsp; 1826768 |
| New Jersey (State of) Turnpike Authority, Series 2022 B, RB | 5.25% | 01/01/2052 | 3500 | &nbsp;&nbsp; 3718960 |
| New Jersey (State of) Turnpike Authority, Series 2024 B, RB | 5.00% | 01/01/2043 | 30 | &nbsp;&nbsp; 33133 |
| New Jersey (State of) Turnpike Authority, Series 2024 B, RB | 5.25% | 01/01/2049 | 140 | &nbsp;&nbsp; 150564 |
| New Jersey (State of) Turnpike Authority, Series 2024 B, RB | 5.25% | 01/01/2054 | 10 | &nbsp;&nbsp; 10670 |
| New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB | 5.00% | 01/01/2042 | 1000 | &nbsp;&nbsp; 1113812 |
| New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB | 5.00% | 01/01/2043 | 1450 | &nbsp;&nbsp; 1600401 |
| New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB | 5.00% | 01/01/2044 | 10 | &nbsp;&nbsp; 10937 |
| New Jersey (State of) Turnpike Authority, Series 2024 C, Ref. RB | 5.00% | 01/01/2045 | 1250 | &nbsp;&nbsp; 1354753 |
| New Jersey (State of) Turnpike Authority, Series 2025 A, RB | 5.00% | 01/01/2043 | 10 | &nbsp;&nbsp; 11215 |
| New Jersey (State of) Turnpike Authority, Series 2025 A, RB | 4.75% | 01/01/2050 | 400 | &nbsp;&nbsp; 416013 |
| New Jersey (State of) Turnpike Authority, Series 2025 A, RB | 5.25% | 01/01/2055 | 2050 | &nbsp;&nbsp; 2203789 |
| Newark (City of), NJ (Mulberry Pedestrian Bridge Redevelopment), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 6.00% | 11/15/2062 | 500 | &nbsp;&nbsp; 554825 |
| Passaic (County of), NJ Valley Water Commission, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/01/2053 | 5 | &nbsp;&nbsp; 4874 |
| South Jersey Transportation Authority, Series 2020 A, RB | 5.00% | 11/01/2045 | 70 | &nbsp;&nbsp; 72851 |
| South Jersey Transportation Authority, Series 2022 A, RB | 4.63% | 11/01/2047 | 20 | &nbsp;&nbsp; 20329 |
| South Jersey Transportation Authority, Series 2022 A, RB | 5.25% | 11/01/2052 | 265 | &nbsp;&nbsp; 275474 |
| South Jersey Transportation Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 11/01/2052 | 20 | &nbsp;&nbsp; 20966 |
|  |  |  |  | &nbsp;&nbsp; 114440303 |
| **New Mexico-0.05%** |  |  |  |  |
| New Mexico (State of) Hospital Equipment Loan Council, Series 2019 A, RB | 3.00% | 08/01/2048 | 1045 | &nbsp;&nbsp; 780834 |
| New Mexico (State of) Hospital Equipment Loan Council, Series 2019 A, RB | 4.00% | 08/01/2048 | 290 | &nbsp;&nbsp; 266731 |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017 A, <br> Ref. RB<br>| 4.00% | 08/01/2046 | 1025 | &nbsp;&nbsp; 959152 |
|  |  |  |  | &nbsp;&nbsp; 2006717 |
| **New York-21.82%** |  |  |  |  |
| Albany Capital Resource Corp. (Albany Medical Center Hospital), Series 2025, Ref. RB | 5.50% | 05/01/2055 | 35 | &nbsp;&nbsp; 37493 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2019 A, RB | 4.00% | 11/01/2044 | 5 | &nbsp;&nbsp; 5032 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2019 A, RB | 5.00% | 11/01/2049 | 295 | &nbsp;&nbsp; 302831 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2048 | 505 | &nbsp;&nbsp; 536136 |

---

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

------

**114**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2053 | $1185 | &nbsp;&nbsp; $1243292 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/01/2043 | 1000 | &nbsp;&nbsp; 1143230 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/01/2046 | 15 | &nbsp;&nbsp; 16403 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/01/2050 | 1200 | &nbsp;&nbsp; 1278917 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB | 5.25% | 11/01/2055 | 2925 | &nbsp;&nbsp; 3159916 |
| Brooklyn Arena Local Development Corp. (Barclays Center), Series 2016 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 07/15/2043 | 345 | &nbsp;&nbsp; 283829 |
| Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 04/01/2045 | 2460 | &nbsp;&nbsp; 2007328 |
| Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 04/01/2050 | 750 | &nbsp;&nbsp; 545635 |
| Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 04/01/2050 | 500 | &nbsp;&nbsp; 455425 |
| Build NYC Resource Corp. (KIPP NYC Public School) (Social Bonds), Series 2023, RB | 5.25% | 07/01/2052 | 110 | &nbsp;&nbsp; 111472 |
| Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB | 5.00% | 07/01/2041 | 1000 | &nbsp;&nbsp; 1000018 |
| Dutchess County Local Development Corp. (Bard College), Series 2020 A, Ref. RB | 5.00% | 07/01/2051 | 915 | &nbsp;&nbsp; 915635 |
| Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB | 4.00% | 07/01/2041 | 325 | &nbsp;&nbsp; 320452 |
| Dutchess County Local Development Corp. (Nuvance Health), Series 2019 B, Ref. RB | 4.00% | 07/01/2049 | 180 | &nbsp;&nbsp; 162042 |
| Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB | 5.00% | 07/01/2042 | 1640 | &nbsp;&nbsp; 1667314 |
| Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB | 4.00% | 07/01/2046 | 370 | &nbsp;&nbsp; 359082 |
| Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group), Series 2022 A, <br> Ref. RB<br>| 5.25% | 12/01/2052 | 670 | &nbsp;&nbsp; 677932 |
| Hempstead Town Local Development Corp., Series 2017, Ref. RB | 5.00% | 07/01/2047 | 285 | &nbsp;&nbsp; 287818 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2042 | 2080 | &nbsp;&nbsp; 2116393 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 4.00% | 02/15/2044 | 2050 | &nbsp;&nbsp; 2007422 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2045 | 120 | &nbsp;&nbsp; 121741 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 02/15/2047 | 3055 | &nbsp;&nbsp; 2911590 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB | 4.00% | 02/15/2041 | 35 | &nbsp;&nbsp; 35912 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB | 4.00% | 02/15/2043 | 175 | &nbsp;&nbsp; 177347 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 4.00% | 02/15/2042 | 375 | &nbsp;&nbsp; 382229 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 4.00% | 02/15/2044 | 195 | &nbsp;&nbsp; 196178 |
| Long Beach (City of), NY, Series 2022 B, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.63% | 07/15/2052 | 45 | &nbsp;&nbsp; 45396 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2041 | 320 | &nbsp;&nbsp; 322895 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2046 | 325 | &nbsp;&nbsp; 326884 |
| Long Island (City of), NY Power Authority, Series 2017, RB | 5.00% | 09/01/2042 | 620 | &nbsp;&nbsp; 636539 |
| Long Island (City of), NY Power Authority, Series 2017, RB | 5.00% | 09/01/2047 | 650 | &nbsp;&nbsp; 660803 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2041 | 25 | &nbsp;&nbsp; 28417 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2042 | 75 | &nbsp;&nbsp; 84518 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2044 | 30 | &nbsp;&nbsp; 33040 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2049 | 885 | &nbsp;&nbsp; 941831 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2054 | 2000 | &nbsp;&nbsp; 2102888 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.25% | 09/01/2054 | 1000 | &nbsp;&nbsp; 1065077 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2043 | 195 | &nbsp;&nbsp; 218065 |
| Long Island (City of), NY Power Authority, Series 2025 A, Ref. RB | 5.25% | 09/01/2050 | 1000 | &nbsp;&nbsp; 1090264 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB | 5.00% | 09/01/2048 | 5 | &nbsp;&nbsp; 5299 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2053 | 1385 | &nbsp;&nbsp; 1456243 |
| Metropolitan Transportation Authority, Series 2013 B, RB | 4.00% | 11/15/2043 | 995 | &nbsp;&nbsp; 967879 |
| Metropolitan Transportation Authority, Series 2015 B, RB | 4.00% | 11/15/2045 | 610 | &nbsp;&nbsp; 564772 |
| Metropolitan Transportation Authority, Series 2016 C-1, RB | 4.00% | 11/15/2041 | 1750 | &nbsp;&nbsp; 1750715 |
| Metropolitan Transportation Authority, Series 2016 C-1, RB | 4.00% | 11/15/2046 | 130 | &nbsp;&nbsp; 117797 |
| Metropolitan Transportation Authority, Series 2016 C-1, RB | 5.00% | 11/15/2046 | 30 | &nbsp;&nbsp; 30104 |
| Metropolitan Transportation Authority, Series 2016 C-1, RB | 5.00% | 11/15/2056 | 65 | &nbsp;&nbsp; 65097 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 4.00% | 11/15/2042 | 2660 | &nbsp;&nbsp; 2643802 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 4.00% | 11/15/2046 | 365 | &nbsp;&nbsp; 333873 |
| Metropolitan Transportation Authority, Series 2020 A-1, RB | 5.00% | 11/15/2048 | 280 | &nbsp;&nbsp; 286621 |
| Metropolitan Transportation Authority, Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2042 | 265 | &nbsp;&nbsp; 264663 |
| Metropolitan Transportation Authority, Series 2021 A-1, RB | 4.00% | 11/15/2045 | 500 | &nbsp;&nbsp; 469444 |
| Metropolitan Transportation Authority, Series 2021 A-1, RB | 4.00% | 11/15/2046 | 1185 | &nbsp;&nbsp; 1089088 |
| Metropolitan Transportation Authority, Series 2021 A-1, RB | 4.00% | 11/15/2047 | 5 | &nbsp;&nbsp; 4532 |

---

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

------

**115**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Metropolitan Transportation Authority, Series 2021 A-1, RB | 4.00% | 11/15/2048 | $25 | &nbsp;&nbsp; $22467 |
| Metropolitan Transportation Authority, Series 2021 A-2, RB | 4.00% | 11/15/2041 | 25 | &nbsp;&nbsp; 25018 |
| Metropolitan Transportation Authority, Series 2021 A-2, RB | 4.00% | 11/15/2042 | 65 | &nbsp;&nbsp; 64448 |
| Metropolitan Transportation Authority, Series 2021 A-2, RB | 4.00% | 11/15/2043 | 310 | &nbsp;&nbsp; 303444 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB | 5.00% | 11/15/2042 | 65 | &nbsp;&nbsp; 72112 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB | 5.00% | 11/15/2044 | 15 | &nbsp;&nbsp; 16157 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB | 4.63% | 11/15/2050 | 70 | &nbsp;&nbsp; 69277 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB | 5.25% | 11/15/2055 | 1120 | &nbsp;&nbsp; 1174196 |
| Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB | 4.00% | 11/15/2051 | 1435 | &nbsp;&nbsp; 1341287 |
| Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB | 4.00% | 11/15/2052 | 1000 | &nbsp;&nbsp; 926587 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB | 3.50% | 11/15/2041 | 585 | &nbsp;&nbsp; 524129 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB | 5.00% | 11/15/2041 | 125 | &nbsp;&nbsp; 125287 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB | 5.00% | 11/15/2046 | 490 | &nbsp;&nbsp; 490445 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB | 5.25% | 11/15/2056 | 1205 | &nbsp;&nbsp; 1205784 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2042 | 135 | &nbsp;&nbsp; 137566 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2047 | 1300 | &nbsp;&nbsp; 1312514 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A-1, RB | 4.00% | 11/15/2043 | 375 | &nbsp;&nbsp; 364779 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A-1, RB | 4.00% | 11/15/2048 | 90 | &nbsp;&nbsp; 79799 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A-1, RB | 5.25% | 11/15/2057 | 750 | &nbsp;&nbsp; 754013 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 5.00% | 11/15/2047 | 1025 | &nbsp;&nbsp; 1038852 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 4.00% | 11/15/2052 | 155 | &nbsp;&nbsp; 141105 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 A, RB | 5.00% | 11/15/2045 | 50 | &nbsp;&nbsp; 51192 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2044 | 545 | &nbsp;&nbsp; 561626 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB | 5.00% | 11/15/2052 | 1525 | &nbsp;&nbsp; 1537927 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2049 | 270 | &nbsp;&nbsp; 249020 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB | 5.00% | 11/15/2042 | 120 | &nbsp;&nbsp; 123793 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2046 | 15 | &nbsp;&nbsp; 14181 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2047 | 370 | &nbsp;&nbsp; 343050 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 C, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 11/15/2043 | 320 | &nbsp;&nbsp; 334258 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2046 | 310 | &nbsp;&nbsp; 290853 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB | 4.00% | 11/15/2045 | 100 | &nbsp;&nbsp; 93889 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB | 5.00% | 11/15/2049 | 20 | &nbsp;&nbsp; 20448 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB | 4.00% | 11/15/2051 | 2885 | &nbsp;&nbsp; 2541056 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB | 4.00% | 11/15/2052 | 130 | &nbsp;&nbsp; 113905 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2041 | 555 | &nbsp;&nbsp; 558098 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2043 | 465 | &nbsp;&nbsp; 458605 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2044 | 85 | &nbsp;&nbsp; 82600 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2050 | 2980 | &nbsp;&nbsp; 2736568 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 4.75% | 11/15/2045 | 2485 | &nbsp;&nbsp; 2515315 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 5.00% | 11/15/2050 | 2970 | &nbsp;&nbsp; 3030007 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 5.25% | 11/15/2055 | 4080 | &nbsp;&nbsp; 4189701 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB | 5.00% | 11/15/2043 | 250 | &nbsp;&nbsp; 263238 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB | 5.00% | 11/15/2044 | 95 | &nbsp;&nbsp; 99323 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB | 5.00% | 11/15/2045 | 50 | &nbsp;&nbsp; 51954 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-2, RB | 4.00% | 11/15/2047 | 480 | &nbsp;&nbsp; 440956 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-2, RB | 4.00% | 11/15/2048 | 550 | &nbsp;&nbsp; 501156 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-3, RB | 4.00% | 11/15/2049 | 1625 | &nbsp;&nbsp; 1472245 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-3, RB | 4.00% | 11/15/2050 | 870 | &nbsp;&nbsp; 782014 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 4.00% | 11/15/2045 | 1800 | &nbsp;&nbsp; 1690851 |
| Metropolitan Transportation Authority (Green Bonds), Series 2021 A-1, RB | 4.00% | 11/15/2049 | 5 | &nbsp;&nbsp; 4467 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2049 | 3455 | &nbsp;&nbsp; 3636809 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 4.00% | 11/15/2051 | 580 | &nbsp;&nbsp; 545303 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 5.25% | 11/15/2054 | 1100 | &nbsp;&nbsp; 1168982 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 4.00% | 11/15/2042 | 20 | &nbsp;&nbsp; 19830 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2043 | 140 | &nbsp;&nbsp; 151535 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2044 | 150 | &nbsp;&nbsp; 160507 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.25% | 11/15/2049 | 290 | &nbsp;&nbsp; 306006 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 11/15/2048 | 210 | &nbsp;&nbsp; 197251 |

---

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

------

**116**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 5.00% | 11/15/2042 | $30 | &nbsp;&nbsp; $32995 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B, Ref. RB | 4.00% | 11/15/2044 | 735 | &nbsp;&nbsp; 708709 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB | 5.00% | 11/15/2046 | 370 | &nbsp;&nbsp; 395775 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB | 5.00% | 11/15/2047 | 555 | &nbsp;&nbsp; 589305 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB | 5.00% | 11/15/2048 | 920 | &nbsp;&nbsp; 971330 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2041 | 65 | &nbsp;&nbsp; 73540 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2042 | 205 | &nbsp;&nbsp; 229518 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2043 | 520 | &nbsp;&nbsp; 575601 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2044 | 685 | &nbsp;&nbsp; 749137 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2045 | 360 | &nbsp;&nbsp; 389324 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2049 | 950 | &nbsp;&nbsp; 999991 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2050 | 765 | &nbsp;&nbsp; 802600 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2051 | 1010 | &nbsp;&nbsp; 1057063 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2052 | 205 | &nbsp;&nbsp; 213960 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 4.00% | 11/15/2054 | 105 | &nbsp;&nbsp; 97461 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025 B, Ref. RB | 5.00% | 11/15/2043 | 250 | &nbsp;&nbsp; 273723 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/15/2041 | 40 | &nbsp;&nbsp; 44705 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/15/2042 | 100 | &nbsp;&nbsp; 110466 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB | 5.25% | 11/15/2045 | 1000 | &nbsp;&nbsp; 1087594 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB | 5.00% | 11/15/2046 | 940 | &nbsp;&nbsp; 946579 |
| Metropolitan Transportation Authority (Green Bonds), Subseries 2016 B-1, RB | 5.00% | 11/15/2056 | 5 | &nbsp;&nbsp; 5024 |
| Monroe County Industrial Development Corp. (Highland Hospital of Rochester), Series 2017, RB | 5.00% | 12/01/2046 | 400 | &nbsp;&nbsp; 400139 |
| Monroe County Industrial Development Corp. (Rochester Regional Health), Series 2020, Ref. RB | 4.00% | 12/01/2046 | 70 | &nbsp;&nbsp; 62085 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2017 C, Ref. RB | 4.00% | 07/01/2043 | 540 | &nbsp;&nbsp; 540338 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2017, Ref. RB | 4.00% | 07/01/2043 | 210 | &nbsp;&nbsp; 210131 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB | 4.00% | 07/01/2050 | 4480 | &nbsp;&nbsp; 4187914 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2023 A, RB | 5.00% | 07/01/2053 | 2150 | &nbsp;&nbsp; 2237784 |
| MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB | 5.00% | 11/15/2051 | 1410 | &nbsp;&nbsp; 1410014 |
| MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB | 5.00% | 11/15/2056 | 835 | &nbsp;&nbsp; 834987 |
| Nassau (County of), NY, Series 2013 A, GO Bonds | 4.00% | 04/01/2043 | 335 | &nbsp;&nbsp; 335053 |
| Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 04/01/2049 | 1340 | &nbsp;&nbsp; 1397983 |
| Nassau (County of), NY, Series 2023 A, GO Bonds | 4.00% | 04/01/2053 | 810 | &nbsp;&nbsp; 763659 |
| Nassau (County of), NY, Series 2024 A, GO Bonds | 4.00% | 04/01/2054 | 10 | &nbsp;&nbsp; 9275 |
| Nassau (County of), NY, Series 2025 A, GO Bonds | 5.00% | 04/01/2055 | 20 | &nbsp;&nbsp; 21107 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.00% | 11/15/2041 | 640 | &nbsp;&nbsp; 647860 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.00% | 11/15/2046 | 390 | &nbsp;&nbsp; 393405 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.25% | 11/15/2056 | 25 | &nbsp;&nbsp; 25143 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.25% | 12/01/2042 | 1135 | &nbsp;&nbsp; 1026514 |
| New York & New Jersey (States of) Port Authority, Series 2014, RB | 4.00% | 12/15/2041 | 5 | &nbsp;&nbsp; 5001 |
| New York & New Jersey (States of) Port Authority, Series 2014, RB | 4.00% | 12/15/2042 | 20 | &nbsp;&nbsp; 20001 |
| New York & New Jersey (States of) Port Authority, Series 2014, RB | 4.00% | 06/15/2044 | 45 | &nbsp;&nbsp; 44951 |
| New York & New Jersey (States of) Port Authority, Series 2017, Ref. RB | 5.00% | 10/15/2042 | 25 | &nbsp;&nbsp; 25570 |
| New York & New Jersey (States of) Port Authority, Series 2019 217, RB | 4.00% | 11/01/2049 | 940 | &nbsp;&nbsp; 892039 |
| New York & New Jersey (States of) Port Authority, Series 2019, RB | 4.00% | 11/01/2041 | 45 | &nbsp;&nbsp; 45597 |
| New York & New Jersey (States of) Port Authority, Series 2019, RB | 4.00% | 09/01/2045 | 130 | &nbsp;&nbsp; 127739 |
| New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB | 4.00% | 07/15/2046 | 20 | &nbsp;&nbsp; 19589 |
| New York & New Jersey (States of) Port Authority, Series 2021, Ref. RB | 4.00% | 07/15/2051 | 25 | &nbsp;&nbsp; 23649 |
| New York & New Jersey (States of) Port Authority, Series 2022, RB | 5.00% | 01/15/2052 | 215 | &nbsp;&nbsp; 224546 |
| New York & New Jersey (States of) Port Authority, Series 2023-241, RB | 5.00% | 07/15/2053 | 15 | &nbsp;&nbsp; 15692 |
| New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB | 5.00% | 07/15/2049 | 1120 | &nbsp;&nbsp; 1191008 |
| New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB | 5.00% | 07/15/2054 | 1120 | &nbsp;&nbsp; 1177781 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB | 5.00% | 01/15/2042 | 10 | &nbsp;&nbsp; 11345 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB | 5.00% | 10/15/2042 | 15 | &nbsp;&nbsp; 17166 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB | 5.00% | 01/15/2043 | 20 | &nbsp;&nbsp; 22462 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB | 5.00% | 01/15/2055 | 1000 | &nbsp;&nbsp; 1050499 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 4.00% | 09/01/2043 | 85 | &nbsp;&nbsp; 85218 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 5.00% | 09/01/2048 | 2360 | &nbsp;&nbsp; 2426975 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2042 | 5 | &nbsp;&nbsp; 5173 |

---

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

------

**117**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2047 | $650 | &nbsp;&nbsp; $662237 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 05/15/2057 | 60 | &nbsp;&nbsp; 60925 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty One Series 2026, Ref. RB | 5.00% | 08/15/2051 | 200 | &nbsp;&nbsp; 212564 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty One Series 2026, Ref. RB | 5.25% | 08/15/2056 | 600 | &nbsp;&nbsp; 647233 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty series 2025, Ref. RB | 5.00% | 10/15/2041 | 400 | &nbsp;&nbsp; 464458 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB | 5.00% | 07/15/2048 | 1000 | &nbsp;&nbsp; 1061097 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB | 5.00% | 07/15/2053 | 1070 | &nbsp;&nbsp; 1119380 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB | 5.00% | 01/15/2050 | 10 | &nbsp;&nbsp; 10613 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2042 | 210 | &nbsp;&nbsp; 234027 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2043 | 410 | &nbsp;&nbsp; 452959 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2048 | 35 | &nbsp;&nbsp; 37138 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2049 | 45 | &nbsp;&nbsp; 47872 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2054 | 740 | &nbsp;&nbsp; 778607 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2041 | 50 | &nbsp;&nbsp; 56979 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2042 | 65 | &nbsp;&nbsp; 73317 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty One Series 2023, RB | 5.00% | 07/15/2041 | 60 | &nbsp;&nbsp; 67483 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2044 | 80 | &nbsp;&nbsp; 84401 |
| New York & New Jersey (States of) Port Authority, Two Hundred Sixteenth Series 2019, RB | 4.00% | 09/01/2049 | 100 | &nbsp;&nbsp; 94986 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirty Third Series 2022, Ref. RB | 5.25% | 08/01/2052 | 535 | &nbsp;&nbsp; 570160 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Four Series 2021, Ref. RB | 5.00% | 07/15/2056 | 35 | &nbsp;&nbsp; 36382 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Four Series 2021, Ref. RB | 4.00% | 07/15/2061 | 500 | &nbsp;&nbsp; 459202 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. <br> RB<br>| 4.00% | 07/15/2041 | 175 | &nbsp;&nbsp; 179310 |
| New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB | 5.00% | 04/15/2057 | 75 | &nbsp;&nbsp; 75768 |
| New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB | 5.25% | 10/15/2057 | 2020 | &nbsp;&nbsp; 2047269 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 5.00% | 12/01/2041 | 1465 | &nbsp;&nbsp; 1484662 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 4.00% | 12/01/2043 | 735 | &nbsp;&nbsp; 722144 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 4.00% | 10/01/2041 | 1000 | &nbsp;&nbsp; 1002654 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 3.25% | 10/01/2042 | 665 | &nbsp;&nbsp; 594956 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 4.00% | 03/01/2042 | 305 | &nbsp;&nbsp; 305929 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 5.00% | 03/01/2044 | 80 | &nbsp;&nbsp; 82218 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 3.63% | 03/01/2045 | 435 | &nbsp;&nbsp; 398624 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 3.00% | 10/01/2041 | 800 | &nbsp;&nbsp; 713191 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2042 | 180 | &nbsp;&nbsp; 190249 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 5.00% | 10/01/2043 | 670 | &nbsp;&nbsp; 705148 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 3.00% | 10/01/2044 | 725 | &nbsp;&nbsp; 603683 |
| New York (City of), NY, Series 2020 C, GO Bonds | 4.00% | 08/01/2041 | 900 | &nbsp;&nbsp; 911478 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2042 | 100 | &nbsp;&nbsp; 105830 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2043 | 365 | &nbsp;&nbsp; 383849 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 4.00% | 03/01/2041 | 40 | &nbsp;&nbsp; 40466 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 4.00% | 03/01/2042 | 80 | &nbsp;&nbsp; 80322 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 5.00% | 03/01/2043 | 40 | &nbsp;&nbsp; 41886 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 4.00% | 03/01/2044 | 160 | &nbsp;&nbsp; 159198 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 3.00% | 03/01/2045 | 255 | &nbsp;&nbsp; 208823 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 4.00% | 03/01/2050 | 830 | &nbsp;&nbsp; 773482 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 4.00% | 08/01/2041 | 1450 | &nbsp;&nbsp; 1472292 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 4.00% | 08/01/2042 | 105 | &nbsp;&nbsp; 105555 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2047 | 2000 | &nbsp;&nbsp; 2077100 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 3.00% | 08/01/2050 | 55 | &nbsp;&nbsp; 41404 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 4.00% | 08/01/2050 | 160 | &nbsp;&nbsp; 149021 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 3.00% | 03/01/2041 | 210 | &nbsp;&nbsp; 186911 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2042 | 215 | &nbsp;&nbsp; 229972 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2043 | 20 | &nbsp;&nbsp; 21233 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2044 | 50 | &nbsp;&nbsp; 52662 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 4.00% | 03/01/2047 | 1095 | &nbsp;&nbsp; 1047558 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2050 | 400 | &nbsp;&nbsp; 411644 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 3.00% | 03/01/2051 | 920 | &nbsp;&nbsp; 688604 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2041 | 65 | &nbsp;&nbsp; 71241 |

---

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

------

**118**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.00% | 09/01/2042 | $245 | &nbsp;&nbsp; $265894 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.25% | 09/01/2043 | 100 | &nbsp;&nbsp; 109243 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 4.00% | 09/01/2046 | 920 | &nbsp;&nbsp; 888527 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2041 | 580 | &nbsp;&nbsp; 643811 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2042 | 300 | &nbsp;&nbsp; 329973 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2043 | 55 | &nbsp;&nbsp; 59673 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2044 | 290 | &nbsp;&nbsp; 311527 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2045 | 170 | &nbsp;&nbsp; 180953 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2046 | 70 | &nbsp;&nbsp; 73937 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2048 | 95 | &nbsp;&nbsp; 99203 |
| New York (City of), NY, Series 2024 A, GO Bonds | 5.00% | 08/01/2051 | 1075 | &nbsp;&nbsp; 1112622 |
| New York (City of), NY, Series 2024 A, GO Bonds | 4.13% | 08/01/2053 | 3225 | &nbsp;&nbsp; 3034711 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2042 | 300 | &nbsp;&nbsp; 330931 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2043 | 305 | &nbsp;&nbsp; 332679 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2044 | 115 | &nbsp;&nbsp; 124116 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2045 | 385 | &nbsp;&nbsp; 411481 |
| New York (City of), NY, Series 2024 C, GO Bonds | 4.00% | 03/01/2046 | 375 | &nbsp;&nbsp; 362370 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.25% | 03/01/2047 | 525 | &nbsp;&nbsp; 562271 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.25% | 03/01/2048 | 55 | &nbsp;&nbsp; 58595 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.25% | 03/01/2049 | 35 | &nbsp;&nbsp; 37184 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.25% | 03/01/2053 | 270 | &nbsp;&nbsp; 284371 |
| New York (City of), NY, Series 2024 C, GO Bonds | 4.13% | 03/01/2054 | 230 | &nbsp;&nbsp; 215830 |
| New York (City of), NY, Series 2024 D, GO Bonds | 4.00% | 04/01/2042 | 240 | &nbsp;&nbsp; 241807 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2043 | 525 | &nbsp;&nbsp; 573056 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2044 | 1510 | &nbsp;&nbsp; 1630713 |
| New York (City of), NY, Series 2024 D, GO Bonds | 4.00% | 04/01/2045 | 230 | &nbsp;&nbsp; 225862 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.25% | 04/01/2047 | 490 | &nbsp;&nbsp; 525074 |
| New York (City of), NY, Series 2024 D, GO Bonds | 4.00% | 04/01/2050 | 20 | &nbsp;&nbsp; 18803 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2050 | 300 | &nbsp;&nbsp; 312002 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.25% | 04/01/2054 | 1170 | &nbsp;&nbsp; 1231699 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2042 | 40 | &nbsp;&nbsp; 44952 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2043 | 10 | &nbsp;&nbsp; 11088 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2044 | 5 | &nbsp;&nbsp; 5475 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2046 | 270 | &nbsp;&nbsp; 289357 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2048 | 420 | &nbsp;&nbsp; 443643 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2050 | 1950 | &nbsp;&nbsp; 2042211 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.50% | 08/01/2050 | 400 | &nbsp;&nbsp; 437192 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2053 | 525 | &nbsp;&nbsp; 546146 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.25% | 08/01/2053 | 30 | &nbsp;&nbsp; 31902 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.00% | 10/01/2042 | 350 | &nbsp;&nbsp; 392105 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.00% | 10/01/2043 | 635 | &nbsp;&nbsp; 702157 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.00% | 10/01/2044 | 400 | &nbsp;&nbsp; 436908 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.00% | 10/01/2048 | 500 | &nbsp;&nbsp; 527381 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.25% | 10/01/2051 | 1335 | &nbsp;&nbsp; 1422860 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.00% | 10/01/2055 | 1405 | &nbsp;&nbsp; 1457117 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.25% | 10/01/2055 | 2000 | &nbsp;&nbsp; 2119105 |
| New York (City of), NY, Series 2025 E, GO Bonds | 5.00% | 08/01/2047 | 505 | &nbsp;&nbsp; 533769 |
| New York (City of), NY, Series 2025 E, GO Bonds | 5.25% | 08/01/2050 | 95 | &nbsp;&nbsp; 101145 |
| New York (City of), NY, Series 2025 E, GO Bonds | 5.00% | 08/01/2054 | 40 | &nbsp;&nbsp; 41439 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 4.00% | 12/01/2041 | 45 | &nbsp;&nbsp; 45145 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 4.00% | 12/01/2042 | 115 | &nbsp;&nbsp; 115172 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2042 | 205 | &nbsp;&nbsp; 214345 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 4.00% | 12/01/2043 | 155 | &nbsp;&nbsp; 153250 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2044 | 420 | &nbsp;&nbsp; 435791 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2043 | 1725 | &nbsp;&nbsp; 1779950 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2045 | 80 | &nbsp;&nbsp; 82131 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 3.50% | 04/01/2046 | 1250 | &nbsp;&nbsp; 1097377 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2041 | 160 | &nbsp;&nbsp; 169273 |

---

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

------

**119**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 4.00% | 08/01/2042 | $1060 | &nbsp;&nbsp; $1060972 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2043 | 520 | &nbsp;&nbsp; 546080 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 4.00% | 08/01/2044 | 1020 | &nbsp;&nbsp; 1004355 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 3.00% | 08/01/2045 | 140 | &nbsp;&nbsp; 114176 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2041 | 545 | &nbsp;&nbsp; 607263 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2042 | 690 | &nbsp;&nbsp; 761680 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2043 | 350 | &nbsp;&nbsp; 382707 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2047 | 2400 | &nbsp;&nbsp; 2542669 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2042 | 15 | &nbsp;&nbsp; 16469 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2043 | 20 | &nbsp;&nbsp; 21763 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2044 | 135 | &nbsp;&nbsp; 147658 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2045 | 10 | &nbsp;&nbsp; 10836 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2046 | 70 | &nbsp;&nbsp; 75358 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 4.50% | 05/01/2049 | 125 | &nbsp;&nbsp; 124479 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.00% | 04/01/2041 | 120 | &nbsp;&nbsp; 132675 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 4.00% | 04/01/2042 | 430 | &nbsp;&nbsp; 432889 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2043 | 1685 | &nbsp;&nbsp; 1854073 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2044 | 1665 | &nbsp;&nbsp; 1814733 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 4.00% | 04/01/2045 | 500 | &nbsp;&nbsp; 491005 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2047 | 2540 | &nbsp;&nbsp; 2702466 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 4.00% | 04/01/2050 | 1780 | &nbsp;&nbsp; 1673441 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2041 | 110 | &nbsp;&nbsp; 123208 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2042 | 90 | &nbsp;&nbsp; 99778 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2043 | 445 | &nbsp;&nbsp; 487539 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2044 | 1495 | &nbsp;&nbsp; 1619785 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.25% | 09/01/2045 | 490 | &nbsp;&nbsp; 536081 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.25% | 09/01/2046 | 1080 | &nbsp;&nbsp; 1170637 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2047 | 1725 | &nbsp;&nbsp; 1819507 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2048 | 1195 | &nbsp;&nbsp; 1254342 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.25% | 09/01/2050 | 1545 | &nbsp;&nbsp; 1641132 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 4.00% | 09/01/2052 | 1445 | &nbsp;&nbsp; 1344528 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2042 | 500 | &nbsp;&nbsp; 559265 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2043 | 450 | &nbsp;&nbsp; 496897 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2044 | 5 | &nbsp;&nbsp; 5455 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.25% | 02/01/2045 | 1500 | &nbsp;&nbsp; 1653621 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.25% | 02/01/2050 | 1835 | &nbsp;&nbsp; 1959101 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.25% | 02/01/2053 | 1235 | &nbsp;&nbsp; 1310105 |
| New York (City of), NY Educational Construction Fund, Series 2021 B, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 04/01/2052 | 1865 | &nbsp;&nbsp; 1911070 |
| New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.00% | 01/01/2046 | 1240 | &nbsp;&nbsp; 988566 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB | 4.00% | 03/01/2045 | 395 | &nbsp;&nbsp; 382283 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB | 3.00% | 03/01/2049 | 525 | &nbsp;&nbsp; 385855 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 03/01/2045 | 740 | &nbsp;&nbsp; 727570 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 03/01/2049 | 2030 | &nbsp;&nbsp; 1526330 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB | 5.25% | 06/15/2052 | 615 | &nbsp;&nbsp; 649657 |
| New York (City of), NY Municipal Water Finance Authority, Series 2012, RB | 4.00% | 06/15/2047 | 1640 | &nbsp;&nbsp; 1562044 |
| New York (City of), NY Municipal Water Finance Authority, Series 2013 EE, RB | 4.25% | 06/15/2047 | 355 | &nbsp;&nbsp; 352809 |
| New York (City of), NY Municipal Water Finance Authority, Series 2013, RB | 3.75% | 06/15/2047 | 605 | &nbsp;&nbsp; 543673 |
| New York (City of), NY Municipal Water Finance Authority, Series 2013, RB | 4.00% | 06/15/2047 | 110 | &nbsp;&nbsp; 104771 |
| New York (City of), NY Municipal Water Finance Authority, Series 2014 AA, Ref. RB | 4.00% | 06/15/2044 | 740 | &nbsp;&nbsp; 735399 |
| New York (City of), NY Municipal Water Finance Authority, Series 2014 CC, RB | 4.00% | 06/15/2045 | 850 | &nbsp;&nbsp; 835943 |
| New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB | 4.00% | 06/15/2046 | 460 | &nbsp;&nbsp; 444011 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB | 3.00% | 06/15/2046 | 1670 | &nbsp;&nbsp; 1319828 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB | 4.00% | 06/15/2046 | 330 | &nbsp;&nbsp; 318529 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB | 4.00% | 06/15/2046 | 535 | &nbsp;&nbsp; 517110 |

---

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

------

**120**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB | 5.00% | 06/15/2046 | $155 | &nbsp;&nbsp; $155552 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016, Ref. RB | 5.25% | 06/15/2046 | 505 | &nbsp;&nbsp; 507227 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 BB, RB | 3.38% | 06/15/2045 | 105 | &nbsp;&nbsp; 92486 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 BB-1, RB | 5.00% | 06/15/2046 | 155 | &nbsp;&nbsp; 157370 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-1, RB | 5.00% | 06/15/2048 | 1125 | &nbsp;&nbsp; 1139193 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB | 4.00% | 06/15/2047 | 60 | &nbsp;&nbsp; 57148 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB | 5.00% | 06/15/2047 | 845 | &nbsp;&nbsp; 853048 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 DD, RB | 5.25% | 06/15/2047 | 100 | &nbsp;&nbsp; 101183 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 CC-1, RB | 4.00% | 06/15/2048 | 240 | &nbsp;&nbsp; 225621 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB | 3.63% | 06/15/2048 | 1590 | &nbsp;&nbsp; 1383073 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB | 4.00% | 06/15/2048 | 275 | &nbsp;&nbsp; 258524 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB | 5.00% | 06/15/2048 | 10 | &nbsp;&nbsp; 10174 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 BB, RB | 3.00% | 06/15/2049 | 255 | &nbsp;&nbsp; 196679 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB | 4.00% | 06/15/2049 | 960 | &nbsp;&nbsp; 916895 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB | 5.00% | 06/15/2049 | 910 | &nbsp;&nbsp; 942174 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 5.00% | 06/15/2044 | 1980 | &nbsp;&nbsp; 2099933 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 4.00% | 06/15/2049 | 25 | &nbsp;&nbsp; 23877 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 5.00% | 06/15/2049 | 90 | &nbsp;&nbsp; 93182 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-2, Ref. RB | 4.00% | 06/15/2041 | 55 | &nbsp;&nbsp; 55572 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB | 4.00% | 06/15/2049 | 25 | &nbsp;&nbsp; 23867 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB | 5.00% | 06/15/2049 | 1000 | &nbsp;&nbsp; 1023712 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 DD-1, RB | 5.25% | 06/15/2049 | 335 | &nbsp;&nbsp; 345053 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019, Ref. RB | 4.00% | 06/15/2042 | 70 | &nbsp;&nbsp; 70439 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-1, Ref. RB | 3.00% | 06/15/2050 | 425 | &nbsp;&nbsp; 321052 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-1, Ref. RB | 4.00% | 06/15/2050 | 1545 | &nbsp;&nbsp; 1445743 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB | 4.00% | 06/15/2042 | 810 | &nbsp;&nbsp; 817014 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB | 4.00% | 06/15/2043 | 530 | &nbsp;&nbsp; 533073 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB | 3.00% | 06/15/2050 | 1020 | &nbsp;&nbsp; 770525 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB | 4.00% | 06/15/2050 | 2295 | &nbsp;&nbsp; 2147560 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB | 5.00% | 06/15/2050 | 610 | &nbsp;&nbsp; 633706 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB | 4.00% | 06/15/2042 | 1770 | &nbsp;&nbsp; 1785327 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-1, RB | 4.00% | 06/15/2050 | 1065 | &nbsp;&nbsp; 1003278 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-3, Ref. RB | 4.00% | 06/15/2042 | 675 | &nbsp;&nbsp; 680014 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB | 4.00% | 06/15/2042 | 625 | &nbsp;&nbsp; 629642 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB | 4.00% | 06/15/2041 | 950 | &nbsp;&nbsp; 961461 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB | 5.00% | 06/15/2041 | 50 | &nbsp;&nbsp; 53988 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB | 4.00% | 06/15/2050 | 1040 | &nbsp;&nbsp; 979727 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB | 5.00% | 06/15/2050 | 450 | &nbsp;&nbsp; 465813 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, RB | 3.00% | 06/15/2050 | 1135 | &nbsp;&nbsp; 856471 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020, Ref. RB | 5.00% | 06/15/2041 | 20 | &nbsp;&nbsp; 21595 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB | 3.50% | 06/15/2048 | 430 | &nbsp;&nbsp; 367684 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB | 5.00% | 06/15/2048 | 2500 | &nbsp;&nbsp; 2609535 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB | 3.00% | 06/15/2051 | 130 | &nbsp;&nbsp; 96991 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB | 4.00% | 06/15/2051 | 4500 | &nbsp;&nbsp; 4181299 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB | 3.00% | 06/15/2044 | 1525 | &nbsp;&nbsp; 1292294 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB | 5.00% | 06/15/2044 | 1295 | &nbsp;&nbsp; 1383696 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB | 4.00% | 06/15/2045 | 1665 | &nbsp;&nbsp; 1650591 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB | 4.00% | 06/15/2051 | 1880 | &nbsp;&nbsp; 1746854 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB | 5.00% | 06/15/2051 | 450 | &nbsp;&nbsp; 467116 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB | 5.00% | 06/15/2047 | 1700 | &nbsp;&nbsp; 1792806 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-1, RB | 4.00% | 06/15/2052 | 2300 | &nbsp;&nbsp; 2127023 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-1, RB | 5.00% | 06/15/2052 | 995 | &nbsp;&nbsp; 1032701 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 4.00% | 06/15/2045 | 690 | &nbsp;&nbsp; 684029 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2045 | 65 | &nbsp;&nbsp; 69217 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 4.13% | 06/15/2046 | 2145 | &nbsp;&nbsp; 2113225 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 4.13% | 06/15/2047 | 2040 | &nbsp;&nbsp; 1995701 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 5.00% | 06/15/2047 | 1095 | &nbsp;&nbsp; 1157159 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 5.25% | 06/15/2047 | 2525 | &nbsp;&nbsp; 2724256 |

---

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

------

**121**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB | 5.00% | 06/15/2046 | $485 | &nbsp;&nbsp; $515672 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023, Ref. RB | 5.25% | 06/15/2046 | 15 | &nbsp;&nbsp; 16233 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 5.00% | 06/15/2051 | 2005 | &nbsp;&nbsp; 2104270 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 5.25% | 06/15/2053 | 2195 | &nbsp;&nbsp; 2335751 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 4.00% | 06/15/2054 | 925 | &nbsp;&nbsp; 857523 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 BB, Ref. RB | 4.00% | 06/15/2045 | 20 | &nbsp;&nbsp; 19591 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, Ref. RB | 5.00% | 06/15/2046 | 50 | &nbsp;&nbsp; 53708 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, Ref. RB | 5.00% | 06/15/2048 | 395 | &nbsp;&nbsp; 418615 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, Ref. RB | 5.00% | 06/15/2049 | 250 | &nbsp;&nbsp; 263932 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 5.00% | 06/15/2043 | 1465 | &nbsp;&nbsp; 1647793 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 5.00% | 06/15/2048 | 25 | &nbsp;&nbsp; 26610 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 5.25% | 06/15/2050 | 115 | &nbsp;&nbsp; 123963 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 5.00% | 06/15/2052 | 1780 | &nbsp;&nbsp; 1867586 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 4.25% | 06/15/2053 | 780 | &nbsp;&nbsp; 757539 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 5.25% | 06/15/2055 | 20 | &nbsp;&nbsp; 21317 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, RB | 5.00% | 06/15/2055 | 2520 | &nbsp;&nbsp; 2639382 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2046 | 1000 | &nbsp;&nbsp; 1074929 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.00% | 06/15/2047 | 300 | &nbsp;&nbsp; 322565 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.00% | 06/15/2048 | 800 | &nbsp;&nbsp; 855982 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.00% | 06/15/2049 | 800 | &nbsp;&nbsp; 851664 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 4.50% | 06/15/2051 | 300 | &nbsp;&nbsp; 300154 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.00% | 06/15/2056 | 2125 | &nbsp;&nbsp; 2227551 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.25% | 06/15/2056 | 2125 | &nbsp;&nbsp; 2274727 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.50% | 06/15/2056 | 1900 | &nbsp;&nbsp; 2077785 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB | 4.00% | 06/15/2049 | 1500 | &nbsp;&nbsp; 1432649 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB | 5.00% | 06/15/2049 | 3410 | &nbsp;&nbsp; 3515628 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 4.00% | 06/15/2041 | 585 | &nbsp;&nbsp; 590683 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB | 5.00% | 06/15/2043 | 1125 | &nbsp;&nbsp; 1246515 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB | 5.25% | 06/15/2048 | 1500 | &nbsp;&nbsp; 1610883 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB | 5.00% | 06/15/2053 | 1500 | &nbsp;&nbsp; 1560439 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB | 5.25% | 06/15/2053 | 1525 | &nbsp;&nbsp; 1613425 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-1, RB | 5.25% | 06/15/2054 | 1410 | &nbsp;&nbsp; 1490203 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2044 | 65 | &nbsp;&nbsp; 70832 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2045 | 5 | &nbsp;&nbsp; 5395 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.25% | 06/15/2047 | 1490 | &nbsp;&nbsp; 1614481 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-1, RB | 5.25% | 06/15/2054 | 2410 | &nbsp;&nbsp; 2554415 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-2, Ref. RB | 5.00% | 06/15/2046 | 560 | &nbsp;&nbsp; 599532 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2025 AA-1, RB | 5.25% | 06/15/2055 | 3000 | &nbsp;&nbsp; 3206160 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2025 AA-2, Ref. RB | 5.00% | 06/15/2044 | 20 | &nbsp;&nbsp; 22275 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2025 AA-2, Ref. RB | 5.00% | 06/15/2050 | 1600 | &nbsp;&nbsp; 1691787 |
| New York (City of), NY Transitional Finance Authority, Series 2012 S-1, RB | 4.00% | 07/15/2042 | 505 | &nbsp;&nbsp; 504982 |
| New York (City of), NY Transitional Finance Authority, Series 2013 I, RB | 4.00% | 05/01/2043 | 40 | &nbsp;&nbsp; 39381 |
| New York (City of), NY Transitional Finance Authority, Series 2015 S, RB | 4.00% | 07/15/2042 | 290 | &nbsp;&nbsp; 289989 |
| New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB | 4.00% | 07/15/2044 | 490 | &nbsp;&nbsp; 478839 |
| New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB | 4.00% | 07/15/2045 | 250 | &nbsp;&nbsp; 240995 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 4.00% | 05/01/2042 | 625 | &nbsp;&nbsp; 623133 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 4.00% | 08/01/2042 | 225 | &nbsp;&nbsp; 225060 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 4.00% | 08/01/2043 | 260 | &nbsp;&nbsp; 257024 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 4.00% | 08/01/2044 | 725 | &nbsp;&nbsp; 713590 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 4.00% | 08/01/2042 | 1540 | &nbsp;&nbsp; 1540410 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 5.00% | 08/01/2045 | 475 | &nbsp;&nbsp; 483760 |
| New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB | 5.00% | 02/01/2043 | 590 | &nbsp;&nbsp; 598843 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2042 | 100 | &nbsp;&nbsp; 102072 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 3.25% | 05/01/2043 | 2095 | &nbsp;&nbsp; 1899708 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 4.00% | 05/01/2044 | 475 | &nbsp;&nbsp; 467998 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 4.00% | 02/01/2044 | 620 | &nbsp;&nbsp; 609956 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 5.00% | 05/01/2041 | 445 | &nbsp;&nbsp; 463956 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 4.00% | 05/01/2042 | 490 | &nbsp;&nbsp; 490332 |

---

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

------

**122**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 4.00% | 05/01/2043 | $685 | &nbsp;&nbsp; $678559 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 4.00% | 05/01/2044 | 425 | &nbsp;&nbsp; 418830 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2043 | 20 | &nbsp;&nbsp; 20719 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 5.00% | 07/15/2045 | 310 | &nbsp;&nbsp; 318975 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 3.50% | 07/15/2047 | 230 | &nbsp;&nbsp; 197862 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 5.00% | 07/15/2043 | 65 | &nbsp;&nbsp; 67338 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 3.63% | 07/15/2047 | 820 | &nbsp;&nbsp; 723861 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB | 4.00% | 05/01/2041 | 665 | &nbsp;&nbsp; 669896 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB | 4.00% | 05/01/2042 | 530 | &nbsp;&nbsp; 530938 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB | 4.00% | 05/01/2043 | 610 | &nbsp;&nbsp; 606235 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB | 3.00% | 05/01/2045 | 190 | &nbsp;&nbsp; 154274 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 4.00% | 11/01/2041 | 70 | &nbsp;&nbsp; 70584 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 4.00% | 11/01/2042 | 115 | &nbsp;&nbsp; 115235 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 4.00% | 11/01/2043 | 415 | &nbsp;&nbsp; 412654 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 4.00% | 11/01/2045 | 1345 | &nbsp;&nbsp; 1303041 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 3.00% | 11/01/2047 | 405 | &nbsp;&nbsp; 314068 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 4.00% | 11/01/2047 | 40 | &nbsp;&nbsp; 37508 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 4.00% | 11/01/2042 | 1615 | &nbsp;&nbsp; 1617868 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB | 4.00% | 05/01/2045 | 1955 | &nbsp;&nbsp; 1906057 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D, RB | 4.00% | 11/01/2041 | 45 | &nbsp;&nbsp; 45669 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D, RB | 4.00% | 11/01/2042 | 345 | &nbsp;&nbsp; 346521 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D, RB | 4.00% | 11/01/2044 | 140 | &nbsp;&nbsp; 138730 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D, RB | 4.00% | 11/01/2045 | 10 | &nbsp;&nbsp; 9749 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D, RB | 4.00% | 11/01/2046 | 35 | &nbsp;&nbsp; 33576 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2041 | 195 | &nbsp;&nbsp; 197844 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2041 | 270 | &nbsp;&nbsp; 288500 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2042 | 90 | &nbsp;&nbsp; 90358 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2043 | 945 | &nbsp;&nbsp; 940736 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2044 | 420 | &nbsp;&nbsp; 416463 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2045 | 50 | &nbsp;&nbsp; 48748 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 3.00% | 05/01/2046 | 275 | &nbsp;&nbsp; 219649 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2046 | 135 | &nbsp;&nbsp; 129804 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2047 | 300 | &nbsp;&nbsp; 285694 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 3.00% | 05/01/2048 | 315 | &nbsp;&nbsp; 243671 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 3.00% | 11/01/2050 | 135 | &nbsp;&nbsp; 101243 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 3.00% | 08/01/2041 | 65 | &nbsp;&nbsp; 59507 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 4.00% | 08/01/2042 | 640 | &nbsp;&nbsp; 643129 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 4.00% | 08/01/2045 | 1240 | &nbsp;&nbsp; 1209734 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 2.50% | 08/01/2048 | 500 | &nbsp;&nbsp; 345263 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 3.00% | 08/01/2048 | 30 | &nbsp;&nbsp; 22988 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2041 | 225 | &nbsp;&nbsp; 228460 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2042 | 1720 | &nbsp;&nbsp; 1726847 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2043 | 1140 | &nbsp;&nbsp; 1134669 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2046 | 1320 | &nbsp;&nbsp; 1270421 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2049 | 1135 | &nbsp;&nbsp; 1053749 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 2.25% | 02/01/2051 | 315 | &nbsp;&nbsp; 196094 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 3.00% | 02/01/2051 | 820 | &nbsp;&nbsp; 610980 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2041 | 40 | &nbsp;&nbsp; 44139 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.25% | 08/01/2042 | 350 | &nbsp;&nbsp; 388424 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2043 | 35 | &nbsp;&nbsp; 37870 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2044 | 1340 | &nbsp;&nbsp; 1433670 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 4.00% | 08/01/2048 | 1625 | &nbsp;&nbsp; 1530662 |
| New York (City of), NY Transitional Finance Authority, Series 2022 C-1, RB | 4.00% | 02/01/2051 | 35 | &nbsp;&nbsp; 32117 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F, RB | 4.00% | 02/01/2051 | 425 | &nbsp;&nbsp; 389988 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2041 | 5 | &nbsp;&nbsp; 5477 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2042 | 130 | &nbsp;&nbsp; 141053 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2043 | 630 | &nbsp;&nbsp; 678015 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2044 | 465 | &nbsp;&nbsp; 495105 |

---

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

------

**123**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2047 | $1375 | &nbsp;&nbsp; $1438693 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2051 | 1510 | &nbsp;&nbsp; 1567202 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2041 | 1005 | &nbsp;&nbsp; 1023778 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2042 | 1100 | &nbsp;&nbsp; 1105095 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2043 | 95 | &nbsp;&nbsp; 94539 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2044 | 765 | &nbsp;&nbsp; 814527 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2047 | 3515 | &nbsp;&nbsp; 3351824 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2047 | 1645 | &nbsp;&nbsp; 1721200 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2051 | 25 | &nbsp;&nbsp; 25947 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2041 | 1000 | &nbsp;&nbsp; 1104413 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2042 | 1510 | &nbsp;&nbsp; 1657356 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2043 | 390 | &nbsp;&nbsp; 424711 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2044 | 790 | &nbsp;&nbsp; 851525 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2045 | 200 | &nbsp;&nbsp; 213663 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2046 | 720 | &nbsp;&nbsp; 762966 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2047 | 350 | &nbsp;&nbsp; 366579 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2048 | 400 | &nbsp;&nbsp; 417178 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 4.00% | 05/01/2053 | 1000 | &nbsp;&nbsp; 895304 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2053 | 80 | &nbsp;&nbsp; 82810 |
| New York (City of), NY Transitional Finance Authority, Series 2023 C, RB | 5.50% | 05/01/2053 | 1000 | &nbsp;&nbsp; 1074612 |
| New York (City of), NY Transitional Finance Authority, Series 2023 E-1, Ref. RB | 5.00% | 11/01/2041 | 1015 | &nbsp;&nbsp; 1120589 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2042 | 770 | &nbsp;&nbsp; 842822 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2043 | 1275 | &nbsp;&nbsp; 1385070 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2044 | 1040 | &nbsp;&nbsp; 1118634 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2045 | 425 | &nbsp;&nbsp; 453440 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.25% | 02/01/2047 | 940 | &nbsp;&nbsp; 999875 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 4.00% | 02/01/2051 | 2050 | &nbsp;&nbsp; 1869101 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2041 | 20 | &nbsp;&nbsp; 22216 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.50% | 05/01/2041 | 215 | &nbsp;&nbsp; 247293 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2042 | 55 | &nbsp;&nbsp; 60708 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2043 | 10 | &nbsp;&nbsp; 10945 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2045 | 65 | &nbsp;&nbsp; 69726 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.00% | 05/01/2048 | 500 | &nbsp;&nbsp; 522823 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2048 | 1525 | &nbsp;&nbsp; 1624406 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2050 | 355 | &nbsp;&nbsp; 377234 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2050 | 1000 | &nbsp;&nbsp; 1062630 |
| New York (City of), NY Transitional Finance Authority, Series 2024 B, RB | 5.00% | 05/01/2046 | 335 | &nbsp;&nbsp; 356260 |
| New York (City of), NY Transitional Finance Authority, Series 2024 B, RB | 4.38% | 05/01/2053 | 1130 | &nbsp;&nbsp; 1090363 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds | 5.00% | 05/01/2043 | 1190 | &nbsp;&nbsp; 1315041 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2041 | 35 | &nbsp;&nbsp; 39316 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2042 | 1590 | &nbsp;&nbsp; 1773553 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2044 | 1120 | &nbsp;&nbsp; 1223066 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2045 | 285 | &nbsp;&nbsp; 308004 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2046 | 1070 | &nbsp;&nbsp; 1145337 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2047 | 1365 | &nbsp;&nbsp; 1440669 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2048 | 1000 | &nbsp;&nbsp; 1050586 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.25% | 05/01/2049 | 1010 | &nbsp;&nbsp; 1081208 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2050 | 1370 | &nbsp;&nbsp; 1435465 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 4.00% | 05/01/2051 | 535 | &nbsp;&nbsp; 492506 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2041 | 15 | &nbsp;&nbsp; 16850 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2042 | 540 | &nbsp;&nbsp; 602339 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.25% | 05/01/2043 | 410 | &nbsp;&nbsp; 461960 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2044 | 350 | &nbsp;&nbsp; 382208 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.25% | 05/01/2045 | 350 | &nbsp;&nbsp; 385715 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2046 | 125 | &nbsp;&nbsp; 133801 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.25% | 05/01/2048 | 1140 | &nbsp;&nbsp; 1222367 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2049 | 740 | &nbsp;&nbsp; 776158 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2050 | 570 | &nbsp;&nbsp; 596818 |

---

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

------

**124**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.50% | 05/01/2052 | $1035 | &nbsp;&nbsp; $1119968 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 4.25% | 05/01/2054 | 1585 | &nbsp;&nbsp; 1527592 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D-1, Ref. RB | 5.00% | 11/01/2041 | 430 | &nbsp;&nbsp; 480418 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2041 | 80 | &nbsp;&nbsp; 89076 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2042 | 120 | &nbsp;&nbsp; 132780 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2043 | 860 | &nbsp;&nbsp; 943556 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2044 | 215 | &nbsp;&nbsp; 233282 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2045 | 105 | &nbsp;&nbsp; 112897 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2046 | 585 | &nbsp;&nbsp; 623053 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2047 | 315 | &nbsp;&nbsp; 331178 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2048 | 310 | &nbsp;&nbsp; 324390 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2049 | 650 | &nbsp;&nbsp; 679525 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.25% | 02/01/2053 | 3370 | &nbsp;&nbsp; 3566315 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 4.25% | 02/01/2054 | 40 | &nbsp;&nbsp; 38513 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2042 | 140 | &nbsp;&nbsp; 155353 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2043 | 545 | &nbsp;&nbsp; 599417 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2044 | 545 | &nbsp;&nbsp; 592674 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2046 | 855 | &nbsp;&nbsp; 912260 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2047 | 1305 | &nbsp;&nbsp; 1373839 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.25% | 05/01/2048 | 1485 | &nbsp;&nbsp; 1587101 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2041 | 65 | &nbsp;&nbsp; 72613 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2045 | 365 | &nbsp;&nbsp; 393014 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.00% | 05/01/2046 | 60 | &nbsp;&nbsp; 57691 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.25% | 05/01/2049 | 255 | &nbsp;&nbsp; 272109 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.25% | 05/01/2051 | 970 | &nbsp;&nbsp; 1030393 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.13% | 05/01/2052 | 50 | &nbsp;&nbsp; 46913 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2052 | 210 | &nbsp;&nbsp; 218382 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2042 | 10 | &nbsp;&nbsp; 11264 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2043 | 25 | &nbsp;&nbsp; 27878 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2044 | 10 | &nbsp;&nbsp; 11005 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2045 | 70 | &nbsp;&nbsp; 76164 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.25% | 05/01/2046 | 950 | &nbsp;&nbsp; 1045018 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.25% | 05/01/2047 | 305 | &nbsp;&nbsp; 330815 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.25% | 05/01/2048 | 1435 | &nbsp;&nbsp; 1548119 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.50% | 05/01/2050 | 720 | &nbsp;&nbsp; 790936 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.25% | 05/01/2052 | 960 | &nbsp;&nbsp; 1026783 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.00% | 05/01/2042 | 55 | &nbsp;&nbsp; 61952 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.00% | 05/01/2043 | 1000 | &nbsp;&nbsp; 1115121 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.00% | 05/01/2044 | 5 | &nbsp;&nbsp; 5503 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.00% | 05/01/2045 | 30 | &nbsp;&nbsp; 32642 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.00% | 05/01/2046 | 830 | &nbsp;&nbsp; 893754 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.25% | 05/01/2047 | 500 | &nbsp;&nbsp; 542320 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.25% | 05/01/2048 | 500 | &nbsp;&nbsp; 539414 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.00% | 05/01/2051 | 2390 | &nbsp;&nbsp; 2505557 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.25% | 05/01/2055 | 2820 | &nbsp;&nbsp; 3007278 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2041 | 335 | &nbsp;&nbsp; 376357 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2042 | 120 | &nbsp;&nbsp; 133998 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2043 | 410 | &nbsp;&nbsp; 453086 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2044 | 350 | &nbsp;&nbsp; 382105 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2045 | 450 | &nbsp;&nbsp; 486242 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2046 | 805 | &nbsp;&nbsp; 861250 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2047 | 1550 | &nbsp;&nbsp; 1636477 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.50% | 11/01/2049 | 1000 | &nbsp;&nbsp; 1091219 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 4.13% | 11/01/2053 | 1005 | &nbsp;&nbsp; 942054 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2053 | 1860 | &nbsp;&nbsp; 1936765 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2041 | 1000 | &nbsp;&nbsp; 1128923 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2042 | 450 | &nbsp;&nbsp; 504376 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2044 | 565 | &nbsp;&nbsp; 619343 |

---

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

------

**125**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2046 | $1195 | &nbsp;&nbsp; $1282857 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.25% | 11/01/2048 | 295 | &nbsp;&nbsp; 317268 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2050 | 50 | &nbsp;&nbsp; 52487 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.50% | 11/01/2051 | 1000 | &nbsp;&nbsp; 1090019 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H-1, RB | 5.00% | 11/01/2043 | 590 | &nbsp;&nbsp; 654948 |
| New York (City of), NY Transitional Finance Authority, Series 2025 S-1, RB | 5.00% | 07/15/2042 | 30 | &nbsp;&nbsp; 34158 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.00% | 05/01/2043 | 310 | &nbsp;&nbsp; 344125 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.00% | 05/01/2044 | 105 | &nbsp;&nbsp; 115099 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.00% | 05/01/2045 | 240 | &nbsp;&nbsp; 260223 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.00% | 05/01/2050 | 5 | &nbsp;&nbsp; 5249 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.25% | 05/01/2055 | 775 | &nbsp;&nbsp; 824301 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2042 | 1000 | &nbsp;&nbsp; 1129169 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2043 | 1000 | &nbsp;&nbsp; 1117625 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2044 | 1540 | &nbsp;&nbsp; 1698188 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2045 | 1385 | &nbsp;&nbsp; 1509579 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2046 | 1030 | &nbsp;&nbsp; 1110807 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2047 | 1000 | &nbsp;&nbsp; 1062137 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2050 | 1155 | &nbsp;&nbsp; 1216259 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.50% | 02/01/2050 | 1000 | &nbsp;&nbsp; 1100602 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.25% | 02/01/2052 | 500 | &nbsp;&nbsp; 535516 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2053 | 1020 | &nbsp;&nbsp; 1066901 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 4.00% | 08/01/2041 | 775 | &nbsp;&nbsp; 775806 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 3.00% | 08/01/2042 | 495 | &nbsp;&nbsp; 426717 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 E-1, RB | 4.00% | 02/01/2041 | 135 | &nbsp;&nbsp; 135009 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 3.25% | 02/01/2042 | 550 | &nbsp;&nbsp; 495864 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A, RB | 4.00% | 08/01/2041 | 680 | &nbsp;&nbsp; 683683 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2042 | 255 | &nbsp;&nbsp; 266369 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 S1B, RB | 3.00% | 07/15/2049 | 420 | &nbsp;&nbsp; 320225 |
| New York (City of), NY Transitional Finance Authority, Subseries 2020 A-3, RB | 4.00% | 05/01/2044 | 235 | &nbsp;&nbsp; 232128 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2041 | 1005 | &nbsp;&nbsp; 1131174 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2042 | 1000 | &nbsp;&nbsp; 1113757 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2043 | 170 | &nbsp;&nbsp; 187348 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.50% | 11/01/2045 | 2095 | &nbsp;&nbsp; 2296992 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.00% | 11/01/2046 | 1000 | &nbsp;&nbsp; 1054616 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2048 | 1405 | &nbsp;&nbsp; 1495344 |
| New York (City of), NY Trust for Cultural Resources (The) (American Museum of Natural History), <br> Series 2024, Ref. RB<br>| 5.00% | 07/15/2054 | 295 | &nbsp;&nbsp; 311069 |
| New York (State of), Series 2013 A, GO Bonds | 3.50% | 03/01/2043 | 185 | &nbsp;&nbsp; 180333 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 4.00% | 07/01/2041 | 70 | &nbsp;&nbsp; 70056 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2042 | 275 | &nbsp;&nbsp; 276901 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2043 | 10 | &nbsp;&nbsp; 10061 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2041 | 385 | &nbsp;&nbsp; 393383 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2042 | 410 | &nbsp;&nbsp; 418095 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2043 | 60 | &nbsp;&nbsp; 61074 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2044 | 15 | &nbsp;&nbsp; 15242 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 4.00% | 03/15/2045 | 60 | &nbsp;&nbsp; 58719 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 4.00% | 03/15/2046 | 1270 | &nbsp;&nbsp; 1214954 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2043 | 230 | &nbsp;&nbsp; 234941 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 4.00% | 02/15/2045 | 35 | &nbsp;&nbsp; 34165 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 4.00% | 02/15/2046 | 715 | &nbsp;&nbsp; 685704 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 4.00% | 02/15/2047 | 5 | &nbsp;&nbsp; 4772 |
| New York (State of) Dormitory Authority, Series 2017 C, RB | 4.00% | 03/15/2047 | 790 | &nbsp;&nbsp; 758619 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2041 | 135 | &nbsp;&nbsp; 140752 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2043 | 505 | &nbsp;&nbsp; 524004 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 4.00% | 03/15/2043 | 500 | &nbsp;&nbsp; 500030 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 4.00% | 03/15/2048 | 340 | &nbsp;&nbsp; 323797 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2048 | 1230 | &nbsp;&nbsp; 1269001 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 4.00% | 07/01/2045 | 1605 | &nbsp;&nbsp; 1592117 |

---

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

------

**126**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2041 | $750 | &nbsp;&nbsp; $792984 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2042 | 435 | &nbsp;&nbsp; 458796 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2043 | 90 | &nbsp;&nbsp; 94603 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2044 | 15 | &nbsp;&nbsp; 15701 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2045 | 500 | &nbsp;&nbsp; 521785 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2047 | 1000 | &nbsp;&nbsp; 1034381 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 4.00% | 03/15/2048 | 50 | &nbsp;&nbsp; 47553 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 4.00% | 03/15/2049 | 530 | &nbsp;&nbsp; 497956 |
| New York (State of) Dormitory Authority, Series 2020 A, RB | 3.00% | 07/01/2048 | 2860 | &nbsp;&nbsp; 2203954 |
| New York (State of) Dormitory Authority, Series 2020 A, RB | 3.00% | 03/15/2049 | 520 | &nbsp;&nbsp; 393482 |
| New York (State of) Dormitory Authority, Series 2020 A, RB | 4.00% | 07/01/2050 | 435 | &nbsp;&nbsp; 396369 |
| New York (State of) Dormitory Authority, Series 2020 A, RB | 5.00% | 10/01/2050 | 745 | &nbsp;&nbsp; 835101 |
| New York (State of) Dormitory Authority, Series 2020 A, RB | 4.00% | 07/01/2053 | 1320 | &nbsp;&nbsp; 1172478 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 3.00% | 03/15/2041 | 1740 | &nbsp;&nbsp; 1581623 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 3.00% | 03/15/2042 | 725 | &nbsp;&nbsp; 644670 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2043 | 1380 | &nbsp;&nbsp; 1382998 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2045 | 765 | &nbsp;&nbsp; 744734 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2046 | 360 | &nbsp;&nbsp; 345797 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2048 | 550 | &nbsp;&nbsp; 523828 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2047 | 4730 | &nbsp;&nbsp; 4451729 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 3.00% | 02/15/2049 | 5 | &nbsp;&nbsp; 3788 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2049 | 1120 | &nbsp;&nbsp; 1063699 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 4.00% | 03/15/2041 | 565 | &nbsp;&nbsp; 572453 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 4.00% | 03/15/2042 | 570 | &nbsp;&nbsp; 574476 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 4.00% | 03/15/2043 | 385 | &nbsp;&nbsp; 385920 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 5.00% | 03/15/2044 | 50 | &nbsp;&nbsp; 52616 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 4.00% | 03/15/2047 | 565 | &nbsp;&nbsp; 539537 |
| New York (State of) Dormitory Authority, Series 2021 E, Ref. RB | 4.00% | 03/15/2044 | 1680 | &nbsp;&nbsp; 1659336 |
| New York (State of) Dormitory Authority, Series 2021 E, Ref. RB | 4.00% | 03/15/2047 | 165 | &nbsp;&nbsp; 157333 |
| New York (State of) Dormitory Authority, Series 2021 E, Ref. RB | 4.00% | 03/15/2048 | 300 | &nbsp;&nbsp; 284886 |
| New York (State of) Dormitory Authority, Series 2021 E, Ref. RB | 4.00% | 03/15/2049 | 990 | &nbsp;&nbsp; 935652 |
| New York (State of) Dormitory Authority, Series 2021, Ref. RB | 4.00% | 03/15/2043 | 145 | &nbsp;&nbsp; 145404 |
| New York (State of) Dormitory Authority, Series 2021, Ref. RB | 3.00% | 03/15/2050 | 580 | &nbsp;&nbsp; 433633 |
| New York (State of) Dormitory Authority, Series 2021, Ref. RB | 3.00% | 03/15/2051 | 270 | &nbsp;&nbsp; 200217 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 10/01/2051 | 255 | &nbsp;&nbsp; 245831 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2041 | 2175 | &nbsp;&nbsp; 2375628 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2042 | 550 | &nbsp;&nbsp; 555084 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2043 | 315 | &nbsp;&nbsp; 315878 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2046 | 1650 | &nbsp;&nbsp; 1736188 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2049 | 490 | &nbsp;&nbsp; 463100 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 3.50% | 03/15/2052 | 1055 | &nbsp;&nbsp; 871100 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 05/01/2052 | 2550 | &nbsp;&nbsp; 2598593 |
| New York (State of) Dormitory Authority, Series 2022, Ref. RB | 4.00% | 05/01/2045 | 85 | &nbsp;&nbsp; 81377 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 10/01/2050 | 170 | &nbsp;&nbsp; 178998 |
| New York (State of) Dormitory Authority, Series 2023 A, Ref. RB | 4.00% | 03/15/2041 | 1010 | &nbsp;&nbsp; 1027248 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2041 | 120 | &nbsp;&nbsp; 134058 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2042 | 50 | &nbsp;&nbsp; 55303 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 4.00% | 03/15/2043 | 40 | &nbsp;&nbsp; 40370 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2045 | 630 | &nbsp;&nbsp; 673716 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 4.00% | 03/15/2049 | 1050 | &nbsp;&nbsp; 993892 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2053 | 40 | &nbsp;&nbsp; 41532 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2041 | 45 | &nbsp;&nbsp; 51254 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2043 | 100 | &nbsp;&nbsp; 111235 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2045 | 265 | &nbsp;&nbsp; 286709 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2048 | 40 | &nbsp;&nbsp; 42339 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2052 | 1090 | &nbsp;&nbsp; 1140050 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2055 | 795 | &nbsp;&nbsp; 829268 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2042 | 160 | &nbsp;&nbsp; 180110 |

---

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

------

**127**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2044 | $65 | &nbsp;&nbsp; $71250 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2046 | 60 | &nbsp;&nbsp; 64273 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2047 | 75 | &nbsp;&nbsp; 79764 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2049 | 645 | &nbsp;&nbsp; 679733 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.50% | 05/01/2049 | 100 | &nbsp;&nbsp; 104821 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2051 | 1020 | &nbsp;&nbsp; 1068232 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2053 | 500 | &nbsp;&nbsp; 522532 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2054 | 1000 | &nbsp;&nbsp; 1044068 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2056 | 550 | &nbsp;&nbsp; 573243 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.50% | 05/01/2056 | 100 | &nbsp;&nbsp; 103850 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2041 | 350 | &nbsp;&nbsp; 395289 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2042 | 1525 | &nbsp;&nbsp; 1702099 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2043 | 990 | &nbsp;&nbsp; 1091791 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2044 | 1305 | &nbsp;&nbsp; 1421093 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2045 | 625 | &nbsp;&nbsp; 673502 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2046 | 70 | &nbsp;&nbsp; 74662 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 4.00% | 03/15/2047 | 500 | &nbsp;&nbsp; 476767 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.25% | 03/15/2048 | 605 | &nbsp;&nbsp; 649285 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.25% | 03/15/2049 | 120 | &nbsp;&nbsp; 128422 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.25% | 03/15/2052 | 3315 | &nbsp;&nbsp; 3515452 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 4.00% | 03/15/2054 | 2180 | &nbsp;&nbsp; 2015475 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.50% | 07/01/2054 | 5060 | &nbsp;&nbsp; 5525695 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2041 | 200 | &nbsp;&nbsp; 229853 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2042 | 35 | &nbsp;&nbsp; 39791 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2043 | 945 | &nbsp;&nbsp; 1061014 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2044 | 435 | &nbsp;&nbsp; 480928 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2045 | 495 | &nbsp;&nbsp; 539390 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2047 | 240 | &nbsp;&nbsp; 256248 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2049 | 1185 | &nbsp;&nbsp; 1253932 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2051 | 1720 | &nbsp;&nbsp; 1806680 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 4.00% | 03/15/2054 | 955 | &nbsp;&nbsp; 888697 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2054 | 1025 | &nbsp;&nbsp; 1072387 |
| New York (State of) Dormitory Authority, Series 2024, RB | 5.25% | 07/01/2054 | 640 | &nbsp;&nbsp; 654473 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2041 | 1000 | &nbsp;&nbsp; 1143334 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2042 | 1280 | &nbsp;&nbsp; 1444529 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2043 | 35 | &nbsp;&nbsp; 39498 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2044 | 240 | &nbsp;&nbsp; 263593 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2044 | 55 | &nbsp;&nbsp; 61077 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2045 | 125 | &nbsp;&nbsp; 135712 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2045 | 5 | &nbsp;&nbsp; 5469 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2046 | 10 | &nbsp;&nbsp; 10801 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 07/01/2046 | 20 | &nbsp;&nbsp; 21557 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2047 | 500 | &nbsp;&nbsp; 535385 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 4.25% | 03/15/2048 | 495 | &nbsp;&nbsp; 487511 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2048 | 255 | &nbsp;&nbsp; 270081 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2049 | 35 | &nbsp;&nbsp; 36955 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2050 | 620 | &nbsp;&nbsp; 651934 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.25% | 03/15/2050 | 645 | &nbsp;&nbsp; 695356 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2051 | 1000 | &nbsp;&nbsp; 1047346 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2053 | 315 | &nbsp;&nbsp; 328684 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2055 | 780 | &nbsp;&nbsp; 812314 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2055 | 2575 | &nbsp;&nbsp; 2696639 |
| New York (State of) Dormitory Authority, Series 2025 B, Ref. RB | 5.00% | 03/15/2052 | 1510 | &nbsp;&nbsp; 1576995 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2043 | 355 | &nbsp;&nbsp; 397252 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2044 | 5 | &nbsp;&nbsp; 5514 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.25% | 03/15/2047 | 355 | &nbsp;&nbsp; 387658 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.25% | 03/15/2050 | 1450 | &nbsp;&nbsp; 1562023 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.50% | 03/15/2053 | 1575 | &nbsp;&nbsp; 1716198 |

---

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

------

**128**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2055 | $1115 | &nbsp;&nbsp; $1163253 |
| New York (State of) Dormitory Authority, Series 2025, RB | 5.25% | 07/01/2050 | 750 | &nbsp;&nbsp; 756793 |
| New York (State of) Dormitory Authority, Series 2025, RB | 5.25% | 07/01/2054 | 850 | &nbsp;&nbsp; 913176 |
| New York (State of) Dormitory Authority, Series 2025, RB | 5.25% | 07/01/2055 | 200 | &nbsp;&nbsp; 213542 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 07/01/2055 | 60 | &nbsp;&nbsp; 64752 |
| New York (State of) Dormitory Authority (Barnard College), Series 2025 A, Ref. RB | 5.00% | 07/01/2055 | 35 | &nbsp;&nbsp; 36151 |
| New York (State of) Dormitory Authority (Bid Group 4), Series 2018 A, RB | 4.00% | 03/15/2046 | 10 | &nbsp;&nbsp; 9657 |
| New York (State of) Dormitory Authority (Bid Group 4), Series 2018 A, RB | 4.00% | 03/15/2048 | 690 | &nbsp;&nbsp; 645529 |
| New York (State of) Dormitory Authority (Bid Group 5), Series 2020 A, Ref. RB | 3.00% | 03/15/2050 | 1195 | &nbsp;&nbsp; 893272 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2043 | 315 | &nbsp;&nbsp; 329645 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2044 | 950 | &nbsp;&nbsp; 991843 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB | 5.00% | 02/15/2042 | 105 | &nbsp;&nbsp; 107541 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB | 4.00% | 02/15/2044 | 115 | &nbsp;&nbsp; 113327 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB | 5.00% | 03/15/2042 | 575 | &nbsp;&nbsp; 598141 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB | 3.00% | 03/15/2041 | 1205 | &nbsp;&nbsp; 1095236 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB | 5.00% | 03/15/2044 | 1010 | &nbsp;&nbsp; 1045358 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB | 5.00% | 03/15/2045 | 15 | &nbsp;&nbsp; 15475 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB | 4.00% | 03/15/2047 | 1665 | &nbsp;&nbsp; 1592068 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB | 4.00% | 03/15/2044 | 140 | &nbsp;&nbsp; 139002 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB | 4.00% | 03/15/2042 | 1635 | &nbsp;&nbsp; 1650114 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB | 4.00% | 03/15/2045 | 385 | &nbsp;&nbsp; 374309 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB | 4.00% | 03/15/2046 | 305 | &nbsp;&nbsp; 292550 |
| New York (State of) Dormitory Authority (Bidding Group 5), Series 2020 A, Ref. RB | 4.00% | 03/15/2047 | 1165 | &nbsp;&nbsp; 1112497 |
| New York (State of) Dormitory Authority (Columbia University), Series 2016 A-2, RB | 5.00% | 10/01/2046 | 190 | &nbsp;&nbsp; 218453 |
| New York (State of) Dormitory Authority (Columbia University), Series 2017 A, RB | 5.00% | 10/01/2047 | 665 | &nbsp;&nbsp; 756773 |
| New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB | 4.00% | 07/01/2050 | 115 | &nbsp;&nbsp; 109144 |
| New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB | 5.00% | 07/01/2050 | 80 | &nbsp;&nbsp; 82930 |
| New York (State of) Dormitory Authority (Fordham University), Series 2020, RB | 4.00% | 07/01/2046 | 895 | &nbsp;&nbsp; 850965 |
| New York (State of) Dormitory Authority (Fordham University), Series 2020, RB | 4.00% | 07/01/2050 | 2065 | &nbsp;&nbsp; 1851449 |
| New York (State of) Dormitory Authority (General Purpose), Series 2020 D, Ref. RB | 5.00% | 02/15/2048 | 945 | &nbsp;&nbsp; 979787 |
| New York (State of) Dormitory Authority (Group 4), Series 2020 A, Ref. RB | 4.00% | 03/15/2044 | 1225 | &nbsp;&nbsp; 1210091 |
| New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, <br> Ref. RB<br>| 4.00% | 07/01/2040 | 90 | &nbsp;&nbsp; 89997 |
| New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015, <br> Ref. RB<br>| 5.00% | 07/01/2045 | 20 | &nbsp;&nbsp; 20000 |
| New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, <br> (CEP - Federal Housing Administration)<br>| 3.00% | 02/01/2050 | 1845 | &nbsp;&nbsp; 1375128 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017 1, Ref. RB | 4.00% | 07/01/2047 | 800 | &nbsp;&nbsp; 762027 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017, Ref. RB | 5.00% | 07/01/2042 | 160 | &nbsp;&nbsp; 163313 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2022 1-B, RB | 4.00% | 07/01/2051 | 760 | &nbsp;&nbsp; 708286 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB | 4.00% | 09/01/2050 | 30 | &nbsp;&nbsp; 25920 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 09/01/2050 | 335 | &nbsp;&nbsp; 240376 |
| New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB | 4.00% | 07/01/2043 | 3100 | &nbsp;&nbsp; 2970786 |
| New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB | 5.00% | 07/01/2046 | 1225 | &nbsp;&nbsp; 1229326 |
| New York (State of) Dormitory Authority (New School (The)), Series 2022 A, Ref. RB | 4.00% | 07/01/2047 | 75 | &nbsp;&nbsp; 68392 |
| New York (State of) Dormitory Authority (New School (The)), Series 2022 A, Ref. RB | 4.00% | 07/01/2052 | 235 | &nbsp;&nbsp; 204277 |
| New York (State of) Dormitory Authority (New School (The)), Series 2025 A, Ref. RB | 4.25% | 07/01/2050 | 315 | &nbsp;&nbsp; 293952 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 4.00% | 07/01/2043 | 935 | &nbsp;&nbsp; 934049 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2042 | 405 | &nbsp;&nbsp; 426377 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2049 | 15 | &nbsp;&nbsp; 15465 |
| New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB | 3.00% | 07/01/2041 | 340 | &nbsp;&nbsp; 314586 |
| New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB | 4.00% | 07/01/2046 | 1260 | &nbsp;&nbsp; 1231237 |
| New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB | 5.00% | 07/01/2051 | 2065 | &nbsp;&nbsp; 2134055 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB | 5.00% | 07/01/2041 | 25 | &nbsp;&nbsp; 28946 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB | 5.00% | 07/01/2044 | 70 | &nbsp;&nbsp; 77474 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB | 5.00% | 07/01/2045 | 5 | &nbsp;&nbsp; 5456 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB | 5.00% | 07/01/2047 | 200 | &nbsp;&nbsp; 213895 |

---

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

------

**129**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB | 4.25% | 05/01/2052 | $2195 | &nbsp;&nbsp; $2037753 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 4.00% | 05/01/2054 | 1850 | &nbsp;&nbsp; 1660227 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 5.25% | 05/01/2054 | 185 | &nbsp;&nbsp; 192643 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025 A, Ref. <br> RB<br>| 5.00% | 05/01/2043 | 250 | &nbsp;&nbsp; 269752 |
| New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB | 4.00% | 07/01/2044 | 1640 | &nbsp;&nbsp; 1575958 |
| New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB | 5.00% | 07/01/2049 | 80 | &nbsp;&nbsp; 81430 |
| New York (State of) Dormitory Authority (Rockefeller University), Series 2019 C, Ref. RB | 4.00% | 07/01/2049 | 2205 | &nbsp;&nbsp; 2086889 |
| New York (State of) Dormitory Authority (Rockefeller University), Series 2022 A, Ref. RB | 4.00% | 07/01/2042 | 805 | &nbsp;&nbsp; 821461 |
| New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB | 5.00% | 07/01/2050 | 55 | &nbsp;&nbsp; 56597 |
| New York (State of) Dormitory Authority (St. John's University), Series 2021 A, Ref. RB | 4.00% | 07/01/2048 | 260 | &nbsp;&nbsp; 232414 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), <br> Series 2019 A, RB<br>| 4.00% | 07/01/2049 | 250 | &nbsp;&nbsp; 231897 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities) (Green <br> Bonds), Series 2023, RB<br>| 5.00% | 07/01/2053 | 525 | &nbsp;&nbsp; 546436 |
| New York (State of) Dormitory Authority (White Plains Hospital Obligated Group), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.50% | 10/01/2054 | 30 | &nbsp;&nbsp; 32126 |
| New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB | 5.00% | 07/15/2042 | 1325 | &nbsp;&nbsp; 1367923 |
| New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB | 5.00% | 07/15/2050 | 3000 | &nbsp;&nbsp; 2997449 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 4.00% | 11/15/2045 | 1670 | &nbsp;&nbsp; 1652677 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 4.00% | 11/15/2050 | 2335 | &nbsp;&nbsp; 2220008 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 4.00% | 11/15/2055 | 2260 | &nbsp;&nbsp; 2121570 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 3.25% | 11/15/2060 | 1270 | &nbsp;&nbsp; 945347 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 4.00% | 11/15/2060 | 100 | &nbsp;&nbsp; 92402 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2042 | 125 | &nbsp;&nbsp; 139802 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 4.00% | 11/15/2054 | 275 | &nbsp;&nbsp; 252646 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 11/15/2047 | 1700 | &nbsp;&nbsp; 1644252 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 11/15/2052 | 975 | &nbsp;&nbsp; 924169 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 11/15/2061 | 725 | &nbsp;&nbsp; 671697 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/15/2048 | 20 | &nbsp;&nbsp; 21250 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/15/2053 | 35 | &nbsp;&nbsp; 36869 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.13% | 11/15/2058 | 880 | &nbsp;&nbsp; 930638 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.13% | 11/15/2063 | 70 | &nbsp;&nbsp; 73793 |
| New York (State of) Thruway Authority, Series 2016 A, RB | 4.00% | 01/01/2051 | 190 | &nbsp;&nbsp; 170893 |
| New York (State of) Thruway Authority, Series 2016 A, RB | 4.00% | 01/01/2056 | 355 | &nbsp;&nbsp; 315468 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2041 | 500 | &nbsp;&nbsp; 505926 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2045 | 2260 | &nbsp;&nbsp; 2196097 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 3.00% | 01/01/2046 | 970 | &nbsp;&nbsp; 764051 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2050 | 355 | &nbsp;&nbsp; 323919 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 3.00% | 01/01/2053 | 735 | &nbsp;&nbsp; 535132 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2053 | 370 | &nbsp;&nbsp; 332551 |
| New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 01/01/2045 | 1365 | &nbsp;&nbsp; 1337132 |
| New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 01/01/2050 | 1035 | &nbsp;&nbsp; 960452 |
| New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 01/01/2053 | 745 | &nbsp;&nbsp; 548524 |
| New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 01/01/2053 | 335 | &nbsp;&nbsp; 308610 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 4.00% | 01/01/2042 | 40 | &nbsp;&nbsp; 40342 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 4.00% | 01/01/2044 | 105 | &nbsp;&nbsp; 104648 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 4.00% | 01/01/2047 | 235 | &nbsp;&nbsp; 221629 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 3.00% | 01/01/2048 | 320 | &nbsp;&nbsp; 247052 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 3.00% | 01/01/2049 | 430 | &nbsp;&nbsp; 329528 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 3.00% | 01/01/2050 | 325 | &nbsp;&nbsp; 247015 |

---

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

------

**130**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Thruway Authority, Series 2020, RB | 4.00% | 01/01/2046 | $130 | &nbsp;&nbsp; $125265 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 3.00% | 03/15/2049 | 2175 | &nbsp;&nbsp; 1669002 |
| New York (State of) Thruway Authority, Series 2021 O, Ref. RB | 4.00% | 01/01/2045 | 130 | &nbsp;&nbsp; 127343 |
| New York (State of) Thruway Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2050 | 690 | &nbsp;&nbsp; 653474 |
| New York (State of) Thruway Authority, Series 2022 A, Ref. RB | 4.13% | 03/15/2052 | 1745 | &nbsp;&nbsp; 1665815 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2042 | 35 | &nbsp;&nbsp; 39317 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2043 | 220 | &nbsp;&nbsp; 244437 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2044 | 365 | &nbsp;&nbsp; 400547 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2049 | 965 | &nbsp;&nbsp; 1023797 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.25% | 01/01/2054 | 905 | &nbsp;&nbsp; 965761 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2044 | 1405 | &nbsp;&nbsp; 1549503 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2045 | 15 | &nbsp;&nbsp; 16332 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2046 | 10 | &nbsp;&nbsp; 10760 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2047 | 1000 | &nbsp;&nbsp; 1067514 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2051 | 2240 | &nbsp;&nbsp; 2350803 |
| New York (State of) Thruway Authority, Series 2025, RB | 5.00% | 03/15/2055 | 1600 | &nbsp;&nbsp; 1669243 |
| New York (State of) Thruway Authority, Series 2026 A, Ref. RB | 5.00% | 01/01/2045 | 500 | &nbsp;&nbsp; 549066 |
| New York (State of) Thruway Authority, Series 2026 A, Ref. RB | 5.00% | 01/01/2051 | 1020 | &nbsp;&nbsp; 1074615 |
| New York (State of) Thruway Authority, Series 2026 A, Ref. RB | 5.00% | 01/01/2056 | 1570 | &nbsp;&nbsp; 1644608 |
| New York (State of) Thruway Authority, Series 2026 A, Ref. RB | 5.25% | 01/01/2056 | 570 | &nbsp;&nbsp; 610240 |
| New York (State of) Thruway Authority (Bid Group 4), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2056 | 305 | &nbsp;&nbsp; 282828 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 4.00% | 03/15/2049 | 1500 | &nbsp;&nbsp; 1428118 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022, Ref. RB | 4.00% | 03/15/2044 | 450 | &nbsp;&nbsp; 452387 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 5.00% | 03/15/2053 | 1090 | &nbsp;&nbsp; 1131686 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 5.00% | 03/15/2055 | 200 | &nbsp;&nbsp; 207452 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 4.13% | 03/15/2057 | 1290 | &nbsp;&nbsp; 1213499 |
| New York (State of) Thruway Authority (Bidding Group 2), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2043 | 1035 | &nbsp;&nbsp; 1042651 |
| New York (State of) Thruway Authority (Bidding Group 2), Series 2021 O, Ref. RB | 4.00% | 01/01/2042 | 235 | &nbsp;&nbsp; 237669 |
| New York (State of) Thruway Authority (Bidding Group 2), Series 2025 A, RB | 5.00% | 03/15/2042 | 1685 | &nbsp;&nbsp; 1907371 |
| New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds), Series 2022 C, RB | 4.13% | 03/15/2056 | 975 | &nbsp;&nbsp; 919601 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 5.00% | 03/15/2041 | 150 | &nbsp;&nbsp; 165421 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 5.00% | 03/15/2042 | 80 | &nbsp;&nbsp; 87453 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 4.00% | 03/15/2043 | 160 | &nbsp;&nbsp; 161859 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2052 | 395 | &nbsp;&nbsp; 371260 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2053 | 15 | &nbsp;&nbsp; 14053 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2054 | 530 | &nbsp;&nbsp; 494816 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2055 | 260 | &nbsp;&nbsp; 240467 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2045 | 10 | &nbsp;&nbsp; 10651 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2046 | 605 | &nbsp;&nbsp; 639965 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2048 | 1025 | &nbsp;&nbsp; 1073910 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2045 | 455 | &nbsp;&nbsp; 451192 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 3.00% | 03/15/2048 | 540 | &nbsp;&nbsp; 419164 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2058 | 1570 | &nbsp;&nbsp; 1447332 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2059 | 580 | &nbsp;&nbsp; 530480 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2022 A, Ref. RB | 4.00% | 03/15/2051 | 1415 | &nbsp;&nbsp; 1333359 |
| New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB | 4.00% | 01/01/2047 | 5 | &nbsp;&nbsp; 4765 |
| New York (State of) Thruway Authority (Group 2), Series 2020, RB | 4.00% | 01/01/2043 | 265 | &nbsp;&nbsp; 266035 |
| New York (State of) Thruway Authority (Group 2), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2042 | 760 | &nbsp;&nbsp; 767010 |
| New York (State of) Thruway Authority (Group 2), Series 2021 O, Ref. RB | 4.00% | 01/01/2046 | 10 | &nbsp;&nbsp; 9638 |
| New York (State of) Thruway Authority (Group 2), Series 2021 O, Ref. RB | 4.00% | 01/01/2048 | 115 | &nbsp;&nbsp; 107783 |
| New York (State of) Thruway Authority (Group 2), Series 2025, RB | 5.13% | 03/15/2057 | 1750 | &nbsp;&nbsp; 1840882 |
| New York (State of) Thruway Authority (Group 2), Series 2025, RB | 5.00% | 03/15/2059 | 2720 | &nbsp;&nbsp; 2832923 |
| New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2044 | 90 | &nbsp;&nbsp; 90301 |
| New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2046 | 125 | &nbsp;&nbsp; 121874 |
| New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB | 3.00% | 03/15/2051 | 295 | &nbsp;&nbsp; 220295 |
| New York (State of) Thruway Authority (Group 4), Series 2025, RB | 5.00% | 03/15/2053 | 1405 | &nbsp;&nbsp; 1468761 |
| New York (State of) Thruway Authority (Group 5), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2057 | 475 | &nbsp;&nbsp; 439176 |
| New York (State of) Utility Debt Securitization Authority, Series 2023 1, Ref. RB | 5.00% | 12/15/2041 | 40 | &nbsp;&nbsp; 46041 |

---

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

------

**131**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 09/15/2052 | $400 | &nbsp;&nbsp; $419998 |
| New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB | 5.00% | 12/15/2050 | 1135 | &nbsp;&nbsp; 1205809 |
| New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2023 TE-2, Ref. RB | 5.00% | 06/15/2053 | 1000 | &nbsp;&nbsp; 1056465 |
| New York City Health and Hospitals Corp., Series 2025 A, RB | 5.00% | 02/15/2042 | 50 | &nbsp;&nbsp; 56202 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 4.00% | 11/15/2045 | 505 | &nbsp;&nbsp; 497071 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2045 | 750 | &nbsp;&nbsp; 750324 |
| New York Liberty Development Corp., Series 2021 1, Ref. RB | 3.00% | 02/15/2042 | 2130 | &nbsp;&nbsp; 1897551 |
| New York Liberty Development Corp., Series 2021 1WTC, Ref. RB | 2.75% | 02/15/2044 | 1435 | &nbsp;&nbsp; 1122741 |
| New York Liberty Development Corp., Series 2021-1, Ref. RB | 4.00% | 02/15/2043 | 1420 | &nbsp;&nbsp; 1421201 |
| New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB | 3.00% | 09/15/2043 | 120 | &nbsp;&nbsp; 104961 |
| New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB | 3.13% | 09/15/2050 | 805 | &nbsp;&nbsp; 616005 |
| New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB | 3.25% | 09/15/2052 | 300 | &nbsp;&nbsp; 224141 |
| New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB | 3.50% | 09/15/2052 | 1200 | &nbsp;&nbsp; 963980 |
| New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, <br> Ref. RB<br>| 2.63% | 09/15/2069 | 505 | &nbsp;&nbsp; 478465 |
| New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, <br> Ref. RB<br>| 2.80% | 09/15/2069 | 1710 | &nbsp;&nbsp; 1612153 |
| New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB | 2.75% | 11/15/2041 | 1415 | &nbsp;&nbsp; 1170934 |
| New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB | 2.88% | 11/15/2046 | 1915 | &nbsp;&nbsp; 1479842 |
| New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB | 3.00% | 11/15/2051 | 2205 | &nbsp;&nbsp; 1631097 |
| New York State Environmental Facilities Corp., Series 2016, Ref. RB | 4.00% | 06/15/2046 | 5 | &nbsp;&nbsp; 4920 |
| New York State Environmental Facilities Corp., Series 2025, Ref. RB | 5.00% | 06/15/2055 | 80 | &nbsp;&nbsp; 85202 |
| New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority <br> Projects - 2nd Resolution Bonds), Series 2017 E, RB<br>| 5.00% | 06/15/2042 | 10 | &nbsp;&nbsp; 10226 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), <br> Series 2016 A, Ref. RB<sup>(d)(e)</sup><br>| 5.00% | 06/15/2026 | 170 | &nbsp;&nbsp; 170885 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), <br> Series 2018 B, RB<br>| 5.00% | 06/15/2048 | 5 | &nbsp;&nbsp; 5137 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), <br> Series 2020, Ref. RB<br>| 4.00% | 06/15/2045 | 1900 | &nbsp;&nbsp; 1901775 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), <br> Series 2020, Ref. RB<br>| 4.00% | 06/15/2049 | 755 | &nbsp;&nbsp; 735957 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), <br> Series 2022, Ref. RB<br>| 4.00% | 06/15/2047 | 1840 | &nbsp;&nbsp; 1818038 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), <br> Series 2022, Ref. RB<br>| 5.00% | 06/15/2051 | 1250 | &nbsp;&nbsp; 1313191 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), <br> Series 2024, Ref. RB<br>| 5.00% | 06/15/2049 | 395 | &nbsp;&nbsp; 423212 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), <br> Series 2024, Ref. RB<br>| 5.25% | 06/15/2053 | 1095 | &nbsp;&nbsp; 1182992 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 4.00% | 03/15/2043 | 60 | &nbsp;&nbsp; 60073 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 4.00% | 03/15/2044 | 340 | &nbsp;&nbsp; 337577 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 4.00% | 03/15/2045 | 1055 | &nbsp;&nbsp; 1029756 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 4.00% | 03/15/2046 | 15 | &nbsp;&nbsp; 14389 |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 4.00% | 03/15/2047 | 35 | &nbsp;&nbsp; 32736 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2042 | 120 | &nbsp;&nbsp; 126093 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2043 | 660 | &nbsp;&nbsp; 692846 |
| New York State Urban Development Corp., Series 2019 A, RB | 4.00% | 03/15/2048 | 1985 | &nbsp;&nbsp; 1854018 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 4.00% | 03/15/2042 | 20 | &nbsp;&nbsp; 20113 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 4.00% | 03/15/2043 | 745 | &nbsp;&nbsp; 746040 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 3.00% | 03/15/2049 | 5 | &nbsp;&nbsp; 3790 |
| New York State Urban Development Corp., Series 2019, RB | 4.00% | 03/15/2046 | 725 | &nbsp;&nbsp; 701082 |
| New York State Urban Development Corp., Series 2019, RB | 4.00% | 03/15/2047 | 120 | &nbsp;&nbsp; 114424 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2041 | 500 | &nbsp;&nbsp; 543655 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2042 | 570 | &nbsp;&nbsp; 616551 |
| New York State Urban Development Corp., Series 2020 A, RB | 4.00% | 03/15/2045 | 3270 | &nbsp;&nbsp; 3200164 |
| New York State Urban Development Corp., Series 2020 A, RB | 4.00% | 03/15/2049 | 3945 | &nbsp;&nbsp; 3778449 |
| New York State Urban Development Corp., Series 2020 A, RB | 3.00% | 03/15/2050 | 1020 | &nbsp;&nbsp; 762458 |

---

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

------

**132**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 4.00% | 03/15/2041 | $1045 | &nbsp;&nbsp; $1057526 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 4.00% | 03/15/2045 | 770 | &nbsp;&nbsp; 753555 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 5.00% | 03/15/2047 | 1015 | &nbsp;&nbsp; 1067026 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 4.00% | 03/15/2049 | 1225 | &nbsp;&nbsp; 1173283 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 5.00% | 03/15/2050 | 20 | &nbsp;&nbsp; 20807 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 3.00% | 03/15/2047 | 220 | &nbsp;&nbsp; 171194 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 3.00% | 03/15/2048 | 460 | &nbsp;&nbsp; 352188 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 3.00% | 03/15/2049 | 465 | &nbsp;&nbsp; 351864 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 3.00% | 03/15/2050 | 95 | &nbsp;&nbsp; 71013 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 4.00% | 03/15/2042 | 1130 | &nbsp;&nbsp; 1139003 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2043 | 655 | &nbsp;&nbsp; 704751 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2044 | 855 | &nbsp;&nbsp; 915870 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 3.00% | 03/15/2048 | 790 | &nbsp;&nbsp; 604844 |
| New York State Urban Development Corp., Series 2021 A, Ref. RB | 4.00% | 03/15/2048 | 200 | &nbsp;&nbsp; 190756 |
| New York State Urban Development Corp., Series 2021 A, Ref. RB | 2.63% | 03/15/2051 | 110 | &nbsp;&nbsp; 74703 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2041 | 1035 | &nbsp;&nbsp; 1139483 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2043 | 20 | &nbsp;&nbsp; 21584 |
| New York State Urban Development Corp., Series 2022, Ref. RB | 5.00% | 03/15/2044 | 55 | &nbsp;&nbsp; 58863 |
| New York State Urban Development Corp., Series 2023 B, Ref. RB | 4.00% | 03/15/2050 | 5 | &nbsp;&nbsp; 4721 |
| New York State Urban Development Corp., Series 2024 A, GO Bonds | 5.00% | 03/15/2054 | 415 | &nbsp;&nbsp; 432088 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB | 3.00% | 03/15/2041 | 30 | &nbsp;&nbsp; 27596 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB | 3.00% | 03/15/2042 | 90 | &nbsp;&nbsp; 81266 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB | 5.00% | 03/15/2041 | 15 | &nbsp;&nbsp; 16783 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB | 5.00% | 03/15/2042 | 215 | &nbsp;&nbsp; 237873 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB | 5.00% | 03/15/2043 | 410 | &nbsp;&nbsp; 449061 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB | 4.00% | 03/15/2044 | 510 | &nbsp;&nbsp; 505077 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB | 4.00% | 03/15/2045 | 745 | &nbsp;&nbsp; 726218 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB | 4.00% | 03/15/2046 | 620 | &nbsp;&nbsp; 601217 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB | 4.00% | 03/15/2043 | 1170 | &nbsp;&nbsp; 1173625 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB | 4.00% | 03/15/2045 | 1650 | &nbsp;&nbsp; 1612638 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB | 4.00% | 03/15/2044 | 2105 | &nbsp;&nbsp; 2087336 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB | 4.00% | 03/15/2046 | 260 | &nbsp;&nbsp; 250759 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB | 4.00% | 03/15/2047 | 1435 | &nbsp;&nbsp; 1374157 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2045 | 115 | &nbsp;&nbsp; 123392 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2046 | 65 | &nbsp;&nbsp; 69164 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2048 | 520 | &nbsp;&nbsp; 546681 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 4.00% | 03/15/2041 | 1000 | &nbsp;&nbsp; 1010760 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 4.00% | 03/15/2042 | 105 | &nbsp;&nbsp; 105751 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 4.00% | 03/15/2043 | 25 | &nbsp;&nbsp; 25067 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 4.00% | 03/15/2044 | 695 | &nbsp;&nbsp; 689168 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 4.00% | 03/15/2046 | 1685 | &nbsp;&nbsp; 1636174 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020, Ref. RB | 4.00% | 03/15/2045 | 35 | &nbsp;&nbsp; 34253 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2021 A, Ref. RB | 3.00% | 03/15/2050 | 1000 | &nbsp;&nbsp; 747508 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2048 | 25 | &nbsp;&nbsp; 26193 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2049 | 335 | &nbsp;&nbsp; 350345 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2050 | 140 | &nbsp;&nbsp; 145956 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2049 | 15 | &nbsp;&nbsp; 15708 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2050 | 175 | &nbsp;&nbsp; 182612 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2052 | 1310 | &nbsp;&nbsp; 1362483 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2063 | 1000 | &nbsp;&nbsp; 1026462 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, <br> Ref. RB<br>| 4.00% | 12/01/2041 | 870 | &nbsp;&nbsp; 870567 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, <br> Ref. RB<br>| 4.00% | 12/01/2042 | 50 | &nbsp;&nbsp; 49575 |
| Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 12/01/2044 | 325 | &nbsp;&nbsp; 254242 |
| Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 12/01/2049 | 50 | &nbsp;&nbsp; 45969 |

---

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

------

**133**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2043 | $20 | &nbsp;&nbsp; $21151 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2045 | 360 | &nbsp;&nbsp; 376668 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 4.00% | 12/01/2047 | 1430 | &nbsp;&nbsp; 1370842 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 4.00% | 12/01/2049 | 410 | &nbsp;&nbsp; 387743 |
| Onondaga Civic Development Corp., Series 2025, RB | 4.50% | 12/01/2050 | 920 | &nbsp;&nbsp; 921715 |
| Saratoga County Capital Resource Corp. (WSWHE Boces Project), Series 2025, RB | 5.00% | 07/01/2047 | 40 | &nbsp;&nbsp; 42651 |
| Schenectady County Capital Resource Corp. (Union College), Series 2017, Ref. RB | 5.00% | 01/01/2047 | 50 | &nbsp;&nbsp; 50291 |
| Suffolk (County of), NY Water Authority, Series 2018 A, RB | 4.00% | 06/01/2041 | 40 | &nbsp;&nbsp; 40523 |
| Suffolk (County of), NY Water Authority, Series 2018 A, RB | 3.25% | 06/01/2043 | 990 | &nbsp;&nbsp; 925257 |
| Suffolk (County of), NY Water Authority, Series 2020 B, RB | 3.00% | 06/01/2044 | 660 | &nbsp;&nbsp; 570603 |
| Suffolk (County of), NY Water Authority, Series 2020 B, RB | 3.00% | 06/01/2045 | 200 | &nbsp;&nbsp; 168584 |
| Triborough Bridge & Tunnel Authority, Series 2015 A, RB | 5.00% | 11/15/2050 | 575 | &nbsp;&nbsp; 575216 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2041 | 370 | &nbsp;&nbsp; 370971 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2046 | 575 | &nbsp;&nbsp; 576051 |
| Triborough Bridge & Tunnel Authority, Series 2017 A, RB | 5.00% | 11/15/2042 | 105 | &nbsp;&nbsp; 107515 |
| Triborough Bridge & Tunnel Authority, Series 2017 A, RB | 5.00% | 11/15/2047 | 105 | &nbsp;&nbsp; 106482 |
| Triborough Bridge & Tunnel Authority, Series 2018, RB | 4.00% | 11/15/2047 | 15 | &nbsp;&nbsp; 14268 |
| Triborough Bridge & Tunnel Authority, Series 2019 C, RB | 3.00% | 11/15/2045 | 130 | &nbsp;&nbsp; 106603 |
| Triborough Bridge & Tunnel Authority, Series 2019 C, RB | 3.00% | 11/15/2048 | 100 | &nbsp;&nbsp; 76670 |
| Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB | 4.00% | 05/15/2046 | 1335 | &nbsp;&nbsp; 1304530 |
| Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB | 5.00% | 05/15/2051 | 3840 | &nbsp;&nbsp; 3986260 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-1A, RB | 4.00% | 05/15/2046 | 690 | &nbsp;&nbsp; 673330 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB | 3.00% | 05/15/2051 | 1530 | &nbsp;&nbsp; 1140468 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB | 4.00% | 05/15/2051 | 510 | &nbsp;&nbsp; 481899 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2041 | 185 | &nbsp;&nbsp; 203109 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2042 | 30 | &nbsp;&nbsp; 32527 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2047 | 60 | &nbsp;&nbsp; 63156 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 4.00% | 11/15/2052 | 300 | &nbsp;&nbsp; 275454 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.25% | 05/15/2041 | 25 | &nbsp;&nbsp; 27805 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2042 | 590 | &nbsp;&nbsp; 641849 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2044 | 10 | &nbsp;&nbsp; 10685 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 4.13% | 05/15/2052 | 285 | &nbsp;&nbsp; 265229 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.25% | 05/15/2052 | 2655 | &nbsp;&nbsp; 2784676 |
| Triborough Bridge & Tunnel Authority, Series 2022, Ref. RB | 5.00% | 05/15/2052 | 1050 | &nbsp;&nbsp; 1173777 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2042 | 50 | &nbsp;&nbsp; 55702 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2043 | 270 | &nbsp;&nbsp; 297746 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2044 | 175 | &nbsp;&nbsp; 190939 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2049 | 680 | &nbsp;&nbsp; 713572 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 11/15/2051 | 655 | &nbsp;&nbsp; 700520 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 4.00% | 05/15/2054 | 875 | &nbsp;&nbsp; 807340 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2054 | 845 | &nbsp;&nbsp; 878491 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 4.00% | 11/15/2054 | 335 | &nbsp;&nbsp; 304259 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 05/15/2059 | 2195 | &nbsp;&nbsp; 2312807 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 4.13% | 05/15/2064 | 2000 | &nbsp;&nbsp; 1832891 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 05/15/2064 | 3095 | &nbsp;&nbsp; 3252428 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.00% | 11/15/2048 | 250 | &nbsp;&nbsp; 265251 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.25% | 11/15/2050 | 245 | &nbsp;&nbsp; 263982 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.50% | 11/15/2053 | 650 | &nbsp;&nbsp; 713921 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2042 | 205 | &nbsp;&nbsp; 230323 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2043 | 305 | &nbsp;&nbsp; 337586 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2044 | 115 | &nbsp;&nbsp; 125746 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2045 | 335 | &nbsp;&nbsp; 361815 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2046 | 50 | &nbsp;&nbsp; 53397 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.25% | 12/01/2047 | 10 | &nbsp;&nbsp; 10814 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2050 | 850 | &nbsp;&nbsp; 891512 |
| Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB | 5.00% | 05/15/2046 | 110 | &nbsp;&nbsp; 115471 |
| Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB | 4.00% | 05/15/2056 | 50 | &nbsp;&nbsp; 46034 |
| Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB | 5.00% | 05/15/2056 | 1970 | &nbsp;&nbsp; 1993171 |

---

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

------

**134**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB | 5.00% | 11/15/2048 | $745 | &nbsp;&nbsp; $783987 |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB | 5.25% | 11/15/2053 | 1660 | &nbsp;&nbsp; 1761926 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-2, RB | 4.50% | 05/15/2047 | 50 | &nbsp;&nbsp; 50380 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-2, RB | 5.25% | 05/15/2047 | 935 | &nbsp;&nbsp; 1000038 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, RB | 4.50% | 05/15/2052 | 845 | &nbsp;&nbsp; 838535 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2041 | 435 | &nbsp;&nbsp; 487945 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2043 | 245 | &nbsp;&nbsp; 269444 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, RB | 5.00% | 05/15/2049 | 100 | &nbsp;&nbsp; 105221 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, RB | 5.00% | 05/15/2051 | 20 | &nbsp;&nbsp; 20915 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 4.13% | 05/15/2054 | 530 | &nbsp;&nbsp; 488407 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.25% | 05/15/2054 | 2250 | &nbsp;&nbsp; 2387064 |
| Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds), Subseries 2022 D-2, <br> RB<br>| 5.50% | 05/15/2052 | 1805 | &nbsp;&nbsp; 1928544 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB | 5.00% | 11/15/2042 | 1275 | &nbsp;&nbsp; 1317935 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 5.00% | 11/15/2043 | 95 | &nbsp;&nbsp; 98416 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 5.00% | 11/15/2046 | 25 | &nbsp;&nbsp; 25646 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 4.00% | 11/15/2048 | 1500 | &nbsp;&nbsp; 1403896 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 A, RB | 5.00% | 11/15/2049 | 25 | &nbsp;&nbsp; 25590 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 C, RB | 4.00% | 11/15/2041 | 50 | &nbsp;&nbsp; 50556 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 C, RB | 4.00% | 11/15/2042 | 590 | &nbsp;&nbsp; 594148 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 C, RB | 4.00% | 11/15/2043 | 480 | &nbsp;&nbsp; 481121 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 5.00% | 11/15/2049 | 150 | &nbsp;&nbsp; 156478 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 4.00% | 11/15/2054 | 1125 | &nbsp;&nbsp; 1021764 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 5.00% | 11/15/2054 | 1250 | &nbsp;&nbsp; 1294654 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 5.00% | 11/15/2051 | 1055 | &nbsp;&nbsp; 1091958 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 4.00% | 11/15/2056 | 1540 | &nbsp;&nbsp; 1414726 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 5.00% | 11/15/2056 | 1500 | &nbsp;&nbsp; 1546238 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB | 5.00% | 05/15/2051 | 1065 | &nbsp;&nbsp; 1109028 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB | 4.00% | 05/15/2052 | 3680 | &nbsp;&nbsp; 3425186 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB | 5.25% | 05/15/2052 | 375 | &nbsp;&nbsp; 396827 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2043 | 165 | &nbsp;&nbsp; 177877 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2044 | 185 | &nbsp;&nbsp; 197665 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2047 | 805 | &nbsp;&nbsp; 845026 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 4.00% | 05/15/2051 | 710 | &nbsp;&nbsp; 658229 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2057 | 1125 | &nbsp;&nbsp; 1163660 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB | 5.00% | 05/15/2047 | 1830 | &nbsp;&nbsp; 1920991 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 4.00% | 05/15/2057 | 4270 | &nbsp;&nbsp; 3906648 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.25% | 05/15/2062 | 1500 | &nbsp;&nbsp; 1578507 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023 C, Ref. <br> RB<br>| 5.25% | 11/15/2042 | 135 | &nbsp;&nbsp; 152232 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 4.00% | 05/15/2048 | 1090 | &nbsp;&nbsp; 1031341 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.00% | 05/15/2048 | 1525 | &nbsp;&nbsp; 1598558 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 4.13% | 05/15/2053 | 120 | &nbsp;&nbsp; 113112 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 4.25% | 05/15/2058 | 2500 | &nbsp;&nbsp; 2377582 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.25% | 05/15/2058 | 265 | &nbsp;&nbsp; 278082 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 4.50% | 05/15/2063 | 225 | &nbsp;&nbsp; 221370 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB | 5.00% | 12/01/2041 | 85 | &nbsp;&nbsp; 96702 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB | 5.25% | 12/01/2054 | 350 | &nbsp;&nbsp; 373611 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB | 5.50% | 12/01/2059 | 1000 | &nbsp;&nbsp; 1077204 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 4.50% | 12/01/2056 | 200 | &nbsp;&nbsp; 200130 |
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute), Series 2020, Ref. RB | 4.00% | 09/01/2040 | 500 | &nbsp;&nbsp; 503210 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/01/2047 | 15 | &nbsp;&nbsp; 15514 |

---

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

------

**135**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/01/2051 | $1440 | &nbsp;&nbsp; $1473005 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.75% | 11/01/2053 | 315 | &nbsp;&nbsp; 340017 |
|  |  |  |  | &nbsp;&nbsp; 827985288 |
| **North Carolina-0.72%** |  |  |  |  |
| Brunswick (City of), NC, Series 2020, RB | 3.00% | 04/01/2046 | 535 | &nbsp;&nbsp; 427106 |
| Cary (Town of), NC, Series 2017 B, Ref. RB | 4.00% | 12/01/2042 | 10 | &nbsp;&nbsp; 10094 |
| Charlotte (City of), NC, Series 2018, Ref. RB | 4.00% | 07/01/2047 | 20 | &nbsp;&nbsp; 20010 |
| Charlotte (City of), NC, Series 2022 A, Ref. RB | 5.00% | 07/01/2045 | 260 | &nbsp;&nbsp; 280017 |
| Charlotte (City of), NC, Series 2022 A, Ref. RB | 4.00% | 07/01/2052 | 60 | &nbsp;&nbsp; 58853 |
| Charlotte (City of), NC, Series 2023 A, RB | 5.00% | 07/01/2053 | 10 | &nbsp;&nbsp; 10415 |
| Charlotte (City of), NC, Series 2023 A, RB | 5.25% | 07/01/2053 | 5 | &nbsp;&nbsp; 5292 |
| Charlotte (City of), NC, Series 2024, RB | 5.00% | 07/01/2054 | 15 | &nbsp;&nbsp; 15938 |
| Charlotte (City of), NC, Series 2025 A, Ref. RB | 5.25% | 07/01/2055 | 500 | &nbsp;&nbsp; 537028 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2017 A, RB | 5.00% | 07/01/2047 | 1000 | &nbsp;&nbsp; 1010632 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019 A, RB | 5.00% | 07/01/2049 | 1635 | &nbsp;&nbsp; 1672673 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2019, RB | 4.00% | 07/01/2044 | 270 | &nbsp;&nbsp; 271752 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB | 3.00% | 07/01/2046 | 500 | &nbsp;&nbsp; 403945 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2021 A, Ref. RB | 4.00% | 07/01/2051 | 925 | &nbsp;&nbsp; 892053 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022 A, RB | 4.00% | 07/01/2052 | 550 | &nbsp;&nbsp; 527521 |
| Charlotte (City of), NC (Charlotte Douglas International Airport), Series 2022, RB | 4.00% | 07/01/2047 | 355 | &nbsp;&nbsp; 351672 |
| Charlotte (City of), NC (Transit), Series 2021 A, Ref. COP | 3.00% | 06/01/2048 | 1005 | &nbsp;&nbsp; 774034 |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2022, Ref. RB | 4.00% | 01/15/2043 | 170 | &nbsp;&nbsp; 171993 |
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems), Series 2016, Ref. <br> RB<br>| 4.00% | 01/15/2045 | 195 | &nbsp;&nbsp; 192641 |
| Fayetteville (City of), NC, Series 2023, RB | 4.50% | 03/01/2049 | 200 | &nbsp;&nbsp; 202409 |
| Fayetteville (City of), NC, Series 2025, RB | 4.00% | 03/01/2055 | 320 | &nbsp;&nbsp; 307862 |
| Guildford (City of), NC, Series 2025, GO Bonds | 4.00% | 03/01/2044 | 15 | &nbsp;&nbsp; 15262 |
| Guilford (County of), NC, Series 2025, GO Bonds | 4.00% | 03/01/2043 | 520 | &nbsp;&nbsp; 536280 |
| Nash Health Care Systems, Series 2025, RB | 5.75% | 02/01/2050 | 250 | &nbsp;&nbsp; 270901 |
| Nash Health Care Systems, Series 2025, RB | 5.25% | 02/01/2055 | 385 | &nbsp;&nbsp; 396915 |
| North Carolina (State of) Capital Facilities Finance Agency (Duke University), Series 2016 B, Ref. RB | 5.00% | 10/01/2044 | 230 | &nbsp;&nbsp; 232076 |
| North Carolina (State of) Medical Care Commission, Series 2024, RB | 5.13% | 10/01/2054 | 1000 | &nbsp;&nbsp; 1020965 |
| North Carolina (State of) Medical Care Commission (Duke University Health system), Series 2016, <br> Ref. RB<br>| 4.00% | 06/01/2042 | 450 | &nbsp;&nbsp; 450319 |
| North Carolina (State of) Medical Care Commission (Lutheran Services for the Aging), Series 2021, <br> RB<br>| 4.00% | 03/01/2051 | 25 | &nbsp;&nbsp; 21200 |
| North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2013, <br> Ref. RB<br>| 4.00% | 11/01/2046 | 1880 | &nbsp;&nbsp; 1758643 |
| North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019 A, <br> RB<br>| 4.00% | 11/01/2049 | 1415 | &nbsp;&nbsp; 1303446 |
| North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019, <br> RB<br>| 3.13% | 11/01/2049 | 365 | &nbsp;&nbsp; 279477 |
| North Carolina (State of) Medical Care Commission (Novant Health Obligated Group), Series 2019, <br> RB<br>| 4.00% | 11/01/2052 | 1025 | &nbsp;&nbsp; 927961 |
| North Carolina (State of) Medical Care Commission (Rex Healthcare), Series 2020 A, RB | 3.00% | 07/01/2045 | 1045 | &nbsp;&nbsp; 869857 |
| North Carolina (State of) Medical Care Commission (Rex Healthcare), Series 2020 A, RB | 4.00% | 07/01/2049 | 370 | &nbsp;&nbsp; 362385 |
| North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB | 4.00% | 06/01/2045 | 260 | &nbsp;&nbsp; 244335 |
| North Carolina (State of) Medical Care Commission (Vidant Health), Series 2015, Ref. RB | 5.00% | 06/01/2045 | 200 | &nbsp;&nbsp; 200124 |
| North Carolina (State of) Medical Care Commission (Wake Forest Baptist Obligated Group), <br> Series 2012 A, RB<br>| 4.00% | 12/01/2045 | 820 | &nbsp;&nbsp; 802198 |
| North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2047 | 2430 | &nbsp;&nbsp; 2433609 |
| North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2051 | 70 | &nbsp;&nbsp; 70064 |
| North Carolina (State of) Turnpike Authority, Series 2017 A, Ref. RB | 5.00% | 07/01/2054 | 200 | &nbsp;&nbsp; 200186 |
| North Carolina (State of) Turnpike Authority, Series 2019, RB | 5.00% | 01/01/2049 | 1115 | &nbsp;&nbsp; 1135964 |

---

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

------

**136**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **North Carolina-(continued)** |  |  |  |  |
| North Carolina (State of) Turnpike Authority (Triangle Expressway System), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 01/01/2058 | $1910 | &nbsp;&nbsp; $1954531 |
| North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB | 5.00% | 01/01/2043 | 15 | &nbsp;&nbsp; 15635 |
| North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB | 4.00% | 01/01/2055 | 325 | &nbsp;&nbsp; 290761 |
| North Carolina (State of) Turnpike Authority (Triangle Expressway), Series 2019, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 01/01/2049 | 975 | &nbsp;&nbsp; 993332 |
| Raleigh (City of), NC Combined Enterprise System, Series 2016 A, RB | 4.00% | 03/01/2046 | 105 | &nbsp;&nbsp; 105069 |
| Raleigh (City of), NC Combined Enterprise System, Series 2023, Ref. RB | 4.00% | 09/01/2053 | 65 | &nbsp;&nbsp; 63497 |
| University of North Carolina at Chapel Hill, Series 2016, RB | 4.00% | 02/01/2046 | 40 | &nbsp;&nbsp; 39283 |
| University of North Carolina at Chapel Hill, Series 2019, RB | 5.00% | 02/01/2049 | 1580 | &nbsp;&nbsp; 1787682 |
| Wake (County of), NC Industrial Facilities & Pollution Control Financing Authority (Duke Energy <br> Progress, Inc.), Series 2013, Ref. RB<br>| 4.00% | 06/01/2041 | 385 | &nbsp;&nbsp; 385140 |
|  |  |  |  | &nbsp;&nbsp; 27311037 |
| **North Dakota-0.11%** |  |  |  |  |
| Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB | 4.00% | 12/01/2046 | 70 | &nbsp;&nbsp; 61584 |
| Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB | 4.00% | 12/01/2051 | 160 | &nbsp;&nbsp; 133306 |
| Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 12/01/2046 | 1665 | &nbsp;&nbsp; 1297689 |
| Grand Forks (City of), ND (Altru Health System), Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 12/01/2051 | 645 | &nbsp;&nbsp; 463013 |
| Grand Forks (City of), ND (Altru Health System), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2053 | 485 | &nbsp;&nbsp; 492382 |
| State Board of Higher Education of the State of North Dakota, Series 2019, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 04/01/2050 | 230 | &nbsp;&nbsp; 208530 |
| University of North Dakota, Series 2018, COP | 4.00% | 04/01/2057 | 500 | &nbsp;&nbsp; 450595 |
| University of North Dakota, Series 2018, COP | 5.00% | 04/01/2057 | 200 | &nbsp;&nbsp; 202431 |
| University of North Dakota, Series 2021 A, COP, (INS - AGI)<sup>(a)</sup> | 3.00% | 06/01/2061 | 1000 | &nbsp;&nbsp; 705233 |
|  |  |  |  | &nbsp;&nbsp; 4014763 |
| **Ohio-1.49%** |  |  |  |  |
| Allen (County of), OH, Series 2017 A, Ref. RB | 4.00% | 08/01/2047 | 810 | &nbsp;&nbsp; 733194 |
| Allen (County of), OH, Series 2025, Ref. RB | 5.00% | 11/01/2041 | 10 | &nbsp;&nbsp; 11335 |
| Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB | 4.00% | 11/01/2044 | 630 | &nbsp;&nbsp; 591298 |
| Allen (County of), OH (Mercy Health), Series 2015 A, Ref. RB | 4.25% | 11/01/2045 | 25 | &nbsp;&nbsp; 24343 |
| American Municipal Power, Inc. (Fremont Energy Center), Series 2017, Ref. RB | 4.00% | 02/15/2042 | 300 | &nbsp;&nbsp; 301298 |
| Bedford City School District, Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.50% | 12/01/2050 | 190 | &nbsp;&nbsp; 202127 |
| Bedford City School District, Series 2025, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.50% | 12/01/2055 | 1000 | &nbsp;&nbsp; 1059018 |
| Berea City School District, Series 2017, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/01/2053 | 560 | &nbsp;&nbsp; 520538 |
| Brunswick City School District, Series 2023, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.50% | 12/01/2060 | 200 | &nbsp;&nbsp; 212208 |
| Butler (County of), OH (UC Health), Series 2016, Ref. RB | 4.00% | 11/15/2040 | 20 | &nbsp;&nbsp; 19094 |
| Butler (County of), OH (UC Health), Series 2016, Ref. RB | 5.00% | 11/15/2045 | 1170 | &nbsp;&nbsp; 1171699 |
| Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB | 4.00% | 12/01/2042 | 1155 | &nbsp;&nbsp; 1091888 |
| Chillicothe (City of), OH (Adena Health System Obligated Group), Series 2017, Ref. RB | 5.00% | 12/01/2047 | 120 | &nbsp;&nbsp; 120255 |
| Clermont (County of), OH, Series 2015, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 12/01/2053 | 245 | &nbsp;&nbsp; 232576 |
| Cleveland Municipal School District, Series 2015 A, GO Bonds, (CEP - Ohio School District) | 4.35% | 12/01/2045 | 10 | &nbsp;&nbsp; 10000 |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport), Series 2025, <br> Ref. RB<br>| 5.25% | 01/01/2050 | 75 | &nbsp;&nbsp; 79587 |
| Columbus Regional Airport Authority (John Glenn Columbus International Airport), Series 2025, <br> Ref. RB<br>| 5.25% | 01/01/2055 | 35 | &nbsp;&nbsp; 36924 |
| Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB | 5.00% | 02/15/2042 | 305 | &nbsp;&nbsp; 306061 |
| Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB | 5.25% | 02/15/2047 | 300 | &nbsp;&nbsp; 299016 |
| Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB | 5.00% | 02/15/2052 | 510 | &nbsp;&nbsp; 472351 |
| Cuyahoga (County of), OH (MetroHealth System), Series 2017, Ref. RB | 5.00% | 02/15/2057 | 1000 | &nbsp;&nbsp; 913512 |
| Cuyahoga Community College District, Series 2018, GO Bonds | 4.00% | 12/01/2042 | 225 | &nbsp;&nbsp; 233896 |
| Dublin City School District (Construction and Improvement), Series 2019, GO Bonds | 3.63% | 12/01/2048 | 90 | &nbsp;&nbsp; 79135 |
| EHOVE Joint Vocational School District, Series 2026, GO Bonds | 5.25% | 12/01/2061 | 800 | &nbsp;&nbsp; 820845 |
| Franklin (County of), OH, Series 2015, RB | 5.00% | 05/15/2045 | 200 | &nbsp;&nbsp; 200349 |
| Franklin (County of), OH, Series 2017, RB | 5.00% | 12/01/2046 | 85 | &nbsp;&nbsp; 86026 |
| Franklin (County of), OH, Series 2018, RB | 5.00% | 06/01/2043 | 15 | &nbsp;&nbsp; 15635 |
| Franklin (County of), OH, Series 2018, RB | 5.00% | 06/01/2048 | 425 | &nbsp;&nbsp; 435056 |
| Franklin (County of), OH, Series 2019 A, RB | 4.00% | 12/01/2044 | 365 | &nbsp;&nbsp; 353887 |
| Franklin (County of), OH, Series 2019 A, RB | 4.00% | 12/01/2049 | 445 | &nbsp;&nbsp; 401914 |
| Franklin (County of), OH (Nationwide Children's Hospital), Series 2015, RB | 4.00% | 11/01/2045 | 670 | &nbsp;&nbsp; 665320 |

---

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

------

**137**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| Franklin (County of), OH (Nationwide Children's Hospital), Series 2016, Ref. RB | 4.00% | 11/01/2040 | $300 | &nbsp;&nbsp; $300946 |
| Franklin (County of), OH (Nationwide Children's Hospital), Series 2019, RB | 5.00% | 11/01/2048 | 800 | &nbsp;&nbsp; 879975 |
| Franklin (County of), OH (OhioHealth Corp.), Series 2015, RB | 4.13% | 05/15/2045 | 770 | &nbsp;&nbsp; 761975 |
| Franklin (County of), OH (OhioHealth Corp.), Series 2018 A, RB | 4.00% | 05/15/2047 | 1405 | &nbsp;&nbsp; 1333723 |
| Franklin (County of), OH (OhioHealth Corp.), Series 2018 A, RB | 5.00% | 05/15/2047 | 920 | &nbsp;&nbsp; 935015 |
| Franklin (County of), OH (Trinity Health Credit Group), Series 2017 A, RB | 5.00% | 12/01/2047 | 250 | &nbsp;&nbsp; 253796 |
| Franklin (County of), OH (Trinity Health Credit Group), Series 2017, RB | 4.00% | 12/01/2046 | 450 | &nbsp;&nbsp; 422257 |
| Franklin (County of), OH Convention Facilities Authority (Greater Columbus Convention Center), <br> Series 2019, RB<br>| 5.00% | 12/01/2051 | 680 | &nbsp;&nbsp; 673877 |
| Greater Cincinnati (Port of), OH Development Authority, Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.25% | 12/01/2048 | 530 | &nbsp;&nbsp; 518536 |
| Greater Cincinnati (Port of), OH Development Authority, Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.38% | 12/01/2058 | 430 | &nbsp;&nbsp; 415768 |
| Greater Cincinnati (Port of), OH Development Authority, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2055 | 250 | &nbsp;&nbsp; 258597 |
| Greater Cincinnati (Port of), OH Development Authority (Duke Energy Corp.), Series 2024, Ref. RB | 5.00% | 12/01/2053 | 350 | &nbsp;&nbsp; 359211 |
| Hamilton (County of), OH (Cincinnati Children's Hospital), Series 2019 CC, RB | 5.00% | 11/15/2049 | 900 | &nbsp;&nbsp; 987504 |
| Hamilton (County of), OH (Life Enriching Communities), Series 2016, Ref. RB | 5.00% | 01/01/2046 | 500 | &nbsp;&nbsp; 500007 |
| Hamilton (County of), OH (Life Enriching Communities), Series 2025, Ref. RB | 5.50% | 01/01/2055 | 190 | &nbsp;&nbsp; 195252 |
| Hamilton (County of), OH (Trihealth, Inc. Obligated Group), Series 2017 A, RB | 4.25% | 08/15/2047 | 885 | &nbsp;&nbsp; 839007 |
| Hamilton (County of), OH (Trihealth, Inc. Obligated Group), Series 2017 A, RB | 5.00% | 08/15/2047 | 20 | &nbsp;&nbsp; 20199 |
| Hamilton (County of), OH (Trihealth, Inc. Obligated), Series 2020, Ref. RB | 3.75% | 08/15/2050 | 1020 | &nbsp;&nbsp; 865268 |
| Hamilton (County of), OH (Trihealth, Inc. Obligated), Series 2020, Ref. RB | 4.00% | 08/15/2050 | 295 | &nbsp;&nbsp; 265863 |
| Hamilton (County of), OH (Trihealth, Inc.), Series 2017 A, RB | 5.00% | 08/15/2042 | 60 | &nbsp;&nbsp; 61207 |
| Hamilton (County of), OH (UC Health), Series 2020, RB | 4.00% | 09/15/2050 | 25 | &nbsp;&nbsp; 20850 |
| JobsOhio Beverage System, Series 2025, Ref. RB | 5.00% | 01/01/2050 | 830 | &nbsp;&nbsp; 878477 |
| JobsOhio Beverage System, Series 2025, Ref. RB | 5.00% | 01/01/2053 | 1500 | &nbsp;&nbsp; 1579483 |
| Licking Heights Local School District, Series 2022, GO Bonds | 5.50% | 10/01/2059 | 250 | &nbsp;&nbsp; 264474 |
| Lucas (County of), OH (ProMedica Healthcare System), Series 2015, RB | 4.00% | 11/15/2045 | 45 | &nbsp;&nbsp; 40300 |
| Marysville (City of), OH, Series 2016, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/01/2046 | 110 | &nbsp;&nbsp; 107180 |
| Miami (County of), OH, Series 2019, Ref. RB | 5.00% | 08/01/2049 | 50 | &nbsp;&nbsp; 50536 |
| Miami University, Series 2020 A, Ref. RB | 4.00% | 09/01/2045 | 1500 | &nbsp;&nbsp; 1493808 |
| Middleburg Heights (City of), OH (Southwest General Health Center), Series 2020, Ref. RB | 4.00% | 08/01/2047 | 880 | &nbsp;&nbsp; 771081 |
| Middleburg Heights (City of), OH (Southwest General Health Center), Series 2021, Ref. RB | 4.00% | 08/01/2041 | 20 | &nbsp;&nbsp; 19541 |
| Montgomery (County of), OH (Dayton Children's Hospital), Series 2021, Ref. RB | 4.00% | 08/01/2046 | 820 | &nbsp;&nbsp; 769412 |
| Montgomery (County of), OH (Dayton Children's Hospital), Series 2021, Ref. RB | 4.00% | 08/01/2051 | 25 | &nbsp;&nbsp; 22577 |
| Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2016, RB | 4.00% | 08/01/2047 | 985 | &nbsp;&nbsp; 910397 |
| Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB | 3.00% | 08/01/2051 | 420 | &nbsp;&nbsp; 301880 |
| Montgomery (County of), OH (Kettering Health Network Obligated Group), Series 2021, Ref. RB | 4.00% | 08/01/2051 | 790 | &nbsp;&nbsp; 704769 |
| Montgomery (County of), OH (Premier Health Partners Obligated Group), Series 2019 A, Ref. RB | 4.00% | 11/15/2042 | 70 | &nbsp;&nbsp; 66548 |
| North Ridgeville City School District, Series 2024, GO Bonds | 4.50% | 12/01/2061 | 1035 | &nbsp;&nbsp; 1029371 |
| Northeast Ohio Regional Sewer District, Series 2017, Ref. RB | 3.25% | 11/15/2040 | 190 | &nbsp;&nbsp; 182627 |
| Northeast Ohio Regional Sewer District, Series 2017, Ref. RB | 4.00% | 11/15/2043 | 705 | &nbsp;&nbsp; 707473 |
| Northeastern Local School District, Series 2018, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/01/2055 | 535 | &nbsp;&nbsp; 499664 |
| Ohio (State of), Series 2014 A, Ref. RB | 4.00% | 01/15/2044 | 2070 | &nbsp;&nbsp; 2019649 |
| Ohio (State of), Series 2017, Ref. RB | 4.00% | 01/01/2043 | 260 | &nbsp;&nbsp; 260218 |
| Ohio (State of), Series 2019, RB<sup>(d)(e)</sup> | 4.00% | 01/01/2029 | 10 | &nbsp;&nbsp; 10482 |
| Ohio (State of), Series 2019, RB | 4.00% | 01/01/2041 | 180 | &nbsp;&nbsp; 181603 |
| Ohio (State of), Series 2019, RB | 4.00% | 01/01/2043 | 235 | &nbsp;&nbsp; 235117 |
| Ohio (State of), Series 2019, RB | 3.55% | 01/01/2046 | 15 | &nbsp;&nbsp; 13542 |
| Ohio (State of), Series 2019, RB | 4.00% | 01/01/2046 | 155 | &nbsp;&nbsp; 147392 |
| Ohio (State of), Series 2020 A, Ref. RB | 3.00% | 01/15/2045 | 440 | &nbsp;&nbsp; 354171 |
| Ohio (State of), Series 2020 A, Ref. RB | 5.00% | 01/15/2050 | 5 | &nbsp;&nbsp; 5049 |
| Ohio (State of), Series 2025 A, GO Bonds | 5.00% | 05/01/2044 | 10 | &nbsp;&nbsp; 11038 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2019, RB | 4.00% | 01/01/2042 | 70 | &nbsp;&nbsp; 70353 |
| Ohio (State of) (University Hospitals Health System, Inc.), Series 2016, Ref. RB | 4.00% | 01/15/2046 | 710 | &nbsp;&nbsp; 658606 |
| Ohio (State of) (University Hospitals Health System, Inc.), Series 2020 A, Ref. RB | 4.00% | 01/15/2050 | 1250 | &nbsp;&nbsp; 1090646 |
| Ohio (State of) (University Hospitals Health System, Inc.), Series 2021 A, Ref. RB | 3.00% | 01/15/2046 | 820 | &nbsp;&nbsp; 643257 |
| Ohio (State of) (University Hospitals Health System, Inc.), Series 2021, Ref. RB | 4.00% | 01/15/2046 | 55 | &nbsp;&nbsp; 50270 |
| Ohio (State of) Higher Educational Facility Commission (Case Western Reserve University), <br> Series 2021, Ref. RB<br>| 4.00% | 12/01/2044 | 1295 | &nbsp;&nbsp; 1295478 |

---

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

------

**138**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| Ohio (State of) Higher Educational Facility Commission (John Carroll University 2022), Series 2022, <br> Ref. RB<br>| 4.00% | 10/01/2052 | $35 | &nbsp;&nbsp; $27754 |
| Ohio (State of) Higher Educational Facility Commission (Kenyon College), Series 2016, Ref. RB | 4.00% | 07/01/2044 | 1345 | &nbsp;&nbsp; 1299101 |
| Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023) (Green Bonds), <br> Series 2023, RB<br>| 5.00% | 10/01/2048 | 385 | &nbsp;&nbsp; 403747 |
| Ohio (State of) Higher Educational Facility Commission (Oberlin College 2023) (Green Bonds), <br> Series 2023, RB<br>| 5.25% | 10/01/2053 | 725 | &nbsp;&nbsp; 765119 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2018, RB | 4.00% | 02/15/2046 | 50 | &nbsp;&nbsp; 48670 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB | 5.00% | 02/15/2046 | 1290 | &nbsp;&nbsp; 1360629 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2021 A, RB | 5.00% | 02/15/2051 | 545 | &nbsp;&nbsp; 567288 |
| Ohio (State of) Water Development Authority, Series 2021, RB | 5.00% | 06/01/2046 | 1000 | &nbsp;&nbsp; 1058396 |
| Ohio (State of) Water Development Authority, Series 2024 A, RB | 5.00% | 12/01/2041 | 15 | &nbsp;&nbsp; 17062 |
| Ohio (State of) Water Development Authority, Series 2025, RB | 5.00% | 12/01/2044 | 5 | &nbsp;&nbsp; 5571 |
| Ohio (State of) Water Development Authority, Series 2025, RB | 5.25% | 12/01/2047 | 200 | &nbsp;&nbsp; 220359 |
| Ohio (State of) Water Development Authority (Fresh Water), Series 2019, RB | 5.00% | 06/01/2044 | 550 | &nbsp;&nbsp; 577659 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2043 | 140 | &nbsp;&nbsp; 156185 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, GO Bonds | 5.00% | 12/01/2044 | 435 | &nbsp;&nbsp; 480000 |
| Ohio (State of) Water Development Authority (Sustainability Bonds), Series 2024 A, RB | 5.00% | 12/01/2042 | 160 | &nbsp;&nbsp; 180304 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2019 B, <br> RB<br>| 5.00% | 12/01/2044 | 1030 | &nbsp;&nbsp; 1082395 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2020 A, <br> RB<br>| 5.00% | 12/01/2050 | 1175 | &nbsp;&nbsp; 1214286 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 A, <br> GO Bonds<br>| 5.00% | 12/01/2044 | 70 | &nbsp;&nbsp; 77241 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 A, <br> RB<br>| 5.00% | 12/01/2041 | 35 | &nbsp;&nbsp; 39812 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund), Series 2024 D, <br> RB<br>| 5.00% | 12/01/2044 | 80 | &nbsp;&nbsp; 88705 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2021 A, RB<br>| 4.00% | 12/01/2046 | 325 | &nbsp;&nbsp; 320215 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2021 A, RB<br>| 5.00% | 12/01/2046 | 270 | &nbsp;&nbsp; 285809 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2023 B, RB<br>| 5.00% | 12/01/2041 | 95 | &nbsp;&nbsp; 106647 |
| Ohio (State of) Water Development Authority (Water Pollution Control Loan Fund) (Green Bonds), <br> Series 2024 A, RB<br>| 5.00% | 12/01/2047 | 50 | &nbsp;&nbsp; 53664 |
| Ohio State University (The), Series 2017 A, Ref. RB | 5.00% | 12/01/2044 | 40 | &nbsp;&nbsp; 40635 |
| Ohio State University (The), Series 2017 A, Ref. RB | 4.00% | 12/01/2047 | 75 | &nbsp;&nbsp; 72103 |
| Ohio State University (The), Series 2023, RB | 5.25% | 12/01/2046 | 800 | &nbsp;&nbsp; 864764 |
| Ohio State University (The), Series 2023, RB | 4.25% | 12/01/2056 | 150 | &nbsp;&nbsp; 146454 |
| Ohio State University (The), Series 2024, RB | 5.25% | 12/01/2054 | 30 | &nbsp;&nbsp; 31822 |
| Ohio State University (The) (Green Bonds), Series 2021 A, RB | 4.00% | 12/01/2048 | 1465 | &nbsp;&nbsp; 1422043 |
| Ross (County of), OH (Adena Health System Obligated Group), Series 2019, Ref. RB | 5.00% | 12/01/2049 | 15 | &nbsp;&nbsp; 15012 |
| Shaker Heights City School District, Series 2024, GO Bonds | 5.25% | 12/15/2059 | 180 | &nbsp;&nbsp; 192313 |
| Summit County Development Finance Authority, Series 2025, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 07/01/2055 | 250 | &nbsp;&nbsp; 259351 |
| Summit County Development Finance Authority, Series 2025, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2065 | 465 | &nbsp;&nbsp; 468400 |
| Toledo Lucas County Public Library, Series 2025 A, GO Bonds | 5.00% | 12/01/2054 | 210 | &nbsp;&nbsp; 220209 |
| Toledo-Lucas County Port Authority, Series 2021, RB | 4.00% | 01/01/2057 | 65 | &nbsp;&nbsp; 53852 |
| University of Cincinnati, Series 2017 A, RB | 5.00% | 06/01/2045 | 265 | &nbsp;&nbsp; 268282 |
| University of Cincinnati, Series 2017 A, RB | 4.00% | 06/01/2047 | 20 | &nbsp;&nbsp; 19252 |
| University of Cincinnati, Series 2024 A, RB | 5.00% | 06/01/2049 | 190 | &nbsp;&nbsp; 198531 |
| University of Cincinnati, Series 2024 A, RB | 5.25% | 06/01/2049 | 125 | &nbsp;&nbsp; 132652 |
| University of Cincinnati, Series 2024 A, RB | 5.25% | 06/01/2054 | 30 | &nbsp;&nbsp; 31579 |
| Willoughby-Eastlake City School District, Series 2016, GO Bonds | 4.00% | 12/01/2050 | 10 | &nbsp;&nbsp; 9024 |
| Worthington City School District, Series 2023, GO Bonds | 5.00% | 12/01/2048 | 1555 | &nbsp;&nbsp; 1625599 |
|  |  |  |  | &nbsp;&nbsp; 56524182 |

---

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

------

**139**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oklahoma-0.72%** |  |  |  |  |
| Creek (County of), OK Educational Facilities Authority (Sapulpa Public Schools), Series 2024, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 4.00% | 09/01/2044 | $420 | &nbsp;&nbsp; $420016 |
| Creek (County of), OK Educational Facilities Authority (Sapulpa Public Schools), Series 2024, RB, <br> (INS - BAM)<sup>(a)</sup><br>| 4.13% | 09/01/2048 | 75 | &nbsp;&nbsp; 72843 |
| Edmond Public Works Authority, Series 2017, RB | 5.00% | 07/01/2042 | 90 | &nbsp;&nbsp; 91687 |
| Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2041 | 70 | &nbsp;&nbsp; 77120 |
| Grand River Dam Authority, Series 2023, RB | 5.00% | 06/01/2042 | 125 | &nbsp;&nbsp; 136736 |
| Grand River Dam Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2041 | 80 | &nbsp;&nbsp; 89112 |
| Grand River Dam Authority, Series 2024 A, Ref. RB | 5.00% | 06/01/2042 | 685 | &nbsp;&nbsp; 756464 |
| Oklahoma (City of), OK Water Utilities Trust, Series 2024, RB | 5.00% | 07/01/2049 | 15 | &nbsp;&nbsp; 15912 |
| Oklahoma (City of), OK Water Utilities Trust, Series 2024, RB | 5.00% | 07/01/2054 | 60 | &nbsp;&nbsp; 63105 |
| Oklahoma (City of), OK Water Utilities Trust, Series 2024, RB | 5.25% | 07/01/2059 | 770 | &nbsp;&nbsp; 819580 |
| Oklahoma (City of), OK Water Utilities Trust, Series 2025, RB | 5.00% | 07/01/2055 | 950 | &nbsp;&nbsp; 998253 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2020 B, RB | 4.00% | 07/01/2050 | 570 | &nbsp;&nbsp; 542621 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2025, RB | 5.25% | 07/01/2050 | 410 | &nbsp;&nbsp; 442411 |
| Oklahoma (State of) Capitol Improvement Authority, Series 2025, RB | 5.25% | 07/01/2055 | 480 | &nbsp;&nbsp; 512500 |
| Oklahoma (State of) Capitol Improvement Authority (Department of Transportation), Series 2020 B, <br> RB<br>| 4.00% | 07/01/2045 | 10 | &nbsp;&nbsp; 10000 |
| Oklahoma (State of) Development Finance Authority (OU Medicine), Series 2018 B, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 08/15/2048 | 205 | &nbsp;&nbsp; 186776 |
| Oklahoma (State of) Development Finance Authority (OU Medicine), Series 2018 B, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 08/15/2052 | 70 | &nbsp;&nbsp; 62231 |
| Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB | 4.00% | 01/01/2042 | 555 | &nbsp;&nbsp; 556603 |
| Oklahoma (State of) Turnpike Authority, Second Series 2017 C, RB | 5.00% | 01/01/2047 | 1370 | &nbsp;&nbsp; 1382482 |
| Oklahoma (State of) Turnpike Authority, Series 2017 A, RB | 4.00% | 01/01/2047 | 385 | &nbsp;&nbsp; 372659 |
| Oklahoma (State of) Turnpike Authority, Series 2018 A, RB | 5.00% | 01/01/2043 | 560 | &nbsp;&nbsp; 568196 |
| Oklahoma (State of) Turnpike Authority, Series 2018 A, RB | 4.00% | 01/01/2048 | 1185 | &nbsp;&nbsp; 1130589 |
| Oklahoma (State of) Turnpike Authority, Series 2023, RB | 4.50% | 01/01/2053 | 645 | &nbsp;&nbsp; 640024 |
| Oklahoma (State of) Turnpike Authority, Series 2023, RB | 5.50% | 01/01/2053 | 2775 | &nbsp;&nbsp; 2970086 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB | 5.00% | 01/01/2043 | 230 | &nbsp;&nbsp; 255454 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB | 5.00% | 01/01/2044 | 120 | &nbsp;&nbsp; 131565 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB | 5.00% | 01/01/2045 | 70 | &nbsp;&nbsp; 75772 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB | 5.25% | 01/01/2050 | 1340 | &nbsp;&nbsp; 1445334 |
| Oklahoma (State of) Turnpike Authority, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 4.25% | 01/01/2055 | 2075 | &nbsp;&nbsp; 2028236 |
| Oklahoma (State of) Turnpike Authority (Senior Bonds), Series 2025 A, RB | 5.50% | 01/01/2054 | 3320 | &nbsp;&nbsp; 3608719 |
| Oklahoma (State of) Water Resources Board, Series 2023 B, RB | 4.13% | 10/01/2053 | 25 | &nbsp;&nbsp; 23971 |
| Oklahoma (State of) Water Resources Board, Series 2024 C, RB | 4.00% | 10/01/2049 | 130 | &nbsp;&nbsp; 125208 |
| Oklahoma (State of) Water Resources Board, Series 2024 C, RB | 4.00% | 10/01/2054 | 15 | &nbsp;&nbsp; 14087 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2021, RB | 5.00% | 04/01/2051 | 30 | &nbsp;&nbsp; 31041 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2023, RB | 4.00% | 04/01/2048 | 1255 | &nbsp;&nbsp; 1192986 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2024 A, RB | 4.13% | 10/01/2053 | 200 | &nbsp;&nbsp; 193693 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2024, RB | 5.00% | 04/01/2049 | 1000 | &nbsp;&nbsp; 1052985 |
| Oklahoma (State of) Water Resources Board (2019 Master Trust), Series 2025, RB | 5.25% | 04/01/2050 | 250 | &nbsp;&nbsp; 268747 |
| Oklahoma Water Resources Board, Series 2021, RB | 4.00% | 04/01/2047 | 10 | &nbsp;&nbsp; 9802 |
| Oklahoma Water Resources Board, Series 2024, RB | 4.25% | 10/01/2050 | 250 | &nbsp;&nbsp; 248646 |
| Oklahoma Water Resources Board, Series 2025, RB | 5.00% | 04/01/2055 | 500 | &nbsp;&nbsp; 525366 |
| Oklahoma Water Resources Board, Series 2025, RB | 5.25% | 04/01/2055 | 500 | &nbsp;&nbsp; 536616 |
| Oklahoma Water Resources Board, Series 2025, RB | 4.50% | 10/01/2055 | 500 | &nbsp;&nbsp; 500830 |
| Oklahoma Water Resources Board, Series 2025, RB | 5.00% | 10/01/2055 | 300 | &nbsp;&nbsp; 311423 |
| University of Oklahoma (The), Series 2015 C, RB | 4.00% | 07/01/2045 | 70 | &nbsp;&nbsp; 69069 |
| University of Oklahoma (The), Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2046 | 1175 | &nbsp;&nbsp; 1234058 |
| University of Oklahoma (The), Series 2021 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2051 | 95 | &nbsp;&nbsp; 91285 |
| University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2049 | 285 | &nbsp;&nbsp; 302010 |
| University of Oklahoma (The), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 07/01/2054 | 15 | &nbsp;&nbsp; 15739 |
|  |  |  |  | &nbsp;&nbsp; 27210648 |
| **Oregon-0.67%** |  |  |  |  |
| Astoria Hospital Facilities Authority (Columbia Memorial Hospital), Series 2024, RB | 5.25% | 08/01/2049 | 60 | &nbsp;&nbsp; 60738 |

---

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

------

**140**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oregon-(continued)** |  |  |  |  |
| Deschutes County Hospital Facilities Authority, Series 2016, Ref. RB | 5.00% | 01/01/2048 | $1505 | &nbsp;&nbsp; $1505212 |
| Deschutes County Hospital Facilities Authority, Series 2020, RB | 3.00% | 01/01/2051 | 450 | &nbsp;&nbsp; 325539 |
| Deschutes Public Library District, Series 2021, GO Bonds | 3.00% | 12/01/2041 | 395 | &nbsp;&nbsp; 362270 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB | 5.00% | 08/15/2045 | 115 | &nbsp;&nbsp; 119386 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB | 5.00% | 08/15/2050 | 275 | &nbsp;&nbsp; 280355 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/15/2045 | 600 | &nbsp;&nbsp; 572963 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 08/15/2050 | 2495 | &nbsp;&nbsp; 1846299 |
| Medford (City of), OR Hospital Facilities Authority (Asante), Series 2020, Ref. RB | 4.00% | 08/15/2050 | 10 | &nbsp;&nbsp; 8800 |
| Multnomah County School District No. 1, Series 2017 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 3.50% | 06/15/2044 | 320 | &nbsp;&nbsp; 291408 |
| Multnomah County School District No. 40, Series 2023 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.50% | 06/15/2053 | 245 | &nbsp;&nbsp; 265075 |
| Oregon (State of) (Article XI - Q State), Series 2023, GO Bonds | 5.00% | 05/01/2042 | 15 | &nbsp;&nbsp; 16606 |
| Oregon (State of) (Article XI-G OHSU), Series 2016 C, GO Bonds | 5.00% | 08/01/2041 | 40 | &nbsp;&nbsp; 40323 |
| Oregon (State of) (Article XI-G OHSU), Series 2017 H, GO Bonds | 5.00% | 08/01/2042 | 1270 | &nbsp;&nbsp; 1302034 |
| Oregon (State of) (Article XI-Q State), Series 2017 A, GO Bonds | 5.00% | 05/01/2042 | 1635 | &nbsp;&nbsp; 1669027 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2041 | 135 | &nbsp;&nbsp; 151070 |
| Oregon (State of) (Article XI-Q State), Series 2023 A, GO Bonds | 5.00% | 05/01/2043 | 10 | &nbsp;&nbsp; 10951 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 4.00% | 11/15/2042 | 250 | &nbsp;&nbsp; 253311 |
| Oregon (State of) Department of Transportation, Series 2019 A, Ref. RB | 5.00% | 11/15/2042 | 495 | &nbsp;&nbsp; 525541 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2041 | 260 | &nbsp;&nbsp; 289241 |
| Oregon (State of) Department of Transportation, Series 2023 A, RB | 5.00% | 11/15/2042 | 755 | &nbsp;&nbsp; 833850 |
| Oregon (State of) Facilities Authority, Series 2015, RB | 4.00% | 10/01/2045 | 635 | &nbsp;&nbsp; 582214 |
| Oregon (State of) Facilities Authority (Legacy Health), Series 2016 A, Ref. RB | 4.00% | 06/01/2041 | 585 | &nbsp;&nbsp; 585114 |
| Oregon (State of) Facilities Authority (Legacy Health), Series 2016 A, Ref. RB | 4.00% | 06/01/2046 | 395 | &nbsp;&nbsp; 364409 |
| Oregon (State of) Facilities Authority (Legacy Health), Series 2016 A, Ref. RB | 5.00% | 06/01/2046 | 145 | &nbsp;&nbsp; 145234 |
| Oregon (State of) Facilities Authority (Legacy Health), Series 2022 A, RB | 5.00% | 06/01/2052 | 755 | &nbsp;&nbsp; 767904 |
| Oregon (State of) Facilities Authority (University of Portland), Series 2025, Ref. RB | 5.00% | 04/01/2055 | 250 | &nbsp;&nbsp; 255123 |
| Oregon (State of) Facilities Authority (Willamette University), Series 2021 A, Ref. RB | 4.00% | 10/01/2051 | 2030 | &nbsp;&nbsp; 1635848 |
| Oregon (State of) Tri-County Metropolitan Transportation District, Series 2019 A, RB | 3.00% | 09/01/2044 | 105 | &nbsp;&nbsp; 90372 |
| Oregon (State of) Tri-County Metropolitan Transportation District (Green Bonds), Series 2021 A, RB | 2.50% | 09/01/2051 | 5 | &nbsp;&nbsp; 3366 |
| Oregon City School District No. 62, Series 2025 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2049 | 650 | &nbsp;&nbsp; 695341 |
| Oregon Health & Science University, Series 2016 B, Ref. RB | 4.00% | 07/01/2046 | 345 | &nbsp;&nbsp; 337892 |
| Oregon Health & Science University (Green Bonds), Series 2021 A, Ref. RB | 4.00% | 07/01/2044 | 175 | &nbsp;&nbsp; 175957 |
| Oregon Health & Science University (Green Bonds), Series 2021 A, Ref. RB | 3.00% | 07/01/2051 | 1120 | &nbsp;&nbsp; 810113 |
| Oregon Health & Science University (Green Bonds), Series 2021 A, Ref. RB | 4.00% | 07/01/2051 | 585 | &nbsp;&nbsp; 542561 |
| Oregon State University, Series 2025 C, Ref. RB | 5.00% | 04/01/2045 | 175 | &nbsp;&nbsp; 191146 |
| Portland (City of), OR, Series 2019 A, RB | 5.00% | 05/01/2044 | 20 | &nbsp;&nbsp; 21032 |
| Portland (City of), OR, Series 2023 A, Ref. RB | 5.00% | 12/01/2047 | 1250 | &nbsp;&nbsp; 1329752 |
| Portland (City of), OR, Series 2025 A, Ref. RB | 5.00% | 10/01/2054 | 775 | &nbsp;&nbsp; 816427 |
| Salem Hospital Facility Authority (Salem Health), Series 2016 A, Ref. RB | 5.00% | 05/15/2046 | 125 | &nbsp;&nbsp; 125187 |
| Salem Hospital Facility Authority (Salem Health), Series 2019, Ref. RB | 5.00% | 05/15/2044 | 85 | &nbsp;&nbsp; 87574 |
| Salem Hospital Facility Authority (Salem Health), Series 2019, Ref. RB | 3.00% | 05/15/2049 | 575 | &nbsp;&nbsp; 426033 |
| Salem Hospital Facility Authority (Salem Health), Series 2019, Ref. RB | 4.00% | 05/15/2049 | 375 | &nbsp;&nbsp; 337904 |
| Tualatin Valley Water District, Series 2024, RB | 5.00% | 06/01/2054 | 250 | &nbsp;&nbsp; 261350 |
| University of Oregon, Series 2016 A, RB<sup>(d)(e)</sup> | 5.00% | 04/01/2026 | 30 | &nbsp;&nbsp; 30066 |
| University of Oregon, Series 2020 A, RB | 5.00% | 04/01/2050 | 1640 | &nbsp;&nbsp; 1696825 |
| University of Oregon, Series 2021 A, RB | 3.50% | 04/01/2052 | 80 | &nbsp;&nbsp; 65354 |
| Washington & Clackamas Counties School District No. 23J Tigar, Series 2025, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2045 | 150 | &nbsp;&nbsp; 164740 |
| Washington & Clackamas Counties School District No. 23J Tigar, Series 2025, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2046 | 5 | &nbsp;&nbsp; 5440 |

---

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

------

**141**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oregon-(continued)** |  |  |  |  |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2022 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2052 | $1000 | &nbsp;&nbsp; $1051456 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2025 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 06/15/2053 | 1005 | &nbsp;&nbsp; 1070085 |
|  |  |  |  | &nbsp;&nbsp; 25401818 |
| **Pennsylvania-3.74%** |  |  |  |  |
| Allegheny (County of), PA, Series 2018 C-77, GO Bonds | 5.00% | 11/01/2043 | 110 | &nbsp;&nbsp; 114342 |
| Allegheny (County of), PA, Series 2020 C-78, GO Bonds | 4.00% | 11/01/2045 | 765 | &nbsp;&nbsp; 761711 |
| Allegheny (County of), PA, Series 2020 C-78, GO Bonds | 4.00% | 11/01/2049 | 50 | &nbsp;&nbsp; 46948 |
| Allegheny (County of), PA, Series 2024 C-80, GO Bonds | 5.00% | 12/01/2054 | 120 | &nbsp;&nbsp; 124120 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue), Series 2018 A, Ref. RB<br>| 4.00% | 04/01/2044 | 2240 | &nbsp;&nbsp; 2139631 |
| Allegheny (County of), PA Hospital Development Authority (Allegheny Health Network Obligated <br> Group Issue), Series 2018 A, Ref. RB<br>| 5.00% | 04/01/2047 | 2355 | &nbsp;&nbsp; 2379289 |
| Allegheny (County of), PA Sanitary Authority, Series 2018, RB | 5.00% | 06/01/2043 | 90 | &nbsp;&nbsp; 92999 |
| Allegheny (County of), PA Sanitary Authority, Series 2018, RB | 4.00% | 06/01/2048 | 565 | &nbsp;&nbsp; 542827 |
| Allegheny (County of), PA Sanitary Authority, Series 2022, RB | 5.75% | 06/01/2047 | 1970 | &nbsp;&nbsp; 2156857 |
| Allegheny (County of), PA Sanitary Authority, Series 2024, Ref. RB | 4.00% | 12/01/2049 | 330 | &nbsp;&nbsp; 311731 |
| Allegheny (County of), PA Sanitary Authority, Series 2024, Ref. RB | 5.25% | 12/01/2055 | 95 | &nbsp;&nbsp; 100758 |
| Allegheny (County of), PA Sanitary Authority, Series 2025, Ref. RB | 5.00% | 12/01/2050 | 400 | &nbsp;&nbsp; 421044 |
| Allegheny (County of), PA Sanitary Authority, Series 2025, Ref. RB | 5.00% | 12/01/2055 | 590 | &nbsp;&nbsp; 617285 |
| Beaver County Industrial Development Authority, Series 2008 B, Ref. RB | 3.75% | 10/01/2047 | 750 | &nbsp;&nbsp; 644165 |
| Bethel Park School District, Series 2024, GO Bonds | 5.00% | 08/01/2050 | 1000 | &nbsp;&nbsp; 1056871 |
| Bucks (County of), PA Industrial Development Authority (Grand View Hospital), Series 2021, RB | 5.00% | 07/01/2054 | 500 | &nbsp;&nbsp; 500316 |
| Bucks (County of), PA Industrial Development Authority (St. Luke's University Health Network), <br> Series 2019, RB<br>| 3.00% | 08/15/2050 | 1505 | &nbsp;&nbsp; 1091131 |
| Bucks (County of), PA Industrial Development Authority (St. Luke's University Health Network), <br> Series 2019, RB<br>| 4.00% | 08/15/2050 | 20 | &nbsp;&nbsp; 17228 |
| Bucks (County of), PA Industrial Development Authority (St. Luke's University Health Network), <br> Series 2021, RB<br>| 3.00% | 08/15/2053 | 1355 | &nbsp;&nbsp; 959383 |
| Bucks (County of), PA Water and Sewer Authority, Series 2022 A, RB, (INS - AGI)<sup>(a)</sup> | 4.25% | 12/01/2047 | 55 | &nbsp;&nbsp; 54964 |
| Bucks (County of), PA Water and Sewer Authority, Series 2022 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 12/01/2047 | 40 | &nbsp;&nbsp; 42692 |
| Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), <br> Series 2020 A, RB<br>| 3.00% | 09/01/2046 | 240 | &nbsp;&nbsp; 190624 |
| Chester (County of), PA Health & Education Facilities Authority (Main Line Health System), <br> Series 2020 A, RB<br>| 4.00% | 09/01/2050 | 500 | &nbsp;&nbsp; 451885 |
| Chester (County of), PA Industrial Development Authority (Green Bonds), Series 2021, RB | 4.00% | 12/01/2046 | 405 | &nbsp;&nbsp; 393938 |
| Chester (County of), PA Industrial Development Authority (Green Bonds), Series 2021, RB | 4.00% | 12/01/2051 | 715 | &nbsp;&nbsp; 662343 |
| Chester (County of), PA Industrial Development Authority (University Student Housing, LLC at West <br> Chester University of Pennsylvania), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup><br>| 4.00% | 08/01/2048 | 90 | &nbsp;&nbsp; 83132 |
| Conestoga Valley School District, Series 2022, GO Bonds | 4.00% | 02/01/2051 | 195 | &nbsp;&nbsp; 186703 |
| Cumberland (County of), PA Municipal Authority (Penn State Health), Series 2019, RB | 4.00% | 11/01/2044 | 195 | &nbsp;&nbsp; 183492 |
| Cumberland (County of), PA Municipal Authority (Penn State Health), Series 2019, RB | 4.00% | 11/01/2049 | 1160 | &nbsp;&nbsp; 1016558 |
| Delaware County Vocational & Technical School Authority, Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 11/01/2054 | 65 | &nbsp;&nbsp; 60215 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 5.00% | 07/01/2042 | 1015 | &nbsp;&nbsp; 1036861 |
| Delaware River Joint Toll Bridge Commission (Pennsylvania - New Jersey), Series 2017, RB | 4.00% | 07/01/2047 | 100 | &nbsp;&nbsp; 94500 |
| Doylestown Hospital Authority, Series 2019, RB | 5.00% | 07/01/2049 | 1000 | &nbsp;&nbsp; 1023787 |
| Geisinger Authority (Geisinger Health System), Series 2014 A, Ref. RB | 4.00% | 06/01/2041 | 40 | &nbsp;&nbsp; 39956 |
| Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB | 5.00% | 02/15/2045 | 940 | &nbsp;&nbsp; 949451 |
| Geisinger Authority (Geisinger Health System), Series 2017 A-1, Ref. RB | 4.00% | 02/15/2047 | 1050 | &nbsp;&nbsp; 958784 |
| Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB | 4.00% | 04/01/2050 | 1060 | &nbsp;&nbsp; 951269 |
| Geisinger Authority (Geisinger Health System), Series 2020, Ref. RB | 5.00% | 04/01/2050 | 850 | &nbsp;&nbsp; 864418 |
| Hempfield Area School District, Series 2022 C, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 03/15/2048 | 170 | &nbsp;&nbsp; 176554 |
| Lancaster (City of), PA, Series 2016, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/01/2046 | 220 | &nbsp;&nbsp; 215180 |
| Lancaster (City of), PA, Series 2018, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 11/01/2048 | 25 | &nbsp;&nbsp; 23752 |
| Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB | 5.00% | 11/01/2046 | 1000 | &nbsp;&nbsp; 1019853 |
| Lancaster (County of), PA Hospital Authority (Penn State Health), Series 2021, RB | 5.00% | 11/01/2051 | 950 | &nbsp;&nbsp; 956887 |

---

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

------

**142**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Lancaster (County of), PA Hospital Authority (University of Pennsylvania), Series 2016 A, Ref. RB | 5.00% | 08/15/2042 | $300 | &nbsp;&nbsp; $301853 |
| Lehigh (County of), PA (Lehigh Valley Health Network), Series 2012, RB | 4.00% | 07/01/2043 | 415 | &nbsp;&nbsp; 389031 |
| Lehigh (County of), PA (Lehigh Valley Health Network), Series 2015, RB | 4.25% | 07/01/2045 | 495 | &nbsp;&nbsp; 476015 |
| Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019 A, Ref. RB | 5.00% | 07/01/2044 | 990 | &nbsp;&nbsp; 1019588 |
| Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB | 3.25% | 07/01/2049 | 600 | &nbsp;&nbsp; 461042 |
| Lehigh (County of), PA (Lehigh Valley Health Network), Series 2019, Ref. RB | 4.00% | 07/01/2049 | 1245 | &nbsp;&nbsp; 1084207 |
| Lehigh (County of), PA General Purpose Authority (Good Shepherd Group), Series 2021 A, Ref. RB | 4.00% | 11/01/2051 | 50 | &nbsp;&nbsp; 41735 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2018 A, Ref. RB<br>| 4.00% | 09/01/2049 | 550 | &nbsp;&nbsp; 493583 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2018, Ref. RB<br>| 5.00% | 09/01/2043 | 170 | &nbsp;&nbsp; 174281 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2018, Ref. RB<br>| 5.00% | 09/01/2048 | 510 | &nbsp;&nbsp; 514784 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2019, Ref. RB<br>| 4.00% | 09/01/2044 | 600 | &nbsp;&nbsp; 559060 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2019, Ref. RB<br>| 4.00% | 09/01/2049 | 1015 | &nbsp;&nbsp; 907582 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2022 B, Ref. RB<br>| 4.00% | 05/01/2052 | 100 | &nbsp;&nbsp; 88013 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2022, Ref. RB<br>| 5.00% | 05/01/2047 | 250 | &nbsp;&nbsp; 255590 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2022, Ref. RB<br>| 4.00% | 05/01/2056 | 25 | &nbsp;&nbsp; 21542 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2022, Ref. RB<br>| 5.00% | 05/01/2057 | 1125 | &nbsp;&nbsp; 1133198 |
| Montgomery (County of), PA Higher Education & Health Authority (Thomas Jefferson University), <br> Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.13% | 05/01/2053 | 50 | &nbsp;&nbsp; 36978 |
| Montgomery (County of), PA Industrial Development Authority (Meadwood Senior Living), <br> Series 2018 A, Ref. RB<br>| 5.00% | 12/01/2048 | 245 | &nbsp;&nbsp; 245392 |
| Mt. Lebanon Hospital Authority (St. Clair Memorial Hospital), Series 2018, RB | 4.00% | 07/01/2048 | 180 | &nbsp;&nbsp; 162589 |
| Northampton (County of), PA General Purpose Authority (LaFayette College), Series 2017, Ref. RB | 5.00% | 11/01/2047 | 865 | &nbsp;&nbsp; 877624 |
| Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), <br> Series 2016, Ref. RB<br>| 5.00% | 08/15/2046 | 60 | &nbsp;&nbsp; 60164 |
| Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), <br> Series 2018 A, Ref. RB<br>| 4.00% | 08/15/2048 | 10 | &nbsp;&nbsp; 8774 |
| Northampton (County of), PA General Purpose Authority (St. Luke's University Health Network), <br> Series 2024, Ref. RB<br>| 5.25% | 08/15/2053 | 435 | &nbsp;&nbsp; 451895 |
| Pennsylvania (Commonwealth of), First Series 2023, GO Bonds | 4.00% | 09/01/2041 | 175 | &nbsp;&nbsp; 181268 |
| Pennsylvania (Commonwealth of), First Series 2023, GO Bonds | 4.00% | 09/01/2043 | 235 | &nbsp;&nbsp; 237789 |
| Pennsylvania (Commonwealth of), First Series 2024 B, GO Bonds | 4.00% | 08/15/2041 | 40 | &nbsp;&nbsp; 41533 |
| Pennsylvania (Commonwealth of), First Series 2024 B, GO Bonds | 4.00% | 08/15/2042 | 715 | &nbsp;&nbsp; 736158 |
| Pennsylvania (Commonwealth of), First Series 2024 B, GO Bonds | 4.00% | 08/15/2043 | 660 | &nbsp;&nbsp; 671858 |
| Pennsylvania (Commonwealth of), First Series 2024 B, GO Bonds | 4.00% | 08/15/2044 | 1565 | &nbsp;&nbsp; 1571834 |
| Pennsylvania (Commonwealth of), First Series 2026, GO Bonds | 5.00% | 04/01/2042 | 1000 | &nbsp;&nbsp; 1137380 |
| Pennsylvania (Commonwealth of), First Series 2026, GO Bonds | 5.00% | 04/01/2043 | 1500 | &nbsp;&nbsp; 1687019 |
| Pennsylvania (Commonwealth of), First Series 2026, GO Bonds | 4.25% | 04/01/2046 | 2000 | &nbsp;&nbsp; 1994926 |
| Pennsylvania (Commonwealth of), Series 2018 A, Ref. COP | 4.00% | 07/01/2046 | 395 | &nbsp;&nbsp; 376078 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 4.13% | 10/01/2041 | 350 | &nbsp;&nbsp; 363655 |
| Pennsylvania (Commonwealth of), Series 2022, GO Bonds | 5.00% | 10/01/2042 | 55 | &nbsp;&nbsp; 60506 |
| Pennsylvania (Commonwealth of) (Bid Group C), First Series 2023 C, GO Bonds | 4.00% | 09/01/2042 | 290 | &nbsp;&nbsp; 296955 |
| Pennsylvania (Commonwealth of) (Municipal Real Estate Funding, LLC), Series 2018 A, Ref. COP | 5.00% | 07/01/2043 | 415 | &nbsp;&nbsp; 426284 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. <br> RB<br>| 4.00% | 11/15/2042 | 960 | &nbsp;&nbsp; 951803 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 A, Ref. <br> RB<br>| 4.00% | 11/15/2047 | 190 | &nbsp;&nbsp; 173173 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2020 A-1, RB | 4.00% | 04/15/2045 | 40 | &nbsp;&nbsp; 37003 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2020 A-1, RB | 3.50% | 04/15/2050 | 205 | &nbsp;&nbsp; 166332 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2023 A-2, RB | 4.00% | 05/15/2053 | 20 | &nbsp;&nbsp; 17521 |

---

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

------

**143**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2024, Ref. <br> RB<br>| 4.38% | 07/01/2053 | $550 | &nbsp;&nbsp; $518365 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2015 <br> B, RB<br>| 4.00% | 03/15/2045 | 95 | &nbsp;&nbsp; 89043 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2020 <br> A-1, RB<br>| 4.00% | 04/15/2050 | 50 | &nbsp;&nbsp; 44074 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 <br> A, Ref. RB<br>| 3.00% | 10/15/2046 | 590 | &nbsp;&nbsp; 450720 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2021 <br> A, Ref. RB<br>| 4.00% | 10/15/2051 | 1555 | &nbsp;&nbsp; 1363066 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 <br> A, Ref. RB<br>| 4.00% | 02/15/2042 | 345 | &nbsp;&nbsp; 342701 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2022 <br> A, Ref. RB<br>| 4.00% | 02/15/2052 | 25 | &nbsp;&nbsp; 22020 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (UPMC), Series 2023 <br> A-2, RB<br>| 4.00% | 05/15/2048 | 140 | &nbsp;&nbsp; 126694 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University), <br> Series 2024, RB<br>| 5.00% | 08/01/2049 | 145 | &nbsp;&nbsp; 152737 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (Villanova University), <br> Series 2024, RB<br>| 4.00% | 08/01/2054 | 605 | &nbsp;&nbsp; 545410 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2016 AT-1, RB | 3.00% | 06/15/2045 | 635 | &nbsp;&nbsp; 506807 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2016, Ref. RB, <br> (INS - BAM)<sup>(a)</sup><br>| 3.00% | 06/15/2045 | 205 | &nbsp;&nbsp; 166035 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2015, Ref. RB<br>| 4.00% | 09/01/2045 | 150 | &nbsp;&nbsp; 138664 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2024 B-2, Ref. RB<br>| 5.50% | 11/01/2054 | 1000 | &nbsp;&nbsp; 1050726 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2024, Ref. RB<br>| 5.25% | 11/01/2044 | 45 | &nbsp;&nbsp; 48367 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2024, Ref. RB<br>| 4.38% | 11/01/2054 | 130 | &nbsp;&nbsp; 120600 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 4.25% | 11/01/2048 | 400 | &nbsp;&nbsp; 380491 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 11/01/2048 | 1205 | &nbsp;&nbsp; 1281164 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 4.25% | 11/01/2051 | 250 | &nbsp;&nbsp; 236526 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/01/2051 | 1725 | &nbsp;&nbsp; 1776229 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2025, Ref. RB<br>| 5.50% | 08/15/2055 | 745 | &nbsp;&nbsp; 810914 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of <br> Pennsylvania), Series 2017 A, RB<br>| 5.00% | 08/15/2046 | 1350 | &nbsp;&nbsp; 1368344 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of <br> Pennsylvania), Series 2018 A, RB<br>| 4.00% | 02/15/2043 | 450 | &nbsp;&nbsp; 448554 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of <br> Pennsylvania), Series 2018 A, RB<br>| 5.00% | 02/15/2048 | 1160 | &nbsp;&nbsp; 1180169 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of <br> Pennsylvania), Series 2025, RB<br>| 4.25% | 02/15/2055 | 270 | &nbsp;&nbsp; 263915 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Trustees University of <br> Pennsylvania), Series 2025, RB<br>| 5.00% | 02/15/2055 | 445 | &nbsp;&nbsp; 468334 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2015, Ref. RB<br>| 4.00% | 08/15/2045 | 960 | &nbsp;&nbsp; 915527 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2016 C, Ref. RB<br>| 4.00% | 08/15/2041 | 440 | &nbsp;&nbsp; 440147 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2017 A, RB<br>| 4.00% | 08/15/2042 | 2045 | &nbsp;&nbsp; 2045229 |

---

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

------

**144**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2017 A, RB<br>| 5.00% | 08/15/2042 | $15 | &nbsp;&nbsp; $15273 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2017, RB<br>| 4.00% | 08/15/2041 | 525 | &nbsp;&nbsp; 525246 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2019, RB<br>| 4.00% | 08/15/2044 | 35 | &nbsp;&nbsp; 34066 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2019, RB<br>| 3.00% | 08/15/2047 | 865 | &nbsp;&nbsp; 700165 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2019, RB<br>| 4.00% | 08/15/2049 | 640 | &nbsp;&nbsp; 586842 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2019, RB<br>| 5.00% | 08/15/2049 | 1515 | &nbsp;&nbsp; 1560382 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (University of Pennsylvania <br> Health System), Series 2021 A, Ref. RB<br>| 5.00% | 08/15/2044 | 1000 | &nbsp;&nbsp; 1059664 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 12/01/2041 | 35 | &nbsp;&nbsp; 39735 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 12/01/2042 | 265 | &nbsp;&nbsp; 297706 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2024, Ref. RB | 5.00% | 12/01/2043 | 20 | &nbsp;&nbsp; 22197 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2015 A-1, Ref. RB | 4.00% | 12/01/2041 | 555 | &nbsp;&nbsp; 555214 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A, Ref. RB | 3.38% | 12/01/2041 | 600 | &nbsp;&nbsp; 584738 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2041 | 560 | &nbsp;&nbsp; 563807 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2016 A-1, RB | 5.00% | 12/01/2046 | 1130 | &nbsp;&nbsp; 1137682 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB | 5.00% | 12/01/2042 | 480 | &nbsp;&nbsp; 494017 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 A-1, RB | 5.00% | 12/01/2047 | 45 | &nbsp;&nbsp; 45790 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB | 5.00% | 06/01/2042 | 815 | &nbsp;&nbsp; 831787 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2017 B-1, RB | 5.25% | 06/01/2047 | 1000 | &nbsp;&nbsp; 1016256 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB | 5.25% | 12/01/2044 | 20 | &nbsp;&nbsp; 20934 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A, RB | 5.00% | 12/01/2048 | 195 | &nbsp;&nbsp; 200481 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB | 5.00% | 12/01/2043 | 615 | &nbsp;&nbsp; 642357 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 A-2, RB | 5.00% | 12/01/2048 | 605 | &nbsp;&nbsp; 622005 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB | 5.00% | 12/01/2043 | 1095 | &nbsp;&nbsp; 1137570 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB | 5.00% | 12/01/2048 | 380 | &nbsp;&nbsp; 389585 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2018 B, RB | 5.25% | 12/01/2048 | 2255 | &nbsp;&nbsp; 2329955 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2044 | 430 | &nbsp;&nbsp; 453190 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2044 | 310 | &nbsp;&nbsp; 324607 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 4.00% | 12/01/2049 | 1805 | &nbsp;&nbsp; 1674239 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB | 5.00% | 12/01/2049 | 65 | &nbsp;&nbsp; 67319 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2019 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/01/2049 | 1950 | &nbsp;&nbsp; 1852447 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB | 5.00% | 12/01/2045 | 425 | &nbsp;&nbsp; 448837 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 B, RB | 5.00% | 12/01/2050 | 630 | &nbsp;&nbsp; 655244 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB | 3.00% | 12/01/2042 | 505 | &nbsp;&nbsp; 443934 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB | 4.00% | 12/01/2043 | 420 | &nbsp;&nbsp; 423626 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB | 4.00% | 12/01/2044 | 330 | &nbsp;&nbsp; 329700 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB | 4.00% | 12/01/2045 | 225 | &nbsp;&nbsp; 219523 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB | 4.00% | 12/01/2046 | 460 | &nbsp;&nbsp; 439446 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, RB | 4.00% | 12/01/2050 | 1750 | &nbsp;&nbsp; 1614118 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB | 5.00% | 12/01/2046 | 105 | &nbsp;&nbsp; 110705 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB | 5.00% | 12/01/2047 | 315 | &nbsp;&nbsp; 329499 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB | 3.00% | 12/01/2051 | 90 | &nbsp;&nbsp; 67537 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB | 4.00% | 12/01/2051 | 460 | &nbsp;&nbsp; 423156 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 A, Ref. RB | 4.00% | 12/01/2051 | 1495 | &nbsp;&nbsp; 1376403 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB | 4.00% | 12/01/2046 | 600 | &nbsp;&nbsp; 572399 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, RB | 4.00% | 12/01/2051 | 1750 | &nbsp;&nbsp; 1603590 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2046 | 605 | &nbsp;&nbsp; 633432 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 5.00% | 12/01/2046 | 320 | &nbsp;&nbsp; 337419 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 4.00% | 12/01/2051 | 100 | &nbsp;&nbsp; 91634 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 B, Ref. RB | 4.00% | 12/01/2053 | 25 | &nbsp;&nbsp; 22755 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB | 5.00% | 12/01/2046 | 500 | &nbsp;&nbsp; 525852 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB | 3.00% | 12/01/2051 | 990 | &nbsp;&nbsp; 736862 |

---

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

------

**145**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2021 C, Ref. RB | 4.00% | 12/01/2051 | $370 | &nbsp;&nbsp; $335947 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB | 5.25% | 12/01/2047 | 515 | &nbsp;&nbsp; 550601 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2022 B, Ref. RB | 5.25% | 12/01/2052 | 875 | &nbsp;&nbsp; 924294 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB | 5.00% | 12/01/2048 | 1045 | &nbsp;&nbsp; 1104074 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB | 5.00% | 12/01/2053 | 570 | &nbsp;&nbsp; 595861 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2023 A, Ref. RB | 5.25% | 12/01/2053 | 675 | &nbsp;&nbsp; 716640 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB | 5.00% | 12/01/2047 | 20 | &nbsp;&nbsp; 21361 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB | 5.00% | 12/01/2049 | 150 | &nbsp;&nbsp; 159100 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024 C, RB | 5.25% | 12/01/2054 | 1160 | &nbsp;&nbsp; 1237376 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2041 | 230 | &nbsp;&nbsp; 261119 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2042 | 80 | &nbsp;&nbsp; 89729 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2024, Ref. RB | 5.00% | 12/01/2043 | 315 | &nbsp;&nbsp; 348789 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 A, RB | 5.00% | 12/01/2047 | 45 | &nbsp;&nbsp; 48282 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 A, RB | 4.13% | 12/01/2050 | 800 | &nbsp;&nbsp; 752679 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 A, RB | 5.25% | 12/01/2053 | 100 | &nbsp;&nbsp; 107397 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 A, RB | 5.25% | 12/01/2055 | 790 | &nbsp;&nbsp; 844336 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 B, RB | 5.00% | 12/01/2053 | 500 | &nbsp;&nbsp; 522260 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 B, RB | 4.00% | 12/01/2054 | 725 | &nbsp;&nbsp; 662048 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025 B, RB | 5.25% | 12/01/2055 | 160 | &nbsp;&nbsp; 171485 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025, RB | 5.25% | 12/01/2050 | 1000 | &nbsp;&nbsp; 1085241 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2025, Ref. RB | 5.00% | 12/01/2044 | 430 | &nbsp;&nbsp; 474854 |
| Pennsylvania State University (The), Series 2016 A, RB | 5.00% | 09/01/2041 | 275 | &nbsp;&nbsp; 277108 |
| Pennsylvania State University (The), Series 2022 A, RB | 5.00% | 09/01/2047 | 200 | &nbsp;&nbsp; 211380 |
| Pennsylvania State University (The), Series 2023, RB | 5.25% | 09/01/2048 | 625 | &nbsp;&nbsp; 672325 |
| Pennsylvania State University (The), Series 2023, RB | 5.25% | 09/01/2053 | 500 | &nbsp;&nbsp; 532036 |
| Pennsylvania State University (The), Series 2024, RB | 5.00% | 09/01/2049 | 70 | &nbsp;&nbsp; 74416 |
| Pennsylvania State University (The), Series 2024, RB | 5.25% | 09/01/2054 | 70 | &nbsp;&nbsp; 74889 |
| Pennsylvania State University (The), Series 2025 A, Ref. RB | 5.25% | 09/01/2050 | 1500 | &nbsp;&nbsp; 1627731 |
| Pennsylvania State University (The), Series 2025 A, Ref. RB | 5.50% | 09/01/2055 | 90 | &nbsp;&nbsp; 98656 |
| Philadelphia (City of), PA, Fifteenth Series 2017, Ref. RB | 5.00% | 08/01/2042 | 225 | &nbsp;&nbsp; 229704 |
| Philadelphia (City of), PA, Series 2017 15, Ref. RB | 5.00% | 08/01/2047 | 860 | &nbsp;&nbsp; 870612 |
| Philadelphia (City of), PA, Series 2017 A, RB | 5.00% | 10/01/2047 | 5 | &nbsp;&nbsp; 5072 |
| Philadelphia (City of), PA, Series 2017 A, RB | 5.25% | 10/01/2052 | 5 | &nbsp;&nbsp; 5076 |
| Philadelphia (City of), PA, Series 2018 A, RB | 5.00% | 10/01/2043 | 65 | &nbsp;&nbsp; 67458 |
| Philadelphia (City of), PA, Series 2018 A, RB | 5.00% | 10/01/2048 | 500 | &nbsp;&nbsp; 510631 |
| Philadelphia (City of), PA, Series 2018 A, RB | 5.00% | 10/01/2053 | 520 | &nbsp;&nbsp; 529553 |
| Philadelphia (City of), PA, Series 2019 B, RB | 5.00% | 11/01/2044 | 290 | &nbsp;&nbsp; 302697 |
| Philadelphia (City of), PA, Series 2019 B, RB | 5.00% | 11/01/2049 | 845 | &nbsp;&nbsp; 866805 |
| Philadelphia (City of), PA, Series 2019 B, RB | 5.00% | 11/01/2054 | 40 | &nbsp;&nbsp; 40851 |
| Philadelphia (City of), PA, Series 2020 A, RB | 5.00% | 11/01/2045 | 1525 | &nbsp;&nbsp; 1595487 |
| Philadelphia (City of), PA, Series 2020 A, RB | 5.00% | 11/01/2050 | 1590 | &nbsp;&nbsp; 1639726 |
| Philadelphia (City of), PA, Series 2021 C, RB | 5.00% | 10/01/2046 | 175 | &nbsp;&nbsp; 183780 |
| Philadelphia (City of), PA, Series 2022 C, RB | 5.50% | 06/01/2052 | 15 | &nbsp;&nbsp; 16001 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.50% | 09/01/2048 | 2000 | &nbsp;&nbsp; 2029528 |
| Philadelphia (City of), PA, Series 2023 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 09/01/2053 | 1250 | &nbsp;&nbsp; 1348722 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 09/01/2049 | 265 | &nbsp;&nbsp; 285155 |
| Philadelphia (City of), PA, Series 2024 C, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 09/01/2054 | 750 | &nbsp;&nbsp; 797979 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds | 5.00% | 08/01/2042 | 65 | &nbsp;&nbsp; 73413 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds | 5.25% | 08/01/2043 | 335 | &nbsp;&nbsp; 380159 |
| Philadelphia (City of), PA, Series 2025 A, GO Bonds | 5.25% | 08/01/2044 | 15 | &nbsp;&nbsp; 16843 |
| Philadelphia (City of), PA, Sixteenth Series 2020 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 08/01/2045 | 360 | &nbsp;&nbsp; 357089 |
| Philadelphia (City of), PA, Sixteenth Series 2020 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2050 | 455 | &nbsp;&nbsp; 469317 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2024, RB | 5.25% | 08/01/2049 | 240 | &nbsp;&nbsp; 254474 |
| Philadelphia (City of), PA (1998 General Ordinance), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/01/2054 | 685 | &nbsp;&nbsp; 727005 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, RB<br>| 5.00% | 07/01/2045 | 325 | &nbsp;&nbsp; 350121 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, RB<br>| 5.00% | 07/01/2046 | 430 | &nbsp;&nbsp; 459115 |

---

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

------

**146**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, RB<br>| 4.00% | 07/01/2049 | $295 | &nbsp;&nbsp; $277409 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, RB<br>| 5.25% | 07/01/2049 | 290 | &nbsp;&nbsp; 311518 |
| Philadelphia (City of), PA Authority for Industrial Development (Children's Hospital of Philadelphia), <br> Series 2024, RB<br>| 5.50% | 07/01/2053 | 1460 | &nbsp;&nbsp; 1580140 |
| Philadelphia (City of), PA Authority for Industrial Development (St. Joseph's University), <br> Series 2022, RB<br>| 5.25% | 11/01/2052 | 955 | &nbsp;&nbsp; 987026 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), <br> Series 2017 A, Ref. RB<br>| 4.00% | 09/01/2042 | 615 | &nbsp;&nbsp; 602513 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), <br> Series 2017 A, Ref. RB<br>| 5.00% | 09/01/2042 | 1950 | &nbsp;&nbsp; 1972276 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), <br> Series 2017 A, Ref. RB<br>| 4.00% | 09/01/2047 | 585 | &nbsp;&nbsp; 530963 |
| Philadelphia (City of), PA Authority for Industrial Development (Thomas Jefferson University), <br> Series 2017 A, Ref. RB<br>| 5.00% | 09/01/2047 | 1825 | &nbsp;&nbsp; 1833677 |
| Philadelphia School District (The), Series 2018 B, GO Bonds | 5.00% | 09/01/2043 | 235 | &nbsp;&nbsp; 243664 |
| Philadelphia School District (The), Series 2018 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 09/01/2043 | 725 | &nbsp;&nbsp; 726689 |
| Philadelphia School District (The), Series 2019 A, GO Bonds | 5.00% | 09/01/2044 | 1945 | &nbsp;&nbsp; 2021091 |
| Philadelphia School District (The), Series 2019 D, GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.00% | 09/01/2044 | 545 | &nbsp;&nbsp; 461185 |
| Philadelphia School District (The), Series 2021 A, GO Bonds | 4.00% | 09/01/2046 | 540 | &nbsp;&nbsp; 508268 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2019 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2044 | 10 | &nbsp;&nbsp; 10451 |
| Pittsburgh (City of), PA Water & Sewer Authority, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2055 | 165 | &nbsp;&nbsp; 171471 |
| Pocono Mountains Industrial Park Authority (St. Luke's University Health Network), Series 2015 A, <br> RB<br>| 4.00% | 08/15/2045 | 710 | &nbsp;&nbsp; 656868 |
| Ridley School District, Series 2024 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2050 | 185 | &nbsp;&nbsp; 190344 |
| Southcentral Pennsylvania General Authority (Wellspan Health Obligated Group), Series 2019, Ref. <br> RB<br>| 4.00% | 06/01/2049 | 40 | &nbsp;&nbsp; 36722 |
| Southcentral Pennsylvania General Authority (WellSpan Health Obligated Group), Series 2019 A, <br> Ref. RB<br>| 5.00% | 06/01/2049 | 1235 | &nbsp;&nbsp; 1254456 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, <br> RB<br>| 5.25% | 06/01/2047 | 790 | &nbsp;&nbsp; 837035 |
| Southeastern Pennsylvania Transportation Authority (Asset Improvement Program), Series 2022, <br> RB<br>| 5.25% | 06/01/2052 | 1400 | &nbsp;&nbsp; 1464864 |
| University Area Joint Authority Sewer Revenue (Green Bonds), Series 2025, RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 11/01/2044 | 870 | &nbsp;&nbsp; 870759 |
| Wilkes-Barre Area School District, Series 2019, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 04/15/2054 | 325 | &nbsp;&nbsp; 306871 |
| Wilkes-Barre Area School District, Series 2019, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.00% | 04/15/2059 | 35 | &nbsp;&nbsp; 35441 |
|  |  |  |  | &nbsp;&nbsp; 141988616 |
| **Rhode Island-0.10%** |  |  |  |  |
| Rhode Island (State of), Series 2022 A, GO Bonds | 4.13% | 08/01/2042 | 1065 | &nbsp;&nbsp; 1089043 |
| Rhode Island Health & Educational Building Corp., Series 2017 A, RB | 4.00% | 09/15/2047 | 275 | &nbsp;&nbsp; 253368 |
| Rhode Island Health & Educational Building Corp., Series 2024, Ref. RB | 5.00% | 06/01/2048 | 30 | &nbsp;&nbsp; 30913 |
| Rhode Island Health & Educational Building Corp., Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2055 | 200 | &nbsp;&nbsp; 201199 |
| Rhode Island Health & Educational Building Corp., Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2060 | 385 | &nbsp;&nbsp; 385813 |
| Rhode Island Health & Educational Building Corp., Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2065 | 325 | &nbsp;&nbsp; 323839 |
| Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group), Series 2024, RB | 5.25% | 05/15/2049 | 325 | &nbsp;&nbsp; 336159 |
| Rhode Island Health & Educational Building Corp. (Lifespan Obligated Group), Series 2024, RB | 5.25% | 05/15/2054 | 725 | &nbsp;&nbsp; 743154 |
| Rhode Island Health & Educational Building Corp. (Providence College), Series 2017, RB | 5.00% | 11/01/2047 | 25 | &nbsp;&nbsp; 25079 |
| Rhode Island Health & Educational Building Corp. (Providence College), Series 2023, RB | 5.00% | 11/01/2053 | 225 | &nbsp;&nbsp; 232645 |
|  |  |  |  | &nbsp;&nbsp; 3621212 |
| **South Carolina-1.06%** |  |  |  |  |
| Charleston (City of), SC, Series 2022, RB | 5.00% | 01/01/2047 | 340 | &nbsp;&nbsp; 360865 |
| Charleston (City of), SC, Series 2022, RB | 5.00% | 01/01/2052 | 10 | &nbsp;&nbsp; 10491 |
| Charleston (City of), SC, Series 2024 A, RB | 5.00% | 01/01/2049 | 895 | &nbsp;&nbsp; 960376 |
| Charleston (City of), SC, Series 2024 A, RB | 5.00% | 01/01/2054 | 1035 | &nbsp;&nbsp; 1100624 |
| Charleston County Airport District, Series 2024 B, RB | 5.00% | 07/01/2049 | 5 | &nbsp;&nbsp; 5254 |
| Florence (City of), SC, Series 2025, RB | 4.00% | 09/01/2055 | 250 | &nbsp;&nbsp; 234030 |

---

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

------

**147**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **South Carolina-(continued)** |  |  |  |  |
| Greenville (City of), SC Health System, Series 2014 B, RB | 4.00% | 05/01/2044 | $425 | &nbsp;&nbsp; $424984 |
| Greenville-Spartanburg Airport District, Series 2024 A, GO Bonds | 5.25% | 07/01/2054 | 45 | &nbsp;&nbsp; 47593 |
| Lexington County Health Services District, Inc. (Lexington Medical Center), Series 2016, RB | 5.00% | 11/01/2041 | 565 | &nbsp;&nbsp; 566209 |
| Lexington County Health Services District, Inc. (Lexington Medical Center), Series 2016, RB | 4.00% | 11/01/2046 | 280 | &nbsp;&nbsp; 262285 |
| Lexington County Health Services District, Inc. (Lexington Medical Center), Series 2016, RB | 5.00% | 11/01/2046 | 70 | &nbsp;&nbsp; 70065 |
| Medical University Hospital Authority, Series 2025, RB, (CEP - Federal Housing Administration) | 5.25% | 11/15/2050 | 500 | &nbsp;&nbsp; 521148 |
| Mount Pleasent (Town of), SC, Series 2017 A, RB | 4.00% | 06/01/2044 | 455 | &nbsp;&nbsp; 456190 |
| Rock Hill (City of), SC, Series 2024 A, RB | 5.00% | 01/01/2064 | 500 | &nbsp;&nbsp; 514967 |
| South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), <br> Series 2020, Ref. RB<br>| 4.00% | 12/01/2044 | 1165 | &nbsp;&nbsp; 1097482 |
| South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Mercy Health), <br> Series 2025, Ref. RB<br>| 5.25% | 11/01/2044 | 20 | &nbsp;&nbsp; 22122 |
| South Carolina (State of) Jobs-Economic Development Authority (Carealliance Health Services), <br> Series 2016 A, RB<br>| 5.25% | 08/15/2046 | 270 | &nbsp;&nbsp; 270674 |
| South Carolina (State of) Jobs-Economic Development Authority (Conway Hospitals, Inc.), <br> Series 2016, RB<br>| 5.25% | 07/01/2047 | 450 | &nbsp;&nbsp; 449985 |
| South Carolina (State of) Jobs-Economic Development Authority (Furman University), Series 2022 <br> A, RB<br>| 4.00% | 04/01/2052 | 725 | &nbsp;&nbsp; 655248 |
| South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2018, RB | 5.00% | 11/01/2043 | 1525 | &nbsp;&nbsp; 1559893 |
| South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2024, Ref. <br> RB<br>| 4.25% | 11/01/2054 | 1010 | &nbsp;&nbsp; 959036 |
| South Carolina (State of) Jobs-Economic Development Authority (McLeod Health), Series 2024, Ref. <br> RB<br>| 5.25% | 11/01/2054 | 990 | &nbsp;&nbsp; 1054870 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.25% | 11/01/2041 | 100 | &nbsp;&nbsp; 112937 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 4.00% | 11/01/2042 | 175 | &nbsp;&nbsp; 174403 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.25% | 11/01/2043 | 100 | &nbsp;&nbsp; 110745 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.50% | 11/01/2045 | 565 | &nbsp;&nbsp; 622462 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 4.25% | 11/01/2047 | 180 | &nbsp;&nbsp; 175263 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 4.50% | 11/01/2054 | 1480 | &nbsp;&nbsp; 1460216 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.00% | 05/01/2043 | 1045 | &nbsp;&nbsp; 1069273 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018 A, Ref. RB<br>| 5.00% | 05/01/2048 | 20 | &nbsp;&nbsp; 20209 |
| South Carolina (State of) Jobs-Economic Development Authority (Prisma Health Obligated Group), <br> Series 2018, Ref. RB<br>| 4.25% | 05/01/2048 | 465 | &nbsp;&nbsp; 441251 |
| South Carolina (State of) Jobs-Economic Development Authority (Anmed Health), Series 2023, RB | 4.25% | 02/01/2048 | 1460 | &nbsp;&nbsp; 1435028 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024 A, RB<br>| 5.25% | 11/01/2044 | 200 | &nbsp;&nbsp; 219013 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.50% | 11/01/2048 | 145 | &nbsp;&nbsp; 156124 |
| South Carolina (State of) Jobs-Economic Development Authority (Novant Health Obligated Group), <br> Series 2024, RB<br>| 5.50% | 11/01/2054 | 2070 | &nbsp;&nbsp; 2200229 |
| South Carolina (State of) Public Service Authority, Series 2014 C, Ref. RB | 4.00% | 12/01/2045 | 560 | &nbsp;&nbsp; 543060 |
| South Carolina (State of) Public Service Authority, Series 2015 A, Ref. RB | 5.00% | 12/01/2050 | 745 | &nbsp;&nbsp; 744975 |
| South Carolina (State of) Public Service Authority, Series 2015 E, Ref. RB | 5.25% | 12/01/2055 | 2140 | &nbsp;&nbsp; 2140675 |
| South Carolina (State of) Public Service Authority, Series 2015, Ref. RB | 5.00% | 12/01/2055 | 360 | &nbsp;&nbsp; 359987 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB | 5.00% | 12/01/2046 | 320 | &nbsp;&nbsp; 321792 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB | 4.00% | 12/01/2056 | 160 | &nbsp;&nbsp; 142337 |
| South Carolina (State of) Public Service Authority, Series 2016 B, Ref. RB | 5.00% | 12/01/2056 | 55 | &nbsp;&nbsp; 55012 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 3.00% | 12/01/2041 | 595 | &nbsp;&nbsp; 506718 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 4.00% | 12/01/2042 | 655 | &nbsp;&nbsp; 660040 |
| South Carolina (State of) Public Service Authority, Series 2020 A, Ref. RB | 5.00% | 12/01/2043 | 1125 | &nbsp;&nbsp; 1190602 |

---

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

------

**148**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **South Carolina-(continued)** |  |  |  |  |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB | 5.00% | 12/01/2043 | $120 | &nbsp;&nbsp; $128197 |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB | 4.00% | 12/01/2047 | 40 | &nbsp;&nbsp; 37688 |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB | 4.00% | 12/01/2051 | 325 | &nbsp;&nbsp; 295269 |
| South Carolina (State of) Public Service Authority, Series 2021 B, RB | 5.00% | 12/01/2051 | 1000 | &nbsp;&nbsp; 1029588 |
| South Carolina (State of) Public Service Authority, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2052 | 5 | &nbsp;&nbsp; 5194 |
| South Carolina (State of) Public Service Authority, Series 2024 B, Ref. RB | 5.00% | 12/01/2046 | 85 | &nbsp;&nbsp; 91076 |
| South Carolina (State of) Public Service Authority, Series 2024 B, Ref. RB | 5.00% | 12/01/2049 | 85 | &nbsp;&nbsp; 89112 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB | 5.25% | 12/01/2050 | 1085 | &nbsp;&nbsp; 1160698 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2050 | 190 | &nbsp;&nbsp; 200557 |
| South Carolina (State of) Public Service Authority, Series 2025 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 12/01/2055 | 15 | &nbsp;&nbsp; 15575 |
| South Carolina (State of) Public Service Authority, Series 2025 B, Ref. RB | 5.00% | 12/01/2044 | 30 | &nbsp;&nbsp; 32711 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 4.00% | 12/01/2043 | 705 | &nbsp;&nbsp; 706137 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 5.00% | 12/01/2044 | 1050 | &nbsp;&nbsp; 1117656 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 4.00% | 12/01/2047 | 1140 | &nbsp;&nbsp; 1063520 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 A, RB | 4.00% | 12/01/2052 | 385 | &nbsp;&nbsp; 348025 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2022 E, RB | 5.75% | 12/01/2047 | 20 | &nbsp;&nbsp; 21969 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 A, RB | 5.25% | 12/01/2049 | 50 | &nbsp;&nbsp; 53509 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 A, RB | 5.50% | 12/01/2054 | 25 | &nbsp;&nbsp; 26893 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB | 5.00% | 12/01/2041 | 90 | &nbsp;&nbsp; 100930 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB | 5.00% | 12/01/2043 | 205 | &nbsp;&nbsp; 225558 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB | 4.13% | 12/01/2044 | 10 | &nbsp;&nbsp; 10033 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB | 5.25% | 12/01/2054 | 1100 | &nbsp;&nbsp; 1162714 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2042 | 1010 | &nbsp;&nbsp; 1130515 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2045 | 90 | &nbsp;&nbsp; 97501 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2049 | 290 | &nbsp;&nbsp; 306409 |
| South Carolina (State of) Public Service Authority (Santee Cooper), Series 2024 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 12/01/2054 | 1495 | &nbsp;&nbsp; 1565546 |
| Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB | 4.00% | 04/15/2043 | 650 | &nbsp;&nbsp; 635976 |
| Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB | 4.00% | 04/15/2048 | 190 | &nbsp;&nbsp; 171838 |
| Spartanburg (City of), SC Regional Health Services District, Series 2017 A, Ref. RB | 5.00% | 04/15/2048 | 400 | &nbsp;&nbsp; 405013 |
| Spartanburg County School District No. 4, Series 2022 A, GO Bonds | 5.25% | 03/01/2052 | 185 | &nbsp;&nbsp; 194909 |
| University of South Carolina (Campus Village), Series 2021 A, RB | 5.00% | 05/01/2046 | 1025 | &nbsp;&nbsp; 1087140 |
| University of South Carolina (Campus Village), Series 2021 A, RB | 4.00% | 05/01/2051 | 110 | &nbsp;&nbsp; 104112 |
|  |  |  |  | &nbsp;&nbsp; 40088310 |
| **South Dakota-0.15%** |  |  |  |  |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. <br> RB<br>| 4.00% | 07/01/2042 | 930 | &nbsp;&nbsp; 928326 |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2017, Ref. <br> RB<br>| 5.00% | 07/01/2046 | 695 | &nbsp;&nbsp; 701597 |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. <br> RB<br>| 4.25% | 07/01/2049 | 25 | &nbsp;&nbsp; 24629 |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2024 A, Ref. <br> RB<br>| 5.25% | 07/01/2054 | 1110 | &nbsp;&nbsp; 1173598 |
| South Dakota (State of) Health & Educational Facilities Authority (Monument Health), Series 2020 A, <br> Ref. RB<br>| 3.00% | 09/01/2045 | 310 | &nbsp;&nbsp; 256057 |
| South Dakota (State of) Health & Educational Facilities Authority (Monument Health), Series 2020 A, <br> Ref. RB<br>| 4.00% | 09/01/2050 | 415 | &nbsp;&nbsp; 383050 |
| South Dakota (State of) Health & Educational Facilities Authority (Monument Health), Series 2026, <br> RB<br>| 5.25% | 09/01/2056 | 750 | &nbsp;&nbsp; 787010 |
| South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), <br> Series 2014 B, RB<br>| 4.00% | 11/01/2044 | 510 | &nbsp;&nbsp; 489898 |
| South Dakota (State of) Health & Educational Facilities Authority (Sanford Obligated Group), <br> Series 2015, Ref. RB<br>| 4.00% | 11/01/2040 | 990 | &nbsp;&nbsp; 990055 |
|  |  |  |  | &nbsp;&nbsp; 5734220 |

---

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

------

**149**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee-0.80%** |  |  |  |  |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (Catholic Health Services), <br> Series 2024, Ref. RB<br>| 5.25% | 12/01/2049 | $405 | &nbsp;&nbsp; $425490 |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), <br> Series 2019 A-1, Ref. RB<br>| 4.00% | 08/01/2044 | 705 | &nbsp;&nbsp; 661185 |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), <br> Series 2019 A-2, Ref. RB<br>| 5.00% | 08/01/2044 | 240 | &nbsp;&nbsp; 246865 |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (CommonSpirit Health), <br> Series 2019 A-2, Ref. RB<br>| 5.00% | 08/01/2049 | 250 | &nbsp;&nbsp; 253125 |
| Chattanooga (City of), TN Health, Educational & Housing Facility Board (Erlanger Health System), <br> Series 2024, Ref. RB<br>| 5.25% | 12/01/2054 | 705 | &nbsp;&nbsp; 734806 |
| Clarksville (City of), TN, Series 2021 A, RB | 5.00% | 02/01/2045 | 135 | &nbsp;&nbsp; 141966 |
| Clarksville (City of), TN, Series 2021 A, RB | 4.00% | 02/01/2051 | 125 | &nbsp;&nbsp; 117111 |
| Cleveland (City of), TN Health & Educational Facilities Board (Hamilton Healthcare System, Inc.), <br> Series 2024, RB<br>| 5.00% | 08/15/2049 | 395 | &nbsp;&nbsp; 412249 |
| Cleveland (City of), TN Health & Educational Facilities Board (Hamilton Healthcare System, Inc.), <br> Series 2024, RB<br>| 4.25% | 08/15/2054 | 590 | &nbsp;&nbsp; 555522 |
| Collierville (Town of), TN, Series 2015 A, GO Bonds | 4.00% | 01/01/2046 | 430 | &nbsp;&nbsp; 429297 |
| Jackson (City of), TN, Series 2015, Ref. RB | 4.00% | 04/01/2041 | 365 | &nbsp;&nbsp; 347328 |
| Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 <br> A, Ref. RB<br>| 4.00% | 01/01/2042 | 355 | &nbsp;&nbsp; 355781 |
| Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 <br> A, Ref. RB<br>| 5.00% | 01/01/2042 | 25 | &nbsp;&nbsp; 25273 |
| Knox (County of), TN Health, Educational & Housing Facility Board (Covenant Health), Series 2016 <br> A, Ref. RB<br>| 5.00% | 01/01/2047 | 305 | &nbsp;&nbsp; 306653 |
| Knox (County of), TN Health, Educational & Housing Facility Board (East Tennesse Choldren's <br> Hospital), Series 2019, Ref. RB<br>| 4.00% | 11/15/2043 | 270 | &nbsp;&nbsp; 256882 |
| Knox (County of), TN Health, Educational & Housing Facility Board (East Tennesse Choldren's <br> Hospital), Series 2019, Ref. RB<br>| 4.00% | 11/15/2048 | 195 | &nbsp;&nbsp; 172266 |
| Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee), <br> Series 2024 A-1, RB, (INS - BAM)<sup>(a)</sup><br>| 5.25% | 07/01/2049 | 100 | &nbsp;&nbsp; 105214 |
| Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee), <br> Series 2024 A-1, RB, (INS - BAM)<sup>(a)</sup><br>| 5.50% | 07/01/2054 | 20 | &nbsp;&nbsp; 21281 |
| Knox (County of), TN Health, Educational & Housing Facility Board (University of Tennessee), <br> Series 2024 A-1, RB, (INS - BAM)<sup>(a)</sup><br>| 5.00% | 07/01/2064 | 870 | &nbsp;&nbsp; 883786 |
| Memphis (City of), TN, Series 2020 A, RB | 4.00% | 12/01/2050 | 370 | &nbsp;&nbsp; 341202 |
| Memphis (City of), TN, Series 2020 B, Ref. RB | 5.00% | 10/01/2045 | 70 | &nbsp;&nbsp; 73208 |
| Memphis (City of), TN, Series 2024, Ref. RB | 5.00% | 12/01/2054 | 215 | &nbsp;&nbsp; 225784 |
| Memphis (City of), TN, Series 2025, RB | 5.00% | 12/01/2055 | 500 | &nbsp;&nbsp; 523610 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 5.00% | 07/01/2044 | 105 | &nbsp;&nbsp; 109985 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 4.00% | 07/01/2049 | 340 | &nbsp;&nbsp; 323185 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 5.00% | 07/01/2049 | 265 | &nbsp;&nbsp; 271624 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 4.00% | 07/01/2054 | 690 | &nbsp;&nbsp; 640785 |
| Metropolitan Nashville Airport Authority (The), Series 2019 A, RB | 5.00% | 07/01/2054 | 1000 | &nbsp;&nbsp; 1018829 |
| Metropolitan Nashville Airport Authority (The), Series 2022 A, RB | 5.00% | 07/01/2052 | 210 | &nbsp;&nbsp; 216072 |
| Metropolitan Nashville Airport Authority (The), Series 2026 A, RB | 5.00% | 07/01/2051 | 1000 | &nbsp;&nbsp; 1048204 |
| Metropolitan Nashville Airport Authority (The), Series 2026 A, RB | 5.00% | 07/01/2056 | 1710 | &nbsp;&nbsp; 1778526 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 A, RB | 5.00% | 05/15/2042 | 220 | &nbsp;&nbsp; 223790 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2017 B, RB | 5.00% | 07/01/2046 | 170 | &nbsp;&nbsp; 172279 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2020 A, RB | 4.00% | 07/01/2045 | 120 | &nbsp;&nbsp; 118925 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB | 5.00% | 05/15/2046 | 535 | &nbsp;&nbsp; 560599 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 A, RB | 4.00% | 07/01/2046 | 635 | &nbsp;&nbsp; 624401 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2022 B, GO Bonds | 4.00% | 01/01/2042 | 340 | &nbsp;&nbsp; 344933 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 A, RB | 5.25% | 05/15/2049 | 660 | &nbsp;&nbsp; 714345 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 C, GO Bonds | 5.00% | 01/01/2041 | 55 | &nbsp;&nbsp; 61833 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 C, GO Bonds | 5.00% | 01/01/2042 | 400 | &nbsp;&nbsp; 445690 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 C, GO Bonds | 4.00% | 01/01/2044 | 855 | &nbsp;&nbsp; 853941 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2024 C, GO Bonds | 4.00% | 01/01/2045 | 230 | &nbsp;&nbsp; 226783 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2025, Ref. RB | 5.00% | 07/01/2050 | 15 | &nbsp;&nbsp; 15711 |

---

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

------

**150**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee-(continued)** |  |  |  |  |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2025, Ref. RB | 5.25% | 07/01/2055 | $955 | &nbsp;&nbsp; $1018026 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Lipscomb University), Series 2016 A, Ref. RB<br>| 5.00% | 10/01/2045 | 160 | &nbsp;&nbsp; 156918 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Lipscomb University), Series 2019, Ref. RB<br>| 5.25% | 10/01/2058 | 475 | &nbsp;&nbsp; 457733 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Vanderbilt University Medical Center), Series 2016 A, RB<br>| 5.00% | 07/01/2046 | 1810 | &nbsp;&nbsp; 1813294 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB<br>| 4.00% | 07/01/2047 | 1050 | &nbsp;&nbsp; 958263 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Vanderbilt University Medical Center), Series 2017 A, RB<br>| 5.00% | 07/01/2048 | 1015 | &nbsp;&nbsp; 1020627 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| 5.00% | 10/01/2049 | 20 | &nbsp;&nbsp; 21310 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| 4.00% | 10/01/2054 | 1030 | &nbsp;&nbsp; 964472 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Vanderbilt University Medical Center), Series 2024, RB<br>| 5.00% | 10/01/2054 | 995 | &nbsp;&nbsp; 1052349 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2024 C, GO Bonds<br>| 4.00% | 01/01/2043 | 10 | &nbsp;&nbsp; 10060 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2026 C, GO Bonds<sup>(b)</sup><br>| 4.00% | 01/01/2043 | 300 | &nbsp;&nbsp; 302178 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2026 C, GO Bonds<sup>(b)</sup><br>| 4.00% | 01/01/2044 | 300 | &nbsp;&nbsp; 299628 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), <br> Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 07/01/2048 | 1000 | &nbsp;&nbsp; 1069652 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), <br> Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 07/01/2053 | 645 | &nbsp;&nbsp; 679564 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority (Stadium), <br> Series 2023 A, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 07/01/2056 | 1000 | &nbsp;&nbsp; 1040902 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), <br> Series 2023, RB<br>| 5.25% | 05/01/2048 | 295 | &nbsp;&nbsp; 307782 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government (Belmont University), <br> Series 2023, RB<br>| 5.25% | 05/01/2053 | 370 | &nbsp;&nbsp; 383052 |
| Tennessee (State of) School Bond Authority, Series 2017 A, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 11/01/2047 | 190 | &nbsp;&nbsp; 193141 |
| Tennessee (State of) School Bond Authority, Series 2022 A, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 11/01/2047 | 470 | &nbsp;&nbsp; 498916 |
| Tennessee (State of) School Bond Authority, Series 2022 A, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 11/01/2052 | 500 | &nbsp;&nbsp; 523674 |
| Tennessee State School Bond Authority, Series 2017, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 11/01/2042 | 35 | &nbsp;&nbsp; 35947 |
|  |  |  |  | &nbsp;&nbsp; 30193812 |
| **Texas-13.47%** |  |  |  |  |
| Aldine Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2048 | 180 | &nbsp;&nbsp; 171775 |
| Aldine Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2049 | 1230 | &nbsp;&nbsp; 1161382 |
| Aldine Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2054 | 785 | &nbsp;&nbsp; 728229 |
| Aledo Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 3.00% | 02/15/2050 | 70 | &nbsp;&nbsp; 54180 |
| Aledo Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 35 | &nbsp;&nbsp; 36434 |
| Aledo Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2053 | 55 | &nbsp;&nbsp; 56736 |
| Allen Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 4.38% | 02/15/2050 | 80 | &nbsp;&nbsp; 80001 |
| Alvin Independent School District, Series 2016, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2042 | 10 | &nbsp;&nbsp; 10002 |
| Alvin Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2044 | 5 | &nbsp;&nbsp; 5005 |
| Alvin Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2048 | 30 | &nbsp;&nbsp; 28711 |
| Alvin Independent School District, Series 2025 A, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2050 | 1130 | &nbsp;&nbsp; 1216387 |

---

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

------

**151**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Anna Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2055 | $550 | &nbsp;&nbsp; $587708 |
| Argyle Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2049 | 5 | &nbsp;&nbsp; 4740 |
| Argyle Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2047 | 135 | &nbsp;&nbsp; 141912 |
| Argyle Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2053 | 255 | &nbsp;&nbsp; 230426 |
| Argyle Independent School District, Series 2025 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2055 | 35 | &nbsp;&nbsp; 37621 |
| Arlington (City of), TX, Series 2018 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 02/15/2043 | 10 | &nbsp;&nbsp; 10269 |
| Arlington (City of), TX, Series 2018 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 02/15/2044 | 75 | &nbsp;&nbsp; 74773 |
| Arlington (City of), TX, Series 2018 A, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 02/15/2048 | 1000 | &nbsp;&nbsp; 1016320 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2024, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2044 | 30 | &nbsp;&nbsp; 29790 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2024, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 100 | &nbsp;&nbsp; 92645 |
| Arlington Higher Education Finance Corp. (Basis Texas Charter Schools, Inc.), Series 2024, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 550 | &nbsp;&nbsp; 499593 |
| Arlington Higher Education Finance Corp. (KIPP Texas, Inc.), Series 2018, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2048 | 250 | &nbsp;&nbsp; 233401 |
| Arlington Higher Education Finance Corp. (KIPP Texas, Inc.), Series 2019, RB, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 08/15/2049 | 1095 | &nbsp;&nbsp; 819415 |
| Arlington Higher Education Finance Corp. (Lifeschool of Dallas), Series 2024, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 08/15/2049 | 670 | &nbsp;&nbsp; 643573 |
| Arlington Higher Education Finance Corp. (Lifeschool of Dallas), Series 2024, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 08/15/2054 | 40 | &nbsp;&nbsp; 36757 |
| Arlington Higher Education Finance Corp. (Riverwalk Education Foundation), Series 2019, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2044 | 1070 | &nbsp;&nbsp; 1033543 |
| Arlington Higher Education Finance Corp. (Riverwalk Education Foundation), Series 2019, RB, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 08/15/2049 | 70 | &nbsp;&nbsp; 52496 |
| Arlington Higher Education Finance Corp. (Riverwalk Education Foundation), Series 2019, RB, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 08/15/2054 | 460 | &nbsp;&nbsp; 331070 |
| Arlington Higher Education Finance Corp. (Riverwalk Education Foundation), Series 2022, RB, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2052 | 10 | &nbsp;&nbsp; 10257 |
| Arlington Higher Education Finance Corp. (Riverwalk Education Foundation), Series 2025, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.50% | 08/15/2060 | 235 | &nbsp;&nbsp; 232134 |
| Arlington Higher Education Finance Corp. (Trinity Basin Preparatory, Inc.), Series 2023, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.50% | 08/15/2053 | 285 | &nbsp;&nbsp; 283077 |
| Arlington Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2045 | 275 | &nbsp;&nbsp; 273804 |
| Arlington Independent School District, Series 2022, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2047 | 535 | &nbsp;&nbsp; 517758 |
| Aubrey Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 1075 | &nbsp;&nbsp; 1047651 |
| Aubrey Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2052 | 110 | &nbsp;&nbsp; 101488 |
| Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2041 | 115 | &nbsp;&nbsp; 116254 |
| Austin (City of), TX, Series 2016, Ref. RB | 5.00% | 11/15/2045 | 270 | &nbsp;&nbsp; 272069 |
| Austin (City of), TX, Series 2017 A, RB | 5.00% | 11/15/2041 | 320 | &nbsp;&nbsp; 323881 |
| Austin (City of), TX, Series 2017, RB | 5.00% | 11/15/2046 | 20 | &nbsp;&nbsp; 20133 |
| Austin (City of), TX, Series 2019 B, RB | 5.00% | 11/15/2044 | 185 | &nbsp;&nbsp; 193244 |
| Austin (City of), TX, Series 2019 B, RB | 5.00% | 11/15/2049 | 140 | &nbsp;&nbsp; 143665 |
| Austin (City of), TX, Series 2020 A, Ref. RB | 5.00% | 11/15/2045 | 600 | &nbsp;&nbsp; 629487 |
| Austin (City of), TX, Series 2020 A, Ref. RB | 5.00% | 11/15/2050 | 730 | &nbsp;&nbsp; 753056 |
| Austin (City of), TX, Series 2020 C, Ref. RB | 5.00% | 11/15/2045 | 85 | &nbsp;&nbsp; 89401 |
| Austin (City of), TX, Series 2022, Ref. RB | 5.00% | 11/15/2052 | 20 | &nbsp;&nbsp; 20833 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.00% | 11/15/2048 | 190 | &nbsp;&nbsp; 200377 |
| Austin (City of), TX, Series 2023, Ref. RB | 5.25% | 11/15/2053 | 1095 | &nbsp;&nbsp; 1162939 |
| Austin (City of), TX, Series 2024, RB | 5.00% | 11/15/2050 | 360 | &nbsp;&nbsp; 379436 |
| Austin (City of), TX, Series 2024, RB | 5.00% | 11/15/2054 | 500 | &nbsp;&nbsp; 521717 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2049 | 570 | &nbsp;&nbsp; 604329 |
| Austin (City of), TX, Series 2024, Ref. RB | 5.00% | 11/15/2053 | 760 | &nbsp;&nbsp; 796301 |
| Austin (City of), TX, Series 2025, Ref. RB | 5.00% | 11/15/2045 | 25 | &nbsp;&nbsp; 27316 |

---

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

------

**152**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Austin (City of), TX, Series 2025, Ref. RB | 5.00% | 11/15/2055 | $1750 | &nbsp;&nbsp; $1830268 |
| Austin Community College District, Series 2015, GO Bonds | 4.00% | 08/01/2045 | 205 | &nbsp;&nbsp; 200465 |
| Austin Community College District, Series 2023, GO Bonds | 5.00% | 08/01/2048 | 180 | &nbsp;&nbsp; 189689 |
| Austin Community College District, Series 2023, GO Bonds | 5.25% | 08/01/2053 | 145 | &nbsp;&nbsp; 153667 |
| Austin Community College District, Series 2025, Ref. GO Bonds | 5.25% | 08/01/2050 | 340 | &nbsp;&nbsp; 364639 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2043 | 500 | &nbsp;&nbsp; 544016 |
| Austin Independent School District, Series 2023, GO Bonds | 4.00% | 08/01/2048 | 940 | &nbsp;&nbsp; 911894 |
| Austin Independent School District, Series 2023, GO Bonds | 5.00% | 08/01/2048 | 1300 | &nbsp;&nbsp; 1333629 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2041 | 280 | &nbsp;&nbsp; 308632 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2042 | 100 | &nbsp;&nbsp; 109183 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2043 | 145 | &nbsp;&nbsp; 146924 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2044 | 165 | &nbsp;&nbsp; 165082 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2049 | 1130 | &nbsp;&nbsp; 1191113 |
| Austin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/01/2049 | 635 | &nbsp;&nbsp; 683743 |
| Austin Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/01/2050 | 30 | &nbsp;&nbsp; 32438 |
| Azle Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 680 | &nbsp;&nbsp; 634621 |
| Azle Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 685 | &nbsp;&nbsp; 623231 |
| Barbers Hill Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2041 | 60 | &nbsp;&nbsp; 61241 |
| Barbers Hill Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 1475 | &nbsp;&nbsp; 1384582 |
| Barbers Hill Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2054 | 755 | &nbsp;&nbsp; 723413 |
| Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 230 | &nbsp;&nbsp; 240933 |
| Bastrop Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2053 | 1100 | &nbsp;&nbsp; 1137724 |
| Belton Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 15 | &nbsp;&nbsp; 14416 |
| Belton Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 280 | &nbsp;&nbsp; 270221 |
| Belton Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2052 | 230 | &nbsp;&nbsp; 213867 |
| Bexar (County of), TX, Series 2016 A, Ctfs. Of Obligation | 4.00% | 06/15/2045 | 30 | &nbsp;&nbsp; 29667 |
| Bexar (County of), TX, Series 2016, Ctfs. Of Obligations | 3.00% | 06/15/2041 | 190 | &nbsp;&nbsp; 172480 |
| Bexar (County of), TX, Series 2017, Ref. GO Bonds | 4.00% | 06/15/2041 | 410 | &nbsp;&nbsp; 410389 |
| Bexar (County of), TX, Series 2018, Ctfs. of Obligations | 5.00% | 06/15/2042 | 75 | &nbsp;&nbsp; 76364 |
| Bexar (County of), TX, Series 2018, Ctfs. of Obligations | 4.00% | 06/15/2045 | 115 | &nbsp;&nbsp; 115036 |
| Bexar (County of), TX, Series 2019, Ctfs. of Obligations | 4.00% | 06/15/2046 | 140 | &nbsp;&nbsp; 138165 |
| Bexar (County of), TX, Series 2022 B, Ctfs. of Obligations | 4.63% | 06/15/2045 | 5 | &nbsp;&nbsp; 5151 |
| Bexar (County of), TX, Series 2023, Ctfs. of Obligations | 5.00% | 06/15/2049 | 5 | &nbsp;&nbsp; 5283 |
| Bexar (County of), TX, Series 2023, GO Bonds | 4.00% | 06/15/2046 | 220 | &nbsp;&nbsp; 217117 |
| Bexar (County of), TX Hospital District, Series 2018, Ctfs. Of Obligations | 4.00% | 02/15/2043 | 1035 | &nbsp;&nbsp; 1035119 |
| Bexar (County of), TX Hospital District, Series 2020, Ctfs. of Obligations | 5.00% | 02/15/2045 | 15 | &nbsp;&nbsp; 15471 |
| Bexar (County of), TX Hospital District, Series 2020, Ctfs. of Obligations | 4.00% | 02/15/2050 | 810 | &nbsp;&nbsp; 746692 |
| Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations | 5.00% | 02/15/2047 | 50 | &nbsp;&nbsp; 50886 |
| Bexar (County of), TX Hospital District, Series 2022, Ctfs. of Obligations | 4.25% | 02/15/2052 | 315 | &nbsp;&nbsp; 299095 |
| Bexar (County of), TX Hospital District, Series 2023, Ctfs. of Obligations | 5.00% | 02/15/2048 | 400 | &nbsp;&nbsp; 419518 |
| Bexar (County of), TX Hospital District, Series 2023, Ctfs. of Obligations | 4.25% | 02/15/2053 | 110 | &nbsp;&nbsp; 104065 |
| Birdville Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 155 | &nbsp;&nbsp; 162178 |
| Birdville Independent School District, Series 2023, GO Bonds | 4.00% | 02/15/2048 | 360 | &nbsp;&nbsp; 343808 |
| Board of Regents of Stephen F. Austin State University, Series 2019 A, RB | 4.00% | 10/15/2048 | 220 | &nbsp;&nbsp; 201452 |
| Board of Regents of the University of North Texas System, Series 2018 A, RB | 4.00% | 04/15/2050 | 235 | &nbsp;&nbsp; 217762 |
| Board of Regents of the University of Texas System, Series 2017 B, RB | 3.38% | 08/15/2044 | 1750 | &nbsp;&nbsp; 1597237 |
| Board of Regents of the University of Texas System, Series 2017 B, RB | 4.00% | 08/15/2044 | 230 | &nbsp;&nbsp; 230355 |
| Board of Regents of the University of Texas System, Series 2019 B, RB | 5.00% | 08/15/2049 | 1885 | &nbsp;&nbsp; 2127107 |
| Board of Regents of the University of Texas System, Series 2020 A, Ref. RB | 2.38% | 08/15/2043 | 25 | &nbsp;&nbsp; 19798 |
| Board of Regents of the University of Texas System, Series 2020 A, Ref. RB | 5.00% | 08/15/2050 | 75 | &nbsp;&nbsp; 84168 |
| Board of Regents of the University of Texas System, Series 2022 A, Ref. RB | 4.00% | 08/15/2052 | 15 | &nbsp;&nbsp; 14111 |
| Board of Regents of the University of Texas System, Series 2023 A, RB | 5.00% | 08/15/2043 | 560 | &nbsp;&nbsp; 609332 |

---

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

------

**153**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Board of Regents of the University of Texas System, Series 2024 A, Ref. RB | 4.13% | 08/15/2054 | $500 | &nbsp;&nbsp; $471876 |
| Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2041 | 260 | &nbsp;&nbsp; 295086 |
| Board of Regents of the University of Texas System, Series 2024 B, RB | 5.00% | 08/15/2042 | 905 | &nbsp;&nbsp; 1017653 |
| Board of Regents of the University of Texas System, Series 2024 B, RB | 4.00% | 08/15/2054 | 1000 | &nbsp;&nbsp; 929121 |
| Board of Regents of the University of Texas System, Series 2025 B, RB | 5.00% | 08/15/2042 | 200 | &nbsp;&nbsp; 227064 |
| Board of Regents of the University of Texas System, Series 2025 B, RB | 5.00% | 08/15/2045 | 175 | &nbsp;&nbsp; 191877 |
| Board of Regents of the University of Texas System, Series 2025 B, RB | 5.00% | 08/15/2051 | 15 | &nbsp;&nbsp; 15916 |
| Board of Regents of the University of Texas System, Series 2026 A, Ref. RB | 5.00% | 08/15/2042 | 55 | &nbsp;&nbsp; 63051 |
| Board of Regents of the University of Texas System, Series 2026 A, Ref. RB | 5.00% | 08/15/2043 | 750 | &nbsp;&nbsp; 849890 |
| Board of Regents of the University of Texas System, Series 2026 A, Ref. RB | 4.00% | 08/15/2044 | 180 | &nbsp;&nbsp; 181385 |
| Boerne Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/01/2048 | 200 | &nbsp;&nbsp; 189847 |
| Brazoria (County of), TX, Series 2021, Ctfs. Of Obligation | 4.00% | 03/01/2046 | 160 | &nbsp;&nbsp; 158657 |
| Canutillo Independent School District, Series 2024 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 295 | &nbsp;&nbsp; 282665 |
| Canutillo Independent School District, Series 2024 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2054 | 1055 | &nbsp;&nbsp; 1121554 |
| Canutillo Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2060 | 500 | &nbsp;&nbsp; 532264 |
| Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 45 | &nbsp;&nbsp; 47194 |
| Carrollton-Farmers Branch Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2053 | 1160 | &nbsp;&nbsp; 1081678 |
| Carrollton-Farmers Branch Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2055 | 180 | &nbsp;&nbsp; 189029 |
| Carrollton-Farmers Branch Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 750 | &nbsp;&nbsp; 801994 |
| Castleberry Independent School District, Series 2024 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 400 | &nbsp;&nbsp; 381026 |
| Cedar Hill Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2050 | 1115 | &nbsp;&nbsp; 1053371 |
| Celina Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2053 | 230 | &nbsp;&nbsp; 210410 |
| Celina Independent School District, Series 2025 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 860 | &nbsp;&nbsp; 918961 |
| Central Texas Regional Mobility Authority, Series 2016, Ref. RB | 3.38% | 01/01/2041 | 980 | &nbsp;&nbsp; 893046 |
| Central Texas Regional Mobility Authority, Series 2020 B, Ref. RB | 5.00% | 01/01/2045 | 115 | &nbsp;&nbsp; 119218 |
| Central Texas Regional Mobility Authority, Series 2020 E, RB | 5.00% | 01/01/2045 | 275 | &nbsp;&nbsp; 285087 |
| Central Texas Regional Mobility Authority, Series 2020 E, RB | 4.00% | 01/01/2050 | 680 | &nbsp;&nbsp; 621677 |
| Central Texas Regional Mobility Authority, Series 2021 B, RB | 5.00% | 01/01/2046 | 730 | &nbsp;&nbsp; 758431 |
| Central Texas Regional Mobility Authority, Series 2021 B, RB | 4.00% | 01/01/2051 | 630 | &nbsp;&nbsp; 569150 |
| Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB | 4.00% | 01/01/2044 | 160 | &nbsp;&nbsp; 156212 |
| Central Texas Regional Mobility Authority, Series 2021 D, Ref. RB | 3.00% | 01/01/2046 | 145 | &nbsp;&nbsp; 113714 |
| Chambers County Justice Center Public Facilities Corp., Series 2024, RB | 5.50% | 06/01/2055 | 40 | &nbsp;&nbsp; 42488 |
| Chapel Hill Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2053 | 3015 | &nbsp;&nbsp; 2745117 |
| Cleveland Independent School District, Series 2020 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2052 | 370 | &nbsp;&nbsp; 344046 |
| Cleveland Independent School District, Series 2020 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 280 | &nbsp;&nbsp; 258907 |
| Clifton Higher Education Finance Corp., Series 2019, RB, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2044 | 35 | &nbsp;&nbsp; 33721 |
| Clifton Higher Education Finance Corp., Series 2024, Ref. RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 08/15/2053 | 20 | &nbsp;&nbsp; 18698 |
| Clifton Higher Education Finance Corp., Series 2025, RB, (CEP - Texas Permanent School Fund) | 4.63% | 04/01/2050 | 350 | &nbsp;&nbsp; 357253 |
| Clifton Higher Education Finance Corp., Series 2025, RB, (CEP - Texas Permanent School Fund) | 4.63% | 04/01/2055 | 265 | &nbsp;&nbsp; 267047 |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2042 | 3000 | &nbsp;&nbsp; 3003105 |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2017, Ref. RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2047 | 255 | &nbsp;&nbsp; 242147 |

---

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

------

**154**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2018, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2043 | $510 | &nbsp;&nbsp; $510348 |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2019, RB, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 08/15/2049 | 415 | &nbsp;&nbsp; 316874 |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2021 T, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2047 | 50 | &nbsp;&nbsp; 47280 |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2021 T, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2050 | 75 | &nbsp;&nbsp; 69293 |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2044 | 495 | &nbsp;&nbsp; 489352 |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2049 | 1050 | &nbsp;&nbsp; 977847 |
| Clifton Higher Education Finance Corp. (Idea Public Schools), Series 2024, Ref. RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2054 | 630 | &nbsp;&nbsp; 572099 |
| Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2022, RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 08/15/2052 | 5 | &nbsp;&nbsp; 4785 |
| Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2024, Ref. RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2044 | 310 | &nbsp;&nbsp; 305857 |
| Clifton Higher Education Finance Corp. (International Leadership of Texas), Series 2024, Ref. RB, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 08/15/2049 | 795 | &nbsp;&nbsp; 757521 |
| Comal Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 830 | &nbsp;&nbsp; 790628 |
| Comal Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2048 | 1230 | &nbsp;&nbsp; 1303785 |
| Conroe Independent School District, Series 2022 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2047 | 550 | &nbsp;&nbsp; 533019 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2041 | 65 | &nbsp;&nbsp; 72815 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2042 | 25 | &nbsp;&nbsp; 27736 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2043 | 460 | &nbsp;&nbsp; 506335 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2044 | 40 | &nbsp;&nbsp; 43626 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2049 | 1000 | &nbsp;&nbsp; 951165 |
| Conroe Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 1050 | &nbsp;&nbsp; 1108620 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2042 | 260 | &nbsp;&nbsp; 291444 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2043 | 260 | &nbsp;&nbsp; 288489 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2044 | 90 | &nbsp;&nbsp; 98778 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2045 | 340 | &nbsp;&nbsp; 369983 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2050 | 1065 | &nbsp;&nbsp; 1007699 |
| Conroe Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2050 | 1000 | &nbsp;&nbsp; 983112 |
| Conroe Independent School District, Series 2026, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 705 | &nbsp;&nbsp; 755636 |
| Conroe Independent School District, Series 2026, GO Bonds, (CEP - Texas Permanent School Fund) | 4.50% | 02/15/2051 | 1600 | &nbsp;&nbsp; 1611761 |
| Corpus Christi (City of), TX, Series 2015, RB | 4.13% | 07/15/2045 | 255 | &nbsp;&nbsp; 249416 |
| Corpus Christi (City of), TX, Series 2020 A, Ref. RB | 4.00% | 07/15/2045 | 120 | &nbsp;&nbsp; 116800 |
| Corpus Christi (City of), TX, Series 2022 B, RB | 5.00% | 07/15/2052 | 1075 | &nbsp;&nbsp; 1107210 |
| Corpus Christi (City of), TX, Series 2023 B, Ref. RB | 4.13% | 07/15/2053 | 35 | &nbsp;&nbsp; 32964 |
| Corpus Christi (City of), TX, Series 2024, Ref. RB | 5.00% | 07/15/2049 | 845 | &nbsp;&nbsp; 880850 |
| Corpus Christi (City of), TX, Series 2024, Ref. RB | 4.25% | 07/15/2054 | 1375 | &nbsp;&nbsp; 1317449 |
| Corpus Christi (City of), TX, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/15/2050 | 370 | &nbsp;&nbsp; 396945 |
| Corpus Christi (City of), TX, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/15/2055 | 5 | &nbsp;&nbsp; 5202 |
| Corpus Christi Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 08/15/2053 | 305 | &nbsp;&nbsp; 287843 |
| Corpus Christi Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2054 | 200 | &nbsp;&nbsp; 179412 |
| Crandall Independent School District, Series 2017 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2043 | 190 | &nbsp;&nbsp; 189292 |
| Crowley Independent School District, Series 2018, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/01/2048 | 75 | &nbsp;&nbsp; 71261 |
| Crowley Independent School District, Series 2019, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/01/2049 | 810 | &nbsp;&nbsp; 765797 |

---

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

------

**155**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Crowley Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/01/2048 | $1030 | &nbsp;&nbsp; $1083943 |
| Crowley Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/01/2053 | 2045 | &nbsp;&nbsp; 1949825 |
| Crowley Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/01/2049 | 385 | &nbsp;&nbsp; 405125 |
| Crowley Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/01/2054 | 1600 | &nbsp;&nbsp; 1545459 |
| Crowley Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/01/2050 | 350 | &nbsp;&nbsp; 376656 |
| Crowley Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/01/2056 | 1300 | &nbsp;&nbsp; 1387569 |
| Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2044 | 30 | &nbsp;&nbsp; 25331 |
| Cypress-Fairbanks Independent School District, Series 2019 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2044 | 500 | &nbsp;&nbsp; 501452 |
| Cypress-Fairbanks Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2041 | 120 | &nbsp;&nbsp; 110722 |
| Cypress-Fairbanks Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2045 | 15 | &nbsp;&nbsp; 12334 |
| Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2043 | 220 | &nbsp;&nbsp; 221922 |
| Cypress-Fairbanks Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2048 | 200 | &nbsp;&nbsp; 188978 |
| Cypress-Fairbanks Independent School District, Series 2024 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 10 | &nbsp;&nbsp; 9526 |
| Dallas & Fort Worth (Cities of), TX, Series 2022 B, Ref. RB | 4.00% | 11/01/2041 | 215 | &nbsp;&nbsp; 221027 |
| Dallas & Fort Worth (Cities of), TX, Series 2022 B, Ref. RB | 4.00% | 11/01/2042 | 5 | &nbsp;&nbsp; 5099 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 A, Ref. RB | 4.00% | 11/01/2046 | 365 | &nbsp;&nbsp; 350490 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021 B, Ref. RB | 4.00% | 11/01/2045 | 900 | &nbsp;&nbsp; 887048 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. RB | 5.00% | 11/01/2043 | 25 | &nbsp;&nbsp; 26578 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 B, Ref. RB | 4.00% | 11/01/2045 | 580 | &nbsp;&nbsp; 571653 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 B, Ref. RB | 5.00% | 11/01/2047 | 525 | &nbsp;&nbsp; 553452 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2041 | 15 | &nbsp;&nbsp; 16927 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2042 | 500 | &nbsp;&nbsp; 558777 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2043 | 250 | &nbsp;&nbsp; 276434 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.00% | 11/01/2044 | 30 | &nbsp;&nbsp; 32752 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 4.00% | 11/01/2045 | 95 | &nbsp;&nbsp; 93633 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 5.25% | 11/01/2048 | 1520 | &nbsp;&nbsp; 1646737 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2024, RB | 4.00% | 11/01/2049 | 335 | &nbsp;&nbsp; 312652 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2025 B, RB | 5.25% | 11/01/2050 | 1690 | &nbsp;&nbsp; 1811872 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2025 B, RB | 5.25% | 11/01/2056 | 500 | &nbsp;&nbsp; 530663 |
| Dallas (City of), TX, Series 2016 A, Ref. RB | 4.00% | 10/01/2041 | 500 | &nbsp;&nbsp; 501041 |
| Dallas (City of), TX, Series 2017, RB | 5.00% | 10/01/2046 | 300 | &nbsp;&nbsp; 305063 |
| Dallas (City of), TX, Series 2018 C, RB | 4.00% | 10/01/2043 | 235 | &nbsp;&nbsp; 236223 |
| Dallas (City of), TX, Series 2020 C, Ref. RB | 5.00% | 10/01/2045 | 15 | &nbsp;&nbsp; 15771 |
| Dallas (City of), TX, Series 2020 C, Ref. RB | 4.00% | 10/01/2049 | 300 | &nbsp;&nbsp; 286952 |
| Dallas (City of), TX, Series 2021 C, RB | 3.00% | 10/01/2046 | 440 | &nbsp;&nbsp; 347440 |
| Dallas (City of), TX, Series 2021 C, RB | 3.00% | 10/01/2050 | 50 | &nbsp;&nbsp; 36954 |
| Dallas (City of), TX, Series 2023 A, RB | 5.00% | 10/01/2047 | 2000 | &nbsp;&nbsp; 2131075 |
| Dallas (City of), TX, Series 2023 A, Ref. RB | 4.00% | 10/01/2052 | 175 | &nbsp;&nbsp; 164157 |
| Dallas (City of), TX, Series 2024, RB | 4.13% | 10/01/2054 | 250 | &nbsp;&nbsp; 237684 |
| Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB | 3.00% | 12/01/2047 | 100 | &nbsp;&nbsp; 77026 |
| Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB | 5.00% | 12/01/2047 | 1715 | &nbsp;&nbsp; 1794951 |
| Dallas (City of), TX Area Rapid Transit, Series 2021 B, Ref. RB | 4.00% | 12/01/2051 | 1550 | &nbsp;&nbsp; 1433139 |
| Dallas (City of), TX Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 4445 | &nbsp;&nbsp; 4655750 |

---

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

------

**156**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Dallas (City of), TX Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2053 | $1295 | &nbsp;&nbsp; $1207563 |
| Dallas (City of), TX Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 70 | &nbsp;&nbsp; 73484 |
| Dallas (City of), TX Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 850 | &nbsp;&nbsp; 784701 |
| Dallas (City of), TX Independent School District, Series 2025 B, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2055 | 105 | &nbsp;&nbsp; 97062 |
| Dallas (City of), TX Independent School District, Series 2026 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2042 | 500 | &nbsp;&nbsp; 566239 |
| Dallas (City of), TX Independent School District, Series 2026 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2043 | 300 | &nbsp;&nbsp; 336292 |
| Dallas (City of), TX Independent School District, Series 2026 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2045 | 190 | &nbsp;&nbsp; 208416 |
| Dallas (City of), TX Independent School District, Series 2026 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2046 | 500 | &nbsp;&nbsp; 500825 |
| Dallas (City of), TX Independent School District, Series 2026 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.38% | 02/15/2056 | 1000 | &nbsp;&nbsp; 982690 |
| Dallas (City of), TX Independent School District, Series 2026 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2056 | 1000 | &nbsp;&nbsp; 1045451 |
| Dallas Metrocare Services, Series 2025, RB | 5.25% | 11/01/2065 | 500 | &nbsp;&nbsp; 523484 |
| Del Valle Independent School District, Series 2020, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 06/15/2045 | 555 | &nbsp;&nbsp; 547783 |
| Del Valle Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 06/15/2047 | 1125 | &nbsp;&nbsp; 1083643 |
| Denison Independent School District, Series 2023, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/01/2053 | 1000 | &nbsp;&nbsp; 931654 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2043 | 440 | &nbsp;&nbsp; 449267 |
| Denton Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2048 | 115 | &nbsp;&nbsp; 110358 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2041 | 500 | &nbsp;&nbsp; 559336 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2042 | 750 | &nbsp;&nbsp; 830999 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2043 | 480 | &nbsp;&nbsp; 525729 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2048 | 1795 | &nbsp;&nbsp; 1884144 |
| Denton Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2053 | 2230 | &nbsp;&nbsp; 2317374 |
| DeSoto Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2050 | 400 | &nbsp;&nbsp; 416155 |
| Dickinson Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2053 | 35 | &nbsp;&nbsp; 33370 |
| Dripping Springs Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2050 | 1000 | &nbsp;&nbsp; 1053391 |
| Duncanville Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 95 | &nbsp;&nbsp; 99320 |
| Duncanville Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 02/15/2054 | 220 | &nbsp;&nbsp; 208125 |
| Eagle Mountain & Saginaw Independent School District, Series 2019, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2050 | 415 | &nbsp;&nbsp; 387224 |
| Eagle Mountain & Saginaw Independent School District, Series 2021, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 08/15/2046 | 15 | &nbsp;&nbsp; 12194 |
| Eagle Mountain & Saginaw Independent School District, Series 2021, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 2.25% | 08/15/2051 | 30 | &nbsp;&nbsp; 18923 |
| Eagle Mountain & Saginaw Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2052 | 70 | &nbsp;&nbsp; 64817 |
| Eagle Mountain & Saginaw Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2054 | 225 | &nbsp;&nbsp; 204477 |
| Eagle Mountain & Saginaw Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2050 | 500 | &nbsp;&nbsp; 539968 |
| Eagle Mountain & Saginaw Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2055 | 750 | &nbsp;&nbsp; 787544 |

---

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

------

**157**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| East Central Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2054 | $10 | &nbsp;&nbsp; $9103 |
| East Montgomery County Improvement District, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 08/15/2049 | 1035 | &nbsp;&nbsp; 1107620 |
| East Montgomery County Improvement District, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 4.25% | 08/15/2054 | 155 | &nbsp;&nbsp; 146300 |
| Ector (County of), TX, Series 2024, Ctfs. of Obligations | 4.00% | 02/15/2047 | 115 | &nbsp;&nbsp; 112089 |
| Ector (County of), TX, Series 2024, Ctfs. of Obligations | 5.00% | 02/15/2050 | 535 | &nbsp;&nbsp; 561055 |
| El Paso (City of), TX, Series 2016, GO Bonds | 4.00% | 08/15/2042 | 605 | &nbsp;&nbsp; 600383 |
| El Paso (City of), TX, Series 2016, GO Bonds | 5.00% | 08/15/2042 | 190 | &nbsp;&nbsp; 191302 |
| El Paso (City of), TX, Series 2016, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/15/2042 | 980 | &nbsp;&nbsp; 977182 |
| El Paso (City of), TX, Series 2019, Ctfs. Of Obligations | 4.00% | 08/15/2044 | 225 | &nbsp;&nbsp; 224339 |
| El Paso (City of), TX, Series 2020, Ctfs. Of Obligations | 4.00% | 08/15/2045 | 85 | &nbsp;&nbsp; 83180 |
| El Paso (City of), TX, Series 2021 B, GO Bonds | 4.00% | 08/15/2047 | 355 | &nbsp;&nbsp; 338197 |
| El Paso (City of), TX, Series 2021 C, Ctfs. of Obligation | 4.00% | 08/15/2047 | 495 | &nbsp;&nbsp; 471570 |
| El Paso (City of), TX, Series 2022 A, RB | 4.00% | 03/01/2044 | 700 | &nbsp;&nbsp; 700022 |
| El Paso (City of), TX, Series 2022 A, RB | 4.00% | 03/01/2048 | 575 | &nbsp;&nbsp; 546530 |
| El Paso (City of), TX, Series 2022, RB | 5.00% | 03/01/2046 | 1250 | &nbsp;&nbsp; 1308388 |
| El Paso (City of), TX, Series 2022, RB | 5.00% | 03/01/2049 | 100 | &nbsp;&nbsp; 111752 |
| El Paso (City of), TX, Series 2022, RB | 5.00% | 03/01/2052 | 50 | &nbsp;&nbsp; 51611 |
| El Paso (City of), TX, Series 2023, RB | 5.25% | 03/01/2049 | 60 | &nbsp;&nbsp; 63984 |
| El Paso (City of), TX, Series 2025, Ref. RB | 5.25% | 03/01/2050 | 10 | &nbsp;&nbsp; 10705 |
| El Paso (County of), TX Hospital District, Series 2025, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.50% | 02/15/2050 | 505 | &nbsp;&nbsp; 542084 |
| El Paso County Community College District, Series 2016, RB<sup>(d)(e)</sup> | 5.00% | 04/02/2026 | 20 | &nbsp;&nbsp; 20046 |
| El Paso Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2043 | 85 | &nbsp;&nbsp; 85284 |
| El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2045 | 1385 | &nbsp;&nbsp; 1348390 |
| El Paso Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2048 | 580 | &nbsp;&nbsp; 541489 |
| Elgin Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2049 | 1000 | &nbsp;&nbsp; 951061 |
| Flour Bluff Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.75% | 08/15/2050 | 410 | &nbsp;&nbsp; 417002 |
| Flour Bluff Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2055 | 450 | &nbsp;&nbsp; 481542 |
| Forney Independent School District, Series 2022 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2047 | 170 | &nbsp;&nbsp; 162115 |
| Forney Independent School District, Series 2022 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2052 | 1125 | &nbsp;&nbsp; 1041707 |
| Forney Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2048 | 1575 | &nbsp;&nbsp; 1648606 |
| Forney Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2053 | 60 | &nbsp;&nbsp; 55806 |
| Forney Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2050 | 830 | &nbsp;&nbsp; 876991 |
| Forney Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2055 | 500 | &nbsp;&nbsp; 535835 |
| Fort Bend (County of), TX, Series 2023, GO Bonds | 5.25% | 03/01/2053 | 355 | &nbsp;&nbsp; 377448 |
| Fort Bend (County of), TX, Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.25% | 03/01/2054 | 15 | &nbsp;&nbsp; 14548 |
| Fort Bend (County of), TX, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 03/01/2050 | 270 | &nbsp;&nbsp; 288495 |
| Fort Bend (County of), TX, Series 2025, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 03/01/2055 | 805 | &nbsp;&nbsp; 851775 |
| Fort Bend (County of), TX Industrial Development Corp. (NRG Energy, Inc.), Series 2012 B, RB | 4.75% | 11/01/2042 | 440 | &nbsp;&nbsp; 440163 |
| Fort Bend County Texas Public Facility Corp, Series 2023, RB | 5.00% | 03/01/2053 | 100 | &nbsp;&nbsp; 104083 |
| Fort Bend Independent School District, Series 2020 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2050 | 20 | &nbsp;&nbsp; 18788 |
| Fort Bend Independent School District, Series 2024 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2049 | 105 | &nbsp;&nbsp; 97862 |
| Fort Worth (City of), TX, Series 2022, RB | 4.00% | 02/15/2052 | 70 | &nbsp;&nbsp; 65439 |
| Fort Worth (City of), TX, Series 2023, RB | 4.25% | 02/15/2053 | 485 | &nbsp;&nbsp; 469019 |
| Fort Worth Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2047 | 5 | &nbsp;&nbsp; 5084 |
| Fort Worth Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2048 | 625 | &nbsp;&nbsp; 602455 |
| Fort Worth Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 170 | &nbsp;&nbsp; 162892 |

---

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

------

**158**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Fort Worth Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | $30 | &nbsp;&nbsp; $31509 |
| Frenship Independent School District, Series 2021, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2046 | 200 | &nbsp;&nbsp; 161782 |
| Frenship Independent School District, Series 2025 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2056 | 200 | &nbsp;&nbsp; 213524 |
| Frenship Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2055 | 1100 | &nbsp;&nbsp; 1150186 |
| Friendswood Independent School District, Series 2021, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 2.00% | 02/15/2051 | 1000 | &nbsp;&nbsp; 589865 |
| Frisco Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2049 | 40 | &nbsp;&nbsp; 37920 |
| Galena Park Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2050 | 25 | &nbsp;&nbsp; 26931 |
| Galveston Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/01/2047 | 245 | &nbsp;&nbsp; 236900 |
| Garland (City of), TX, Series 2019, Ref. RB | 5.00% | 03/01/2044 | 210 | &nbsp;&nbsp; 216980 |
| Garland (City of), TX, Series 2019, Ref. RB | 4.00% | 03/01/2049 | 620 | &nbsp;&nbsp; 570267 |
| Garland Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2042 | 170 | &nbsp;&nbsp; 186422 |
| Garland Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2043 | 355 | &nbsp;&nbsp; 386106 |
| Garland Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 1560 | &nbsp;&nbsp; 1635116 |
| Georgetown (City of), TX, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/15/2042 | 100 | &nbsp;&nbsp; 106653 |
| Georgetown (City of), TX, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 4.25% | 08/15/2047 | 310 | &nbsp;&nbsp; 305648 |
| Georgetown Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.50% | 02/15/2049 | 85 | &nbsp;&nbsp; 85973 |
| Georgetown Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2054 | 1000 | &nbsp;&nbsp; 965869 |
| Georgetown Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2054 | 410 | &nbsp;&nbsp; 427061 |
| Georgetown Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 125 | &nbsp;&nbsp; 133570 |
| Grand Parkway Transportation Corp., Series 2020, Ref. RB | 4.00% | 10/01/2045 | 2105 | &nbsp;&nbsp; 2053099 |
| Grand Parkway Transportation Corp., Series 2020, Ref. RB | 4.00% | 10/01/2049 | 3805 | &nbsp;&nbsp; 3548513 |
| Grand Parkway Transportation Corp., Series 2020, Ref. RB | 3.00% | 10/01/2050 | 330 | &nbsp;&nbsp; 243894 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2043 | 3215 | &nbsp;&nbsp; 3323919 |
| Grand Parkway Transportation Corp. (TELA Supported), Series 2018 A, RB | 5.00% | 10/01/2048 | 440 | &nbsp;&nbsp; 449635 |
| Grayson County Junior College District, Series 2024, GO Bonds | 4.00% | 02/15/2049 | 590 | &nbsp;&nbsp; 557749 |
| Greater Texas Cultural Education Facilities Finance Corp., Series 2024, RB | 5.25% | 06/01/2049 | 490 | &nbsp;&nbsp; 491949 |
| Greater Texas Cultural Education Facilities Finance Corp., Series 2024, RB | 5.25% | 06/01/2054 | 325 | &nbsp;&nbsp; 321439 |
| Greater Texoma Utility Authority (City of Sherman), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 10/01/2048 | 330 | &nbsp;&nbsp; 347163 |
| Greater Texoma Utility Authority (City of Sherman), Series 2023 A, RB, (INS - BAM)<sup>(a)</sup> | 4.38% | 10/01/2053 | 775 | &nbsp;&nbsp; 754507 |
| Greater Texoma Utility Authority (City of Sherman), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 10/01/2048 | 150 | &nbsp;&nbsp; 155414 |
| Greater Texoma Utility Authority (City of Sherman), Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 4.25% | 10/01/2053 | 90 | &nbsp;&nbsp; 85861 |
| Greater Texoma Utility Authority (City of Sherman), Series 2024 A, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 10/01/2054 | 130 | &nbsp;&nbsp; 123985 |
| Greater Texoma Utility Authority (City of Sherman), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 10/01/2049 | 150 | &nbsp;&nbsp; 155744 |
| Greater Texoma Utility Authority (City of Sherman), Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 4.38% | 10/01/2054 | 625 | &nbsp;&nbsp; 608520 |
| Greenville (City of), SC, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 4.38% | 02/15/2054 | 170 | &nbsp;&nbsp; 165115 |
| Greenville (City of), TX, Series 2024, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 02/15/2054 | 290 | &nbsp;&nbsp; 299392 |
| Greenville Independent School District, Series 2026, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.50% | 02/15/2056 | 500 | &nbsp;&nbsp; 495888 |
| Greenwood Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 200 | &nbsp;&nbsp; 208239 |
| Greenwood Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 235 | &nbsp;&nbsp; 218360 |

---

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

------

**159**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Gregory-Portland Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2043 | $145 | &nbsp;&nbsp; $147102 |
| Gregory-Portland Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2050 | 90 | &nbsp;&nbsp; 96619 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 A, RB, (INS - AGI)<sup>(a)</sup> | 3.13% | 11/15/2056 | 180 | &nbsp;&nbsp; 131963 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2041 | 25 | &nbsp;&nbsp; 25158 |
| Harris (County of), TX, Series 2016 A, Ref. RB | 5.00% | 08/15/2047 | 70 | &nbsp;&nbsp; 70317 |
| Harris (County of), TX, Series 2021 A, GO Bonds | 4.00% | 10/01/2047 | 255 | &nbsp;&nbsp; 247423 |
| Harris (County of), TX, Series 2022 A, Ref. GO Bonds | 5.00% | 10/01/2047 | 40 | &nbsp;&nbsp; 42024 |
| Harris (County of), TX, Series 2023 A, GO Bonds | 4.25% | 09/15/2048 | 315 | &nbsp;&nbsp; 313878 |
| Harris (County of), TX, Series 2023 A, GO Bonds | 5.00% | 09/15/2048 | 260 | &nbsp;&nbsp; 275744 |
| Harris (County of), TX, Series 2024 A, RB | 4.00% | 08/15/2041 | 25 | &nbsp;&nbsp; 25652 |
| Harris (County of), TX, Series 2024 A, RB | 4.00% | 08/15/2042 | 280 | &nbsp;&nbsp; 284947 |
| Harris (County of), TX, Series 2024 A, RB | 5.00% | 08/15/2044 | 315 | &nbsp;&nbsp; 345294 |
| Harris (County of), TX, Series 2024 A, RB | 4.00% | 08/15/2049 | 535 | &nbsp;&nbsp; 508388 |
| Harris (County of), TX, Series 2024 A, RB | 4.00% | 08/15/2054 | 1125 | &nbsp;&nbsp; 1030859 |
| Harris (County of), TX, Series 2024, Ctfs. of Obligations | 4.00% | 09/15/2049 | 1610 | &nbsp;&nbsp; 1533566 |
| Harris (County of), TX, Series 2024, Ctfs. Of Obligations | 5.00% | 09/15/2054 | 1085 | &nbsp;&nbsp; 1136411 |
| Harris (County of), TX, Series 2025 A, Ref. RB | 4.50% | 08/15/2055 | 500 | &nbsp;&nbsp; 501525 |
| Harris (County of), TX Flood Control District, Series 2020 A, GO Bonds | 4.00% | 10/01/2045 | 1150 | &nbsp;&nbsp; 1146019 |
| Harris (County of), TX Flood Control District, Series 2021 A, GO Bonds | 3.00% | 10/01/2041 | 65 | &nbsp;&nbsp; 58681 |
| Harris (County of), TX Flood Control District (Green Bonds), Series 2022 A, GO Bonds | 4.25% | 10/01/2047 | 1100 | &nbsp;&nbsp; 1101173 |
| Harris (County of), TX Flood Control District (Green Bonds), Series 2023 A, GO Bonds | 4.00% | 09/15/2048 | 1235 | &nbsp;&nbsp; 1189683 |
| Harris (County of), TX Hospital District, Series 2016, Ref. RB | 4.00% | 02/15/2042 | 1750 | &nbsp;&nbsp; 1750023 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds | 5.00% | 02/15/2043 | 40 | &nbsp;&nbsp; 43826 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds | 5.00% | 02/15/2045 | 30 | &nbsp;&nbsp; 32301 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds | 5.25% | 02/15/2050 | 340 | &nbsp;&nbsp; 363760 |
| Harris (County of), TX Hospital District, Series 2025, GO Bonds | 5.00% | 02/15/2055 | 1305 | &nbsp;&nbsp; 1355724 |
| Harris (County of), TX Port Authority of Houston, Series 2021, RB | 4.00% | 10/01/2046 | 425 | &nbsp;&nbsp; 413408 |
| Harris (County of), TX Port Authority of Houston, Series 2021, RB | 5.00% | 10/01/2051 | 335 | &nbsp;&nbsp; 347364 |
| Harris (County of), TX Port Authority of Houston, Series 2023, RB | 5.00% | 10/01/2048 | 1765 | &nbsp;&nbsp; 1863719 |
| Harris (County of), TX Port Authority of Houston, Series 2023, RB | 5.00% | 10/01/2053 | 1795 | &nbsp;&nbsp; 1871017 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 5.00% | 08/15/2043 | 30 | &nbsp;&nbsp; 30867 |
| Harris (County of), TX Toll Road Authority (The), Series 2018 A, Ref. RB | 4.00% | 08/15/2048 | 1065 | &nbsp;&nbsp; 1022295 |
| Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB | 4.00% | 08/15/2045 | 2260 | &nbsp;&nbsp; 2223455 |
| Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB | 3.00% | 08/15/2050 | 130 | &nbsp;&nbsp; 96234 |
| Harris (County of), TX Toll Road Authority (The), Series 2021, Ref. RB | 4.00% | 08/15/2050 | 725 | &nbsp;&nbsp; 684015 |
| Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB | 4.00% | 08/15/2043 | 110 | &nbsp;&nbsp; 110868 |
| Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB | 5.25% | 08/15/2049 | 1410 | &nbsp;&nbsp; 1518266 |
| Harris (County of), TX Toll Road Authority (The), Series 2024 A, RB | 5.25% | 08/15/2054 | 1385 | &nbsp;&nbsp; 1478589 |
| Harris County Cultural Education Facilities Finance Corp. (Houston Methodist Hospital), Series 2015, <br> RB<br>| 4.00% | 12/01/2045 | 2380 | &nbsp;&nbsp; 2242526 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2022 A, Ref. RB<br>| 4.13% | 07/01/2052 | 575 | &nbsp;&nbsp; 525033 |
| Harris County Cultural Education Facilities Finance Corp. (Memorial Hermann Health System), <br> Series 2022, Ref. RB<br>| 5.00% | 07/01/2052 | 315 | &nbsp;&nbsp; 324210 |
| Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2021 A, <br> RB<br>| 4.00% | 10/01/2042 | 180 | &nbsp;&nbsp; 180199 |
| Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2021, <br> RB<br>| 4.00% | 10/01/2047 | 535 | &nbsp;&nbsp; 504236 |
| Harris County Cultural Education Facilities Finance Corp. (Texas Children's Hospital), Series 2021, <br> RB<br>| 3.00% | 10/01/2051 | 885 | &nbsp;&nbsp; 648834 |
| Harris County Flood Control District, Series 2021 A, GO Bonds | 4.00% | 10/01/2046 | 30 | &nbsp;&nbsp; 29425 |
| Hays (County of), TX, Series 2017, GO Bonds | 4.00% | 02/15/2042 | 100 | &nbsp;&nbsp; 100337 |
| Hays (County of), TX, Series 2026, GO Bonds | 4.50% | 02/15/2051 | 250 | &nbsp;&nbsp; 250578 |
| Hays Consolidated Independent School District, Series 2017, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2042 | 250 | &nbsp;&nbsp; 250747 |

---

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

------

**160**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Hays Consolidated Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2047 | $40 | &nbsp;&nbsp; $38711 |
| Hays Consolidated Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 250 | &nbsp;&nbsp; 259711 |
| Hays Consolidated Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2045 | 45 | &nbsp;&nbsp; 49707 |
| Hays Consolidated Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2050 | 1010 | &nbsp;&nbsp; 1087994 |
| Hays Consolidated Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 3570 | &nbsp;&nbsp; 3814757 |
| Hidalgo (County of), TX, Series 2018 A, Ctfs. of Obligations | 4.00% | 08/15/2043 | 1945 | &nbsp;&nbsp; 1953121 |
| Highland Park Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2048 | 150 | &nbsp;&nbsp; 141734 |
| Houston (City of), TX, Series 2014 D, Ref. RB | 5.00% | 11/15/2044 | 20 | &nbsp;&nbsp; 20020 |
| Houston (City of), TX, Series 2017 B, Ref. RB | 5.00% | 11/15/2042 | 305 | &nbsp;&nbsp; 312849 |
| Houston (City of), TX, Series 2017, Ref. RB | 4.00% | 11/15/2047 | 135 | &nbsp;&nbsp; 129312 |
| Houston (City of), TX, Series 2018 D, Ref. RB | 5.00% | 11/15/2043 | 15 | &nbsp;&nbsp; 15577 |
| Houston (City of), TX, Series 2019 B, RB | 4.00% | 11/15/2044 | 65 | &nbsp;&nbsp; 65000 |
| Houston (City of), TX, Series 2019 B, RB | 5.00% | 11/15/2049 | 5 | &nbsp;&nbsp; 5171 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 4.00% | 11/15/2043 | 1000 | &nbsp;&nbsp; 1006292 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 5.00% | 11/15/2045 | 5 | &nbsp;&nbsp; 5285 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 3.00% | 11/15/2047 | 395 | &nbsp;&nbsp; 304498 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 4.00% | 11/15/2049 | 1500 | &nbsp;&nbsp; 1416409 |
| Houston (City of), TX, Series 2021 A, Ref. RB | 4.00% | 11/15/2046 | 740 | &nbsp;&nbsp; 715304 |
| Houston (City of), TX, Series 2021 A, Ref. RB | 4.00% | 11/15/2051 | 120 | &nbsp;&nbsp; 110238 |
| Houston (City of), TX, Series 2023 A, GO Bonds | 5.25% | 03/01/2042 | 120 | &nbsp;&nbsp; 132634 |
| Houston (City of), TX, Series 2023 A, GO Bonds | 5.25% | 03/01/2043 | 115 | &nbsp;&nbsp; 126443 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2041 | 70 | &nbsp;&nbsp; 77906 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2042 | 285 | &nbsp;&nbsp; 313798 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2043 | 190 | &nbsp;&nbsp; 207969 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.00% | 03/01/2044 | 150 | &nbsp;&nbsp; 162681 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 5.25% | 03/01/2049 | 1580 | &nbsp;&nbsp; 1693146 |
| Houston (City of), TX, Series 2024 A, GO Bonds | 4.13% | 03/01/2051 | 910 | &nbsp;&nbsp; 860462 |
| Houston (City of), TX, Series 2024 A, Ref. RB | 5.25% | 11/15/2049 | 175 | &nbsp;&nbsp; 190580 |
| Houston (City of), TX, Series 2024, Ref. RB | 5.25% | 11/15/2054 | 525 | &nbsp;&nbsp; 566545 |
| Humble Independent School District, Series 2020 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 2.25% | 02/15/2049 | 5 | &nbsp;&nbsp; 3253 |
| Humble Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 1710 | &nbsp;&nbsp; 1794847 |
| Humble Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2054 | 735 | &nbsp;&nbsp; 680737 |
| Humble Independent School District, Series 2026 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2055 | 60 | &nbsp;&nbsp; 62694 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2041 | 1270 | &nbsp;&nbsp; 1316773 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2042 | 890 | &nbsp;&nbsp; 914068 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2043 | 140 | &nbsp;&nbsp; 153483 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2044 | 235 | &nbsp;&nbsp; 254716 |
| Hurst-Euless-Bedford Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2050 | 1385 | &nbsp;&nbsp; 1307034 |
| Hutto (City of), TX, Series 2017, Ctfs. Of Obligations, (INS - AGI)<sup>(a)</sup> | 5.00% | 08/01/2057 | 1000 | &nbsp;&nbsp; 1008667 |
| Hutto (City of), TX, Series 2024, Ctfs. of Obligations, (INS - BAM)<sup>(a)</sup> | 4.13% | 08/01/2049 | 905 | &nbsp;&nbsp; 870305 |
| Hutto (City of), TX, Series 2024, Ctfs. of Obligations, (INS - BAM)<sup>(a)</sup> | 4.25% | 08/01/2054 | 710 | &nbsp;&nbsp; 679000 |
| Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2048 | 295 | &nbsp;&nbsp; 312116 |
| Hutto Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2053 | 1250 | &nbsp;&nbsp; 1308452 |
| Hutto Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2049 | 270 | &nbsp;&nbsp; 286566 |
| Hutto Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2054 | 405 | &nbsp;&nbsp; 425390 |

---

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

------

**161**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Hutto Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/01/2055 | $50 | &nbsp;&nbsp; $52691 |
| Irving Hospital Authority, Series 2017, RB | 5.00% | 10/15/2044 | 70 | &nbsp;&nbsp; 70118 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2041 | 20 | &nbsp;&nbsp; 21900 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2042 | 140 | &nbsp;&nbsp; 152654 |
| Irving Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2043 | 270 | &nbsp;&nbsp; 292791 |
| Jarrell Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2053 | 305 | &nbsp;&nbsp; 297740 |
| Jarrell Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2054 | 1100 | &nbsp;&nbsp; 1025445 |
| Joshua Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2049 | 100 | &nbsp;&nbsp; 93478 |
| Judson Independent School District, Series 2016, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/01/2045 | 45 | &nbsp;&nbsp; 43734 |
| Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/01/2049 | 155 | &nbsp;&nbsp; 148120 |
| Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2049 | 750 | &nbsp;&nbsp; 791787 |
| Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/01/2053 | 1605 | &nbsp;&nbsp; 1496719 |
| Judson Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2053 | 230 | &nbsp;&nbsp; 241313 |
| Katy Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2042 | 40 | &nbsp;&nbsp; 40611 |
| Katy Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 55 | &nbsp;&nbsp; 52931 |
| Katy Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2048 | 130 | &nbsp;&nbsp; 123352 |
| Katy Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2049 | 30 | &nbsp;&nbsp; 28493 |
| Katy Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 275 | &nbsp;&nbsp; 266138 |
| Katy Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2052 | 480 | &nbsp;&nbsp; 449840 |
| Katy Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 250 | &nbsp;&nbsp; 263202 |
| Katy Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2053 | 600 | &nbsp;&nbsp; 558595 |
| Katy Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2054 | 350 | &nbsp;&nbsp; 321541 |
| Katy Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2054 | 415 | &nbsp;&nbsp; 443877 |
| Katy Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 4.75% | 02/15/2055 | 45 | &nbsp;&nbsp; 46060 |
| Kaufman Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 340 | &nbsp;&nbsp; 323396 |
| Keller Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2044 | 1325 | &nbsp;&nbsp; 1330316 |
| Keller Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 355 | &nbsp;&nbsp; 342602 |
| Killeen Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 3.00% | 02/15/2044 | 40 | &nbsp;&nbsp; 34057 |
| Klein Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/01/2046 | 270 | &nbsp;&nbsp; 256671 |
| Krum Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 08/15/2054 | 375 | &nbsp;&nbsp; 356199 |
| Krum Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2057 | 250 | &nbsp;&nbsp; 260697 |
| La Vega Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 02/15/2054 | 275 | &nbsp;&nbsp; 260156 |
| Lake Travis Independent School District, Series 2023, GO Bonds | 4.00% | 02/15/2048 | 1455 | &nbsp;&nbsp; 1428039 |
| Lamar Consolidated Independent School District, Series 2015, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2048 | 250 | &nbsp;&nbsp; 232863 |
| Lamar Consolidated Independent School District, Series 2018, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2050 | 80 | &nbsp;&nbsp; 75242 |
| Lamar Consolidated Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2047 | 20 | &nbsp;&nbsp; 19355 |
| Lamar Consolidated Independent School District, Series 2021, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2046 | 10 | &nbsp;&nbsp; 8143 |
| Lamar Consolidated Independent School District, Series 2021, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2051 | 250 | &nbsp;&nbsp; 189238 |
| Lamar Consolidated Independent School District, Series 2021, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2056 | 30 | &nbsp;&nbsp; 21845 |
| Lamar Consolidated Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2047 | 135 | &nbsp;&nbsp; 131015 |
| Lamar Consolidated Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2052 | 115 | &nbsp;&nbsp; 107269 |
| Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2048 | 855 | &nbsp;&nbsp; 812510 |
| Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2053 | 1800 | &nbsp;&nbsp; 1862819 |
| Lamar Consolidated Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2058 | 1750 | &nbsp;&nbsp; 1804812 |

---

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

------

**162**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Lamar Consolidated Independent School District, Series 2023, GO Bonds | 4.00% | 02/15/2048 | $150 | &nbsp;&nbsp; $144077 |
| Lamar Consolidated Independent School District, Series 2023, GO Bonds | 4.00% | 02/15/2053 | 295 | &nbsp;&nbsp; 272475 |
| Lamar Consolidated Independent School District, Series 2023, GO Bonds | 4.25% | 02/15/2053 | 15 | &nbsp;&nbsp; 14552 |
| Lamar Consolidated Independent School District, Series 2023, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.50% | 02/15/2058 | 1200 | &nbsp;&nbsp; 1282120 |
| Lamar Consolidated Independent School District, Series 2024 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2044 | 420 | &nbsp;&nbsp; 422983 |
| Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 155 | &nbsp;&nbsp; 162158 |
| Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 750 | &nbsp;&nbsp; 694630 |
| Lamar Consolidated Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2059 | 1000 | &nbsp;&nbsp; 957160 |
| Laredo (City of), TX, Series 2022, RB | 4.25% | 03/01/2052 | 475 | &nbsp;&nbsp; 454379 |
| Laredo (City of), TX, Series 2024, RB | 4.00% | 03/01/2054 | 270 | &nbsp;&nbsp; 245069 |
| Leander (City of), TX, Series 2025, GO Bonds | 5.00% | 08/15/2055 | 245 | &nbsp;&nbsp; 258826 |
| Leander Independent School District, Series 2025 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2055 | 85 | &nbsp;&nbsp; 89322 |
| Lewisville Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2041 | 140 | &nbsp;&nbsp; 143672 |
| Lewisville Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2042 | 115 | &nbsp;&nbsp; 127101 |
| Lewisville Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2043 | 125 | &nbsp;&nbsp; 136481 |
| Lewisville Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2044 | 185 | &nbsp;&nbsp; 199805 |
| Liberty Hill Independent School District, Series 2021, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/01/2046 | 25 | &nbsp;&nbsp; 24554 |
| Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.38% | 02/01/2047 | 1000 | &nbsp;&nbsp; 1008539 |
| Liberty Hill Independent School District, Series 2022 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/01/2052 | 3265 | &nbsp;&nbsp; 3380129 |
| Liberty Hill Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/01/2057 | 10 | &nbsp;&nbsp; 9584 |
| Little Elm Independent School District, Series 2023, GO Bonds | 4.25% | 08/15/2053 | 610 | &nbsp;&nbsp; 582448 |
| Lone Star College System, Series 2017 A, GO Bonds | 5.00% | 08/15/2042 | 65 | &nbsp;&nbsp; 65975 |
| Lone Star College System, Series 2017 A, GO Bonds | 4.00% | 08/15/2046 | 5 | &nbsp;&nbsp; 4896 |
| Longview Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 400 | &nbsp;&nbsp; 381026 |
| Lower Colorado River Authority, Series 2025, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 05/15/2050 | 5 | &nbsp;&nbsp; 5419 |
| Lower Colorado River Authority, Series 2025, Ref. RB, (INS - BAM)<sup>(a)</sup> | 5.00% | 05/15/2055 | 300 | &nbsp;&nbsp; 313875 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB | 5.00% | 05/15/2043 | 280 | &nbsp;&nbsp; 288398 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2018, Ref. RB | 5.00% | 05/15/2048 | 135 | &nbsp;&nbsp; 137523 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 5.00% | 05/15/2044 | 775 | &nbsp;&nbsp; 786857 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2019, Ref. RB | 3.88% | 05/15/2049 | 210 | &nbsp;&nbsp; 187897 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB | 5.00% | 05/15/2045 | 505 | &nbsp;&nbsp; 528509 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2020, RB | 5.00% | 05/15/2050 | 770 | &nbsp;&nbsp; 792708 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021 A, RB | 5.00% | 05/15/2046 | 220 | &nbsp;&nbsp; 231310 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, RB | 5.00% | 05/15/2051 | 260 | &nbsp;&nbsp; 269115 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2046 | 255 | &nbsp;&nbsp; 265787 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2021, Ref. RB | 5.00% | 05/15/2051 | 430 | &nbsp;&nbsp; 442422 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2022, Ref. RB | 5.00% | 05/15/2047 | 980 | &nbsp;&nbsp; 1024731 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB | 5.25% | 05/15/2048 | 960 | &nbsp;&nbsp; 1029981 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.50% | 05/15/2048 | 355 | &nbsp;&nbsp; 384559 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 05/15/2053 | 830 | &nbsp;&nbsp; 880009 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2023, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.50% | 05/15/2053 | 60 | &nbsp;&nbsp; 64154 |

---

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

------

**163**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/15/2044 | $245 | &nbsp;&nbsp; $268556 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/15/2049 | 520 | &nbsp;&nbsp; 551224 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/15/2054 | 1100 | &nbsp;&nbsp; 1147794 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.00% | 05/15/2049 | 705 | &nbsp;&nbsp; 742894 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2024, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.25% | 05/15/2054 | 670 | &nbsp;&nbsp; 708461 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2050 | 380 | &nbsp;&nbsp; 400210 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB | 5.00% | 05/15/2055 | 1370 | &nbsp;&nbsp; 1422843 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.00% | 05/15/2055 | 235 | &nbsp;&nbsp; 244885 |
| Lower Colorado River Authority (LCRA Transmission Services Corp.), Series 2025, Ref. RB, <br> (INS - BAM)<sup>(a)</sup><br>| 5.50% | 05/15/2055 | 40 | &nbsp;&nbsp; 43731 |
| Lubbock (City of), TX, Series 2021, RB | 4.00% | 04/15/2046 | 1415 | &nbsp;&nbsp; 1366284 |
| Lubbock (City of), TX, Series 2021, RB | 4.00% | 04/15/2051 | 825 | &nbsp;&nbsp; 752172 |
| Lubbock Independent School District, Series 2019, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 5 | &nbsp;&nbsp; 4742 |
| Lubbock Independent School District, Series 2020, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2050 | 510 | &nbsp;&nbsp; 480365 |
| Lubbock Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.50% | 02/15/2055 | 515 | &nbsp;&nbsp; 515060 |
| Lubbock-Cooper Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 02/15/2053 | 40 | &nbsp;&nbsp; 38021 |
| Lubbock-Cooper Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.38% | 02/15/2053 | 20 | &nbsp;&nbsp; 19454 |
| Mabank Independent School District, Series 2024, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2049 | 100 | &nbsp;&nbsp; 93064 |
| Magnolia Independent School District, Series 2023, GO Bonds | 4.00% | 08/15/2047 | 230 | &nbsp;&nbsp; 221290 |
| Mansfield Independent School District, Series 2019 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2044 | 400 | &nbsp;&nbsp; 397711 |
| Mansfield Independent School District, Series 2019 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 85 | &nbsp;&nbsp; 80375 |
| Mansfield Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 430 | &nbsp;&nbsp; 409603 |
| Mansfield Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 550 | &nbsp;&nbsp; 506920 |
| Mansfield Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2050 | 2850 | &nbsp;&nbsp; 3008677 |
| Mansfield Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 1000 | &nbsp;&nbsp; 1069325 |
| Medina Valley Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.50% | 02/15/2047 | 100 | &nbsp;&nbsp; 100931 |
| Medina Valley Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2053 | 1505 | &nbsp;&nbsp; 1368114 |
| Medina Valley Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 250 | &nbsp;&nbsp; 267140 |
| Melissa Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/01/2052 | 310 | &nbsp;&nbsp; 321033 |
| Melissa Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/01/2054 | 200 | &nbsp;&nbsp; 184648 |
| Mesquite Independent School District, Series 2018, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2048 | 250 | &nbsp;&nbsp; 252974 |
| Mesquite Independent School District, Series 2019, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2044 | 40 | &nbsp;&nbsp; 39442 |
| Mesquite Independent School District, Series 2020 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2045 | 1115 | &nbsp;&nbsp; 1098651 |

---

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

------

**164**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2043 | $250 | &nbsp;&nbsp; $279748 |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2045 | 250 | &nbsp;&nbsp; 273694 |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2046 | 40 | &nbsp;&nbsp; 43280 |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2047 | 350 | &nbsp;&nbsp; 383691 |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.50% | 08/15/2049 | 250 | &nbsp;&nbsp; 250936 |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2049 | 300 | &nbsp;&nbsp; 319069 |
| Mesquite Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2052 | 1000 | &nbsp;&nbsp; 1077208 |
| Midland (City of), TX, Series 2022 B, Ref. GO Bonds | 5.00% | 03/01/2047 | 1585 | &nbsp;&nbsp; 1665277 |
| Midland Independent School District, Series 2024, GO Bonds<sup>(d)(e)</sup> | 5.00% | 02/15/2028 | 40 | &nbsp;&nbsp; 42139 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2042 | 870 | &nbsp;&nbsp; 885500 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2044 | 15 | &nbsp;&nbsp; 15077 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 1575 | &nbsp;&nbsp; 1658693 |
| Midland Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2054 | 1435 | &nbsp;&nbsp; 1324747 |
| Midlothian Independent School District, Series 2020, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2045 | 150 | &nbsp;&nbsp; 125590 |
| Montgomery (County of), TX, Series 2018, RB | 5.00% | 09/15/2048 | 1000 | &nbsp;&nbsp; 1000254 |
| Montgomery Independent School District, Series 2015, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2045 | 1320 | &nbsp;&nbsp; 1281803 |
| Montgomery Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2047 | 90 | &nbsp;&nbsp; 86494 |
| Montgomery Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2053 | 1020 | &nbsp;&nbsp; 958775 |
| Montgomery Independent School District, Series 2024 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 520 | &nbsp;&nbsp; 487134 |
| New Braunfels (City of), TX, Series 2022, RB | 5.00% | 07/01/2053 | 35 | &nbsp;&nbsp; 36196 |
| New Braunfels (City of), TX, Series 2024, Ref. RB | 4.00% | 07/01/2055 | 435 | &nbsp;&nbsp; 394098 |
| New Braunfels Independent School District, Series 2022, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 2.75% | 02/01/2049 | 150 | &nbsp;&nbsp; 109841 |
| New Braunfels Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/01/2052 | 65 | &nbsp;&nbsp; 60640 |
| New Caney Independent School District, Series 2015, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2045 | 90 | &nbsp;&nbsp; 87855 |
| New Caney Independent School District, Series 2023, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 1025 | &nbsp;&nbsp; 1081414 |
| New Caney Independent School District, Series 2023, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2053 | 1000 | &nbsp;&nbsp; 1040893 |
| New Caney Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 535 | &nbsp;&nbsp; 508873 |
| New Caney Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 265 | &nbsp;&nbsp; 245436 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025, RB | 5.25% | 08/15/2043 | 70 | &nbsp;&nbsp; 78233 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025, RB | 5.25% | 08/15/2044 | 250 | &nbsp;&nbsp; 276061 |
| New Hope Cultural Education Facilities Finance Corp., Series 2025, RB | 5.00% | 08/15/2052 | 455 | &nbsp;&nbsp; 470953 |
| New Hope Cultural Education Facilities Finance Corp. (Children's Health System of Texas), <br> Series 2017 A, Ref. RB<br>| 5.00% | 08/15/2047 | 70 | &nbsp;&nbsp; 70845 |
| New Hope Cultural Education Facilities Finance Corp. (Westminster), Series 2021, RB | 4.00% | 11/01/2055 | 1000 | &nbsp;&nbsp; 833140 |
| New Hope Higher Education Finance Corp., Series 2026, RB | 5.00% | 03/15/2051 | 500 | &nbsp;&nbsp; 524053 |
| New Hope Higher Education Finance Corp., Series 2026, RB | 5.00% | 03/15/2055 | 1000 | &nbsp;&nbsp; 1041428 |
| Newark High Education Finance Corp. (Abilene Christian University Project), Series 2022, Ref. RB | 4.00% | 04/01/2057 | 1000 | &nbsp;&nbsp; 840479 |
| North Fort Bend Water Authority, Series 2019 A, Ref. RB | 4.00% | 12/15/2044 | 345 | &nbsp;&nbsp; 340341 |
| North Fort Bend Water Authority, Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 12/15/2060 | 25 | &nbsp;&nbsp; 21971 |

---

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

------

**165**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| North Harris (County of), TX Regional Water Authority, Series 2016, Ref. RB | 4.00% | 12/15/2041 | $295 | &nbsp;&nbsp; $295646 |
| North Texas Municipal Water District, Series 2016, Ref. RB | 4.00% | 09/01/2046 | 100 | &nbsp;&nbsp; 97680 |
| North Texas Municipal Water District, Series 2025, RB | 5.00% | 06/01/2053 | 300 | &nbsp;&nbsp; 315148 |
| North Texas Municipal Water District, Series 2025, RB | 5.00% | 06/01/2055 | 1000 | &nbsp;&nbsp; 1042896 |
| North Texas Municipal Water District, Series 2025, Ref. RB | 5.00% | 09/01/2043 | 80 | &nbsp;&nbsp; 88859 |
| North Texas Municipal Water District, Series 2025, Ref. RB | 5.00% | 09/01/2044 | 70 | &nbsp;&nbsp; 77068 |
| North Texas Municipal Water District, Series 2025, Ref. RB | 5.00% | 09/01/2055 | 1860 | &nbsp;&nbsp; 1939540 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 4.00% | 01/01/2043 | 1210 | &nbsp;&nbsp; 1213178 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2043 | 3065 | &nbsp;&nbsp; 3167152 |
| North Texas Tollway Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2048 | 115 | &nbsp;&nbsp; 117167 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2043 | 440 | &nbsp;&nbsp; 445804 |
| North Texas Tollway Authority, Series 2017 B, Ref. RB | 5.00% | 01/01/2048 | 165 | &nbsp;&nbsp; 166353 |
| North Texas Tollway Authority, Series 2018, Ref. RB | 5.00% | 01/01/2048 | 885 | &nbsp;&nbsp; 898861 |
| North Texas Tollway Authority, Series 2018, Ref. RB | 4.25% | 01/01/2049 | 150 | &nbsp;&nbsp; 142982 |
| North Texas Tollway Authority, Series 2019 A, Ref. RB | 4.00% | 01/01/2044 | 960 | &nbsp;&nbsp; 960791 |
| North Texas Tollway Authority, Series 2021 B, RB | 3.00% | 01/01/2046 | 35 | &nbsp;&nbsp; 28163 |
| North Texas Tollway Authority, Series 2021 B, RB | 3.00% | 01/01/2051 | 165 | &nbsp;&nbsp; 121563 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.25% | 01/01/2042 | 560 | &nbsp;&nbsp; 634322 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.25% | 01/01/2044 | 320 | &nbsp;&nbsp; 356948 |
| North Texas Tollway Authority, Series 2024 A, Ref. RB | 5.00% | 01/01/2045 | 225 | &nbsp;&nbsp; 244779 |
| Northside Independent School District, Series 2017, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 06/01/2047 | 150 | &nbsp;&nbsp; 118723 |
| Northside Independent School District, Series 2024 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2049 | 1300 | &nbsp;&nbsp; 1209831 |
| Northside Independent School District, Series 2024 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 08/15/2054 | 1220 | &nbsp;&nbsp; 1132845 |
| Northside Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2050 | 230 | &nbsp;&nbsp; 242776 |
| Northside Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2055 | 355 | &nbsp;&nbsp; 372603 |
| Northwest Independent School District, Series 2019, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2044 | 115 | &nbsp;&nbsp; 114052 |
| Northwest Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2045 | 550 | &nbsp;&nbsp; 549776 |
| Northwest Independent School District, Series 2022 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 600 | &nbsp;&nbsp; 627480 |
| Northwest Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2047 | 465 | &nbsp;&nbsp; 451904 |
| Northwest Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2048 | 1235 | &nbsp;&nbsp; 1192162 |
| Northwest Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 1225 | &nbsp;&nbsp; 1281105 |
| Northwest Independent School District, Series 2024 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 1025 | &nbsp;&nbsp; 1076646 |
| Northwest Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2049 | 840 | &nbsp;&nbsp; 882325 |
| Northwest Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2050 | 2000 | &nbsp;&nbsp; 2112878 |
| Northwest Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2055 | 1650 | &nbsp;&nbsp; 1730264 |
| Northwest Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 2860 | &nbsp;&nbsp; 3060464 |
| Pasadena Independent School District, Series 2018, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2044 | 5 | &nbsp;&nbsp; 5005 |
| Pasadena Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2052 | 295 | &nbsp;&nbsp; 275167 |
| Pasadena Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2053 | 45 | &nbsp;&nbsp; 42971 |

---

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

------

**166**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Pearland (City of), TX, Series 2025 B, GO Bonds | 5.25% | 09/01/2055 | $455 | &nbsp;&nbsp; $481903 |
| Permanent University Fund - Texas A&M University System, Series 2025 A, Ref. RB | 5.00% | 07/01/2054 | 525 | &nbsp;&nbsp; 555253 |
| Permanent University Fund - University of Texas System, Series 2016 B, RB | 4.00% | 07/01/2041 | 5 | &nbsp;&nbsp; 5003 |
| Permanent University Fund - University of Texas System, Series 2022 A, RB | 5.00% | 07/01/2042 | 375 | &nbsp;&nbsp; 407971 |
| Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB | 4.00% | 07/01/2041 | 135 | &nbsp;&nbsp; 138850 |
| Permanent University Fund - University of Texas System, Series 2023 A, Ref. RB | 5.00% | 07/01/2041 | 710 | &nbsp;&nbsp; 794333 |
| Permanent University Fund - University of Texas System, Series 2024 A, Ref. RB | 4.00% | 07/01/2049 | 350 | &nbsp;&nbsp; 334539 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB | 5.00% | 07/01/2043 | 20 | &nbsp;&nbsp; 22421 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB | 5.00% | 07/01/2044 | 305 | &nbsp;&nbsp; 337821 |
| Permanent University Fund - University of Texas System, Series 2025 A, Ref. RB | 5.00% | 07/01/2051 | 20 | &nbsp;&nbsp; 21207 |
| Pflugerville (City of), TX, Series 2023 A, GO Bonds | 4.13% | 08/01/2053 | 45 | &nbsp;&nbsp; 42642 |
| Pflugerville (City of), TX, Series 2023, Ctfs. of Obligations | 5.00% | 08/01/2053 | 410 | &nbsp;&nbsp; 426174 |
| Pflugerville (City of), TX, Series 2023, GO Bonds | 4.00% | 08/01/2049 | 590 | &nbsp;&nbsp; 558312 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2042 | 260 | &nbsp;&nbsp; 282907 |
| Plano Independent School District, Series 2023, GO Bonds | 5.00% | 02/15/2043 | 250 | &nbsp;&nbsp; 271441 |
| Port Arthur Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2055 | 900 | &nbsp;&nbsp; 944487 |
| Princeton Independent School District, Series 2017, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2047 | 20 | &nbsp;&nbsp; 20223 |
| Princeton Independent School District, Series 2021, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/15/2051 | 10 | &nbsp;&nbsp; 7529 |
| Princeton Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2053 | 175 | &nbsp;&nbsp; 166849 |
| Princeton Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2054 | 1500 | &nbsp;&nbsp; 1565491 |
| Princeton Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2050 | 280 | &nbsp;&nbsp; 295376 |
| Princeton Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 595 | &nbsp;&nbsp; 635793 |
| Prosper Independent School District, Series 2015, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2043 | 220 | &nbsp;&nbsp; 220003 |
| Prosper Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2047 | 1000 | &nbsp;&nbsp; 1008934 |
| Prosper Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2044 | 15 | &nbsp;&nbsp; 15380 |
| Prosper Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2049 | 1855 | &nbsp;&nbsp; 1901067 |
| Prosper Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 80 | &nbsp;&nbsp; 76884 |
| Prosper Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2052 | 450 | &nbsp;&nbsp; 420405 |
| Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2048 | 765 | &nbsp;&nbsp; 729065 |
| Prosper Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2053 | 615 | &nbsp;&nbsp; 567108 |
| Prosper Independent School District, Series 2024 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2047 | 90 | &nbsp;&nbsp; 96046 |
| Prosper Independent School District, Series 2024 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 1010 | &nbsp;&nbsp; 959267 |
| Prosper Independent School District, Series 2024 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2054 | 970 | &nbsp;&nbsp; 896929 |
| Prosper Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2054 | 1940 | &nbsp;&nbsp; 1793858 |
| Prosper Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2050 | 250 | &nbsp;&nbsp; 263728 |
| Prosper Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 4.75% | 02/15/2055 | 215 | &nbsp;&nbsp; 219425 |
| Prosper Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 02/15/2055 | 370 | &nbsp;&nbsp; 397072 |
| Prosper Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.50% | 02/15/2055 | 830 | &nbsp;&nbsp; 823590 |
| Prosper Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 930 | &nbsp;&nbsp; 1001142 |
| Red Oak Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 450 | &nbsp;&nbsp; 480852 |
| Richardson Independent School District, Series 2017, GO Bonds<sup>(d)(e)</sup> | 5.00% | 03/24/2026 | 785 | &nbsp;&nbsp; 786335 |
| Rockwall Independent School District, Series 2022 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2047 | 260 | &nbsp;&nbsp; 271183 |

---

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

------

**167**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Rockwall Independent School District, Series 2022 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2052 | $5 | &nbsp;&nbsp; $5155 |
| Rockwall Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2048 | 50 | &nbsp;&nbsp; 53372 |
| Rockwall Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2053 | 1865 | &nbsp;&nbsp; 1730764 |
| Round Rock Independent School District, Series 2025 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/01/2044 | 470 | &nbsp;&nbsp; 472909 |
| Round Rock Independent School District, Series 2025 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/01/2045 | 15 | &nbsp;&nbsp; 16298 |
| Royse (City of), TX Independent School District, Series 2021, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2051 | 115 | &nbsp;&nbsp; 107584 |
| Royse (City of), TX Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 355 | &nbsp;&nbsp; 371875 |
| Royse (City of), TX Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2053 | 210 | &nbsp;&nbsp; 217583 |
| Royse (City of), TX Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2058 | 350 | &nbsp;&nbsp; 372864 |
| Sabine-Neches Navigation District (Sabine-Neches Waterway), Series 2022, GO Bonds | 4.63% | 02/15/2047 | 1010 | &nbsp;&nbsp; 1022574 |
| Sabine-Neches Navigation District (Sabine-Neches Waterway), Series 2022, GO Bonds | 5.25% | 02/15/2052 | 70 | &nbsp;&nbsp; 73173 |
| Salado Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2054 | 1275 | &nbsp;&nbsp; 1200439 |
| San Angelo Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 580 | &nbsp;&nbsp; 619764 |
| San Antonio (City of), TX, Series 2016 C, Ref. RB | 5.00% | 05/15/2041 | 50 | &nbsp;&nbsp; 50606 |
| San Antonio (City of), TX, Series 2017, RB | 5.00% | 02/01/2047 | 1840 | &nbsp;&nbsp; 1868274 |
| San Antonio (City of), TX, Series 2017, Ref. RB | 5.00% | 02/01/2042 | 15 | &nbsp;&nbsp; 15233 |
| San Antonio (City of), TX, Series 2017, Ref. RB | 4.00% | 02/01/2047 | 710 | &nbsp;&nbsp; 685782 |
| San Antonio (City of), TX, Series 2018 A, Ref. RB | 5.00% | 05/15/2043 | 500 | &nbsp;&nbsp; 515747 |
| San Antonio (City of), TX, Series 2018 A, Ref. RB | 5.00% | 05/15/2048 | 50 | &nbsp;&nbsp; 50987 |
| San Antonio (City of), TX, Series 2020 A, Ref. RB | 5.00% | 05/15/2050 | 3000 | &nbsp;&nbsp; 3101316 |
| San Antonio (City of), TX, Series 2020 C, RB | 5.00% | 05/15/2046 | 2450 | &nbsp;&nbsp; 2553640 |
| San Antonio (City of), TX, Series 2020 C, RB | 4.00% | 05/15/2050 | 930 | &nbsp;&nbsp; 885650 |
| San Antonio (City of), TX, Series 2020, RB | 5.00% | 02/01/2049 | 545 | &nbsp;&nbsp; 559767 |
| San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2046 | 320 | &nbsp;&nbsp; 335475 |
| San Antonio (City of), TX, Series 2021 A, RB | 5.00% | 02/01/2049 | 520 | &nbsp;&nbsp; 540611 |
| San Antonio (City of), TX, Series 2021 A, Ref. RB | 4.00% | 05/15/2051 | 370 | &nbsp;&nbsp; 349889 |
| San Antonio (City of), TX, Series 2022 B, RB | 5.25% | 05/15/2052 | 750 | &nbsp;&nbsp; 795010 |
| San Antonio (City of), TX, Series 2023 A, RB | 5.25% | 02/01/2042 | 40 | &nbsp;&nbsp; 44841 |
| San Antonio (City of), TX, Series 2023 A, Ref. RB | 5.25% | 02/01/2046 | 225 | &nbsp;&nbsp; 244717 |
| San Antonio (City of), TX, Series 2023 A, Ref. RB | 5.25% | 05/15/2048 | 80 | &nbsp;&nbsp; 86090 |
| San Antonio (City of), TX, Series 2023 A, Ref. RB | 5.50% | 02/01/2050 | 1000 | &nbsp;&nbsp; 1088773 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2041 | 5 | &nbsp;&nbsp; 5613 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.00% | 02/01/2042 | 35 | &nbsp;&nbsp; 39013 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.25% | 02/01/2043 | 40 | &nbsp;&nbsp; 45098 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.25% | 02/01/2044 | 55 | &nbsp;&nbsp; 61550 |
| San Antonio (City of), TX, Series 2024 A, RB | 5.25% | 02/01/2049 | 1860 | &nbsp;&nbsp; 2005313 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2043 | 170 | &nbsp;&nbsp; 188197 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2044 | 85 | &nbsp;&nbsp; 93398 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.25% | 02/01/2049 | 680 | &nbsp;&nbsp; 733125 |
| San Antonio (City of), TX, Series 2024 B, Ref. RB | 5.00% | 02/01/2054 | 1015 | &nbsp;&nbsp; 1054133 |
| San Antonio (City of), TX, Series 2024 C, RB | 5.00% | 02/01/2054 | 305 | &nbsp;&nbsp; 316759 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB | 5.00% | 02/01/2044 | 135 | &nbsp;&nbsp; 149011 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB | 5.00% | 02/01/2049 | 5 | &nbsp;&nbsp; 5279 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB | 5.25% | 02/01/2049 | 670 | &nbsp;&nbsp; 724924 |
| San Antonio (City of), TX, Series 2024 D, Ref. RB | 5.25% | 02/01/2054 | 235 | &nbsp;&nbsp; 249853 |
| San Antonio (City of), TX, Series 2024 E, Ref. RB | 5.25% | 02/01/2049 | 300 | &nbsp;&nbsp; 324593 |
| San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB | 4.00% | 04/01/2046 | 750 | &nbsp;&nbsp; 646059 |
| San Antonio Education Facilities Corp. (University of the Incarnate Word), Series 2021, Ref. RB | 4.00% | 04/01/2051 | 750 | &nbsp;&nbsp; 615533 |

---

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

------

**168**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| San Antonio Independent School District, Series 2019, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 08/15/2049 | $250 | &nbsp;&nbsp; $195084 |
| San Antonio Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2047 | 715 | &nbsp;&nbsp; 750370 |
| San Antonio Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 08/15/2052 | 115 | &nbsp;&nbsp; 118804 |
| San Antonio Municipal Facilities Corp. (City Tower Renovation), Series 2021, RB | 4.00% | 08/01/2048 | 365 | &nbsp;&nbsp; 355120 |
| San Antonio Public Facilities Corp., Series 2012, Ref. RB | 4.00% | 09/15/2042 | 1985 | &nbsp;&nbsp; 1984918 |
| San Jacinto Community College District, Series 2016 A, GO Bonds | 4.00% | 02/15/2046 | 270 | &nbsp;&nbsp; 264271 |
| San Jacinto Community College District, Series 2019 A, GO Bonds | 5.00% | 02/15/2044 | 15 | &nbsp;&nbsp; 15574 |
| San Jacinto Community College District, Series 2019 A, GO Bonds | 5.00% | 02/15/2049 | 1910 | &nbsp;&nbsp; 1954433 |
| San Marcos Consolidated Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2047 | 1005 | &nbsp;&nbsp; 1079970 |
| Sanger Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2047 | 515 | &nbsp;&nbsp; 497401 |
| Sanger Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2052 | 150 | &nbsp;&nbsp; 139775 |
| Seguin (City of), TX, Series 2022 A, Ctfs. of Obligations | 5.25% | 09/01/2057 | 810 | &nbsp;&nbsp; 844894 |
| Seguin (City of), TX, Series 2024, Ctfs. of Obligations | 5.25% | 09/01/2058 | 90 | &nbsp;&nbsp; 94264 |
| Seguin (City of), TX, Series 2025, Ctfs. of Obligations | 5.50% | 09/01/2059 | 365 | &nbsp;&nbsp; 395055 |
| Sherman Independent School District, Series 2018 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2045 | 10 | &nbsp;&nbsp; 10223 |
| Sherman Independent School District, Series 2023 B, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2053 | 1000 | &nbsp;&nbsp; 1034294 |
| Sherman Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2053 | 520 | &nbsp;&nbsp; 542026 |
| Smith (County of), TX, Series 2023, GO Bonds | 5.00% | 08/15/2043 | 415 | &nbsp;&nbsp; 449260 |
| Socorro Independent School District, Series 2018, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2043 | 80 | &nbsp;&nbsp; 81107 |
| Socorro Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2044 | 1025 | &nbsp;&nbsp; 1019177 |
| Socorro Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2045 | 55 | &nbsp;&nbsp; 53833 |
| Southwest Higher Education Authority, Inc. (Southern Methodist University), Series 2013 A, RB | 4.00% | 10/01/2042 | 555 | &nbsp;&nbsp; 554981 |
| Southwest Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/01/2046 | 160 | &nbsp;&nbsp; 168078 |
| Southwest Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/01/2053 | 910 | &nbsp;&nbsp; 847253 |
| Splendora Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.10% | 02/15/2048 | 350 | &nbsp;&nbsp; 335610 |
| Splendora Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2053 | 160 | &nbsp;&nbsp; 152548 |
| Spring Branch Independent School District, Series 2019, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 3.00% | 02/01/2043 | 40 | &nbsp;&nbsp; 34918 |
| Spring Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2042 | 250 | &nbsp;&nbsp; 250976 |
| Spring Independent School District, Series 2019, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2043 | 295 | &nbsp;&nbsp; 296297 |
| Spring Independent School District, Series 2023, GO Bonds | 5.00% | 08/15/2047 | 1100 | &nbsp;&nbsp; 1158770 |
| Spring Independent School District, Series 2023, GO Bonds | 4.00% | 08/15/2052 | 1120 | &nbsp;&nbsp; 1033430 |
| Spring Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2055 | 1150 | &nbsp;&nbsp; 1237044 |
| Sunnyvale Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2055 | 1000 | &nbsp;&nbsp; 961646 |
| Tarrant (County of), TX, Series 2022, GO Bonds | 4.00% | 07/15/2047 | 60 | &nbsp;&nbsp; 58441 |
| Tarrant (County of), TX Hospital District, Series 2023, GO Bonds | 4.00% | 08/15/2043 | 840 | &nbsp;&nbsp; 849072 |
| Tarrant (County of), TX Hospital District, Series 2023, GO Bonds | 4.25% | 08/15/2048 | 625 | &nbsp;&nbsp; 611738 |
| Tarrant (County of), TX Hospital District, Series 2023, GO Bonds | 5.25% | 08/15/2048 | 55 | &nbsp;&nbsp; 58515 |
| Tarrant (County of), TX Hospital District, Series 2023, GO Bonds | 4.25% | 08/15/2053 | 225 | &nbsp;&nbsp; 214498 |
| Tarrant (County of), TX Regional Water District, Series 2024, Ref. RB | 4.00% | 03/01/2054 | 500 | &nbsp;&nbsp; 461239 |
| Tarrant (County of), TX Regional Water District, Series 2025, RB | 4.25% | 09/01/2055 | 275 | &nbsp;&nbsp; 262056 |
| Tarrant County College District, Series 2022, GO Bonds | 4.00% | 08/15/2042 | 225 | &nbsp;&nbsp; 230217 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2016, RB | 5.00% | 11/15/2046 | 200 | &nbsp;&nbsp; 198666 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2022 A, RB | 5.00% | 07/01/2053 | 10 | &nbsp;&nbsp; 10203 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025 A, RB | 5.50% | 11/15/2052 | 765 | &nbsp;&nbsp; 829602 |

---

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

------

**169**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2025 A, RB | 5.00% | 11/15/2055 | $1000 | &nbsp;&nbsp; $1041433 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2026, Ref. RB | 5.00% | 11/15/2044 | 1000 | &nbsp;&nbsp; 1098927 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), <br> Series 2016 A, Ref. RB<sup>(d)(e)</sup><br>| 4.00% | 05/15/2026 | 765 | &nbsp;&nbsp; 767486 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), <br> Series 2016, Ref. RB<sup>(d)(e)</sup><br>| 5.00% | 05/15/2026 | 690 | &nbsp;&nbsp; 693625 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), <br> Series 2022, RB<br>| 5.50% | 11/15/2047 | 25 | &nbsp;&nbsp; 26799 |
| Tarrant County Cultural Education Facilities Finance Corp. (Baylor Scott & White Health), <br> Series 2022, RB<br>| 5.00% | 11/15/2051 | 1220 | &nbsp;&nbsp; 1260297 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2043 | 525 | &nbsp;&nbsp; 543946 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2018 B, RB | 5.00% | 07/01/2048 | 1000 | &nbsp;&nbsp; 1017585 |
| Tarrant County Cultural Education Facilities Finance Corp. (Christus Health), Series 2022 A, RB | 4.00% | 07/01/2053 | 1790 | &nbsp;&nbsp; 1589951 |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), <br> Series 2020, Ref. RB<br>| 4.00% | 12/01/2045 | 340 | &nbsp;&nbsp; 328614 |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), <br> Series 2020, Ref. RB<br>| 3.00% | 12/01/2050 | 975 | &nbsp;&nbsp; 716432 |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), <br> Series 2025, Ref. RB<br>| 5.25% | 12/01/2049 | 260 | &nbsp;&nbsp; 278074 |
| Tarrant County Cultural Education Facilities Finance Corp. (Cook Children's Medical Center), <br> Series 2025, Ref. RB<br>| 4.13% | 12/01/2054 | 660 | &nbsp;&nbsp; 604597 |
| Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), <br> Series 2022, RB<br>| 4.00% | 10/01/2042 | 340 | &nbsp;&nbsp; 341685 |
| Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), <br> Series 2022, RB<br>| 4.00% | 10/01/2047 | 580 | &nbsp;&nbsp; 532552 |
| Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas), <br> Series 2022, RB<br>| 4.00% | 10/01/2052 | 470 | &nbsp;&nbsp; 417950 |
| Tarrant County Cultural Education Facilities Finance Corp. (Texas Health Resources System), <br> Series 2016, Ref. RB<br>| 4.00% | 02/15/2047 | 1400 | &nbsp;&nbsp; 1321382 |
| Temple College, Series 2021, GO Bonds | 3.00% | 07/01/2046 | 60 | &nbsp;&nbsp; 47999 |
| Tennessee (State of), Series 2014 A, Ref. GO Bonds | 4.00% | 10/01/2044 | 145 | &nbsp;&nbsp; 145006 |
| Terrell Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/01/2050 | 1000 | &nbsp;&nbsp; 1079651 |
| Terrell Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/01/2055 | 910 | &nbsp;&nbsp; 974987 |
| Texarkana Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2053 | 65 | &nbsp;&nbsp; 59464 |
| Texas (State of), Series 2016, GO Bonds | 5.00% | 04/01/2046 | 25 | &nbsp;&nbsp; 25034 |
| Texas (State of), Series 2022 B, Ref. GO Bonds | 5.00% | 08/01/2041 | 575 | &nbsp;&nbsp; 575895 |
| Texas (State of), Series 2025 E, GO Bonds | 4.75% | 02/01/2056 | 800 | &nbsp;&nbsp; 828196 |
| Texas (State of), Series 2025, Ref. GO Bonds | 5.00% | 10/01/2042 | 1000 | &nbsp;&nbsp; 1132478 |
| Texas (State of), Series 2025, Ref. GO Bonds | 5.00% | 10/01/2043 | 1250 | &nbsp;&nbsp; 1404750 |
| Texas (State of), Series 2025, Ref. GO Bonds | 5.00% | 10/01/2044 | 1285 | &nbsp;&nbsp; 1431914 |
| Texas (State of) Transportation Commission, Series 2019, RB | 5.00% | 08/01/2057 | 75 | &nbsp;&nbsp; 75826 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. <br> RB<br>| 5.00% | 08/15/2041 | 150 | &nbsp;&nbsp; 167116 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2024 C, Ref. <br> RB<br>| 5.00% | 08/15/2042 | 240 | &nbsp;&nbsp; 266080 |
| Texas (State of) Water Development Board, Series 2015 A, RB | 4.00% | 10/15/2045 | 335 | &nbsp;&nbsp; 327537 |
| Texas (State of) Water Development Board, Series 2015, RB | 4.00% | 10/15/2050 | 215 | &nbsp;&nbsp; 200194 |
| Texas (State of) Water Development Board, Series 2016, RB | 4.00% | 10/15/2041 | 605 | &nbsp;&nbsp; 605002 |
| Texas (State of) Water Development Board, Series 2016, RB | 5.00% | 10/15/2046 | 355 | &nbsp;&nbsp; 356180 |
| Texas (State of) Water Development Board, Series 2017 A, RB | 4.00% | 10/15/2042 | 795 | &nbsp;&nbsp; 798191 |
| Texas (State of) Water Development Board, Series 2017 A, RB | 5.00% | 10/15/2047 | 2065 | &nbsp;&nbsp; 2096108 |
| Texas (State of) Water Development Board, Series 2017, RB | 4.00% | 10/15/2047 | 545 | &nbsp;&nbsp; 528399 |
| Texas (State of) Water Development Board, Series 2017, RB | 4.00% | 10/15/2052 | 75 | &nbsp;&nbsp; 68889 |
| Texas (State of) Water Development Board, Series 2018 A, RB | 5.00% | 10/15/2043 | 1075 | &nbsp;&nbsp; 1108345 |
| Texas (State of) Water Development Board, Series 2018 A, RB | 4.00% | 04/15/2048 | 1045 | &nbsp;&nbsp; 1002487 |
| Texas (State of) Water Development Board, Series 2018 B, RB | 4.00% | 10/15/2043 | 2660 | &nbsp;&nbsp; 2681664 |
| Texas (State of) Water Development Board, Series 2018 B, RB | 5.00% | 04/15/2049 | 3265 | &nbsp;&nbsp; 3333453 |

---

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

------

**170**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Texas (State of) Water Development Board, Series 2019 A, RB | 4.00% | 10/15/2044 | $1440 | &nbsp;&nbsp; $1426982 |
| Texas (State of) Water Development Board, Series 2019 A, RB | 4.00% | 10/15/2049 | 1690 | &nbsp;&nbsp; 1608239 |
| Texas (State of) Water Development Board, Series 2019, RB | 4.00% | 10/15/2054 | 135 | &nbsp;&nbsp; 123133 |
| Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 10/15/2045 | 1970 | &nbsp;&nbsp; 1968054 |
| Texas (State of) Water Development Board, Series 2020, RB | 4.00% | 04/15/2051 | 405 | &nbsp;&nbsp; 377600 |
| Texas (State of) Water Development Board, Series 2021, RB | 4.00% | 10/15/2044 | 275 | &nbsp;&nbsp; 276927 |
| Texas (State of) Water Development Board, Series 2021, RB | 4.00% | 10/15/2056 | 50 | &nbsp;&nbsp; 45286 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.70% | 10/15/2041 | 645 | &nbsp;&nbsp; 692974 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.75% | 10/15/2042 | 630 | &nbsp;&nbsp; 673455 |
| Texas (State of) Water Development Board, Series 2022, RB | 4.80% | 10/15/2052 | 2640 | &nbsp;&nbsp; 2692443 |
| Texas (State of) Water Development Board, Series 2022, RB | 5.00% | 10/15/2057 | 500 | &nbsp;&nbsp; 517318 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 4.75% | 10/15/2043 | 385 | &nbsp;&nbsp; 411620 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2044 | 330 | &nbsp;&nbsp; 360548 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 4.88% | 10/15/2048 | 2210 | &nbsp;&nbsp; 2293719 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.25% | 10/15/2051 | 1005 | &nbsp;&nbsp; 1075168 |
| Texas (State of) Water Development Board, Series 2023 A, RB | 5.00% | 10/15/2058 | 1390 | &nbsp;&nbsp; 1442471 |
| Texas (State of) Water Development Board, Series 2024 A, RB | 4.13% | 10/15/2047 | 1650 | &nbsp;&nbsp; 1621911 |
| Texas (State of) Water Development Board, Series 2024 A, RB | 4.25% | 10/15/2051 | 765 | &nbsp;&nbsp; 746268 |
| Texas (State of) Water Development Board, Series 2024 A, RB | 4.38% | 10/15/2059 | 1000 | &nbsp;&nbsp; 963217 |
| Texas (State of) Water Development Board, Series 2025, RB | 5.00% | 10/15/2044 | 5 | &nbsp;&nbsp; 5565 |
| Texas (State of) Water Development Board, Series 2025, RB | 4.50% | 10/15/2045 | 520 | &nbsp;&nbsp; 540274 |
| Texas (State of) Water Development Board, Series 2025, RB | 4.75% | 10/15/2050 | 2720 | &nbsp;&nbsp; 2799124 |
| Texas (State of) Water Development Board, Series 2025, RB | 4.75% | 10/15/2055 | 4725 | &nbsp;&nbsp; 4794710 |
| Texas (State of) Water Development Board, Series 2025, RB | 4.80% | 10/15/2056 | 1175 | &nbsp;&nbsp; 1194826 |
| Texas (State of) Water Development Board (Master Trust), Series 2021, RB | 4.00% | 10/15/2051 | 1520 | &nbsp;&nbsp; 1410027 |
| Texas (State of) Water Development Board (Master Trust), Series 2022, RB | 5.00% | 10/15/2047 | 605 | &nbsp;&nbsp; 639474 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 4.00% | 10/15/2041 | 405 | &nbsp;&nbsp; 421976 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 4.00% | 10/15/2042 | 1235 | &nbsp;&nbsp; 1274053 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 4.00% | 10/15/2043 | 1160 | &nbsp;&nbsp; 1185469 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 5.00% | 10/15/2044 | 380 | &nbsp;&nbsp; 419125 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 5.00% | 10/15/2045 | 260 | &nbsp;&nbsp; 284197 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 5.00% | 10/15/2049 | 1395 | &nbsp;&nbsp; 1480245 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 A, RB | 5.00% | 10/15/2053 | 460 | &nbsp;&nbsp; 482574 |
| Texas A&M University, Series 2024 A, RB | 5.00% | 05/15/2042 | 55 | &nbsp;&nbsp; 61573 |
| Texas City Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2053 | 255 | &nbsp;&nbsp; 237174 |
| Texas City Industrial Development Corp. (NRG Energy), Series 2012, RB | 4.13% | 12/01/2045 | 160 | &nbsp;&nbsp; 146172 |
| Texas State Technical College, Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 08/01/2042 | 1310 | &nbsp;&nbsp; 1476269 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 4.00% | 03/15/2049 | 800 | &nbsp;&nbsp; 737509 |
| Texas State University Board of Regents, Series 2024, Ref. RB | 5.25% | 03/15/2054 | 35 | &nbsp;&nbsp; 37274 |
| Texas State University Board of Regents, Series 2025 A, Ref. RB | 4.25% | 02/15/2055 | 30 | &nbsp;&nbsp; 28707 |
| Texas Transportation Finance Corp., Series 2025 A, RB | 5.00% | 10/01/2043 | 65 | &nbsp;&nbsp; 72482 |
| Texas Transportation Finance Corp., Series 2025, RB | 5.00% | 10/01/2042 | 40 | &nbsp;&nbsp; 44966 |
| Texas Transportation Finance Corp., Series 2025, RB | 5.00% | 10/01/2044 | 190 | &nbsp;&nbsp; 209880 |
| Texas Transportation Finance Corp., Series 2025, RB | 5.00% | 10/01/2045 | 760 | &nbsp;&nbsp; 830264 |
| Texas Transportation Finance Corp., Series 2025, RB | 5.00% | 10/01/2050 | 2245 | &nbsp;&nbsp; 2385544 |
| Texas Transportation Finance Corp., Series 2025, RB | 5.25% | 10/01/2050 | 2775 | &nbsp;&nbsp; 3009817 |
| Texas Transportation Finance Corp., Series 2025, RB | 5.25% | 10/01/2055 | 1750 | &nbsp;&nbsp; 1872201 |
| Texas Transportation Finance Corp., Series 2025, RB | 5.50% | 10/01/2055 | 3660 | &nbsp;&nbsp; 4001639 |
| Texas Water Development Board, Series 2025, RB | 5.00% | 10/15/2042 | 100 | &nbsp;&nbsp; 113468 |
| Texas Water Development Board, Series 2025, RB | 4.50% | 10/15/2043 | 40 | &nbsp;&nbsp; 42570 |
| Tomball Independent School District, Series 2023, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 02/15/2048 | 1250 | &nbsp;&nbsp; 1308653 |
| Travis County Healthcare District, Series 2025, GO Bonds | 5.25% | 03/01/2055 | 20 | &nbsp;&nbsp; 21101 |
| Tyler Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2047 | 100 | &nbsp;&nbsp; 95704 |
| University of Houston, Series 2022 A, Ref. RB | 5.00% | 02/15/2042 | 295 | &nbsp;&nbsp; 319480 |
| Van Alstyne Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2055 | 250 | &nbsp;&nbsp; 267140 |
| Venus Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/15/2055 | 110 | &nbsp;&nbsp; 117884 |

---

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

------

**171**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue, Series 2024, RB | 5.00% | 08/01/2049 | $270 | &nbsp;&nbsp; $286928 |
| Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue, Series 2024, RB | 4.00% | 08/01/2054 | 635 | &nbsp;&nbsp; 585848 |
| Waco (City of), TX, Series 2024 A, Ctfs. of Obligations | 5.00% | 02/01/2049 | 1320 | &nbsp;&nbsp; 1394039 |
| Waco (City of), TX, Series 2024 A, Ctfs. of Obligations | 5.25% | 02/01/2054 | 1000 | &nbsp;&nbsp; 1066214 |
| Waco Educational Finance Corp. (Baylor University), Series 2021, RB | 4.00% | 03/01/2051 | 575 | &nbsp;&nbsp; 509765 |
| Waco Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2047 | 40 | &nbsp;&nbsp; 38469 |
| Waco Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 3.00% | 08/15/2052 | 290 | &nbsp;&nbsp; 218697 |
| Waller Consolidated Independent School District, Series 2016, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2046 | 50 | &nbsp;&nbsp; 47696 |
| Waller Consolidated Independent School District, Series 2020, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2044 | 335 | &nbsp;&nbsp; 336279 |
| Waller Consolidated Independent School District, Series 2020, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2050 | 500 | &nbsp;&nbsp; 469535 |
| Waller Consolidated Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2048 | 130 | &nbsp;&nbsp; 122836 |
| Waller Consolidated Independent School District, Series 2023 A, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2053 | 210 | &nbsp;&nbsp; 192114 |
| Waller Consolidated Independent School District, Series 2023, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.00% | 02/15/2053 | 335 | &nbsp;&nbsp; 309421 |
| Waller Consolidated Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2050 | 910 | &nbsp;&nbsp; 979569 |
| Waller Consolidated Independent School District, Series 2025, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 02/15/2056 | 20 | &nbsp;&nbsp; 21352 |
| Waxahachie Independent School District, Series 2015, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2045 | 290 | &nbsp;&nbsp; 280460 |
| Waxahachie Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2048 | 675 | &nbsp;&nbsp; 709940 |
| Waxahachie Independent School District, Series 2023, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2053 | 1220 | &nbsp;&nbsp; 1163176 |
| Waxahachie Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2049 | 460 | &nbsp;&nbsp; 440117 |
| Waxahachie Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2053 | 1075 | &nbsp;&nbsp; 1005629 |
| Weatherford College of the Parker County Junior College District, Series 2025, RB | 5.25% | 08/01/2050 | 160 | &nbsp;&nbsp; 170277 |
| Weatherford College of the Parker County Junior College District, Series 2025, RB | 5.00% | 08/01/2055 | 480 | &nbsp;&nbsp; 499933 |
| Weslaco Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 02/15/2049 | 565 | &nbsp;&nbsp; 548409 |
| Weslaco Independent School District, Series 2024, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.25% | 02/15/2054 | 420 | &nbsp;&nbsp; 405665 |
| West Harris (County of), TX Regional Water Authority, Series 2019, Ref. RB | 3.00% | 12/15/2058 | 10 | &nbsp;&nbsp; 6687 |
| West Harris (County of), TX Regional Water Authority, Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.50% | 12/15/2046 | 185 | &nbsp;&nbsp; 158928 |
| West Travis County Public Utility Agency, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/15/2041 | 115 | &nbsp;&nbsp; 115468 |
| West Travis County Public Utility Agency, Series 2017, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 08/15/2045 | 280 | &nbsp;&nbsp; 269659 |
| White Settlement Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 08/15/2052 | 115 | &nbsp;&nbsp; 106318 |
| White Settlement Independent School District, Series 2022, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.13% | 08/15/2052 | 75 | &nbsp;&nbsp; 70780 |
| Willis Independent School District, Series 2016, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.00% | 02/15/2045 | 15 | &nbsp;&nbsp; 14566 |
| Willis Independent School District, Series 2025, GO Bonds, (CEP - Texas Permanent School Fund) | 4.75% | 02/15/2055 | 15 | &nbsp;&nbsp; 15177 |
| Wimberley Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.25% | 08/15/2052 | 300 | &nbsp;&nbsp; 323024 |
| Wimberley Independent School District, Series 2025, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.75% | 08/15/2055 | 270 | &nbsp;&nbsp; 275271 |
| Wylie Independent School District, Series 2019 A, GO Bonds, (CEP - Texas Permanent School Fund) | 3.00% | 08/15/2044 | 95 | &nbsp;&nbsp; 80775 |
| Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 02/15/2049 | 400 | &nbsp;&nbsp; 382726 |
| Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/15/2049 | 690 | &nbsp;&nbsp; 736356 |
| Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 02/15/2054 | 895 | &nbsp;&nbsp; 867242 |
| Wylie Independent School District, Series 2024, GO Bonds, (CEP - Texas Permanent School Fund) | 5.25% | 08/15/2054 | 540 | &nbsp;&nbsp; 572365 |

---

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

------

**172**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Ysleta Independent School District, Series 2017, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2047 | $95 | &nbsp;&nbsp; $89453 |
| Ysleta Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2050 | 1000 | &nbsp;&nbsp; 940843 |
| Ysleta Independent School District, Series 2020, GO Bonds, (CEP - Texas Permanent School Fund) | 4.00% | 08/15/2052 | 375 | &nbsp;&nbsp; 348334 |
| Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 4.25% | 08/15/2056 | 1500 | &nbsp;&nbsp; 1438007 |
| Ysleta Independent School District, Series 2022, GO Bonds, (CEP - Texas Permanent School Fund) | 5.00% | 08/15/2056 | 50 | &nbsp;&nbsp; 51186 |
|  |  |  |  | &nbsp;&nbsp; 510910725 |
| **Utah-0.51%** |  |  |  |  |
| Central Valley Water Reclamation Facility (Green Bonds), Series 202 C1, RB | 4.00% | 03/01/2047 | 280 | &nbsp;&nbsp; 271994 |
| Downtown Revitalization Public Infrastructure District (SEG Redevelopment), Series 2025, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.50% | 06/01/2050 | 1035 | &nbsp;&nbsp; 1135936 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2041 | 95 | &nbsp;&nbsp; 102941 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2042 | 400 | &nbsp;&nbsp; 430911 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2043 | 1000 | &nbsp;&nbsp; 1069572 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2044 | 1000 | &nbsp;&nbsp; 1061809 |
| Intermountain Power Agency, Series 2022 A, Ref. RB | 5.00% | 07/01/2045 | 690 | &nbsp;&nbsp; 727524 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2041 | 65 | &nbsp;&nbsp; 71001 |
| Intermountain Power Agency, Series 2023 A, RB | 5.00% | 07/01/2042 | 1000 | &nbsp;&nbsp; 1084166 |
| Intermountain Power Agency, Series 2023 A, RB | 5.25% | 07/01/2043 | 455 | &nbsp;&nbsp; 495668 |
| Intermountain Power Agency, Series 2023 A, RB | 5.25% | 07/01/2044 | 645 | &nbsp;&nbsp; 696387 |
| Intermountain Power Agency, Series 2023 A, RB | 5.25% | 07/01/2045 | 35 | &nbsp;&nbsp; 37497 |
| Jordan Valley Water Conservancy District, Series 2024 A, RB | 5.00% | 10/01/2054 | 110 | &nbsp;&nbsp; 114207 |
| Salt Lake City (City of), UT, Series 2017 B, RB | 5.00% | 07/01/2047 | 15 | &nbsp;&nbsp; 15169 |
| Salt Lake City (City of), UT, Series 2018 B, RB | 5.00% | 07/01/2048 | 1145 | &nbsp;&nbsp; 1165420 |
| Salt Lake City (City of), UT, Series 2020, RB | 5.00% | 02/01/2050 | 50 | &nbsp;&nbsp; 51413 |
| Salt Lake City (City of), UT, Series 2021 B, RB | 5.00% | 07/01/2046 | 25 | &nbsp;&nbsp; 26162 |
| Salt Lake City (City of), UT, Series 2022, RB | 4.38% | 02/01/2052 | 125 | &nbsp;&nbsp; 125623 |
| Salt Lake City (City of), UT, Series 2022, RB | 5.00% | 02/01/2052 | 100 | &nbsp;&nbsp; 103368 |
| Salt Lake City (City of), UT, Series 2025, RB | 5.00% | 02/01/2050 | 585 | &nbsp;&nbsp; 617001 |
| Salt Lake City (City of), UT, Series 2025, RB | 5.25% | 02/01/2055 | 565 | &nbsp;&nbsp; 603589 |
| Timpanogos Special Service District, Series 2024, Ref. RB | 5.00% | 06/01/2047 | 190 | &nbsp;&nbsp; 203218 |
| Timpanogos Special Service District, Series 2024, Ref. RB | 5.00% | 06/01/2054 | 25 | &nbsp;&nbsp; 26081 |
| University of Utah (The), Series 2023 B, RB | 5.25% | 08/01/2053 | 360 | &nbsp;&nbsp; 381431 |
| University of Utah (The) (Green Bonds), Series 2022 A, RB | 5.00% | 08/01/2046 | 295 | &nbsp;&nbsp; 310073 |
| University of Utah (The) (Green Bonds), Series 2022 A, RB | 4.00% | 08/01/2051 | 405 | &nbsp;&nbsp; 372290 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2041 | 1000 | &nbsp;&nbsp; 1099304 |
| University of Utah (The) (Green Bonds), Series 2022 B, RB | 5.00% | 08/01/2042 | 260 | &nbsp;&nbsp; 283497 |
| University of Utah (The) (Green Bonds), Series 2023 B, RB | 5.25% | 08/01/2048 | 410 | &nbsp;&nbsp; 438124 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2014 A, RB | 4.00% | 05/15/2045 | 415 | &nbsp;&nbsp; 401229 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB | 5.00% | 05/15/2046 | 10 | &nbsp;&nbsp; 10023 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB | 3.00% | 05/15/2047 | 680 | &nbsp;&nbsp; 537022 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2016 B, RB | 4.00% | 05/15/2047 | 820 | &nbsp;&nbsp; 766545 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB | 4.00% | 05/15/2041 | 160 | &nbsp;&nbsp; 160786 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2018, Ref. RB | 5.00% | 05/15/2041 | 230 | &nbsp;&nbsp; 230791 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB | 4.00% | 05/15/2043 | 555 | &nbsp;&nbsp; 552227 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB | 5.00% | 05/15/2043 | 250 | &nbsp;&nbsp; 264981 |
| Utah (County of), UT (IHC Health Services, Inc.), Series 2020 A, RB | 5.00% | 05/15/2050 | 175 | &nbsp;&nbsp; 180310 |
| Utah (State of) Transit Authority, Series 2018, Ref. RB | 4.00% | 12/15/2041 | 210 | &nbsp;&nbsp; 212173 |
| Utah (State of) Transit Authority, Series 2023, RB | 5.00% | 12/15/2041 | 100 | &nbsp;&nbsp; 112615 |
| Utah (State of) Transit Authority, Series 2023, RB | 5.00% | 12/15/2042 | 95 | &nbsp;&nbsp; 105811 |
| Utah (State of) Transit Authority, Series 2025, Ref. RB | 5.00% | 12/15/2044 | 2000 | &nbsp;&nbsp; 2227474 |
| Utah Transit Authority, Series 2025, Ref. RB | 5.00% | 12/15/2043 | 510 | &nbsp;&nbsp; 575169 |
|  |  |  |  | &nbsp;&nbsp; 19458532 |
| **Vermont-0.02%** |  |  |  |  |
| Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), <br> Series 2020, Ref. RB<br>| 5.00% | 11/01/2049 | 50 | &nbsp;&nbsp; 51341 |

---

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

------

**173**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Vermont-(continued)** |  |  |  |  |
| Vermont (State of) Educational & Health Buildings Financing Agency (Middlebury College), <br> Series 2020, Ref. RB<br>| 4.00% | 11/01/2050 | $280 | &nbsp;&nbsp; $266249 |
| Vermont (State of) Educational & Health Buildings Financing Agency (University of Vermont Medical <br> Center) (Green Bonds), Series 2016, RB<br>| 4.00% | 12/01/2042 | 265 | &nbsp;&nbsp; 264309 |
|  |  |  |  | &nbsp;&nbsp; 581899 |
| **Virginia-1.06%** |  |  |  |  |
| Alexandria (City of), VA, Series 2019 A, GO Bonds | 3.00% | 07/15/2046 | 445 | &nbsp;&nbsp; 360506 |
| Alexandria (City of), VA, Series 2019 A, GO Bonds | 3.00% | 07/15/2050 | 110 | &nbsp;&nbsp; 83374 |
| Arlington (County of), VA Industrial Development Authority (Virginia Hospital Center), Series 2020, <br> Ref. RB<br>| 4.00% | 07/01/2045 | 95 | &nbsp;&nbsp; 91201 |
| Arlington (County of), VA Industrial Development Authority (Virginia Hospital Center), Series 2020, <br> Ref. RB<br>| 3.75% | 07/01/2050 | 1250 | &nbsp;&nbsp; 1066324 |
| Chesapeake (City of), VA Expressway, Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/15/2047 | 405 | &nbsp;&nbsp; 405011 |
| Chesapeake (City of), VA Hospital Authority (Chesapeake Regional Medical Center), Series 2019, <br> Ref. RB<br>| 4.00% | 07/01/2043 | 260 | &nbsp;&nbsp; 252033 |
| Chesapeake Bay Bridge & Tunnel District, Series 2016, RB | 5.00% | 07/01/2046 | 1000 | &nbsp;&nbsp; 1000316 |
| Chesapeake Bay Bridge & Tunnel District, Series 2016, RB | 5.00% | 07/01/2051 | 1255 | &nbsp;&nbsp; 1255032 |
| Chesapeake Bay Bridge & Tunnel District, Series 2016, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2041 | 40 | &nbsp;&nbsp; 40156 |
| Chesterfield (County of), VA Economic Development Authority (County Mobility), Series 2024, RB | 5.00% | 04/01/2048 | 500 | &nbsp;&nbsp; 529956 |
| Chesterfield (County of), VA Economic Development Authority (County Mobility), Series 2024, RB | 4.00% | 04/01/2050 | 145 | &nbsp;&nbsp; 138534 |
| Fairfax (County of), VA, Series 2021 A, RB | 4.00% | 07/15/2051 | 10 | &nbsp;&nbsp; 9754 |
| Fairfax (County of), VA, Series 2024 A, RB | 5.00% | 07/15/2049 | 505 | &nbsp;&nbsp; 539971 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2014 A, RB | 4.00% | 05/15/2044 | 495 | &nbsp;&nbsp; 494975 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2018 A, <br> Ref. RB<br>| 4.00% | 05/15/2048 | 1190 | &nbsp;&nbsp; 1133734 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2022, Ref. <br> RB<br>| 4.00% | 05/15/2042 | 2005 | &nbsp;&nbsp; 2009455 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2024, RB | 5.00% | 05/15/2051 | 1000 | &nbsp;&nbsp; 1053237 |
| Fairfax (County of), VA Industrial Development Authority (Inova Health System), Series 2024, RB | 4.13% | 05/15/2054 | 20 | &nbsp;&nbsp; 18851 |
| Front Royal & Warren County Industrial Development Authority (Valley Health System Obligated <br> Group), Series 2018, RB<br>| 4.00% | 01/01/2050 | 720 | &nbsp;&nbsp; 657829 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018 A, RB | 5.00% | 07/01/2042 | 5 | &nbsp;&nbsp; 5174 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2018, RB | 5.00% | 07/01/2048 | 450 | &nbsp;&nbsp; 457676 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 4.00% | 07/01/2045 | 130 | &nbsp;&nbsp; 129301 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 5.00% | 07/01/2045 | 15 | &nbsp;&nbsp; 15946 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 4.00% | 07/01/2050 | 315 | &nbsp;&nbsp; 298053 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 4.00% | 07/01/2055 | 760 | &nbsp;&nbsp; 700662 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 4.00% | 07/01/2060 | 1010 | &nbsp;&nbsp; 931940 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 5.00% | 07/01/2060 | 890 | &nbsp;&nbsp; 914308 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2020 A, RB | 5.25% | 07/01/2060 | 750 | &nbsp;&nbsp; 777819 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB | 4.00% | 07/01/2052 | 1710 | &nbsp;&nbsp; 1585355 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2022 A, RB | 4.00% | 07/01/2057 | 1030 | &nbsp;&nbsp; 934177 |
| Hampton (City of), VA Roads Transportation Accountability Commission, Series 2024 A, RB | 5.25% | 07/01/2064 | 250 | &nbsp;&nbsp; 266638 |
| Hampton Roads Sanitation District, Series 2024 B, RB | 5.00% | 07/01/2042 | 85 | &nbsp;&nbsp; 95084 |
| Hampton Roads Sanitation District, Series 2024 B, RB | 5.00% | 07/01/2045 | 20 | &nbsp;&nbsp; 21679 |
| Hampton Roads Sanitation District, Series 2024 B, RB | 5.00% | 07/01/2054 | 645 | &nbsp;&nbsp; 679554 |
| Henrico (County of), VA, Series 2019, Ref. RB | 3.00% | 05/01/2049 | 75 | &nbsp;&nbsp; 59393 |
| Henrico (County of), VA Economic Development Authority (Bon Secours Mercy Health), <br> Series 2025, Ref. RB<br>| 5.00% | 11/01/2048 | 5 | &nbsp;&nbsp; 5260 |
| Henrico (County of), VA Economic Development Authority (Lifespire of Virginia), Series 2017 C, <br> Ref. RB<br>| 5.00% | 12/01/2047 | 100 | &nbsp;&nbsp; 100342 |
| Henrico (County of), VA Economic Development Authority (Westminister Cnatbury Richman), <br> Series 2022, RB<br>| 5.00% | 10/01/2047 | 250 | &nbsp;&nbsp; 253123 |
| Henrico (County of), VA Economic Development Authority (Westminister Cnatbury Richman), <br> Series 2022, RB<br>| 5.00% | 10/01/2052 | 1000 | &nbsp;&nbsp; 999992 |
| Isle Wight (County of), VA Economic Development Authority (Riverside Health System), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 07/01/2043 | 25 | &nbsp;&nbsp; 27571 |

---

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

------

**174**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia-(continued)** |  |  |  |  |
| Isle Wight (County of), VA Economic Development Authority (Riverside Health System), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 07/01/2048 | $100 | &nbsp;&nbsp; $106036 |
| Isle Wight (County of), VA Economic Development Authority (Riverside Health System), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 4.75% | 07/01/2053 | 1015 | &nbsp;&nbsp; 1026453 |
| Isle Wight (County of), VA Economic Development Authority (Riverside Health System), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.25% | 07/01/2053 | 465 | &nbsp;&nbsp; 487839 |
| Loudoun (County of), VA Economic Development Authority (Howard Hughes Medical Institute, Inc), <br> Series 2022, Ref. RB<br>| 4.00% | 10/01/2052 | 1155 | &nbsp;&nbsp; 1103795 |
| Lynchburg Economic Development Authority, Series 2017 A, Ref. RB | 5.00% | 01/01/2047 | 1000 | &nbsp;&nbsp; 1002708 |
| Lynchburg Economic Development Authority, Series 2021, Ref. RB | 3.00% | 01/01/2051 | 215 | &nbsp;&nbsp; 154705 |
| Norfolk (City of), VA Economic Development Authority, Series 2018 B, Ref. RB | 4.00% | 11/01/2048 | 885 | &nbsp;&nbsp; 825073 |
| Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB | 5.00% | 06/01/2047 | 350 | &nbsp;&nbsp; 368232 |
| Northern Virginia Transportation Commission (Transforming Rail in Virginia), Series 2022, RB | 5.00% | 06/01/2052 | 250 | &nbsp;&nbsp; 259030 |
| Prince William County Service Authority, Series 2025, Ref. RB | 5.00% | 07/15/2055 | 150 | &nbsp;&nbsp; 159469 |
| Richmond (City of), VA, Series 2020 A, RB | 4.00% | 01/15/2050 | 20 | &nbsp;&nbsp; 19246 |
| Richmond (City of), VA, Series 2024 C, GO Bonds | 4.00% | 03/01/2054 | 500 | &nbsp;&nbsp; 467611 |
| Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), <br> Series 2020 A, Ref. RB<br>| 5.00% | 07/01/2047 | 505 | &nbsp;&nbsp; 558062 |
| Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), <br> Series 2020, Ref. RB<br>| 3.00% | 07/01/2045 | 525 | &nbsp;&nbsp; 415102 |
| Roanoke (City of), VA Economic Development Authority (Carilion Clinic Obligated Group), <br> Series 2020, Ref. RB<br>| 4.00% | 07/01/2051 | 230 | &nbsp;&nbsp; 216245 |
| Rockingham (County of), VA Economic Development Authority (Sentara RHM Medical Center), <br> Series 2021, Ref. RB<br>| 3.00% | 11/01/2046 | 345 | &nbsp;&nbsp; 275488 |
| Rockingham (County of), VA Economic Development Authority (Sentara RHM Medical Center), <br> Series 2021, Ref. RB<br>| 2.63% | 11/01/2050 | 50 | &nbsp;&nbsp; 33514 |
| University of Virginia, Series 2015 A-1, RB | 4.00% | 04/01/2045 | 1440 | &nbsp;&nbsp; 1440027 |
| University of Virginia, Series 2017 A, Ref. RB | 5.00% | 04/01/2042 | 160 | &nbsp;&nbsp; 163691 |
| University of Virginia (Green Bonds), Series 2015 A-2, RB | 3.57% | 04/01/2045 | 215 | &nbsp;&nbsp; 198089 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2023, RB<br>| 5.25% | 02/01/2042 | 560 | &nbsp;&nbsp; 625940 |
| Virginia (Commonwealth of) College Building Authority (21st Centuity College and Equipment), <br> Series 2023, RB<br>| 4.00% | 02/01/2043 | 95 | &nbsp;&nbsp; 95693 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2022, RB<br>| 5.25% | 02/01/2041 | 25 | &nbsp;&nbsp; 27791 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2022, RB<br>| 5.00% | 02/01/2042 | 625 | &nbsp;&nbsp; 680633 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipment <br> Programs), Series 2024, RB<br>| 4.00% | 02/01/2043 | 595 | &nbsp;&nbsp; 603038 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2024, RB<br>| 4.00% | 02/01/2042 | 330 | &nbsp;&nbsp; 337846 |
| Virginia (Commonwealth of) Public Building Authority, Series 2025 A, RB | 5.00% | 08/01/2045 | 735 | &nbsp;&nbsp; 804045 |
| Virginia (Commonwealth of) Public Building Authority (Bidding Group 2), Series 2022 A, RB | 4.00% | 08/01/2042 | 200 | &nbsp;&nbsp; 203444 |
| Virginia (Commonwealth of) Small Business Financing Authority, Series 2025, Ref. RB | 5.25% | 06/15/2050 | 15 | &nbsp;&nbsp; 15768 |
| Virginia (Commonwealth of) Small Business Financing Authority (95 Express Lanes LLC), <br> Series 2020, Ref. RB<br>| 4.00% | 01/01/2045 | 1025 | &nbsp;&nbsp; 996239 |
| Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), <br> Series 2020, Ref. RB<br>| 4.00% | 12/01/2049 | 1340 | &nbsp;&nbsp; 1182188 |
| Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), <br> Series 2022, RB<br>| 5.00% | 10/01/2041 | 1010 | &nbsp;&nbsp; 1107245 |
| Virginia (Commonwealth of) Small Business Financing Authority (Bon Secours Mercy Health, Inc.), <br> Series 2022, RB<br>| 5.00% | 10/01/2042 | 160 | &nbsp;&nbsp; 173788 |
| Virginia (Commonwealth of) Small Business Financing Authority (I-495 Hot Lanes), Series 2024, <br> Ref. RB<br>| 4.50% | 12/01/2044 | 1000 | &nbsp;&nbsp; 1006483 |
| Virginia (Commonwealth of) Transportation Board, Series 2017, RB | 4.00% | 05/15/2042 | 30 | &nbsp;&nbsp; 30062 |
| Virginia Commonwealth University Health System Authority, Series 2024 A, RB | 4.00% | 07/01/2054 | 585 | &nbsp;&nbsp; 536115 |
| Virginia Port Authority Commonwealth Port Fund, Series 2023 A, RB | 5.25% | 07/01/2048 | 500 | &nbsp;&nbsp; 536685 |
| Virginia Resources Authority, Series 2016 C, Ref. RB | 3.25% | 11/01/2046 | 370 | &nbsp;&nbsp; 316383 |

---

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

------

**175**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Virginia-(continued)** |  |  |  |  |
| Virginia Resources Authority, Series 2016, Ref. RB | 4.00% | 11/01/2041 | $280 | &nbsp;&nbsp; $280688 |
| Virginia Small Business Financing Authority, Series 2020, Ref. RB | 4.00% | 01/01/2051 | 300 | &nbsp;&nbsp; 271434 |
| Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 07/01/2048 | 160 | &nbsp;&nbsp; 151032 |
| Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 07/01/2053 | 390 | &nbsp;&nbsp; 411765 |
| Williamsburg Economic Development Authority (William & Mary), Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 4.13% | 07/01/2058 | 350 | &nbsp;&nbsp; 335181 |
|  |  |  |  | &nbsp;&nbsp; 40409197 |
| **Washington-2.17%** |  |  |  |  |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB | 5.00% | 11/01/2041 | 260 | &nbsp;&nbsp; 263242 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2016 S-1, RB | 5.00% | 11/01/2046 | 1000 | &nbsp;&nbsp; 1157867 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 5.00% | 11/01/2043 | 1235 | &nbsp;&nbsp; 1329720 |
| Central Puget Sound Regional Transit Authority (Green Bonds), Series 2021 S-1, Ref. RB | 4.00% | 11/01/2046 | 1130 | &nbsp;&nbsp; 1125427 |
| Energy Northwest, Series 2025, Ref. RB | 5.00% | 07/01/2043 | 1015 | &nbsp;&nbsp; 1136139 |
| Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB | 5.00% | 07/01/2041 | 1260 | &nbsp;&nbsp; 1373044 |
| Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB | 4.00% | 07/01/2042 | 1720 | &nbsp;&nbsp; 1759342 |
| Energy Northwest (Columbia Generating Station), Series 2025, Ref. RB | 5.00% | 07/01/2042 | 480 | &nbsp;&nbsp; 543399 |
| Fircrest Properties (Green Bonds) (State of Washington DSHS), Series 2024, RB | 5.50% | 06/01/2049 | 1000 | &nbsp;&nbsp; 1085325 |
| Franklin County School District No. 1 Pasco, Series 2023, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.25% | 12/01/2042 | 250 | &nbsp;&nbsp; 261547 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2041 | 530 | &nbsp;&nbsp; 599981 |
| King & Snohomish Counties School District No. 417 Northshore, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2042 | 455 | &nbsp;&nbsp; 509940 |
| King (County of), WA, Series 2015, Ref. RB | 4.00% | 07/01/2045 | 1070 | &nbsp;&nbsp; 1069972 |
| King (County of), WA, Series 2016 B, Ref. RB | 4.00% | 07/01/2041 | 580 | &nbsp;&nbsp; 580749 |
| King (County of), WA, Series 2016 B, Ref. RB | 5.00% | 07/01/2046 | 100 | &nbsp;&nbsp; 100361 |
| King (County of), WA, Series 2016 B, Ref. RB | 5.00% | 07/01/2049 | 40 | &nbsp;&nbsp; 40126 |
| King (County of), WA, Series 2024 A, Ref. RB | 5.25% | 01/01/2055 | 1055 | &nbsp;&nbsp; 1126307 |
| King (County of), WA Public Hospital District No. 2 (Evergreen Health), Series 2020 A, GO Bonds | 4.00% | 12/01/2045 | 45 | &nbsp;&nbsp; 42480 |
| Kitsap County School District No. 100-C Bremerton, Series 2024 C, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.25% | 12/01/2047 | 30 | &nbsp;&nbsp; 32241 |
| Pierce County School District No. 10 Tacoma, Series 2020 B, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 4.00% | 12/01/2042 | 300 | &nbsp;&nbsp; 303528 |
| Pierce County School District No. 10 Tacoma, Series 2024, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2048 | 175 | &nbsp;&nbsp; 185957 |
| Pierce County School District No. 320 Sumner, Series 2025, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2041 | 105 | &nbsp;&nbsp; 120440 |
| Pierce County School District No. 320 Sumner, Series 2025, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2042 | 15 | &nbsp;&nbsp; 17068 |
| Pierce County School District No. 403 Bethel, Series 2024, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2042 | 70 | &nbsp;&nbsp; 78238 |
| Pierce County School District No. 403 Bethel, Series 2024, GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2043 | 250 | &nbsp;&nbsp; 275684 |
| Seattle (City of), WA, Series 2012 A, Ref. RB | 4.00% | 06/01/2041 | 5 | &nbsp;&nbsp; 5001 |
| Seattle (City of), WA, Series 2014, Ref. RB | 4.00% | 05/01/2044 | 5 | &nbsp;&nbsp; 5000 |
| Seattle (City of), WA, Series 2014, Ref. RB | 4.00% | 09/01/2044 | 1065 | &nbsp;&nbsp; 1065035 |
| Seattle (City of), WA, Series 2015 A, RB | 4.00% | 05/01/2045 | 830 | &nbsp;&nbsp; 827847 |
| Seattle (City of), WA, Series 2015, GO Bonds | 4.00% | 12/01/2044 | 120 | &nbsp;&nbsp; 120007 |
| Seattle (City of), WA, Series 2017 C, Ref. RB | 4.00% | 09/01/2047 | 215 | &nbsp;&nbsp; 208016 |
| Seattle (City of), WA, Series 2017, Ref. RB | 4.00% | 07/01/2047 | 5 | &nbsp;&nbsp; 4885 |
| Seattle (City of), WA, Series 2021 A, Ref. RB | 4.00% | 07/01/2043 | 450 | &nbsp;&nbsp; 456506 |
| Seattle (City of), WA, Series 2021 A, Ref. RB | 4.00% | 07/01/2047 | 195 | &nbsp;&nbsp; 189446 |
| Seattle (City of), WA, Series 2021 A, Ref. RB | 4.00% | 07/01/2051 | 500 | &nbsp;&nbsp; 464535 |
| Seattle (City of), WA, Series 2022, Ref. RB | 5.00% | 07/01/2047 | 130 | &nbsp;&nbsp; 137099 |
| Seattle (City of), WA, Series 2023 A, Ref. RB | 5.00% | 03/01/2048 | 130 | &nbsp;&nbsp; 137000 |
| Seattle (City of), WA, Series 2023 A, Ref. RB | 5.00% | 03/01/2053 | 25 | &nbsp;&nbsp; 25969 |
| Seattle (City of), WA, Series 2024, Ref. RB | 5.00% | 10/01/2054 | 285 | &nbsp;&nbsp; 298080 |
| Seattle (City of), WA, Series 2025, Ref. RB | 5.25% | 02/01/2050 | 260 | &nbsp;&nbsp; 281340 |

---

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

------

**176**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| Seattle (City of), WA, Series 2025, Ref. RB | 5.25% | 02/01/2055 | $800 | &nbsp;&nbsp; $859053 |
| Skagit County Public Hospital District No. 1, Series 2024, RB | 5.50% | 12/01/2054 | 375 | &nbsp;&nbsp; 385560 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2021 A, RB | 5.00% | 12/01/2051 | 1000 | &nbsp;&nbsp; 1039126 |
| Snohomish (County of), WA Public Utility District No. 1, Series 2025 A, Ref. RB | 5.25% | 12/01/2055 | 860 | &nbsp;&nbsp; 925983 |
| Snohomish County School District No. 15 Edmonds, Series 2024, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 5.00% | 12/01/2041 | 290 | &nbsp;&nbsp; 328067 |
| Tacoma (City of), WA, Series 2013 A, Ref. RB | 4.00% | 01/01/2042 | 575 | &nbsp;&nbsp; 575061 |
| Tacoma (City of), WA (Green Bonds), Series 2021, Ref. RB | 5.00% | 01/01/2046 | 785 | &nbsp;&nbsp; 824320 |
| Tacoma (City of), WA (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 01/01/2049 | 705 | &nbsp;&nbsp; 740239 |
| Tacoma (City of), WA (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 01/01/2054 | 210 | &nbsp;&nbsp; 218761 |
| Tacoma (City of), WA (Green Bonds), Series 2025 A, RB | 5.25% | 01/01/2055 | 590 | &nbsp;&nbsp; 631407 |
| University of Washington, Series 2012 C, Ref. RB | 3.13% | 07/01/2042 | 2010 | &nbsp;&nbsp; 1778933 |
| University of Washington, Series 2012 C, Ref. RB | 3.25% | 07/01/2043 | 400 | &nbsp;&nbsp; 349979 |
| University of Washington, Series 2016 A, Ref. RB | 4.00% | 12/01/2041 | 1065 | &nbsp;&nbsp; 1065900 |
| University of Washington, Series 2024 B, Ref. RB | 5.00% | 07/01/2041 | 50 | &nbsp;&nbsp; 56160 |
| Washington (State of), Series 2017 A, GO Bonds | 5.00% | 08/01/2042 | 15 | &nbsp;&nbsp; 15378 |
| Washington (State of), Series 2017 D, GO Bonds | 5.00% | 02/01/2041 | 2720 | &nbsp;&nbsp; 2768814 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2042 | 1070 | &nbsp;&nbsp; 1115677 |
| Washington (State of), Series 2018 A, GO Bonds | 5.00% | 08/01/2043 | 120 | &nbsp;&nbsp; 124601 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2041 | 300 | &nbsp;&nbsp; 311085 |
| Washington (State of), Series 2018 C, GO Bonds | 5.00% | 02/01/2042 | 190 | &nbsp;&nbsp; 196411 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2042 | 185 | &nbsp;&nbsp; 196001 |
| Washington (State of), Series 2019 A, GO Bonds | 5.00% | 08/01/2044 | 570 | &nbsp;&nbsp; 597436 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2041 | 180 | &nbsp;&nbsp; 194682 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2042 | 420 | &nbsp;&nbsp; 451803 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2043 | 315 | &nbsp;&nbsp; 336388 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2043 | 270 | &nbsp;&nbsp; 284409 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2044 | 145 | &nbsp;&nbsp; 153874 |
| Washington (State of), Series 2020 A, GO Bonds | 5.00% | 08/01/2045 | 25 | &nbsp;&nbsp; 26392 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2041 | 225 | &nbsp;&nbsp; 241277 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2042 | 285 | &nbsp;&nbsp; 304262 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2043 | 120 | &nbsp;&nbsp; 127302 |
| Washington (State of), Series 2020 C, GO Bonds | 5.00% | 02/01/2044 | 45 | &nbsp;&nbsp; 47469 |
| Washington (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 06/01/2041 | 45 | &nbsp;&nbsp; 48545 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2042 | 235 | &nbsp;&nbsp; 254306 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2044 | 10 | &nbsp;&nbsp; 10659 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2045 | 1130 | &nbsp;&nbsp; 1196721 |
| Washington (State of), Series 2021 C, GO Bonds | 5.00% | 02/01/2046 | 40 | &nbsp;&nbsp; 42094 |
| Washington (State of), Series 2023 B, GO Bonds | 5.00% | 06/01/2048 | 10 | &nbsp;&nbsp; 10554 |
| Washington (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2044 | 100 | &nbsp;&nbsp; 109986 |
| Washington (State of), Series 2024 A, GO Bonds | 5.00% | 08/01/2045 | 25 | &nbsp;&nbsp; 27201 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2041 | 265 | &nbsp;&nbsp; 300520 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2042 | 355 | &nbsp;&nbsp; 398068 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2043 | 365 | &nbsp;&nbsp; 409832 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2044 | 590 | &nbsp;&nbsp; 654474 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2045 | 480 | &nbsp;&nbsp; 526525 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2046 | 500 | &nbsp;&nbsp; 538667 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2046 | 135 | &nbsp;&nbsp; 146584 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2047 | 20 | &nbsp;&nbsp; 21562 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2048 | 660 | &nbsp;&nbsp; 703122 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2048 | 500 | &nbsp;&nbsp; 535794 |
| Washington (State of), Series 2025 A, GO Bonds | 5.00% | 08/01/2049 | 1000 | &nbsp;&nbsp; 1060625 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2042 | 110 | &nbsp;&nbsp; 124063 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2045 | 75 | &nbsp;&nbsp; 81944 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2046 | 310 | &nbsp;&nbsp; 335416 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2047 | 5 | &nbsp;&nbsp; 5373 |
| Washington (State of), Series 2025 C, GO Bonds | 5.00% | 02/01/2048 | 60 | &nbsp;&nbsp; 64106 |
| Washington (State of), Series 2025, GO Bonds | 5.00% | 06/01/2049 | 910 | &nbsp;&nbsp; 971089 |

---

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

------

**177**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| Washington (State of), Series 2026 C, GO Bonds | 5.00% | 02/01/2048 | $500 | &nbsp;&nbsp; $537342 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2042 | 990 | &nbsp;&nbsp; 1077479 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2044 | 1035 | &nbsp;&nbsp; 1109818 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2045 | 1455 | &nbsp;&nbsp; 1548953 |
| Washington (State of) (Bid Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2046 | 1000 | &nbsp;&nbsp; 1056873 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2041 | 345 | &nbsp;&nbsp; 383446 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2042 | 1685 | &nbsp;&nbsp; 1859143 |
| Washington (State of) (Bid Group 2), Series 2022 A-2, GO Bonds | 5.00% | 08/01/2043 | 425 | &nbsp;&nbsp; 464697 |
| Washington (State of) (Bid Group 2), Series 2022 C, GO Bonds | 5.00% | 02/01/2041 | 285 | &nbsp;&nbsp; 314283 |
| Washington (State of) (Bid Group 2), Series 2023 B, GO Bonds | 5.00% | 02/01/2042 | 620 | &nbsp;&nbsp; 687079 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2042 | 40 | &nbsp;&nbsp; 44511 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2043 | 50 | &nbsp;&nbsp; 55003 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2044 | 85 | &nbsp;&nbsp; 92608 |
| Washington (State of) (Bid Group 2), Series 2024 A, GO Bonds | 5.00% | 08/01/2046 | 45 | &nbsp;&nbsp; 48123 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2042 | 360 | &nbsp;&nbsp; 401772 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2043 | 820 | &nbsp;&nbsp; 905617 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2044 | 295 | &nbsp;&nbsp; 322620 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2047 | 485 | &nbsp;&nbsp; 517640 |
| Washington (State of) (Bid Group 2), Series 2024 C, GO Bonds | 5.00% | 02/01/2048 | 185 | &nbsp;&nbsp; 196520 |
| Washington (State of) (Bid Group 2), Series 2024-A, GO Bonds | 5.00% | 08/01/2048 | 5 | &nbsp;&nbsp; 5293 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2044 | 290 | &nbsp;&nbsp; 314397 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2045 | 495 | &nbsp;&nbsp; 532044 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2046 | 360 | &nbsp;&nbsp; 383910 |
| Washington (State of) (Bid Group 3), Series 2022 A-3, GO Bonds | 5.00% | 08/01/2047 | 525 | &nbsp;&nbsp; 555766 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2042 | 465 | &nbsp;&nbsp; 509228 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2043 | 590 | &nbsp;&nbsp; 641195 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2044 | 1020 | &nbsp;&nbsp; 1099488 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2045 | 90 | &nbsp;&nbsp; 96277 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2046 | 235 | &nbsp;&nbsp; 249531 |
| Washington (State of) (Bid Group 3), Series 2022 C, GO Bonds | 5.00% | 02/01/2047 | 85 | &nbsp;&nbsp; 89851 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2043 | 335 | &nbsp;&nbsp; 366927 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2044 | 235 | &nbsp;&nbsp; 255003 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2045 | 10 | &nbsp;&nbsp; 10744 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2046 | 240 | &nbsp;&nbsp; 255688 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2047 | 220 | &nbsp;&nbsp; 233180 |
| Washington (State of) (Bid Group 3), Series 2023 B, GO Bonds | 5.00% | 02/01/2048 | 80 | &nbsp;&nbsp; 84436 |
| Washington (State of) (Bid Group 3), Series 2025 C, GO Bonds | 5.00% | 02/01/2043 | 250 | &nbsp;&nbsp; 279313 |
| Washington (State of) (Bid Group 3), Series 2025 C, GO Bonds | 5.00% | 02/01/2044 | 155 | &nbsp;&nbsp; 171175 |
| Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2041 | 95 | &nbsp;&nbsp; 104268 |
| Washington (State of) (Bidding Group 2), Series 2021 A, GO Bonds | 5.00% | 08/01/2043 | 360 | &nbsp;&nbsp; 388950 |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2048 | 170 | &nbsp;&nbsp; 170392 |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 3.00% | 07/01/2058 | 75 | &nbsp;&nbsp; 50888 |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 4.00% | 07/01/2058 | 280 | &nbsp;&nbsp; 231427 |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 4.00% | 07/01/2058 | 90 | &nbsp;&nbsp; 73653 |
| Washington (State of) Convention Center Public Facilities District, Series 2018, RB | 5.00% | 07/01/2058 | 1250 | &nbsp;&nbsp; 1251805 |
| Washington (State of) Health Care Facilities Authority, Series 2014 C, RB | 4.00% | 10/01/2044 | 70 | &nbsp;&nbsp; 65628 |
| Washington (State of) Health Care Facilities Authority, Series 2015 A, RB | 4.00% | 10/01/2045 | 700 | &nbsp;&nbsp; 677677 |
| Washington (State of) Health Care Facilities Authority, Series 2017, RB | 4.00% | 07/01/2042 | 635 | &nbsp;&nbsp; 614949 |
| Washington (State of) Health Care Facilities Authority, Series 2017, RB | 5.00% | 07/01/2042 | 35 | &nbsp;&nbsp; 35536 |
| Washington (State of) Health Care Facilities Authority, Series 2020, Ref. RB | 4.00% | 09/01/2050 | 275 | &nbsp;&nbsp; 245580 |
| Washington (State of) Health Care Facilities Authority, Series 2025 A, Ref. RB | 5.25% | 09/01/2050 | 755 | &nbsp;&nbsp; 799970 |
| Washington (State of) Health Care Facilities Authority, Series 2025 A, Ref. RB | 5.50% | 09/01/2055 | 1000 | &nbsp;&nbsp; 1067472 |
| Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A, Ref. <br> RB<br>| 5.00% | 08/01/2044 | 25 | &nbsp;&nbsp; 25715 |
| Washington (State of) Health Care Facilities Authority (Commonspirit Health), Series 2019 A-1, Ref. <br> RB<br>| 4.00% | 08/01/2044 | 355 | &nbsp;&nbsp; 332937 |
| Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2015 B, <br> Ref. RB<br>| 4.13% | 08/15/2043 | 450 | &nbsp;&nbsp; 449685 |

---

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

------

**178**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |
| Washington (State of) Health Care Facilities Authority (Multicare Health System), Series 2017 B, <br> Ref. RB<br>| 4.00% | 08/15/2041 | $1000 | &nbsp;&nbsp; $989355 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 <br> A, RB<br>| 4.25% | 10/01/2040 | 500 | &nbsp;&nbsp; 500004 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2012 <br> A, RB<br>| 5.00% | 10/01/2042 | 5 | &nbsp;&nbsp; 5003 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2014, <br> RB<br>| 5.00% | 10/01/2044 | 25 | &nbsp;&nbsp; 25019 |
| Washington (State of) Health Care Facilities Authority (Providence Health & Services), Series 2015, <br> RB<br>| 4.00% | 10/01/2045 | 1040 | &nbsp;&nbsp; 953548 |
| Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, <br> Ref. RB<br>| 4.00% | 09/01/2045 | 260 | &nbsp;&nbsp; 244671 |
| Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, <br> Ref. RB<br>| 5.00% | 09/01/2045 | 190 | &nbsp;&nbsp; 198139 |
| Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, <br> Ref. RB<br>| 5.00% | 09/01/2050 | 1000 | &nbsp;&nbsp; 1023285 |
| Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance), Series 2020, <br> Ref. RB<br>| 5.00% | 09/01/2055 | 2885 | &nbsp;&nbsp; 2932043 |
| Washington (State of) Health Care Facilities Authority (Seattle Children's Hospital), Series 2017 A, <br> RB<br>| 5.00% | 10/01/2047 | 15 | &nbsp;&nbsp; 15144 |
| Washington (State of) Health Care Facilities Authority (Virginia Mason Medical Center), Series 2017, <br> Ref. RB<br>| 4.00% | 08/15/2042 | 1540 | &nbsp;&nbsp; 1537009 |
| Washington (State of) Higher Education Facilities Authority (Gonzaga University), Series 2019 A, <br> RB<br>| 3.00% | 04/01/2049 | 815 | &nbsp;&nbsp; 619488 |
| Washington (State of) Higher Education Facilities Authority (Seattle University), Series 2020, RB | 4.00% | 05/01/2050 | 1560 | &nbsp;&nbsp; 1372017 |
| Washington (State of) Housing Finance Commission, Series 2024, RB | 5.00% | 07/01/2054 | 500 | &nbsp;&nbsp; 468029 |
| Washington (State of) Housing Finance Commission, Series 2025, RB, (INS - BAM)<sup>(a)(c)</sup> | 5.25% | 07/01/2064 | 100 | &nbsp;&nbsp; 102134 |
| Washington (State of) Housing Finance Commission (Seattle Academy of Arts and Sciences), <br> Series 2023, Ref. RB<sup>(c)</sup><br>| 6.38% | 07/01/2063 | 100 | &nbsp;&nbsp; 107300 |
| Washington Biomedical Research Properties 3.2, Series 2015 A, RB | 4.00% | 01/01/2048 | 1830 | &nbsp;&nbsp; 1758484 |
|  |  |  |  | &nbsp;&nbsp; 82387707 |
| **West Virginia-0.26%** |  |  |  |  |
| Marshall University, Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 05/01/2046 | 860 | &nbsp;&nbsp; 705037 |
| West Virginia (State of), Series 2018 B, GO Bonds | 4.00% | 06/01/2042 | 255 | &nbsp;&nbsp; 256547 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 5.00% | 12/01/2041 | 5 | &nbsp;&nbsp; 5196 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 4.00% | 12/01/2042 | 875 | &nbsp;&nbsp; 880031 |
| West Virginia (State of) (Bidding Group 2), Series 2018 B, GO Bonds | 4.00% | 06/01/2043 | 15 | &nbsp;&nbsp; 15061 |
| West Virginia (State of) (Bidding Group 2), Series 2019 A, GO Bonds | 5.00% | 12/01/2043 | 30 | &nbsp;&nbsp; 31414 |
| West Virginia (State of) Economic Development Authority (Cabell Huntington Hospital Obligated <br> Group), Series 2018, Ref. RB<br>| 4.13% | 01/01/2047 | 145 | &nbsp;&nbsp; 116505 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University), Series 2019, RB | 4.00% | 10/01/2047 | 235 | &nbsp;&nbsp; 227529 |
| West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital Obligated Group), <br> Series 2018, Ref. RB<br>| 5.00% | 01/01/2043 | 695 | &nbsp;&nbsp; 672693 |
| West Virginia (State of) Hospital Finance Authority (United Health System Obligated), Series 2025, <br> RB<br>| 5.50% | 06/01/2050 | 25 | &nbsp;&nbsp; 26883 |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB | 6.00% | 09/01/2048 | 125 | &nbsp;&nbsp; 136519 |
| West Virginia (State of) Hospital Finance Authority (Vandalia Health Group), Series 2023 B, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.38% | 09/01/2053 | 265 | &nbsp;&nbsp; 278901 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group), Series 2017 A, RB<br>| 4.25% | 06/01/2047 | 735 | &nbsp;&nbsp; 684594 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group), Series 2017 A, RB<br>| 5.00% | 06/01/2047 | 335 | &nbsp;&nbsp; 337282 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group), Series 2017, RB<br>| 5.00% | 06/01/2042 | 480 | &nbsp;&nbsp; 487179 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group), Series 2018 A, RB<br>| 4.00% | 06/01/2051 | 1385 | &nbsp;&nbsp; 1228380 |

---

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

------

**179**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **West Virginia-(continued)** |  |  |  |  |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group), Series 2018 A, RB<br>| 5.00% | 06/01/2052 | $370 | &nbsp;&nbsp; $373551 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group), Series 2023, RB<br>| 4.13% | 06/01/2042 | 45 | &nbsp;&nbsp; 45176 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group), Series 2023, RB<br>| 4.25% | 06/01/2047 | 520 | &nbsp;&nbsp; 496708 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group), Series 2023, RB<br>| 4.38% | 06/01/2053 | 400 | &nbsp;&nbsp; 379382 |
| West Virginia (State of) Parkways Authority, Series 2018, RB | 5.00% | 06/01/2043 | 955 | &nbsp;&nbsp; 985356 |
| West Virginia (State of) Parkways Authority, Series 2018, RB | 4.00% | 06/01/2047 | 430 | &nbsp;&nbsp; 412033 |
| West Virginia (State of) Parkways Authority, Series 2021, RB | 5.00% | 06/01/2047 | 505 | &nbsp;&nbsp; 528250 |
| West Virginia (State of) Parkways Authority, Series 2021, RB | 4.00% | 06/01/2051 | 695 | &nbsp;&nbsp; 648513 |
|  |  |  |  | &nbsp;&nbsp; 9958720 |
| **Wisconsin-0.90%** |  |  |  |  |
| Ashwaubenon Community Development Authority (Brown County Expo), Series 2019, RB | 3.00% | 06/01/2044 | 210 | &nbsp;&nbsp; 179055 |
| Franklin Public School District, Series 2025 A, GO Bonds | 4.00% | 04/01/2045 | 455 | &nbsp;&nbsp; 457532 |
| Pleasant Prairie (Village of), WI, Series 2018 A, RB | 5.00% | 04/01/2043 | 75 | &nbsp;&nbsp; 77487 |
| Pleasant Prairie (Village of), WI, Series 2018 A, RB | 5.00% | 04/01/2048 | 10 | &nbsp;&nbsp; 10175 |
| Racine Unified School District, Series 2025, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.00% | 04/01/2045 | 80 | &nbsp;&nbsp; 79063 |
| University of Wisconsin Hospitals & Clinics, Series 2018 A, Ref. RB | 4.25% | 04/01/2048 | 180 | &nbsp;&nbsp; 178483 |
| University of Wisconsin Hospitals & Clinics, Series 2021, Ref. RB | 2.90% | 04/01/2051 | 100 | &nbsp;&nbsp; 71645 |
| University of Wisconsin Hospitals & Clinics (Green Bonds), Series 2021, Ref. RB | 4.00% | 04/01/2046 | 230 | &nbsp;&nbsp; 222318 |
| University of Wisconsin Hospitals & Clinics (Green Bonds), Series 2021, Ref. RB | 4.00% | 04/01/2051 | 760 | &nbsp;&nbsp; 703077 |
| Wisconsin (State of) Health & Educational Facilities Authority, Series 2019, Ref. RB | 5.00% | 07/01/2049 | 300 | &nbsp;&nbsp; 300618 |
| Wisconsin (State of) Health & Educational Facilities Authority, Series 2024, RB, (INS - BAM)<sup>(a)</sup> | 5.25% | 02/15/2054 | 40 | &nbsp;&nbsp; 41918 |
| Wisconsin (State of) Health & Educational Facilities Authority (Covenant <br> Communities, Inc.), Series 2018 A, RB<br>| 4.00% | 07/01/2048 | 365 | &nbsp;&nbsp; 297874 |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic <br> Health System), Series 2016, RB<br>| 3.50% | 02/15/2046 | 505 | &nbsp;&nbsp; 429911 |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic <br> Health System), Series 2017, Ref. RB<br>| 4.00% | 02/15/2042 | 255 | &nbsp;&nbsp; 248816 |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic <br> Health System), Series 2017, Ref. RB<br>| 5.00% | 02/15/2047 | 760 | &nbsp;&nbsp; 762321 |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic <br> Health System), Series 2017, Ref. RB<br>| 4.00% | 02/15/2050 | 30 | &nbsp;&nbsp; 27097 |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic <br> Health System), Series 2017, Ref. RB<br>| 4.00% | 02/15/2050 | 5 | &nbsp;&nbsp; 4516 |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic <br> Health System), Series 2024, RB<br>| 5.50% | 02/15/2054 | 10 | &nbsp;&nbsp; 10536 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), <br> Series 2016, Ref. RB<sup>(d)(e)</sup><br>| 4.00% | 05/15/2026 | 10 | &nbsp;&nbsp; 10038 |
| Wisconsin (State of) Health & Educational Facilities Authority (Ascension Senior Credit Group), <br> Series 2016, Ref. RB<br>| 4.00% | 11/15/2046 | 715 | &nbsp;&nbsp; 672446 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), <br> Series 2021, RB<br>| 4.00% | 08/15/2046 | 1200 | &nbsp;&nbsp; 1108740 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), <br> Series 2021, RB<br>| 3.00% | 08/15/2051 | 1420 | &nbsp;&nbsp; 1044355 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), <br> Series 2021, RB<br>| 4.00% | 08/15/2051 | 75 | &nbsp;&nbsp; 67309 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), <br> Series 2025, RB<br>| 4.38% | 08/15/2055 | 235 | &nbsp;&nbsp; 224712 |
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus, Inc. Obligated Group), <br> Series 2025, RB<br>| 5.25% | 08/15/2055 | 155 | &nbsp;&nbsp; 160387 |
| Wisconsin (State of) Health & Educational Facilities Authority (Bellin Memorial Hospital, Inc.), <br> Series 2022 B, RB<br>| 5.25% | 12/01/2048 | 50 | &nbsp;&nbsp; 53512 |
| Wisconsin (State of) Health & Educational Facilities Authority (Bellin Memorial Hospital, Inc.), <br> Series 2022, RB<br>| 5.50% | 12/01/2052 | 530 | &nbsp;&nbsp; 570123 |

---

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

------

**180**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Wisconsin-(continued)** |  |  |  |  |  |
| Wisconsin (State of) Health & Educational Facilities Authority (Children's Hospital of Wisconsin, Inc.), <br> Series 2020, RB<br>| 4.00% | 08/15/2050 | $| 315 | &nbsp;&nbsp; $289919 |
| Wisconsin (State of) Health & Educational Facilities Authority (Children's Hospital of Wisconsin, Inc.), <br> Series 2020, RB<br>| 3.00% | 08/15/2052 |  | 100 | &nbsp;&nbsp; 71406 |
| Wisconsin (State of) Health & Educational Facilities Authority (Children's Hospital), Series 2017, Ref. <br> RB<br>| 4.00% | 08/15/2042 |  | 660 | &nbsp;&nbsp; 652086 |
| Wisconsin (State of) Health & Educational Facilities Authority (Children's Hospital), Series 2017, Ref. <br> RB<br>| 4.00% | 08/15/2047 |  | 3260 | &nbsp;&nbsp; 2986907 |
| Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic Health System), <br> Series 2016 B, RB<br>| 5.00% | 02/15/2042 |  | 95 | &nbsp;&nbsp; 95050 |
| Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), <br> Series 2016, Ref. RB<br>| 5.00% | 12/01/2041 |  | 100 | &nbsp;&nbsp; 100935 |
| Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), <br> Series 2016, Ref. RB<br>| 4.00% | 12/01/2046 |  | 205 | &nbsp;&nbsp; 195905 |
| Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), <br> Series 2022, Ref. RB<br>| 4.00% | 12/01/2046 |  | 1395 | &nbsp;&nbsp; 1334952 |
| Wisconsin (State of) Health & Educational Facilities Authority (Medical College of Wisconsin), <br> Series 2022, Ref. RB<br>| 4.00% | 12/01/2051 |  | 1585 | &nbsp;&nbsp; 1400142 |
| Wisconsin (State of) Health & Educational Facilities Authority (Milwaukee Regional Medical Center), <br> Series 2018, Ref. RB<br>| 4.13% | 04/01/2046 |  | 505 | &nbsp;&nbsp; 480785 |
| Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.), Series 2019, Ref. <br> RB<br>| 3.13% | 12/15/2049 |  | 590 | &nbsp;&nbsp; 454327 |
| Wisconsin (State of) Health & Educational Facilities Authority (Thedacare, Inc.), Series 2019, Ref. <br> RB<br>| 4.00% | 12/15/2049 |  | 225 | &nbsp;&nbsp; 203463 |
| Wisconsin (State of) Public Finance Authority, Series 2018, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2058 |  | 25 | &nbsp;&nbsp; 25042 |
| Wisconsin (State of) Public Finance Authority, Series 2020, Ref. RB | 3.00% | 06/01/2045 |  | 180 | &nbsp;&nbsp; 139973 |
| Wisconsin (State of) Public Finance Authority, Series 2022 A, RB | 5.00% | 10/01/2052 |  | 680 | &nbsp;&nbsp; 697338 |
| Wisconsin (State of) Public Finance Authority, Series 2022, RB | 5.00% | 02/01/2062 |  | 700 | &nbsp;&nbsp; 690707 |
| Wisconsin (State of) Public Finance Authority, Series 2022, RB, (INS - BAM)<sup>(a)</sup> | 5.63% | 07/01/2055 |  | 15 | &nbsp;&nbsp; 15921 |
| Wisconsin (State of) Public Finance Authority, Series 2022, Ref. RB | 5.25% | 03/01/2047 |  | 150 | &nbsp;&nbsp; 152110 |
| Wisconsin (State of) Public Finance Authority, Series 2022, Ref. RB | 5.13% | 04/01/2052 |  | 250 | &nbsp;&nbsp; 232853 |
| Wisconsin (State of) Public Finance Authority, Series 2023 A, RB<sup>(c)</sup> | 5.75% | 07/01/2063 |  | 800 | &nbsp;&nbsp; 785398 |
| Wisconsin (State of) Public Finance Authority, Series 2023, RB | 5.75% | 07/01/2062 |  | 3028 | &nbsp;&nbsp; 3152560 |
| Wisconsin (State of) Public Finance Authority (Bayhealth Medical Center Project), Series 2021 A, <br> RB<br>| 3.00% | 07/01/2050 |  | 1000 | &nbsp;&nbsp; 735351 |
| Wisconsin (State of) Public Finance Authority (Blue Ridge Healthcare), Series 2020 A, Ref. RB | 3.00% | 01/01/2050 |  | 1145 | &nbsp;&nbsp; 862285 |
| Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A, RB | 4.00% | 10/01/2052 |  | 1045 | &nbsp;&nbsp; 959768 |
| Wisconsin (State of) Public Finance Authority (Cone Health), Series 2022 A-1, RB, (INS - BAM)<sup>(a)</sup> | 5.50% | 07/01/2052 |  | 550 | &nbsp;&nbsp; 583408 |
| Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District <br> Development), Series 2016, RB<br>| 5.00% | 03/01/2041 |  | 1820 | &nbsp;&nbsp; 1821621 |
| Wisconsin (State of) Public Finance Authority (KU Campus Development Corp. - Central District <br> Development), Series 2016, RB<br>| 5.00% | 03/01/2046 |  | 965 | &nbsp;&nbsp; 965279 |
| Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2015 A, RB | 4.25% | 06/01/2041 |  | 1415 | &nbsp;&nbsp; 1415085 |
| Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. <br> RB<br>| 4.00% | 06/01/2045 |  | 1000 | &nbsp;&nbsp; 938840 |
| Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, Ref. <br> RB, (INS - AGI)<sup>(a)</sup><br>| 3.00% | 06/01/2045 |  | 785 | &nbsp;&nbsp; 616959 |
| Wisconsin (State of) Public Finance Authority (Wakemed Hospital), Series 2019 A, Ref. RB | 5.00% | 10/01/2044 |  | 760 | &nbsp;&nbsp; 778537 |
| Wisconsin (State of) Public Finance Authority (Wakemed Hospital), Series 2019 A, Ref. RB | 4.00% | 10/01/2049 |  | 2710 | &nbsp;&nbsp; 2376348 |
|  |  |  |  |  | &nbsp;&nbsp; 34225324 |
| **Wyoming-0.03%** |  |  |  |  |  |
| University of Wyoming, Series 2021 C, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 06/01/2051 |  | 1045 | &nbsp;&nbsp; 979693 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.33% <br>(Cost $3,690,869,890) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.33% <br>(Cost $3,690,869,890) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.33% <br>(Cost $3,690,869,890) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.33% <br>(Cost $3,690,869,890) | TOTAL INVESTMENTS IN SECURITIES<sup>(f)</sup>-97.33% <br>(Cost $3,690,869,890) | &nbsp;&nbsp; 3692367772 |
| OTHER ASSETS LESS LIABILITIES-2.67% | OTHER ASSETS LESS LIABILITIES-2.67% | OTHER ASSETS LESS LIABILITIES-2.67% | OTHER ASSETS LESS LIABILITIES-2.67% | OTHER ASSETS LESS LIABILITIES-2.67% | &nbsp;&nbsp; 101477368 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $3793845140 |

---

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

------

**181**

------

**Invesco National AMT-Free Municipal Bond ETF (PZA)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| PCR | -Pollution Control Revenue Bonds |
| RAC | -Revenue Anticipation Certificates |
| RB | -Revenue Bonds |
| Ref. | -Refunding |
| UCR | -University of California Riverside |
| Wts. | -Warrants |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after period end. |
| <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> February 28, 2026 was $1,265,323, which represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(d)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(e)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <sup>(f)</sup> | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer's <br> obligations but may be called upon to satisfy the issuer's obligations. No concentration of any single entity was greater than 5% each.<br>|

---

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

------

**182**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.14%** |  |  |  |  |
| **Guam-0.16%** |  |  |  |  |
| Guam (Territory of) Waterworks Authority, Series 2020 A, RB | 5.00% | 01/01/2050 | $200 | &nbsp;&nbsp; $204132 |
| **New York-96.98%** |  |  |  |  |
| Albany Capital Resource Corp. (Albany Medical Center Hospital), Series 2025, Ref. RB | 5.25% | 05/01/2050 | 405 | &nbsp;&nbsp; 432541 |
| Albany Capital Resource Corp. (Albany Medical Center Hospital), Series 2025, Ref. RB | 5.50% | 05/01/2055 | 460 | &nbsp;&nbsp; 492760 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2019 A, RB | 4.00% | 11/01/2044 | 200 | &nbsp;&nbsp; 201283 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2019 A, RB | 5.00% | 11/01/2049 | 475 | &nbsp;&nbsp; 487610 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2048 | 500 | &nbsp;&nbsp; 530828 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2023 A, RB | 5.00% | 11/01/2053 | 310 | &nbsp;&nbsp; 325249 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/01/2045 | 35 | &nbsp;&nbsp; 38856 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/01/2050 | 670 | &nbsp;&nbsp; 714062 |
| Battery Park (City of), NY Authority (Green Bonds), Series 2025, Ref. RB | 5.25% | 11/01/2055 | 1080 | &nbsp;&nbsp; 1166738 |
| Brooklyn Arena Local Development Corp. (Barclays Center), Series 2016 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 07/15/2043 | 565 | &nbsp;&nbsp; 464822 |
| Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 04/01/2045 | 1000 | &nbsp;&nbsp; 815987 |
| Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 04/01/2050 | 185 | &nbsp;&nbsp; 134590 |
| Broome County Local Development Corp. (United Health Services Hospital), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 04/01/2050 | 250 | &nbsp;&nbsp; 227713 |
| Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB | 5.00% | 07/01/2041 | 1000 | &nbsp;&nbsp; 1000018 |
| Build NYC Resource Corp. (New York Law School), Series 2016, Ref. RB | 4.00% | 07/01/2045 | 30 | &nbsp;&nbsp; 24912 |
| Dutchess County Local Development Corp. (Bard College), Series 2020 A, Ref. RB | 5.00% | 07/01/2051 | 150 | &nbsp;&nbsp; 150104 |
| Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB | 4.00% | 07/01/2041 | 525 | &nbsp;&nbsp; 517654 |
| Dutchess County Local Development Corp. (Health Quest Systems, Inc.), Series 2016 B, RB | 5.00% | 07/01/2046 | 500 | &nbsp;&nbsp; 500043 |
| Dutchess County Local Development Corp. (Marist College), Series 2022, RB | 5.00% | 07/01/2052 | 110 | &nbsp;&nbsp; 111962 |
| Dutchess County Local Development Corp. (Nuvance Health), Series 2019 B, Ref. RB | 4.00% | 07/01/2049 | 330 | &nbsp;&nbsp; 297078 |
| Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB | 5.00% | 07/01/2042 | 110 | &nbsp;&nbsp; 111832 |
| Dutchess County Local Development Corp. (Vassar College), Series 2017, Ref. RB | 4.00% | 07/01/2046 | 200 | &nbsp;&nbsp; 194098 |
| Genesee County Funding Corp. (The) (Rochester Regional Health Obligated Group), Series 2022 A, <br> Ref. RB<br>| 5.25% | 12/01/2052 | 195 | &nbsp;&nbsp; 197309 |
| Hempstead Town Local Development Corp., Series 2017, Ref. RB | 5.00% | 07/01/2047 | 100 | &nbsp;&nbsp; 100989 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 5.00% | 02/15/2042 | 1250 | &nbsp;&nbsp; 1271871 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB | 4.00% | 02/15/2044 | 895 | &nbsp;&nbsp; 876411 |
| Hudson Yards Infrastructure Corp., Series 2017 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 02/15/2047 | 975 | &nbsp;&nbsp; 929231 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021 A, Ref. RB | 4.00% | 02/15/2043 | 230 | &nbsp;&nbsp; 233085 |
| Hudson Yards Infrastructure Corp. (Green Bonds), Series 2021, Ref. RB | 4.00% | 02/15/2044 | 655 | &nbsp;&nbsp; 658956 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2041 | 185 | &nbsp;&nbsp; 186674 |
| Long Island (City of), NY Power Authority, Series 2016 B, Ref. RB | 5.00% | 09/01/2046 | 20 | &nbsp;&nbsp; 20116 |
| Long Island (City of), NY Power Authority, Series 2017, RB | 5.00% | 09/01/2042 | 55 | &nbsp;&nbsp; 56467 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2042 | 40 | &nbsp;&nbsp; 45076 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2044 | 125 | &nbsp;&nbsp; 137666 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2049 | 740 | &nbsp;&nbsp; 787520 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.00% | 09/01/2054 | 1000 | &nbsp;&nbsp; 1051444 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB | 5.25% | 09/01/2054 | 425 | &nbsp;&nbsp; 452658 |
| Long Island (City of), NY Power Authority, Series 2024 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2043 | 310 | &nbsp;&nbsp; 346667 |
| Long Island (City of), NY Power Authority, Series 2025 A, Ref. RB | 5.25% | 09/01/2050 | 45 | &nbsp;&nbsp; 49062 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB | 5.00% | 09/01/2048 | 340 | &nbsp;&nbsp; 360299 |
| Long Island (City of), NY Power Authority (Green Bonds), Series 2023 E, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 09/01/2053 | 455 | &nbsp;&nbsp; 478405 |
| Metropolitan Transportation Authority, Series 2013 B, RB | 4.00% | 11/15/2043 | 65 | &nbsp;&nbsp; 63228 |
| Metropolitan Transportation Authority, Series 2015 B, RB | 4.00% | 11/15/2045 | 70 | &nbsp;&nbsp; 64810 |
| Metropolitan Transportation Authority, Series 2016 C-1, RB | 4.00% | 11/15/2041 | 50 | &nbsp;&nbsp; 50020 |
| Metropolitan Transportation Authority, Series 2017 D, Ref. RB | 4.00% | 11/15/2042 | 140 | &nbsp;&nbsp; 139147 |
| Metropolitan Transportation Authority, Series 2021 A-1, RB | 4.00% | 11/15/2045 | 25 | &nbsp;&nbsp; 23472 |
| Metropolitan Transportation Authority, Series 2021 A-1, RB | 4.00% | 11/15/2046 | 100 | &nbsp;&nbsp; 91906 |

---

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

------

**183**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Metropolitan Transportation Authority, Series 2021 A-2, RB | 4.00% | 11/15/2041 | $100 | &nbsp;&nbsp; $100071 |
| Metropolitan Transportation Authority, Series 2025, Ref. RB | 5.25% | 11/15/2055 | 130 | &nbsp;&nbsp; 136291 |
| Metropolitan Transportation Authority (Bidding Group 2), Series 2022 A, RB | 4.00% | 11/15/2051 | 15 | &nbsp;&nbsp; 14020 |
| Metropolitan Transportation Authority (Green Bonds), Series 2016 A-1, RB | 5.25% | 11/15/2056 | 715 | &nbsp;&nbsp; 715465 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 A, RB | 5.00% | 11/15/2047 | 25 | &nbsp;&nbsp; 25241 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 5.00% | 11/15/2047 | 30 | &nbsp;&nbsp; 30405 |
| Metropolitan Transportation Authority (Green Bonds), Series 2017 B-1, RB | 4.00% | 11/15/2052 | 85 | &nbsp;&nbsp; 77380 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 A-2, RB, (INS - AGI)<sup>(a)</sup> | 5.00% | 11/15/2044 | 275 | &nbsp;&nbsp; 283389 |
| Metropolitan Transportation Authority (Green Bonds), Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2049 | 240 | &nbsp;&nbsp; 221351 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A, RB | 4.00% | 11/15/2046 | 25 | &nbsp;&nbsp; 22977 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB | 4.00% | 11/15/2051 | 25 | &nbsp;&nbsp; 22020 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2043 | 135 | &nbsp;&nbsp; 133143 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2050 | 25 | &nbsp;&nbsp; 22958 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 A-1, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 11/15/2054 | 110 | &nbsp;&nbsp; 99239 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 4.75% | 11/15/2045 | 400 | &nbsp;&nbsp; 404880 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 5.00% | 11/15/2050 | 205 | &nbsp;&nbsp; 209142 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 C-1, RB | 5.25% | 11/15/2055 | 1000 | &nbsp;&nbsp; 1026887 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-1, RB | 5.00% | 11/15/2043 | 55 | &nbsp;&nbsp; 57912 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-2, RB | 4.00% | 11/15/2048 | 65 | &nbsp;&nbsp; 59227 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-3, RB | 4.00% | 11/15/2049 | 60 | &nbsp;&nbsp; 54360 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 D-3, RB | 4.00% | 11/15/2050 | 10 | &nbsp;&nbsp; 8989 |
| Metropolitan Transportation Authority (Green Bonds), Series 2020 E, Ref. RB | 4.00% | 11/15/2045 | 20 | &nbsp;&nbsp; 18787 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 5.00% | 11/15/2049 | 105 | &nbsp;&nbsp; 110525 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 4.00% | 11/15/2051 | 150 | &nbsp;&nbsp; 141027 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, RB | 5.25% | 11/15/2054 | 115 | &nbsp;&nbsp; 122212 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2044 | 80 | &nbsp;&nbsp; 85604 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB | 5.00% | 11/15/2047 | 100 | &nbsp;&nbsp; 104117 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 A, Ref. RB, (INS - BAM)<sup>(a)</sup> | 4.00% | 11/15/2048 | 200 | &nbsp;&nbsp; 187858 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024 B-2, Ref. RB | 5.00% | 11/15/2048 | 350 | &nbsp;&nbsp; 369528 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2042 | 15 | &nbsp;&nbsp; 16794 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2043 | 75 | &nbsp;&nbsp; 83019 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2044 | 5 | &nbsp;&nbsp; 5468 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2045 | 70 | &nbsp;&nbsp; 75702 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2049 | 350 | &nbsp;&nbsp; 368418 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2050 | 10 | &nbsp;&nbsp; 10491 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2051 | 35 | &nbsp;&nbsp; 36631 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 5.00% | 11/15/2052 | 35 | &nbsp;&nbsp; 36530 |
| Metropolitan Transportation Authority (Green Bonds), Series 2024, Ref. RB | 4.00% | 11/15/2054 | 40 | &nbsp;&nbsp; 37128 |
| Metropolitan Transportation Authority (Green Bonds), Series 2025, Ref. RB | 5.00% | 11/15/2041 | 5 | &nbsp;&nbsp; 5588 |
| Monroe County Industrial Development Corp. (Highland Hospital of Rochester), Series 2017, RB | 5.00% | 12/01/2046 | 370 | &nbsp;&nbsp; 370128 |
| Monroe County Industrial Development Corp. (Rochester General Hospital (The)), Series 2013 A, Ref. <br> RB<br>| 5.00% | 12/01/2042 | 10 | &nbsp;&nbsp; 10004 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2017 C, Ref. RB | 4.00% | 07/01/2043 | 210 | &nbsp;&nbsp; 210131 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2017, Ref. RB | 4.00% | 07/01/2043 | 80 | &nbsp;&nbsp; 80050 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2020 A, RB | 4.00% | 07/01/2050 | 1065 | &nbsp;&nbsp; 995564 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2023 A, RB | 5.00% | 07/01/2053 | 540 | &nbsp;&nbsp; 562048 |
| MTA Hudson Rail Yards Trust Obligations, Series 2016 A, RB | 5.00% | 11/15/2051 | 175 | &nbsp;&nbsp; 175002 |
| Nassau (County of), NY, Series 2013 A, GO Bonds | 4.00% | 04/01/2043 | 165 | &nbsp;&nbsp; 165026 |
| Nassau (County of), NY, Series 2018 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 07/01/2045 | 10 | &nbsp;&nbsp; 10345 |
| Nassau (County of), NY, Series 2019 B, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.00% | 04/01/2049 | 90 | &nbsp;&nbsp; 93894 |
| Nassau (County of), NY, Series 2025 A, GO Bonds | 5.00% | 04/01/2055 | 510 | &nbsp;&nbsp; 538227 |
| New York & New Jersey (States of) Port Authority, One Hundred Eighty Third Series 2014, RB | 4.00% | 12/15/2040 | 95 | &nbsp;&nbsp; 95017 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.00% | 11/15/2041 | 80 | &nbsp;&nbsp; 80982 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Eighth Series 2016, Ref. RB | 5.00% | 11/15/2046 | 295 | &nbsp;&nbsp; 297576 |
| New York & New Jersey (States of) Port Authority, One Hundred Seventy Fifth Series 2012, RB | 3.25% | 12/01/2042 | 515 | &nbsp;&nbsp; 465775 |
| New York & New Jersey (States of) Port Authority, Series 2014, RB | 4.00% | 12/15/2042 | 50 | &nbsp;&nbsp; 50003 |
| New York & New Jersey (States of) Port Authority, Series 2017, Ref. RB | 5.00% | 10/15/2042 | 100 | &nbsp;&nbsp; 102281 |
| New York & New Jersey (States of) Port Authority, Series 2019 217, RB | 4.00% | 11/01/2049 | 70 | &nbsp;&nbsp; 66428 |

---

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

------

**184**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York & New Jersey (States of) Port Authority, Series 2019, RB | 4.00% | 11/01/2041 | $10 | &nbsp;&nbsp; $10133 |
| New York & New Jersey (States of) Port Authority, Series 2022, RB | 5.00% | 01/15/2052 | 205 | &nbsp;&nbsp; 214102 |
| New York & New Jersey (States of) Port Authority, Series 2023-241, RB | 5.00% | 07/15/2053 | 60 | &nbsp;&nbsp; 62769 |
| New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB | 5.00% | 07/15/2049 | 185 | &nbsp;&nbsp; 196729 |
| New York & New Jersey (States of) Port Authority, Series 2024, Ref. RB | 5.00% | 07/15/2054 | 285 | &nbsp;&nbsp; 299703 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB | 5.00% | 10/15/2042 | 70 | &nbsp;&nbsp; 80109 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB | 5.00% | 01/15/2043 | 5 | &nbsp;&nbsp; 5616 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB | 5.00% | 01/15/2055 | 350 | &nbsp;&nbsp; 367675 |
| New York & New Jersey (States of) Port Authority, Series 2025, Ref. RB | 5.25% | 10/15/2055 | 25 | &nbsp;&nbsp; 26939 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 4.00% | 09/01/2043 | 125 | &nbsp;&nbsp; 125321 |
| New York & New Jersey (States of) Port Authority, Two Hundred Eleventh Series 2018, Ref. RB | 5.00% | 09/01/2048 | 240 | &nbsp;&nbsp; 246811 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2042 | 100 | &nbsp;&nbsp; 103469 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.00% | 11/15/2047 | 385 | &nbsp;&nbsp; 392248 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifth Series 2017, Ref. RB | 5.25% | 11/15/2057 | 5 | &nbsp;&nbsp; 5102 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty One Series 2026, Ref. RB | 5.00% | 08/15/2051 | 150 | &nbsp;&nbsp; 159423 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fifty One Series 2026, Ref. RB | 5.25% | 08/15/2056 | 400 | &nbsp;&nbsp; 431489 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB | 5.00% | 07/15/2048 | 110 | &nbsp;&nbsp; 116721 |
| New York & New Jersey (States of) Port Authority, Two Hundred Fortieth Series 2023, Ref. RB | 5.00% | 07/15/2053 | 455 | &nbsp;&nbsp; 475998 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Eight series 2025, Ref. RB | 5.00% | 01/15/2050 | 310 | &nbsp;&nbsp; 329001 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2042 | 20 | &nbsp;&nbsp; 22288 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2043 | 75 | &nbsp;&nbsp; 82858 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty First Series 2023, RB | 5.00% | 07/15/2048 | 195 | &nbsp;&nbsp; 206914 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2049 | 175 | &nbsp;&nbsp; 186169 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Five Series 2024, Ref. RB | 5.00% | 09/01/2054 | 185 | &nbsp;&nbsp; 194652 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2041 | 125 | &nbsp;&nbsp; 142446 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty Fourth Series 2024, Ref. RB | 5.00% | 07/15/2042 | 75 | &nbsp;&nbsp; 84597 |
| New York & New Jersey (States of) Port Authority, Two Hundred Forty One Series 2023, RB | 5.00% | 07/15/2041 | 25 | &nbsp;&nbsp; 28118 |
| New York & New Jersey (States of) Port Authority, Two Hundred Seventeenth Series 2019, RB | 5.00% | 11/01/2044 | 25 | &nbsp;&nbsp; 26375 |
| New York & New Jersey (States of) Port Authority, Two Hundred Sixteenth Series 2019, RB | 4.00% | 09/01/2049 | 100 | &nbsp;&nbsp; 94986 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirty Series 2022, Ref. RB | 5.25% | 12/01/2052 | 15 | &nbsp;&nbsp; 16035 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirty Seventh Series 2022, RB | 5.00% | 01/15/2047 | 60 | &nbsp;&nbsp; 63774 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirty Third Series 2022, Ref. RB | 5.25% | 08/01/2052 | 130 | &nbsp;&nbsp; 138544 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fourth Series 2021, Ref. RB | 4.00% | 07/15/2041 | 700 | &nbsp;&nbsp; 717240 |
| New York & New Jersey (States of) Port Authority, Two Hundredth Series 2017, Ref. RB | 5.25% | 10/15/2057 | 155 | &nbsp;&nbsp; 157092 |
| New York (City of), NY, Series 2016 B-1, GO Bonds | 4.00% | 12/01/2043 | 5 | &nbsp;&nbsp; 4913 |
| New York (City of), NY, Series 2017 B-1, GO Bonds | 3.25% | 10/01/2042 | 100 | &nbsp;&nbsp; 89467 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 4.00% | 03/01/2042 | 30 | &nbsp;&nbsp; 30091 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 5.00% | 03/01/2044 | 5 | &nbsp;&nbsp; 5139 |
| New York (City of), NY, Series 2018 E-1, GO Bonds | 3.63% | 03/01/2045 | 55 | &nbsp;&nbsp; 50401 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 3.00% | 10/01/2041 | 20 | &nbsp;&nbsp; 17830 |
| New York (City of), NY, Series 2019 B-1, GO Bonds | 3.00% | 10/01/2044 | 30 | &nbsp;&nbsp; 24980 |
| New York (City of), NY, Series 2020 C, GO Bonds | 4.00% | 08/01/2041 | 100 | &nbsp;&nbsp; 101275 |
| New York (City of), NY, Series 2020 C, GO Bonds | 5.00% | 08/01/2042 | 35 | &nbsp;&nbsp; 37041 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 3.00% | 03/01/2045 | 20 | &nbsp;&nbsp; 16378 |
| New York (City of), NY, Series 2020 D-1, GO Bonds | 4.00% | 03/01/2050 | 385 | &nbsp;&nbsp; 358784 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 4.00% | 08/01/2041 | 35 | &nbsp;&nbsp; 35538 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 4.00% | 08/01/2042 | 10 | &nbsp;&nbsp; 10053 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 5.00% | 08/01/2047 | 135 | &nbsp;&nbsp; 140204 |
| New York (City of), NY, Series 2021 A-1, GO Bonds | 4.00% | 08/01/2050 | 130 | &nbsp;&nbsp; 121080 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 3.00% | 03/01/2041 | 30 | &nbsp;&nbsp; 26702 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2042 | 10 | &nbsp;&nbsp; 10696 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 5.00% | 03/01/2044 | 75 | &nbsp;&nbsp; 78993 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 4.00% | 03/01/2047 | 175 | &nbsp;&nbsp; 167418 |
| New York (City of), NY, Series 2021 F-1, GO Bonds | 3.00% | 03/01/2051 | 40 | &nbsp;&nbsp; 29939 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 5.25% | 09/01/2043 | 45 | &nbsp;&nbsp; 49159 |
| New York (City of), NY, Series 2022 A-1, GO Bonds | 4.00% | 09/01/2046 | 210 | &nbsp;&nbsp; 202816 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2041 | 5 | &nbsp;&nbsp; 5550 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2042 | 45 | &nbsp;&nbsp; 49496 |

---

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

------

**185**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2044 | $20 | &nbsp;&nbsp; $21485 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2047 | 15 | &nbsp;&nbsp; 15732 |
| New York (City of), NY, Series 2023 A, GO Bonds | 5.00% | 08/01/2048 | 15 | &nbsp;&nbsp; 15664 |
| New York (City of), NY, Series 2024 A, GO Bonds | 5.00% | 08/01/2051 | 835 | &nbsp;&nbsp; 864223 |
| New York (City of), NY, Series 2024 A, GO Bonds | 4.13% | 08/01/2053 | 100 | &nbsp;&nbsp; 94100 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2042 | 90 | &nbsp;&nbsp; 99279 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2043 | 50 | &nbsp;&nbsp; 54538 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2044 | 75 | &nbsp;&nbsp; 80945 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.00% | 03/01/2045 | 100 | &nbsp;&nbsp; 106878 |
| New York (City of), NY, Series 2024 C, GO Bonds | 4.00% | 03/01/2046 | 100 | &nbsp;&nbsp; 96632 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.25% | 03/01/2047 | 100 | &nbsp;&nbsp; 107099 |
| New York (City of), NY, Series 2024 C, GO Bonds | 5.25% | 03/01/2053 | 280 | &nbsp;&nbsp; 294904 |
| New York (City of), NY, Series 2024 D, GO Bonds | 4.00% | 04/01/2041 | 20 | &nbsp;&nbsp; 20438 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2043 | 10 | &nbsp;&nbsp; 10915 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.00% | 04/01/2044 | 20 | &nbsp;&nbsp; 21599 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.50% | 04/01/2048 | 100 | &nbsp;&nbsp; 108497 |
| New York (City of), NY, Series 2024 D, GO Bonds | 5.25% | 04/01/2054 | 300 | &nbsp;&nbsp; 315820 |
| New York (City of), NY, Series 2025 A-1, GO Bonds | 5.00% | 08/01/2050 | 290 | &nbsp;&nbsp; 303713 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.00% | 10/01/2044 | 5 | &nbsp;&nbsp; 5461 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.00% | 10/01/2045 | 5 | &nbsp;&nbsp; 5400 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.25% | 10/01/2047 | 10 | &nbsp;&nbsp; 10824 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.25% | 10/01/2051 | 340 | &nbsp;&nbsp; 362376 |
| New York (City of), NY, Series 2025 D, GO Bonds | 5.25% | 10/01/2055 | 45 | &nbsp;&nbsp; 47680 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 5.00% | 12/01/2042 | 335 | &nbsp;&nbsp; 350271 |
| New York (City of), NY, Subseries 2018 D-1, GO Bonds | 4.00% | 12/01/2043 | 25 | &nbsp;&nbsp; 24718 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2043 | 210 | &nbsp;&nbsp; 216690 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 5.00% | 04/01/2045 | 60 | &nbsp;&nbsp; 61598 |
| New York (City of), NY, Subseries 2018 F-1, GO Bonds | 3.50% | 04/01/2046 | 60 | &nbsp;&nbsp; 52674 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2041 | 20 | &nbsp;&nbsp; 21159 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 4.00% | 08/01/2042 | 270 | &nbsp;&nbsp; 270248 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 5.00% | 08/01/2043 | 50 | &nbsp;&nbsp; 52508 |
| New York (City of), NY, Subseries 2019 A-1, GO Bonds | 3.00% | 08/01/2045 | 30 | &nbsp;&nbsp; 24466 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2041 | 190 | &nbsp;&nbsp; 211706 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2042 | 30 | &nbsp;&nbsp; 33117 |
| New York (City of), NY, Subseries 2022 B-1, GO Bonds | 5.25% | 10/01/2043 | 10 | &nbsp;&nbsp; 10934 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2042 | 10 | &nbsp;&nbsp; 10980 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.25% | 05/01/2043 | 20 | &nbsp;&nbsp; 21763 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2045 | 55 | &nbsp;&nbsp; 59598 |
| New York (City of), NY, Subseries 2022 D-1, GO Bonds | 5.50% | 05/01/2046 | 35 | &nbsp;&nbsp; 37679 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 4.00% | 04/01/2042 | 95 | &nbsp;&nbsp; 95638 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2043 | 100 | &nbsp;&nbsp; 110034 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2044 | 90 | &nbsp;&nbsp; 98094 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 5.25% | 04/01/2047 | 200 | &nbsp;&nbsp; 212793 |
| New York (City of), NY, Subseries 2023 E-1, GO Bonds | 4.00% | 04/01/2050 | 500 | &nbsp;&nbsp; 470068 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2041 | 30 | &nbsp;&nbsp; 33602 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2042 | 160 | &nbsp;&nbsp; 177383 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2043 | 70 | &nbsp;&nbsp; 76692 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.25% | 09/01/2045 | 5 | &nbsp;&nbsp; 5470 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.00% | 09/01/2047 | 50 | &nbsp;&nbsp; 52739 |
| New York (City of), NY, Subseries 2024 C-1, GO Bonds | 5.25% | 09/01/2050 | 105 | &nbsp;&nbsp; 111533 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.00% | 02/01/2043 | 35 | &nbsp;&nbsp; 38647 |
| New York (City of), NY, Subseries 2025 G-1, GO Bonds | 5.25% | 02/01/2050 | 30 | &nbsp;&nbsp; 32029 |
| New York (City of), NY Educational Construction Fund, Series 2021 B, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.00% | 04/01/2052 | 135 | &nbsp;&nbsp; 138335 |
| New York (City of), NY Industrial Development Agency (Queens Baseball Stadium), Series 2021 A, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.00% | 01/01/2046 | 640 | &nbsp;&nbsp; 510227 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB | 4.00% | 03/01/2045 | 20 | &nbsp;&nbsp; 19356 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB | 3.00% | 03/01/2049 | 110 | &nbsp;&nbsp; 80846 |

---

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

------

**186**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 03/01/2045 | $75 | &nbsp;&nbsp; $73740 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 03/01/2049 | 1720 | &nbsp;&nbsp; 1293245 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-1, RB | 5.25% | 06/15/2052 | 170 | &nbsp;&nbsp; 179580 |
| New York (City of), NY Municipal Water Finance Authority, Series 2013, RB | 3.75% | 06/15/2047 | 95 | &nbsp;&nbsp; 85370 |
| New York (City of), NY Municipal Water Finance Authority, Series 2014 AA, Ref. RB | 4.00% | 06/15/2044 | 40 | &nbsp;&nbsp; 39751 |
| New York (City of), NY Municipal Water Finance Authority, Series 2015, Ref. RB | 4.00% | 06/15/2046 | 200 | &nbsp;&nbsp; 193048 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB | 3.00% | 06/15/2046 | 200 | &nbsp;&nbsp; 158063 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 AA, RB | 4.00% | 06/15/2046 | 30 | &nbsp;&nbsp; 28957 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016 CC, Ref. RB | 5.00% | 06/15/2046 | 10 | &nbsp;&nbsp; 10036 |
| New York (City of), NY Municipal Water Finance Authority, Series 2016, Ref. RB | 5.25% | 06/15/2046 | 30 | &nbsp;&nbsp; 30132 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 BB, RB | 3.38% | 06/15/2045 | 50 | &nbsp;&nbsp; 44041 |
| New York (City of), NY Municipal Water Finance Authority, Series 2017 CC-1, RB | 5.00% | 06/15/2048 | 5 | &nbsp;&nbsp; 5063 |
| New York (City of), NY Municipal Water Finance Authority, Series 2018 DD-1, RB | 3.63% | 06/15/2048 | 15 | &nbsp;&nbsp; 13048 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 BB, RB | 3.00% | 06/15/2049 | 15 | &nbsp;&nbsp; 11569 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 BB-1, RB | 4.00% | 06/15/2049 | 425 | &nbsp;&nbsp; 405917 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 5.00% | 06/15/2044 | 15 | &nbsp;&nbsp; 15909 |
| New York (City of), NY Municipal Water Finance Authority, Series 2019 CC-1, RB | 4.00% | 06/15/2049 | 100 | &nbsp;&nbsp; 95510 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-1, Ref. RB | 3.00% | 06/15/2050 | 40 | &nbsp;&nbsp; 30217 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-1, Ref. RB | 4.00% | 06/15/2050 | 90 | &nbsp;&nbsp; 84218 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB | 4.00% | 06/15/2042 | 55 | &nbsp;&nbsp; 55476 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 AA-2, RB | 4.00% | 06/15/2043 | 220 | &nbsp;&nbsp; 221276 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB | 3.00% | 06/15/2050 | 1000 | &nbsp;&nbsp; 755417 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB | 4.00% | 06/15/2050 | 1000 | &nbsp;&nbsp; 935756 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-1, RB | 5.00% | 06/15/2050 | 40 | &nbsp;&nbsp; 41554 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 BB-2, Ref. RB | 4.00% | 06/15/2042 | 180 | &nbsp;&nbsp; 181559 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-1, RB | 4.00% | 06/15/2050 | 15 | &nbsp;&nbsp; 14131 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 DD-3, Ref. RB | 4.00% | 06/15/2042 | 45 | &nbsp;&nbsp; 45334 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 EE, Ref. RB | 4.00% | 06/15/2042 | 110 | &nbsp;&nbsp; 110817 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB | 4.00% | 06/15/2041 | 15 | &nbsp;&nbsp; 15181 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 FF, Ref. RB | 5.00% | 06/15/2041 | 45 | &nbsp;&nbsp; 48589 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB | 4.00% | 06/15/2050 | 45 | &nbsp;&nbsp; 42392 |
| New York (City of), NY Municipal Water Finance Authority, Series 2020 GG-1, RB | 5.00% | 06/15/2050 | 50 | &nbsp;&nbsp; 51757 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB | 3.50% | 06/15/2048 | 10 | &nbsp;&nbsp; 8551 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB | 5.00% | 06/15/2048 | 500 | &nbsp;&nbsp; 521907 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 AA-1, RB | 4.00% | 06/15/2051 | 15 | &nbsp;&nbsp; 13938 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB | 3.00% | 06/15/2044 | 5 | &nbsp;&nbsp; 4237 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB | 5.00% | 06/15/2044 | 5 | &nbsp;&nbsp; 5342 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 BB-1, Ref. RB | 4.00% | 06/15/2045 | 10 | &nbsp;&nbsp; 9913 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB | 4.00% | 06/15/2051 | 500 | &nbsp;&nbsp; 464589 |
| New York (City of), NY Municipal Water Finance Authority, Series 2021 CC-1, RB | 5.00% | 06/15/2051 | 70 | &nbsp;&nbsp; 72662 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 AA-3, Ref. RB | 5.00% | 06/15/2047 | 130 | &nbsp;&nbsp; 137097 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 CC-1, RB | 4.00% | 06/15/2052 | 175 | &nbsp;&nbsp; 161839 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 4.00% | 06/15/2045 | 5 | &nbsp;&nbsp; 4957 |
| New York (City of), NY Municipal Water Finance Authority, Series 2022 EE, Ref. RB | 5.00% | 06/15/2045 | 80 | &nbsp;&nbsp; 85191 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 4.13% | 06/15/2046 | 25 | &nbsp;&nbsp; 24630 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 4.13% | 06/15/2047 | 1070 | &nbsp;&nbsp; 1046765 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 5.00% | 06/15/2047 | 20 | &nbsp;&nbsp; 21135 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 D, Ref. RB | 5.25% | 06/15/2047 | 60 | &nbsp;&nbsp; 64735 |
| New York (City of), NY Municipal Water Finance Authority, Series 2023 DD, Ref. RB | 5.00% | 06/15/2046 | 35 | &nbsp;&nbsp; 37213 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 5.00% | 06/15/2051 | 400 | &nbsp;&nbsp; 419804 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 5.25% | 06/15/2053 | 140 | &nbsp;&nbsp; 148977 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024 AA, RB | 4.00% | 06/15/2054 | 325 | &nbsp;&nbsp; 301292 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, Ref. RB | 5.00% | 06/15/2046 | 20 | &nbsp;&nbsp; 21483 |
| New York (City of), NY Municipal Water Finance Authority, Series 2024, Ref. RB | 5.00% | 06/15/2049 | 35 | &nbsp;&nbsp; 36950 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 5.00% | 06/15/2043 | 5 | &nbsp;&nbsp; 5624 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025 BB, RB | 5.25% | 06/15/2055 | 70 | &nbsp;&nbsp; 74611 |

---

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

------

**187**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, RB | 5.00% | 06/15/2055 | $190 | &nbsp;&nbsp; $199001 |
| New York (City of), NY Municipal Water Finance Authority, Series 2025, Ref. RB | 5.00% | 06/15/2046 | 5 | &nbsp;&nbsp; 5375 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.00% | 06/15/2047 | 25 | &nbsp;&nbsp; 26880 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.00% | 06/15/2048 | 25 | &nbsp;&nbsp; 26749 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.00% | 06/15/2049 | 25 | &nbsp;&nbsp; 26614 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 4.50% | 06/15/2051 | 25 | &nbsp;&nbsp; 25013 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.00% | 06/15/2056 | 125 | &nbsp;&nbsp; 131032 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.25% | 06/15/2056 | 125 | &nbsp;&nbsp; 133807 |
| New York (City of), NY Municipal Water Finance Authority, Series 2026, RB | 5.50% | 06/15/2056 | 100 | &nbsp;&nbsp; 109357 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-1, RB | 5.00% | 06/15/2049 | 10 | &nbsp;&nbsp; 10310 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2019 FF-2, Ref. RB | 4.00% | 06/15/2041 | 50 | &nbsp;&nbsp; 50486 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB | 5.00% | 06/15/2043 | 40 | &nbsp;&nbsp; 44321 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2023 AA-3, Ref. RB | 5.25% | 06/15/2048 | 20 | &nbsp;&nbsp; 21478 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB | 5.00% | 06/15/2053 | 5 | &nbsp;&nbsp; 5201 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 AA-1, RB | 5.25% | 06/15/2053 | 245 | &nbsp;&nbsp; 259206 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-1, RB | 5.25% | 06/15/2054 | 300 | &nbsp;&nbsp; 317064 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.00% | 06/15/2044 | 20 | &nbsp;&nbsp; 21795 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 BB-2, Ref. RB | 5.25% | 06/15/2047 | 95 | &nbsp;&nbsp; 102937 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2024 CC-1, RB | 5.25% | 06/15/2054 | 350 | &nbsp;&nbsp; 370973 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2025 AA-1, RB | 5.25% | 06/15/2055 | 240 | &nbsp;&nbsp; 256493 |
| New York (City of), NY Municipal Water Finance Authority, Subseries 2025 AA-2, Ref. RB | 5.00% | 06/15/2044 | 60 | &nbsp;&nbsp; 66824 |
| New York (City of), NY Transitional Finance Authority, Series 2012 S-1, RB | 4.00% | 07/15/2042 | 30 | &nbsp;&nbsp; 29999 |
| New York (City of), NY Transitional Finance Authority, Series 2015 S, RB | 4.00% | 07/15/2042 | 30 | &nbsp;&nbsp; 29999 |
| New York (City of), NY Transitional Finance Authority, Series 2015 S-2, RB | 4.00% | 07/15/2044 | 25 | &nbsp;&nbsp; 24431 |
| New York (City of), NY Transitional Finance Authority, Series 2016 S-1, RB | 4.00% | 07/15/2045 | 15 | &nbsp;&nbsp; 14460 |
| New York (City of), NY Transitional Finance Authority, Series 2016, RB | 4.00% | 05/01/2042 | 35 | &nbsp;&nbsp; 34895 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 4.00% | 08/01/2042 | 100 | &nbsp;&nbsp; 100027 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 4.00% | 08/01/2043 | 25 | &nbsp;&nbsp; 24714 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-3, RB | 4.00% | 08/01/2044 | 100 | &nbsp;&nbsp; 98426 |
| New York (City of), NY Transitional Finance Authority, Series 2017 B-1, RB | 4.00% | 08/01/2042 | 50 | &nbsp;&nbsp; 50013 |
| New York (City of), NY Transitional Finance Authority, Series 2017 E-1, RB | 5.00% | 02/01/2043 | 50 | &nbsp;&nbsp; 50749 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2042 | 230 | &nbsp;&nbsp; 234766 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 3.25% | 05/01/2043 | 45 | &nbsp;&nbsp; 40805 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 5.00% | 05/01/2043 | 25 | &nbsp;&nbsp; 25475 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-1, RB | 4.00% | 05/01/2044 | 20 | &nbsp;&nbsp; 19705 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 4.00% | 02/01/2044 | 25 | &nbsp;&nbsp; 24595 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 5.00% | 05/01/2041 | 15 | &nbsp;&nbsp; 15639 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 4.00% | 05/01/2042 | 20 | &nbsp;&nbsp; 20014 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-3, RB | 4.00% | 05/01/2043 | 15 | &nbsp;&nbsp; 14859 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-1, RB | 3.50% | 07/15/2047 | 10 | &nbsp;&nbsp; 8603 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 4.00% | 07/15/2046 | 60 | &nbsp;&nbsp; 57776 |
| New York (City of), NY Transitional Finance Authority, Series 2018 S-3, RB | 3.63% | 07/15/2047 | 10 | &nbsp;&nbsp; 8828 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB | 4.00% | 05/01/2041 | 55 | &nbsp;&nbsp; 55405 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB | 4.00% | 05/01/2042 | 25 | &nbsp;&nbsp; 25044 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB | 4.00% | 05/01/2043 | 25 | &nbsp;&nbsp; 24846 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-3, RB | 3.00% | 05/01/2045 | 50 | &nbsp;&nbsp; 40598 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 4.00% | 11/01/2045 | 10 | &nbsp;&nbsp; 9688 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-1, RB | 3.00% | 11/01/2047 | 880 | &nbsp;&nbsp; 682420 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 4.00% | 11/01/2042 | 55 | &nbsp;&nbsp; 55098 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-1, RB | 4.00% | 05/01/2045 | 20 | &nbsp;&nbsp; 19499 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2041 | 20 | &nbsp;&nbsp; 20292 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 5.00% | 05/01/2041 | 25 | &nbsp;&nbsp; 26713 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2043 | 65 | &nbsp;&nbsp; 64707 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2045 | 60 | &nbsp;&nbsp; 58498 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 3.00% | 05/01/2046 | 90 | &nbsp;&nbsp; 71885 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 4.00% | 05/01/2046 | 10 | &nbsp;&nbsp; 9615 |
| New York (City of), NY Transitional Finance Authority, Series 2020, RB | 3.00% | 05/01/2048 | 150 | &nbsp;&nbsp; 116034 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 3.00% | 08/01/2041 | 10 | &nbsp;&nbsp; 9155 |

---

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

------

**188**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 4.00% | 08/01/2045 | $70 | &nbsp;&nbsp; $68291 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 2.50% | 08/01/2048 | 20 | &nbsp;&nbsp; 13810 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B-1, RB | 4.00% | 08/01/2048 | 5 | &nbsp;&nbsp; 4666 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2042 | 10 | &nbsp;&nbsp; 10040 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2043 | 50 | &nbsp;&nbsp; 49766 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2046 | 190 | &nbsp;&nbsp; 182864 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 4.00% | 02/01/2049 | 145 | &nbsp;&nbsp; 134620 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-1, RB | 3.00% | 02/01/2051 | 10 | &nbsp;&nbsp; 7451 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.25% | 08/01/2042 | 15 | &nbsp;&nbsp; 16647 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 5.00% | 08/01/2044 | 20 | &nbsp;&nbsp; 21398 |
| New York (City of), NY Transitional Finance Authority, Series 2022 A-1, RB | 4.00% | 08/01/2048 | 75 | &nbsp;&nbsp; 70646 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-1, RB | 5.00% | 02/01/2044 | 15 | &nbsp;&nbsp; 15971 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2043 | 65 | &nbsp;&nbsp; 64685 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2044 | 40 | &nbsp;&nbsp; 42590 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 4.00% | 02/01/2047 | 20 | &nbsp;&nbsp; 19072 |
| New York (City of), NY Transitional Finance Authority, Series 2022, RB | 5.00% | 02/01/2047 | 210 | &nbsp;&nbsp; 219728 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2042 | 10 | &nbsp;&nbsp; 10976 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2046 | 100 | &nbsp;&nbsp; 105968 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2047 | 15 | &nbsp;&nbsp; 15710 |
| New York (City of), NY Transitional Finance Authority, Series 2023 A-1, RB | 5.00% | 05/01/2048 | 100 | &nbsp;&nbsp; 104294 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2043 | 50 | &nbsp;&nbsp; 54316 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.00% | 02/01/2045 | 100 | &nbsp;&nbsp; 106692 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 5.25% | 02/01/2047 | 145 | &nbsp;&nbsp; 154236 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-1, RB | 4.00% | 02/01/2051 | 400 | &nbsp;&nbsp; 364703 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.50% | 05/01/2044 | 100 | &nbsp;&nbsp; 112154 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2048 | 225 | &nbsp;&nbsp; 239666 |
| New York (City of), NY Transitional Finance Authority, Series 2023, RB | 5.25% | 05/01/2050 | 200 | &nbsp;&nbsp; 212526 |
| New York (City of), NY Transitional Finance Authority, Series 2024 B, RB | 5.00% | 05/01/2046 | 100 | &nbsp;&nbsp; 106346 |
| New York (City of), NY Transitional Finance Authority, Series 2024 B, RB | 4.38% | 05/01/2053 | 200 | &nbsp;&nbsp; 192985 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, GO Bonds | 5.00% | 05/01/2043 | 5 | &nbsp;&nbsp; 5525 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2042 | 20 | &nbsp;&nbsp; 22309 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2045 | 25 | &nbsp;&nbsp; 27018 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.00% | 05/01/2046 | 80 | &nbsp;&nbsp; 85633 |
| New York (City of), NY Transitional Finance Authority, Series 2024 C, RB | 5.25% | 05/01/2049 | 35 | &nbsp;&nbsp; 37468 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.25% | 05/01/2043 | 65 | &nbsp;&nbsp; 73238 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.25% | 05/01/2048 | 390 | &nbsp;&nbsp; 418178 |
| New York (City of), NY Transitional Finance Authority, Series 2024 D, RB | 5.00% | 05/01/2050 | 25 | &nbsp;&nbsp; 26176 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2044 | 15 | &nbsp;&nbsp; 16275 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2046 | 60 | &nbsp;&nbsp; 63903 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2047 | 100 | &nbsp;&nbsp; 105136 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2048 | 80 | &nbsp;&nbsp; 83714 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.00% | 02/01/2049 | 50 | &nbsp;&nbsp; 52271 |
| New York (City of), NY Transitional Finance Authority, Series 2024 F-1, RB | 5.25% | 02/01/2053 | 80 | &nbsp;&nbsp; 84660 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2043 | 25 | &nbsp;&nbsp; 27496 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2044 | 25 | &nbsp;&nbsp; 27187 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2046 | 20 | &nbsp;&nbsp; 21339 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.00% | 05/01/2047 | 5 | &nbsp;&nbsp; 5264 |
| New York (City of), NY Transitional Finance Authority, Series 2024 G-1, RB | 5.25% | 05/01/2048 | 120 | &nbsp;&nbsp; 128251 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.00% | 05/01/2045 | 150 | &nbsp;&nbsp; 161513 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.25% | 05/01/2049 | 100 | &nbsp;&nbsp; 106709 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2042 | 5 | &nbsp;&nbsp; 5632 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.00% | 05/01/2043 | 5 | &nbsp;&nbsp; 5576 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.25% | 05/01/2046 | 20 | &nbsp;&nbsp; 22000 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.25% | 05/01/2047 | 5 | &nbsp;&nbsp; 5423 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.25% | 05/01/2048 | 25 | &nbsp;&nbsp; 26971 |
| New York (City of), NY Transitional Finance Authority, Series 2025 A, RB | 5.50% | 05/01/2050 | 50 | &nbsp;&nbsp; 54926 |
| New York (City of), NY Transitional Finance Authority, Series 2025 B, RB | 5.00% | 05/01/2045 | 20 | &nbsp;&nbsp; 21761 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2043 | 20 | &nbsp;&nbsp; 22102 |

---

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

------

**189**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2044 | $30 | &nbsp;&nbsp; $32752 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2045 | 20 | &nbsp;&nbsp; 21611 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2046 | 60 | &nbsp;&nbsp; 64193 |
| New York (City of), NY Transitional Finance Authority, Series 2025 E, RB | 5.00% | 11/01/2047 | 20 | &nbsp;&nbsp; 21116 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.00% | 11/01/2046 | 10 | &nbsp;&nbsp; 10735 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H, RB | 5.25% | 11/01/2048 | 200 | &nbsp;&nbsp; 215097 |
| New York (City of), NY Transitional Finance Authority, Series 2025 H-1, RB | 5.00% | 11/01/2043 | 20 | &nbsp;&nbsp; 22202 |
| New York (City of), NY Transitional Finance Authority, Series 2025 S-1, RB | 5.00% | 07/15/2043 | 15 | &nbsp;&nbsp; 16860 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.00% | 05/01/2045 | 10 | &nbsp;&nbsp; 10843 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.00% | 05/01/2047 | 10 | &nbsp;&nbsp; 10583 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.50% | 05/01/2053 | 40 | &nbsp;&nbsp; 43470 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2042 | 25 | &nbsp;&nbsp; 28229 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2043 | 25 | &nbsp;&nbsp; 27941 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2044 | 25 | &nbsp;&nbsp; 27568 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2045 | 30 | &nbsp;&nbsp; 32698 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2046 | 30 | &nbsp;&nbsp; 32354 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2047 | 30 | &nbsp;&nbsp; 31864 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.50% | 02/01/2050 | 50 | &nbsp;&nbsp; 55030 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.25% | 02/01/2052 | 30 | &nbsp;&nbsp; 32131 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 5.00% | 02/01/2053 | 50 | &nbsp;&nbsp; 52299 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 4.00% | 08/01/2041 | 5 | &nbsp;&nbsp; 5005 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 B-1, RB | 3.00% | 08/01/2042 | 35 | &nbsp;&nbsp; 30172 |
| New York (City of), NY Transitional Finance Authority, Subseries 2016 F-3, RB | 3.25% | 02/01/2042 | 150 | &nbsp;&nbsp; 135236 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A, RB | 4.00% | 08/01/2041 | 50 | &nbsp;&nbsp; 50271 |
| New York (City of), NY Transitional Finance Authority, Subseries 2018 A-1, RB | 5.00% | 08/01/2042 | 25 | &nbsp;&nbsp; 26115 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 S1B, RB | 3.00% | 07/15/2049 | 10 | &nbsp;&nbsp; 7624 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.25% | 11/01/2041 | 20 | &nbsp;&nbsp; 22511 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 D-1, RB | 5.50% | 11/01/2045 | 150 | &nbsp;&nbsp; 164462 |
| New York (City of), NY Trust for Cultural Resources (The) (American Museum of Natural History), <br> Series 2024, Ref. RB<br>| 5.00% | 07/15/2054 | 375 | &nbsp;&nbsp; 395427 |
| New York (State of), Series 2013 A, GO Bonds | 3.50% | 03/01/2043 | 65 | &nbsp;&nbsp; 63360 |
| New York (State of), Series 2025 A, Ref. GO Bonds | 5.00% | 03/15/2042 | 85 | &nbsp;&nbsp; 98221 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2042 | 15 | &nbsp;&nbsp; 15104 |
| New York (State of) Dormitory Authority, Series 2016 A, RB | 5.00% | 02/15/2043 | 5 | &nbsp;&nbsp; 5031 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2041 | 160 | &nbsp;&nbsp; 163484 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2042 | 190 | &nbsp;&nbsp; 193752 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2043 | 25 | &nbsp;&nbsp; 25447 |
| New York (State of) Dormitory Authority, Series 2017 A, RB | 5.00% | 03/15/2044 | 40 | &nbsp;&nbsp; 40646 |
| New York (State of) Dormitory Authority, Series 2017 B, Ref. RB | 5.00% | 02/15/2043 | 10 | &nbsp;&nbsp; 10215 |
| New York (State of) Dormitory Authority, Series 2017 C, RB | 4.00% | 03/15/2047 | 5 | &nbsp;&nbsp; 4801 |
| New York (State of) Dormitory Authority, Series 2018 A, RB | 5.00% | 03/15/2043 | 30 | &nbsp;&nbsp; 31129 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 4.00% | 03/15/2043 | 15 | &nbsp;&nbsp; 15001 |
| New York (State of) Dormitory Authority, Series 2018 A, Ref. RB | 5.00% | 03/15/2045 | 10 | &nbsp;&nbsp; 10315 |
| New York (State of) Dormitory Authority, Series 2018 E, Ref. RB | 5.00% | 03/15/2048 | 55 | &nbsp;&nbsp; 56744 |
| New York (State of) Dormitory Authority, Series 2019 A, RB | 4.00% | 07/01/2045 | 290 | &nbsp;&nbsp; 287672 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2041 | 20 | &nbsp;&nbsp; 21146 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2042 | 85 | &nbsp;&nbsp; 89650 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2043 | 10 | &nbsp;&nbsp; 10511 |
| New York (State of) Dormitory Authority, Series 2019 A, Ref. RB | 5.00% | 03/15/2045 | 10 | &nbsp;&nbsp; 10436 |
| New York (State of) Dormitory Authority, Series 2020 A, RB | 3.00% | 07/01/2048 | 270 | &nbsp;&nbsp; 208066 |
| New York (State of) Dormitory Authority, Series 2020 A, RB | 3.00% | 03/15/2049 | 60 | &nbsp;&nbsp; 45402 |
| New York (State of) Dormitory Authority, Series 2020 A, RB | 4.00% | 07/01/2050 | 525 | &nbsp;&nbsp; 478376 |
| New York (State of) Dormitory Authority, Series 2020 A, RB | 4.00% | 07/01/2053 | 780 | &nbsp;&nbsp; 692828 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 3.00% | 03/15/2041 | 150 | &nbsp;&nbsp; 136347 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 3.00% | 03/15/2042 | 45 | &nbsp;&nbsp; 40014 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2043 | 60 | &nbsp;&nbsp; 60130 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2045 | 20 | &nbsp;&nbsp; 19470 |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2046 | 35 | &nbsp;&nbsp; 33619 |

---

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

------

**190**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2020 A, Ref. RB | 4.00% | 03/15/2048 | $85 | &nbsp;&nbsp; $80955 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2047 | 215 | &nbsp;&nbsp; 205470 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 3.00% | 02/15/2049 | 100 | &nbsp;&nbsp; 75754 |
| New York (State of) Dormitory Authority, Series 2020 D, Ref. RB | 4.00% | 02/15/2049 | 100 | &nbsp;&nbsp; 94973 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 4.00% | 03/15/2042 | 5 | &nbsp;&nbsp; 5039 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 4.00% | 03/15/2043 | 10 | &nbsp;&nbsp; 10024 |
| New York (State of) Dormitory Authority, Series 2021 A, Ref. RB | 4.00% | 03/15/2047 | 150 | &nbsp;&nbsp; 143240 |
| New York (State of) Dormitory Authority, Series 2021 E, Ref. RB | 4.00% | 03/15/2044 | 100 | &nbsp;&nbsp; 98770 |
| New York (State of) Dormitory Authority, Series 2021 E, Ref. RB | 4.00% | 03/15/2047 | 100 | &nbsp;&nbsp; 95353 |
| New York (State of) Dormitory Authority, Series 2022 A, RB, (INS - BAM)<sup>(a)</sup> | 4.25% | 10/01/2051 | 255 | &nbsp;&nbsp; 245831 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 03/15/2041 | 50 | &nbsp;&nbsp; 54612 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2042 | 35 | &nbsp;&nbsp; 35324 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 4.00% | 03/15/2049 | 20 | &nbsp;&nbsp; 18902 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 3.50% | 03/15/2052 | 175 | &nbsp;&nbsp; 144495 |
| New York (State of) Dormitory Authority, Series 2022 A, Ref. RB | 5.00% | 05/01/2052 | 1230 | &nbsp;&nbsp; 1253439 |
| New York (State of) Dormitory Authority, Series 2022, Ref. RB | 4.00% | 05/01/2045 | 55 | &nbsp;&nbsp; 52656 |
| New York (State of) Dormitory Authority, Series 2023 A, RB, (INS - AGI)<sup>(a)</sup> | 5.25% | 10/01/2050 | 270 | &nbsp;&nbsp; 284290 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2042 | 30 | &nbsp;&nbsp; 33182 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2045 | 10 | &nbsp;&nbsp; 10694 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 4.00% | 03/15/2049 | 70 | &nbsp;&nbsp; 66259 |
| New York (State of) Dormitory Authority, Series 2023 A-1, Ref. RB | 5.00% | 03/15/2053 | 100 | &nbsp;&nbsp; 103830 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2041 | 40 | &nbsp;&nbsp; 45559 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2043 | 5 | &nbsp;&nbsp; 5562 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2045 | 15 | &nbsp;&nbsp; 16229 |
| New York (State of) Dormitory Authority, Series 2024 A, GO Bonds | 5.00% | 03/15/2052 | 45 | &nbsp;&nbsp; 47066 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2042 | 35 | &nbsp;&nbsp; 39399 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2044 | 10 | &nbsp;&nbsp; 10962 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2046 | 10 | &nbsp;&nbsp; 10712 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2047 | 5 | &nbsp;&nbsp; 5318 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2049 | 145 | &nbsp;&nbsp; 152808 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2051 | 100 | &nbsp;&nbsp; 104729 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2053 | 5 | &nbsp;&nbsp; 5225 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2054 | 30 | &nbsp;&nbsp; 31322 |
| New York (State of) Dormitory Authority, Series 2024 A, RB | 5.00% | 03/15/2056 | 240 | &nbsp;&nbsp; 250143 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2041 | 80 | &nbsp;&nbsp; 90352 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2042 | 115 | &nbsp;&nbsp; 128355 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2043 | 180 | &nbsp;&nbsp; 198507 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2044 | 190 | &nbsp;&nbsp; 206902 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2045 | 55 | &nbsp;&nbsp; 59268 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.00% | 03/15/2046 | 115 | &nbsp;&nbsp; 122658 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 4.00% | 03/15/2047 | 100 | &nbsp;&nbsp; 95353 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.25% | 03/15/2048 | 10 | &nbsp;&nbsp; 10732 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.25% | 03/15/2049 | 110 | &nbsp;&nbsp; 117720 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.25% | 03/15/2052 | 355 | &nbsp;&nbsp; 376466 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 4.00% | 03/15/2054 | 105 | &nbsp;&nbsp; 97076 |
| New York (State of) Dormitory Authority, Series 2024 A, Ref. RB | 5.50% | 07/01/2054 | 2175 | &nbsp;&nbsp; 2375175 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2041 | 60 | &nbsp;&nbsp; 68956 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2042 | 65 | &nbsp;&nbsp; 73898 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2043 | 45 | &nbsp;&nbsp; 50524 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2044 | 30 | &nbsp;&nbsp; 33167 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 5.00% | 03/15/2049 | 50 | &nbsp;&nbsp; 52908 |
| New York (State of) Dormitory Authority, Series 2024 B, Ref. RB | 4.00% | 03/15/2054 | 50 | &nbsp;&nbsp; 46529 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2042 | 10 | &nbsp;&nbsp; 11434 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 07/01/2042 | 25 | &nbsp;&nbsp; 28539 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2043 | 45 | &nbsp;&nbsp; 50784 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2044 | 20 | &nbsp;&nbsp; 22210 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2045 | 15 | &nbsp;&nbsp; 16407 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 07/01/2046 | 60 | &nbsp;&nbsp; 64671 |

---

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

------

**191**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2047 | $40 | &nbsp;&nbsp; $42831 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2050 | 40 | &nbsp;&nbsp; 42060 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.25% | 03/15/2050 | 50 | &nbsp;&nbsp; 53904 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2051 | 100 | &nbsp;&nbsp; 104735 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2053 | 50 | &nbsp;&nbsp; 52172 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2054 | 65 | &nbsp;&nbsp; 67759 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2055 | 5 | &nbsp;&nbsp; 5207 |
| New York (State of) Dormitory Authority, Series 2025 A, Ref. RB | 5.00% | 03/15/2055 | 150 | &nbsp;&nbsp; 157086 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2043 | 20 | &nbsp;&nbsp; 22380 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2044 | 15 | &nbsp;&nbsp; 16543 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.25% | 03/15/2047 | 140 | &nbsp;&nbsp; 152879 |
| New York (State of) Dormitory Authority, Series 2025 C, Ref. RB | 5.00% | 03/15/2055 | 330 | &nbsp;&nbsp; 344281 |
| New York (State of) Dormitory Authority, Series 2025, RB | 5.25% | 07/01/2050 | 675 | &nbsp;&nbsp; 681113 |
| New York (State of) Dormitory Authority, Series 2025, RB | 5.25% | 07/01/2050 | 75 | &nbsp;&nbsp; 80749 |
| New York (State of) Dormitory Authority, Series 2025, RB | 5.25% | 07/01/2054 | 370 | &nbsp;&nbsp; 397500 |
| New York (State of) Dormitory Authority, Series 2025, RB | 5.25% | 07/01/2055 | 20 | &nbsp;&nbsp; 21354 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 07/01/2050 | 25 | &nbsp;&nbsp; 27249 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.50% | 07/01/2055 | 325 | &nbsp;&nbsp; 350742 |
| New York (State of) Dormitory Authority (Barnard College), Series 2025 A, Ref. RB | 5.00% | 07/01/2055 | 285 | &nbsp;&nbsp; 294372 |
| New York (State of) Dormitory Authority (Bid Group 4), Series 2018 A, RB | 4.00% | 03/15/2048 | 5 | &nbsp;&nbsp; 4678 |
| New York (State of) Dormitory Authority (Bid Group 5), Series 2020 A, Ref. RB | 3.00% | 03/15/2050 | 55 | &nbsp;&nbsp; 41113 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2043 | 5 | &nbsp;&nbsp; 5232 |
| New York (State of) Dormitory Authority (Bidding Group 2), Series 2018 E, Ref. RB | 5.00% | 03/15/2044 | 30 | &nbsp;&nbsp; 31321 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2017 B, Ref. RB | 5.00% | 02/15/2042 | 10 | &nbsp;&nbsp; 10242 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2018 A, RB | 5.00% | 03/15/2042 | 60 | &nbsp;&nbsp; 62415 |
| New York (State of) Dormitory Authority (Bidding Group 3), Series 2021 E, Ref. RB | 3.00% | 03/15/2041 | 75 | &nbsp;&nbsp; 68168 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 A, RB | 4.00% | 03/15/2047 | 35 | &nbsp;&nbsp; 33467 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2018 C, Ref. RB | 5.00% | 03/15/2043 | 5 | &nbsp;&nbsp; 5188 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB | 4.00% | 03/15/2042 | 130 | &nbsp;&nbsp; 131202 |
| New York (State of) Dormitory Authority (Bidding Group 4), Series 2021 E, Ref. RB | 4.00% | 03/15/2045 | 5 | &nbsp;&nbsp; 4861 |
| New York (State of) Dormitory Authority (Columbia University), Series 2017 A, RB | 5.00% | 10/01/2047 | 40 | &nbsp;&nbsp; 45520 |
| New York (State of) Dormitory Authority (Cornell University), Series 2020 A, Ref. RB | 5.00% | 07/01/2050 | 320 | &nbsp;&nbsp; 331721 |
| New York (State of) Dormitory Authority (Fordham University), Series 2016 A, Ref. RB | 5.00% | 07/01/2041 | 100 | &nbsp;&nbsp; 100401 |
| New York (State of) Dormitory Authority (Fordham University), Series 2020, RB | 4.00% | 07/01/2046 | 245 | &nbsp;&nbsp; 232946 |
| New York (State of) Dormitory Authority (Fordham University), Series 2020, RB | 4.00% | 07/01/2050 | 500 | &nbsp;&nbsp; 448293 |
| New York (State of) Dormitory Authority (Group 4), Series 2020 A, Ref. RB | 4.00% | 03/15/2044 | 125 | &nbsp;&nbsp; 123479 |
| New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015 A, <br> Ref. RB<br>| 4.00% | 07/01/2040 | 30 | &nbsp;&nbsp; 29999 |
| New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai), Series 2015, Ref. <br> RB<br>| 5.00% | 07/01/2045 | 155 | &nbsp;&nbsp; 155004 |
| New York (State of) Dormitory Authority (Maimonides Medical Center), Series 2020, RB, <br> (CEP - Federal Housing Administration)<br>| 3.00% | 02/01/2050 | 155 | &nbsp;&nbsp; 115526 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2017 1, Ref. RB | 4.00% | 07/01/2047 | 585 | &nbsp;&nbsp; 557232 |
| New York (State of) Dormitory Authority (Memorial Sloan Kettering Cancer), Series 2022 1-B, RB | 4.00% | 07/01/2051 | 230 | &nbsp;&nbsp; 214350 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB | 4.00% | 09/01/2050 | 120 | &nbsp;&nbsp; 103681 |
| New York (State of) Dormitory Authority (Montefiore Obligated Group), Series 2020 A, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 09/01/2050 | 300 | &nbsp;&nbsp; 215262 |
| New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB | 4.00% | 07/01/2043 | 370 | &nbsp;&nbsp; 354578 |
| New York (State of) Dormitory Authority (New School (The)), Series 2016 A, Ref. RB | 5.00% | 07/01/2046 | 395 | &nbsp;&nbsp; 396395 |
| New York (State of) Dormitory Authority (New School (The)), Series 2022 A, Ref. RB | 4.00% | 07/01/2052 | 25 | &nbsp;&nbsp; 21732 |
| New York (State of) Dormitory Authority (New York University), Series 2016 A, RB | 4.00% | 07/01/2043 | 5 | &nbsp;&nbsp; 4995 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2042 | 120 | &nbsp;&nbsp; 126334 |
| New York (State of) Dormitory Authority (New York University), Series 2019 A, RB | 5.00% | 07/01/2049 | 80 | &nbsp;&nbsp; 82480 |
| New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB | 4.00% | 07/01/2046 | 500 | &nbsp;&nbsp; 488586 |
| New York (State of) Dormitory Authority (New York University), Series 2021 A, Ref. RB | 5.00% | 07/01/2051 | 150 | &nbsp;&nbsp; 155016 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB | 5.00% | 07/01/2044 | 35 | &nbsp;&nbsp; 38737 |
| New York (State of) Dormitory Authority (New York University), Series 2025 A, Ref. RB | 5.00% | 07/01/2045 | 80 | &nbsp;&nbsp; 87301 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2022, Ref. RB | 4.25% | 05/01/2052 | 680 | &nbsp;&nbsp; 631286 |

---

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

------

**192**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 4.00% | 05/01/2054 | $1190 | &nbsp;&nbsp; $1067930 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2024, Ref. RB | 5.25% | 05/01/2054 | 1000 | &nbsp;&nbsp; 1041311 |
| New York (State of) Dormitory Authority (Northwell Health Obligated Group), Series 2025 A, Ref. RB | 5.00% | 05/01/2043 | 375 | &nbsp;&nbsp; 404628 |
| New York (State of) Dormitory Authority (Rochester Institute of Technology), Series 2019 A, RB | 4.00% | 07/01/2044 | 135 | &nbsp;&nbsp; 129728 |
| New York (State of) Dormitory Authority (Rockefeller University), Series 2019 C, Ref. RB | 4.00% | 07/01/2049 | 315 | &nbsp;&nbsp; 298127 |
| New York (State of) Dormitory Authority (Rockefeller University), Series 2022 A, Ref. RB | 4.00% | 07/01/2042 | 415 | &nbsp;&nbsp; 423486 |
| New York (State of) Dormitory Authority (Rockefeller University) (Green Bonds), Series 2019 B, RB | 5.00% | 07/01/2050 | 445 | &nbsp;&nbsp; 457918 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities), <br> Series 2019 A, RB<br>| 4.00% | 07/01/2049 | 460 | &nbsp;&nbsp; 426691 |
| New York (State of) Dormitory Authority (State University of New York Dormitory Facilities) (Green <br> Bonds), Series 2023, RB<br>| 5.00% | 07/01/2053 | 10 | &nbsp;&nbsp; 10408 |
| New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB | 5.00% | 07/15/2042 | 125 | &nbsp;&nbsp; 129049 |
| New York (State of) Dormitory Authority (Yeshiva University), Series 2022 A, Ref. RB | 5.00% | 07/15/2050 | 1175 | &nbsp;&nbsp; 1174001 |
| New York (State of) Housing Finance Agency (Green Bonds), Series 2024 A-1, RB | 5.00% | 06/15/2054 | 140 | &nbsp;&nbsp; 144321 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 4.00% | 11/15/2045 | 1240 | &nbsp;&nbsp; 1227137 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 4.00% | 11/15/2050 | 1235 | &nbsp;&nbsp; 1174180 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 4.00% | 11/15/2055 | 1075 | &nbsp;&nbsp; 1009154 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 3.25% | 11/15/2060 | 350 | &nbsp;&nbsp; 260529 |
| New York (State of) Power Authority (Green Bonds), Series 2020 A, Ref. RB | 4.00% | 11/15/2060 | 30 | &nbsp;&nbsp; 27720 |
| New York (State of) Power Authority (Green Bonds), Series 2024 A, RB | 4.00% | 11/15/2054 | 210 | &nbsp;&nbsp; 192930 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 11/15/2047 | 115 | &nbsp;&nbsp; 111229 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 11/15/2052 | 620 | &nbsp;&nbsp; 587676 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2022, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 11/15/2061 | 690 | &nbsp;&nbsp; 639270 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.13% | 11/15/2058 | 340 | &nbsp;&nbsp; 359565 |
| New York (State of) Power Authority (Green Transmission) (Green Bonds), Series 2023, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 5.13% | 11/15/2063 | 210 | &nbsp;&nbsp; 221378 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2045 | 170 | &nbsp;&nbsp; 165193 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 3.00% | 01/01/2046 | 130 | &nbsp;&nbsp; 102399 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2050 | 275 | &nbsp;&nbsp; 250923 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 3.00% | 01/01/2053 | 80 | &nbsp;&nbsp; 58246 |
| New York (State of) Thruway Authority, Series 2019 B, RB | 4.00% | 01/01/2053 | 15 | &nbsp;&nbsp; 13482 |
| New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 01/01/2045 | 35 | &nbsp;&nbsp; 34285 |
| New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 3.00% | 01/01/2053 | 355 | &nbsp;&nbsp; 261377 |
| New York (State of) Thruway Authority, Series 2019 B, RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 01/01/2053 | 20 | &nbsp;&nbsp; 18424 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 4.00% | 01/01/2047 | 10 | &nbsp;&nbsp; 9431 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 3.00% | 01/01/2049 | 500 | &nbsp;&nbsp; 383172 |
| New York (State of) Thruway Authority, Series 2020 N, RB | 3.00% | 01/01/2050 | 30 | &nbsp;&nbsp; 22801 |
| New York (State of) Thruway Authority, Series 2020, RB | 4.00% | 01/01/2046 | 235 | &nbsp;&nbsp; 226440 |
| New York (State of) Thruway Authority, Series 2021 A-1, Ref. RB | 3.00% | 03/15/2049 | 500 | &nbsp;&nbsp; 383678 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2043 | 20 | &nbsp;&nbsp; 22222 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2044 | 40 | &nbsp;&nbsp; 43896 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.00% | 01/01/2049 | 50 | &nbsp;&nbsp; 53046 |
| New York (State of) Thruway Authority, Series 2024 P, Ref. RB | 5.25% | 01/01/2054 | 145 | &nbsp;&nbsp; 154735 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2047 | 135 | &nbsp;&nbsp; 144114 |
| New York (State of) Thruway Authority, Series 2025 A, RB | 5.00% | 03/15/2051 | 430 | &nbsp;&nbsp; 451270 |
| New York (State of) Thruway Authority, Series 2025, RB | 5.00% | 03/15/2055 | 275 | &nbsp;&nbsp; 286901 |
| New York (State of) Thruway Authority, Series 2026 A, Ref. RB | 5.00% | 01/01/2045 | 100 | &nbsp;&nbsp; 109813 |
| New York (State of) Thruway Authority, Series 2026 A, Ref. RB | 5.00% | 01/01/2051 | 70 | &nbsp;&nbsp; 73748 |
| New York (State of) Thruway Authority, Series 2026 A, Ref. RB | 5.00% | 01/01/2056 | 65 | &nbsp;&nbsp; 68089 |
| New York (State of) Thruway Authority, Series 2026 A, Ref. RB | 5.25% | 01/01/2056 | 65 | &nbsp;&nbsp; 69589 |
| New York (State of) Thruway Authority (Bid Group 4), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2056 | 100 | &nbsp;&nbsp; 92731 |
| New York (State of) Thruway Authority (Bidding Group 1), Series 2022 A, Ref. RB | 4.00% | 03/15/2049 | 20 | &nbsp;&nbsp; 19042 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 5.00% | 03/15/2053 | 110 | &nbsp;&nbsp; 114207 |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 5.00% | 03/15/2055 | 200 | &nbsp;&nbsp; 207452 |

---

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

------

**193**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Thruway Authority (Bidding Group 1) (Green Bonds), Series 2022 C, RB | 4.13% | 03/15/2057 | $100 | &nbsp;&nbsp; $94070 |
| New York (State of) Thruway Authority (Bidding Group 2), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2041 | 15 | &nbsp;&nbsp; 15177 |
| New York (State of) Thruway Authority (Bidding Group 2), Series 2025 A, RB | 5.00% | 03/15/2042 | 50 | &nbsp;&nbsp; 56599 |
| New York (State of) Thruway Authority (Bidding Group 2) (Green Bonds), Series 2022 C, RB | 4.13% | 03/15/2056 | 10 | &nbsp;&nbsp; 9432 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 5.00% | 03/15/2041 | 15 | &nbsp;&nbsp; 16542 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 5.00% | 03/15/2042 | 100 | &nbsp;&nbsp; 109316 |
| New York (State of) Thruway Authority (Bidding Group 3), Series 2022, Ref. RB | 4.00% | 03/15/2043 | 20 | &nbsp;&nbsp; 20232 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2052 | 55 | &nbsp;&nbsp; 51694 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2054 | 40 | &nbsp;&nbsp; 37345 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2055 | 100 | &nbsp;&nbsp; 92487 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2045 | 55 | &nbsp;&nbsp; 58578 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2046 | 95 | &nbsp;&nbsp; 100490 |
| New York (State of) Thruway Authority (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2048 | 205 | &nbsp;&nbsp; 214782 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2045 | 60 | &nbsp;&nbsp; 59498 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 3.00% | 03/15/2048 | 100 | &nbsp;&nbsp; 77623 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2058 | 150 | &nbsp;&nbsp; 138280 |
| New York (State of) Thruway Authority (Bidding Group 5), Series 2022 A, Ref. RB | 4.00% | 03/15/2051 | 105 | &nbsp;&nbsp; 98942 |
| New York (State of) Thruway Authority (Group 1), Series 2021 O, Ref. RB | 4.00% | 01/01/2047 | 15 | &nbsp;&nbsp; 14296 |
| New York (State of) Thruway Authority (Group 2), Series 2020, RB | 4.00% | 01/01/2043 | 60 | &nbsp;&nbsp; 60234 |
| New York (State of) Thruway Authority (Group 2), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2042 | 120 | &nbsp;&nbsp; 121107 |
| New York (State of) Thruway Authority (Group 2), Series 2025, RB | 5.13% | 03/15/2057 | 120 | &nbsp;&nbsp; 126232 |
| New York (State of) Thruway Authority (Group 2), Series 2025, RB | 5.00% | 03/15/2059 | 395 | &nbsp;&nbsp; 411399 |
| New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2044 | 70 | &nbsp;&nbsp; 70234 |
| New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2047 | 10 | &nbsp;&nbsp; 9643 |
| New York (State of) Thruway Authority (Group 3), Series 2021 A-1, Ref. RB | 3.00% | 03/15/2050 | 5 | &nbsp;&nbsp; 3771 |
| New York (State of) Thruway Authority (Group 4), Series 2025, RB | 5.00% | 03/15/2053 | 310 | &nbsp;&nbsp; 324068 |
| New York (State of) Thruway Authority (Group 5), Series 2021 A-1, Ref. RB | 4.00% | 03/15/2057 | 430 | &nbsp;&nbsp; 397570 |
| New York (State of) Utility Debt Securitization Authority, Series 2023 1, Ref. RB | 5.00% | 12/15/2041 | 10 | &nbsp;&nbsp; 11510 |
| New York (State of) Utility Debt Securitization Authority (Green Bonds), Series 2022, Ref. RB | 5.00% | 09/15/2052 | 280 | &nbsp;&nbsp; 293999 |
| New York City Health and Hospitals Corp., Series 2025 A, RB | 5.00% | 02/15/2042 | 275 | &nbsp;&nbsp; 309109 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 4.00% | 11/15/2045 | 400 | &nbsp;&nbsp; 393720 |
| New York Convention Center Development Corp. (Hotel Unit Fee Secured), Series 2015, Ref. RB | 5.00% | 11/15/2045 | 350 | &nbsp;&nbsp; 350151 |
| New York Liberty Development Corp., Series 2021 1, Ref. RB | 3.00% | 02/15/2042 | 1075 | &nbsp;&nbsp; 957684 |
| New York Liberty Development Corp., Series 2021 1WTC, Ref. RB | 2.75% | 02/15/2044 | 280 | &nbsp;&nbsp; 219071 |
| New York Liberty Development Corp., Series 2021-1, Ref. RB | 4.00% | 02/15/2043 | 1000 | &nbsp;&nbsp; 1000846 |
| New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB | 3.00% | 09/15/2043 | 475 | &nbsp;&nbsp; 415471 |
| New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB | 3.13% | 09/15/2050 | 690 | &nbsp;&nbsp; 528004 |
| New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB | 3.25% | 09/15/2052 | 15 | &nbsp;&nbsp; 11207 |
| New York Liberty Development Corp. (7 World Trade Center), Series 2022, Ref. RB | 3.50% | 09/15/2052 | 605 | &nbsp;&nbsp; 486007 |
| New York Liberty Development Corp. (Bank of America Tower at One Bryant Park), Series 2019, Ref. <br> RB<br>| 2.63% | 09/15/2069 | 385 | &nbsp;&nbsp; 364770 |
| New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB | 2.75% | 11/15/2041 | 735 | &nbsp;&nbsp; 608224 |
| New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB | 2.88% | 11/15/2046 | 1015 | &nbsp;&nbsp; 784355 |
| New York Liberty Development Corp. (Green Bonds), Series 2021 A, Ref. RB | 3.00% | 11/15/2051 | 1360 | &nbsp;&nbsp; 1006028 |
| New York State Environmental Facilities Corp., Series 2025, Ref. RB | 5.00% | 06/15/2050 | 180 | &nbsp;&nbsp; 193466 |
| New York State Environmental Facilities Corp., Series 2025, Ref. RB | 5.00% | 06/15/2055 | 325 | &nbsp;&nbsp; 346135 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, <br> Ref. RB<br>| 4.00% | 06/15/2045 | 100 | &nbsp;&nbsp; 100093 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2020, <br> Ref. RB<br>| 4.00% | 06/15/2049 | 95 | &nbsp;&nbsp; 92604 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, <br> Ref. RB<br>| 4.00% | 06/15/2047 | 410 | &nbsp;&nbsp; 405106 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2022, <br> Ref. RB<br>| 5.00% | 06/15/2051 | 5 | &nbsp;&nbsp; 5253 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.00% | 06/15/2049 | 465 | &nbsp;&nbsp; 498211 |
| New York State Environmental Facilities Corp. (NYC Municipal Water Finance Authority), Series 2024, <br> Ref. RB<br>| 5.25% | 06/15/2053 | 675 | &nbsp;&nbsp; 729242 |

---

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

------

**194**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York State Urban Development Corp., Series 2017 C, Ref. RB | 4.00% | 03/15/2043 | $45 | &nbsp;&nbsp; $45055 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2042 | 25 | &nbsp;&nbsp; 26269 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2043 | 90 | &nbsp;&nbsp; 94479 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2044 | 65 | &nbsp;&nbsp; 67863 |
| New York State Urban Development Corp., Series 2019 A, RB | 5.00% | 03/15/2045 | 35 | &nbsp;&nbsp; 36388 |
| New York State Urban Development Corp., Series 2019 A, RB | 4.00% | 03/15/2048 | 65 | &nbsp;&nbsp; 60711 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 5.00% | 03/15/2041 | 100 | &nbsp;&nbsp; 106938 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 4.00% | 03/15/2042 | 260 | &nbsp;&nbsp; 261473 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 4.00% | 03/15/2043 | 25 | &nbsp;&nbsp; 25035 |
| New York State Urban Development Corp., Series 2019 A, Ref. RB | 3.00% | 03/15/2049 | 10 | &nbsp;&nbsp; 7580 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2041 | 380 | &nbsp;&nbsp; 413178 |
| New York State Urban Development Corp., Series 2020 A, RB | 5.00% | 03/15/2042 | 80 | &nbsp;&nbsp; 86534 |
| New York State Urban Development Corp., Series 2020 A, RB | 4.00% | 03/15/2045 | 260 | &nbsp;&nbsp; 254447 |
| New York State Urban Development Corp., Series 2020 A, RB | 4.00% | 03/15/2049 | 675 | &nbsp;&nbsp; 646503 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 4.00% | 03/15/2041 | 100 | &nbsp;&nbsp; 101199 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 4.00% | 03/15/2045 | 45 | &nbsp;&nbsp; 44039 |
| New York State Urban Development Corp., Series 2020 C, Ref. RB | 5.00% | 03/15/2050 | 5 | &nbsp;&nbsp; 5202 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 3.00% | 03/15/2047 | 100 | &nbsp;&nbsp; 77816 |
| New York State Urban Development Corp., Series 2020 E, Ref. RB | 3.00% | 03/15/2049 | 10 | &nbsp;&nbsp; 7567 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 4.00% | 03/15/2042 | 95 | &nbsp;&nbsp; 95757 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2043 | 100 | &nbsp;&nbsp; 107596 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 5.00% | 03/15/2044 | 230 | &nbsp;&nbsp; 246374 |
| New York State Urban Development Corp., Series 2020, Ref. RB | 3.00% | 03/15/2048 | 145 | &nbsp;&nbsp; 111016 |
| New York State Urban Development Corp., Series 2021 A, Ref. RB | 4.00% | 03/15/2048 | 60 | &nbsp;&nbsp; 57227 |
| New York State Urban Development Corp., Series 2021 A, Ref. RB | 2.63% | 03/15/2051 | 120 | &nbsp;&nbsp; 81495 |
| New York State Urban Development Corp., Series 2023 A, RB | 5.00% | 03/15/2044 | 5 | &nbsp;&nbsp; 5422 |
| New York State Urban Development Corp., Series 2023 A, RB | 5.00% | 03/15/2051 | 45 | &nbsp;&nbsp; 46858 |
| New York State Urban Development Corp., Series 2023 A, RB | 5.00% | 03/15/2053 | 170 | &nbsp;&nbsp; 176460 |
| New York State Urban Development Corp., Series 2024 A, GO Bonds | 5.00% | 03/15/2054 | 125 | &nbsp;&nbsp; 130147 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2021 A, Ref. RB | 3.00% | 03/15/2041 | 50 | &nbsp;&nbsp; 45993 |
| New York State Urban Development Corp. (Bidding Group 2), Series 2023 A, RB | 5.00% | 03/15/2043 | 100 | &nbsp;&nbsp; 109527 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2019 A, Ref. RB | 4.00% | 03/15/2044 | 265 | &nbsp;&nbsp; 262442 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB | 4.00% | 03/15/2043 | 420 | &nbsp;&nbsp; 421301 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021 A, Ref. RB | 4.00% | 03/15/2045 | 10 | &nbsp;&nbsp; 9774 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB | 4.00% | 03/15/2044 | 95 | &nbsp;&nbsp; 94203 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB | 4.00% | 03/15/2046 | 240 | &nbsp;&nbsp; 231470 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2021, Ref. RB | 4.00% | 03/15/2047 | 40 | &nbsp;&nbsp; 38304 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2045 | 60 | &nbsp;&nbsp; 64378 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2046 | 85 | &nbsp;&nbsp; 90445 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2047 | 75 | &nbsp;&nbsp; 79387 |
| New York State Urban Development Corp. (Bidding Group 3), Series 2023 A, RB | 5.00% | 03/15/2048 | 55 | &nbsp;&nbsp; 57822 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 4.00% | 03/15/2042 | 70 | &nbsp;&nbsp; 70501 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 4.00% | 03/15/2043 | 215 | &nbsp;&nbsp; 215579 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 4.00% | 03/15/2044 | 410 | &nbsp;&nbsp; 406559 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020 E, Ref. RB | 4.00% | 03/15/2046 | 90 | &nbsp;&nbsp; 87392 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2020, Ref. RB | 4.00% | 03/15/2045 | 80 | &nbsp;&nbsp; 78291 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2021 A, Ref. RB | 3.00% | 03/15/2050 | 560 | &nbsp;&nbsp; 418604 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2048 | 15 | &nbsp;&nbsp; 15716 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2049 | 115 | &nbsp;&nbsp; 120268 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2022 A, Ref. RB | 5.00% | 03/15/2050 | 15 | &nbsp;&nbsp; 15638 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2049 | 70 | &nbsp;&nbsp; 73302 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2050 | 65 | &nbsp;&nbsp; 67827 |
| New York State Urban Development Corp. (Bidding Group 4), Series 2023 A, RB | 5.00% | 03/15/2052 | 75 | &nbsp;&nbsp; 78005 |
| New York State Urban Development Corp. (Green Bonds), Series 2023, Ref. RB | 5.00% | 03/15/2063 | 130 | &nbsp;&nbsp; 133440 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. <br> RB<br>| 4.00% | 12/01/2041 | 160 | &nbsp;&nbsp; 160104 |
| New York Transportation Development Corp. (Terminal 4 JFK International Airport), Series 2020, Ref. <br> RB<br>| 4.00% | 12/01/2042 | 250 | &nbsp;&nbsp; 247874 |

---

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

------

**195**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.00% | 12/01/2044 | $165 | &nbsp;&nbsp; $129077 |
| Oneida County Local Development Corp. (Mohawk Valley Health System), Series 2019, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.00% | 12/01/2049 | 255 | &nbsp;&nbsp; 234444 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2043 | 250 | &nbsp;&nbsp; 264389 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 5.00% | 12/01/2045 | 200 | &nbsp;&nbsp; 209260 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 4.00% | 12/01/2047 | 120 | &nbsp;&nbsp; 115036 |
| Onondaga (County of), NY Trust for Cultural Resources (Syracuse University), Series 2019, Ref. RB | 4.00% | 12/01/2049 | 240 | &nbsp;&nbsp; 226972 |
| Onondaga Civic Development Corp., Series 2025, RB | 4.50% | 12/01/2050 | 650 | &nbsp;&nbsp; 651212 |
| Onondaga Civic Development Corp., Series 2025, RB | 5.50% | 12/01/2056 | 590 | &nbsp;&nbsp; 649160 |
| Saratoga County Capital Resource Corp. (WSWHE Boces Project), Series 2025, RB | 5.00% | 07/01/2047 | 35 | &nbsp;&nbsp; 37320 |
| Suffolk (County of), NY Water Authority, Series 2018 A, RB | 3.25% | 06/01/2043 | 45 | &nbsp;&nbsp; 42057 |
| Suffolk (County of), NY Water Authority, Series 2020 B, RB | 3.00% | 06/01/2044 | 65 | &nbsp;&nbsp; 56196 |
| Suffolk (County of), NY Water Authority, Series 2020 B, RB | 3.00% | 06/01/2045 | 75 | &nbsp;&nbsp; 63219 |
| Triborough Bridge & Tunnel Authority, Series 2016 A, Ref. RB | 5.00% | 11/15/2046 | 460 | &nbsp;&nbsp; 460840 |
| Triborough Bridge & Tunnel Authority, Series 2017 A, RB | 5.00% | 11/15/2042 | 40 | &nbsp;&nbsp; 40958 |
| Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB | 4.00% | 05/15/2046 | 450 | &nbsp;&nbsp; 439729 |
| Triborough Bridge & Tunnel Authority, Series 2021 A-1, Ref. RB | 5.00% | 05/15/2051 | 520 | &nbsp;&nbsp; 539806 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB | 3.00% | 05/15/2051 | 40 | &nbsp;&nbsp; 29816 |
| Triborough Bridge & Tunnel Authority, Series 2021 C-3, RB | 4.00% | 05/15/2051 | 290 | &nbsp;&nbsp; 274021 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.00% | 11/15/2047 | 40 | &nbsp;&nbsp; 42104 |
| Triborough Bridge & Tunnel Authority, Series 2022 A, RB | 5.50% | 11/15/2057 | 60 | &nbsp;&nbsp; 64112 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.25% | 05/15/2041 | 15 | &nbsp;&nbsp; 16683 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2042 | 50 | &nbsp;&nbsp; 54394 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.00% | 05/15/2044 | 110 | &nbsp;&nbsp; 117530 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.25% | 05/15/2052 | 420 | &nbsp;&nbsp; 440514 |
| Triborough Bridge & Tunnel Authority, Series 2022 C, RB | 5.25% | 05/15/2057 | 55 | &nbsp;&nbsp; 57722 |
| Triborough Bridge & Tunnel Authority, Series 2022, Ref. RB | 5.00% | 05/15/2052 | 110 | &nbsp;&nbsp; 122967 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2043 | 15 | &nbsp;&nbsp; 16541 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2044 | 25 | &nbsp;&nbsp; 27277 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2049 | 100 | &nbsp;&nbsp; 104937 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 11/15/2051 | 225 | &nbsp;&nbsp; 240636 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 4.00% | 05/15/2054 | 5 | &nbsp;&nbsp; 4613 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.00% | 05/15/2054 | 375 | &nbsp;&nbsp; 389863 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 4.00% | 11/15/2054 | 105 | &nbsp;&nbsp; 95365 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 05/15/2059 | 5 | &nbsp;&nbsp; 5268 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 4.13% | 05/15/2064 | 355 | &nbsp;&nbsp; 325338 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-1, RB | 5.25% | 05/15/2064 | 500 | &nbsp;&nbsp; 525433 |
| Triborough Bridge & Tunnel Authority, Series 2024 A-2, Ref. RB | 5.00% | 11/15/2041 | 10 | &nbsp;&nbsp; 11271 |
| Triborough Bridge & Tunnel Authority, Series 2025 A, RB | 5.00% | 11/15/2048 | 210 | &nbsp;&nbsp; 222811 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2045 | 25 | &nbsp;&nbsp; 27001 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.25% | 12/01/2048 | 20 | &nbsp;&nbsp; 21533 |
| Triborough Bridge & Tunnel Authority, Series 2025, RB | 5.00% | 12/01/2050 | 220 | &nbsp;&nbsp; 230744 |
| Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB | 5.00% | 05/15/2046 | 35 | &nbsp;&nbsp; 36741 |
| Triborough Bridge & Tunnel Authority, Subseries 2021 B-1, Ref. RB | 5.00% | 05/15/2056 | 75 | &nbsp;&nbsp; 75882 |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB | 5.00% | 11/15/2048 | 160 | &nbsp;&nbsp; 168373 |
| Triborough Bridge & Tunnel Authority, Subseries 2023 B-1, RB | 5.25% | 11/15/2053 | 20 | &nbsp;&nbsp; 21228 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022 D-2, RB | 4.50% | 05/15/2047 | 90 | &nbsp;&nbsp; 90685 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2022, RB | 4.50% | 05/15/2052 | 410 | &nbsp;&nbsp; 406863 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2041 | 5 | &nbsp;&nbsp; 5609 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2023 C, Ref. RB | 5.00% | 11/15/2043 | 40 | &nbsp;&nbsp; 43991 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, RB | 5.00% | 05/15/2051 | 15 | &nbsp;&nbsp; 15686 |
| Triborough Bridge & Tunnel Authority (Green Bonds), Series 2024, Ref. RB | 5.25% | 05/15/2054 | 350 | &nbsp;&nbsp; 371321 |
| Triborough Bridge & Tunnel Authority (MTA Brdiges & Tunnels) (Green Bonds), Subseries 2022 D-2, <br> RB<br>| 5.50% | 05/15/2052 | 200 | &nbsp;&nbsp; 213689 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2017 C-2, RB | 5.00% | 11/15/2042 | 55 | &nbsp;&nbsp; 56852 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2018 A, RB | 5.00% | 11/15/2044 | 45 | &nbsp;&nbsp; 46455 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2019 C, RB | 4.00% | 11/15/2042 | 20 | &nbsp;&nbsp; 20141 |

---

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

------

**196**

------

**Invesco New York AMT-Free Municipal Bond ETF (PZT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |  |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 5.00% | 11/15/2049 | $| 225 | &nbsp;&nbsp; $234717 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 4.00% | 11/15/2054 |  | 130 | &nbsp;&nbsp; 118070 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2020 A, RB | 5.00% | 11/15/2054 |  | 225 | &nbsp;&nbsp; 233038 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 5.00% | 11/15/2051 |  | 160 | &nbsp;&nbsp; 165605 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 4.00% | 11/15/2056 |  | 30 | &nbsp;&nbsp; 27560 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 A, RB | 5.00% | 11/15/2056 |  | 5 | &nbsp;&nbsp; 5154 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2021 C-1A, RB | 5.00% | 05/15/2051 |  | 60 | &nbsp;&nbsp; 62480 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, RB | 4.00% | 05/15/2052 |  | 20 | &nbsp;&nbsp; 18615 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2047 |  | 90 | &nbsp;&nbsp; 94475 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 4.00% | 05/15/2051 |  | 40 | &nbsp;&nbsp; 37083 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 A, Ref. RB | 5.00% | 05/15/2057 |  | 75 | &nbsp;&nbsp; 77577 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022 C, RB | 5.00% | 05/15/2047 |  | 90 | &nbsp;&nbsp; 94475 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 4.00% | 05/15/2057 |  | 100 | &nbsp;&nbsp; 91491 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2022, RB | 5.25% | 05/15/2062 |  | 70 | &nbsp;&nbsp; 73664 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-2 RB | 5.25% | 05/15/2064 |  | 15 | &nbsp;&nbsp; 15684 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels), Series 2024, A-3 RB | 5.25% | 05/15/2064 |  | 100 | &nbsp;&nbsp; 105174 |
| Triborough Bridge & Tunnel Authority (MTA Bridges & Tunnels) (Green Bonds), Series 2023 C, Ref. <br> RB<br>| 5.25% | 11/15/2042 |  | 25 | &nbsp;&nbsp; 28191 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 4.00% | 05/15/2048 |  | 100 | &nbsp;&nbsp; 94618 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.00% | 05/15/2048 |  | 20 | &nbsp;&nbsp; 20965 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 4.13% | 05/15/2053 |  | 15 | &nbsp;&nbsp; 14139 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.00% | 05/15/2053 |  | 35 | &nbsp;&nbsp; 36277 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 5.25% | 05/15/2058 |  | 15 | &nbsp;&nbsp; 15740 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2023 A, RB | 4.50% | 05/15/2063 |  | 10 | &nbsp;&nbsp; 9839 |
| Triborough Bridge & Tunnel Authority (TBTA Capital Lockbox Fund), Series 2025, RB | 5.25% | 12/01/2054 |  | 220 | &nbsp;&nbsp; 234841 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.75% | 11/01/2049 |  | 150 | &nbsp;&nbsp; 163258 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.00% | 11/01/2051 |  | 140 | &nbsp;&nbsp; 143209 |
| Westchester County Local Development Corp. (Westchester Medical Center Obligated Group), <br> Series 2023, RB, (INS - AGI)<sup>(a)</sup><br>| 5.75% | 11/01/2053 |  | 355 | &nbsp;&nbsp; 383194 |
|  |  |  |  |  | &nbsp;&nbsp; 127975688 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.14% <br>(Cost $129,019,603) | TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.14% <br>(Cost $129,019,603) | TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.14% <br>(Cost $129,019,603) | TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.14% <br>(Cost $129,019,603) | TOTAL INVESTMENTS IN SECURITIES<sup>(b)</sup>-97.14% <br>(Cost $129,019,603) | &nbsp;&nbsp; 128179820 |
| OTHER ASSETS LESS LIABILITIES-2.86% | OTHER ASSETS LESS LIABILITIES-2.86% | OTHER ASSETS LESS LIABILITIES-2.86% | OTHER ASSETS LESS LIABILITIES-2.86% | OTHER ASSETS LESS LIABILITIES-2.86% | &nbsp;&nbsp; 3778945 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $131958765 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| CEP | -Credit Enhancement Provider |
| GO | -General Obligation |
| INS | -Insurer |
| RB | -Revenue Bonds |
| Ref. | -Refunding |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the <br> securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily <br> responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations.<br>|

---

---

| | |
|:---|:---|
| **Entities** | **Percentage** |
| Assured Guaranty, Inc. | 8.04% |

---

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

------

**197**

------

**Invesco Preferred ETF (PGX)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks-99.72%** | **Preferred Stocks-99.72%** | **Preferred Stocks-99.72%** |
| **Automobiles-1.71%** | **Automobiles-1.71%** | **Automobiles-1.71%** |
| Ford Motor Co. |  |  |
| Pfd., 6.00%<sup>(b)</sup> | 1170978 | &nbsp;&nbsp; $24590538 |
| Pfd., 6.20%<sup>(b)</sup> | 1100965 | &nbsp;&nbsp; 23736805 |
| Pfd., 6.50%<sup>(b)</sup> | 876902 | &nbsp;&nbsp; 19739064 |
|  |  | &nbsp;&nbsp; 68066407 |
| **Banks-35.07%** | **Banks-35.07%** | **Banks-35.07%** |
| Associated Banc-Corp |  |  |
| Series F, Pfd., 5.63%<sup>(b)</sup> | 144884 | &nbsp;&nbsp; 3007792 |
| Series E, Pfd., 5.88%<sup>(b)</sup> | 140488 | &nbsp;&nbsp; 2978346 |
| Pfd., 6.63%<sup>(b)(c)</sup> | 440783 | &nbsp;&nbsp; 10957865 |
| Banc of California, Inc., Series F, Pfd., <br> 7.75%<sup>(b)(c)</sup><br>| 746283 | &nbsp;&nbsp; 18880960 |
| Bank of America Corp. |  |  |
| Series PP, Pfd., 4.13%<sup>(b)</sup> | 1338746 | &nbsp;&nbsp; 23347730 |
| Series QQ, Pfd., 4.25% | 1898217 | &nbsp;&nbsp; 33712334 |
| Series NN, Pfd., 4.38% | 1576059 | &nbsp;&nbsp; 28999486 |
| Series SS, Pfd., 4.75%<sup>(b)</sup> | 1005729 | &nbsp;&nbsp; 20164866 |
| Series LL, Pfd., 5.00%<sup>(b)</sup> | 1897772 | &nbsp;&nbsp; 40460499 |
| Series KK, Pfd., 5.38%<sup>(b)</sup> | 2026327 | &nbsp;&nbsp; 46058413 |
| Series HH, Pfd., 5.88%<sup>(b)</sup> | 1247887 | &nbsp;&nbsp; 31371879 |
| Series GG, Pfd., 6.00%<sup>(b)</sup> | 1974008 | &nbsp;&nbsp; 49883182 |
| Series K, Pfd., 6.45%<sup>(b)</sup> | 1533051 | &nbsp;&nbsp; 39782673 |
| Bank of Hawaii Corp. |  |  |
| Series A, Pfd., 4.38%<sup>(b)</sup> | 264495 | &nbsp;&nbsp; 4276884 |
| Pfd., 8.00%<sup>(b)</sup> | 240702 | &nbsp;&nbsp; 6395452 |
| Bank OZK, Series A, Pfd., 4.63%<sup>(b)</sup> | 512096 | &nbsp;&nbsp; 8377891 |
| Citigroup, Inc., Series II, Pfd., 6.25% | 1094113 | &nbsp;&nbsp; 27790470 |
| Citizens Financial Group, Inc. |  |  |
| Series E, Pfd., 5.00%<sup>(b)</sup> | 658091 | &nbsp;&nbsp; 13142077 |
| Series I, Pfd., 6.50%<sup>(c)</sup> | 584925 | &nbsp;&nbsp; 14921437 |
| Pfd., 7.38%<sup>(b)</sup> | 586031 | &nbsp;&nbsp; 15383314 |
| Cullen/Frost Bankers, Inc., Series B, Pfd., <br> 4.45%<sup>(b)</sup><br>| 210146 | &nbsp;&nbsp; 3767918 |
| Fifth Third Bancorp |  |  |
| Series K, Pfd., 4.95%<sup>(b)</sup> | 362711 | &nbsp;&nbsp; 7163542 |
| Series A, Pfd., 6.00%<sup>(b)</sup> | 291224 | &nbsp;&nbsp; 7123339 |
| Pfd., 6.88%<sup>(c)</sup> | 582134 | &nbsp;&nbsp; 14989951 |
| First Citizens BancShares, Inc. |  |  |
| Series A, Pfd., 5.38%<sup>(b)</sup> | 517905 | &nbsp;&nbsp; 11155674 |
| Series C, Pfd., 5.63%<sup>(b)</sup> | 277782 | &nbsp;&nbsp; 6316763 |
| Series E, Pfd., 6.63%<sup>(c)</sup> | 590000 | &nbsp;&nbsp; 14850300 |
| First Horizon Corp. |  |  |
| Series F, Pfd., 4.70% | 211152 | &nbsp;&nbsp; 3971769 |
| Series E, Pfd., 6.50%<sup>(b)</sup> | 221374 | &nbsp;&nbsp; 5474579 |
| Flagstar Bank N.A, Series A, Pfd., <br> 6.38%<sup>(b)(c)</sup><br>| 751484 | &nbsp;&nbsp; 17073716 |
| Fulton Financial Corp., Series A, Pfd., <br> 5.13%<sup>(b)</sup><br>| 288579 | &nbsp;&nbsp; 5552260 |
| Hancock Whitney Corp., Pfd., 6.25%<sup>(b)</sup> | 254455 | &nbsp;&nbsp; 6139999 |
| Huntington Bancshares, Inc. |  |  |
| Series H, Pfd., 4.50%<sup>(b)</sup> | 729032 | &nbsp;&nbsp; 13005931 |
| Series L, Pfd., 5.50%<sup>(b)</sup> | 260101 | &nbsp;&nbsp; 5597374 |
| Series C, Pfd., 5.70%<sup>(b)</sup> | 258475 | &nbsp;&nbsp; 6017298 |
| Series J, Pfd., 6.88%<sup>(b)(c)</sup> | 473262 | &nbsp;&nbsp; 12162833 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| JPMorgan Chase & Co. |  |  |
| Series MM, Pfd., 4.20%<sup>(b)</sup> | 2925697 | &nbsp;&nbsp; $54359450 |
| Series JJ, Pfd., 4.55%<sup>(b)</sup> | 2189610 | &nbsp;&nbsp; 42784979 |
| Series LL, Pfd., 4.63%<sup>(b)</sup> | 2715708 | &nbsp;&nbsp; 54124060 |
| Series GG, Pfd., 4.75%<sup>(b)</sup> | 1314257 | &nbsp;&nbsp; 26863413 |
| Series DD, Pfd., 5.75%<sup>(b)</sup> | 2486724 | &nbsp;&nbsp; 62242702 |
| Series EE, Pfd., 6.00%<sup>(b)</sup> | 2714435 | &nbsp;&nbsp; 68512339 |
| KeyCorp |  |  |
| Series G, Pfd., 5.63%<sup>(b)</sup> | 656168 | &nbsp;&nbsp; 14507874 |
| Series F, Pfd., 5.65%<sup>(b)</sup> | 618105 | &nbsp;&nbsp; 13487051 |
| Pfd., 6.20%<sup>(b)(c)</sup> | 872053 | &nbsp;&nbsp; 22324557 |
| M&T Bank Corp. |  |  |
| Series K, Pfd., 6.35% | 656914 | &nbsp;&nbsp; 16554233 |
| Series J, Pfd., 7.50%<sup>(b)</sup> | 1094972 | &nbsp;&nbsp; 29399998 |
| Old National Bancorp |  |  |
| Series A, Pfd., 7.00% | 159792 | &nbsp;&nbsp; 4053923 |
| Series C, Pfd., 7.00%<sup>(b)</sup> | 175485 | &nbsp;&nbsp; 4452054 |
| Popular Capital Trust II, Pfd., 6.13% | 141616 | &nbsp;&nbsp; 3602711 |
| Regions Financial Corp. |  |  |
| Series E, Pfd., 4.45%<sup>(b)</sup> | 585788 | &nbsp;&nbsp; 10309869 |
| Series C, Pfd., 5.70%<sup>(c)</sup> | 730474 | &nbsp;&nbsp; 17925832 |
| Pfd., 6.95%<sup>(b)(c)</sup> | 726971 | &nbsp;&nbsp; 18828549 |
| Texas Capital Bancshares, Inc., Series B, <br> Pfd., 5.75%<sup>(b)</sup><br>| 441388 | &nbsp;&nbsp; 9869436 |
| Truist Financial Corp. |  |  |
| Series R, Pfd., 4.75%<sup>(b)</sup> | 1349277 | &nbsp;&nbsp; 25973582 |
| Series O, Pfd., 5.25%<sup>(b)</sup> | 838526 | &nbsp;&nbsp; 18346949 |
| U.S. Bancorp |  |  |
| Series L, Pfd., 3.75% | 728864 | &nbsp;&nbsp; 11362990 |
| Series M, Pfd., 4.00%<sup>(b)</sup> | 1097926 | &nbsp;&nbsp; 18313406 |
| Series O, Pfd., 4.50%<sup>(b)</sup> | 657661 | &nbsp;&nbsp; 12245648 |
| Series K, Pfd., 5.50%<sup>(b)</sup> | 846614 | &nbsp;&nbsp; 19870031 |
| UMB Financial Corp., Pfd., 7.75%<sup>(c)</sup> | 438837 | &nbsp;&nbsp; 11760832 |
| Valley National Bancorp, Series C, Pfd., <br> 8.25%<sup>(b)(c)</sup><br>| 220749 | &nbsp;&nbsp; 5739474 |
| WaFd, Inc., Series A, Pfd., 4.88%<sup>(b)</sup> | 431058 | &nbsp;&nbsp; 7069351 |
| Webster Financial Corp., Series F, Pfd., <br> 5.25%<sup>(b)</sup><br>| 220740 | &nbsp;&nbsp; 4591392 |
| Wells Fargo & Co. |  |  |
| Series DD, Pfd., 4.25%<sup>(b)</sup> | 1824968 | &nbsp;&nbsp; 32685177 |
| Series CC, Pfd., 4.38%<sup>(b)</sup> | 1535346 | &nbsp;&nbsp; 27927944 |
| Series AA, Pfd., 4.70%<sup>(b)</sup> | 1708407 | &nbsp;&nbsp; 33313937 |
| Series Z, Pfd., 4.75%<sup>(b)</sup> | 2946736 | &nbsp;&nbsp; 58551644 |
| Series Y, Pfd., 5.63%<sup>(b)</sup> | 1007864 | &nbsp;&nbsp; 24894241 |
| Wesbanco, Inc., Series B, Pfd., 7.38%<sup>(b)(c)</sup> | 338555 | &nbsp;&nbsp; 8751647 |
| Wintrust Financial Corp., Series F, Pfd., <br> 7.88%<sup>(c)</sup><br>| 619872 | &nbsp;&nbsp; 16550582 |
|  |  | &nbsp;&nbsp; 1392408653 |
| **Capital Markets-11.92%** | **Capital Markets-11.92%** | **Capital Markets-11.92%** |
| Affiliated Managers Group, Inc. |  |  |
| Pfd., 4.20%<sup>(b)</sup> | 294257 | &nbsp;&nbsp; 4605122 |
| Pfd., 4.75%<sup>(b)</sup> | 400926 | &nbsp;&nbsp; 7036251 |
| Pfd., 5.88%<sup>(b)</sup> | 438912 | &nbsp;&nbsp; 9287378 |
| Pfd., 6.75%<sup>(b)</sup> | 660315 | &nbsp;&nbsp; 16276765 |
| Bank of New York Mellon Corp. (The), <br> Series K, Pfd., 6.15%<sup>(b)(c)</sup><br>| 728707 | &nbsp;&nbsp; 18807928 |

---

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

------

**198**

------

**Invesco Preferred ETF (PGX)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| Brookfield Finance I (UK) PLC, Pfd., 4.50% <br> (Canada)<sup>(b)</sup><br>| 336882 | &nbsp;&nbsp; $5140819 |
| Brookfield Finance, Inc., Series 50, Pfd., <br> 4.63% (Canada)<sup>(b)</sup><br>| 584765 | &nbsp;&nbsp; 9274373 |
| Brookfield Oaktree Holdings LLC |  |  |
| Series B, Pfd., 6.55% | 343893 | &nbsp;&nbsp; 7397138 |
| Series A, Pfd., 6.63% | 261709 | &nbsp;&nbsp; 5597956 |
| Charles Schwab Corp. (The) |  |  |
| Series J, Pfd., 4.45% | 877103 | &nbsp;&nbsp; 16480765 |
| Series D, Pfd., 5.95%<sup>(b)</sup> | 1093817 | &nbsp;&nbsp; 27531374 |
| KKR & Co., Inc., Series T, Pfd., 6.88%<sup>(b)</sup> | 865937 | &nbsp;&nbsp; 21882228 |
| Morgan Stanley |  |  |
| Series O, Pfd., 4.25%<sup>(b)</sup> | 1898258 | &nbsp;&nbsp; 34244574 |
| Series L, Pfd., 4.88%<sup>(b)</sup> | 734099 | &nbsp;&nbsp; 15320646 |
| Series K, Pfd., 5.85%<sup>(b)</sup> | 1467777 | &nbsp;&nbsp; 36444903 |
| Series I, Pfd., 6.38%<sup>(b)</sup> | 1466336 | &nbsp;&nbsp; 37142291 |
| Series P, Pfd., 6.50%<sup>(b)</sup> | 1466792 | &nbsp;&nbsp; 37857902 |
| Series Q, Pfd., 6.63%<sup>(b)</sup> | 1467653 | &nbsp;&nbsp; 38746039 |
| Series F, Pfd., 6.88%<sup>(b)</sup> | 1246455 | &nbsp;&nbsp; 31635028 |
| Series E, Pfd., 7.13%<sup>(b)</sup> | 1248383 | &nbsp;&nbsp; 31833766 |
| New Mountain Finance Corp., Pfd., <br> 8.25%<sup>(b)</sup><br>| 169052 | &nbsp;&nbsp; 4268563 |
| Northern Trust Corp., Series E, Pfd., <br> 4.70%<sup>(b)</sup><br>| 586284 | &nbsp;&nbsp; 11596698 |
| State Street Corp., Series G, Pfd., 5.35% <br> (3 mo. Term SOFR + 3.97%)<sup>(b)(d)</sup><br>| 729694 | &nbsp;&nbsp; 16775665 |
| Stifel Financial Corp. |  |  |
| Series D, Pfd., 4.50%<sup>(b)</sup> | 448932 | &nbsp;&nbsp; 7793460 |
| Pfd., 5.20%<sup>(b)</sup> | 330783 | &nbsp;&nbsp; 6744665 |
| Series C, Pfd., 6.13%<sup>(b)</sup> | 326860 | &nbsp;&nbsp; 7847909 |
| Series B, Pfd., 6.25%<sup>(b)</sup> | 228648 | &nbsp;&nbsp; 5521849 |
|  |  | &nbsp;&nbsp; 473092055 |
| **Chemicals-0.11%** | **Chemicals-0.11%** | **Chemicals-0.11%** |
| EIDP, Inc., Series B, Pfd., 4.50%<sup>(b)</sup> | 62034 | &nbsp;&nbsp; 4235061 |
| **Commercial Services & Supplies-0.25%** | **Commercial Services & Supplies-0.25%** | **Commercial Services & Supplies-0.25%** |
| Pitney Bowes, Inc., Pfd., 6.70%<sup>(b)</sup> | 512752 | &nbsp;&nbsp; 10096087 |
| **Consumer Finance-4.10%** | **Consumer Finance-4.10%** | **Consumer Finance-4.10%** |
| Atlanticus Holdings Corp., Pfd., 9.25% | 239642 | &nbsp;&nbsp; 6130042 |
| Capital One Financial Corp. |  |  |
| Series N, Pfd., 4.25%<sup>(b)</sup> | 624482 | &nbsp;&nbsp; 10303953 |
| Series L, Pfd., 4.38%<sup>(b)</sup> | 987820 | &nbsp;&nbsp; 16980626 |
| Series K, Pfd., 4.63%<sup>(b)</sup> | 183130 | &nbsp;&nbsp; 3292677 |
| Series J, Pfd., 4.80%<sup>(b)</sup> | 1828795 | &nbsp;&nbsp; 33960723 |
| Series I, Pfd., 5.00%<sup>(b)</sup> | 2191033 | &nbsp;&nbsp; 43031888 |
| Navient Corp., Pfd., 6.00%<sup>(b)</sup> | 435223 | &nbsp;&nbsp; 8430270 |
| Synchrony Financial |  |  |
| Series A, Pfd., 5.63% | 1094414 | &nbsp;&nbsp; 21603732 |
| Series B, Pfd., 8.25%<sup>(b)(c)</sup> | 733212 | &nbsp;&nbsp; 19151498 |
|  |  | &nbsp;&nbsp; 162885409 |
| **Diversified REITs-0.25%** | **Diversified REITs-0.25%** | **Diversified REITs-0.25%** |
| Global Net Lease, Inc. |  |  |
| Series B, Pfd., 6.88%, (Acquired <br> 06/08/2022 - 05/16/2023; <br> Cost $3,670,262)<sup>(b)(e)</sup><br>| 184165 | &nbsp;&nbsp; 4092147 |
| Series A, Pfd., 7.25%<sup>(b)</sup> | 247826 | &nbsp;&nbsp; 5749563 |
|  |  | &nbsp;&nbsp; 9841710 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Telecommunication Services-4.47%** | **Diversified Telecommunication Services-4.47%** | **Diversified Telecommunication Services-4.47%** |
| AT&T, Inc. |  |  |
| Series C, Pfd., 4.75%<sup>(b)</sup> | 2564139 | &nbsp;&nbsp; $49949428 |
| Series A, Pfd., 5.00%<sup>(b)</sup> | 1761476 | &nbsp;&nbsp; 36779619 |
| Pfd., 5.35%<sup>(b)</sup> | 1938471 | &nbsp;&nbsp; 43983907 |
| Qwest Corp. |  |  |
| Pfd., 6.50%<sup>(b)</sup> | 1432256 | &nbsp;&nbsp; 27742799 |
| Pfd., 6.75% | 966448 | &nbsp;&nbsp; 19193657 |
|  |  | &nbsp;&nbsp; 177649410 |
| **Electric Utilities-8.62%** | **Electric Utilities-8.62%** | **Electric Utilities-8.62%** |
| BIP Bermuda Holdings I Ltd., Pfd., 5.13% <br> (Canada)<br>| 439430 | &nbsp;&nbsp; 7316510 |
| Brookfield Infrastructure Finance ULC |  |  |
| Pfd., 5.00% (Canada) | 367177 | &nbsp;&nbsp; 6036390 |
| Pfd., 7.25% (Canada) | 231689 | &nbsp;&nbsp; 5778324 |
| Duke Energy Corp. |  |  |
| Pfd., 5.63% | 730777 | &nbsp;&nbsp; 18006345 |
| Series A, Pfd., 5.75%<sup>(b)</sup> | 1462743 | &nbsp;&nbsp; 36583202 |
| Entergy Arkansas LLC, Pfd., 4.88% | 449116 | &nbsp;&nbsp; 9489821 |
| Entergy Louisiana LLC, Pfd., 4.88%<sup>(b)</sup> | 392394 | &nbsp;&nbsp; 8095088 |
| Entergy Mississippi LLC, Pfd., 4.90% | 382132 | &nbsp;&nbsp; 7967452 |
| Entergy New Orleans LLC, Pfd., 5.50%<sup>(b)</sup> | 308318 | &nbsp;&nbsp; 6983403 |
| Georgia Power Co., Series 2017-A, Pfd., <br> 5.00%<sup>(b)</sup><br>| 395340 | &nbsp;&nbsp; 9195608 |
| National Rural Utilities Cooperative Finance <br> Corp., Pfd., 5.50%<sup>(b)</sup><br>| 363641 | &nbsp;&nbsp; 8665565 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| Series N, Pfd., 5.65%<sup>(b)</sup> | 1005617 | &nbsp;&nbsp; 24064415 |
| Series U, Pfd., 6.50%<sup>(b)</sup> | 1279837 | &nbsp;&nbsp; 32456666 |
| Pacific Gas and Electric Co., Series A, Pfd., <br> 6.00%<sup>(b)</sup><br>| 154301 | &nbsp;&nbsp; 3502633 |
| SCE Trust II, Pfd., 5.10%<sup>(b)</sup> | 299748 | &nbsp;&nbsp; 5698210 |
| SCE Trust VI, Pfd., 5.00%<sup>(b)</sup> | 699853 | &nbsp;&nbsp; 12905289 |
| SCE Trust VII, Series M, Pfd., 7.50%<sup>(b)</sup> | 812051 | &nbsp;&nbsp; 20301275 |
| Southern Co. (The) |  |  |
| Series C, Pfd., 4.20%<sup>(b)</sup> | 1095160 | &nbsp;&nbsp; 20085234 |
| Series 2020, Pfd., 4.95%<sup>(b)</sup> | 1458374 | &nbsp;&nbsp; 30465433 |
| Pfd., 5.25%<sup>(b)</sup> | 659220 | &nbsp;&nbsp; 14595131 |
| Pfd., 6.50%<sup>(b)</sup> | 826049 | &nbsp;&nbsp; 21518576 |
| Xcel Energy, Inc., Pfd., 6.25% | 1311567 | &nbsp;&nbsp; 32723597 |
|  |  | &nbsp;&nbsp; 342434167 |
| **Financial Services-4.64%** | **Financial Services-4.64%** | **Financial Services-4.64%** |
| Apollo Global Management, Inc., Pfd., <br> 7.63%<sup>(b)(c)</sup><br>| 874421 | &nbsp;&nbsp; 22455131 |
| Brookfield BRP Holdings (Canada), Inc. |  |  |
| Pfd., 4.63% (Canada) | 515322 | &nbsp;&nbsp; 7698911 |
| Pfd., 4.88% (Canada) | 379707 | &nbsp;&nbsp; 6010762 |
| Pfd., 7.25% (Canada)<sup>(b)</sup> | 218978 | &nbsp;&nbsp; 5424085 |
| Carlyle Finance LLC, Pfd., 4.63%<sup>(b)</sup> | 731119 | &nbsp;&nbsp; 12860383 |
| Corebridge Financial, Inc., Pfd., 6.38% | 876407 | &nbsp;&nbsp; 20630621 |
| Equitable Holdings, Inc. |  |  |
| Series C, Pfd., 4.30%<sup>(b)</sup> | 436280 | &nbsp;&nbsp; 7224797 |
| Series A, Pfd., 5.25%<sup>(b)</sup> | 1171040 | &nbsp;&nbsp; 24100003 |
| Jackson Financial, Inc., Pfd., 8.00%<sup>(b)(c)</sup> | 801189 | &nbsp;&nbsp; 20710736 |
| KKR Group Finance Co. IX LLC, Pfd., <br> 4.63%<sup>(b)</sup><br>| 730864 | &nbsp;&nbsp; 12855898 |
| Merchants Bancorp |  |  |
| Series C, Pfd., 6.00%<sup>(b)</sup> | 287988 | &nbsp;&nbsp; 5797198 |
| Pfd., 7.63%<sup>(b)</sup> | 336995 | &nbsp;&nbsp; 8290077 |
| Pfd., 8.25%<sup>(c)</sup> | 203326 | &nbsp;&nbsp; 5174647 |

---

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

------

**199**

------

**Invesco Preferred ETF (PGX)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financial Services-(continued)** | **Financial Services-(continued)** | **Financial Services-(continued)** |
| TPG Operating Group II L.P., Pfd., 6.95%<sup>(b)</sup> | 582161 | &nbsp;&nbsp; $14239658 |
| Voya Financial, Inc., Series B, Pfd., <br> 5.35%<sup>(b)(c)</sup><br>| 438605 | &nbsp;&nbsp; 10557222 |
|  |  | &nbsp;&nbsp; 184030129 |
| **Gas Utilities-0.19%** | **Gas Utilities-0.19%** | **Gas Utilities-0.19%** |
| Spire, Inc., Pfd., 6.38%<sup>(b)</sup> | 296483 | &nbsp;&nbsp; 7385392 |
| **Independent Power and Renewable Electricity Producers-0.13%** | **Independent Power and Renewable Electricity Producers-0.13%** | **Independent Power and Renewable Electricity Producers-0.13%** |
| Brookfield Renewable Partners L.P., <br> Series 17, Pfd., 5.25% (Canada)<br>| 290491 | &nbsp;&nbsp; 5086497 |
| **Insurance-15.19%** | **Insurance-15.19%** | **Insurance-15.19%** |
| AEGON Funding Co. LLC, Pfd., 5.10% <br> (Netherlands)<sup>(b)</sup><br>| 1350118 | &nbsp;&nbsp; 27002360 |
| Allstate Corp. (The) |  |  |
| Series I, Pfd., 4.75%<sup>(b)</sup> | 437515 | &nbsp;&nbsp; 8588420 |
| Series H, Pfd., 5.10%<sup>(b)</sup> | 1686783 | &nbsp;&nbsp; 35911610 |
| Series J, Pfd., 7.38%<sup>(b)</sup> | 880135 | &nbsp;&nbsp; 23499605 |
| American Financial Group, Inc. |  |  |
| Pfd., 4.50%<sup>(b)</sup> | 298946 | &nbsp;&nbsp; 5123935 |
| Pfd., 5.13% | 296019 | &nbsp;&nbsp; 5594759 |
| Pfd., 5.63%<sup>(b)</sup> | 218091 | &nbsp;&nbsp; 4571187 |
| Pfd., 5.88%<sup>(b)</sup> | 183465 | &nbsp;&nbsp; 4049073 |
| American National Group, Inc., Pfd., <br> 7.38%<sup>(b)</sup><br>| 439861 | &nbsp;&nbsp; 10961336 |
| Arch Capital Group Ltd. |  |  |
| Series G, Pfd., 4.55%<sup>(b)</sup> | 731887 | &nbsp;&nbsp; 12881211 |
| Series F, Pfd., 5.45%<sup>(b)</sup> | 481019 | &nbsp;&nbsp; 10000385 |
| Aspen Insurance Holdings Ltd. |  |  |
| Pfd., 5.63% (Bermuda)<sup>(b)</sup> | 364636 | &nbsp;&nbsp; 7529733 |
| Pfd., 5.63% (Bermuda) | 365025 | &nbsp;&nbsp; 7639973 |
| Pfd., 7.00% (Bermuda)<sup>(b)</sup> | 328960 | &nbsp;&nbsp; 8210842 |
| Assurant, Inc., Pfd., 5.25%<sup>(b)</sup> | 368631 | &nbsp;&nbsp; 7564308 |
| Athene Holding Ltd. |  |  |
| Series D, Pfd., 4.88%<sup>(b)</sup> | 840860 | &nbsp;&nbsp; 14126448 |
| Series B, Pfd., 5.63%<sup>(b)</sup> | 502799 | &nbsp;&nbsp; 9829721 |
| Series A, Pfd., 6.35%<sup>(c)</sup> | 1263890 | &nbsp;&nbsp; 30813638 |
| Pfd., 7.25%<sup>(b)(c)</sup> | 842130 | &nbsp;&nbsp; 21137463 |
| Series E, Pfd., 7.75%<sup>(b)(c)</sup> | 730034 | &nbsp;&nbsp; 18747273 |
| AXIS Capital Holdings Ltd., Series E, Pfd., <br> 5.50%<sup>(b)</sup><br>| 804510 | &nbsp;&nbsp; 16403959 |
| Brighthouse Financial, Inc. |  |  |
| Series D, Pfd., 4.63%<sup>(b)</sup> | 509329 | &nbsp;&nbsp; 6269840 |
| Series C, Pfd., 5.38%<sup>(b)</sup> | 838651 | &nbsp;&nbsp; 11514678 |
| Pfd., 6.25%<sup>(b)</sup> | 548245 | &nbsp;&nbsp; 9676524 |
| Series A, Pfd., 6.60%<sup>(b)</sup> | 619113 | &nbsp;&nbsp; 10394907 |
| Series B, Pfd., 6.75%<sup>(b)</sup> | 589362 | &nbsp;&nbsp; 10060409 |
| CNO Financial Group, Inc., Pfd., 5.13% | 226719 | &nbsp;&nbsp; 4405150 |
| F&G Annuities & Life, Inc. |  |  |
| Pfd., 7.30%<sup>(b)</sup> | 554957 | &nbsp;&nbsp; 12231252 |
| Pfd., 7.95%<sup>(b)</sup> | 504134 | &nbsp;&nbsp; 12754590 |
| Globe Life, Inc., Pfd., 4.25%<sup>(b)</sup> | 478521 | &nbsp;&nbsp; 8106146 |
| Hartford Insurance Group, Inc. (The), <br> Series G, Pfd., 6.00%<sup>(b)</sup><br>| 504068 | &nbsp;&nbsp; 12642026 |
| Kemper Corp., Pfd., 5.88%<sup>(b)(c)</sup> | 218756 | &nbsp;&nbsp; 5156079 |
| Lincoln National Corp., Series D, Pfd., <br> 9.00%<br>| 728847 | &nbsp;&nbsp; 19256138 |
| MetLife, Inc. |  |  |
| Series F, Pfd., 4.75%<sup>(b)</sup> | 1459273 | &nbsp;&nbsp; 28528787 |
| Series E, Pfd., 5.63%<sup>(b)</sup> | 1176632 | &nbsp;&nbsp; 28356831 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| Prudential Financial, Inc. |  |  |
| Pfd., 4.13%<sup>(b)</sup> | 732977 | &nbsp;&nbsp; $12680502 |
| Pfd., 5.63%<sup>(b)</sup> | 827686 | &nbsp;&nbsp; 20030001 |
| Pfd., 5.95%<sup>(b)</sup> | 437373 | &nbsp;&nbsp; 10803113 |
| Reinsurance Group of America, Inc., Pfd., <br> 7.13%<sup>(c)</sup><br>| 1022379 | &nbsp;&nbsp; 26172902 |
| RenaissanceRe Holdings Ltd. |  |  |
| Series G, Pfd., 4.20% (Bermuda)<sup>(b)</sup> | 726928 | &nbsp;&nbsp; 11601771 |
| Series F, Pfd., 5.75% (Bermuda)<sup>(b)</sup> | 366074 | &nbsp;&nbsp; 8130504 |
| Selective Insurance Group, Inc., Series B, <br> Pfd., 4.60%<sup>(b)</sup><br>| 292442 | &nbsp;&nbsp; 4939345 |
| Unum Group, Pfd., 6.25%<sup>(b)</sup> | 439888 | &nbsp;&nbsp; 10258188 |
| W.R. Berkley Corp. |  |  |
| Pfd., 4.13%<sup>(b)</sup> | 438368 | &nbsp;&nbsp; 7504860 |
| Pfd., 4.25%<sup>(b)</sup> | 363434 | &nbsp;&nbsp; 6403707 |
| Pfd., 5.10%<sup>(b)</sup> | 436549 | &nbsp;&nbsp; 8896869 |
| Pfd., 5.70%<sup>(b)</sup> | 272183 | &nbsp;&nbsp; 6189442 |
|  |  | &nbsp;&nbsp; 603151800 |
| **Leisure Products-0.20%** | **Leisure Products-0.20%** | **Leisure Products-0.20%** |
| Brunswick Corp., Pfd., 6.38%<sup>(b)</sup> | 312751 | &nbsp;&nbsp; 7743715 |
| **Multi-Utilities-3.18%** | **Multi-Utilities-3.18%** | **Multi-Utilities-3.18%** |
| Brookfield Infrastructure Partners L.P. |  |  |
| Series 14, Pfd., 5.00% (Canada) | 292493 | &nbsp;&nbsp; 4808585 |
| Series 13, Pfd., 5.13% (Canada) | 293184 | &nbsp;&nbsp; 4984128 |
| CMS Energy Corp. |  |  |
| Series C, Pfd., 4.20%<sup>(b)</sup> | 334810 | &nbsp;&nbsp; 5979707 |
| Pfd., 5.63%<sup>(b)</sup> | 293353 | &nbsp;&nbsp; 6550572 |
| Pfd., 5.88%<sup>(b)</sup> | 411368 | &nbsp;&nbsp; 9646579 |
| Pfd., 5.88%<sup>(b)</sup> | 920476 | &nbsp;&nbsp; 21428681 |
| DTE Energy Co. |  |  |
| Pfd., 4.38%<sup>(b)</sup> | 407590 | &nbsp;&nbsp; 7051307 |
| Series G, Pfd., 4.38%<sup>(b)</sup> | 336278 | &nbsp;&nbsp; 5935307 |
| Series E, Investment Units, 5.25%<sup>(b)</sup> | 584522 | &nbsp;&nbsp; 12993924 |
| Series H, Pfd., 6.25%<sup>(b)</sup> | 883056 | &nbsp;&nbsp; 22120553 |
| Sempra, Pfd., 5.75%<sup>(b)</sup> | 1106734 | &nbsp;&nbsp; 24901515 |
|  |  | &nbsp;&nbsp; 126400858 |
| **Office REITs-0.95%** | **Office REITs-0.95%** | **Office REITs-0.95%** |
| SL Green Realty Corp., Series I, Pfd., <br> 6.50%<sup>(b)</sup><br>| 339196 | &nbsp;&nbsp; 7506408 |
| Vornado Realty Trust |  |  |
| Series O, Pfd., 4.45%<sup>(b)</sup> | 474666 | &nbsp;&nbsp; 7115243 |
| Series M, Pfd., 5.25%<sup>(b)</sup> | 485875 | &nbsp;&nbsp; 8371626 |
| Series N, Pfd., 5.25%<sup>(b)</sup> | 439154 | &nbsp;&nbsp; 7663237 |
| Series L, Pfd., 5.40%<sup>(b)</sup> | 392119 | &nbsp;&nbsp; 6952270 |
|  |  | &nbsp;&nbsp; 37608784 |
| **Oil, Gas & Consumable Fuels-0.65%** | **Oil, Gas & Consumable Fuels-0.65%** | **Oil, Gas & Consumable Fuels-0.65%** |
| SCE Trust VIII, Series N, Pfd., 6.95%<sup>(b)</sup> | 514998 | &nbsp;&nbsp; 12504151 |
| TransCanada PipeLines Ltd., Pfd., 6.25% <br> (Canada)<sup>(b)</sup><br>| 541039 | &nbsp;&nbsp; 13304149 |
|  |  | &nbsp;&nbsp; 25808300 |

---

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

------

**200**

------

**Invesco Preferred ETF (PGX)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate Management & Development-0.78%** | **Real Estate Management & Development-0.78%** | **Real Estate Management & Development-0.78%** |
| Brookfield Property Partners L.P. |  |  |
| Series A, Pfd., 5.75% | 421756 | &nbsp;&nbsp; $5820233 |
| Series A-2, Pfd., 6.38% | 368077 | &nbsp;&nbsp; 5454901 |
| Series A-1, Pfd., 6.50% | 268650 | &nbsp;&nbsp; 4306459 |
| Brookfield Property Preferred L.P., Pfd., <br> 6.25%<br>| 981251 | &nbsp;&nbsp; 15464516 |
|  |  | &nbsp;&nbsp; 31046109 |
| **Residential REITs-0.20%** | **Residential REITs-0.20%** | **Residential REITs-0.20%** |
| American Homes 4 Rent |  |  |
| Series G, Pfd., 5.88% | 172303 | &nbsp;&nbsp; 3940570 |
| Series H, Pfd., 6.25%<sup>(b)</sup> | 168235 | &nbsp;&nbsp; 4059510 |
|  |  | &nbsp;&nbsp; 8000080 |
| **Retail REITs-0.59%** | **Retail REITs-0.59%** | **Retail REITs-0.59%** |
| Agree Realty Corp., Series A, Pfd., <br> 4.25%<sup>(b)</sup><br>| 252173 | &nbsp;&nbsp; 4372680 |
| Federal Realty Investment Trust, Series C, <br> Pfd., 5.00%<sup>(b)</sup><br>| 219234 | &nbsp;&nbsp; 4452642 |
| Kimco Realty Corp. |  |  |
| Series L, Pfd., 5.13%<sup>(b)</sup> | 322619 | &nbsp;&nbsp; 6558844 |
| Series M, Pfd., 5.25%<sup>(b)</sup> | 381062 | &nbsp;&nbsp; 7945143 |
|  |  | &nbsp;&nbsp; 23329309 |
| **Specialized REITs-3.63%** | **Specialized REITs-3.63%** | **Specialized REITs-3.63%** |
| Digital Realty Trust, Inc. |  |  |
| Series L, Pfd., 5.20%<sup>(b)</sup> | 488151 | &nbsp;&nbsp; 10099844 |
| Series J, Pfd., 5.25%<sup>(b)</sup> | 313641 | &nbsp;&nbsp; 6595870 |
| Series K, Pfd., 5.85%<sup>(b)</sup> | 294514 | &nbsp;&nbsp; 7018269 |
| EPR Properties, Series G, Pfd., 5.75%<sup>(b)</sup> | 219761 | &nbsp;&nbsp; 4577622 |
| Public Storage |  |  |
| Series N, Pfd., 3.88%<sup>(b)</sup> | 410681 | &nbsp;&nbsp; 6386089 |
| Series O, Pfd., 3.90%<sup>(b)</sup> | 263776 | &nbsp;&nbsp; 4167661 |
| Series Q, Pfd., 3.95%<sup>(b)</sup> | 208862 | &nbsp;&nbsp; 3320906 |
| Series P, Pfd., 4.00%<sup>(b)</sup> | 885714 | &nbsp;&nbsp; 14251138 |
| Series R, Pfd., 4.00%<sup>(b)</sup> | 627155 | &nbsp;&nbsp; 10078381 |
| Series S, Pfd., 4.10%<sup>(b)</sup> | 452619 | &nbsp;&nbsp; 7436530 |
| Series M, Pfd., 4.13%<sup>(b)</sup> | 324109 | &nbsp;&nbsp; 5438549 |
| Series L, Pfd., 4.63%<sup>(b)</sup> | 830568 | &nbsp;&nbsp; 15548233 |
| Series J, Pfd., 4.70%<sup>(b)</sup> | 321159 | &nbsp;&nbsp; 6069905 |
| Series K, Pfd., 4.75%<sup>(b)</sup> | 309307 | &nbsp;&nbsp; 5969625 |
| Series I, Pfd., 4.88%<sup>(b)</sup> | 427527 | &nbsp;&nbsp; 8486411 |
| Series G, Pfd., 5.05%<sup>(b)</sup> | 522858 | &nbsp;&nbsp; 10927732 |
| Series F, Pfd., 5.15%<sup>(b)</sup> | 404157 | &nbsp;&nbsp; 8450923 |
| Series H, Pfd., 5.60%<sup>(b)</sup> | 393269 | &nbsp;&nbsp; 9237889 |
|  |  | &nbsp;&nbsp; 144061577 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Trading Companies & Distributors-0.86%** | **Trading Companies & Distributors-0.86%** | **Trading Companies & Distributors-0.86%** |
| Triton International Ltd. |  |  |
| Series E, Pfd., 5.75% (Bermuda)<sup>(b)</sup> | 265594 | &nbsp;&nbsp; $5476548 |
| Pfd., 6.88% (Bermuda)<sup>(b)</sup> | 218022 | &nbsp;&nbsp; 5149680 |
| Pfd., 7.38% (Bermuda)<sup>(b)</sup> | 253412 | &nbsp;&nbsp; 6284618 |
| Series G, Pfd., 7.50% (Bermuda)<sup>(b)</sup> | 258599 | &nbsp;&nbsp; 6449459 |
| Pfd., 7.63% (Bermuda)<sup>(b)</sup> | 222069 | &nbsp;&nbsp; 5565049 |
| Pfd., 8.00% (Bermuda) | 211727 | &nbsp;&nbsp; 5379983 |
|  |  | &nbsp;&nbsp; 34305337 |
| **Wireless Telecommunication Services-2.03%** | **Wireless Telecommunication Services-2.03%** | **Wireless Telecommunication Services-2.03%** |
| Array Digital Infrastructure, Inc. |  |  |
| Pfd., 5.50% | 153651 | &nbsp;&nbsp; 2873274 |
| Pfd., 6.25%<sup>(b)</sup> | 155888 | &nbsp;&nbsp; 3258059 |
| Telephone and Data Systems, Inc. |  |  |
| Series VV, Pfd., 6.00%<sup>(b)</sup> | 1005286 | &nbsp;&nbsp; 20155984 |
| Series UU, Pfd., 6.63%<sup>(b)</sup> | 614239 | &nbsp;&nbsp; 13605394 |
| T-Mobile USA, Inc. |  |  |
| Pfd., 5.50%<sup>(b)</sup> | 589255 | &nbsp;&nbsp; 13523402 |
| Pfd., 5.50% | 577294 | &nbsp;&nbsp; 13064163 |
| Pfd., 6.25%<sup>(b)</sup> | 574763 | &nbsp;&nbsp; 14265618 |
|  |  | &nbsp;&nbsp; 80745894 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.72% <br>(Cost $4,737,814,970) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.72% <br>(Cost $4,737,814,970) | &nbsp;&nbsp; 3959412740 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.47%** | **Money Market Funds-1.47%** | **Money Market Funds-1.47%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(f)(g)(h)</sup><br>| 16228873 | &nbsp;&nbsp; 16228873 |
| Invesco Private Prime Fund, 3.81%<sup>(f)(g)(h)</sup> | 42327156 | &nbsp;&nbsp; 42339854 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $58,568,727) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $58,568,727) | &nbsp;&nbsp; 58568727 |
| TOTAL INVESTMENTS IN SECURITIES-101.19% <br>(Cost $4,796,383,697) | TOTAL INVESTMENTS IN SECURITIES-101.19% <br>(Cost $4,796,383,697) | &nbsp;&nbsp; 4017981467 |
| OTHER ASSETS LESS LIABILITIES-(1.19)% | OTHER ASSETS LESS LIABILITIES-(1.19)% | &nbsp;&nbsp; (47295168)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $3970686299 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| Pfd. | -Preferred |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |

---

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

------

**201**

------

**Invesco Preferred ETF (PGX)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(c)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(d)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026. |
| <sup>(e)</sup> | Restricted security. The value of this security at February 28, 2026 represented less than 1% 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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $2022396 | &nbsp;&nbsp; $142233003 | &nbsp;&nbsp; $(144255399)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $128035 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 17766560 | &nbsp;&nbsp; 55111385 | &nbsp;&nbsp; (56649072)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16228873 | &nbsp;&nbsp; 270,955<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 46054253 | &nbsp;&nbsp; 136638900 | &nbsp;&nbsp; (140352902)<br>| &nbsp;&nbsp; (3314)<br>| &nbsp;&nbsp; 2917 | &nbsp;&nbsp; 42339854 | &nbsp;&nbsp; 733,133<br> \*<br>|
| Total | &nbsp;&nbsp; $65843209 | &nbsp;&nbsp; $333983288 | &nbsp;&nbsp; $(341257373)<br>| &nbsp;&nbsp; $(3314)<br>| &nbsp;&nbsp; $2917 | &nbsp;&nbsp; $58568727 | &nbsp;&nbsp; $1132123 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**202**

------

**Invesco Short Term Treasury ETF (TBLL)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Securities-99.01%** | **U.S. Treasury Securities-99.01%** | **U.S. Treasury Securities-99.01%** |
| **U.S. Treasury Bills-56.96%**<sup>(a)</sup> | **U.S. Treasury Bills-56.96%**<sup>(a)</sup> | **U.S. Treasury Bills-56.96%**<sup>(a)</sup> |
| 3.62%, 03/03/2026 | $400 | &nbsp;&nbsp; $400 |
| 3.62%, 03/05/2026 | 800 | &nbsp;&nbsp; 800 |
| 3.63%, 03/10/2026 | 700 | &nbsp;&nbsp; 699 |
| 3.63%, 03/17/2026 | 100 | &nbsp;&nbsp; 100 |
| 3.63%, 03/19/2026 | 600 | &nbsp;&nbsp; 599 |
| 3.63%, 03/24/2026 | 700 | &nbsp;&nbsp; 698 |
| 3.64%, 03/26/2026 | 100 | &nbsp;&nbsp; 100 |
| 3.64%, 03/31/2026 | 600 | &nbsp;&nbsp; 598 |
| 3.55%–3.65%, 04/02/2026 | 63663000 | &nbsp;&nbsp; 63464548 |
| 3.53%–3.64%, 04/07/2026 | 60861200 | &nbsp;&nbsp; 60640654 |
| 3.54%–3.77%, 04/09/2026 | 92119500 | &nbsp;&nbsp; 91767744 |
| 3.54%–3.65%, 04/14/2026 | 61247000 | &nbsp;&nbsp; 60981809 |
| 3.53%–3.77%, 04/16/2026 | 63833400 | &nbsp;&nbsp; 63544793 |
| 3.55%–3.64%, 04/21/2026 | 61861200 | &nbsp;&nbsp; 61550605 |
| 3.54%–3.72%, 04/23/2026 | 38401900 | &nbsp;&nbsp; 38201933 |
| 3.61%, 04/28/2026 | 10277200 | &nbsp;&nbsp; 10218254 |
| 3.54%–3.77%, 04/30/2026 | 59381200 | &nbsp;&nbsp; 59028175 |
| 3.57%, 05/05/2026 | 24000000 | &nbsp;&nbsp; 23847477 |
| 3.51%–3.71%, 05/07/2026 | 38401900 | &nbsp;&nbsp; 38148799 |
| 3.61%, 05/12/2026 | 8000000 | &nbsp;&nbsp; 7943508 |
| 3.51%–3.71%, 05/14/2026 | 80401900 | &nbsp;&nbsp; 79817412 |
| 3.60%–3.62%, 05/19/2026 | 12834000 | &nbsp;&nbsp; 12734788 |
| 3.58%–3.71%, 05/21/2026 | 62401900 | &nbsp;&nbsp; 61905435 |
| 3.60%–3.62%, 05/26/2026 | 17410000 | &nbsp;&nbsp; 17263562 |
| 3.53%–3.71%, 05/28/2026 | 62401900 | &nbsp;&nbsp; 61862302 |
| 3.58%, 06/02/2026 | 24000000 | &nbsp;&nbsp; 23780439 |
| 3.59%–3.61%, 06/04/2026 | 23080000 | &nbsp;&nbsp; 22865233 |
| 3.58%, 06/09/2026 | 22500000 | &nbsp;&nbsp; 22278604 |
| 3.52%–3.61%, 06/11/2026 | 36198000 | &nbsp;&nbsp; 35836843 |
| 3.57%, 06/16/2026 | 23000000 | &nbsp;&nbsp; 22758316 |
| 3.57%–3.61%, 06/18/2026 | 10169200 | &nbsp;&nbsp; 10060479 |
| 3.58%, 06/23/2026 | 25000000 | &nbsp;&nbsp; 24719070 |
| 3.58%, 06/25/2026 | 28293600 | &nbsp;&nbsp; 27972517 |
| 3.55%, 07/02/2026 | 29000000 | &nbsp;&nbsp; 28649640 |
| 3.57%–3.58%, 07/09/2026 | 47891600 | &nbsp;&nbsp; 47281092 |
| 3.58%, 07/16/2026 | 28293600 | &nbsp;&nbsp; 27915523 |
| 3.58%–3.59%, 07/23/2026 | 28293600 | &nbsp;&nbsp; 27897150 |
| 3.57%–3.59%, 07/30/2026 | 28293600 | &nbsp;&nbsp; 27878038 |
| 3.51%, 08/06/2026 | 47000000 | &nbsp;&nbsp; 46280291 |
| 3.51%, 08/13/2026 | 28000000 | &nbsp;&nbsp; 27551791 |
| 3.51%, 08/20/2026 | 28000000 | &nbsp;&nbsp; 27533369 |
| 3.51%, 08/27/2026 | 29000000 | &nbsp;&nbsp; 28496433 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **U.S. Treasury Bills-(continued)** | **U.S. Treasury Bills-(continued)** | **U.S. Treasury Bills-(continued)** | **U.S. Treasury Bills-(continued)** |
| 3.43%–3.69%, 10/01/2026 | $| 33262600 | &nbsp;&nbsp; $32584906 |
| 3.45%–3.51%, 10/29/2026 |  | 11830200 | &nbsp;&nbsp; 11559452 |
| 3.44%–3.53%, 11/27/2026 |  | 18659100 | &nbsp;&nbsp; 18184965 |
| 3.45%–3.48%, 12/24/2026 |  | 38267000 | &nbsp;&nbsp; 37201398 |
|  |  |  | &nbsp;&nbsp; 1392211341 |
| **U.S. Treasury Notes-42.05%** | **U.S. Treasury Notes-42.05%** | **U.S. Treasury Notes-42.05%** | **U.S. Treasury Notes-42.05%** |
| 2.25% - 4.50%, 03/31/2026 |  | 500 | &nbsp;&nbsp; 500 |
| 0.75% - 4.88%, 04/30/2026 |  | 90171300 | &nbsp;&nbsp; 90026451 |
| 1.63% - 3.63%, 05/15/2026 |  | 67158800 | &nbsp;&nbsp; 67014135 |
| 0.75% - 4.88%, 05/31/2026 |  | 102377800 | &nbsp;&nbsp; 102038299 |
| 4.13%, 06/15/2026 |  | 40027000 | &nbsp;&nbsp; 40083125 |
| 0.88% - 4.63%, 06/30/2026 |  | 79285100 | &nbsp;&nbsp; 78959655 |
| 0.63% - 4.38%, 07/31/2026 |  | 62282900 | &nbsp;&nbsp; 62131723 |
| 1.50%, 08/15/2026 |  | 39172900 | &nbsp;&nbsp; 38791899 |
| 3.75%, 08/31/2026 |  | 25500000 | &nbsp;&nbsp; 25510603 |
| 0.88% - 3.50%, 09/30/2026 |  | 98174300 | &nbsp;&nbsp; 97168375 |
| 4.63%, 10/15/2026 |  | 34799000 | &nbsp;&nbsp; 35010743 |
| 1.13% - 4.13%, 10/31/2026 |  | 102870200 | &nbsp;&nbsp; 102009443 |
| 2.00% - 4.63%, 11/15/2026 |  | 36132800 | &nbsp;&nbsp; 36049257 |
| 1.25% - 4.25%, 11/30/2026 |  | 48711400 | &nbsp;&nbsp; 48132396 |
| 4.38%, 12/15/2026 |  | 18504000 | &nbsp;&nbsp; 18621231 |
| 1.25% - 4.25%, 12/31/2026 |  | 46030400 | &nbsp;&nbsp; 45782116 |
| 4.00%, 01/15/2027 |  | 18504000 | &nbsp;&nbsp; 18577142 |
| 1.50% - 4.13%, 01/31/2027 |  | 58324000 | &nbsp;&nbsp; 57848497 |
| 2.25% - 4.13%, 02/15/2027 |  | 35000000 | &nbsp;&nbsp; 35017374 |
| 1.13% - 4.13%, 02/28/2027 |  | 29000000 | &nbsp;&nbsp; 28937211 |
|  |  |  | &nbsp;&nbsp; 1027710175 |
| Total U.S. Treasury Securities <br>(Cost $2,419,204,443) | Total U.S. Treasury Securities <br>(Cost $2,419,204,443) | Total U.S. Treasury Securities <br>(Cost $2,419,204,443) | &nbsp;&nbsp; 2419921516 |
|  | **Shares** | **Shares** |  |
| **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(b)(c)</sup> <br>(Cost $126,157)<br>|  | 126157 | &nbsp;&nbsp; 126157 |
| TOTAL INVESTMENTS IN SECURITIES-99.01% <br>(Cost $2,419,330,600) | TOTAL INVESTMENTS IN SECURITIES-99.01% <br>(Cost $2,419,330,600) | TOTAL INVESTMENTS IN SECURITIES-99.01% <br>(Cost $2,419,330,600) | &nbsp;&nbsp; 2420047673 |
| OTHER ASSETS LESS LIABILITIES-0.99% | OTHER ASSETS LESS LIABILITIES-0.99% | OTHER ASSETS LESS LIABILITIES-0.99% | &nbsp;&nbsp; 24106814 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2444154487 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| <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 February 28, 2026.<br>|

---

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

------

**203**

------

**Invesco Short Term Treasury ETF (TBLL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $36660 | &nbsp;&nbsp; $3543523 | &nbsp;&nbsp; $(3454026)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $126157 | &nbsp;&nbsp; $929 |

---

<sup>(c)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

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

------

**204**

------

**Invesco Taxable Municipal Bond ETF (BAB)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Municipal Obligations-97.26%** |  |  |  |  |
| **Alabama-0.58%** |  |  |  |  |
| Alabama (State of) Economic Settlement Authority, Series 2016 B, RB | 4.26% | 09/15/2032 | $365 | &nbsp;&nbsp; $367756 |
| Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2021 B, Ref. RB | 1.55% | 09/01/2027 | 10 | &nbsp;&nbsp; 9708 |
| Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2021 B, Ref. RB | 1.86% | 09/01/2029 | 20 | &nbsp;&nbsp; 18873 |
| Alabama (State of) Federal Aid Highway Finance Authority (Garvee), Series 2021 B, Ref. RB | 2.65% | 09/01/2037 | 3100 | &nbsp;&nbsp; 2630454 |
| Alabama (State of) Port Authority, Series 2017 D, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.72% | 10/01/2040 | 35 | &nbsp;&nbsp; 33511 |
| Alabama (State of) Public School & College Authority (Social Bonds), Series 2010, RB | 5.15% | 09/01/2027 | 85 | &nbsp;&nbsp; 86853 |
| Birmingham (City of), AL Water Works Board (The), Series 2019, Ref. RB | 3.57% | 01/01/2045 | 75 | &nbsp;&nbsp; 63640 |
| Birmingham (City of), AL Water Works Board (The), Series 2021, Ref. RB | 1.71% | 01/01/2030 | 5 | &nbsp;&nbsp; 4655 |
| Birmingham (City of), AL Water Works Board (The), Series 2021, Ref. RB | 1.81% | 01/01/2031 | 5 | &nbsp;&nbsp; 4575 |
| Birmingham (City of), AL Water Works Board (The), Series 2021, Ref. RB | 2.61% | 01/01/2037 | 1000 | &nbsp;&nbsp; 847337 |
| Birmingham (City of), AL Water Works Board (The), Series 2021, Ref. RB | 2.71% | 01/01/2038 | 900 | &nbsp;&nbsp; 754129 |
| Birmingham (City of), AL Water Works Board (The), Series 2021, Ref. RB | 2.86% | 01/01/2043 | 35 | &nbsp;&nbsp; 27598 |
| Huntsville (City of), AL Health Care Authority (The), Series 2013 A, RB | 5.50% | 11/15/2043 | 1300 | &nbsp;&nbsp; 1288570 |
|  |  |  |  | &nbsp;&nbsp; 6137659 |
| **Alaska-0.01%** |  |  |  |  |
| Alaska (State of) Industrial Development & Export Authority (Rental Car Facilities), Series 2005, <br> RB, (INS - NATL)<sup>(a)</sup><br>| 5.30% | 03/01/2035 | 95 | &nbsp;&nbsp; 95035 |
| Alaska Housing Finance Corp., Series 2020 A, Ref. RB | 1.73% | 12/01/2028 | 5 | &nbsp;&nbsp; 4768 |
|  |  |  |  | &nbsp;&nbsp; 99803 |
| **Arizona-0.86%** |  |  |  |  |
| Arizona (State of) Department of Transportation, Series 2020, Ref. RB | 2.36% | 07/01/2028 | 100 | &nbsp;&nbsp; 97390 |
| Arizona (State of) Department of Transportation, Series 2020, Ref. RB | 2.46% | 07/01/2030 | 1560 | &nbsp;&nbsp; 1486127 |
| Chandler (City of), AZ, Series 2021, Ref. GO Bonds | 1.75% | 07/01/2028 | 1500 | &nbsp;&nbsp; 1442893 |
| Flagstaff (City of), AZ, Series 2020 A, COP | 3.01% | 05/01/2040 | 950 | &nbsp;&nbsp; 810954 |
| Glendale (City of), AZ, Series 2021, COP | 1.72% | 07/01/2027 | 5 | &nbsp;&nbsp; 4872 |
| Glendale (City of), AZ, Series 2021, COP | 2.06% | 07/01/2029 | 25 | &nbsp;&nbsp; 23725 |
| Glendale (City of), AZ, Series 2021, COP | 2.22% | 07/01/2030 | 10 | &nbsp;&nbsp; 9381 |
| Phoenix (City of), AZ, Series 2024 B, GO Bonds | 4.46% | 07/01/2029 | 10 | &nbsp;&nbsp; 10312 |
| Phoenix (City of), AZ, Series 2024 B, GO Bonds | 4.51% | 07/01/2030 | 35 | &nbsp;&nbsp; 36365 |
| Phoenix (City of), AZ, Series 2024 B, GO Bonds | 4.52% | 07/01/2031 | 20 | &nbsp;&nbsp; 20852 |
| Phoenix Civic Improvement Corp., Series 2021 C, Ref. RB | 2.97% | 07/01/2044 | 105 | &nbsp;&nbsp; 80072 |
| Pima (County of), AZ, Series 2021, RB | 1.76% | 05/01/2029 | 30 | &nbsp;&nbsp; 28288 |
| Pima (County of), AZ, Series 2021, RB | 2.03% | 05/01/2031 | 335 | &nbsp;&nbsp; 306477 |
| Pima (County of), AZ, Series 2022 B, COP | 5.38% | 12/01/2027 | 20 | &nbsp;&nbsp; 20605 |
| Salt River Project Agricultural Improvement & Power District, Series 2020, RB | 2.57% | 01/01/2050 | 10 | &nbsp;&nbsp; 6562 |
| Scottsdale Municipal Property Corp., Series 2021 B, Ref. RB | 1.23% | 07/01/2028 | 250 | &nbsp;&nbsp; 237597 |
| Tempe (City of), AZ, Series 2021, COP | 1.40% | 07/01/2027 | 70 | &nbsp;&nbsp; 67967 |
| Tempe (City of), AZ, Series 2021, COP | 1.75% | 07/01/2029 | 10 | &nbsp;&nbsp; 9408 |
| Tempe (City of), AZ, Series 2021, COP | 1.85% | 07/01/2030 | 50 | &nbsp;&nbsp; 46267 |
| Tempe (City of), AZ, Series 2021, COP | 1.95% | 07/01/2031 | 15 | &nbsp;&nbsp; 13648 |
| Tempe (City of), AZ, Series 2021, COP | 2.07% | 07/01/2032 | 55 | &nbsp;&nbsp; 49266 |
| Tempe (City of), AZ, Series 2021, COP | 2.17% | 07/01/2033 | 25 | &nbsp;&nbsp; 22030 |
| Tempe (City of), AZ, Series 2021, COP | 2.59% | 07/01/2037 | 1950 | &nbsp;&nbsp; 1626403 |
| Tucson (City of), AZ, Series 2021 A, COP, (INS - AGI)<sup>(a)</sup> | 1.31% | 07/01/2027 | 850 | &nbsp;&nbsp; 822738 |
| Tucson (City of), AZ, Series 2021 A, COP, (INS - AGI)<sup>(a)</sup> | 1.70% | 07/01/2029 | 450 | &nbsp;&nbsp; 420673 |
| Tucson (City of), AZ, Series 2021 A, COP, (INS - AGI)<sup>(a)</sup> | 1.85% | 07/01/2030 | 10 | &nbsp;&nbsp; 9197 |
| Tucson (City of), AZ, Series 2021 A, COP, (INS - AGI)<sup>(a)</sup> | 2.86% | 07/01/2047 | 1750 | &nbsp;&nbsp; 1342351 |
| Yuma (City of), AZ, Series 2021, RB | 2.63% | 07/15/2038 | 140 | &nbsp;&nbsp; 119574 |
|  |  |  |  | &nbsp;&nbsp; 9171994 |
| **Arkansas-0.01%** |  |  |  |  |
| University of Arkansas, Series 2021 B, RB | 3.10% | 12/01/2041 | 150 | &nbsp;&nbsp; 123216 |

---

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

------

**205**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-22.81%** |  |  |  |  |
| Alameda (City of), CA Corridor Transportation Authority, Series 2022 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.40% | 10/01/2046 | $1750 | &nbsp;&nbsp; $1778086 |
| Alameda (City of), CA Corridor Transportation Authority, Series 2024, Ref. RB, (INS - AGI)<sup>(a)(b)</sup> | 0.00% | 10/01/2047 | 895 | &nbsp;&nbsp; 243250 |
| Alameda (County of), CA (Social Bonds), Series 2022 A-1, GO Bonds | 4.55% | 08/01/2042 | 2250 | &nbsp;&nbsp; 2192357 |
| Bay Area Toll Authority, Series 2010, RB<sup>(c)(d)</sup> | 6.92% | 03/24/2026 | 1090 | &nbsp;&nbsp; 1252375 |
| Bay Area Toll Authority, Series 2019, Ref. RB<sup>(c)</sup> | 2.57% | 04/01/2031 | 65 | &nbsp;&nbsp; 62782 |
| Bay Area Toll Authority, Series 2021 F-1, Ref. RB | 2.02% | 04/01/2030 | 775 | &nbsp;&nbsp; 729477 |
| Bay Area Toll Authority, Series 2021 F-3, Ref. RB | 3.13% | 04/01/2055 | 1000 | &nbsp;&nbsp; 700133 |
| Bay Area Toll Authority, Series 2021 S-10, Ref. RB | 3.18% | 04/01/2041 | 90 | &nbsp;&nbsp; 75873 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-1, RB | 7.04% | 04/01/2050 | 3455 | &nbsp;&nbsp; 4041820 |
| Bay Area Toll Authority (San Francisco Bay Area), Series 2010 S-3, RB | 6.91% | 10/01/2050 | 2925 | &nbsp;&nbsp; 3426314 |
| California (State of), Series 2009, GO Bonds | 7.50% | 04/01/2034 | 7410 | &nbsp;&nbsp; 8754813 |
| California (State of), Series 2009, GO Bonds | 7.55% | 04/01/2039 | 10760 | &nbsp;&nbsp; 13298932 |
| California (State of), Series 2009, GO Bonds | 7.30% | 10/01/2039 | 6060 | &nbsp;&nbsp; 7202402 |
| California (State of), Series 2009, GO Bonds | 7.35% | 11/01/2039 | 8355 | &nbsp;&nbsp; 9975119 |
| California (State of), Series 2010, GO Bonds | 7.63% | 03/01/2040 | 4400 | &nbsp;&nbsp; 5427787 |
| California (State of), Series 2010, GO Bonds | 7.60% | 11/01/2040 | 7350 | &nbsp;&nbsp; 9192796 |
| California (State of), Series 2018, GO Bonds | 3.50% | 04/01/2028 | 40 | &nbsp;&nbsp; 39997 |
| California (State of), Series 2018, Ref. GO Bonds<sup>(c)(d)</sup> | 4.60% | 04/01/2028 | 115 | &nbsp;&nbsp; 117549 |
| California (State of), Series 2018, Ref. GO Bonds | 4.50% | 04/01/2033 | 3635 | &nbsp;&nbsp; 3666959 |
| California (State of), Series 2019, GO Bonds | 2.38% | 10/01/2026 | 80 | &nbsp;&nbsp; 79399 |
| California (State of), Series 2019, GO Bonds | 2.50% | 10/01/2029 | 40 | &nbsp;&nbsp; 38585 |
| California (State of), Series 2020 C, Ref. GO Bonds | 3.00% | 11/01/2030 | 30 | &nbsp;&nbsp; 29124 |
| California (State of), Series 2020, GO Bonds | 1.75% | 11/01/2030 | 315 | &nbsp;&nbsp; 289453 |
| California (State of), Series 2021 A, Ref. GO Bonds | 2.00% | 10/01/2029 | 15 | &nbsp;&nbsp; 14205 |
| California (State of), Series 2021 B, Ref. GO Bonds | 3.00% | 08/01/2030 | 10 | &nbsp;&nbsp; 9732 |
| California (State of), Series 2021, GO Bonds | 1.70% | 02/01/2028 | 25 | &nbsp;&nbsp; 24171 |
| California (State of), Series 2022, GO Bonds | 5.25% | 10/01/2031 | 45 | &nbsp;&nbsp; 48290 |
| California (State of), Series 2022, GO Bonds | 5.70% | 10/01/2032 | 30 | &nbsp;&nbsp; 33113 |
| California (State of), Series 2023, GO Bonds | 5.10% | 03/01/2029 | 7995 | &nbsp;&nbsp; 8351376 |
| California (State of), Series 2023, GO Bonds | 6.00% | 03/01/2030 | 1420 | &nbsp;&nbsp; 1546358 |
| California (State of), Series 2023, GO Bonds | 6.00% | 03/01/2033 | 60 | &nbsp;&nbsp; 67088 |
| California (State of), Series 2023, GO Bonds | 5.13% | 03/01/2038 | 1455 | &nbsp;&nbsp; 1493585 |
| California (State of), Series 2023, GO Bonds | 5.20% | 03/01/2043 | 195 | &nbsp;&nbsp; 198302 |
| California (State of), Series 2024 A, Ref. GO Bonds | 5.00% | 08/01/2031 | 85 | &nbsp;&nbsp; 90093 |
| California (State of), Series 2024, GO Bonds | 5.13% | 09/01/2029 | 60 | &nbsp;&nbsp; 63072 |
| California (State of), Series 2024, GO Bonds | 5.15% | 09/01/2034 | 750 | &nbsp;&nbsp; 800099 |
| California (State of), Series 2025, GO Bonds | 4.88% | 09/01/2030 | 2310 | &nbsp;&nbsp; 2427343 |
| California (State of), Series 2025, GO Bonds | 5.10% | 09/01/2035 | 5 | &nbsp;&nbsp; 5303 |
| California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB | 1.77% | 12/01/2034 | 1310 | &nbsp;&nbsp; 1084461 |
| California (State of) Department of Water Resources (Central Valley), Series 2020, Ref. RB | 1.79% | 12/01/2035 | 4275 | &nbsp;&nbsp; 3445165 |
| California (State of) Educational Facilities Authority (Santa Clara University), Series 2017, Ref. <br> RB<br>| 3.84% | 04/01/2047 | 165 | &nbsp;&nbsp; 139690 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2019, RB | 2.53% | 06/01/2028 | 25 | &nbsp;&nbsp; 24410 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2019, RB | 2.58% | 06/01/2029 | 10 | &nbsp;&nbsp; 9671 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2019, RB | 2.70% | 06/01/2030 | 20 | &nbsp;&nbsp; 19189 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2019, RB | 2.93% | 06/01/2032 | 45 | &nbsp;&nbsp; 42470 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2019, RB | 2.98% | 06/01/2033 | 240 | &nbsp;&nbsp; 223754 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2019, RB | 3.03% | 06/01/2034 | 25 | &nbsp;&nbsp; 23019 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2020, RB | 1.83% | 06/01/2029 | 25 | &nbsp;&nbsp; 23604 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2020, RB | 1.98% | 06/01/2030 | 30 | &nbsp;&nbsp; 27936 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2020, RB | 2.13% | 06/01/2031 | 65 | &nbsp;&nbsp; 59736 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2022, RB | 3.69% | 06/01/2031 | 25 | &nbsp;&nbsp; 24813 |
| California (State of) Health Facilities Financing Authority (Social Bonds), Series 2022, RB | 4.19% | 06/01/2037 | 305 | &nbsp;&nbsp; 298821 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2020 A, Ref. RB<br>| 1.24% | 10/01/2027 | 1000 | &nbsp;&nbsp; 965819 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2020 A, Ref. RB<br>| 1.47% | 10/01/2028 | 1000 | &nbsp;&nbsp; 951120 |

---

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

------

**206**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2020 A, Ref. RB<br>| 1.60% | 10/01/2029 | $1000 | &nbsp;&nbsp; $936089 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2020 A, Ref. RB<br>| 1.69% | 10/01/2030 | 1000 | &nbsp;&nbsp; 919885 |
| California (State of) Infrastructure & Economic Development Bank (Infrastructure State Revolving <br> Fund), Series 2020 A, Ref. RB<br>| 2.72% | 10/01/2040 | 950 | &nbsp;&nbsp; 780109 |
| California (State of) Infrastructure & Economic Development Bank (UCSF Neurosciences Building <br> 19A), Series 2010 A, RB<br>| 6.49% | 05/15/2049 | 950 | &nbsp;&nbsp; 1018269 |
| California (State of) Municipal Finance Authority (FBI San Diego), Series 2020, RB | 2.52% | 10/01/2035 | 2575 | &nbsp;&nbsp; 1954197 |
| California (State of) Public Finance Authority (PIH Health), Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.45% | 06/01/2034 | 25 | &nbsp;&nbsp; 26821 |
| California (State of) Public Works Board (California State University), Series 2010 B-2, RB | 7.80% | 03/01/2035 | 750 | &nbsp;&nbsp; 845201 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 4.99% | 04/01/2031 | 5 | &nbsp;&nbsp; 5242 |
| California (State of) Public Works Board (May Lee State Office Complex), Series 2024, RB | 5.06% | 04/01/2033 | 60 | &nbsp;&nbsp; 63305 |
| California (State of) Statewide Communities Development Authority (California Independent <br> System Operator Corp.) (Green Bonds), Series 2021, Ref. RB<br>| 2.68% | 02/01/2039 | 150 | &nbsp;&nbsp; 120307 |
| California (State of) Statewide Communities Development Authority (Marin General Hospital), <br> Series 2018 B, RB<br>| 4.82% | 08/01/2045 | 2000 | &nbsp;&nbsp; 1750465 |
| California State University, Series 2010 B, RB | 6.48% | 11/01/2041 | 850 | &nbsp;&nbsp; 926928 |
| California State University, Series 2019 D, RB | 1.69% | 11/01/2029 | 15 | &nbsp;&nbsp; 14002 |
| California State University, Series 2019 E, RB | 2.90% | 11/01/2051 | 55 | &nbsp;&nbsp; 39966 |
| California State University, Series 2020 B, Ref. RB | 2.97% | 11/01/2039 | 115 | &nbsp;&nbsp; 96486 |
| California State University, Series 2020 B, Ref. RB | 2.98% | 11/01/2051 | 2900 | &nbsp;&nbsp; 2049089 |
| California State University, Series 2020 D, RB | 1.34% | 11/01/2027 | 400 | &nbsp;&nbsp; 385816 |
| California State University, Series 2020 D, RB | 2.09% | 11/01/2032 | 10 | &nbsp;&nbsp; 8916 |
| California State University, Series 2020 D, RB | 2.82% | 11/01/2042 | 170 | &nbsp;&nbsp; 131335 |
| California State University, Series 2021 B, Ref. RB | 1.36% | 11/01/2027 | 40 | &nbsp;&nbsp; 38596 |
| California State University, Series 2021 B, Ref. RB | 1.67% | 11/01/2029 | 620 | &nbsp;&nbsp; 578397 |
| California State University, Series 2021 B, Ref. RB | 1.79% | 11/01/2030 | 70 | &nbsp;&nbsp; 64227 |
| California State University, Series 2021 B, Ref. RB | 1.85% | 11/01/2031 | 15 | &nbsp;&nbsp; 13494 |
| California State University, Series 2021 B, Ref. RB | 2.80% | 11/01/2041 | 3450 | &nbsp;&nbsp; 2699684 |
| California State University, Series 2021 B, Ref. RB | 2.72% | 11/01/2052 | 1150 | &nbsp;&nbsp; 795054 |
| California State University, Series 2021 B, Ref. RB | 2.94% | 11/01/2052 | 1000 | &nbsp;&nbsp; 697229 |
| California State University, Series 2023 B, RB | 5.18% | 11/01/2053 | 2000 | &nbsp;&nbsp; 1969306 |
| Carson (City of), CA (Carson Pension Obligation), Series 2020, RB | 3.50% | 01/15/2038 | 35 | &nbsp;&nbsp; 31602 |
| Carson (City of), CA (Carson Pension Obligation), Series 2020, RB | 3.70% | 01/15/2044 | 2950 | &nbsp;&nbsp; 2462665 |
| Chabot-Las Positas Community College District, Series 2021, GO Bonds | 1.29% | 08/01/2027 | 65 | &nbsp;&nbsp; 62888 |
| Chabot-Las Positas Community College District, Series 2021, GO Bonds | 1.52% | 08/01/2028 | 80 | &nbsp;&nbsp; 76110 |
| Chabot-Las Positas Community College District, Series 2021, GO Bonds | 1.69% | 08/01/2029 | 55 | &nbsp;&nbsp; 51520 |
| Chabot-Las Positas Community College District, Series 2021, GO Bonds | 1.79% | 08/01/2030 | 190 | &nbsp;&nbsp; 174891 |
| Chabot-Las Positas Community College District, Series 2021, GO Bonds | 1.89% | 08/01/2031 | 15 | &nbsp;&nbsp; 13565 |
| Chabot-Las Positas Community College District, Series 2021, GO Bonds | 1.99% | 08/01/2032 | 50 | &nbsp;&nbsp; 44422 |
| Chula Vista (City of), CA, Series 2021, RB, (INS - BAM)<sup>(a)</sup> | 2.81% | 06/01/2045 | 1000 | &nbsp;&nbsp; 729788 |
| Clovis Unified School District, Series 2021 B, Ref. GO Bonds | 3.07% | 08/01/2039 | 10 | &nbsp;&nbsp; 8590 |
| Coast Community College District, Series 2022, Ref. GO Bonds | 2.98% | 08/01/2039 | 1000 | &nbsp;&nbsp; 842994 |
| Corona (City of), CA, Series 2021, RB | 2.34% | 05/01/2031 | 260 | &nbsp;&nbsp; 241925 |
| Corona (City of), CA, Series 2021, RB | 2.57% | 05/01/2033 | 40 | &nbsp;&nbsp; 36325 |
| Corona (City of), CA, Series 2021, RB | 2.70% | 05/01/2034 | 15 | &nbsp;&nbsp; 13489 |
| Downey (City of), CA, Series 2021, RB | 2.85% | 06/01/2040 | 750 | &nbsp;&nbsp; 610599 |
| Downey (City of), CA, Series 2021, RB | 3.00% | 06/01/2044 | 550 | &nbsp;&nbsp; 416897 |
| East Bay Municipal Utility District, Series 2010, RB | 5.03% | 06/01/2032 | 1000 | &nbsp;&nbsp; 1015047 |
| East Bay Municipal Utility District, Series 2010, RB | 5.87% | 06/01/2040 | 2900 | &nbsp;&nbsp; 3144276 |
| El Segundo (City of), CA, Series 2021, RB | 3.06% | 07/01/2040 | 1350 | &nbsp;&nbsp; 1139977 |
| Foothill-Eastern Transportation Corridor Agency, Series 2019 A, Ref. RB | 4.09% | 01/15/2049 | 1170 | &nbsp;&nbsp; 1002369 |
| Foothill-Eastern Transportation Corridor Agency, Series 2019 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.92% | 01/15/2053 | 55 | &nbsp;&nbsp; 45033 |
| Foothill-Eastern Transportation Corridor Agency, Series 2021 D, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.06% | 01/15/2043 | 310 | &nbsp;&nbsp; 247262 |
| Fremont Unified School District/Alameda County CA, Series 2021, Ref. GO Bonds | 1.63% | 08/01/2030 | 10 | &nbsp;&nbsp; 9208 |
| Fresno (City of), CA, Series 2004 A, RB, (INS - NATL)<sup>(a)(b)</sup> | 0.00% | 08/15/2031 | 325 | &nbsp;&nbsp; 260200 |
| Fresno (City of), CA, Series 2004 A, RB, (INS - NATL)<sup>(a)(b)</sup> | 0.00% | 08/15/2032 | 30 | &nbsp;&nbsp; 22896 |

---

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

------

**207**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Fresno (City of), CA, Series 2004, RB, (INS - NATL)<sup>(a)(b)</sup> | 0.00% | 08/15/2030 | $35 | &nbsp;&nbsp; $29334 |
| Fresno (City of), CA, Series 2010 A-2, Ref. RB | 6.50% | 06/01/2030 | 1660 | &nbsp;&nbsp; 1742617 |
| Gilroy Unified School District, Series 2019, Ref. GO Bonds | 3.36% | 08/01/2047 | 1050 | &nbsp;&nbsp; 834621 |
| Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB | 2.59% | 06/01/2029 | 110 | &nbsp;&nbsp; 104767 |
| Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB | 2.69% | 06/01/2030 | 150 | &nbsp;&nbsp; 140702 |
| Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB | 2.79% | 06/01/2031 | 865 | &nbsp;&nbsp; 799922 |
| Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB | 3.04% | 06/01/2032 | 950 | &nbsp;&nbsp; 873804 |
| Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB | 3.49% | 06/01/2036 | 850 | &nbsp;&nbsp; 743846 |
| Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB | 3.71% | 06/01/2041 | 1380 | &nbsp;&nbsp; 1119584 |
| Golden State Tobacco Securitization Corp., Series 2021 A-1, Ref. RB | 4.21% | 06/01/2050 | 35 | &nbsp;&nbsp; 26834 |
| Golden State Tobacco Securitization Corp., Series 2021, Ref. RB | 3.12% | 06/01/2038 | 2085 | &nbsp;&nbsp; 1807214 |
| Golden State Tobacco Securitization Corp., Series 2021, Ref. RB | 3.85% | 06/01/2050 | 765 | &nbsp;&nbsp; 711545 |
| Huntington Beach (City of), CA, Series 2021, Ref. RB | 3.38% | 06/15/2044 | 10 | &nbsp;&nbsp; 8134 |
| Huntington Beach Union High School District, Series 2021, Ref. GO Bonds | 1.53% | 08/01/2027 | 10 | &nbsp;&nbsp; 9709 |
| Industry (City of), CA, Series 2015 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.63% | 01/01/2034 | 15 | &nbsp;&nbsp; 15000 |
| Inglewood (City of), CA, Series 2020, RB, (INS - AGI)<sup>(a)</sup> | 3.92% | 09/01/2050 | 140 | &nbsp;&nbsp; 111541 |
| Inglewood (City of), CA, Series 2023, RB, (INS - AGI)<sup>(a)</sup> | 6.40% | 09/01/2053 | 1000 | &nbsp;&nbsp; 1046106 |
| Jurupa Community Services District, Series 2010 B, COP | 6.50% | 09/01/2026 | 320 | &nbsp;&nbsp; 323270 |
| Jurupa Community Services District, Series 2010 B, COP | 6.60% | 09/01/2027 | 1125 | &nbsp;&nbsp; 1162477 |
| Jurupa Community Services District, Series 2010 B, COP | 6.70% | 09/01/2028 | 120 | &nbsp;&nbsp; 126597 |
| Jurupa Community Services District, Series 2010 B, COP | 7.19% | 09/01/2040 | 100 | &nbsp;&nbsp; 117925 |
| Los Angeles (City of), CA, Series 2016 A, Ref. GO Bonds | 3.55% | 09/01/2031 | 1505 | &nbsp;&nbsp; 1495762 |
| Los Angeles (City of), CA, Series 2018 A, GO Bonds | 3.88% | 09/01/2038 | 80 | &nbsp;&nbsp; 76336 |
| Los Angeles (City of), CA, Series 2022 A, GO Bonds | 5.00% | 09/01/2029 | 5 | &nbsp;&nbsp; 5239 |
| Los Angeles (City of), CA, Series 2022 A, GO Bonds | 5.00% | 09/01/2030 | 70 | &nbsp;&nbsp; 73886 |
| Los Angeles (City of), CA, Series 2022 A, GO Bonds | 5.00% | 09/01/2031 | 5 | &nbsp;&nbsp; 5307 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 3.16% | 05/15/2029 | 35 | &nbsp;&nbsp; 34416 |
| Los Angeles (City of), CA Department of Airports (Green Bonds), Series 2022, RB, (INS - AGI)<sup>(a)</sup> | 3.26% | 05/15/2030 | 85 | &nbsp;&nbsp; 83252 |
| Los Angeles (City of), CA Department of Water & Power, Series 2010 A, RB | 6.60% | 07/01/2050 | 1415 | &nbsp;&nbsp; 1585591 |
| Los Angeles (City of), CA Department of Water & Power, Series 2010, RB | 6.57% | 07/01/2045 | 2930 | &nbsp;&nbsp; 3227447 |
| Los Angeles (County of), CA Redevelopment Refunding Authority, Series 2016, Ref. RB | 3.38% | 09/01/2040 | 15 | &nbsp;&nbsp; 12836 |
| Los Angeles Community College District | 6.75% | 08/01/2049 | 5 | &nbsp;&nbsp; 5748 |
| Los Angeles Community College District, Series 2010 D, GO Bonds | 6.68% | 08/01/2036 | 10 | &nbsp;&nbsp; 11723 |
| Los Angeles Community College District, Series 2010, GO Bonds | 6.60% | 08/01/2042 | 2950 | &nbsp;&nbsp; 3292125 |
| Los Angeles Community College District, Series 2020, Ref. GO Bonds | 1.61% | 08/01/2028 | 5 | &nbsp;&nbsp; 4818 |
| Los Angeles Community College District, Series 2020, Ref. GO Bonds | 2.11% | 08/01/2032 | 60 | &nbsp;&nbsp; 54270 |
| Los Angeles Community College District, Series 2020, Ref. GO Bonds | 2.49% | 08/01/2035 | 1000 | &nbsp;&nbsp; 863889 |
| Los Angeles Community College District (Election of 2003), Series 2004 B, GO Bonds | 5.52% | 08/01/2029 | 15 | &nbsp;&nbsp; 15506 |
| Los Angeles Unified School District, Series 2010 J-05, GO Bonds | 5.98% | 05/01/2027 | 450 | &nbsp;&nbsp; 460420 |
| Los Angeles Unified School District, Series 2025, RB | 4.48% | 10/01/2030 | 5 | &nbsp;&nbsp; 5139 |
| Los Angeles Unified School District, Series 2025, RB | 4.96% | 10/01/2033 | 205 | &nbsp;&nbsp; 215807 |
| Los Angeles Unified School District, Series 2025, RB | 5.06% | 10/01/2034 | 10 | &nbsp;&nbsp; 10576 |
| Marin Community College District (Election of 2016), Series 2019 B-1, GO Bonds | 4.03% | 08/01/2038 | 10 | &nbsp;&nbsp; 9644 |
| Montebello (City of), CA, Series 2020, RB, (INS - AGI)<sup>(a)</sup> | 4.06% | 06/01/2039 | 1000 | &nbsp;&nbsp; 938244 |
| Montebello Public Financing Authority, Series 2022, RB | 6.50% | 11/01/2043 | 100 | &nbsp;&nbsp; 105119 |
| Monterey Park (City of), CA, Series 2021 A, RB | 3.02% | 06/01/2043 | 1500 | &nbsp;&nbsp; 1166222 |
| Municipal Improvement Corp. of Los Angeles, Series 2010, RB | 7.84% | 11/01/2040 | 435 | &nbsp;&nbsp; 540441 |
| Municipal Improvement Corp. of Los Angeles, Series 2025, RB | 4.10% | 05/01/2030 | 20 | &nbsp;&nbsp; 20239 |
| Municipal Improvement Corp. of Los Angeles, Series 2025, RB | 4.33% | 05/01/2031 | 5 | &nbsp;&nbsp; 5103 |
| Napa Valley Unified School District, Series 2010 B, GO Bonds | 6.51% | 08/01/2043 | 1150 | &nbsp;&nbsp; 1272261 |
| National City (City of), CA, Series 2021, RB | 3.42% | 11/01/2042 | 90 | &nbsp;&nbsp; 74926 |
| Northern California Power Agency, Series 2010 B, RB | 7.31% | 06/01/2040 | 1000 | &nbsp;&nbsp; 1139160 |
| Oakland (Port of), CA, Series 2020 R, Ref. RB | 1.67% | 05/01/2027 | 842 | &nbsp;&nbsp; 822061 |
| Oakland (Port of), CA, Series 2020 R, Ref. RB | 1.95% | 05/01/2028 | 584 | &nbsp;&nbsp; 562183 |
| Oakland (Port of), CA, Series 2020 R, Ref. RB | 2.05% | 05/01/2029 | 972 | &nbsp;&nbsp; 923166 |
| Oakland (Port of), CA, Series 2020 R, Ref. RB | 2.10% | 05/01/2030 | 486 | &nbsp;&nbsp; 454181 |
| Oakland (Port of), CA, Series 2020 R, Ref. RB | 2.20% | 05/01/2031 | 368 | &nbsp;&nbsp; 338602 |
| Oakland (Port of), CA, Series 2020 R, Ref. RB | 2.30% | 05/01/2032 | 819 | &nbsp;&nbsp; 741940 |

---

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

------

**208**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| Orange (City of), CA, Series 2021, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.02% | 06/01/2040 | $190 | &nbsp;&nbsp; $156788 |
| Oxnard School District, Series 2020, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 2.63% | 08/01/2041 | 5840 | &nbsp;&nbsp; 4605856 |
| Palm Desert (City of), CA Redevelopment Agency Successor Agency, Series 2017 B, Ref. RB, <br> (INS - BAM)<sup>(a)</sup><br>| 4.25% | 10/01/2037 | 25 | &nbsp;&nbsp; 24154 |
| Palomar Community College District, Series 2020, Ref. GO Bonds | 1.99% | 08/01/2030 | 50 | &nbsp;&nbsp; 46516 |
| Pasadena (City of), CA, Series 2020 A, Ref. RB | 3.24% | 05/01/2045 | 5000 | &nbsp;&nbsp; 3874787 |
| Pasadena Unified School District, Series 2019, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 2.88% | 05/01/2037 | 10 | &nbsp;&nbsp; 8996 |
| Paso Robles Joint Unified School District, Series 2010, GO Bonds | 6.60% | 09/01/2040 | 10 | &nbsp;&nbsp; 11303 |
| Pomona (City of), CA, Series 2020 BJ, RB | 3.72% | 08/01/2040 | 2750 | &nbsp;&nbsp; 2435468 |
| Pomona (City of), CA, Series 2020 BJ, RB | 3.82% | 08/01/2046 | 1500 | &nbsp;&nbsp; 1244188 |
| Rancho Cucamonga Redevelopment Agency Successor Agency, Series 2007, RB, (INS - NATL)<sup>(a)</sup> | 6.26% | 09/01/2031 | 155 | &nbsp;&nbsp; 163924 |
| Rancho Santiago Community College District, Series 2020 A-1, Ref. GO Bonds | 0.96% | 09/01/2026 | 3500 | &nbsp;&nbsp; 3454943 |
| Regents of the University of California Medical Center, Series 2009 F, RB | 6.46% | 05/15/2029 | 305 | &nbsp;&nbsp; 315886 |
| Regents of the University of California Medical Center, Series 2009 F, RB | 6.58% | 05/15/2049 | 3735 | &nbsp;&nbsp; 4085482 |
| Regents of the University of California Medical Center, Series 2016 M, Ref. RB | 3.29% | 05/15/2036 | 50 | &nbsp;&nbsp; 46710 |
| Regents of the University of California Medical Center, Series 2020 N, RB | 3.01% | 05/15/2050 | 750 | &nbsp;&nbsp; 518226 |
| Regents of the University of California Medical Center, Series 2020 N, RB | 3.26% | 05/15/2060 | 1290 | &nbsp;&nbsp; 877807 |
| Regents of the University of California Medical Center, Series 2020 N, RB | 3.71% | 05/15/2120 | 1490 | &nbsp;&nbsp; 991358 |
| Regents of the University of California Medical Center, Series 2022, RB | 4.13% | 05/15/2032 | 45 | &nbsp;&nbsp; 45661 |
| Regents of the University of California Medical Center, Series 2022, RB | 4.56% | 05/15/2053 | 2500 | &nbsp;&nbsp; 2261939 |
| Richmond (City of), CA, Series 2022, Ref. RB | 5.79% | 01/15/2044 | 260 | &nbsp;&nbsp; 264674 |
| Riverside (City of), CA, Series 2005 A, RB | 5.04% | 02/15/2035 | 15 | &nbsp;&nbsp; 15409 |
| Riverside (City of), CA, Series 2009 B, RB | 6.35% | 10/01/2039 | 500 | &nbsp;&nbsp; 554529 |
| Riverside (City of), CA, Series 2020, RB | 2.96% | 02/15/2027 | 15 | &nbsp;&nbsp; 14871 |
| Riverside (City of), CA, Series 2020, RB | 3.82% | 02/15/2038 | 975 | &nbsp;&nbsp; 938908 |
| Riverside (City of), CA (Riverside Pension Obligation), Series 2020 A, RB | 3.86% | 06/01/2045 | 2000 | &nbsp;&nbsp; 1812531 |
| Riverside (County of), CA Infrastructure Financing Authority, Series 2021 B, Ref. RB | 2.23% | 11/01/2030 | 40 | &nbsp;&nbsp; 37197 |
| Riverside (County of), CA Redevelopment Agency, Series 2018 B, Ref. RB | 4.00% | 09/01/2037 | 30 | &nbsp;&nbsp; 28671 |
| Riverside County Infrastructure Financing Authority, Series 2021 B, Ref. RB | 2.13% | 11/01/2029 | 30 | &nbsp;&nbsp; 28353 |
| Riverside Unified School District, Series 2016, Ref. GO Bonds<sup>(c)(d)</sup> | 4.25% | 08/01/2026 | 50 | &nbsp;&nbsp; 50064 |
| Sacramento (County of), CA Public Financing Authority, Series 2015, RB | 5.64% | 04/01/2050 | 35 | &nbsp;&nbsp; 37277 |
| San Bernardino Community College District, Series 2019, Ref. GO Bonds | 2.84% | 08/01/2031 | 10 | &nbsp;&nbsp; 9550 |
| San Bernardino Community College District, Series 2020, Ref. GO Bonds | 1.90% | 08/01/2030 | 25 | &nbsp;&nbsp; 23355 |
| San Bernardino Community College District, Series 2021, Ref. GO Bonds | 2.69% | 08/01/2041 | 1000 | &nbsp;&nbsp; 789071 |
| San Bernardino Community College District, Series 2021, Ref. GO Bonds | 2.86% | 08/01/2049 | 300 | &nbsp;&nbsp; 209077 |
| San Diego (City of), CA Public Facilities Financing Authority, Series 2018 A, Ref. RB<sup>(c)(d)</sup> | 4.23% | 10/15/2028 | 2000 | &nbsp;&nbsp; 2033813 |
| San Diego (City of), CA Redevelopment Agency (Centre City Redevelopment), Series 2017 B, <br> Ref. RB<br>| 4.00% | 09/01/2036 | 75 | &nbsp;&nbsp; 72428 |
| San Diego (City of), CA Redevelopment Agency (Centre City Redevelopment), Series 2017 B, <br> Ref. RB<br>| 4.00% | 09/01/2040 | 145 | &nbsp;&nbsp; 133323 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2020, Ref. RB | 1.43% | 05/01/2029 | 50 | &nbsp;&nbsp; 46981 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2020, Ref. RB | 1.53% | 05/01/2030 | 55 | &nbsp;&nbsp; 50762 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2020, Ref. RB | 1.70% | 05/01/2031 | 50 | &nbsp;&nbsp; 45476 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2020, Ref. RB | 1.80% | 05/01/2032 | 65 | &nbsp;&nbsp; 58089 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2020, Ref. RB | 1.90% | 05/01/2033 | 25 | &nbsp;&nbsp; 21956 |
| San Diego (County of), CA Water Authority (Green Bonds), Series 2020, Ref. RB | 1.95% | 05/01/2034 | 5 | &nbsp;&nbsp; 4302 |
| San Diego Community College District, Series 2019 A, Ref. GO Bonds | 3.34% | 08/01/2043 | 10 | &nbsp;&nbsp; 8309 |
| San Diego Community College District, Series 2021, Ref. GO Bonds | 1.88% | 08/01/2029 | 75 | &nbsp;&nbsp; 71061 |
| San Diego Community College District, Series 2021, Ref. GO Bonds | 2.01% | 08/01/2030 | 200 | &nbsp;&nbsp; 187058 |
| San Diego Community College District, Series 2021, Ref. GO Bonds | 2.11% | 08/01/2031 | 15 | &nbsp;&nbsp; 13831 |
| San Francisco (City & County of), CA, Series 2010 C, GO Bonds | 6.26% | 06/15/2030 | 1450 | &nbsp;&nbsp; 1556238 |
| San Francisco (City & County of), CA, Series 2010 D, GO Bonds | 6.26% | 06/15/2030 | 10 | &nbsp;&nbsp; 10733 |
| San Francisco (City & County of), CA, Series 2020 C, GO Bonds | 2.83% | 06/15/2050 | 125 | &nbsp;&nbsp; 88047 |
| San Francisco (City & County of), CA, Series 2020 C, GO Bonds | 3.08% | 06/15/2060 | 1000 | &nbsp;&nbsp; 664804 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2021 C, Ref. RB<br>| 3.35% | 05/01/2051 | 800 | &nbsp;&nbsp; 586122 |
| San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), <br> Series 2022, Ref. RB<br>| 2.73% | 05/01/2032 | 60 | &nbsp;&nbsp; 56293 |

---

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

------

**209**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| San Francisco (City & County of), CA Community Facilities District No. 2014-1, Series 2019 B, <br> RB<br>| 4.37% | 09/01/2049 | $365 | &nbsp;&nbsp; $313985 |
| San Francisco (City & County of), CA Public Utilities Commission, Series 2010, RB | 6.95% | 11/01/2050 | 1600 | &nbsp;&nbsp; 1826081 |
| San Francisco (City & County of), CA Successor Agency to the Redevelopment Agency, <br> Series 2021, RB, (INS - AGI)<sup>(a)</sup><br>| 2.64% | 08/01/2031 | 5 | &nbsp;&nbsp; 4692 |
| San Francisco (City of), CA Municipal Transportation Agency, Series 2021 A, Ref. RB | 2.80% | 03/01/2044 | 450 | &nbsp;&nbsp; 343615 |
| San Francisco City & County Airport Comm-San Francisco International Airport, Series 2020 C, <br> Ref. RB<br>| 2.96% | 05/01/2051 | 60 | &nbsp;&nbsp; 40889 |
| San Francisco Community College District, Series 2020 A-1, GO Bonds | 3.17% | 06/15/2041 | 4000 | &nbsp;&nbsp; 3335371 |
| San Joaquin Hills Transportation Corridor Agency, Series 2021 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.47% | 01/15/2029 | 1140 | &nbsp;&nbsp; 1106180 |
| San Joaquin Hills Transportation Corridor Agency, Series 2021 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.22% | 01/15/2035 | 65 | &nbsp;&nbsp; 60427 |
| San Joaquin Hills Transportation Corridor Agency, Series 2021 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.49% | 01/15/2050 | 135 | &nbsp;&nbsp; 108001 |
| San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB | 4.76% | 05/01/2042 | 1000 | &nbsp;&nbsp; 976123 |
| San Jose (City of), CA Financing Authority (Convention Center), Series 2022, Ref. RB | 4.86% | 05/01/2052 | 1000 | &nbsp;&nbsp; 925446 |
| San Jose (City of), CA Financing Authority (Ice Centre), Series 2020 B, RB | 3.42% | 06/01/2041 | 3250 | &nbsp;&nbsp; 2787808 |
| San Jose Evergreen Community College District, Series 2020, Ref. GO Bonds | 1.68% | 09/01/2028 | 60 | &nbsp;&nbsp; 57252 |
| San Jose Evergreen Community College District, Series 2020, Ref. GO Bonds | 1.85% | 09/01/2029 | 50 | &nbsp;&nbsp; 47056 |
| San Jose Unified School District, Series 2021, Ref. GO Bonds | 2.31% | 08/01/2039 | 3000 | &nbsp;&nbsp; 2382597 |
| San Luis Unit/Westlands Water District Financing Authority, Series 2020 A, RB, (INS - AGI)<sup>(a)</sup> | 3.74% | 09/01/2050 | 200 | &nbsp;&nbsp; 156021 |
| San Ramon Valley Unified School District, Series 2021, Ref. GO Bonds | 1.44% | 08/01/2027 | 10 | &nbsp;&nbsp; 9724 |
| San Ramon Valley Unified School District, Series 2021, Ref. GO Bonds | 1.67% | 08/01/2028 | 110 | &nbsp;&nbsp; 105553 |
| San Ramon Valley Unified School District, Series 2021, Ref. GO Bonds | 2.01% | 08/01/2031 | 10 | &nbsp;&nbsp; 9200 |
| Santa Ana (City of), CA, Series 2021 A, RB | 3.10% | 08/01/2044 | 1350 | &nbsp;&nbsp; 1107553 |
| Santa Ana Unified School District, Series 2010, GO Bonds | 6.80% | 08/01/2030 | 5 | &nbsp;&nbsp; 5442 |
| Santa Clara (County of), CA, Series 2007, RB, (INS - NATL)<sup>(a)</sup> | 6.00% | 08/01/2036 | 25 | &nbsp;&nbsp; 27781 |
| Santa Clara (County of), CA (Election of 2016), Series 2024 C, GO Bonds | 4.70% | 08/01/2032 | 20 | &nbsp;&nbsp; 20960 |
| Santa Clara Valley Water District, Series 2016 B, Ref. RB | 4.35% | 06/01/2046 | 3000 | &nbsp;&nbsp; 2766222 |
| Santa Monica Community College District, Series 2020, Ref. GO Bonds | 2.70% | 08/01/2040 | 1180 | &nbsp;&nbsp; 951845 |
| Solano County Community College District, Series 2019, Ref. GO Bonds | 3.19% | 08/01/2047 | 10 | &nbsp;&nbsp; 7736 |
| Stockton Public Financing Authority, Series 2019, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.61% | 10/01/2040 | 95 | &nbsp;&nbsp; 83691 |
| Tulare (County of), CA, Series 2018, RB | 4.45% | 06/01/2037 | 2000 | &nbsp;&nbsp; 1962846 |
| University of California, Series 2015 AP, Ref. RB | 3.93% | 05/15/2045 | 3540 | &nbsp;&nbsp; 3334893 |
| University of California, Series 2015 AQ, RB | 4.77% | 05/15/2115 | 2677 | &nbsp;&nbsp; 2287458 |
| University of California, Series 2015 J, Ref. RB | 4.06% | 05/15/2031 | 10 | &nbsp;&nbsp; 10124 |
| University of California, Series 2016 AS, Ref. RB | 3.55% | 05/15/2039 | 500 | &nbsp;&nbsp; 455549 |
| University of California, Series 2017 AW, RB | 4.10% | 05/15/2047 | 20 | &nbsp;&nbsp; 17688 |
| University of California, Series 2018, RB | 4.43% | 05/15/2048 | 1120 | &nbsp;&nbsp; 1020365 |
| University of California, Series 2019 BD, RB | 3.35% | 07/01/2029 | 2500 | &nbsp;&nbsp; 2487117 |
| University of California, Series 2020 BG, RB | 1.32% | 05/15/2027 | 2910 | &nbsp;&nbsp; 2835131 |
| University of California, Series 2020 BG, RB | 1.61% | 05/15/2030 | 4500 | &nbsp;&nbsp; 4157388 |
| University of California, Series 2020, RB | 1.71% | 05/15/2030 | 5 | &nbsp;&nbsp; 4628 |
| University of California, Series 2020, RB | 2.65% | 05/15/2050 | 325 | &nbsp;&nbsp; 221914 |
| University of California, Series 2021 BI, Ref. RB | 1.27% | 05/15/2027 | 1000 | &nbsp;&nbsp; 973071 |
| University of California, Series 2021 BI, Ref. RB | 1.37% | 05/15/2028 | 100 | &nbsp;&nbsp; 95452 |
| University of California, Series 2021 BI, Ref. RB | 1.70% | 05/15/2029 | 450 | &nbsp;&nbsp; 424769 |
| University of California, Series 2021 BI, Ref. RB | 1.90% | 05/15/2030 | 1000 | &nbsp;&nbsp; 932582 |
| University of California, Series 2021 BI, Ref. RB | 2.00% | 05/15/2031 | 1000 | &nbsp;&nbsp; 918136 |
| University of California, Series 2021 BI, Ref. RB | 2.05% | 05/15/2032 | 950 | &nbsp;&nbsp; 856106 |
| University of California, Series 2021 BI, Ref. RB | 2.15% | 05/15/2033 | 1000 | &nbsp;&nbsp; 886926 |
| University of California, Series 2021 BI, Ref. RB | 2.25% | 05/15/2034 | 390 | &nbsp;&nbsp; 340710 |
| University of California, Series 2021 BI, Ref. RB | 2.35% | 05/15/2035 | 150 | &nbsp;&nbsp; 129132 |
| University of California, Series 2021 BI, Ref. RB | 2.45% | 05/15/2036 | 200 | &nbsp;&nbsp; 169842 |
| University of California, Series 2021 BJ, RB | 3.07% | 05/15/2051 | 1660 | &nbsp;&nbsp; 1174552 |
| University of California, Series 2023, RB | 4.69% | 05/15/2033 | 1045 | &nbsp;&nbsp; 1092084 |
| University of California, Series 2023, RB | 5.10% | 05/15/2033 | 10 | &nbsp;&nbsp; 10703 |
| University of California, Series 2024 B, RB | 4.93% | 05/15/2034 | 700 | &nbsp;&nbsp; 741448 |
| Val Verde Unified School District, Series 2021, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.17% | 08/01/2043 | 10 | &nbsp;&nbsp; 8031 |
| Ventura County Community College District, Series 2019, Ref. GO Bonds | 2.37% | 08/01/2029 | 20 | &nbsp;&nbsp; 19258 |

---

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

------

**210**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **California-(continued)** |  |  |  |  |
| West Covina (City of), CA Public Financing Authority, Series 2020 A, RB | 3.89% | 08/01/2044 | $55 | &nbsp;&nbsp; $46745 |
| West Kern Water District, Series 2010, COP | 6.72% | 06/01/2040 | 5 | &nbsp;&nbsp; 5589 |
| Yosemite Community College District, Series 2022, Ref. GO Bonds | 2.35% | 08/01/2029 | 100 | &nbsp;&nbsp; 96425 |
| Yosemite Community College District, Series 2022, Ref. GO Bonds | 2.46% | 08/01/2030 | 105 | &nbsp;&nbsp; 100340 |
| Yosemite Community College District, Series 2022, Ref. GO Bonds | 2.61% | 08/01/2032 | 15 | &nbsp;&nbsp; 14016 |
|  |  |  |  | &nbsp;&nbsp; 242384701 |
| **Colorado-1.32%** |  |  |  |  |
| Aurora (City of), CO (Green Bonds), Series 2021 B, Ref. RB | 2.72% | 08/01/2046 | 175 | &nbsp;&nbsp; 126782 |
| Colorado (State of), Series 2009 B, COP | 6.45% | 09/15/2039 | 100 | &nbsp;&nbsp; 110765 |
| Colorado (State of), Series 2010, COP | 6.82% | 03/15/2028 | 10 | &nbsp;&nbsp; 10563 |
| Colorado (State of), Series 2018, COP | 4.05% | 09/01/2038 | 5 | &nbsp;&nbsp; 4737 |
| Colorado (State of) Health Facilities Authority (Sanford Health), Series 2019 B, Ref. RB | 3.70% | 11/01/2039 | 1100 | &nbsp;&nbsp; 995193 |
| Colorado (State of) Regional Transportation District, Series 2010 B, RB | 5.84% | 11/01/2050 | 2025 | &nbsp;&nbsp; 2109232 |
| Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA) | 5.54% | 11/01/2038 | 1000 | &nbsp;&nbsp; 1033701 |
| Colorado Housing and Finance Authority, Series 2023 K-1, RB, (CEP - GNMA) | 6.50% | 11/01/2053 | 1660 | &nbsp;&nbsp; 1765909 |
| Colorado Housing and Finance Authority, Series 2023, RB, (CEP - GNMA) | 6.50% | 05/01/2049 | 255 | &nbsp;&nbsp; 270275 |
| Colorado Housing and Finance Authority, Series 2024, RB, (CEP - GNMA) | 5.50% | 11/01/2039 | 10 | &nbsp;&nbsp; 10304 |
| Colorado Housing and Finance Authority, Series 2024, RB, (CEP - GNMA) | 6.00% | 05/01/2049 | 50 | &nbsp;&nbsp; 53349 |
| Colorado Housing and Finance Authority, Series 2025, RB, (CEP - GNMA) | 6.25% | 05/01/2055 | 300 | &nbsp;&nbsp; 324611 |
| Colorado Mesa University, Series 2009 C, GO Bonds, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.80% | 05/15/2040 | 170 | &nbsp;&nbsp; 182562 |
| Denver (City & County of), CO, Series 2016 B, Ref. RB | 3.82% | 08/01/2032 | 950 | &nbsp;&nbsp; 944059 |
| Denver (City & County of), CO, Series 2020 C, Ref. RB | 2.52% | 11/15/2032 | 2000 | &nbsp;&nbsp; 1833601 |
| Denver (City & County of), CO, Series 2020 C, Ref. RB | 2.62% | 11/15/2033 | 1450 | &nbsp;&nbsp; 1313578 |
| Denver City & County Housing Authority, Series 2019, RB | 3.24% | 12/01/2038 | 15 | &nbsp;&nbsp; 13389 |
| Denver City & County School District No. 1, Series 2009 C, GO Bonds | 5.66% | 12/01/2033 | 425 | &nbsp;&nbsp; 446455 |
| Denver City & County School District No. 1, Series 2011 B, Ref. COP | 7.02% | 12/15/2037 | 1220 | &nbsp;&nbsp; 1425563 |
| Denver City & County School District No. 1, Series 2013 B, Ref. COP | 4.24% | 12/15/2037 | 1005 | &nbsp;&nbsp; 995114 |
| Pueblo (City of), CO (Green Bonds), Series 2009, COP, (INS - AGI)<sup>(a)</sup> | 6.85% | 09/15/2039 | 10 | &nbsp;&nbsp; 11303 |
|  |  |  |  | &nbsp;&nbsp; 13981045 |
| **Connecticut-1.73%** |  |  |  |  |
| Bridgeport (City of), CT, Series 2019 C, GO Bonds, (INS - BAM)<sup>(a)</sup> | 3.36% | 09/15/2034 | 455 | &nbsp;&nbsp; 432693 |
| Bridgeport (City of), CT, Series 2019 C, GO Bonds, (INS - BAM)<sup>(a)</sup> | 3.75% | 09/15/2044 | 375 | &nbsp;&nbsp; 319496 |
| Bridgeport (City of), CT, Series 2021 B, Ref. GO Bonds | 2.48% | 07/01/2030 | 20 | &nbsp;&nbsp; 18848 |
| Connecticut (State of), Series 2008 A, GO Bonds | 5.85% | 03/15/2032 | 4505 | &nbsp;&nbsp; 4899164 |
| Connecticut (State of), Series 2010, GO Bonds | 5.30% | 10/01/2029 | 320 | &nbsp;&nbsp; 337060 |
| Connecticut (State of), Series 2017 A, GO Bonds | 3.75% | 01/15/2028 | 10 | &nbsp;&nbsp; 10043 |
| Connecticut (State of), Series 2018 A, GO Bonds | 3.80% | 09/15/2026 | 25 | &nbsp;&nbsp; 25019 |
| Connecticut (State of), Series 2018 A, GO Bonds | 3.85% | 09/15/2027 | 30 | &nbsp;&nbsp; 30143 |
| Connecticut (State of), Series 2018 A, GO Bonds | 3.90% | 09/15/2028 | 35 | &nbsp;&nbsp; 35327 |
| Connecticut (State of), Series 2019 A, GO Bonds | 3.33% | 04/15/2027 | 15 | &nbsp;&nbsp; 14964 |
| Connecticut (State of), Series 2019 A, GO Bonds | 3.43% | 04/15/2028 | 10 | &nbsp;&nbsp; 9985 |
| Connecticut (State of), Series 2019 A, GO Bonds | 3.48% | 04/15/2029 | 450 | &nbsp;&nbsp; 449373 |
| Connecticut (State of), Series 2020 A, GO Bonds | 2.42% | 07/01/2027 | 85 | &nbsp;&nbsp; 83770 |
| Connecticut (State of), Series 2020 A, GO Bonds | 2.63% | 07/01/2029 | 170 | &nbsp;&nbsp; 165143 |
| Connecticut (State of), Series 2020 A, GO Bonds | 2.68% | 07/01/2030 | 165 | &nbsp;&nbsp; 158787 |
| Connecticut (State of), Series 2021 A, GO Bonds | 1.50% | 06/01/2027 | 200 | &nbsp;&nbsp; 195036 |
| Connecticut (State of), Series 2021 A, GO Bonds | 1.65% | 06/01/2028 | 385 | &nbsp;&nbsp; 369638 |
| Connecticut (State of), Series 2021 A, GO Bonds | 1.89% | 06/01/2029 | 490 | &nbsp;&nbsp; 465431 |
| Connecticut (State of), Series 2021 A, GO Bonds | 1.99% | 06/01/2030 | 885 | &nbsp;&nbsp; 828816 |
| Connecticut (State of), Series 2021 A, GO Bonds | 2.09% | 06/01/2031 | 850 | &nbsp;&nbsp; 784581 |
| Connecticut (State of), Series 2022 A, GO Bonds | 3.53% | 06/15/2026 | 5 | &nbsp;&nbsp; 4997 |
| Connecticut (State of), Series 2022 A, GO Bonds | 3.63% | 06/15/2027 | 65 | &nbsp;&nbsp; 65069 |
| Connecticut (State of), Series 2022 A, GO Bonds | 3.98% | 06/15/2029 | 120 | &nbsp;&nbsp; 121600 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.06% | 06/15/2030 | 25 | &nbsp;&nbsp; 25433 |
| Connecticut (State of), Series 2022 A, GO Bonds | 4.11% | 06/15/2031 | 15 | &nbsp;&nbsp; 15276 |
| Connecticut (State of), Series 2023 A, GO Bonds | 5.05% | 05/15/2027 | 25 | &nbsp;&nbsp; 25437 |

---

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

------

**211**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Connecticut-(continued)** |  |  |  |  |
| Connecticut (State of), Series 2023 A, GO Bonds | 4.51% | 05/15/2028 | $180 | &nbsp;&nbsp; $183778 |
| Connecticut (State of), Series 2023 A, GO Bonds | 4.61% | 05/15/2029 | 15 | &nbsp;&nbsp; 15482 |
| Connecticut (State of), Series 2023 A, GO Bonds | 4.66% | 05/15/2030 | 1130 | &nbsp;&nbsp; 1175653 |
| Connecticut (State of), Series 2023 A, GO Bonds | 4.60% | 05/15/2031 | 20 | &nbsp;&nbsp; 20830 |
| Connecticut (State of), Series 2023 A, GO Bonds | 4.63% | 05/15/2032 | 70 | &nbsp;&nbsp; 73081 |
| Connecticut (State of), Series 2023 A, GO Bonds | 4.65% | 05/15/2033 | 20 | &nbsp;&nbsp; 20883 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.38% | 05/01/2027 | 10 | &nbsp;&nbsp; 10206 |
| Connecticut (State of), Series 2024 A, GO Bonds | 5.00% | 05/01/2028 | 20 | &nbsp;&nbsp; 20617 |
| Connecticut (State of), Series 2024 A, GO Bonds | 4.77% | 05/01/2030 | 80 | &nbsp;&nbsp; 83555 |
| Connecticut (State of), Series 2024 A, GO Bonds | 4.81% | 05/01/2031 | 45 | &nbsp;&nbsp; 47302 |
| Connecticut (State of), Series 2024 A, GO Bonds | 4.83% | 05/01/2032 | 90 | &nbsp;&nbsp; 94934 |
| Connecticut (State of), Series 2024 A, GO Bonds | 4.85% | 05/01/2033 | 5 | &nbsp;&nbsp; 5282 |
| Connecticut (State of), Series 2024 A, GO Bonds | 4.88% | 05/01/2034 | 25 | &nbsp;&nbsp; 26439 |
| Connecticut (State of), Series 2025 A, GO Bonds | 4.59% | 03/15/2030 | 250 | &nbsp;&nbsp; 259261 |
| Connecticut (State of), Series 2025 A, GO Bonds | 4.79% | 03/15/2031 | 20 | &nbsp;&nbsp; 20998 |
| Connecticut (State of), Series 2025 A, GO Bonds | 5.10% | 03/15/2034 | 40 | &nbsp;&nbsp; 42920 |
| Connecticut (State of), Series 2025 A, GO Bonds | 5.15% | 03/15/2035 | 100 | &nbsp;&nbsp; 107572 |
| Connecticut (State of) Bradley International Airport (Ground Transport Center), Series 2019, RB | 4.28% | 07/01/2045 | 265 | &nbsp;&nbsp; 233105 |
| Connecticut (State of) Health & Educational Facilities Authority (Stamford Hospital), Series 2021 <br> L-2, RB<br>| 3.54% | 07/01/2051 | 2610 | &nbsp;&nbsp; 1868703 |
| Hamden (Town of), CT, Series 2015, GO Bonds, (INS - BAM)<sup>(a)</sup> | 5.20% | 08/15/2044 | 190 | &nbsp;&nbsp; 190000 |
| Hartford (County of), CT Metropolitan District (Clean Water), Series 2020, Ref. RB | 2.56% | 04/01/2039 | 950 | &nbsp;&nbsp; 780169 |
| New Britain (City of), CT, Series 2018, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.35% | 03/01/2039 | 125 | &nbsp;&nbsp; 121029 |
| New Britain (City of), CT, Series 2020 B, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.25% | 09/01/2042 | 190 | &nbsp;&nbsp; 155359 |
| Norwich (City of), CT, Series 2022, GO Bonds | 3.55% | 08/01/2041 | 1025 | &nbsp;&nbsp; 895503 |
| Norwich (City of), CT, Series 2022, GO Bonds | 3.64% | 08/01/2046 | 100 | &nbsp;&nbsp; 81906 |
| South Central Connecticut Regional Water Authority, Series 2010 A, RB | 6.24% | 08/01/2030 | 40 | &nbsp;&nbsp; 41843 |
| South Central Connecticut Regional Water Authority, Series 2010 A, RB | 6.39% | 08/01/2040 | 1595 | &nbsp;&nbsp; 1773222 |
| Stratford (Town of), CT, Series 2013, GO Bonds | 6.00% | 08/15/2038 | 5 | &nbsp;&nbsp; 5525 |
| Waterbury (City of), CT, Series 2009, GO Bonds | 7.09% | 12/01/2038 | 70 | &nbsp;&nbsp; 79067 |
| West Hartford (Town of), CT, Series 2021 B, GO Bonds | 2.76% | 07/01/2041 | 25 | &nbsp;&nbsp; 20426 |
| West Hartford (Town of), CT, Series 2021 B, GO Bonds | 2.86% | 07/01/2046 | 50 | &nbsp;&nbsp; 37141 |
|  |  |  |  | &nbsp;&nbsp; 18382920 |
| **Delaware-0.06%** |  |  |  |  |
| Delaware (State of), Series 2010, GO Bonds | 4.55% | 07/01/2029 | 10 | &nbsp;&nbsp; 10269 |
| New Castle (County of), DE, Series 2021 B, Ref. GO Bonds | 1.37% | 07/15/2027 | 45 | &nbsp;&nbsp; 43726 |
| University of Delaware, Series 2018, RB | 4.07% | 11/01/2050 | 720 | &nbsp;&nbsp; 618624 |
|  |  |  |  | &nbsp;&nbsp; 672619 |
| **District of Columbia-0.78%** |  |  |  |  |
| District of Columbia, Series 2010, RB | 5.00% | 12/01/2026 | 10 | &nbsp;&nbsp; 10081 |
| District of Columbia, Series 2020, Ref. RB | 3.43% | 04/01/2042 | 195 | &nbsp;&nbsp; 149419 |
| District of Columbia, Series 2022 B, RB | 3.76% | 07/01/2029 | 80 | &nbsp;&nbsp; 80334 |
| District of Columbia, Series 2023 B, Ref. RB | 5.15% | 05/01/2031 | 15 | &nbsp;&nbsp; 15944 |
| District of Columbia, Series 2023 B, Ref. RB | 5.20% | 05/01/2032 | 1200 | &nbsp;&nbsp; 1284291 |
| District of Columbia, Series 2023 B, Ref. RB | 5.25% | 05/01/2033 | 60 | &nbsp;&nbsp; 64553 |
| District of Columbia, Series 2025, RB | 5.75% | 04/01/2035 | 20 | &nbsp;&nbsp; 21691 |
| District of Columbia, Series 2025, Ref. RB | 7.19% | 10/01/2052 | 1250 | &nbsp;&nbsp; 1323772 |
| District of Columbia (National Public Radio, Inc.), Series 2020, Ref. RB | 3.53% | 04/01/2047 | 1200 | &nbsp;&nbsp; 834785 |
| District of Columbia Water & Sewer Authority (Green Bonds), Series 2014 A, RB | 4.81% | 10/01/2114 | 1630 | &nbsp;&nbsp; 1445651 |
| Metropolitan Washington Airports Authority, Series 2009 D, RB | 7.46% | 10/01/2046 | 2430 | &nbsp;&nbsp; 2971388 |
| Washington Convention & Sports Authority, Series 2018 B, Ref. RB | 4.31% | 10/01/2040 | 90 | &nbsp;&nbsp; 85218 |
|  |  |  |  | &nbsp;&nbsp; 8287127 |
| **Florida-3.44%** |  |  |  |  |
| Broward (County of), FL, Series 2019 C, Ref. RB | 3.48% | 10/01/2043 | 1250 | &nbsp;&nbsp; 1090295 |
| Escambia (County of), FL Health Facilities Authority (Baptist Health Care Corp. Obligated Group), <br> Series 2020, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.61% | 08/15/2040 | 4750 | &nbsp;&nbsp; 4027752 |

---

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

------

**212**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Florida-(continued)** |  |  |  |  |
| Florida Development Finance Corp. (Nova Southeastern University), Series 2020, Ref. RB | 4.11% | 04/01/2050 | $240 | &nbsp;&nbsp; $199421 |
| Florida Development Finance Corp. (UF Health Jacksonville), Series 2022, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.22% | 02/01/2032 | 950 | &nbsp;&nbsp; 888997 |
| Fort Lauderdale (City of), FL, Series 2020, Ref. RB | 1.30% | 01/01/2027 | 30 | &nbsp;&nbsp; 29437 |
| Gainesville (City of), FL, Series 2020, RB | 3.05% | 10/01/2040 | 4000 | &nbsp;&nbsp; 3348753 |
| Greater Orlando Aviation Authority, Series 2022 B, RB | 2.65% | 10/01/2029 | 55 | &nbsp;&nbsp; 53117 |
| Hillsborough (County of), FL Aviation Authority (Tampa International Airport), Series 2015, RB | 5.25% | 10/01/2041 | 15 | &nbsp;&nbsp; 15001 |
| JEA Electric System, Series 2009 F, RB | 6.41% | 10/01/2034 | 410 | &nbsp;&nbsp; 438406 |
| JEA Water & Sewer System, Series 2010 A, RB | 6.21% | 10/01/2033 | 1100 | &nbsp;&nbsp; 1175871 |
| Miami-Dade (County of), FL, Series 2010 B, RB | 5.53% | 07/01/2032 | 2180 | &nbsp;&nbsp; 2243185 |
| Miami-Dade (County of), FL, Series 2016 B, Ref. RB | 3.56% | 10/01/2033 | 85 | &nbsp;&nbsp; 81597 |
| Miami-Dade (County of), FL, Series 2016 B, Ref. RB | 3.66% | 10/01/2034 | 3175 | &nbsp;&nbsp; 3032658 |
| Miami-Dade (County of), FL, Series 2017 D, Ref. RB | 3.98% | 10/01/2041 | 15 | &nbsp;&nbsp; 13488 |
| Miami-Dade (County of), FL, Series 2018 C, Ref. RB | 3.96% | 10/01/2030 | 10 | &nbsp;&nbsp; 10043 |
| Miami-Dade (County of), FL, Series 2018 C, Ref. RB | 4.16% | 10/01/2033 | 15 | &nbsp;&nbsp; 14985 |
| Miami-Dade (County of), FL, Series 2018 C, Ref. RB | 4.28% | 10/01/2041 | 150 | &nbsp;&nbsp; 141823 |
| Miami-Dade (County of), FL, Series 2019 B, Ref. RB | 3.14% | 10/01/2027 | 950 | &nbsp;&nbsp; 942751 |
| Miami-Dade (County of), FL, Series 2019 B, Ref. RB | 3.18% | 10/01/2028 | 2800 | &nbsp;&nbsp; 2768271 |
| Miami-Dade (County of), FL, Series 2019 B, Ref. RB | 3.28% | 10/01/2029 | 150 | &nbsp;&nbsp; 147921 |
| Miami-Dade (County of), FL, Series 2019 C, Ref. RB<sup>(c)</sup> | 2.50% | 10/01/2027 | 20 | &nbsp;&nbsp; 19649 |
| Miami-Dade (County of), FL, Series 2019 E, Ref. RB | 2.45% | 10/01/2029 | 15 | &nbsp;&nbsp; 14380 |
| Miami-Dade (County of), FL, Series 2019 E, Ref. RB | 2.53% | 10/01/2030 | 10 | &nbsp;&nbsp; 9476 |
| Miami-Dade (County of), FL, Series 2019, Ref. RB | 2.60% | 10/01/2031 | 40 | &nbsp;&nbsp; 37422 |
| Miami-Dade (County of), FL, Series 2020 B, Ref. RB | 1.25% | 07/01/2027 | 30 | &nbsp;&nbsp; 29054 |
| Miami-Dade (County of), FL, Series 2020 B, Ref. RB | 3.27% | 10/01/2041 | 250 | &nbsp;&nbsp; 209675 |
| Miami-Dade (County of), FL, Series 2020 B, Ref. RB | 2.60% | 07/01/2042 | 1050 | &nbsp;&nbsp; 832705 |
| Miami-Dade (County of), FL, Series 2021 A-3, Ref. RB, (INS - AGI)<sup>(a)</sup> | 1.86% | 10/01/2029 | 10 | &nbsp;&nbsp; 9373 |
| Miami-Dade (County of), FL, Series 2021 A-3, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.31% | 10/01/2033 | 10 | &nbsp;&nbsp; 8769 |
| Miami-Dade (County of), FL, Series 2021 A-3, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.66% | 10/01/2036 | 20 | &nbsp;&nbsp; 16868 |
| Miami-Dade (County of), FL, Series 2021 B, Ref. RB | 2.29% | 10/01/2031 | 500 | &nbsp;&nbsp; 460708 |
| Miami-Dade (County of), FL, Series 2021 B, Ref. RB | 2.44% | 10/01/2032 | 455 | &nbsp;&nbsp; 414446 |
| Miami-Dade (County of), FL, Series 2021 B, Ref. RB | 2.54% | 10/01/2033 | 450 | &nbsp;&nbsp; 404334 |
| Miami-Dade (County of), FL, Series 2021 B, Ref. RB | 2.79% | 10/01/2037 | 450 | &nbsp;&nbsp; 380691 |
| Miami-Dade (County of), FL, Series 2021, Ref. RB | 1.47% | 10/01/2026 | 35 | &nbsp;&nbsp; 34571 |
| Miami-Dade (County of), FL, Series 2021, Ref. RB | 2.04% | 10/01/2029 | 30 | &nbsp;&nbsp; 28377 |
| Miami-Dade (County of), FL, Series 2021, Ref. RB | 2.14% | 10/01/2030 | 65 | &nbsp;&nbsp; 60609 |
| Miami-Dade (County of), FL, Series 2023, RB | 6.22% | 11/01/2055 | 1080 | &nbsp;&nbsp; 1130958 |
| Reedy Creek Improvement District, Series 2020 A, Ref. GO Bonds | 2.73% | 06/01/2038 | 350 | &nbsp;&nbsp; 293262 |
| St. Johns (County of), FL Industrial Development Authority (Flagler Health), Series 2020 B, Ref. <br> RB, (INS - AGI)<sup>(a)</sup><br>| 2.54% | 10/01/2030 | 1800 | &nbsp;&nbsp; 1702039 |
| State Board of Administration Finance Corp., Series 2020 A, RB | 1.71% | 07/01/2027 | 4505 | &nbsp;&nbsp; 4394366 |
| State Board of Administration Finance Corp., Series 2020 A, RB | 2.15% | 07/01/2030 | 4097 | &nbsp;&nbsp; 3830957 |
| State Board of Administration Finance Corp., Series 2024 A, RB | 5.53% | 07/01/2034 | 20 | &nbsp;&nbsp; 21561 |
| Sumter Landing Community Development District, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.74% | 10/01/2045 | 1000 | &nbsp;&nbsp; 1049072 |
| Sumter Landing Community Development District, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 5.82% | 10/01/2054 | 500 | &nbsp;&nbsp; 516935 |
| Tampa Bay (City of), FL Water, Series 2024 C, Ref. RB | 3.82% | 10/01/2029 | 30 | &nbsp;&nbsp; 30239 |
|  |  |  |  | &nbsp;&nbsp; 36604268 |
| **Georgia-1.55%** |  |  |  |  |
| Atlanta & Fulton County Recreation Authority, Series 2017, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.00% | 12/15/2046 | 150 | &nbsp;&nbsp; 133275 |
| Atlanta & Fulton County Recreation Authority, Series 2018, Ref. RB, (INS - AGI)<sup>(a)</sup> | 5.10% | 12/01/2047 | 70 | &nbsp;&nbsp; 71451 |
| Atlanta (City of), GA, Series 2020, Ref. RB | 1.64% | 11/01/2029 | 30 | &nbsp;&nbsp; 27969 |
| Atlanta (City of), GA, Series 2020, Ref. RB | 2.26% | 11/01/2035 | 975 | &nbsp;&nbsp; 849128 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority, Series 2015, RB | 4.50% | 01/01/2047 | 50 | &nbsp;&nbsp; 47851 |
| Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2019, <br> Ref. RB<br>| 3.24% | 10/01/2049 | 1080 | &nbsp;&nbsp; 798585 |
| Fulton (County of), GA Development Authority (Georgia Tech Athletic Association), Series 2022, <br> Ref. RB<br>| 3.47% | 10/01/2042 | 4450 | &nbsp;&nbsp; 3776425 |
| Fulton (County of), GA Development Authority (Georgia Tech Foundation), Series 2019, Ref. RB | 3.13% | 11/01/2049 | 100 | &nbsp;&nbsp; 72793 |

---

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

------

**213**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Georgia-(continued)** |  |  |  |  |
| Gainesville (City of) & Hall (County of), GA Hospital Authority (Northeast Georgia Health System, <br> Inc.), Series 2021, Ref. RB<br>| 2.85% | 02/15/2046 | $45 | &nbsp;&nbsp; $32624 |
| Georgia (State of), Series 2010, GO Bonds | 4.31% | 10/01/2026 | 950 | &nbsp;&nbsp; 951078 |
| Georgia (State of), Series 2015 B, GO Bonds | 4.15% | 02/01/2035 | 35 | &nbsp;&nbsp; 35002 |
| Georgia (State of), Series 2018 B, GO Bonds | 3.25% | 07/01/2027 | 45 | &nbsp;&nbsp; 44896 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010 A, RB | 6.66% | 04/01/2057 | 2186 | &nbsp;&nbsp; 2435143 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010, RB | 7.06% | 04/01/2057 | 1165 | &nbsp;&nbsp; 1321934 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2010-A, RB | 6.64% | 04/01/2057 | 1571 | &nbsp;&nbsp; 1736747 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2022, RB | 6.47% | 07/01/2045 | 1750 | &nbsp;&nbsp; 1937275 |
| Georgia (State of) Municipal Electric Authority (Plant Vogtle Units 3 & 4), Series 2023 B, RB | 6.70% | 07/01/2056 | 1900 | &nbsp;&nbsp; 2189110 |
| Valdosta & Lowndes County Hospital Authority, Series 2019, Ref. RB | 3.44% | 10/01/2041 | 25 | &nbsp;&nbsp; 20892 |
|  |  |  |  | &nbsp;&nbsp; 16482178 |
| **Guam-0.22%** |  |  |  |  |
| Guam (Territory of) Waterworks Authority, Series 2020 B, Ref. RB | 3.70% | 07/01/2043 | 3000 | &nbsp;&nbsp; 2388553 |
| **Hawaii-1.63%** |  |  |  |  |
| Hawaii (State of), Series 2010 DX, GO Bonds | 5.53% | 02/01/2030 | 950 | &nbsp;&nbsp; 1000889 |
| Hawaii (State of), Series 2017 A, RB | 3.89% | 07/01/2037 | 1500 | &nbsp;&nbsp; 1427098 |
| Hawaii (State of), Series 2019 A, Ref. RB | 2.97% | 07/01/2039 | 50 | &nbsp;&nbsp; 42310 |
| Hawaii (State of), Series 2019 A, Ref. RB | 3.14% | 07/01/2047 | 35 | &nbsp;&nbsp; 26216 |
| Hawaii (State of), Series 2020 B, RB | 3.48% | 07/01/2050 | 900 | &nbsp;&nbsp; 697089 |
| Hawaii (State of), Series 2020 E, Ref. RB | 2.13% | 07/01/2028 | 25 | &nbsp;&nbsp; 24203 |
| Hawaii (State of), Series 2020 E, Ref. RB | 2.23% | 07/01/2029 | 100 | &nbsp;&nbsp; 95724 |
| Hawaii (State of), Series 2020 FZ, GO Bonds | 0.89% | 08/01/2026 | 1005 | &nbsp;&nbsp; 993686 |
| Hawaii (State of), Series 2020 FZ, GO Bonds | 2.00% | 08/01/2027 | 180 | &nbsp;&nbsp; 176194 |
| Hawaii (State of), Series 2020 FZ, GO Bonds | 1.40% | 08/01/2030 | 40 | &nbsp;&nbsp; 36365 |
| Hawaii (State of), Series 2020 FZ, GO Bonds | 1.70% | 08/01/2032 | 5000 | &nbsp;&nbsp; 4390763 |
| Hawaii (State of), Series 2020 FZ, GO Bonds | 1.87% | 08/01/2033 | 1000 | &nbsp;&nbsp; 865976 |
| Hawaii (State of), Series 2020 FZ, GO Bonds | 1.98% | 08/01/2034 | 345 | &nbsp;&nbsp; 293764 |
| Hawaii (State of), Series 2020 FZ, GO Bonds | 2.07% | 08/01/2035 | 30 | &nbsp;&nbsp; 25091 |
| Hawaii (State of), Series 2020 FZ, GO Bonds | 2.29% | 08/01/2040 | 900 | &nbsp;&nbsp; 677924 |
| Hawaii (State of), Series 2020 GC, GO Bonds | 1.52% | 10/01/2028 | 10 | &nbsp;&nbsp; 9510 |
| Hawaii (State of), Series 2020 GC, GO Bonds | 2.63% | 10/01/2037 | 10 | &nbsp;&nbsp; 8411 |
| Hawaii (State of), Series 2020 GC, GO Bonds | 2.68% | 10/01/2038 | 1000 | &nbsp;&nbsp; 827611 |
| Hawaii (State of), Series 2021 GD, GO Bonds | 1.89% | 10/01/2029 | 25 | &nbsp;&nbsp; 23601 |
| Hawaii (State of), Series 2021 GD, GO Bonds | 2.04% | 10/01/2031 | 70 | &nbsp;&nbsp; 63983 |
| Hawaii (State of), Series 2021 GD, GO Bonds | 2.42% | 10/01/2034 | 5 | &nbsp;&nbsp; 4399 |
| Hawaii (State of), Series 2021 GD, GO Bonds | 2.64% | 10/01/2036 | 125 | &nbsp;&nbsp; 107502 |
| Hawaii (State of), Series 2021 GD, GO Bonds | 2.83% | 10/01/2039 | 1000 | &nbsp;&nbsp; 823888 |
| Hawaii (State of), Series 2021, Ref. GO Bonds | 1.54% | 08/01/2027 | 10 | &nbsp;&nbsp; 9725 |
| Hawaii (State of), Series 2021, Ref. GO Bonds | 1.89% | 08/01/2029 | 45 | &nbsp;&nbsp; 42608 |
| Hawaii (State of), Series 2021, Ref. GO Bonds | 2.04% | 08/01/2031 | 530 | &nbsp;&nbsp; 486116 |
| Hawaii (State of), Series 2022 GK, GO Bonds | 5.15% | 10/01/2031 | 110 | &nbsp;&nbsp; 117899 |
| Hawaii (State of), Series 2022 GK, GO Bonds | 5.20% | 10/01/2032 | 55 | &nbsp;&nbsp; 59359 |
| Hawaii (State of), Series 2023 GM, GO Bonds | 4.77% | 10/01/2031 | 30 | &nbsp;&nbsp; 31584 |
| Hawaii (State of), Series 2023 GM, GO Bonds | 4.82% | 10/01/2032 | 10 | &nbsp;&nbsp; 10573 |
| Hawaii (State of), Series 2023 GM, GO Bonds | 5.32% | 10/01/2038 | 400 | &nbsp;&nbsp; 422450 |
| Hawaii (State of), Series 2023 GM, GO Bonds | 5.30% | 10/01/2039 | 800 | &nbsp;&nbsp; 838681 |
| Hawaii (State of), Series 2023 GM, GO Bonds | 5.40% | 10/01/2041 | 500 | &nbsp;&nbsp; 521671 |
| Hawaii (State of), Series 2024 GN, GO Bonds | 5.00% | 10/01/2030 | 230 | &nbsp;&nbsp; 243394 |
| Hawaii (State of), Series 2024 GN, GO Bonds | 4.74% | 10/01/2035 | 20 | &nbsp;&nbsp; 20834 |
| Hawaii (State of), Series 2024 GN, GO Bonds | 5.11% | 10/01/2043 | 500 | &nbsp;&nbsp; 508550 |
| Hawaii (State of) Department of Business Economic Development & Tourism (Sustainability <br> Bonds), Series 2014 A-2, RB<br>| 3.24% | 01/01/2031 | 34 | &nbsp;&nbsp; 33393 |
| Honolulu (City & County of), HI, Series 2019 J, Ref. GO Bonds | 2.17% | 08/01/2027 | 25 | &nbsp;&nbsp; 24552 |
| Honolulu (City & County of), HI, Series 2020 A, Ref. RB | 1.47% | 07/01/2030 | 500 | &nbsp;&nbsp; 457630 |
| Honolulu (City & County of), HI, Series 2020 A, Ref. RB | 1.62% | 07/01/2031 | 1000 | &nbsp;&nbsp; 900037 |
|  |  |  |  | &nbsp;&nbsp; 17371253 |

---

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

------

**214**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Idaho-0.62%** |  |  |  |  |
| Idaho (State of) Health Facilities Authority (St. Luke's Health System), Series 2018, Ref. RB | 5.02% | 03/01/2048 | $500 | &nbsp;&nbsp; $480131 |
| Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA) | 5.36% | 01/01/2043 | 1900 | &nbsp;&nbsp; 1925844 |
| Idaho (State of) Housing & Finance Association, Series 2022 A, RB, (CEP - GNMA) | 5.45% | 01/01/2048 | 215 | &nbsp;&nbsp; 216590 |
| Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA) | 5.37% | 01/01/2039 | 830 | &nbsp;&nbsp; 850497 |
| Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA) | 5.51% | 01/01/2044 | 835 | &nbsp;&nbsp; 849849 |
| Idaho (State of) Housing & Finance Association, Series 2024 B, RB, (CEP - GNMA) | 5.55% | 07/01/2049 | 825 | &nbsp;&nbsp; 835012 |
| Idaho (State of) Housing & Finance Association (Garvee), Series 2010 A-2, RB | 6.35% | 07/15/2028 | 510 | &nbsp;&nbsp; 529159 |
| Idaho Energy Resources Authority, Series 2017, RB | 2.95% | 09/01/2028 | 15 | &nbsp;&nbsp; 14840 |
| Idaho Energy Resources Authority, Series 2021, RB | 2.86% | 09/01/2046 | 1000 | &nbsp;&nbsp; 738918 |
| Idaho State Building Authority, Series 2018 A, RB | 4.12% | 09/01/2039 | 105 | &nbsp;&nbsp; 100434 |
|  |  |  |  | &nbsp;&nbsp; 6541274 |
| **Illinois-7.11%** |  |  |  |  |
| Berwyn (City of), IL, Series 2022 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 3.84% | 12/01/2050 | 300 | &nbsp;&nbsp; 240776 |
| Chicago (City of), IL, Series 2010 B, GO Bonds | 7.52% | 01/01/2040 | 1000 | &nbsp;&nbsp; 1128073 |
| Chicago (City of), IL, Series 2010 B, Ref. GO Bonds | 6.21% | 01/01/2032 | 4515 | &nbsp;&nbsp; 4673113 |
| Chicago (City of), IL, Series 2010 C, GO Bonds | 6.21% | 01/01/2036 | 240 | &nbsp;&nbsp; 247546 |
| Chicago (City of), IL, Series 2010 D, GO Bonds | 6.26% | 01/01/2040 | 500 | &nbsp;&nbsp; 510956 |
| Chicago (City of), IL, Series 2011 C-1, GO Bonds | 7.78% | 01/01/2035 | 1665 | &nbsp;&nbsp; 1865101 |
| Chicago (City of), IL, Series 2015 B, GO Bonds | 7.38% | 01/01/2033 | 1901 | &nbsp;&nbsp; 2067240 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 C, RB | 4.47% | 01/01/2049 | 3065 | &nbsp;&nbsp; 2806052 |
| Chicago (City of), IL (O'Hare International Airport), Series 2018 C, RB | 4.57% | 01/01/2054 | 1680 | &nbsp;&nbsp; 1536079 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 D, Ref. RB | 2.35% | 01/01/2030 | 2450 | &nbsp;&nbsp; 2335094 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 D, Ref. RB | 2.45% | 01/01/2031 | 2000 | &nbsp;&nbsp; 1883828 |
| Chicago (City of), IL (O'Hare International Airport), Series 2020 D, Ref. RB | 2.55% | 01/01/2032 | 2000 | &nbsp;&nbsp; 1861688 |
| Chicago (City of), IL Transit Authority, Series 2008 A, RB | 6.90% | 12/01/2040 | 249 | &nbsp;&nbsp; 284871 |
| Chicago (City of), IL Transit Authority, Series 2008 B, RB | 6.90% | 12/01/2040 | 54 | &nbsp;&nbsp; 62154 |
| Chicago (City of), IL Transit Authority, Series 2010 B, RB | 6.20% | 12/01/2040 | 1203 | &nbsp;&nbsp; 1301280 |
| Cook (County of), IL, Series 2009, GO Bonds | 6.31% | 11/15/2031 | 10 | &nbsp;&nbsp; 10775 |
| Cook (County of), IL, Series 2010, GO Bonds | 6.23% | 11/15/2034 | 40 | &nbsp;&nbsp; 43469 |
| Cook County School District No. 170, Series 2017 C, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 4.65% | 06/01/2042 | 10 | &nbsp;&nbsp; 9496 |
| Du Page (County of), IL, Series 2010, GO Bonds | 5.70% | 01/01/2029 | 385 | &nbsp;&nbsp; 396397 |
| Illinois (State of), Series 2003, GO Bonds | 5.10% | 06/01/2033 | 9319 | &nbsp;&nbsp; 9655921 |
| Illinois (State of), Series 2010 2, GO Bonds | 6.90% | 03/01/2035 | 9280 | &nbsp;&nbsp; 10269971 |
| Illinois (State of), Series 2010, GO Bonds | 6.75% | 03/01/2028 | 1815 | &nbsp;&nbsp; 1895836 |
| Illinois (State of), Series 2010, GO Bonds | 6.63% | 02/01/2035 | 2001 | &nbsp;&nbsp; 2139943 |
| Illinois (State of), Series 2010, GO Bonds | 7.10% | 07/01/2035 | 395 | &nbsp;&nbsp; 428657 |
| Illinois (State of), Series 2010, GO Bonds | 7.35% | 07/01/2035 | 929 | &nbsp;&nbsp; 1015861 |
| Illinois (State of), Series 2010-3, GO Bonds | 6.73% | 04/01/2035 | 919 | &nbsp;&nbsp; 982740 |
| Illinois (State of), Series 2012, RB | 4.08% | 06/15/2036 | 10 | &nbsp;&nbsp; 9834 |
| Illinois (State of), Series 2013 B, GO Bonds | 5.52% | 04/01/2038 | 460 | &nbsp;&nbsp; 482740 |
| Illinois (State of), Series 2013, GO Bonds | 5.65% | 12/01/2038 | 1246 | &nbsp;&nbsp; 1305894 |
| Illinois (State of), Series 2013, RB | 3.75% | 06/15/2032 | 10 | &nbsp;&nbsp; 9774 |
| Illinois (State of), Series 2014, RB | 4.62% | 06/15/2038 | 126 | &nbsp;&nbsp; 126089 |
| Illinois (State of), Series 2022 A, GO Bonds | 5.92% | 10/01/2028 | 45 | &nbsp;&nbsp; 47392 |
| Illinois (State of), Series 2023 A, GO Bonds | 5.11% | 05/01/2027 | 950 | &nbsp;&nbsp; 965108 |
| Illinois (State of), Series 2023 A, GO Bonds | 5.25% | 12/01/2028 | 10 | &nbsp;&nbsp; 10403 |
| Illinois (State of), Series 2024 A, GO Bonds | 5.26% | 05/01/2026 | 10 | &nbsp;&nbsp; 10020 |
| Illinois (State of), Series 2024 A, GO Bonds | 4.09% | 10/01/2028 | 10 | &nbsp;&nbsp; 10086 |
| Illinois (State of), Series 2024 A, GO Bonds | 5.20% | 05/01/2029 | 15 | &nbsp;&nbsp; 15659 |
| Illinois (State of), Series 2024 A, GO Bonds | 5.26% | 05/01/2030 | 110 | &nbsp;&nbsp; 116159 |
| Illinois (State of), Series 2024 A, GO Bonds | 4.28% | 10/01/2030 | 30 | &nbsp;&nbsp; 30492 |
| Illinois (State of), Series 2024 A, GO Bonds | 5.28% | 05/01/2031 | 100 | &nbsp;&nbsp; 106385 |
| Illinois (State of), Series 2024 A, GO Bonds | 4.33% | 10/01/2031 | 80 | &nbsp;&nbsp; 81328 |
| Illinois (State of), Series 2024 A, GO Bonds | 5.31% | 05/01/2032 | 15 | &nbsp;&nbsp; 16048 |
| Illinois (State of), Series 2024 A, GO Bonds | 4.48% | 10/01/2032 | 255 | &nbsp;&nbsp; 260250 |
| Illinois (State of), Series 2024 A, GO Bonds | 5.36% | 05/01/2033 | 25 | &nbsp;&nbsp; 26861 |
| Illinois (State of), Series 2024 A, GO Bonds | 4.54% | 10/01/2033 | 40 | &nbsp;&nbsp; 40777 |

---

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

------

**215**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Illinois-(continued)** |  |  |  |  |
| Illinois (State of), Series 2025 A, GO Bonds | 4.00% | 09/01/2028 | $95 | &nbsp;&nbsp; $95593 |
| Illinois (State of), Series 2025 A, GO Bonds | 4.12% | 09/01/2029 | 55 | &nbsp;&nbsp; 55598 |
| Illinois (State of), Series 2025 A, GO Bonds | 4.22% | 09/01/2030 | 160 | &nbsp;&nbsp; 162254 |
| Illinois (State of), Series 2025 A, GO Bonds | 4.40% | 09/01/2031 | 10 | &nbsp;&nbsp; 10203 |
| Illinois (State of), Series 2025 A, GO Bonds | 4.55% | 09/01/2032 | 55 | &nbsp;&nbsp; 56374 |
| Illinois (State of), Series 2025 A, GO Bonds | 4.74% | 09/01/2033 | 45 | &nbsp;&nbsp; 46466 |
| Illinois (State of), Series 2025 A, GO Bonds | 4.84% | 09/01/2034 | 175 | &nbsp;&nbsp; 181207 |
| Illinois (State of), Series 2025 A, GO Bonds | 4.89% | 09/01/2035 | 80 | &nbsp;&nbsp; 82771 |
| Illinois (State of) Finance Authority (Ann & Robert H. Lurie Children's Hospital), Series 2018, Ref. <br> RB<br>| 3.94% | 08/15/2047 | 900 | &nbsp;&nbsp; 765303 |
| Illinois (State of) Finance Authority (OSF Healthcare System), Series 2020, Ref. RB | 3.51% | 05/15/2041 | 4480 | &nbsp;&nbsp; 3745154 |
| Illinois (State of) Housing Development Authority, Series 2024 B, RB, (CEP - GNMA) | 5.09% | 04/01/2030 | 35 | &nbsp;&nbsp; 36216 |
| Illinois (State of) Housing Development Authority, Series 2024 F, RB, (CEP - GNMA) | 5.90% | 10/01/2046 | 235 | &nbsp;&nbsp; 241099 |
| Illinois (State of) Housing Development Authority (Social Bonds), Series 2023 I, Ref. RB, <br> (CEP - FNMA)<br>| 5.76% | 10/01/2053 | 760 | &nbsp;&nbsp; 769482 |
| Illinois (State of) Housing Development Authority (Social Bonds), Series 2023 O, RB, <br> (CEP - FNMA)<br>| 6.28% | 10/01/2049 | 980 | &nbsp;&nbsp; 1014060 |
| Illinois (State of) Metropolitan Pier & Exposition Authority (McCormick Place Expansion), <br> Series 2020, RB<br>| 4.11% | 12/15/2027 | 10 | &nbsp;&nbsp; 9988 |
| Illinois (State of) Municipal Electric Agency, Series 2009, RB | 6.83% | 02/01/2035 | 285 | &nbsp;&nbsp; 304287 |
| Illinois (State of) Regional Transportation Authority, Series 2010, RB | 6.00% | 07/01/2035 | 500 | &nbsp;&nbsp; 530061 |
| Illinois (State of) Toll Highway Authority, Series 2009, RB | 6.18% | 01/01/2034 | 51 | &nbsp;&nbsp; 55453 |
| Illinois Municipal Electric Agency, Series 2010, RB | 7.29% | 02/01/2035 | 70 | &nbsp;&nbsp; 76388 |
| Kane County School District No. 129 West Aurora, Series 2016, GO Bonds | 4.25% | 02/01/2036 | 15 | &nbsp;&nbsp; 14965 |
| Metropolitan Water Reclamation District of Greater Chicago, Series 2009, GO Bonds | 5.72% | 12/01/2038 | 1820 | &nbsp;&nbsp; 1929667 |
| Northern Illinois Municipal Power Agency, Series 2009, RB | 6.86% | 01/01/2039 | 190 | &nbsp;&nbsp; 207667 |
| Northern Illinois Municipal Power Agency, Series 2010 A, RB | 7.62% | 01/01/2030 | 105 | &nbsp;&nbsp; 112763 |
| Northern Illinois Municipal Power Agency, Series 2010, RB | 7.82% | 01/01/2040 | 80 | &nbsp;&nbsp; 95009 |
| Sales Tax Securitization Corp., Series 2017 B, Ref. RB | 3.59% | 01/01/2043 | 850 | &nbsp;&nbsp; 747135 |
| Sales Tax Securitization Corp., Series 2019 A, Ref. RB | 4.79% | 01/01/2048 | 250 | &nbsp;&nbsp; 237603 |
| Sales Tax Securitization Corp., Series 2020 B, Ref. RB | 2.96% | 01/01/2032 | 2500 | &nbsp;&nbsp; 2357739 |
| Sales Tax Securitization Corp., Series 2020 B, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.41% | 01/01/2043 | 6000 | &nbsp;&nbsp; 4906159 |
| Sales Tax Securitization Corp., Series 2021 B, Ref. RB | 3.24% | 01/01/2042 | 995 | &nbsp;&nbsp; 845325 |
| Sales Tax Securitization Corp., Series 2023 B, Ref. RB | 4.63% | 01/01/2028 | 35 | &nbsp;&nbsp; 35528 |
| Sales Tax Securitization Corp., Series 2023 B, Ref. RB | 4.85% | 01/01/2031 | 15 | &nbsp;&nbsp; 15584 |
| Sales Tax Securitization Corp., Series 2023 B, Ref. RB | 4.87% | 01/01/2032 | 500 | &nbsp;&nbsp; 520675 |
| Sales Tax Securitization Corp., Series 2024 B, Ref. RB | 4.53% | 01/01/2028 | 5 | &nbsp;&nbsp; 5067 |
| Sales Tax Securitization Corp., Series 2024 B, Ref. RB | 4.58% | 01/01/2029 | 40 | &nbsp;&nbsp; 40845 |
| Sales Tax Securitization Corp., Series 2024 B, Ref. RB | 5.23% | 01/01/2039 | 45 | &nbsp;&nbsp; 46383 |
| Sales Tax Securitization Corp. (Social Bonds), Series 2023 B, RB | 5.29% | 01/01/2041 | 1350 | &nbsp;&nbsp; 1373414 |
| Will (County of), IL, Series 2020, Ref. GO Bonds | 2.90% | 11/15/2040 | 500 | &nbsp;&nbsp; 412936 |
| Will County Community Unit School District No. 365-U Valley View, Series 2009 C, Ref. GO <br> Bonds, (INS - AGI)<sup>(a)(b)</sup><br>| 0.00% | 11/01/2027 | 10 | &nbsp;&nbsp; 9388 |
| Will County Community Unit School District No. 365-U Valley View, Series 2009 C, Ref. GO <br> Bonds, (INS - AGI)<sup>(a)(b)</sup><br>| 0.00% | 11/01/2028 | 35 | &nbsp;&nbsp; 31641 |
|  |  |  |  | &nbsp;&nbsp; 75507666 |
| **Indiana-0.44%** |  |  |  |  |
| Indiana (State of) Finance Authority, Series 2009 B, RB | 6.60% | 02/01/2039 | 1200 | &nbsp;&nbsp; 1360012 |
| Indiana (State of) Finance Authority (Green Bonds) (Ohio River Bridges East and Crossing), <br> Series 2021, RB<br>| 3.05% | 01/01/2051 | 1500 | &nbsp;&nbsp; 1139470 |
| Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 B-3, <br> RB, (CEP - GNMA)<br>| 5.43% | 07/01/2048 | 300 | &nbsp;&nbsp; 301105 |
| Indiana (State of) Housing & Community Development Authority (Social Bonds), Series 2023 C-2, <br> RB, (CEP - GNMA)<br>| 5.55% | 07/01/2043 | 1000 | &nbsp;&nbsp; 1020179 |
| Indiana Finance Authority, Series 2019, RB | 3.63% | 03/01/2039 | 250 | &nbsp;&nbsp; 228492 |
| Indiana University, Series 2020 B, Ref. RB | 3.07% | 06/01/2060 | 1000 | &nbsp;&nbsp; 669326 |
|  |  |  |  | &nbsp;&nbsp; 4718584 |

---

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

------

**216**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Iowa-0.19%** |  |  |  |  |
| Coralville (City of), IA, Series 2023 A, Ref. GO Bonds, (INS - AGI)<sup>(a)</sup> | 6.22% | 05/01/2043 | $2000 | &nbsp;&nbsp; $2066074 |
| **Kansas-0.43%** |  |  |  |  |
| Kansas (State of) Development Finance Authority, Series 2015 H, RB | 4.73% | 04/15/2037 | 1400 | &nbsp;&nbsp; 1430083 |
| Kansas (State of) Development Finance Authority, Series 2015 H, RB | 4.93% | 04/15/2045 | 1900 | &nbsp;&nbsp; 1913270 |
| Kansas (State of) Development Finance Authority, Series 2021 K, RB, (INS - BAM)<sup>(a)</sup> | 2.77% | 05/01/2051 | 1500 | &nbsp;&nbsp; 1100750 |
| Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2020 B, Ref. RB | 1.66% | 09/01/2027 | 25 | &nbsp;&nbsp; 24262 |
| Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2020 B, Ref. RB | 1.86% | 09/01/2028 | 40 | &nbsp;&nbsp; 38255 |
| Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2020 B, Ref. RB | 1.96% | 09/01/2029 | 50 | &nbsp;&nbsp; 47085 |
| Wyandotte (County of) & Kansas City (City of), KS Unified Government, Series 2020 B, Ref. RB | 2.06% | 09/01/2030 | 50 | &nbsp;&nbsp; 46347 |
|  |  |  |  | &nbsp;&nbsp; 4600052 |
| **Kentucky-0.48%** |  |  |  |  |
| Kenton (County of), KY Airport Board, Series 2019, RB | 4.69% | 01/01/2049 | 1000 | &nbsp;&nbsp; 936739 |
| Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown <br> Crossing), Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.12% | 07/01/2049 | 2000 | &nbsp;&nbsp; 1388294 |
| Kentucky (Commonwealth of) Public Transportation Infrastructure Authority (Downtown <br> Crossing), Series 2021 A, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.22% | 07/01/2053 | 1950 | &nbsp;&nbsp; 1308566 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Government, Series 2009, GO <br> Bonds<br>| 5.45% | 11/15/2027 | 150 | &nbsp;&nbsp; 153215 |
| Louisville (City of) & Jefferson (County of), KY Metropolitan Sewer District, Series 2022 B, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.76% | 05/15/2042 | 250 | &nbsp;&nbsp; 235551 |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2009, RB | 5.98% | 05/15/2040 | 15 | &nbsp;&nbsp; 16535 |
| Louisville (City of) & Jefferson (County of), KY Sewer District, Series 2010, RB | 6.25% | 05/15/2043 | 1000 | &nbsp;&nbsp; 1076454 |
|  |  |  |  | &nbsp;&nbsp; 5115354 |
| **Louisiana-1.49%** |  |  |  |  |
| Lafayette (Parish of), LA School Board, Series 2020, Ref. RB | 2.83% | 04/01/2048 | 1965 | &nbsp;&nbsp; 1400449 |
| Louisiana (State of), Series 2020 A-2, Ref. RB | 1.50% | 05/01/2028 | 20 | &nbsp;&nbsp; 19146 |
| Louisiana (State of), Series 2020 B-1, Ref. RB | 2.83% | 05/01/2043 | 5 | &nbsp;&nbsp; 3817 |
| Louisiana (State of), Series 2020 C-1, Ref. GO Bonds | 1.80% | 06/01/2031 | 15 | &nbsp;&nbsp; 13636 |
| Louisiana (State of), Series 2021 A, Ref. RB | 1.17% | 06/15/2027 | 5 | &nbsp;&nbsp; 4844 |
| Louisiana (State of), Series 2021 A, Ref. RB | 1.32% | 06/15/2028 | 10 | &nbsp;&nbsp; 9496 |
| Louisiana (State of), Series 2021 A, Ref. RB | 1.54% | 06/15/2029 | 25 | &nbsp;&nbsp; 23367 |
| Louisiana (State of), Series 2022 A, Ref. RB | 2.95% | 05/01/2041 | 490 | &nbsp;&nbsp; 399356 |
| Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.17% | 06/01/2040 | 1450 | &nbsp;&nbsp; 1201571 |
| Louisiana (State of) Energy & Power Authority (LEPA Unit No. 1), Series 2021 A, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.25% | 06/01/2044 | 1000 | &nbsp;&nbsp; 771961 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Louisiana Utilities Restoration Corp.), Series 2022, RB<br>| 5.20% | 09/01/2039 | 879 | &nbsp;&nbsp; 908312 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Louisiana Utilities Restoration Corp./ELL), Series 2022, RB<br>| 4.28% | 02/01/2036 | 365 | &nbsp;&nbsp; 367141 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Louisiana Utilities Restoration Corp./ELL), Series 2022, RB<br>| 4.48% | 08/01/2039 | 4845 | &nbsp;&nbsp; 4835183 |
| Louisiana (State of) Local Government Environmental Facilities & Community Development <br> Authority (Louisiana Utilities Restoration Corp./ELL), Series 2023, RB<br>| 5.05% | 12/01/2034 | 1250 | &nbsp;&nbsp; 1306591 |
| Louisiana (State of) Public Facilities Authority (Louisiana Children's Medical Center), Series 2020, <br> RB, (INS - AGI)<sup>(a)</sup><br>| 2.28% | 06/01/2030 | 335 | &nbsp;&nbsp; 317131 |
| Louisiana (State of) Transportation Authority, Series 2021 A, Ref. RB | 3.08% | 08/15/2043 | 100 | &nbsp;&nbsp; 80065 |
| Louisiana Local Government Environmental Facilities & Community Development Auth, <br> Series 2022, RB<br>| 3.62% | 02/01/2029 | 81 | &nbsp;&nbsp; 81317 |
| Louisiana Local Government Environmental Facilities & Community Development Auth, <br> Series 2022, RB<br>| 4.15% | 02/01/2033 | 560 | &nbsp;&nbsp; 564423 |
| Louisiana Local Government Environmental Facilities & Community Development Auth, <br> Series 2023, RB<br>| 5.20% | 12/01/2039 | 75 | &nbsp;&nbsp; 78844 |
| New Orleans (City of), LA, Series 2016, GO Bonds | 4.55% | 12/01/2046 | 1000 | &nbsp;&nbsp; 882406 |
| New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.84% | 06/01/2041 | 1400 | &nbsp;&nbsp; 1116326 |
| New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.89% | 12/01/2041 | 1500 | &nbsp;&nbsp; 1177370 |

---

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

------

**217**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Louisiana-(continued)** |  |  |  |  |
| New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.94% | 06/01/2045 | $170 | &nbsp;&nbsp; $125403 |
| New Orleans (City of), LA, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.99% | 12/01/2045 | 150 | &nbsp;&nbsp; 109015 |
|  |  |  |  | &nbsp;&nbsp; 15797170 |
| **Maine-0.08%** |  |  |  |  |
| Maine (State of) Health & Higher Educational Facilities Authority, Series 2021 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.12% | 07/01/2043 | 1000 | &nbsp;&nbsp; 804153 |
| **Maryland-1.45%** |  |  |  |  |
| Baltimore (City of), MD (Wastewater), Series 2020 A, Ref. RB | 2.81% | 07/01/2040 | 270 | &nbsp;&nbsp; 223156 |
| Baltimore (City of), MD (Water), Series 2020 B, Ref. RB | 1.34% | 07/01/2027 | 1000 | &nbsp;&nbsp; 970467 |
| Baltimore (City of), MD (Water), Series 2020 B, Ref. RB | 1.58% | 07/01/2028 | 555 | &nbsp;&nbsp; 530110 |
| Baltimore (City of), MD (Water), Series 2020 B, Ref. RB | 2.86% | 07/01/2043 | 145 | &nbsp;&nbsp; 111483 |
| Baltimore (County of), MD, Series 2012, GO Bonds | 3.57% | 08/01/2032 | 220 | &nbsp;&nbsp; 216963 |
| Baltimore (County of), MD, Series 2012, GO Bonds | 3.74% | 08/01/2042 | 50 | &nbsp;&nbsp; 45020 |
| Maryland (State of), Series 2020 C, Ref. GO Bonds | 1.09% | 08/01/2027 | 150 | &nbsp;&nbsp; 144742 |
| Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB | 0.91% | 08/01/2026 | 715 | &nbsp;&nbsp; 707213 |
| Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB | 1.25% | 08/01/2027 | 950 | &nbsp;&nbsp; 920030 |
| Maryland (State of) Department of Transportation, Series 2021 A, Ref. RB | 1.69% | 08/01/2030 | 450 | &nbsp;&nbsp; 413630 |
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland <br> Medical System), Series 2013 B, RB<br>| 4.67% | 07/01/2036 | 1000 | &nbsp;&nbsp; 1014160 |
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland <br> Medical System), Series 2020 D, Ref. RB<br>| 3.20% | 07/01/2050 | 190 | &nbsp;&nbsp; 136131 |
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland <br> Medical System), Series 2020, Ref. RB<br>| 3.05% | 07/01/2040 | 1560 | &nbsp;&nbsp; 1270374 |
| Maryland (State of) Stadium Authority, Series 2020 C, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 2.81% | 05/01/2040 | 260 | &nbsp;&nbsp; 213460 |
| Maryland (State of) Stadium Authority, Series 2025, RB | 4.07% | 06/15/2029 | 10 | &nbsp;&nbsp; 10124 |
| Maryland (State of) Stadium Authority, Series 2025, RB | 4.17% | 06/15/2030 | 5 | &nbsp;&nbsp; 5083 |
| Maryland (State of) Stadium Authority, Series 2025, RB | 5.50% | 06/15/2045 | 45 | &nbsp;&nbsp; 47898 |
| Maryland (State of) Transportation Authority, Series 2002, RB, (INS - NATL)<sup>(a)</sup> | 6.65% | 07/01/2032 | 50 | &nbsp;&nbsp; 54061 |
| Maryland Community Development Administration, Series 2016 A, Ref. RB | 3.46% | 09/01/2031 | 165 | &nbsp;&nbsp; 163405 |
| Maryland Community Development Administration (Social Bonds), Series 2023 D, RB, <br> (CEP - GNMA)<br>| 5.36% | 09/01/2038 | 1000 | &nbsp;&nbsp; 1027597 |
| Maryland Community Development Administration (Social Bonds), Series 2023 D, RB, <br> (CEP - GNMA)<br>| 5.48% | 09/01/2043 | 500 | &nbsp;&nbsp; 506411 |
| Maryland Community Development Administration (Social Bonds), Series 2023 F, RB, <br> (CEP - GNMA)<br>| 6.15% | 09/01/2038 | 1000 | &nbsp;&nbsp; 1061570 |
| Maryland Community Development Administration (Social Bonds), Series 2023 F, RB, <br> (CEP - GNMA)<br>| 6.23% | 09/01/2043 | 1000 | &nbsp;&nbsp; 1043630 |
| Maryland Economic Development Corp., Series 2024, RB | 4.79% | 11/30/2029 | 390 | &nbsp;&nbsp; 403175 |
| Maryland Economic Development Corp. (Green Bonds), Series 2024, RB | 5.43% | 05/31/2056 | 2000 | &nbsp;&nbsp; 2020506 |
| Maryland Economic Development Corp. (Green Bonds), Series 2024, RB | 5.94% | 05/31/2057 | 1000 | &nbsp;&nbsp; 1022069 |
| Maryland Economic Development Corp. (Seagirt Marine Terminal), Series 2019, RB | 4.75% | 06/01/2042 | 400 | &nbsp;&nbsp; 354555 |
| Montgomery (County of), MD, Series 2020 C, Ref. GO Bonds | 1.45% | 11/01/2030 | 695 | &nbsp;&nbsp; 633780 |
| Montgomery (County of), MD, Series 2020 C, Ref. GO Bonds | 1.65% | 11/01/2032 | 45 | &nbsp;&nbsp; 39506 |
| University System of Maryland, Series 2021 B, Ref. RB | 1.34% | 04/01/2029 | 50 | &nbsp;&nbsp; 46808 |
|  |  |  |  | &nbsp;&nbsp; 15357117 |
| **Massachusetts-3.33%** |  |  |  |  |
| Brockton (City of), MA, Series 2021, GO Bonds | 2.13% | 11/01/2028 | 5 | &nbsp;&nbsp; 4826 |
| Brockton (City of), MA, Series 2021, GO Bonds | 2.31% | 11/01/2029 | 15 | &nbsp;&nbsp; 14362 |
| Brockton (City of), MA, Series 2021, GO Bonds | 2.41% | 11/01/2030 | 25 | &nbsp;&nbsp; 23682 |
| Brockton (City of), MA, Series 2021, GO Bonds | 2.56% | 11/01/2031 | 810 | &nbsp;&nbsp; 761005 |
| Brockton (City of), MA, Series 2021, GO Bonds | 2.71% | 11/01/2032 | 15 | &nbsp;&nbsp; 13987 |
| Brockton (City of), MA, Series 2021, GO Bonds | 2.96% | 11/01/2034 | 15 | &nbsp;&nbsp; 13776 |
| Brockton (City of), MA, Series 2021, GO Bonds | 3.04% | 11/01/2035 | 30 | &nbsp;&nbsp; 27271 |
| Massachusetts (Commonwealth of), Series 2009, GO Bonds | 5.46% | 12/01/2039 | 2500 | &nbsp;&nbsp; 2623050 |
| Massachusetts (Commonwealth of), Series 2010 A, GO Bonds | 4.91% | 05/01/2029 | 7115 | &nbsp;&nbsp; 7289777 |

---

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

------

**218**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Massachusetts-(continued)** |  |  |  |  |
| Massachusetts (Commonwealth of), Series 2010 D, GO Bonds | 4.50% | 08/01/2031 | $650 | &nbsp;&nbsp; $658393 |
| Massachusetts (Commonwealth of), Series 2010, RB | 5.63% | 06/01/2030 | 1000 | &nbsp;&nbsp; 1033498 |
| Massachusetts (Commonwealth of), Series 2019 D, Ref. GO Bonds | 2.66% | 09/01/2039 | 1449 | &nbsp;&nbsp; 1272704 |
| Massachusetts (Commonwealth of), Series 2019 D, Ref. GO Bonds | 2.81% | 09/01/2043 | 650 | &nbsp;&nbsp; 501695 |
| Massachusetts (Commonwealth of), Series 2020 C, Ref. GO Bonds | 1.93% | 07/01/2034 | 125 | &nbsp;&nbsp; 105782 |
| Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds | 1.14% | 11/01/2027 | 1500 | &nbsp;&nbsp; 1443599 |
| Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds | 1.37% | 11/01/2028 | 1500 | &nbsp;&nbsp; 1420359 |
| Massachusetts (Commonwealth of), Series 2020 E, Ref. GO Bonds | 1.87% | 11/01/2033 | 1850 | &nbsp;&nbsp; 1585831 |
| Massachusetts (Commonwealth of), Series 2022 A, RB | 3.88% | 01/15/2031 | 1350 | &nbsp;&nbsp; 1361167 |
| Massachusetts (Commonwealth of), Series 2022, RB | 3.77% | 07/15/2029 | 650 | &nbsp;&nbsp; 653818 |
| Massachusetts (Commonwealth of) Educational Financial Authority, Series 2022 A, Ref. RB | 4.50% | 07/01/2030 | 50 | &nbsp;&nbsp; 51085 |
| Massachusetts (Commonwealth of) Educational Financial Authority, Series 2024 A, Ref. RB | 6.07% | 07/01/2033 | 100 | &nbsp;&nbsp; 105777 |
| Massachusetts (Commonwealth of) (Green Bonds), Series 2016 F, GO Bonds | 3.28% | 06/01/2046 | 1515 | &nbsp;&nbsp; 1255528 |
| Massachusetts (Commonwealth of) Clean Water Trust (The), Series 2010, RB | 5.19% | 08/01/2040 | 640 | &nbsp;&nbsp; 660121 |
| Massachusetts (Commonwealth of) College Building Authority, Series 2009 C, RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 5.83% | 05/01/2030 | 2950 | &nbsp;&nbsp; 3063335 |
| Massachusetts (Commonwealth of) Health & Educational Facilities Authority (Massachusetts <br> Institute of Technology), Series 2010, RB<br>| 6.43% | 10/01/2035 | 5 | &nbsp;&nbsp; 5486 |
| Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, <br> RB, (CEP - GNMA)<br>| 5.84% | 12/01/2042 | 500 | &nbsp;&nbsp; 514466 |
| Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, <br> RB, (CEP - GNMA)<br>| 5.92% | 12/01/2047 | 750 | &nbsp;&nbsp; 766589 |
| Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2022 226, <br> RB, (CEP - GNMA)<br>| 5.56% | 12/01/2052 | 815 | &nbsp;&nbsp; 842715 |
| Massachusetts (Commonwealth of) Housing Finance Agency (Social Bonds), Series 2024 240, <br> RB<br>| 5.99% | 12/01/2044 | 15 | &nbsp;&nbsp; 15480 |
| Massachusetts (Commonwealth of) Port Authority, Series 2011 B, RB | 6.35% | 07/01/2037 | 15 | &nbsp;&nbsp; 16937 |
| Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB | 2.72% | 07/01/2042 | 500 | &nbsp;&nbsp; 400111 |
| Massachusetts (Commonwealth of) Port Authority, Series 2021 C, Ref. RB | 2.87% | 07/01/2051 | 525 | &nbsp;&nbsp; 369798 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2009, RB | 5.72% | 08/15/2039 | 1650 | &nbsp;&nbsp; 1753803 |
| Massachusetts (Commonwealth of) School Building Authority, Series 2019 B, Ref. RB | 2.44% | 10/15/2027 | 50 | &nbsp;&nbsp; 49081 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2021, Ref. <br> RB<br>| 2.39% | 08/01/2033 | 420 | &nbsp;&nbsp; 377499 |
| Massachusetts (Commonwealth of) Water Resources Authority (Green Bonds), Series 2021, Ref. <br> RB<br>| 2.49% | 08/01/2034 | 25 | &nbsp;&nbsp; 22180 |
| Quincy (City of), MA, Series 2021, GO Bonds | 1.94% | 12/15/2028 | 40 | &nbsp;&nbsp; 38298 |
| Quincy (City of), MA, Series 2021, GO Bonds | 2.09% | 12/15/2029 | 100 | &nbsp;&nbsp; 94639 |
| Quincy (City of), MA, Series 2021, GO Bonds | 2.19% | 12/15/2030 | 25 | &nbsp;&nbsp; 23346 |
| Quincy (City of), MA, Series 2021, GO Bonds | 2.29% | 12/15/2031 | 10 | &nbsp;&nbsp; 9213 |
| Quincy (City of), MA, Series 2021, GO Bonds | 2.89% | 12/15/2036 | 110 | &nbsp;&nbsp; 96247 |
| Trustees of Boston College, Series 2013, RB | 5.09% | 07/01/2043 | 160 | &nbsp;&nbsp; 166077 |
| University of Massachusetts Building Authority, Series 2020, Ref. RB | 1.78% | 11/01/2029 | 60 | &nbsp;&nbsp; 56363 |
| University of Massachusetts Building Authority, Series 2020-3, Ref. RB | 3.50% | 11/01/2044 | 500 | &nbsp;&nbsp; 414981 |
| University of Massachusetts Building Authority, Series 2021 2, Ref. RB | 2.65% | 11/01/2036 | 3805 | &nbsp;&nbsp; 3280240 |
| University of Massachusetts Building Authority, Series 2022, RB | 4.31% | 11/01/2045 | 90 | &nbsp;&nbsp; 83145 |
| Worcester (City of), MA, Series 1998, GO Bonds, (INS - AGI)<sup>(a)</sup> | 6.25% | 01/01/2028 | 5 | &nbsp;&nbsp; 5158 |
|  |  |  |  | &nbsp;&nbsp; 35346280 |
| **Michigan-2.20%** |  |  |  |  |
| Detroit City School District, Series 2009, GO Bonds | 7.75% | 05/01/2039 | 60 | &nbsp;&nbsp; 70423 |
| Gerald R Ford International Airport Authority, Series 2023 A, RB | 5.50% | 01/01/2053 | 1300 | &nbsp;&nbsp; 1318090 |
| Kalamazoo (City of), MI, Series 2015, GO Bonds | 4.67% | 12/01/2044 | 135 | &nbsp;&nbsp; 128395 |
| Macomb (County of), MI, Series 2020, Ref. GO Bonds | 1.67% | 11/01/2029 | 1250 | &nbsp;&nbsp; 1170822 |
| Michigan (State of) Finance Authority, Series 2010, RB | 8.37% | 11/01/2035 | 35 | &nbsp;&nbsp; 41472 |
| Michigan (State of) Finance Authority, Series 2016 C-1, Ref. RB | 3.26% | 11/01/2031 | 125 | &nbsp;&nbsp; 122570 |
| Michigan (State of) Finance Authority (Detroit Distributable State Aid Fifth Lien and LTGO <br> Financial Recovery Refunding), Series 2018 D, RB<br>| 5.02% | 11/01/2043 | 1774 | &nbsp;&nbsp; 1774230 |

---

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

------

**219**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Michigan-(continued)** |  |  |  |  |
| Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C, <br> Ref. RB<br>| 3.61% | 11/01/2032 | $500 | &nbsp;&nbsp; $493625 |
| Michigan (State of) Finance Authority (Detroit Water & Sewerage Department), Series 2016 C-1, <br> Ref. RB<br>| 3.59% | 11/01/2035 | 1000 | &nbsp;&nbsp; 953461 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB | 2.83% | 12/01/2028 | 5 | &nbsp;&nbsp; 4889 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB | 3.08% | 12/01/2034 | 1410 | &nbsp;&nbsp; 1316529 |
| Michigan (State of) Finance Authority (Trinity Health Credit Group), Series 2019, Ref. RB | 3.38% | 12/01/2040 | 190 | &nbsp;&nbsp; 165691 |
| Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB | 1.27% | 09/01/2026 | 500 | &nbsp;&nbsp; 494345 |
| Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB | 1.53% | 09/01/2027 | 500 | &nbsp;&nbsp; 485364 |
| Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB | 1.88% | 09/01/2029 | 500 | &nbsp;&nbsp; 472338 |
| Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB | 2.03% | 09/01/2030 | 950 | &nbsp;&nbsp; 886237 |
| Michigan (State of) Strategic Fund (Flint Water Advocacy), Series 2021, RB | 3.23% | 09/01/2047 | 1000 | &nbsp;&nbsp; 794770 |
| Michigan State University, Series 2010, RB | 6.17% | 02/15/2050 | 955 | &nbsp;&nbsp; 991020 |
| Michigan State University, Series 2019 A, Ref. RB | 4.50% | 08/15/2048 | 370 | &nbsp;&nbsp; 351407 |
| Michigan State University, Series 2022 A, RB | 4.17% | 08/15/2122 | 2700 | &nbsp;&nbsp; 2038669 |
| University of Michigan, Series 2010 A, RB | 5.51% | 04/01/2030 | 250 | &nbsp;&nbsp; 256892 |
| University of Michigan, Series 2020 B, RB | 1.67% | 04/01/2030 | 1050 | &nbsp;&nbsp; 975683 |
| University of Michigan, Series 2020 B, RB | 2.44% | 04/01/2040 | 1660 | &nbsp;&nbsp; 1303481 |
| University of Michigan, Series 2022 A, RB | 3.50% | 04/01/2052 | 1620 | &nbsp;&nbsp; 1240592 |
| University of Michigan, Series 2022 A, RB | 4.45% | 04/01/2122 | 4405 | &nbsp;&nbsp; 3620786 |
| University of Michigan, Series 2022 C, Ref. RB | 3.60% | 04/01/2047 | 980 | &nbsp;&nbsp; 847275 |
| University of Michigan (Green Bonds), Series 2022 B, RB | 3.50% | 04/01/2052 | 1233 | &nbsp;&nbsp; 944228 |
| Western Michigan University, Series 2021 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.88% | 11/15/2043 | 100 | &nbsp;&nbsp; 79071 |
|  |  |  |  | &nbsp;&nbsp; 23342355 |
| **Minnesota-0.39%** |  |  |  |  |
| Minnesota (State of) Housing Finance Agency (Social Bonds), Series 2023 S, RB, (CEP - GNMA) | 6.33% | 07/01/2049 | 930 | &nbsp;&nbsp; 968906 |
| Minnesota (State of) Housing Finance Agency (Social Bonds), Series 2024 M, RB, (CEP - GNMA) | 5.97% | 07/01/2049 | 995 | &nbsp;&nbsp; 1019353 |
| University of Minnesota, Series 2022, RB | 4.05% | 04/01/2052 | 2470 | &nbsp;&nbsp; 2108487 |
| Western Minnesota Municipal Power Agency, Series 2019 A, Ref. RB | 3.23% | 01/01/2046 | 10 | &nbsp;&nbsp; 8004 |
|  |  |  |  | &nbsp;&nbsp; 4104750 |
| **Mississippi-0.63%** |  |  |  |  |
| Medical Center Educational Building Corp. (Captial Improvement), Series 2020, Ref. RB | 2.92% | 06/01/2041 | 500 | &nbsp;&nbsp; 405737 |
| Mississippi (State of), Series 2009 D, GO Bonds | 5.54% | 10/01/2029 | 1670 | &nbsp;&nbsp; 1735871 |
| Mississippi (State of), Series 2010 F, GO Bonds | 5.25% | 11/01/2034 | 1700 | &nbsp;&nbsp; 1763739 |
| Mississippi (State of), Series 2011 C, GO Bonds | 4.05% | 10/01/2027 | 10 | &nbsp;&nbsp; 10030 |
| Mississippi (State of), Series 2020 A, Ref. GO Bonds | 1.04% | 11/01/2027 | 500 | &nbsp;&nbsp; 479245 |
| Mississippi (State of), Series 2020 A, Ref. GO Bonds | 1.38% | 11/01/2029 | 5 | &nbsp;&nbsp; 4644 |
| Mississippi (State of), Series 2020 A, Ref. GO Bonds | 1.48% | 11/01/2030 | 210 | &nbsp;&nbsp; 191423 |
| Mississippi (State of), Series 2020 A, Ref. GO Bonds | 1.63% | 11/01/2031 | 500 | &nbsp;&nbsp; 448475 |
| Mississippi (State of), Series 2020 A, Ref. GO Bonds | 1.73% | 11/01/2032 | 750 | &nbsp;&nbsp; 662035 |
| Mississippi (State of), Series 2020 A, Ref. GO Bonds | 1.78% | 11/01/2033 | 900 | &nbsp;&nbsp; 777682 |
| Mississippi (State of), Series 2021 E, Ref. GO Bonds | 1.67% | 10/01/2027 | 55 | &nbsp;&nbsp; 53354 |
| Mississippi (State of), Series 2021 E, Ref. GO Bonds | 1.89% | 10/01/2029 | 20 | &nbsp;&nbsp; 18948 |
| Mississippi (State of), Series 2021 E, Ref. GO Bonds | 1.99% | 10/01/2030 | 170 | &nbsp;&nbsp; 158866 |
| Mississippi (State of), Series 2021 E, Ref. GO Bonds | 2.12% | 10/01/2031 | 5 | &nbsp;&nbsp; 4615 |
|  |  |  |  | &nbsp;&nbsp; 6714664 |
| **Missouri-0.74%** |  |  |  |  |
| Curators of the University of Missouri (The), Series 2009, RB | 5.96% | 11/01/2039 | 685 | &nbsp;&nbsp; 729823 |
| Curators of the University of Missouri (The), Series 2010, RB | 5.79% | 11/01/2041 | 35 | &nbsp;&nbsp; 36789 |
| Curators of the University of Missouri (The), Series 2013 B, RB | 4.87% | 11/01/2043 | 1000 | &nbsp;&nbsp; 1016071 |
| Curators of the University of Missouri (The), Series 2014 B, RB | 4.24% | 11/01/2054 | 500 | &nbsp;&nbsp; 433530 |
| Curators of the University of Missouri (The), Series 2020, Ref. RB | 2.01% | 11/01/2027 | 270 | &nbsp;&nbsp; 263467 |
| Curators of the University of Missouri (The), Series 2020, Ref. RB | 2.75% | 11/01/2050 | 50 | &nbsp;&nbsp; 33844 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2012 A, RB | 3.54% | 02/15/2033 | 510 | &nbsp;&nbsp; 495716 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2014 A, RB | 4.07% | 10/15/2044 | 5 | &nbsp;&nbsp; 4408 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2016 A, Ref. RB | 3.47% | 01/15/2036 | 1125 | &nbsp;&nbsp; 1050262 |

---

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

------

**220**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Missouri-(continued)** |  |  |  |  |
| Missouri (State of) Health & Educational Facilities Authority, Series 2016 A, Ref. RB | 3.65% | 01/15/2046 | $80 | &nbsp;&nbsp; $66634 |
| Missouri (State of) Health & Educational Facilities Authority, Series 2016, Ref. RB | 3.09% | 09/15/2051 | 185 | &nbsp;&nbsp; 130391 |
| Missouri (State of) Health & Educational Facilities Authority (St. Louis University), Series 2019 B, <br> RB<br>| 4.20% | 10/01/2049 | 150 | &nbsp;&nbsp; 128396 |
| Missouri (State of) Health & Educational Facilities Authority (Washington University (The)), <br> Series 2012 A, RB<br>| 3.69% | 02/15/2047 | 55 | &nbsp;&nbsp; 45866 |
| Missouri (State of) Health & Educational Facilities Authority (Washington University (The)), <br> Series 2017 A, RB<br>| 3.65% | 08/15/2057 | 1400 | &nbsp;&nbsp; 1056406 |
| Missouri (State of) Health & Educational Facilities Authority (Washington University (The)), <br> Series 2020, Ref. RB<br>| 3.23% | 05/15/2050 | 2660 | &nbsp;&nbsp; 1956628 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009 A, RB | 6.89% | 01/01/2042 | 350 | &nbsp;&nbsp; 387177 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2009, RB | 7.73% | 01/01/2039 | 20 | &nbsp;&nbsp; 24350 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010 A, RB | 7.60% | 01/01/2032 | 5 | &nbsp;&nbsp; 5480 |
| Missouri (State of) Joint Municipal Electric Utility Commission (Prairie State), Series 2010, RB | 7.90% | 01/01/2042 | 35 | &nbsp;&nbsp; 42062 |
| St. Louis Municipal Finance Corp., Series 2007, Ref. RB, (INS - AGI)<sup>(a)</sup> | 6.50% | 06/01/2037 | 5 | &nbsp;&nbsp; 5541 |
|  |  |  |  | &nbsp;&nbsp; 7912841 |
| **Montana-0.04%** |  |  |  |  |
| Montana (State of) Facility Finance Authority (Benefis Health Systems Obligated Group), <br> Series 2021 B, RB<br>| 3.25% | 08/15/2051 | 250 | &nbsp;&nbsp; 179324 |
| Montana (State of) Facility Finance Authority (Billings Clinic Obligated Group), Series 2021, RB | 3.00% | 08/15/2051 | 400 | &nbsp;&nbsp; 275721 |
| Montana State Board of Regents, Series 2019, Ref. RB | 3.23% | 11/15/2049 | 25 | &nbsp;&nbsp; 18600 |
|  |  |  |  | &nbsp;&nbsp; 473645 |
| **Nebraska-0.30%** |  |  |  |  |
| Lincoln (City of), NE, Series 2020 B, Ref. RB | 1.47% | 09/01/2029 | 50 | &nbsp;&nbsp; 46551 |
| Lincoln (City of), NE, Series 2020 B, Ref. RB | 1.50% | 09/01/2030 | 15 | &nbsp;&nbsp; 13661 |
| Lincoln County Hospital Authority No 1, Series 2020, Ref. RB | 3.17% | 11/01/2035 | 20 | &nbsp;&nbsp; 17850 |
| Nebraska Investment Finance Authority, Series 2026 B, RB, (CEP - GNMA) | 4.18% | 09/01/2034 | 100 | &nbsp;&nbsp; 101863 |
| Omaha Public Facilities Corp., Series 2017, RB | 4.35% | 02/01/2047 | 1735 | &nbsp;&nbsp; 1574387 |
| Public Power Generation Agency (Whelan Energy Center Unit 2), Series 2009, RB | 7.24% | 01/01/2041 | 465 | &nbsp;&nbsp; 525627 |
| University of Nebraska Facilities Corp. (The), Series 2019 A, Ref. RB | 3.04% | 10/01/2049 | 1130 | &nbsp;&nbsp; 866464 |
| West Haymarket Joint Public Agency, Series 2010, GO Bonds | 4.35% | 12/15/2029 | 5 | &nbsp;&nbsp; 5102 |
|  |  |  |  | &nbsp;&nbsp; 3151505 |
| **Nevada-0.30%** |  |  |  |  |
| Clark (County of), NV, Series 2010 A, GO Bonds | 6.55% | 07/01/2030 | 115 | &nbsp;&nbsp; 121456 |
| Clark (County of), NV, Series 2010 A, GO Bonds | 6.75% | 07/01/2038 | 620 | &nbsp;&nbsp; 701257 |
| Clark (County of), NV, Series 2020 A, Ref. GO Bonds | 2.70% | 11/01/2036 | 5 | &nbsp;&nbsp; 4337 |
| Washoe (County of), NV (Streets & Highways), Series 2010 H, RB | 7.45% | 02/01/2040 | 2000 | &nbsp;&nbsp; 2359965 |
|  |  |  |  | &nbsp;&nbsp; 3187015 |
| **New Hampshire-0.56%** |  |  |  |  |
| Nashua (City of), NH, Series 2012, GO Bonds | 4.23% | 01/15/2032 | 5 | &nbsp;&nbsp; 5087 |
| New Hampshire (State of) Business Finance Authority (Birmingham Care Center), Series 2021, <br> RB<br>| 3.78% | 01/01/2036 | 1200 | &nbsp;&nbsp; 912021 |
| New Hampshire (State of) Business Finance Authority (Butler Health Care Center), Series 2020, <br> RB<br>| 3.28% | 10/01/2037 | 1810 | &nbsp;&nbsp; 1263645 |
| New Hampshire (State of) Business Finance Authority (Lease), Series 2021, Ref. RB | 3.30% | 04/01/2032 | 2900 | &nbsp;&nbsp; 2164915 |
| New Hampshire (State of) Business Finance Authority (VA Eugene Health Care Center), <br> Series 2020, Ref. RB<br>| 3.18% | 01/01/2036 | 1865 | &nbsp;&nbsp; 1358522 |
| New Hampshire (State of) Turnpike System, Series 2009 A, RB | 6.01% | 11/01/2039 | 200 | &nbsp;&nbsp; 215629 |
|  |  |  |  | &nbsp;&nbsp; 5919819 |
| **New Jersey-2.86%** |  |  |  |  |
| Atlantic City (City of), NJ, Series 2015 A, Ref. GO Bonds | 7.50% | 03/01/2040 | 25 | &nbsp;&nbsp; 29524 |
| Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2009 A, <br> RB<br>| 6.18% | 01/15/2027 | 65 | &nbsp;&nbsp; 66121 |
| Camden (County of), NJ Improvement Authority (The) (County Capital Program), Series 2010, <br> RB<br>| 7.08% | 02/15/2040 | 55 | &nbsp;&nbsp; 63693 |

---

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

------

**221**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New Jersey-(continued)** |  |  |  |  |
| Essex (County of), NJ, Series 2003, Ref. GO Bonds, (INS - NATL)<sup>(a)</sup> | 4.95% | 04/01/2033 | $50 | &nbsp;&nbsp; $52149 |
| New Jersey (State of), Series 2020 A, GO Bonds | 2.30% | 06/01/2027 | 20 | &nbsp;&nbsp; 19674 |
| New Jersey (State of) Economic Development Authority, Series 1997 A, RB, (INS - NATL)<sup>(a)</sup> | 7.43% | 02/15/2029 | 5162 | &nbsp;&nbsp; 5459131 |
| New Jersey (State of) Economic Development Authority, Series 2016 C, Ref. RB | 5.71% | 06/15/2030 | 50 | &nbsp;&nbsp; 53727 |
| New Jersey (State of) Economic Development Authority, Series 2016 C, Ref. RB | 5.76% | 06/15/2031 | 90 | &nbsp;&nbsp; 97848 |
| New Jersey (State of) Economic Development Authority, Series 2019, Ref. RB | 3.47% | 06/15/2027 | 20 | &nbsp;&nbsp; 19943 |
| New Jersey (State of) Economic Development Authority (Green Bonds), Series 2023, RB | 5.19% | 03/01/2030 | 5 | &nbsp;&nbsp; 5215 |
| New Jersey (State of) Economic Development Authority (Green Bonds), Series 2023, RB | 5.30% | 03/01/2032 | 50 | &nbsp;&nbsp; 52800 |
| New Jersey (State of) Educational Facilities Authority (New Jersey City University), Series 2021, <br> Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 4.43% | 07/01/2051 | 1950 | &nbsp;&nbsp; 1681117 |
| New Jersey (State of) Educational Facilities Authority (Seton Hall University), Series 2020 D, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.96% | 07/01/2048 | 100 | &nbsp;&nbsp; 81240 |
| New Jersey (State of) Health Care Facilities Financing Authority (Hunterdon Medical Center), <br> Series 2020, RB<br>| 3.51% | 07/01/2050 | 45 | &nbsp;&nbsp; 33456 |
| New Jersey (State of) Housing & Mortgage Finance Agency (Social Bonds), Series 2015 E, Ref. <br> RB<br>| 4.47% | 11/01/2037 | 15 | &nbsp;&nbsp; 14771 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2010 B, RB | 6.56% | 12/15/2040 | 2155 | &nbsp;&nbsp; 2476223 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2019, Ref. RB | 4.08% | 06/15/2039 | 10 | &nbsp;&nbsp; 9548 |
| New Jersey (State of) Transportation Trust Fund Authority, Series 2024 BB, Ref. RB | 4.61% | 06/15/2026 | 15 | &nbsp;&nbsp; 15036 |
| New Jersey (State of) Turnpike Authority, Series 2009 F, RB | 7.41% | 01/01/2040 | 5000 | &nbsp;&nbsp; 6128568 |
| New Jersey (State of) Turnpike Authority, Series 2010 A, RB | 7.10% | 01/01/2041 | 4290 | &nbsp;&nbsp; 5120352 |
| New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB | 1.48% | 01/01/2028 | 200 | &nbsp;&nbsp; 192455 |
| New Jersey (State of) Turnpike Authority, Series 2021 B, Ref. RB | 1.86% | 01/01/2031 | 1015 | &nbsp;&nbsp; 929233 |
| New Jersey Institute of Technology, Series 2020 B, Ref. RB | 3.42% | 07/01/2042 | 1000 | &nbsp;&nbsp; 851174 |
| Passaic (County of), NJ Valley Water Commission, Series 2009, RB | 7.57% | 12/15/2029 | 410 | &nbsp;&nbsp; 439027 |
| Passaic (County of), NJ Valley Water Commission, Series 2009, RB | 7.82% | 12/15/2039 | 450 | &nbsp;&nbsp; 542841 |
| Rutgers The State University of New Jersey, Series 2010 H, RB | 5.55% | 05/01/2029 | 570 | &nbsp;&nbsp; 581229 |
| Rutgers The State University of New Jersey, Series 2010, RB | 5.67% | 05/01/2040 | 750 | &nbsp;&nbsp; 786153 |
| Rutgers The State University of New Jersey, Series 2013 K, Ref. RB | 4.71% | 05/01/2033 | 140 | &nbsp;&nbsp; 145134 |
| Rutgers The State University of New Jersey, Series 2019 P, RB | 3.92% | 05/01/2119 | 1700 | &nbsp;&nbsp; 1179655 |
| Rutgers The State University of New Jersey, Series 2019 R, Ref. RB | 2.69% | 05/01/2029 | 10 | &nbsp;&nbsp; 9738 |
| Rutgers The State University of New Jersey, Series 2019 R, Ref. RB | 3.27% | 05/01/2043 | 2510 | &nbsp;&nbsp; 2135646 |
| South Jersey Port Corp., Series 2009, RB | 7.07% | 01/01/2029 | 15 | &nbsp;&nbsp; 15846 |
| South Jersey Port Corp., Series 2009, RB | 7.37% | 01/01/2040 | 830 | &nbsp;&nbsp; 973938 |
| South Jersey Transportation Authority, Series 2009, RB | 7.00% | 11/01/2038 | 95 | &nbsp;&nbsp; 106490 |
|  |  |  |  | &nbsp;&nbsp; 30368695 |
| **New Mexico-0.01%** |  |  |  |  |
| New Mexico (State of) Hospital Equipment Loan Council (Presbyterian Healthcare), Series 2017, <br> RB<br>| 4.41% | 08/01/2046 | 90 | &nbsp;&nbsp; 81121 |
| **New York-14.10%** |  |  |  |  |
| Erie County Medical Center Corp., Series 2004, RB, (INS - AGI)<sup>(a)</sup> | 5.70% | 11/01/2033 | 25 | &nbsp;&nbsp; 26534 |
| Long Island (City of), NY Power Authority, Series 2010, RB | 5.85% | 05/01/2041 | 45 | &nbsp;&nbsp; 46767 |
| Madison County Capital Resource Corp., Series 2019, Ref. RB | 3.27% | 07/01/2039 | 700 | &nbsp;&nbsp; 616980 |
| Metropolitan Transportation Authority, Series 2009, RB | 7.34% | 11/15/2039 | 2135 | &nbsp;&nbsp; 2570633 |
| Metropolitan Transportation Authority, Series 2010, RB | 6.73% | 11/15/2030 | 5 | &nbsp;&nbsp; 5468 |
| Metropolitan Transportation Authority, Series 2010, RB | 6.65% | 11/15/2039 | 750 | &nbsp;&nbsp; 828768 |
| Metropolitan Transportation Authority, Series 2010, RB | 6.67% | 11/15/2039 | 1250 | &nbsp;&nbsp; 1388832 |
| Metropolitan Transportation Authority, Series 2010, RB | 6.69% | 11/15/2040 | 3745 | &nbsp;&nbsp; 4243349 |
| Metropolitan Transportation Authority, Series 2010, RB | 6.81% | 11/15/2040 | 1180 | &nbsp;&nbsp; 1352128 |
| Metropolitan Transportation Authority, Series 2020, RB | 5.18% | 11/15/2049 | 20 | &nbsp;&nbsp; 19416 |
| Monroe County Industrial Development Corp. (University of Rochester), Series 2023, RB | 5.13% | 07/01/2033 | 110 | &nbsp;&nbsp; 116757 |
| New York & New Jersey (States of) Port Authority, One Hudred Sixty Eighth Series 2011, RB | 4.93% | 10/01/2051 | 5385 | &nbsp;&nbsp; 5203427 |
| New York & New Jersey (States of) Port Authority, One Hundred and Seventy Fourth <br> Series 2012, RB<br>| 4.46% | 10/01/2062 | 1025 | &nbsp;&nbsp; 903213 |
| New York & New Jersey (States of) Port Authority, One Hundred Ninty Two Series 2015, RB | 4.81% | 10/15/2065 | 2150 | &nbsp;&nbsp; 2018348 |
| New York & New Jersey (States of) Port Authority, Series 2009, RB | 6.04% | 12/01/2029 | 680 | &nbsp;&nbsp; 739561 |
| New York & New Jersey (States of) Port Authority, Series 2010, RB | 5.65% | 11/01/2040 | 185 | &nbsp;&nbsp; 201876 |

---

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

------

**222**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York & New Jersey (States of) Port Authority, Series 2014, RB | 4.43% | 10/15/2034 | $125 | &nbsp;&nbsp; $125009 |
| New York & New Jersey (States of) Port Authority, Series 2014, RB | 4.96% | 08/01/2046 | 140 | &nbsp;&nbsp; 136815 |
| New York & New Jersey (States of) Port Authority, Series 2015, RB | 4.82% | 06/01/2045 | 1785 | &nbsp;&nbsp; 1733234 |
| New York & New Jersey (States of) Port Authority, Series 2021, RB | 3.14% | 02/15/2051 | 5000 | &nbsp;&nbsp; 3806036 |
| New York & New Jersey (States of) Port Authority, Twenty one Series 2019, RB | 3.29% | 08/01/2069 | 2140 | &nbsp;&nbsp; 1439587 |
| New York & New Jersey (States of) Port Authority, Two Hundred First Series 2017, RB | 4.23% | 10/15/2057 | 975 | &nbsp;&nbsp; 837977 |
| New York & New Jersey (States of) Port Authority, Two Hundred Thirty Ninth Series 2023, Ref. <br> RB<br>| 5.07% | 07/15/2053 | 5500 | &nbsp;&nbsp; 5451071 |
| New York & New Jersey (States of) Port Authority, Two Hundred Twenty Fifth Series 2021, RB | 3.18% | 07/15/2060 | 1290 | &nbsp;&nbsp; 881077 |
| New York (City of), NY, Series 2009 D-1, GO Bonds | 5.99% | 12/01/2036 | 1280 | &nbsp;&nbsp; 1353520 |
| New York (City of), NY, Series 2010 F-1, GO Bonds | 6.27% | 12/01/2037 | 1870 | &nbsp;&nbsp; 2042608 |
| New York (City of), NY, Series 2010 G-1, GO Bonds | 5.97% | 03/01/2036 | 1795 | &nbsp;&nbsp; 1906612 |
| New York (City of), NY, Series 2010 H-1, GO Bonds | 5.65% | 06/01/2027 | 450 | &nbsp;&nbsp; 454006 |
| New York (City of), NY, Series 2010 H-1, GO Bonds | 5.85% | 06/01/2040 | 740 | &nbsp;&nbsp; 783997 |
| New York (City of), NY, Series 2010, GO Bonds | 5.52% | 10/01/2037 | 2000 | &nbsp;&nbsp; 2074724 |
| New York (City of), NY, Series 2020 C-3, Ref. GO Bonds | 2.41% | 08/01/2032 | 70 | &nbsp;&nbsp; 63692 |
| New York (City of), NY, Series 2020 C-3, Ref. GO Bonds | 2.46% | 08/01/2033 | 125 | &nbsp;&nbsp; 111713 |
| New York (City of), NY, Series 2020 D-2, GO Bonds | 1.75% | 03/01/2030 | 95 | &nbsp;&nbsp; 88040 |
| New York (City of), NY, Series 2020 D-3, GO Bonds | 2.22% | 03/01/2035 | 930 | &nbsp;&nbsp; 785572 |
| New York (City of), NY, Series 2021, Ref. GO Bonds | 1.72% | 08/01/2029 | 55 | &nbsp;&nbsp; 51594 |
| New York (City of), NY, Series 2021, Ref. GO Bonds | 1.82% | 08/01/2030 | 60 | &nbsp;&nbsp; 55262 |
| New York (City of), NY, Series 2021, Ref. GO Bonds | 1.92% | 08/01/2031 | 35 | &nbsp;&nbsp; 31643 |
| New York (City of), NY, Series 2023 B-2, GO Bonds | 5.66% | 10/01/2032 | 30 | &nbsp;&nbsp; 32780 |
| New York (City of), NY, Series 2023 B-2, GO Bonds | 5.68% | 10/01/2033 | 35 | &nbsp;&nbsp; 38423 |
| New York (City of), NY, Series 2024 C-2, GO Bonds | 4.61% | 09/01/2037 | 1380 | &nbsp;&nbsp; 1383918 |
| New York (City of), NY, Series 2024 D-2, GO Bonds | 4.38% | 10/01/2029 | 10 | &nbsp;&nbsp; 10232 |
| New York (City of), NY, Series 2024 D-2, GO Bonds | 4.72% | 10/01/2032 | 20 | &nbsp;&nbsp; 20781 |
| New York (City of), NY, Series 2024 D-2, GO Bonds | 4.77% | 10/01/2034 | 1120 | &nbsp;&nbsp; 1158168 |
| New York (City of), NY, Series 2024 D-2, GO Bonds | 5.26% | 10/01/2044 | 1800 | &nbsp;&nbsp; 1801754 |
| New York (City of), NY, Series 2025 E-1, GO Bonds | 3.94% | 10/01/2029 | 20 | &nbsp;&nbsp; 20175 |
| New York (City of), NY, Series 2025 E-1, GO Bonds | 4.23% | 10/01/2031 | 10 | &nbsp;&nbsp; 10152 |
| New York (City of), NY, Series 2025 E-1, GO Bonds | 5.56% | 10/01/2045 | 1090 | &nbsp;&nbsp; 1112681 |
| New York (City of), NY, Series 2025 E-1, GO Bonds | 5.37% | 10/01/2051 | 1600 | &nbsp;&nbsp; 1614103 |
| New York (City of), NY, Series 2025 E-2, GO Bonds | 5.39% | 10/01/2055 | 2055 | &nbsp;&nbsp; 2073432 |
| New York (City of), NY, Series 2025 H, GO Bonds | 5.07% | 02/01/2031 | 570 | &nbsp;&nbsp; 600823 |
| New York (City of), NY, Series 2025 H, GO Bonds | 5.33% | 02/01/2033 | 5 | &nbsp;&nbsp; 5375 |
| New York (City of), NY, Series 2025 H, GO Bonds | 5.44% | 02/01/2035 | 1920 | &nbsp;&nbsp; 2078715 |
| New York (City of), NY, Series 2025 H, GO Bonds | 5.68% | 02/01/2037 | 45 | &nbsp;&nbsp; 48812 |
| New York (City of), NY, Series 2025 H, GO Bonds | 6.29% | 02/01/2045 | 70 | &nbsp;&nbsp; 75025 |
| New York (City of), NY, Series 2025 H, GO Bonds | 6.39% | 02/01/2055 | 2130 | &nbsp;&nbsp; 2286068 |
| New York (City of), NY, Subseries 2015 F-3, GO Bonds | 3.75% | 06/01/2028 | 250 | &nbsp;&nbsp; 250013 |
| New York (City of), NY, Subseries 2015 F-3, GO Bonds | 3.85% | 06/01/2029 | 10 | &nbsp;&nbsp; 10001 |
| New York (City of), NY, Subseries 2015 F-3, GO Bonds | 4.13% | 06/01/2032 | 60 | &nbsp;&nbsp; 60003 |
| New York (City of), NY, Subseries 2018 A, GO Bonds | 2.73% | 08/01/2029 | 10 | &nbsp;&nbsp; 9701 |
| New York (City of), NY, Subseries 2018 D-3, GO Bonds | 3.90% | 12/01/2029 | 10 | &nbsp;&nbsp; 10053 |
| New York (City of), NY, Subseries 2018 D-3, GO Bonds | 4.00% | 12/01/2032 | 60 | &nbsp;&nbsp; 59801 |
| New York (City of), NY, Subseries 2018 F-3, GO Bonds | 3.62% | 04/01/2031 | 35 | &nbsp;&nbsp; 34600 |
| New York (City of), NY, Subseries 2019 A, GO Bonds | 2.85% | 08/01/2031 | 20 | &nbsp;&nbsp; 18978 |
| New York (City of), NY, Subseries 2019 A-2, GO Bonds | 2.63% | 08/01/2028 | 7000 | &nbsp;&nbsp; 6839633 |
| New York (City of), NY, Subseries 2022 A-2, GO Bonds | 4.15% | 09/01/2032 | 45 | &nbsp;&nbsp; 45314 |
| New York (City of), NY (Social Bonds), Series 2022, GO Bonds | 5.26% | 10/01/2052 | 1550 | &nbsp;&nbsp; 1547532 |
| New York (City of), NY (Social Bonds), Series 2023 B-1, GO Bonds | 5.83% | 10/01/2053 | 1005 | &nbsp;&nbsp; 1071100 |
| New York (City of), NY (Social Bonds), Series 2024 D-1, GO Bonds | 5.09% | 10/01/2049 | 1500 | &nbsp;&nbsp; 1474738 |
| New York (City of), NY (Social Bonds), Series 2024 D-1, GO Bonds | 5.11% | 10/01/2054 | 1500 | &nbsp;&nbsp; 1463305 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 2.68% | 03/01/2033 | 2000 | &nbsp;&nbsp; 1780948 |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 2.73% | 03/01/2034 | 2500 | &nbsp;&nbsp; 2185388 |

---

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

------

**223**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Industrial Development Agency (Yankee Stadium), Series 2020, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 2.78% | 03/01/2035 | $3000 | &nbsp;&nbsp; $2573226 |
| New York (City of), NY Municipal Water Finance Authority, Series 2010 GG, RB | 5.72% | 06/15/2042 | 3460 | &nbsp;&nbsp; 3563972 |
| New York (City of), NY Municipal Water Finance Authority, Series 2010, RB | 5.95% | 06/15/2042 | 160 | &nbsp;&nbsp; 168612 |
| New York (City of), NY Transitional Finance Authority, Series 2010 G-3, RB | 5.27% | 05/01/2027 | 4000 | &nbsp;&nbsp; 4065949 |
| New York (City of), NY Transitional Finance Authority, Series 2010 S-1B, RB | 6.83% | 07/15/2040 | 3435 | &nbsp;&nbsp; 3833535 |
| New York (City of), NY Transitional Finance Authority, Series 2013, RB | 3.90% | 11/01/2026 | 20 | &nbsp;&nbsp; 20003 |
| New York (City of), NY Transitional Finance Authority, Series 2013, RB | 4.10% | 11/01/2027 | 50 | &nbsp;&nbsp; 50022 |
| New York (City of), NY Transitional Finance Authority, Series 2013, RB | 4.20% | 11/01/2028 | 95 | &nbsp;&nbsp; 95049 |
| New York (City of), NY Transitional Finance Authority, Series 2013, RB | 4.35% | 11/01/2029 | 10 | &nbsp;&nbsp; 10005 |
| New York (City of), NY Transitional Finance Authority, Series 2013, RB | 4.60% | 11/01/2032 | 30 | &nbsp;&nbsp; 30750 |
| New York (City of), NY Transitional Finance Authority, Series 2015 A-3, RB | 3.45% | 08/01/2026 | 65 | &nbsp;&nbsp; 64936 |
| New York (City of), NY Transitional Finance Authority, Series 2015, RB | 3.25% | 02/01/2028 | 20 | &nbsp;&nbsp; 19913 |
| New York (City of), NY Transitional Finance Authority, Series 2016 E-3, RB | 2.92% | 02/01/2027 | 50 | &nbsp;&nbsp; 49713 |
| New York (City of), NY Transitional Finance Authority, Series 2016 E-3, RB | 2.97% | 02/01/2028 | 15 | &nbsp;&nbsp; 14858 |
| New York (City of), NY Transitional Finance Authority, Series 2017 A-5, RB | 3.43% | 08/01/2030 | 130 | &nbsp;&nbsp; 128413 |
| New York (City of), NY Transitional Finance Authority, Series 2017 F-2, RB | 3.05% | 05/01/2027 | 45 | &nbsp;&nbsp; 44764 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 3.33% | 02/01/2028 | 55 | &nbsp;&nbsp; 54841 |
| New York (City of), NY Transitional Finance Authority, Series 2017, RB | 3.43% | 02/01/2029 | 90 | &nbsp;&nbsp; 89855 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C, RB | 3.75% | 05/01/2028 | 5 | &nbsp;&nbsp; 5027 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C, RB | 3.85% | 05/01/2030 | 5 | &nbsp;&nbsp; 5015 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-4, RB | 3.70% | 05/01/2027 | 55 | &nbsp;&nbsp; 55116 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-5, RB | 3.80% | 05/01/2029 | 100 | &nbsp;&nbsp; 100551 |
| New York (City of), NY Transitional Finance Authority, Series 2018 C-5, RB | 3.90% | 05/01/2031 | 85 | &nbsp;&nbsp; 85157 |
| New York (City of), NY Transitional Finance Authority, Series 2018, RB | 3.43% | 08/01/2026 | 20 | &nbsp;&nbsp; 19979 |
| New York (City of), NY Transitional Finance Authority, Series 2018, RB<sup>(c)</sup> | 3.66% | 08/01/2028 | 5 | &nbsp;&nbsp; 5014 |
| New York (City of), NY Transitional Finance Authority, Series 2018, RB<sup>(c)</sup> | 3.80% | 08/01/2029 | 25 | &nbsp;&nbsp; 25195 |
| New York (City of), NY Transitional Finance Authority, Series 2018, RB | 3.78% | 08/01/2030 | 60 | &nbsp;&nbsp; 60065 |
| New York (City of), NY Transitional Finance Authority, Series 2018, RB | 3.88% | 08/01/2031 | 20 | &nbsp;&nbsp; 20006 |
| New York (City of), NY Transitional Finance Authority, Series 2018, RB | 3.90% | 08/01/2031 | 25 | &nbsp;&nbsp; 25019 |
| New York (City of), NY Transitional Finance Authority, Series 2018, RB | 3.95% | 08/01/2032 | 1270 | &nbsp;&nbsp; 1265167 |
| New York (City of), NY Transitional Finance Authority, Series 2018, RB | 3.96% | 08/01/2032 | 10 | &nbsp;&nbsp; 9968 |
| New York (City of), NY Transitional Finance Authority, Series 2018, Ref. RB | 3.50% | 08/01/2027 | 30 | &nbsp;&nbsp; 30009 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-5, Ref. RB | 2.63% | 05/01/2030 | 115 | &nbsp;&nbsp; 110237 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-5, Ref. RB<sup>(c)</sup> | 2.69% | 05/01/2033 | 15 | &nbsp;&nbsp; 13665 |
| New York (City of), NY Transitional Finance Authority, Series 2019 A-5, Ref. RB | 2.69% | 05/01/2033 | 35 | &nbsp;&nbsp; 31916 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-2, RB | 2.31% | 11/01/2026 | 15 | &nbsp;&nbsp; 14872 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-2, RB | 2.37% | 11/01/2027 | 190 | &nbsp;&nbsp; 186642 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-3, RB | 2.75% | 11/01/2030 | 75 | &nbsp;&nbsp; 71795 |
| New York (City of), NY Transitional Finance Authority, Series 2019 B-3, RB | 2.82% | 11/01/2031 | 5 | &nbsp;&nbsp; 4722 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 2.98% | 11/01/2027 | 15 | &nbsp;&nbsp; 14882 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 3.13% | 11/01/2028 | 15 | &nbsp;&nbsp; 14870 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 3.35% | 11/01/2030 | 35 | &nbsp;&nbsp; 34395 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 2.59% | 05/01/2031 | 20 | &nbsp;&nbsp; 18867 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 3.45% | 11/01/2031 | 15 | &nbsp;&nbsp; 14642 |
| New York (City of), NY Transitional Finance Authority, Series 2019, RB | 3.50% | 11/01/2032 | 200 | &nbsp;&nbsp; 193667 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D-2, RB | 1.53% | 11/01/2027 | 95 | &nbsp;&nbsp; 92043 |
| New York (City of), NY Transitional Finance Authority, Series 2020 C-2, RB | 1.75% | 05/01/2030 | 40 | &nbsp;&nbsp; 37005 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D-2, RB | 1.92% | 11/01/2029 | 45 | &nbsp;&nbsp; 42386 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D-3, RB | 2.25% | 11/01/2031 | 45 | &nbsp;&nbsp; 41209 |
| New York (City of), NY Transitional Finance Authority, Series 2020 D-3, RB | 2.50% | 11/01/2033 | 35 | &nbsp;&nbsp; 31185 |
| New York (City of), NY Transitional Finance Authority, Series 2021 B, Ref. RB | 1.11% | 07/15/2026 | 10 | &nbsp;&nbsp; 9899 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E, RB | 1.92% | 02/01/2032 | 20 | &nbsp;&nbsp; 17867 |
| New York (City of), NY Transitional Finance Authority, Series 2021 E-3, RB | 1.97% | 02/01/2033 | 5000 | &nbsp;&nbsp; 4365741 |
| New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB | 1.35% | 07/15/2027 | 45 | &nbsp;&nbsp; 43601 |
| New York (City of), NY Transitional Finance Authority, Series 2021, Ref. RB | 1.57% | 07/15/2028 | 60 | &nbsp;&nbsp; 57180 |
| New York (City of), NY Transitional Finance Authority, Series 2022 B, Ref. RB | 3.60% | 07/15/2026 | 5 | &nbsp;&nbsp; 4995 |
| New York (City of), NY Transitional Finance Authority, Series 2022 C-3, RB | 2.58% | 02/01/2033 | 3905 | &nbsp;&nbsp; 3551802 |

---

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

------

**224**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (City of), NY Transitional Finance Authority, Series 2022 D-2, RB | 5.00% | 11/01/2028 | $5 | &nbsp;&nbsp; $5192 |
| New York (City of), NY Transitional Finance Authority, Series 2022 D-2, RB | 5.05% | 11/01/2029 | 100 | &nbsp;&nbsp; 104837 |
| New York (City of), NY Transitional Finance Authority, Series 2022 D-2, RB | 5.15% | 11/01/2030 | 125 | &nbsp;&nbsp; 132380 |
| New York (City of), NY Transitional Finance Authority, Series 2022 D-2, RB | 5.25% | 11/01/2031 | 50 | &nbsp;&nbsp; 53338 |
| New York (City of), NY Transitional Finance Authority, Series 2022 D-2, RB | 5.35% | 11/01/2032 | 120 | &nbsp;&nbsp; 129052 |
| New York (City of), NY Transitional Finance Authority, Series 2022 D-3, RB | 5.65% | 11/01/2035 | 10 | &nbsp;&nbsp; 10707 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F, RB | 3.55% | 02/01/2030 | 10 | &nbsp;&nbsp; 9951 |
| New York (City of), NY Transitional Finance Authority, Series 2022 F-2, RB | 3.35% | 02/01/2028 | 25 | &nbsp;&nbsp; 24937 |
| New York (City of), NY Transitional Finance Authority, Series 2022, Ref. RB | 4.00% | 02/01/2032 | 10 | &nbsp;&nbsp; 10021 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-2, RB | 4.75% | 02/01/2029 | 95 | &nbsp;&nbsp; 98292 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-2, RB | 4.80% | 02/01/2030 | 645 | &nbsp;&nbsp; 670990 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-2, RB | 4.80% | 02/01/2031 | 60 | &nbsp;&nbsp; 62714 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-2, RB | 4.90% | 02/01/2032 | 40 | &nbsp;&nbsp; 41963 |
| New York (City of), NY Transitional Finance Authority, Series 2023 F-3, RB | 5.15% | 02/01/2036 | 25 | &nbsp;&nbsp; 26048 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.36% | 02/01/2028 | 5 | &nbsp;&nbsp; 5080 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.51% | 02/01/2030 | 20 | &nbsp;&nbsp; 20596 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.83% | 05/01/2030 | 120 | &nbsp;&nbsp; 125150 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.56% | 02/01/2031 | 45 | &nbsp;&nbsp; 46556 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.87% | 05/01/2031 | 45 | &nbsp;&nbsp; 47218 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.64% | 02/01/2032 | 40 | &nbsp;&nbsp; 41420 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.91% | 05/01/2032 | 25 | &nbsp;&nbsp; 26247 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.67% | 02/01/2033 | 5 | &nbsp;&nbsp; 5171 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.97% | 05/01/2033 | 20 | &nbsp;&nbsp; 21041 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.72% | 02/01/2034 | 15 | &nbsp;&nbsp; 15497 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 5.01% | 05/01/2034 | 15 | &nbsp;&nbsp; 15778 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.77% | 02/01/2035 | 20 | &nbsp;&nbsp; 20580 |
| New York (City of), NY Transitional Finance Authority, Series 2024, RB | 4.38% | 05/01/2037 | 265 | &nbsp;&nbsp; 261406 |
| New York (City of), NY Transitional Finance Authority, Series 2025 I, RB | 4.48% | 05/01/2027 | 20 | &nbsp;&nbsp; 20218 |
| New York (City of), NY Transitional Finance Authority, Series 2025 I, RB | 4.72% | 05/01/2030 | 140 | &nbsp;&nbsp; 145414 |
| New York (City of), NY Transitional Finance Authority, Series 2025 I, RB | 5.27% | 05/01/2034 | 40 | &nbsp;&nbsp; 42781 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.03% | 05/01/2032 | 25 | &nbsp;&nbsp; 26409 |
| New York (City of), NY Transitional Finance Authority, Series 2025, RB | 5.29% | 05/01/2035 | 5 | &nbsp;&nbsp; 5347 |
| New York (City of), NY Transitional Finance Authority, Series 2025, Ref. RB | 4.75% | 11/01/2027 | 25 | &nbsp;&nbsp; 25513 |
| New York (City of), NY Transitional Finance Authority, Series 2026, RB | 4.06% | 02/01/2031 | 10 | &nbsp;&nbsp; 10123 |
| New York (City of), NY Transitional Finance Authority, Subseries 2017 A-3, RB | 2.45% | 05/01/2027 | 1040 | &nbsp;&nbsp; 1027503 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-5, RB | 2.64% | 05/01/2032 | 65 | &nbsp;&nbsp; 60250 |
| New York (City of), NY Transitional Finance Authority, Subseries 2019 A-5, RB | 2.74% | 05/01/2034 | 5 | &nbsp;&nbsp; 4484 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 F-3, RB | 3.85% | 02/01/2034 | 255 | &nbsp;&nbsp; 248986 |
| New York (City of), NY Transitional Finance Authority, Subseries 2022 F-3, RB | 4.00% | 02/01/2035 | 5 | &nbsp;&nbsp; 4878 |
| New York (City of), NY Transitional Finance Authority, Subseries 2024 D-2, Ref. RB | 4.52% | 11/01/2027 | 5 | &nbsp;&nbsp; 5084 |
| New York (State of), Series 2019 B, Ref. GO Bonds | 2.70% | 02/15/2031 | 100 | &nbsp;&nbsp; 95091 |
| New York (State of), Series 2019 B, Ref. GO Bonds | 2.80% | 02/15/2032 | 5 | &nbsp;&nbsp; 4709 |
| New York (State of) Dormitory Authority, Series 2010 D, RB | 5.50% | 03/15/2030 | 2122 | &nbsp;&nbsp; 2164623 |
| New York (State of) Dormitory Authority, Series 2010 H, RB | 5.29% | 03/15/2033 | 1305 | &nbsp;&nbsp; 1335771 |
| New York (State of) Dormitory Authority, Series 2010 H, RB | 5.39% | 03/15/2040 | 800 | &nbsp;&nbsp; 827618 |
| New York (State of) Dormitory Authority, Series 2016 B, RB | 3.88% | 07/01/2046 | 145 | &nbsp;&nbsp; 121672 |
| New York (State of) Dormitory Authority, Series 2017, Ref. RB | 4.15% | 07/01/2047 | 15 | &nbsp;&nbsp; 12956 |
| New York (State of) Dormitory Authority, Series 2020 F, Ref. RB<sup>(c)</sup> | 2.56% | 02/15/2027 | 85 | &nbsp;&nbsp; 84109 |
| New York (State of) Dormitory Authority, Series 2020 F, Ref. RB | 2.88% | 02/15/2031 | 5 | &nbsp;&nbsp; 4792 |
| New York (State of) Dormitory Authority, Series 2020 F, Ref. RB<sup>(c)</sup> | 3.11% | 02/15/2039 | 300 | &nbsp;&nbsp; 259720 |
| New York (State of) Dormitory Authority, Series 2020, Ref. RB | 2.26% | 07/01/2030 | 1005 | &nbsp;&nbsp; 947883 |
| New York (State of) Dormitory Authority, Series 2020, Ref. RB | 2.56% | 07/01/2034 | 30 | &nbsp;&nbsp; 26754 |
| New York (State of) Dormitory Authority, Series 2020, Ref. RB | 2.22% | 07/01/2035 | 250 | &nbsp;&nbsp; 216559 |
| New York (State of) Dormitory Authority, Series 2021 C, RB<sup>(c)</sup> | 1.54% | 03/15/2027 | 1025 | &nbsp;&nbsp; 1003000 |
| New York (State of) Dormitory Authority, Series 2021 C, RB<sup>(c)</sup> | 1.75% | 03/15/2028 | 1005 | &nbsp;&nbsp; 968849 |
| New York (State of) Dormitory Authority, Series 2021 C, RB<sup>(c)</sup> | 1.95% | 03/15/2029 | 910 | &nbsp;&nbsp; 867427 |
| New York (State of) Dormitory Authority, Series 2021 C, RB | 2.05% | 03/15/2030 | 1150 | &nbsp;&nbsp; 1080185 |
| New York (State of) Dormitory Authority, Series 2021 C, RB | 2.15% | 03/15/2031 | 1000 | &nbsp;&nbsp; 924465 |

---

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

------

**225**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **New York-(continued)** |  |  |  |  |
| New York (State of) Dormitory Authority, Series 2021 C, RB | 2.25% | 03/15/2032 | $900 | &nbsp;&nbsp; $818450 |
| New York (State of) Dormitory Authority, Series 2021 C, RB | 2.20% | 03/15/2034 | 900 | &nbsp;&nbsp; 785509 |
| New York (State of) Dormitory Authority, Series 2021, Ref. RB | 2.97% | 07/01/2044 | 25 | &nbsp;&nbsp; 19622 |
| New York (State of) Dormitory Authority, Series 2022 B, Ref. RB<sup>(c)</sup> | 2.89% | 03/15/2027 | 20 | &nbsp;&nbsp; 19843 |
| New York (State of) Dormitory Authority, Series 2025 B, RB | 5.23% | 07/01/2035 | 2410 | &nbsp;&nbsp; 2602777 |
| New York (State of) Dormitory Authority, Series 2025, RB, (INS - AGI)<sup>(a)</sup> | 4.84% | 07/01/2032 | 25 | &nbsp;&nbsp; 25965 |
| New York (State of) Dormitory Authority (New York University), Series 2018 B, RB | 4.85% | 07/01/2048 | 1580 | &nbsp;&nbsp; 1491525 |
| New York (State of) Dormitory Authority (New York University) (Green Bonds), Series 2019 B-2, <br> RB<br>| 4.01% | 07/01/2049 | 3000 | &nbsp;&nbsp; 2475792 |
| New York (State of) Thruway Authority, Series 2019 M, Ref. RB<sup>(c)</sup> | 2.90% | 01/01/2035 | 530 | &nbsp;&nbsp; 486271 |
| New York (State of) Thruway Authority, Series 2019, Ref. RB | 3.50% | 01/01/2042 | 275 | &nbsp;&nbsp; 246372 |
| New York City Housing Development Corp. (Green Bonds), Series 2019, RB | 3.32% | 11/01/2034 | 35 | &nbsp;&nbsp; 32834 |
| New York City Housing Development Corp. (Green Bonds), Series 2019, RB | 3.72% | 11/01/2039 | 30 | &nbsp;&nbsp; 26955 |
| New York City Housing Development Corp. (Green Bonds), Series 2019, RB | 3.77% | 11/01/2044 | 1230 | &nbsp;&nbsp; 1052665 |
| New York City Housing Development Corp. (Green Bonds), Series 2021 B, RB | 2.65% | 11/01/2036 | 3000 | &nbsp;&nbsp; 2571135 |
| New York City Housing Development Corp. (Green Bonds), Series 2021 B, RB | 2.95% | 11/01/2041 | 180 | &nbsp;&nbsp; 146396 |
| New York City Housing Development Corp. (Green Bonds), Series 2022, Ref. RB | 3.80% | 01/01/2030 | 20 | &nbsp;&nbsp; 20058 |
| New York City Housing Development Corp. (Green Bonds), Series 2022, Ref. RB | 4.00% | 01/01/2032 | 30 | &nbsp;&nbsp; 30056 |
| New York City Housing Development Corp. (Green Bonds), Series 2022, Ref. RB | 4.10% | 01/01/2033 | 5 | &nbsp;&nbsp; 4990 |
| New York City Housing Development Corp. (Green Bonds), Series 2024 D, RB | 5.45% | 08/01/2054 | 835 | &nbsp;&nbsp; 833427 |
| New York City Housing Development Corp. (Green Bonds), Series 2025, RB | 4.27% | 02/01/2030 | 1660 | &nbsp;&nbsp; 1685562 |
| New York State Urban Development Corp., Series 2009, RB | 5.77% | 03/15/2039 | 1670 | &nbsp;&nbsp; 1724716 |
| New York State Urban Development Corp., Series 2010 B, RB | 5.84% | 03/15/2040 | 1900 | &nbsp;&nbsp; 1984466 |
| New York State Urban Development Corp., Series 2020 F, Ref. RB | 1.80% | 03/15/2031 | 4000 | &nbsp;&nbsp; 3635624 |
| New York State Urban Development Corp., Series 2020 F, Ref. RB | 1.90% | 03/15/2032 | 4350 | &nbsp;&nbsp; 3883021 |
| New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment), <br> Series 2016 B, RB<br>| 3.47% | 07/01/2028 | 2950 | &nbsp;&nbsp; 2918109 |
| Onondaga Civic Development Corp., Series 2020, Ref. RB | 2.77% | 12/01/2037 | 105 | &nbsp;&nbsp; 89059 |
| Triborough Bridge & Tunnel Authority, Series 2009 B, RB | 5.50% | 11/15/2039 | 715 | &nbsp;&nbsp; 751841 |
| Triborough Bridge & Tunnel Authority, Series 2019 B, Ref. RB | 3.43% | 11/15/2044 | 1000 | &nbsp;&nbsp; 806368 |
| United Nations Development Corp., Series 2025 A, Ref. RB | 6.54% | 08/01/2055 | 1000 | &nbsp;&nbsp; 1080823 |
| Westchester County Local Development Corp. (Sarah Lawrence College), Series 2020 A, Ref. RB | 6.25% | 06/01/2050 | 1110 | &nbsp;&nbsp; 1060849 |
| Western Nassau County Water Authority, Series 2010 B, RB | 6.70% | 04/01/2040 | 500 | &nbsp;&nbsp; 556200 |
|  |  |  |  | &nbsp;&nbsp; 149810775 |
| **North Carolina-0.46%** |  |  |  |  |
| Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health), Series 2021, RB | 3.20% | 01/15/2051 | 1100 | &nbsp;&nbsp; 783444 |
| Duke University, Series 2007, RB | 5.85% | 04/01/2037 | 20 | &nbsp;&nbsp; 22306 |
| North Carolina State University at Raleigh, Series 2020 B, Ref. RB | 1.75% | 10/01/2029 | 165 | &nbsp;&nbsp; 154635 |
| North Carolina State University at Raleigh, Series 2020 B, Ref. RB | 2.62% | 10/01/2039 | 315 | &nbsp;&nbsp; 261728 |
| Raleigh (City of), NC Combined Enterprise System, Series 2019, Ref. RB | 2.43% | 03/01/2028 | 10 | &nbsp;&nbsp; 9799 |
| University of North Carolina at Chapel Hill, Series 2012 C, Ref. RB | 3.60% | 12/01/2033 | 800 | &nbsp;&nbsp; 786639 |
| University of North Carolina at Chapel Hill, Series 2014, Ref. RB | 3.85% | 12/01/2034 | 1375 | &nbsp;&nbsp; 1356471 |
| University of North Carolina at Chapel Hill, Series 2016 C, Ref. RB | 2.78% | 12/01/2028 | 70 | &nbsp;&nbsp; 68764 |
| University of North Carolina at Chapel Hill, Series 2016 C, Ref. RB | 3.33% | 12/01/2036 | 1540 | &nbsp;&nbsp; 1447306 |
| University of North Carolina at Chapel Hill, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.76% | 04/01/2043 | 15 | &nbsp;&nbsp; 11624 |
|  |  |  |  | &nbsp;&nbsp; 4902716 |
| **North Dakota-0.01%** |  |  |  |  |
| North Dakota (State of) Housing Finance Agency, Series 2021, RB | 2.13% | 12/01/2029 | 15 | &nbsp;&nbsp; 14242 |
| North Dakota (State of) Housing Finance Agency, Series 2021, RB | 2.33% | 12/01/2031 | 65 | &nbsp;&nbsp; 60164 |
|  |  |  |  | &nbsp;&nbsp; 74406 |
| **Ohio-2.13%** |  |  |  |  |
| American Municipal Power, Inc. (Combined Hydroelectric), Series 2010 B, RB | 8.08% | 02/15/2050 | 3880 | &nbsp;&nbsp; 5008020 |
| American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 B, RB | 7.50% | 02/15/2050 | 3130 | &nbsp;&nbsp; 3725412 |
| American Municipal Power, Inc. (Meldahl Hydroelectric), Series 2010 E, RB | 6.27% | 02/15/2050 | 830 | &nbsp;&nbsp; 876859 |
| American Municipal Power, Inc. (OH Combined Hydroelectric), Series 2009 B, RB | 6.45% | 02/15/2044 | 950 | &nbsp;&nbsp; 1025349 |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2009 C, RB | 6.05% | 02/15/2043 | 1005 | &nbsp;&nbsp; 1057126 |

---

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

------

**226**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Ohio-(continued)** |  |  |  |  |
| American Municipal Power, Inc. (Prairie State Energy Campus), Series 2010, RB | 5.94% | 02/15/2047 | $1000 | &nbsp;&nbsp; $1034694 |
| Cleveland (City of), OH, Series 2019 A, Ref. RB | 2.88% | 01/01/2031 | 80 | &nbsp;&nbsp; 76812 |
| Cleveland Municipal School District, Series 2015, GO Bonds, (CEP - Ohio School District) | 5.02% | 12/01/2040 | 5 | &nbsp;&nbsp; 5125 |
| Columbus (City of), OH Regional Airport Authority, Series 2019, RB | 4.20% | 12/15/2048 | 1000 | &nbsp;&nbsp; 881956 |
| Cuyahoga (County of), OH (MetroHealth System), Series 2010 B, RB | 8.22% | 02/15/2040 | 950 | &nbsp;&nbsp; 1094653 |
| Franklin (County of), OH (Nationwide Children's Hospital), Series 2019 B, RB | 3.38% | 11/01/2050 | 35 | &nbsp;&nbsp; 26442 |
| Franklin (County of), OH Convention Facilities Authority, Series 2020 B, Ref. RB | 3.08% | 12/01/2040 | 10 | &nbsp;&nbsp; 8302 |
| Greenville City School District, Series 2019, Ref. GO Bonds, (CEP - Ohio School District) | 3.54% | 01/01/2051 | 60 | &nbsp;&nbsp; 47595 |
| Hamilton (County of), OH (The Christ Hospitality), Series 2019, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.37% | 06/01/2034 | 25 | &nbsp;&nbsp; 23664 |
| JobsOhio Beverage System, Series 2013 B, RB | 3.99% | 01/01/2029 | 1110 | &nbsp;&nbsp; 1118045 |
| JobsOhio Beverage System, Series 2013 B, RB | 4.53% | 01/01/2035 | 95 | &nbsp;&nbsp; 96922 |
| Middletown City School District, Series 2019, Ref. GO Bonds, (CEP - Ohio School District) | 3.55% | 12/01/2048 | 25 | &nbsp;&nbsp; 20257 |
| Northeast Ohio Regional Sewer District, Series 2020, Ref. RB | 3.20% | 11/15/2044 | 25 | &nbsp;&nbsp; 20171 |
| Ohio (State of), Series 2020 A, Ref. GO Bonds | 1.50% | 08/01/2029 | 5 | &nbsp;&nbsp; 4693 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2017 B, Ref. RB | 3.70% | 01/01/2043 | 1000 | &nbsp;&nbsp; 900522 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2019, Ref. RB | 2.70% | 01/01/2030 | 40 | &nbsp;&nbsp; 38807 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2019, Ref. RB | 2.79% | 01/01/2031 | 48 | &nbsp;&nbsp; 46209 |
| Ohio (State of) (Cleveland Clinic Health System Obligated Group), Series 2019, Ref. RB | 2.89% | 01/01/2032 | 10 | &nbsp;&nbsp; 9555 |
| Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated <br> Group), Series 2011, Ref. RB<br>| 4.72% | 01/01/2032 | 30 | &nbsp;&nbsp; 31165 |
| Ohio (State of) Turnpike & Infrastructure Commission, Series 2020 A, Ref. RB | 3.20% | 02/15/2048 | 15 | &nbsp;&nbsp; 11312 |
| Ohio State University (The), Series 2011 A, RB | 4.80% | 06/01/2111 | 1800 | &nbsp;&nbsp; 1565834 |
| Ohio State University (The), Series 2014, RB | 5.59% | 12/01/2114 | 950 | &nbsp;&nbsp; 921205 |
| Ohio State University (The), Series 2016 A, RB | 3.80% | 12/01/2046 | 955 | &nbsp;&nbsp; 810069 |
| Ohio State University (The), Series 2016 A, RB | 4.05% | 12/01/2056 | 1759 | &nbsp;&nbsp; 1457712 |
| Ohio State University (The), Series 2020, Ref. RB | 3.02% | 12/01/2050 | 800 | &nbsp;&nbsp; 548279 |
| University of Cincinnati, Series 2016 B, RB | 3.95% | 06/01/2042 | 80 | &nbsp;&nbsp; 72667 |
| University of Cincinnati, Series 2019 B, Ref. RB | 2.38% | 06/01/2027 | 40 | &nbsp;&nbsp; 39384 |
|  |  |  |  | &nbsp;&nbsp; 22604817 |
| **Oklahoma-1.06%** |  |  |  |  |
| Grand River Dam Authority, Series 2010 B, RB | 7.16% | 06/01/2040 | 150 | &nbsp;&nbsp; 180784 |
| Oklahoma (City of), OK Water Utilities Trust, Series 2022, Ref. RB | 4.64% | 07/01/2042 | 950 | &nbsp;&nbsp; 943992 |
| Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB | 4.38% | 11/01/2045 | 3350 | &nbsp;&nbsp; 3265688 |
| Oklahoma (State of) Development Finance Authority (OK Natural Gas Co.), Series 2022, RB | 4.71% | 05/01/2052 | 2000 | &nbsp;&nbsp; 1909937 |
| Oklahoma (State of) Development Finance Authority (Public Service Co. of Oklahoma), <br> Series 2022, RB<br>| 4.62% | 06/01/2044 | 4900 | &nbsp;&nbsp; 4893234 |
| Oklahoma (State of) Municipal Power Authority, Series 2010, RB | 6.31% | 01/01/2040 | 95 | &nbsp;&nbsp; 105264 |
| Oklahoma (State of) Turnpike Authority, Series 2020, Ref. RB | 1.82% | 01/01/2031 | 20 | &nbsp;&nbsp; 18308 |
|  |  |  |  | &nbsp;&nbsp; 11317207 |
| **Oregon-2.33%** |  |  |  |  |
| Clackamas & Washington Counties School District No. 3, Series 2020 C, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 2.14% | 06/15/2029 | 20 | &nbsp;&nbsp; 19104 |
| Hillsboro Economic Development Council, Series 2024, RB, (INS - AGI)<sup>(a)</sup> | 5.94% | 06/01/2043 | 400 | &nbsp;&nbsp; 420411 |
| Metro, Series 2019, GO Bonds | 3.25% | 06/01/2028 | 7950 | &nbsp;&nbsp; 7915107 |
| Morrow (Port of), OR, Series 2014, RB | 3.52% | 09/01/2027 | 35 | &nbsp;&nbsp; 34990 |
| Morrow (Port of), OR, Series 2020, RB | 2.53% | 09/01/2043 | 65 | &nbsp;&nbsp; 48306 |
| Morrow (Port of), OR, Series 2024, RB | 4.82% | 09/01/2030 | 190 | &nbsp;&nbsp; 199133 |
| Morrow (Port of), OR (Bonneville Cooperation), Series 2016, RB | 2.99% | 09/01/2036 | 1850 | &nbsp;&nbsp; 1669078 |
| Morrow (Port of), OR (Bonneville Cooperation), Series 2019, RB | 2.40% | 09/01/2026 | 5 | &nbsp;&nbsp; 4969 |
| Morrow (Port of), OR (Bonneville Cooperation), Series 2020, RB | 2.54% | 09/01/2040 | 1000 | &nbsp;&nbsp; 802963 |
| Morrow (Port of), OR (Bonneville Cooperation), Series 2024, RB | 4.84% | 09/01/2031 | 80 | &nbsp;&nbsp; 84272 |
| Multnomah (County of), OR, Series 1999, GO Bonds, (INS - NATL)<sup>(a)(b)</sup> | 0.00% | 06/01/2030 | 800 | &nbsp;&nbsp; 682695 |
| Multnomah County School District No. 1, Series 2021, GO Bonds, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 2.15% | 06/30/2035 | 15 | &nbsp;&nbsp; 12692 |
| Oregon (State of), Series 2003, GO Bonds | 5.89% | 06/01/2027 | 1101 | &nbsp;&nbsp; 1118336 |
| Oregon (State of), Series 2008 A, GO Bonds | 5.90% | 08/01/2038 | 1370 | &nbsp;&nbsp; 1493996 |
| Oregon (State of), Series 2010, GO Bonds | 5.38% | 08/01/2039 | 20 | &nbsp;&nbsp; 20781 |

---

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

------

**227**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Oregon-(continued)** |  |  |  |  |
| Oregon (State of), Series 2020, Ref. GO Bonds | 0.98% | 08/01/2026 | $50 | &nbsp;&nbsp; $49462 |
| Oregon (State of), Series 2024, GO Bonds | 4.89% | 05/01/2027 | 10 | &nbsp;&nbsp; 10155 |
| Oregon (State of), Series 2024, GO Bonds | 5.05% | 05/01/2034 | 5 | &nbsp;&nbsp; 5380 |
| Oregon (State of) (Article XI - Q State), Series 2024, GO Bonds | 5.02% | 05/01/2033 | 5 | &nbsp;&nbsp; 5364 |
| Oregon (State of) Department of Administrative Services, Series 2019, COP | 4.10% | 05/01/2039 | 40 | &nbsp;&nbsp; 38283 |
| Oregon (State of) Department of Transportation, Series 2020 B, Ref. RB | 1.66% | 11/15/2031 | 4000 | &nbsp;&nbsp; 3570936 |
| Oregon (State of) Facilities Authority, Series 2020, Ref. RB | 3.44% | 10/01/2050 | 20 | &nbsp;&nbsp; 14133 |
| Oregon (State of) Housing & Community Services Department (Single Family Mortgage), <br> Series 2023, Ref. RB<br>| 6.25% | 07/01/2053 | 865 | &nbsp;&nbsp; 911677 |
| Oregon (State of) Tri-County Metropolitan Transportation District (Green Bonds), Series 2021, <br> Ref. RB<br>| 1.20% | 09/01/2026 | 20 | &nbsp;&nbsp; 19767 |
| Oregon (State of) Tri-County Metropolitan Transportation District (Green Bonds), Series 2021, <br> Ref. RB<br>| 1.93% | 09/01/2031 | 50 | &nbsp;&nbsp; 45630 |
| Oregon Education Districts, Series 2021 A, GO Bonds, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 1.36% | 06/30/2027 | 60 | &nbsp;&nbsp; 58286 |
| Oregon Education Districts, Series 2021 A, GO Bonds, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 1.71% | 06/30/2029 | 50 | &nbsp;&nbsp; 47066 |
| Oregon Education Districts, Series 2021 A, GO Bonds, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 1.89% | 06/30/2031 | 900 | &nbsp;&nbsp; 819010 |
| Oregon Education Districts, Series 2021 A, GO Bonds, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 2.04% | 06/30/2032 | 15 | &nbsp;&nbsp; 13424 |
| Oregon Education Districts, Series 2021 A, GO Bonds, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 2.90% | 06/30/2040 | 610 | &nbsp;&nbsp; 503866 |
| Oregon School Boards Association, Series 2003 B, GO Bonds, (INS - NATL)<sup>(a)</sup> | 5.68% | 06/30/2028 | 19 | &nbsp;&nbsp; 19034 |
| Oregon School Boards Association, Series 2004, GO Bonds, (INS - AGI)<sup>(a)</sup> | 5.53% | 06/30/2028 | 5 | &nbsp;&nbsp; 5315 |
| Oregon State University, Series 2020, RB, (INS - BAM)<sup>(a)</sup> | 3.42% | 03/01/2060 | 2620 | &nbsp;&nbsp; 1927861 |
| Portland (City of), OR, Series 1999, GO Bonds, (INS - NATL)<sup>(a)(b)</sup> | 0.00% | 06/01/2027 | 35 | &nbsp;&nbsp; 33443 |
| Portland (Port of), OR (Portland International Airport), Series 2019, RB | 4.24% | 07/01/2049 | 950 | &nbsp;&nbsp; 832628 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2015, GO Bonds | 4.06% | 06/30/2034 | 775 | &nbsp;&nbsp; 774984 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2020, Ref. GO <br> Bonds, (CEP - Oregon School Bond Guaranty)<br>| 1.64% | 06/15/2029 | 75 | &nbsp;&nbsp; 70688 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2020, Ref. GO <br> Bonds, (CEP - Oregon School Bond Guaranty)<br>| 1.69% | 06/15/2030 | 45 | &nbsp;&nbsp; 41637 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2020, Ref. GO <br> Bonds, (CEP - Oregon School Bond Guaranty)<br>| 1.94% | 06/15/2032 | 25 | &nbsp;&nbsp; 22421 |
| Washington & Multnomah Counties School District No. 48J Beaverton, Series 2020, Ref. GO <br> Bonds, (CEP - Oregon School Bond Guaranty)<br>| 2.09% | 06/15/2034 | 495 | &nbsp;&nbsp; 428202 |
|  |  |  |  | &nbsp;&nbsp; 24795485 |
| **Pennsylvania-2.96%** |  |  |  |  |
| Allegheny (County of), PA, Series 2020 C-79, Ref. GO Bonds | 2.09% | 11/01/2033 | 900 | &nbsp;&nbsp; 792933 |
| Commonwealth Financing Authority, Series 2009, RB | 6.22% | 06/01/2039 | 160 | &nbsp;&nbsp; 171218 |
| Commonwealth Financing Authority, Series 2010 C-2, RB | 5.59% | 06/01/2030 | 2000 | &nbsp;&nbsp; 2052932 |
| Commonwealth Financing Authority, Series 2016 A, RB | 3.74% | 06/01/2029 | 10 | &nbsp;&nbsp; 10001 |
| Commonwealth Financing Authority, Series 2016 A, RB | 4.01% | 06/01/2033 | 45 | &nbsp;&nbsp; 45028 |
| Commonwealth Financing Authority, Series 2016 A, RB | 4.14% | 06/01/2038 | 35 | &nbsp;&nbsp; 34036 |
| Commonwealth Financing Authority, Series 2018 A, RB | 3.73% | 06/01/2030 | 165 | &nbsp;&nbsp; 164452 |
| Commonwealth Financing Authority, Series 2018 A, RB | 3.86% | 06/01/2038 | 1025 | &nbsp;&nbsp; 977683 |
| Commonwealth Financing Authority, Series 2019 A, RB | 3.81% | 06/01/2041 | 950 | &nbsp;&nbsp; 858429 |
| Commonwealth Financing Authority, Series 2019 A, RB, (INS - AGI)<sup>(a)</sup> | 3.66% | 06/01/2038 | 400 | &nbsp;&nbsp; 370004 |
| Commonwealth Financing Authority, Series 2020 C, Ref. RB | 3.53% | 06/01/2042 | 900 | &nbsp;&nbsp; 781437 |
| Commonwealth Financing Authority, Series 2021 A, RB | 2.99% | 06/01/2042 | 900 | &nbsp;&nbsp; 724083 |
| Erie (City & County of), PA Water Authority, Series 2020 A, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.01% | 12/01/2047 | 1400 | &nbsp;&nbsp; 1028653 |
| Erie (City & County of), PA Water Authority, Series 2020 C, RB, (INS - AGI)<sup>(a)</sup> | 3.46% | 06/01/2060 | 3140 | &nbsp;&nbsp; 2260310 |
| Harrisburg School District, Series 2020 C, Ref. GO Bonds, (INS - BAM)<sup>(a)</sup> | 2.73% | 12/01/2035 | 25 | &nbsp;&nbsp; 21727 |
| Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.23% | 12/01/2050 | 600 | &nbsp;&nbsp; 429742 |
| Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.48% | 12/01/2055 | 1000 | &nbsp;&nbsp; 720669 |
| Lehigh (County of), PA Authority, Series 2020, Ref. RB, (INS - BAM)<sup>(a)</sup> | 3.63% | 12/01/2059 | 2450 | &nbsp;&nbsp; 1777932 |

---

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

------

**228**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Pennsylvania-(continued)** |  |  |  |  |
| Pennsylvania (Commonwealth of), Series 2021, Ref. GO Bonds | 1.45% | 08/01/2027 | $30 | &nbsp;&nbsp; $29136 |
| Pennsylvania (Commonwealth of), Series 2021, Ref. GO Bonds | 1.63% | 08/01/2028 | 500 | &nbsp;&nbsp; 478149 |
| Pennsylvania (Commonwealth of), Series 2021, Ref. GO Bonds | 1.85% | 08/01/2029 | 45 | &nbsp;&nbsp; 42534 |
| Pennsylvania (Commonwealth of), Series 2021, Ref. GO Bonds | 1.95% | 08/01/2030 | 10 | &nbsp;&nbsp; 9312 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2010, RB | 6.53% | 06/15/2039 | 1195 | &nbsp;&nbsp; 1329400 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority, Series 2017 B, <br> RB<br>| 3.20% | 11/15/2027 | 25 | &nbsp;&nbsp; 24807 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System <br> Higher Education), Series 2021, RB<br>| 2.15% | 06/15/2029 | 15 | &nbsp;&nbsp; 14332 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System <br> Higher Education), Series 2021, RB<br>| 2.30% | 06/15/2030 | 5 | &nbsp;&nbsp; 4729 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System <br> Higher Education), Series 2021, RB<br>| 2.50% | 06/15/2032 | 25 | &nbsp;&nbsp; 23077 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System <br> Higher Education), Series 2021, RB<br>| 2.62% | 06/15/2033 | 5 | &nbsp;&nbsp; 4566 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System <br> Higher Education), Series 2021, RB<br>| 2.78% | 06/15/2035 | 200 | &nbsp;&nbsp; 178051 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System <br> Higher Education), Series 2021, RB<br>| 2.85% | 06/15/2036 | 1000 | &nbsp;&nbsp; 878712 |
| Pennsylvania (Commonwealth of) Economic Development Financing Authority (State System <br> Higher Education), Series 2021, RB<br>| 3.14% | 06/15/2042 | 900 | &nbsp;&nbsp; 754464 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2010, RB | 6.14% | 04/01/2030 | 950 | &nbsp;&nbsp; 986654 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority, Series 2024, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 4.87% | 11/01/2028 | 5 | &nbsp;&nbsp; 5122 |
| Pennsylvania (Commonwealth of) Higher Educational Facilities Authority (Thomas Jefferson <br> University), Series 2024, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 5.26% | 11/01/2033 | 55 | &nbsp;&nbsp; 58471 |
| Pennsylvania (Commonwealth of) Public School Building Authority (Philadelphia School District), <br> Series 2011, RB<br>| 5.09% | 09/15/2029 | 25 | &nbsp;&nbsp; 26150 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2019, Ref. RB | 3.78% | 12/01/2042 | 15 | &nbsp;&nbsp; 13235 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2019, Ref. RB | 3.58% | 12/01/2043 | 55 | &nbsp;&nbsp; 46295 |
| Pennsylvania (Commonwealth of) Turnpike Commission, First Series 2020, Ref. RB | 3.44% | 12/01/2043 | 2900 | &nbsp;&nbsp; 2361797 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB | 6.38% | 12/01/2037 | 665 | &nbsp;&nbsp; 735614 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2009, RB | 6.11% | 12/01/2039 | 1393 | &nbsp;&nbsp; 1533876 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020 A, Ref. RB | 3.42% | 12/01/2041 | 150 | &nbsp;&nbsp; 126466 |
| Pennsylvania (Commonwealth of) Turnpike Commission, Series 2020, Ref. RB | 3.25% | 12/01/2043 | 45 | &nbsp;&nbsp; 35642 |
| Pennsylvania State University (The), Series 2020 D, RB | 2.40% | 09/01/2032 | 5 | &nbsp;&nbsp; 4583 |
| Pennsylvania State University (The), Series 2020 D, RB | 2.47% | 09/01/2033 | 5 | &nbsp;&nbsp; 4517 |
| Pennsylvania State University (The), Series 2020 D, RB | 2.84% | 09/01/2050 | 1200 | &nbsp;&nbsp; 842292 |
| Philadelphia (City of), PA, Series 2020 B, Ref. RB<sup>(c)</sup> | 1.73% | 11/01/2028 | 20 | &nbsp;&nbsp; 19109 |
| Philadelphia (City of), PA, Series 2025 B, GO Bonds | 4.58% | 08/01/2029 | 30 | &nbsp;&nbsp; 30868 |
| Philadelphia (City of), PA, Series 2025 B, GO Bonds | 4.85% | 08/01/2031 | 15 | &nbsp;&nbsp; 15711 |
| Philadelphia (City of), PA Authority for Industrial Development, Series 1999, RB, (INS - AGI)<sup>(a)</sup> | 6.35% | 04/15/2028 | 90 | &nbsp;&nbsp; 93309 |
| Philadelphia (City of), PA Redevelopment Authority, Series 2024 A, RB | 5.23% | 09/01/2040 | 1000 | &nbsp;&nbsp; 1025904 |
| Philadelphia School District (The), Series 2010 B, GO Bonds | 6.62% | 06/01/2030 | 950 | &nbsp;&nbsp; 993663 |
| Philadelphia School District (The), Series 2010, GO Bonds | 6.77% | 06/01/2040 | 35 | &nbsp;&nbsp; 38577 |
| Philadelphia School District (The), Series 2011 A, GO Bonds | 6.00% | 09/01/2030 | 85 | &nbsp;&nbsp; 91461 |
| Pittsburgh (City of), PA, Series 2020 B, Ref. GO Bonds | 1.19% | 09/01/2026 | 3000 | &nbsp;&nbsp; 2963781 |
| Pocono Mountains Industrial Park Authority (St. Luke's University Health Network), Series 2018, <br> RB<br>| 5.05% | 08/15/2049 | 1500 | &nbsp;&nbsp; 1414112 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2017 C, Ref. <br> RB<br>| 3.01% | 09/15/2041 | 750 | &nbsp;&nbsp; 631430 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2019, RB | 3.56% | 09/15/2119 | 480 | &nbsp;&nbsp; 315041 |
|  |  |  |  | &nbsp;&nbsp; 31406218 |
| **Rhode Island-0.03%** |  |  |  |  |
| Narragansett Bay Commission, Series 2020, Ref. RB | 2.92% | 09/01/2043 | 250 | &nbsp;&nbsp; 199496 |
| Rhode Island Convention Center Authority, Series 2006 A, RB, (INS - AGI)<sup>(a)</sup> | 6.06% | 05/15/2035 | 35 | &nbsp;&nbsp; 38630 |
| Rhode Island Convention Center Authority, Series 2017 A, Ref. RB | 3.27% | 05/15/2027 | 20 | &nbsp;&nbsp; 19898 |

---

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

------

**229**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Rhode Island-(continued)** |  |  |  |  |
| Rhode Island Housing & Mortgage Finance Corp., Series 2020, RB | 2.99% | 10/01/2038 | $15 | &nbsp;&nbsp; $12377 |
| Woonsocket (City of), RI, Series 2002, GO Bonds, (INS - AGI)<sup>(a)</sup> | 6.29% | 07/15/2032 | 10 | &nbsp;&nbsp; 10488 |
|  |  |  |  | &nbsp;&nbsp; 280889 |
| **South Carolina-0.76%** |  |  |  |  |
| Charleston Educational Excellence Finance Corp. (Charleston County School), Series 2020, Ref. <br> RB<br>| 1.92% | 12/01/2030 | 1280 | &nbsp;&nbsp; 1186041 |
| Columbia (City of), SC, Series 2021 B, Ref. RB | 3.01% | 02/01/2049 | 245 | &nbsp;&nbsp; 177573 |
| Columbia Facilities Corp. (City of Columbia), Series 2021, RB | 3.14% | 06/01/2051 | 200 | &nbsp;&nbsp; 142499 |
| Greenville-Spartanburg Airport District, Series 2024 B, RB | 5.59% | 07/01/2048 | 190 | &nbsp;&nbsp; 194305 |
| Horry (County of), SC, Series 2010, RB | 7.33% | 07/01/2040 | 25 | &nbsp;&nbsp; 29532 |
| South Carolina (State of) Jobs-Economic Development Authority (Conway Hospital, Inc.), <br> Series 2020, RB, (INS - AGI)<sup>(a)</sup><br>| 2.73% | 07/01/2030 | 400 | &nbsp;&nbsp; 377251 |
| South Carolina (State of) Port Authority, Series 2019 D, Ref. RB | 3.66% | 07/01/2045 | 1000 | &nbsp;&nbsp; 833565 |
| South Carolina (State of) Public Service Authority, Series 2010 C, RB | 6.45% | 01/01/2050 | 1850 | &nbsp;&nbsp; 2021871 |
| South Carolina (State of) Public Service Authority, Series 2012, RB | 4.55% | 12/01/2030 | 1315 | &nbsp;&nbsp; 1342739 |
| South Carolina (State of) Public Service Authority, Series 2013 C, Ref. RB | 5.78% | 12/01/2041 | 50 | &nbsp;&nbsp; 53671 |
| South Carolina (State of) Public Service Authority, Series 2015 D, RB | 4.77% | 12/01/2045 | 215 | &nbsp;&nbsp; 207261 |
| South Carolina (State of) Public Service Authority, Series 2020 B, Ref. RB | 1.85% | 12/01/2026 | 35 | &nbsp;&nbsp; 34506 |
| South Carolina (State of) Public Service Authority, Series 2020 B, Ref. RB | 2.33% | 12/01/2028 | 10 | &nbsp;&nbsp; 9626 |
| South Carolina (State of) Public Service Authority, Series 2020 B, Ref. RB | 2.43% | 12/01/2029 | 90 | &nbsp;&nbsp; 85625 |
| South Carolina (State of) Public Service Authority, Series 2020 B, Ref. RB | 2.53% | 12/01/2030 | 55 | &nbsp;&nbsp; 51684 |
| South Carolina (State of) Public Service Authority, Series 2020 B, Ref. RB | 2.58% | 12/01/2031 | 15 | &nbsp;&nbsp; 13883 |
| South Carolina (State of) Public Service Authority, Series 2020 B, Ref. RB | 2.66% | 12/01/2032 | 5 | &nbsp;&nbsp; 4559 |
| South Carolina (State of) Public Service Authority, Series 2022 D, Ref. RB, (INS - AGI)<sup>(a)</sup> | 6.45% | 12/01/2042 | 10 | &nbsp;&nbsp; 11539 |
| Spartanburg (City of), SC Regional Health Services District, Series 2017, Ref. RB | 4.23% | 04/15/2038 | 110 | &nbsp;&nbsp; 104738 |
| Spartanburg Regional Health Services District, Series 2020 B, RB, (INS - AGI)<sup>(a)</sup> | 3.55% | 04/15/2050 | 180 | &nbsp;&nbsp; 135287 |
| Spartanburg Stadium Facilities Corp., Series 2024, RB | 6.11% | 11/01/2054 | 1000 | &nbsp;&nbsp; 1041937 |
|  |  |  |  | &nbsp;&nbsp; 8059692 |
| **South Dakota-0.01%** |  |  |  |  |
| South Dakota (State of) Health & Educational Facilities Authority (Avera Health), Series 2019 B, <br> Ref. RB<br>| 3.69% | 07/01/2042 | 150 | &nbsp;&nbsp; 129585 |
| South Dakota (State of) Health & Educational Facilities Authority (Monument Health), <br> Series 2020, RB<br>| 3.84% | 09/01/2043 | 10 | &nbsp;&nbsp; 8657 |
|  |  |  |  | &nbsp;&nbsp; 138242 |
| **Tennessee-0.91%** |  |  |  |  |
| Memphis (City of), TN, Series 2010 F, GO Bonds | 6.04% | 07/01/2034 | 1000 | &nbsp;&nbsp; 1101050 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO <br> Bonds<br>| 1.39% | 07/01/2030 | 100 | &nbsp;&nbsp; 91105 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO <br> Bonds<br>| 1.49% | 07/01/2031 | 1000 | &nbsp;&nbsp; 892567 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO <br> Bonds<br>| 1.59% | 07/01/2032 | 135 | &nbsp;&nbsp; 118056 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government, Series 2021 B, Ref. GO <br> Bonds<br>| 1.79% | 07/01/2034 | 200 | &nbsp;&nbsp; 168140 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Vanderbilt University Medical Center), Series 2016, Ref. RB<br>| 3.44% | 10/01/2046 | 950 | &nbsp;&nbsp; 790478 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Health & Educational <br> Facilities Board (The) (Vanderbilt University Medical Center), Series 2021 B, RB<br>| 3.24% | 07/01/2052 | 750 | &nbsp;&nbsp; 503896 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2010 B, RB<br>| 6.73% | 07/01/2043 | 1025 | &nbsp;&nbsp; 1123362 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2010, GO Bonds<br>| 5.71% | 07/01/2034 | 825 | &nbsp;&nbsp; 872726 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government of Convention Center <br> Authority, Series 2021 B, Ref. GO Bonds<br>| 1.34% | 07/01/2029 | 70 | &nbsp;&nbsp; 65185 |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority <br> (Stadium), Series 2023 D, RB<br>| 5.45% | 07/01/2043 | 1000 | &nbsp;&nbsp; 1062896 |

---

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

------

**230**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Tennessee-(continued)** |  |  |  |  |
| Nashville (City of) & Davidson (County of), TN Metropolitan Government Sports Authority <br> (Stadium), Series 2023 D, RB<br>| 5.60% | 07/01/2056 | $1500 | &nbsp;&nbsp; $1577776 |
| Tennessee (State of) School Bond Authority, Series 2021, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 0.73% | 11/01/2026 | 200 | &nbsp;&nbsp; 196069 |
| Tennessee Energy Acquisition Corp., Series 2023 A-2, Ref. RB | 5.75% | 05/01/2028 | 10 | &nbsp;&nbsp; 10217 |
| Tennessee Housing Development Agency, Series 2024-2B, RB, (CEP - GNMA) | 5.98% | 07/01/2054 | 1000 | &nbsp;&nbsp; 1023609 |
| Tennessee State School Bond Authority, Series 2021, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 1.51% | 11/01/2031 | 30 | &nbsp;&nbsp; 26697 |
|  |  |  |  | &nbsp;&nbsp; 9623829 |
| **Texas-10.83%** |  |  |  |  |
| Austin (City of), TX, Series 2019, RB | 2.84% | 11/15/2027 | 35 | &nbsp;&nbsp; 34602 |
| Austin (City of), TX, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 2.86% | 11/15/2042 | 2485 | &nbsp;&nbsp; 1968059 |
| Bexar (County of), TX, Series 2020 B, Ref. GO Bonds | 2.16% | 06/15/2040 | 90 | &nbsp;&nbsp; 67288 |
| Bexar (County of), TX, Series 2021, Ref. GO Bonds | 1.85% | 06/15/2030 | 40 | &nbsp;&nbsp; 37284 |
| Bexar (County of), TX, Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup> | 3.03% | 08/15/2041 | 1425 | &nbsp;&nbsp; 1181423 |
| Board of Regents of the University of North Texas System, Series 2025 B, Ref. RB | 4.32% | 04/15/2029 | 15 | &nbsp;&nbsp; 15300 |
| Board of Regents of the University of North Texas System, Series 2025 B, Ref. RB | 4.35% | 04/15/2030 | 15 | &nbsp;&nbsp; 15363 |
| Board of Regents of the University of Texas System, Series 2010 C, RB | 4.64% | 08/15/2030 | 8000 | &nbsp;&nbsp; 8155114 |
| Board of Regents of the University of Texas System, Series 2010 C, RB | 4.79% | 08/15/2046 | 2000 | &nbsp;&nbsp; 1948660 |
| Clint Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 2.34% | 02/15/2045 | 250 | &nbsp;&nbsp; 173074 |
| Colony Local Development Corp., Series 2013 A, RB, (INS - BHAC)<sup>(a)</sup> | 4.88% | 10/01/2047 | 950 | &nbsp;&nbsp; 918578 |
| Corpus Christi (City of), TX, Series 2020, Ref. RB | 2.81% | 07/15/2040 | 285 | &nbsp;&nbsp; 231542 |
| Corpus Christi (Port of) and Nueces (County of), TX, Series 2018 B, RB | 5.00% | 12/01/2048 | 10 | &nbsp;&nbsp; 9694 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. <br> RB<br>| 1.65% | 11/01/2026 | 500 | &nbsp;&nbsp; 493124 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2020 C, Ref. <br> RB<br>| 2.92% | 11/01/2050 | 900 | &nbsp;&nbsp; 658606 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. <br> RB<br>| 1.73% | 11/01/2027 | 1000 | &nbsp;&nbsp; 971924 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. <br> RB<br>| 1.93% | 11/01/2028 | 750 | &nbsp;&nbsp; 720498 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. <br> RB<br>| 2.04% | 11/01/2029 | 1500 | &nbsp;&nbsp; 1422987 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. <br> RB<br>| 2.14% | 11/01/2030 | 2000 | &nbsp;&nbsp; 1872104 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. <br> RB<br>| 2.74% | 11/01/2035 | 2000 | &nbsp;&nbsp; 1769372 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. <br> RB<br>| 2.87% | 11/01/2037 | 1500 | &nbsp;&nbsp; 1293014 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2021, Ref. <br> RB<br>| 2.84% | 11/01/2046 | 2500 | &nbsp;&nbsp; 1900232 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB | 4.09% | 11/01/2051 | 1500 | &nbsp;&nbsp; 1285686 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2022 A, RB | 4.51% | 11/01/2051 | 3400 | &nbsp;&nbsp; 3085152 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref. <br> RB<br>| 5.00% | 11/01/2042 | 800 | &nbsp;&nbsp; 810666 |
| Dallas & Fort Worth (Cities of), TX (Dallas/Fort Worth International Airport), Series 2023 A, Ref. <br> RB<br>| 5.05% | 11/01/2047 | 200 | &nbsp;&nbsp; 200383 |
| Dallas (City of), TX, Series 2005 A, GO Bonds | 5.20% | 02/15/2035 | 40 | &nbsp;&nbsp; 42098 |
| Dallas (City of), TX, Series 2005 B, GO Bonds<sup>(b)</sup> | 0.00% | 02/15/2027 | 5 | &nbsp;&nbsp; 4828 |
| Dallas (City of), TX, Series 2005 B, GO Bonds<sup>(b)</sup> | 0.00% | 02/15/2031 | 15 | &nbsp;&nbsp; 12463 |
| Dallas (City of), TX, Series 2005 B, GO Bonds<sup>(b)</sup> | 0.00% | 02/15/2032 | 1500 | &nbsp;&nbsp; 1192838 |
| Dallas (City of), TX, Series 2005 B, GO Bonds<sup>(b)</sup> | 0.00% | 02/15/2034 | 25 | &nbsp;&nbsp; 18135 |
| Dallas (City of), TX, Series 2005 B, GO Bonds<sup>(b)</sup> | 0.00% | 02/15/2035 | 10 | &nbsp;&nbsp; 6883 |
| Dallas (City of), TX, Series 2020 D, Ref. RB | 1.73% | 10/01/2029 | 60 | &nbsp;&nbsp; 56201 |
| Dallas (City of), TX Area Rapid Transit, Series 2009 B, RB | 6.00% | 12/01/2044 | 2510 | &nbsp;&nbsp; 2638017 |
| Dallas (City of), TX Area Rapid Transit, Series 2020 C, Ref. RB | 2.82% | 12/01/2042 | 10 | &nbsp;&nbsp; 7945 |

---

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

------

**231**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Dallas (City of), TX Area Rapid Transit, Series 2020, Ref. RB | 1.15% | 12/01/2026 | $10 | &nbsp;&nbsp; $9819 |
| Dallas (City of), TX Area Rapid Transit, Series 2021 A, Ref. RB | 2.61% | 12/01/2048 | 1540 | &nbsp;&nbsp; 1100469 |
| Dallas (City of), TX Independent School District, Series 2022 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | 10 | &nbsp;&nbsp; 10553 |
| Dallas Convention Center Hotel Development Corp., Series 2009, RB | 7.09% | 01/01/2042 | 2675 | &nbsp;&nbsp; 3039951 |
| Denison Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 2.74% | 08/01/2041 | 4500 | &nbsp;&nbsp; 3671380 |
| Denton Independent School District, Series 2020 A, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 2.56% | 08/15/2045 | 180 | &nbsp;&nbsp; 130610 |
| Fort Bend Independent School District, Series 2018, GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 4.18% | 08/15/2048 | 80 | &nbsp;&nbsp; 72062 |
| Fort Worth (City of), TX, Series 2017 B, RB | 4.09% | 03/01/2037 | 1035 | &nbsp;&nbsp; 1014627 |
| Fort Worth (City of), TX, Series 2017 B, RB | 4.24% | 03/01/2047 | 25 | &nbsp;&nbsp; 22500 |
| Grand Parkway Transportation Corp., Series 2013 E, RB | 5.18% | 10/01/2042 | 245 | &nbsp;&nbsp; 257283 |
| Grand Parkway Transportation Corp., Series 2020, Ref. RB | 3.22% | 10/01/2049 | 740 | &nbsp;&nbsp; 560379 |
| Grand Parkway Transportation Corp., Series 2020, Ref. RB | 3.24% | 10/01/2052 | 3800 | &nbsp;&nbsp; 2794461 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 B, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.71% | 11/15/2056 | 100 | &nbsp;&nbsp; 74460 |
| Harris (County of) & Houston (City of), TX Sports Authority, Series 2020 C, Ref. RB, <br> (INS - AGI)<sup>(a)</sup><br>| 3.86% | 11/15/2040 | 2155 | &nbsp;&nbsp; 1965642 |
| Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center), Series 2020, <br> RB<br>| 3.64% | 05/15/2050 | 100 | &nbsp;&nbsp; 79075 |
| Houston (City of), TX, Series 2005, GO Bonds | 5.31% | 03/01/2035 | 5 | &nbsp;&nbsp; 5279 |
| Houston (City of), TX, Series 2006 A, GO Bonds | 5.51% | 03/01/2036 | 435 | &nbsp;&nbsp; 467738 |
| Houston (City of), TX, Series 2014 B, RB | 3.83% | 05/15/2028 | 1150 | &nbsp;&nbsp; 1154454 |
| Houston (City of), TX, Series 2017, GO Bonds | 4.06% | 03/01/2035 | 5 | &nbsp;&nbsp; 4945 |
| Houston (City of), TX, Series 2017, GO Bonds | 3.96% | 03/01/2047 | 1860 | &nbsp;&nbsp; 1649234 |
| Houston (City of), TX, Series 2018, Ref. RB | 3.72% | 11/15/2028 | 10 | &nbsp;&nbsp; 10050 |
| Houston (City of), TX, Series 2018, Ref. RB | 3.92% | 11/15/2030 | 120 | &nbsp;&nbsp; 120766 |
| Houston (City of), TX, Series 2018, Ref. RB | 3.97% | 11/15/2031 | 1165 | &nbsp;&nbsp; 1170749 |
| Houston (City of), TX, Series 2019 C, Ref. RB | 2.26% | 11/15/2029 | 500 | &nbsp;&nbsp; 477211 |
| Houston (City of), TX, Series 2019 C, Ref. RB | 2.36% | 11/15/2030 | 205 | &nbsp;&nbsp; 193439 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 1.72% | 07/01/2026 | 35 | &nbsp;&nbsp; 34759 |
| Houston (City of), TX, Series 2020 C, Ref. RB | 1.82% | 07/01/2027 | 1000 | &nbsp;&nbsp; 974441 |
| Keller Independent School District, Series 2021, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2031 | 20 | &nbsp;&nbsp; 21263 |
| Mansfield Independent School District, Series 2020, Ref. GO Bonds, <br> (CEP - Texas Permanent School Fund)<br>| 5.00% | 02/15/2030 | 30 | &nbsp;&nbsp; 31661 |
| Midland (City of), TX, Series 2022 A, Ref. GO Bonds | 4.52% | 03/01/2042 | 3000 | &nbsp;&nbsp; 2951575 |
| Midland (City of), TX, Series 2022 A, Ref. GO Bonds | 4.67% | 03/01/2050 | 1450 | &nbsp;&nbsp; 1370875 |
| New Hope Cultural Education Facilities Finance Corp., Series 2016, RB | 4.03% | 04/01/2041 | 100 | &nbsp;&nbsp; 91881 |
| North Texas Tollway Authority, Series 2009 B, RB | 6.72% | 01/01/2049 | 2645 | &nbsp;&nbsp; 2973073 |
| North Texas Tollway Authority, Series 2021, Ref. RB | 3.01% | 01/01/2043 | 1770 | &nbsp;&nbsp; 1410345 |
| Permanent University Fund - Texas A&M University System, Series 2012 B, RB | 3.58% | 07/01/2032 | 70 | &nbsp;&nbsp; 69371 |
| Permanent University Fund - Texas A&M University System, Series 2017 B, Ref. RB | 3.66% | 07/01/2047 | 220 | &nbsp;&nbsp; 186959 |
| Permanent University Fund - Texas A&M University System, Series 2019, RB | 3.10% | 07/01/2049 | 55 | &nbsp;&nbsp; 42069 |
| Permanent University Fund - University of Texas System, Series 2017, RB | 3.38% | 07/01/2047 | 90 | &nbsp;&nbsp; 71457 |
| San Antonio (City of), TX, Series 2012, RB | 4.43% | 02/01/2042 | 1500 | &nbsp;&nbsp; 1473067 |
| San Antonio (City of), TX, Series 2016, Ctfs. Of Obligations | 2.93% | 02/01/2046 | 1345 | &nbsp;&nbsp; 1027269 |
| San Antonio (City of), TX, Series 2020, Ref. GO Bonds | 1.64% | 02/01/2030 | 150 | &nbsp;&nbsp; 139710 |
| San Antonio (City of), TX, Series 2020, Ref. RB | 2.91% | 02/01/2048 | 50 | &nbsp;&nbsp; 37409 |
| San Antonio (City of), TX, Series 2022, GO Bonds | 4.53% | 02/01/2042 | 2000 | &nbsp;&nbsp; 1947990 |
| San Antonio (City of), TX, Series 2022, RB | 4.37% | 02/01/2042 | 1030 | &nbsp;&nbsp; 980873 |
| San Antonio (City of), TX, Series 2025 A, RB | 3.86% | 02/01/2030 | 5 | &nbsp;&nbsp; 5051 |
| San Antonio (City of), TX, Series 2025 A, RB | 5.47% | 02/01/2045 | 3520 | &nbsp;&nbsp; 3661482 |
| Tarrant County Cultural Education Facilities Finance Corp., Series 2013, RB | 4.45% | 11/15/2043 | 55 | &nbsp;&nbsp; 52319 |
| Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated <br> Group), Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.29% | 09/01/2040 | 500 | &nbsp;&nbsp; 426647 |

---

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

------

**232**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Texas-(continued)** |  |  |  |  |
| Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center Obligated <br> Group), Series 2021, Ref. RB, (INS - AGI)<sup>(a)</sup><br>| 3.42% | 09/01/2050 | $1180 | &nbsp;&nbsp; $892784 |
| Texas (State of), Series 2009, GO Bonds | 5.52% | 04/01/2039 | 2418 | &nbsp;&nbsp; 2549630 |
| Texas (State of), Series 2019, Ref. GO Bonds | 3.21% | 04/01/2044 | 1000 | &nbsp;&nbsp; 844582 |
| Texas (State of), Series 2020, Ref. GO Bonds | 2.33% | 10/01/2029 | 15 | &nbsp;&nbsp; 14431 |
| Texas (State of), Series 2020, Ref. GO Bonds | 3.23% | 10/01/2039 | 5 | &nbsp;&nbsp; 4434 |
| Texas (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 10/01/2026 | 450 | &nbsp;&nbsp; 453366 |
| Texas (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 10/01/2027 | 175 | &nbsp;&nbsp; 179162 |
| Texas (State of), Series 2021 A, Ref. GO Bonds | 5.00% | 10/01/2028 | 250 | &nbsp;&nbsp; 259697 |
| Texas (State of), Series 2021 A, Ref. GO Bonds | 4.00% | 10/01/2029 | 1000 | &nbsp;&nbsp; 1017975 |
| Texas (State of), Series 2021 A, Ref. GO Bonds | 1.84% | 10/01/2030 | 780 | &nbsp;&nbsp; 724042 |
| Texas (State of), Series 2021 A, Ref. GO Bonds | 1.94% | 10/01/2031 | 1345 | &nbsp;&nbsp; 1229191 |
| Texas (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 10/01/2027 | 730 | &nbsp;&nbsp; 747363 |
| Texas (State of), Series 2021 B, Ref. GO Bonds | 5.00% | 10/01/2028 | 185 | &nbsp;&nbsp; 192176 |
| Texas (State of), Series 2021 B, Ref. GO Bonds | 3.00% | 10/01/2029 | 655 | &nbsp;&nbsp; 644897 |
| Texas (State of), Series 2021 B, Ref. GO Bonds | 1.84% | 10/01/2030 | 200 | &nbsp;&nbsp; 185652 |
| Texas (State of), Series 2021 B, Ref. GO Bonds | 1.94% | 10/01/2031 | 850 | &nbsp;&nbsp; 776812 |
| Texas (State of), Series 2021 B, Ref. GO Bonds | 2.04% | 10/01/2032 | 1570 | &nbsp;&nbsp; 1413642 |
| Texas (State of), Series 2021 B, Ref. GO Bonds | 2.14% | 10/01/2033 | 1000 | &nbsp;&nbsp; 887112 |
| Texas (State of), Series 2023 A, Ref. GO Bonds | 5.69% | 10/01/2031 | 15 | &nbsp;&nbsp; 16237 |
| Texas (State of), Series 2023, GO Bonds | 5.24% | 10/01/2043 | 15 | &nbsp;&nbsp; 15427 |
| Texas (State of), Series 2025, GO Bonds | 4.33% | 10/01/2030 | 10 | &nbsp;&nbsp; 10303 |
| Texas (State of), Series 2025, GO Bonds | 4.48% | 10/01/2031 | 15 | &nbsp;&nbsp; 15572 |
| Texas (State of) Department of Housing & Community Affairs, Series 2020, Ref. RB | 2.04% | 09/01/2030 | 5 | &nbsp;&nbsp; 4657 |
| Texas (State of) Department of Housing & Community Affairs, Series 2024 B, RB, (CEP - GNMA) | 6.00% | 01/01/2054 | 10 | &nbsp;&nbsp; 10504 |
| Texas (State of) Transportation Commission, Series 2020, Ref. GO Bonds | 1.38% | 10/01/2028 | 30 | &nbsp;&nbsp; 28470 |
| Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, <br> Ref. RB<br>| 3.03% | 08/15/2041 | 1950 | &nbsp;&nbsp; 1581506 |
| Texas (State of) Transportation Commission State Highway Fund, Series 2010 B, RB | 5.18% | 04/01/2030 | 3765 | &nbsp;&nbsp; 3882265 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 B, RB | 4.92% | 10/15/2044 | 600 | &nbsp;&nbsp; 601761 |
| Texas (State of) Water Development Board (Master Trust), Series 2024 B, RB | 4.99% | 10/15/2054 | 500 | &nbsp;&nbsp; 487493 |
| Texas A&M University, Series 2016, RB | 3.99% | 05/15/2037 | 10 | &nbsp;&nbsp; 9782 |
| Texas A&M University, Series 2017 A, Ref. RB | 3.43% | 05/15/2030 | 20 | &nbsp;&nbsp; 19896 |
| Texas A&M University, Series 2017 A, Ref. RB | 3.48% | 05/15/2031 | 5 | &nbsp;&nbsp; 4955 |
| Texas A&M University, Series 2017 B, Ref. RB | 3.29% | 05/15/2031 | 150 | &nbsp;&nbsp; 147270 |
| Texas A&M University, Series 2017 D, RB | 3.82% | 05/15/2047 | 5 | &nbsp;&nbsp; 4314 |
| Texas A&M University, Series 2019 A, RB | 4.20% | 05/15/2048 | 2450 | &nbsp;&nbsp; 2198213 |
| Texas A&M University, Series 2019 B, Ref. RB | 2.62% | 05/15/2029 | 950 | &nbsp;&nbsp; 925315 |
| Texas A&M University, Series 2019 B, Ref. RB | 3.33% | 05/15/2039 | 10 | &nbsp;&nbsp; 8991 |
| Texas A&M University, Series 2019 B, Ref. RB | 3.48% | 05/15/2049 | 30 | &nbsp;&nbsp; 24437 |
| Texas A&M University, Series 2021 B, RB | 2.81% | 05/15/2041 | 1000 | &nbsp;&nbsp; 808753 |
| Texas Natural Gas Securitization Finance Corp., Series 2023 A-1, RB | 5.10% | 04/01/2035 | 1637 | &nbsp;&nbsp; 1706649 |
| Texas Natural Gas Securitization Finance Corp., Series 2023 A-2, RB | 5.17% | 04/01/2041 | 6480 | &nbsp;&nbsp; 6761950 |
| Texas Private Activity Bond Surface Transportation Corp. (NTE Mobility Partners LLC - North <br> Tarrant Express Managed Lanes), Series 2019 B, Ref. RB<br>| 3.92% | 12/31/2049 | 2770 | &nbsp;&nbsp; 2312339 |
| Texas Public Finance Authority, Series 2020, RB | 1.33% | 02/01/2028 | 40 | &nbsp;&nbsp; 38359 |
| Texas Public Finance Authority, Series 2020, RB | 1.52% | 02/01/2030 | 165 | &nbsp;&nbsp; 152321 |
| Texas Public Finance Authority, Series 2021, RB | 2.96% | 02/01/2041 | 15 | &nbsp;&nbsp; 12349 |
| Texas Transportation Finance Corp., Series 2025, RB | 4.43% | 10/01/2034 | 1080 | &nbsp;&nbsp; 1098800 |
| Travis County Healthcare District, Series 2023 B, GO Bonds | 5.48% | 03/01/2043 | 750 | &nbsp;&nbsp; 772238 |
| University of Houston, Series 2024 B, RB | 5.27% | 02/15/2055 | 2000 | &nbsp;&nbsp; 1976067 |
| Uptown Development Authority, Series 2021 B, RB, (INS - AGI)<sup>(a)</sup> | 3.46% | 09/01/2040 | 1185 | &nbsp;&nbsp; 1015162 |
| Waco Educational Finance Corp. (Baylor University), Series 2020, Ref. RB | 2.84% | 03/01/2040 | 170 | &nbsp;&nbsp; 139532 |
| Williamson (County of), TX, Series 2021, Ref. GO Bonds | 1.06% | 02/15/2028 | 70 | &nbsp;&nbsp; 66801 |
|  |  |  |  | &nbsp;&nbsp; 115133455 |
| **Utah-0.14%** |  |  |  |  |
| Salt Lake (County of), UT Municipal Building Authority, Series 2009 B, RB | 5.82% | 12/01/2029 | 325 | &nbsp;&nbsp; 334987 |

---

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

------

**233**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Utah-(continued)** |  |  |  |  |
| Utah Municipal Power Agency, Series 2016 A, RB | 3.81% | 07/01/2036 | $40 | &nbsp;&nbsp; $38484 |
| Utah Transit Authority, Series 2019 B, Ref. RB | 3.44% | 12/15/2042 | 5 | &nbsp;&nbsp; 4196 |
| Utah Transit Authority, Series 2021, Ref. RB<sup>(c)</sup> | 2.29% | 12/15/2032 | 1250 | &nbsp;&nbsp; 1137644 |
|  |  |  |  | &nbsp;&nbsp; 1515311 |
| **Virgin Islands-0.08%** |  |  |  |  |
| Virgin Islands (Government of) Water & Power Authority (Electric System), Series 2010 C, RB, <br> (INS - AGI)<sup>(a)</sup><br>| 6.85% | 07/01/2035 | 745 | &nbsp;&nbsp; 821844 |
| **Virginia-1.00%** |  |  |  |  |
| Norfolk (City of), VA, Series 2010, GO Bonds | 5.91% | 03/01/2029 | 20 | &nbsp;&nbsp; 21018 |
| Richmond (City of), VA, Series 2020 B, Ref. RB | 3.54% | 01/15/2043 | 250 | &nbsp;&nbsp; 218540 |
| University of Virginia, Series 2017 C, RB | 4.18% | 09/01/2117 | 1000 | &nbsp;&nbsp; 770569 |
| University of Virginia, Series 2019 A, RB | 3.23% | 09/01/2119 | 1200 | &nbsp;&nbsp; 713037 |
| University of Virginia, Series 2020, Ref. RB | 2.26% | 09/01/2050 | 2055 | &nbsp;&nbsp; 1248919 |
| University of Virginia, Series 2021 B, Ref. RB | 2.58% | 11/01/2051 | 2585 | &nbsp;&nbsp; 1660751 |
| Virginia (Commonwealth of) College Building Authority, Series 2021, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 1.13% | 09/01/2028 | 10 | &nbsp;&nbsp; 9436 |
| Virginia (Commonwealth of) College Building Authority, Series 2021, Ref. RB, <br> (CEP - Colorado Higher Education Intercept Program)<br>| 1.33% | 09/01/2029 | 5 | &nbsp;&nbsp; 4637 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2020, Ref. RB<br>| 1.64% | 02/01/2029 | 5 | &nbsp;&nbsp; 4724 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2020, Ref. RB<br>| 1.74% | 02/01/2030 | 5 | &nbsp;&nbsp; 4643 |
| Virginia (Commonwealth of) College Building Authority (21st Century College and Equipments <br> Programs), Series 2021, Ref. RB, (CEP - Colorado Higher Education Intercept Program)<br>| 0.94% | 09/01/2027 | 5 | &nbsp;&nbsp; 4813 |
| Virginia (Commonwealth of) Housing Development Authority, Series 2019 A, RB | 2.95% | 10/25/2049 | 103 | &nbsp;&nbsp; 91243 |
| Virginia (Commonwealth of) Housing Development Authority, Series 2020 B, RB | 2.75% | 10/25/2046 | 931 | &nbsp;&nbsp; 803784 |
| Virginia (Commonwealth of) Housing Development Authority, Series 2020 C, RB | 3.63% | 04/01/2050 | 25 | &nbsp;&nbsp; 19201 |
| Virginia (Commonwealth of) Housing Development Authority, Series 2020 C, RB | 3.83% | 04/01/2055 | 1615 | &nbsp;&nbsp; 1253541 |
| Virginia (Commonwealth of) Housing Development Authority, Series 2020 F, RB | 3.28% | 07/01/2050 | 1990 | &nbsp;&nbsp; 1466141 |
| Virginia Commonwealth University Health System Authority, Series 2014, RB | 4.96% | 01/01/2044 | 5 | &nbsp;&nbsp; 4968 |
| Virginia Housing Development Authority, Series 2012, RB | 4.17% | 10/01/2032 | 20 | &nbsp;&nbsp; 20001 |
| Virginia Housing Development Authority, Series 2020, RB | 2.53% | 06/01/2030 | 70 | &nbsp;&nbsp; 67862 |
| Virginia Housing Development Authority, Series 2024, RB | 5.85% | 10/01/2049 | 575 | &nbsp;&nbsp; 587863 |
| Virginia Housing Development Authority, Series 2024, RB | 5.95% | 10/01/2066 | 170 | &nbsp;&nbsp; 173202 |
| William & Mary (College of), VA, Series 2020 B, Ref. RB | 3.12% | 02/15/2051 | 600 | &nbsp;&nbsp; 442471 |
| Williamsburg Economic Development Authority, Series 2025, Ref. RB | 4.96% | 11/01/2035 | 1000 | &nbsp;&nbsp; 1036084 |
|  |  |  |  | &nbsp;&nbsp; 10627448 |
| **Washington-0.80%** |  |  |  |  |
| Benton (County of), WA Public Utility District No. 1, Series 2010, RB | 6.55% | 11/01/2030 | 650 | &nbsp;&nbsp; 691178 |
| Central Puget Sound Regional Transit Authority, Series 2009 S-2T, RB | 5.49% | 11/01/2039 | 1805 | &nbsp;&nbsp; 1886013 |
| Central Washington University (Build America Bonds), Series 2010, RB | 6.95% | 05/01/2040 | 55 | &nbsp;&nbsp; 61353 |
| Cowlitz (County of), WA Public Utility District No. 1, Series 2010, RB | 6.88% | 09/01/2032 | 450 | &nbsp;&nbsp; 491133 |
| Douglas (County of), WA Public Utility District No. 1, Series 2010 1-B, RB | 5.25% | 09/01/2030 | 1020 | &nbsp;&nbsp; 1040809 |
| Douglas (County of), WA Public Utility District No. 1, Series 2010 A, RB | 5.45% | 09/01/2040 | 20 | &nbsp;&nbsp; 21276 |
| Energy Northwest, Series 2025, Ref. RB | 4.22% | 07/01/2029 | 10 | &nbsp;&nbsp; 10191 |
| Energy Northwest (Columbia Generating Station), Series 2021, Ref. RB | 2.35% | 07/01/2034 | 20 | &nbsp;&nbsp; 17521 |
| Grant (County of), WA Public Utility District No. 2 (Preist Rapids Hydroelectric), Series 2010 <br> M,Ref. RB<br>| 5.63% | 01/01/2027 | 5 | &nbsp;&nbsp; 5077 |
| Grant (County of), WA Public Utility District No. 2 (Preist Rapids Hydroelectric), Series 2012, RB | 3.91% | 01/01/2032 | 55 | &nbsp;&nbsp; 55234 |
| Grays Harbor County Public Utility District No 1, Series 2010 A, RB | 6.71% | 07/01/2040 | 95 | &nbsp;&nbsp; 107233 |
| King (County of), WA, Series 2021 C, GO Bonds | 1.69% | 12/01/2028 | 5 | &nbsp;&nbsp; 4775 |
| King (County of), WA (Green Bonds), Series 2021 C, GO Bonds | 1.54% | 12/01/2027 | 10 | &nbsp;&nbsp; 9682 |
| Northwest Infrastructure Financing Corp., Series 2004, RB | 5.38% | 01/01/2034 | 100 | &nbsp;&nbsp; 108738 |
| Pierce County School District No. 10 Tacoma, Series 2020, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 1.65% | 12/01/2030 | 145 | &nbsp;&nbsp; 132628 |

---

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

------

**234**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Washington-(continued)** |  |  |  |  |  |
| Pierce County School District No. 10 Tacoma, Series 2020, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 1.73% | 12/01/2031 | $| 15 | &nbsp;&nbsp; $13461 |
| Pierce County School District No. 10 Tacoma, Series 2020, Ref. GO Bonds, <br> (CEP - Oregon School Bond Guaranty)<br>| 2.36% | 12/01/2039 |  | 310 | &nbsp;&nbsp; 245108 |
| Seattle (Port of), WA, Series 2017, Ref. RB | 3.76% | 05/01/2036 |  | 500 | &nbsp;&nbsp; 478113 |
| Tacoma (City of), WA, Series 2010 B, RB | 5.37% | 12/01/2030 |  | 1000 | &nbsp;&nbsp; 1032888 |
| Washington (State of) Biomedical Research Facilities 3, Series 2010 B, RB | 6.42% | 07/01/2030 |  | 1180 | &nbsp;&nbsp; 1222307 |
| Washington (State of) Convention Center Public Facilities District, Series 2010, RB | 6.79% | 07/01/2040 |  | 15 | &nbsp;&nbsp; 16428 |
| Washington (State of) Health Care Facilities Authority, Series 2017 A, RB | 4.20% | 08/15/2047 |  | 245 | &nbsp;&nbsp; 205977 |
| Washington (State of) Higher Education Facilities Authority (Whitman College), Series 2021, Ref. <br> RB<br>| 2.34% | 01/01/2029 |  | 660 | &nbsp;&nbsp; 637459 |
|  |  |  |  |  | &nbsp;&nbsp; 8494582 |
| **West Virginia-0.15%** |  |  |  |  |  |
| Tobacco Settlement Finance Authority, Series 2020, Ref. RB | 4.31% | 06/01/2049 |  | 1650 | &nbsp;&nbsp; 1313199 |
| Tobacco Settlement Finance Authority, Series 2020-1, Ref. RB | 2.55% | 06/01/2029 |  | 75 | &nbsp;&nbsp; 71584 |
| West Virginia (State of) Hospital Finance Authority (West Virginia University Health System <br> Obligated Group), Series 2020, Ref. RB<br>| 2.03% | 10/01/2029 |  | 45 | &nbsp;&nbsp; 42614 |
| Wheeling Municipal Building Commission, Series 2022, RB | 6.00% | 08/01/2050 |  | 200 | &nbsp;&nbsp; 202873 |
|  |  |  |  |  | &nbsp;&nbsp; 1630270 |
| **Wisconsin-0.85%** |  |  |  |  |  |
| Milwaukee (City of), WI, Series 2023 T-1, GO Bonds, (INS - BAM)<sup>(a)</sup> | 4.60% | 02/01/2028 |  | 25 | &nbsp;&nbsp; 25469 |
| Milwaukee (County of), WI, Series 2009 A, GO Bonds | 6.84% | 12/01/2028 |  | 45 | &nbsp;&nbsp; 47452 |
| Wisconsin (State of), Series 2016 B, Ref. RB | 3.29% | 05/01/2037 |  | 1000 | &nbsp;&nbsp; 903561 |
| Wisconsin (State of), Series 2017 A, Ref. RB | 3.95% | 05/01/2036 |  | 2950 | &nbsp;&nbsp; 2870138 |
| Wisconsin (State of), Series 2017 C, Ref. RB<sup>(c)</sup> | 3.15% | 05/01/2027 |  | 15 | &nbsp;&nbsp; 14920 |
| Wisconsin (State of), Series 2020 A, Ref. RB | 2.43% | 05/01/2031 |  | 10 | &nbsp;&nbsp; 9421 |
| Wisconsin (State of), Series 2020 A, Ref. RB | 2.50% | 05/01/2032 |  | 1900 | &nbsp;&nbsp; 1767377 |
| Wisconsin (State of), Series 2020 E, Ref. RB | 2.20% | 05/01/2027 |  | 20 | &nbsp;&nbsp; 19702 |
| Wisconsin (State of), Series 2020 E, Ref. RB | 2.35% | 05/01/2029 |  | 90 | &nbsp;&nbsp; 86943 |
| Wisconsin (State of), Series 2020 E, Ref. RB | 2.40% | 05/01/2030 |  | 50 | &nbsp;&nbsp; 47758 |
| Wisconsin (State of), Series 2021 A, Ref. RB | 1.15% | 05/01/2027 |  | 40 | &nbsp;&nbsp; 38932 |
| Wisconsin (State of), Series 2021 A, Ref. RB | 1.64% | 05/01/2031 |  | 30 | &nbsp;&nbsp; 27155 |
| Wisconsin (State of), Series 2023 A, Ref. RB | 4.35% | 05/01/2029 |  | 30 | &nbsp;&nbsp; 30670 |
| Wisconsin (State of) Center District, Series 2020 B, Ref. RB, (INS - AGI)<sup>(a)</sup> | 4.17% | 12/15/2050 |  | 1950 | &nbsp;&nbsp; 1657834 |
| Wisconsin (State of) Public Finance Authority, Series 2018, Ref. RB | 4.27% | 07/01/2040 |  | 50 | &nbsp;&nbsp; 47349 |
| Wisconsin (State of) Public Finance Authority (Renown Regional Medical Center), Series 2020, <br> RB, (INS - AGI)<sup>(a)</sup><br>| 3.09% | 06/01/2050 |  | 2000 | &nbsp;&nbsp; 1405011 |
| Wisconsin (State of) Public Finance Authority (Texas Biomedical Research Institute), Series 2021, <br> RB<br>| 3.63% | 06/01/2051 |  | 100 | &nbsp;&nbsp; 57191 |
|  |  |  |  |  | &nbsp;&nbsp; 9056883 |
| Total Municipal Obligations <br>(Cost $1,101,407,748) | Total Municipal Obligations <br>(Cost $1,101,407,748) | Total Municipal Obligations <br>(Cost $1,101,407,748) | Total Municipal Obligations <br>(Cost $1,101,407,748) | Total Municipal Obligations <br>(Cost $1,101,407,748) | &nbsp;&nbsp; 1033491539 |
|  |  |  | **Shares** | **Shares** |  |
| **Money Market Funds-1.49%** |  |  |  |  |  |
| Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $15,801,374) | Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $15,801,374) | Invesco Government & Agency Portfolio, Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $15,801,374) |  | 15801374 | &nbsp;&nbsp; 15801374 |
| TOTAL INVESTMENTS IN SECURITIES<sup>(g)</sup>-98.75% <br>(Cost $1,117,209,122) | TOTAL INVESTMENTS IN SECURITIES<sup>(g)</sup>-98.75% <br>(Cost $1,117,209,122) | TOTAL INVESTMENTS IN SECURITIES<sup>(g)</sup>-98.75% <br>(Cost $1,117,209,122) | TOTAL INVESTMENTS IN SECURITIES<sup>(g)</sup>-98.75% <br>(Cost $1,117,209,122) | TOTAL INVESTMENTS IN SECURITIES<sup>(g)</sup>-98.75% <br>(Cost $1,117,209,122) | &nbsp;&nbsp; 1049292913 |
| OTHER ASSETS LESS LIABILITIES-1.25% | OTHER ASSETS LESS LIABILITIES-1.25% | OTHER ASSETS LESS LIABILITIES-1.25% | OTHER ASSETS LESS LIABILITIES-1.25% | OTHER ASSETS LESS LIABILITIES-1.25% | &nbsp;&nbsp; 13334597 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1062627510 |

---

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

------

**235**

------

**Invesco Taxable Municipal Bond ETF (BAB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| AGI | -Assured Guaranty, Inc. |
| BAM | -Build America Mutual Assurance Co. |
| BHAC | -Berkshire Hathaway Assurance Corp. |
| CEP | -Credit Enhancement Provider |
| COP | -Certificates of Participation |
| Ctfs. | -Certificates |
| FNMA | -Federal National Mortgage Association |
| GNMA | -Government National Mortgage Association |
| GO | -General Obligation |
| INS | -Insurer |
| NATL | -National Public Finance Guarantee Corp. |
| RB | -Revenue Bonds |
| Ref. | -Refunding |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Principal and/or interest payments are secured by the bond insurance company listed. |
| <sup>(b)</sup> | Denotes a zero coupon security issued at a substantial discount from its value at maturity. |
| <sup>(c)</sup> | Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral. |
| <sup>(d)</sup> | Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $24217341 | &nbsp;&nbsp; $72630216 | &nbsp;&nbsp; $(81046183)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $15801374 | &nbsp;&nbsp; $606230 |

---

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<sup>(g)</sup> This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations. 

---

| | |
|:---|:---|
| **Entities** | **Percentage** |
| Assured Guaranty, Inc. | 5.04% |

---

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

------

**236**

------

**Invesco U.S. Hybrid Bond ETF (HBRD)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-98.37%** | **U.S. Dollar Denominated Bonds & Notes-98.37%** | **U.S. Dollar Denominated Bonds & Notes-98.37%** |
| **Automotive Parts & Equipment-0.38%** | **Automotive Parts & Equipment-0.38%** | **Automotive Parts & Equipment-0.38%** |
| Aptiv Swiss Holdings Ltd., 6.88%, <br> 12/15/2054<sup>(b)</sup><br>| $55000 | &nbsp;&nbsp; $57374 |
| **Broadcasting-0.95%** | **Broadcasting-0.95%** | **Broadcasting-0.95%** |
| Paramount Global |  |  |
| 6.25% 02/28/2057<sup>(b)</sup> | 70000 | &nbsp;&nbsp; 54796 |
| 6.38% 03/30/2062<sup>(b)</sup> | 110000 | &nbsp;&nbsp; 86900 |
|  |  | &nbsp;&nbsp; 141696 |
| **Diversified Financial Services-3.20%** | **Diversified Financial Services-3.20%** | **Diversified Financial Services-3.20%** |
| AerCap Ireland Capital DAC/AerCap Global <br> Aviation Trust (Ireland)<br>|  |  |
| 6.95% 03/10/2055<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 84577 |
| 6.50% 01/31/2056<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57055 |
| Apollo Global Management, Inc., 6.00%, <br> 12/15/2054<sup>(b)</sup><br>| 55000 | &nbsp;&nbsp; 52862 |
| Corebridge Financial, Inc. |  |  |
| 6.88% 12/15/2052<sup>(b)</sup> | 110000 | &nbsp;&nbsp; 112423 |
| 6.38% 09/15/2054<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 80060 |
| Equitable Holdings, Inc., 6.70%, 03/28/2055<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57361 |
| Voya Financial, Inc., 4.70%, 01/23/2048<sup>(b)</sup> | 35000 | &nbsp;&nbsp; 33687 |
|  |  | &nbsp;&nbsp; 478025 |
| **Electric Utilities-19.25%** | **Electric Utilities-19.25%** | **Electric Utilities-19.25%** |
| Alliant Energy Corp., 5.75%, 04/01/2056<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 79757 |
| American Electric Power Co., Inc. |  |  |
| 6.95% 12/15/2054<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 70271 |
| 7.05% 12/15/2054<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 47431 |
| Series C, 5.80% 03/15/2056<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 160813 |
| Series D, 6.05% 03/15/2056<sup>(b)</sup> | 160000 | &nbsp;&nbsp; 160626 |
| Brookfield Infrastructure Finance ULC (Canada), <br> 6.75%, 03/15/2055<sup>(b)</sup><br>| 30000 | &nbsp;&nbsp; 30571 |
| Duke Energy Corp., 6.45%, 09/01/2054<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 110677 |
| Edison International |  |  |
| 8.13% 06/15/2053<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57210 |
| 7.88% 06/15/2054<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 52088 |
| Entergy Corp. |  |  |
| 7.13% 12/01/2054<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 136110 |
| 5.88% 06/15/2056<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 65325 |
| 6.10% 06/15/2056<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 75648 |
| EUSHI Finance, Inc. |  |  |
| 7.63% 12/15/2054<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 58101 |
| 6.25% 04/01/2056<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 80614 |
| Evergy, Inc., 6.65%, 06/01/2055<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 56856 |
| Eversource Energy |  |  |
| Series A, 6.10% 08/15/2056<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 80393 |
| Series B, 6.35% 08/15/2056<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 80540 |
| Exelon Corp., 6.50%, 03/15/2055<sup>(b)</sup> | 110000 | &nbsp;&nbsp; 115171 |
| National Rural Utilities Cooperative Finance Corp., <br> 7.13%, 09/15/2053<sup>(b)</sup><br>| 45000 | &nbsp;&nbsp; 47268 |
| Nevada Power Co., 6.25%, 05/15/2055<sup>(b)</sup> | 30000 | &nbsp;&nbsp; 30499 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| 6.75% 06/15/2054<sup>(b)</sup> | $| 120000 | &nbsp;&nbsp; $127713 |
| 6.70% 09/01/2054<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 103896 |
| 6.38% 08/15/2055<sup>(b)</sup> |  | 145000 | &nbsp;&nbsp; 150701 |
| 6.50% 08/15/2055<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 106061 |
| 5.11% 09/29/2057<sup>(c)</sup> |  | 75000 | &nbsp;&nbsp; 68113 |
| 4.80% 12/01/2077<sup>(b)</sup> |  | 55000 | &nbsp;&nbsp; 54586 |
| 5.65% 05/01/2079<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 50832 |
| 3.80% 03/15/2082<sup>(b)</sup> |  | 60000 | &nbsp;&nbsp; 59352 |
| PacifiCorp |  |  |  |
| 7.38% 09/15/2055<sup>(b)</sup> |  | 90000 | &nbsp;&nbsp; 91206 |
| 7.13% 08/15/2056<sup>(b)</sup> |  | 120000 | &nbsp;&nbsp; 117969 |
| Sierra Pacific Power Co., 6.20%, 12/15/2055<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 49754 |
| Southern Co. (The) |  |  |  |
| 6.38% 03/15/2055<sup>(b)</sup> |  | 195000 | &nbsp;&nbsp; 204084 |
| 5.33% 06/21/2057<sup>(c)</sup> |  | 55000 | &nbsp;&nbsp; 53524 |
| TXNM Energy, Inc., 7.00%, 07/31/2056<sup>(b)(c)</sup> |  | 40000 | &nbsp;&nbsp; 40657 |
|  |  |  | &nbsp;&nbsp; 2874417 |
| **Gas Utilities-1.59%** | **Gas Utilities-1.59%** | **Gas Utilities-1.59%** | **Gas Utilities-1.59%** |
| AltaGas Ltd. (Canada), 7.20%, 10/15/2054<sup>(b)(c)</sup> |  | 95000 | &nbsp;&nbsp; 99301 |
| Northwest Natural Holding Co., 7.00%, <br> 09/15/2055<sup>(b)</sup><br>|  | 35000 | &nbsp;&nbsp; 36628 |
| Spire, Inc. |  |  |  |
| 6.25% 06/01/2056<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 50337 |
| 6.45% 06/01/2056<sup>(b)</sup> |  | 50000 | &nbsp;&nbsp; 51092 |
|  |  |  | &nbsp;&nbsp; 237358 |
| **Health Care Services-2.25%** | **Health Care Services-2.25%** | **Health Care Services-2.25%** | **Health Care Services-2.25%** |
| CVS Health Corp. |  |  |  |
| 6.75% 12/10/2054<sup>(b)</sup> |  | 80000 | &nbsp;&nbsp; 83260 |
| 7.00% 03/10/2055<sup>(b)</sup> |  | 240000 | &nbsp;&nbsp; 252578 |
|  |  |  | &nbsp;&nbsp; 335838 |
| **Health Care Supplies-0.40%** | **Health Care Supplies-0.40%** | **Health Care Supplies-0.40%** | **Health Care Supplies-0.40%** |
| DENTSPLY SIRONA, Inc., 8.38%, 09/12/2055<sup>(b)</sup> |  | 60000 | &nbsp;&nbsp; 59986 |
| **Independent Power Producers & Energy Traders-1.03%** | **Independent Power Producers & Energy Traders-1.03%** | **Independent Power Producers & Energy Traders-1.03%** | **Independent Power Producers & Energy Traders-1.03%** |
| AES Corp. (The) |  |  |  |
| 7.60% 01/15/2055<sup>(b)</sup> |  | 100000 | &nbsp;&nbsp; 100597 |
| 6.95% 07/15/2055<sup>(b)</sup> |  | 55000 | &nbsp;&nbsp; 53199 |
|  |  |  | &nbsp;&nbsp; 153796 |
| **Integrated Telecommunication Services-4.26%** | **Integrated Telecommunication Services-4.26%** | **Integrated Telecommunication Services-4.26%** | **Integrated Telecommunication Services-4.26%** |
| Bell Canada (Canada) |  |  |  |
| 6.88% 09/15/2055<sup>(b)</sup> |  | 105000 | &nbsp;&nbsp; 109691 |
| 7.00% 09/15/2055<sup>(b)</sup> |  | 135000 | &nbsp;&nbsp; 142957 |
| British Telecommunications PLC (United <br> Kingdom), 4.88%, 11/23/2081<sup>(b)(c)</sup><br>|  | 55000 | &nbsp;&nbsp; 54030 |
| TELUS Corp. (Canada) |  |  |  |
| 6.63% 10/15/2055<sup>(b)</sup> |  | 75000 | &nbsp;&nbsp; 77500 |
| 7.00% 10/15/2055<sup>(b)</sup> |  | 85000 | &nbsp;&nbsp; 89730 |
| 6.38% 06/09/2056<sup>(b)</sup> |  | 85000 | &nbsp;&nbsp; 86587 |
| 6.63% 06/09/2056<sup>(b)</sup> |  | 75000 | &nbsp;&nbsp; 75634 |
|  |  |  | &nbsp;&nbsp; 636129 |

---

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

------

**237**

------

**Invesco U.S. Hybrid Bond ETF (HBRD)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Investment Banking & Brokerage-1.22%** | **Investment Banking & Brokerage-1.22%** | **Investment Banking & Brokerage-1.22%** |
| Brookfield Finance, Inc. (Canada), 6.30%, <br> 01/15/2055<sup>(b)</sup><br>| $75000 | &nbsp;&nbsp; $74326 |
| Goldman Sachs Capital I, 6.35%, 02/15/2034 | 100000 | &nbsp;&nbsp; 107582 |
|  |  | &nbsp;&nbsp; 181908 |
| **Life & Health Insurance-21.39%** | **Life & Health Insurance-21.39%** | **Life & Health Insurance-21.39%** |
| Aegon Ltd., 5.50%, 04/11/2048<sup>(b)</sup> | 85000 | &nbsp;&nbsp; 86255 |
| American National Group, Inc., 7.00%, <br> 12/01/2055<sup>(b)</sup><br>| 55000 | &nbsp;&nbsp; 54569 |
| Athene Holding Ltd. |  |  |
| 6.63% 10/15/2054<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 62499 |
| 6.88% 06/28/2055<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 62632 |
| Meiji Yasuda Life Insurance Co. (Japan) |  |  |
| 5.10% 04/26/2048<sup>(b)(c)</sup> | 110000 | &nbsp;&nbsp; 111861 |
| 5.80% 09/11/2054<sup>(b)(c)</sup> | 190000 | &nbsp;&nbsp; 193803 |
| 6.10% 06/11/2055<sup>(b)(c)</sup> | 225000 | &nbsp;&nbsp; 233209 |
| MetLife, Inc. |  |  |
| 6.40% 12/15/2036 | 135000 | &nbsp;&nbsp; 141311 |
| 9.25% 04/08/2038<sup>(c)</sup> | 80000 | &nbsp;&nbsp; 95679 |
| 10.75% 08/01/2039 | 55000 | &nbsp;&nbsp; 72884 |
| 5.85% 03/15/2056<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 104301 |
| Series G, 6.35% 03/15/2055<sup>(b)</sup> | 110000 | &nbsp;&nbsp; 114303 |
| Nationwide Financial Services, Inc., 6.75%, <br> 05/15/2037<br>| 45000 | &nbsp;&nbsp; 45493 |
| Nippon Life Insurance Co. (Japan) |  |  |
| 4.00% 09/19/2047<sup>(b)(c)</sup> | 70000 | &nbsp;&nbsp; 69847 |
| 3.40% 01/23/2050<sup>(b)(c)</sup> | 100000 | &nbsp;&nbsp; 95471 |
| 2.75% 01/21/2051<sup>(b)(c)</sup> | 140000 | &nbsp;&nbsp; 127154 |
| 2.90% 09/16/2051<sup>(b)(c)</sup> | 80000 | &nbsp;&nbsp; 72166 |
| 6.25% 09/13/2053<sup>(b)(c)</sup> | 80000 | &nbsp;&nbsp; 85115 |
| 5.95% 04/16/2054<sup>(b)(c)</sup> | 115000 | &nbsp;&nbsp; 120044 |
| 6.50% 04/30/2055<sup>(b)(c)</sup> | 135000 | &nbsp;&nbsp; 145258 |
| Protective Life Corp., 5.35%, 08/10/2052<sup>(c)</sup> | 55000 | &nbsp;&nbsp; 53145 |
| Prudential Financial, Inc. |  |  |
| 4.50% 09/15/2047<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 78873 |
| 5.70% 09/15/2048<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 105823 |
| 3.70% 10/01/2050<sup>(b)</sup> | 85000 | &nbsp;&nbsp; 79170 |
| 5.13% 03/01/2052<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 103212 |
| 6.00% 09/01/2052<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 134367 |
| 6.75% 03/01/2053<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 59070 |
| 6.50% 03/15/2054<sup>(b)</sup> | 110000 | &nbsp;&nbsp; 115961 |
| Sumitomo Life Insurance Co. (Japan) |  |  |
| 5.88% 09/10/2055<sup>(b)(c)</sup> | 130000 | &nbsp;&nbsp; 131890 |
| 4.00% 09/14/2077<sup>(b)(c)</sup> | 145000 | &nbsp;&nbsp; 144431 |
| 3.38% 04/15/2081<sup>(b)(c)</sup> | 100000 | &nbsp;&nbsp; 93724 |
|  |  | &nbsp;&nbsp; 3193520 |
| **Multi-line Insurance-3.26%** | **Multi-line Insurance-3.26%** | **Multi-line Insurance-3.26%** |
| Allianz SE (Germany) |  |  |
| 6.35% 09/06/2053<sup>(b)(c)</sup> | 105000 | &nbsp;&nbsp; 112722 |
| 5.60% 09/03/2054<sup>(b)(c)</sup> | 135000 | &nbsp;&nbsp; 138556 |
| American International Group, Inc., Series A-9, <br> 5.75%, 04/01/2048<sup>(b)</sup><br>| 35000 | &nbsp;&nbsp; 35662 |
| Liberty Mutual Group, Inc. |  |  |
| 4.30% 02/01/2061<sup>(c)</sup> | 85000 | &nbsp;&nbsp; 57382 |
| 7.80% 03/07/2087<sup>(c)</sup> | 50000 | &nbsp;&nbsp; 57964 |
| MetLife Capital Trust IV, 7.88%, 12/15/2067<sup>(c)</sup> | 75000 | &nbsp;&nbsp; 83716 |
|  |  | &nbsp;&nbsp; 486002 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Multi-Utilities-13.59%** | **Multi-Utilities-13.59%** | **Multi-Utilities-13.59%** |
| Algonquin Power & Utilities Corp. (Canada), <br> 4.75%, 01/18/2082<sup>(b)</sup><br>| $80000 | &nbsp;&nbsp; $79390 |
| CenterPoint Energy, Inc. |  |  |
| 6.70% 05/15/2055<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57040 |
| 5.95% 04/01/2056<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 75935 |
| Series A, 7.00% 02/15/2055<sup>(b)</sup> | 40000 | &nbsp;&nbsp; 42205 |
| Series B, 6.85% 02/15/2055<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 47839 |
| CMS Energy Corp. |  |  |
| 4.75% 06/01/2050<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 54652 |
| 3.75% 12/01/2050<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 42130 |
| 6.50% 06/01/2055<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 109784 |
| Dominion Energy, Inc. |  |  |
| 6.63% 05/15/2055<sup>(b)</sup> | 135000 | &nbsp;&nbsp; 140200 |
| 6.00% 02/15/2056<sup>(b)</sup> | 155000 | &nbsp;&nbsp; 157377 |
| 6.20% 02/15/2056<sup>(b)</sup> | 145000 | &nbsp;&nbsp; 147676 |
| Series A, 6.88% 02/01/2055<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 110024 |
| Series B, 7.00% 06/01/2054<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 114307 |
| NiSource, Inc. |  |  |
| 6.95% 11/30/2054<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57536 |
| 6.38% 03/31/2055<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57464 |
| 5.75% 07/15/2056<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 105672 |
| Sempra |  |  |
| 4.13% 04/01/2052<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 103715 |
| 6.40% 10/01/2054<sup>(b)</sup> | 135000 | &nbsp;&nbsp; 138139 |
| 6.88% 10/01/2054<sup>(b)</sup> | 120000 | &nbsp;&nbsp; 123688 |
| 6.55% 04/01/2055<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 66385 |
| 6.63% 04/01/2055<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 45926 |
| 6.38% 04/01/2056<sup>(b)</sup> | 85000 | &nbsp;&nbsp; 87057 |
| WEC Energy Group, Inc., 5.63%, 05/15/2056<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 65422 |
|  |  | &nbsp;&nbsp; 2029563 |
| **Oil & Gas Refining & Marketing-1.45%** | **Oil & Gas Refining & Marketing-1.45%** | **Oil & Gas Refining & Marketing-1.45%** |
| Phillips 66 Co. |  |  |
| Series A, 5.88% 03/15/2056<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 105594 |
| Series B, 6.20% 03/15/2056<sup>(b)</sup> | 110000 | &nbsp;&nbsp; 111538 |
|  |  | &nbsp;&nbsp; 217132 |
| **Oil & Gas Storage & Transportation-12.25%** | **Oil & Gas Storage & Transportation-12.25%** | **Oil & Gas Storage & Transportation-12.25%** |
| Enbridge, Inc. (Canada) |  |  |
| 7.20% 06/27/2054<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 70074 |
| 7.38% 03/15/2055<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 48162 |
| 5.50% 07/15/2077<sup>(b)</sup> | 95000 | &nbsp;&nbsp; 95471 |
| 6.25% 03/01/2078<sup>(b)</sup> | 80000 | &nbsp;&nbsp; 81713 |
| 7.38% 01/15/2083<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 46606 |
| 7.63% 01/15/2083<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 60448 |
| 8.50% 01/15/2084<sup>(b)</sup> | 120000 | &nbsp;&nbsp; 138549 |
| Series 20-A, Conv., 5.75% 07/15/2080<sup>(b)</sup> | 95000 | &nbsp;&nbsp; 96761 |
| Series NC5, 8.25% 01/15/2084<sup>(b)</sup> | 70000 | &nbsp;&nbsp; 75453 |
| Energy Transfer L.P. |  |  |
| 8.00% 05/15/2054<sup>(b)</sup> | 85000 | &nbsp;&nbsp; 91249 |
| 7.13% 10/01/2054<sup>(b)</sup> | 45000 | &nbsp;&nbsp; 46624 |
| 6.50% 02/15/2056<sup>(b)</sup> | 130000 | &nbsp;&nbsp; 131439 |
| 6.75% 02/15/2056<sup>(b)</sup> | 85000 | &nbsp;&nbsp; 86922 |
| Enterprise Products Operating LLC |  |  |
| 5.38% 02/15/2078<sup>(b)</sup> | 75000 | &nbsp;&nbsp; 75615 |
| Series E, 5.25% 08/16/2077<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 105163 |
| South Bow Canadian Infrastructure Holdings Ltd. <br> (Canada)<br>|  |  |
| 7.50% 03/01/2055<sup>(b)</sup> | 70000 | &nbsp;&nbsp; 74342 |
| 7.63% 03/01/2055<sup>(b)</sup> | 50000 | &nbsp;&nbsp; 52133 |

---

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

------

**238**

------

**Invesco U.S. Hybrid Bond ETF (HBRD)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** | **Oil & Gas Storage & Transportation-(continued)** |
| TransCanada PipeLines Ltd. (Canada), 7.00%, <br> 06/01/2065<sup>(b)</sup><br>| $| 80000 | &nbsp;&nbsp; $83255 |
| Transcanada Trust (Canada) |  |  |  |
| 5.30% 03/15/2077<sup>(b)</sup> |  | 160000 | &nbsp;&nbsp; 161210 |
| 5.50% 09/15/2079<sup>(b)</sup> |  | 120000 | &nbsp;&nbsp; 121580 |
| 5.60% 03/07/2082<sup>(b)</sup> |  | 85000 | &nbsp;&nbsp; 85429 |
|  |  |  | &nbsp;&nbsp; 1828198 |
| **Property & Casualty Insurance-1.46%** | **Property & Casualty Insurance-1.46%** | **Property & Casualty Insurance-1.46%** | **Property & Casualty Insurance-1.46%** |
| ACE Capital Trust II, 9.70%, 04/01/2030 |  | 30000 | &nbsp;&nbsp; 35961 |
| Allstate Corp. (The), 6.50%, 05/15/2057<sup>(b)</sup> |  | 55000 | &nbsp;&nbsp; 57852 |
| Assurant, Inc., 7.00%, 03/27/2048<sup>(b)</sup> |  | 45000 | &nbsp;&nbsp; 46365 |
| Assured Guaranty Municipal Holdings, Inc., <br> 6.40%, 12/15/2066<sup>(b)(c)</sup><br>|  | 30000 | &nbsp;&nbsp; 28490 |
| Fidelis Insurance Holdings Ltd. (United Kingdom), <br> 7.75%, 06/15/2055<sup>(b)</sup><br>|  | 45000 | &nbsp;&nbsp; 48520 |
|  |  |  | &nbsp;&nbsp; 217188 |
| **Reinsurance-3.79%** | **Reinsurance-3.79%** | **Reinsurance-3.79%** | **Reinsurance-3.79%** |
| Enstar Group Ltd., 7.50%, 04/01/2045<sup>(b)(c)</sup> |  | 40000 | &nbsp;&nbsp; 41826 |
| Global Atlantic (Fin) Co. |  |  |  |
| 7.95% 10/15/2054<sup>(b)(c)</sup> |  | 65000 | &nbsp;&nbsp; 62257 |
| 7.25% 03/01/2056<sup>(b)(c)</sup> |  | 65000 | &nbsp;&nbsp; 61963 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen (Germany), 5.88%, <br> 05/23/2042<sup>(b)(c)</sup><br>|  | 135000 | &nbsp;&nbsp; 141990 |
| PartnerRe Finance B LLC, 4.50%, <br> 10/01/2050<sup>(b)</sup><br>|  | 55000 | &nbsp;&nbsp; 53464 |
| Reinsurance Group of America, Inc. |  |  |  |
| 6.65% 09/15/2055<sup>(b)</sup> |  | 75000 | &nbsp;&nbsp; 77673 |
| 6.38% 09/15/2056<sup>(b)</sup> |  | 40000 | &nbsp;&nbsp; 40054 |
| Swiss Re Finance (Luxembourg) S.A. <br> (Switzerland), 5.00%, 04/02/2049<sup>(b)(c)</sup><br>|  | 85000 | &nbsp;&nbsp; 86018 |
|  |  |  | &nbsp;&nbsp; 565245 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Retail REITs-0.95%** | **Retail REITs-0.95%** | **Retail REITs-0.95%** |
| Scentre Group Trust 2 (Australia), 5.13%, <br> 09/24/2080<sup>(b)(c)</sup><br>| $140000 | &nbsp;&nbsp; $142371 |
| **Specialized Finance-0.82%** | **Specialized Finance-0.82%** | **Specialized Finance-0.82%** |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 8.00% 06/01/2056<sup>(b)</sup> | 55000 | &nbsp;&nbsp; 57948 |
| 7.13% 11/15/2056<sup>(b)</sup> | 65000 | &nbsp;&nbsp; 64996 |
|  |  | &nbsp;&nbsp; 122944 |
| **Wireless Telecommunication Services-4.88%** | **Wireless Telecommunication Services-4.88%** | **Wireless Telecommunication Services-4.88%** |
| Rogers Communications, Inc. (Canada) |  |  |
| 7.00% 04/15/2055<sup>(b)</sup> | 120000 | &nbsp;&nbsp; 125571 |
| 7.13% 04/15/2055<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 111259 |
| 5.25% 03/15/2082<sup>(b)(c)</sup> | 80000 | &nbsp;&nbsp; 80149 |
| Vodafone Group PLC (United Kingdom) |  |  |
| 7.00% 04/04/2079<sup>(b)</sup> | 215000 | &nbsp;&nbsp; 227770 |
| 4.13% 06/04/2081<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 99498 |
| 5.13% 06/04/2081<sup>(b)</sup> | 105000 | &nbsp;&nbsp; 84942 |
|  |  | &nbsp;&nbsp; 729189 |
| TOTAL INVESTMENTS IN SECURITIES-98.37% <br>(Cost $14,768,135) | TOTAL INVESTMENTS IN SECURITIES-98.37% <br>(Cost $14,768,135) | &nbsp;&nbsp; 14687879 |
| OTHER ASSETS LESS LIABILITIES-1.63% | OTHER ASSETS LESS LIABILITIES-1.63% | &nbsp;&nbsp; 242676 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $14930555 |

---

Investment Abbreviations: <br> Conv. -Convertible

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <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> February 28, 2026 was $3,183,826, which represented 21.32% of the Fund's Net Assets.<br>|
| Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the period ended February 28, 2026. | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the period ended February 28, 2026. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $45689 | &nbsp;&nbsp; $(45689)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13 |

---

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

------

**239**

------

**Invesco Variable Rate Preferred ETF (VRP)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **U.S. Dollar Denominated Bonds & Notes-85.93%** | **U.S. Dollar Denominated Bonds & Notes-85.93%** | **U.S. Dollar Denominated Bonds & Notes-85.93%** |
| **Automobile Components-0.19%** | **Automobile Components-0.19%** | **Automobile Components-0.19%** |
| Aptiv Swiss Holdings Ltd., 6.88%, <br> 12/15/2054<sup>(b)</sup><br>| $4540000 | &nbsp;&nbsp; $4735928 |
| **Banks-26.06%** | **Banks-26.06%** | **Banks-26.06%** |
| BAC Capital Trust XIV, Series G, 4.39% (3 <br> mo. Term SOFR + 0.66%)<sup>(c)(d)</sup><br>| 4482000 | &nbsp;&nbsp; 3702914 |
| Bank of America Corp. |  |  |
| 6.25%<sup>(b)(c)</sup> | 22755000 | &nbsp;&nbsp; 23427459 |
| 6.63%<sup>(b)(c)</sup> | 27234000 | &nbsp;&nbsp; 28528949 |
| Series DD, 6.30%<sup>(b)(c)</sup> | 9092000 | &nbsp;&nbsp; 9122564 |
| Series FF, 5.88%<sup>(b)(c)(e)</sup> | 20626000 | &nbsp;&nbsp; 21066943 |
| Series RR, 4.38%<sup>(b)(c)</sup> | 15194000 | &nbsp;&nbsp; 15103903 |
| Series TT, 6.13%<sup>(b)(c)</sup> | 18222000 | &nbsp;&nbsp; 18478128 |
| Bank of Montreal (Canada), 4.80%<sup>(b)(c)(e)</sup> | 4558000 | &nbsp;&nbsp; 4583105 |
| Bank of Nova Scotia (The) (Canada), <br> 6.56% (3 mo. Term SOFR + <br> 2.91%)<sup>(c)(d)(e)</sup><br>| 11385000 | &nbsp;&nbsp; 11380876 |
| Citigroup, Inc. |  |  |
| 6.63%<sup>(b)(c)</sup> | 22760000 | &nbsp;&nbsp; 23543539 |
| Series AA, 7.63%<sup>(b)(c)</sup> | 13645000 | &nbsp;&nbsp; 14469417 |
| Series BB, 7.20%<sup>(b)(c)</sup> | 4982000 | &nbsp;&nbsp; 5171147 |
| Series CC, 7.13%<sup>(b)(c)</sup> | 15858000 | &nbsp;&nbsp; 16435088 |
| Series DD, 7.00%<sup>(b)(c)(e)</sup> | 13595000 | &nbsp;&nbsp; 14341270 |
| Series EE, 6.75%<sup>(b)(c)(e)</sup> | 13595000 | &nbsp;&nbsp; 13917677 |
| Series FF, 6.95%<sup>(b)(c)</sup> | 18180000 | &nbsp;&nbsp; 18733781 |
| Series GG, 6.88%<sup>(b)(c)</sup> | 24471000 | &nbsp;&nbsp; 25106145 |
| Series JJ, 6.50%<sup>(b)(c)(e)</sup> | 10000000 | &nbsp;&nbsp; 10152420 |
| Series T, 6.25%<sup>(b)(c)</sup> | 13645000 | &nbsp;&nbsp; 13716800 |
| Series Y, 4.15%<sup>(b)(c)(e)</sup> | 9067000 | &nbsp;&nbsp; 9049205 |
| Series Z, 7.38%<sup>(b)(c)</sup> | 11378000 | &nbsp;&nbsp; 11876269 |
| CoBank, ACB |  |  |
| Series J, 4.25%<sup>(b)(c)</sup> | 3790000 | &nbsp;&nbsp; 3757358 |
| Series K, 6.45%<sup>(b)(c)</sup> | 3652000 | &nbsp;&nbsp; 3702252 |
| Fifth Third Bancorp, Series H, 6.97% (3 <br> mo. Term SOFR + 3.29%)<sup>(c)(d)</sup><br>| 5466000 | &nbsp;&nbsp; 5506202 |
| First Citizens BancShares, Inc., Series D, <br> 7.00%<sup>(b)(c)</sup><br>| 4555000 | &nbsp;&nbsp; 4692812 |
| Huntington Bancshares, Inc. |  |  |
| Series F, 5.63%<sup>(b)(c)</sup> | 4552000 | &nbsp;&nbsp; 4668172 |
| Series G, 4.45%<sup>(b)(c)</sup> | 4550000 | &nbsp;&nbsp; 4521623 |
| Series K, 6.25%<sup>(b)(c)(e)</sup> | 6830000 | &nbsp;&nbsp; 6885098 |
| JPMorgan Chase & Co. |  |  |
| Series CC, 6.51% (3 mo. Term SOFR + <br> 2.84%)<sup>(c)(d)(e)</sup><br>| 11450000 | &nbsp;&nbsp; 11587022 |
| Series II, 6.41% (3 mo. Term SOFR + <br> 2.75%)<sup>(c)(d)</sup><br>| 13665000 | &nbsp;&nbsp; 13729144 |
| Series KK, 3.65%<sup>(b)(c)</sup> | 18210000 | &nbsp;&nbsp; 18156503 |
| Series NN, 6.88%<sup>(b)(c)(e)</sup> | 22655000 | &nbsp;&nbsp; 24121141 |
| Series OO, 6.50%<sup>(b)(c)</sup> | 27190000 | &nbsp;&nbsp; 28497530 |
| Series W, 4.91% (3 mo. Term SOFR + <br> 1.26%), 05/15/2047<sup>(d)</sup><br>| 3179000 | &nbsp;&nbsp; 2905928 |
| KeyCorp, Series D, 5.00%<sup>(b)(c)</sup> | 4781000 | &nbsp;&nbsp; 4770458 |
| M&T Bank Corp. |  |  |
| 3.50%<sup>(b)(c)(e)</sup> | 4552000 | &nbsp;&nbsp; 4501556 |
| Series F, 5.13%<sup>(b)(c)</sup> | 4555000 | &nbsp;&nbsp; 4562634 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| PNC Financial Services Group, Inc. (The) |  |  |  |
| Series S, 5.00%<sup>(b)(c)</sup> | $| 4766000 | &nbsp;&nbsp; $4809771 |
| Series T, 3.40%<sup>(b)(c)</sup> |  | 13665000 | &nbsp;&nbsp; 13514252 |
| Series U, 6.00%<sup>(b)(c)</sup> |  | 9079000 | &nbsp;&nbsp; 9159449 |
| Series V, 6.20%<sup>(b)(c)</sup> |  | 11333000 | &nbsp;&nbsp; 11545040 |
| Series W, 6.25%<sup>(b)(c)(e)</sup> |  | 13645000 | &nbsp;&nbsp; 14161409 |
| Truist Financial Corp. |  |  |  |
| Series A, 4.58% (3 mo. Term SOFR + <br> 0.93%), 05/15/2027<sup>(d)</sup><br>|  | 3151000 | &nbsp;&nbsp; 3136828 |
| Series M, 5.13%<sup>(b)(c)(e)</sup> |  | 4556000 | &nbsp;&nbsp; 4548603 |
| Series N, 6.67%<sup>(b)(c)</sup> |  | 15491000 | &nbsp;&nbsp; 15607028 |
| Series Q, 5.10%<sup>(b)(c)(e)</sup> |  | 9095000 | &nbsp;&nbsp; 9204231 |
| U.S. Bancorp |  |  |  |
| 3.70%<sup>(b)(c)(e)</sup> |  | 13665000 | &nbsp;&nbsp; 13548720 |
| Series J, 5.30%<sup>(b)(c)</sup> |  | 9114000 | &nbsp;&nbsp; 9151058 |
| USB Capital IX, 4.95% (3 mo. Term SOFR <br> + 1.28%)<sup>(c)(d)</sup><br>|  | 6149000 | &nbsp;&nbsp; 4995806 |
| Wells Fargo & Co. |  |  |  |
| 6.85%<sup>(b)(c)(e)</sup> |  | 18160000 | &nbsp;&nbsp; 19166118 |
| 7.63%<sup>(b)(c)(e)</sup> |  | 15710000 | &nbsp;&nbsp; 16773536 |
| Series BB, 3.90%<sup>(b)(c)</sup> |  | 31963000 | &nbsp;&nbsp; 31949275 |
|  |  |  | &nbsp;&nbsp; 639744156 |
| **Capital Markets-9.68%** | **Capital Markets-9.68%** | **Capital Markets-9.68%** | **Capital Markets-9.68%** |
| Bank of New York Mellon Corp. (The) |  |  |  |
| 5.95%<sup>(b)(c)(e)</sup> |  | 4550000 | &nbsp;&nbsp; 4673792 |
| 6.30%<sup>(b)(c)(e)</sup> |  | 4557000 | &nbsp;&nbsp; 4725887 |
| Series F, 4.63%<sup>(b)(c)</sup> |  | 9110000 | &nbsp;&nbsp; 9108467 |
| Series H, 3.70%<sup>(b)(c)</sup> |  | 5311000 | &nbsp;&nbsp; 5312054 |
| Series I, 3.75%<sup>(b)(c)</sup> |  | 11847000 | &nbsp;&nbsp; 11678234 |
| Brookfield Finance, Inc. (Canada), 6.30%, <br> 01/15/2055<sup>(b)</sup><br>|  | 6339000 | &nbsp;&nbsp; 6282002 |
| Charles Schwab Corp. (The) |  |  |  |
| Series F, 5.00%<sup>(b)(c)(e)</sup> |  | 4451000 | &nbsp;&nbsp; 4411738 |
| Series H, 4.00%<sup>(b)(c)</sup> |  | 20281000 | &nbsp;&nbsp; 19175829 |
| Series I, 4.00%<sup>(b)(c)</sup> |  | 18724000 | &nbsp;&nbsp; 18671515 |
| Series K, 5.00%<sup>(b)(c)</sup> |  | 6830000 | &nbsp;&nbsp; 6837643 |
| Goldman Sachs Capital II, 4.70% (3 mo. <br> Term SOFR + 1.03%)<sup>(c)(d)(e)</sup><br>|  | 6989000 | &nbsp;&nbsp; 5726329 |
| Goldman Sachs Group, Inc. (The) |  |  |  |
| 6.85%<sup>(b)(c)</sup> |  | 17257000 | &nbsp;&nbsp; 18082540 |
| Series O, 5.30%<sup>(b)(c)(e)</sup> |  | 5925000 | &nbsp;&nbsp; 5962742 |
| Series T, 3.80%<sup>(b)(c)</sup> |  | 6147000 | &nbsp;&nbsp; 6153802 |
| Series U, 3.65%<sup>(b)(c)</sup> |  | 6832000 | &nbsp;&nbsp; 6809355 |
| Series V, 4.13%<sup>(b)(c)</sup> |  | 6834000 | &nbsp;&nbsp; 6799820 |
| Series W, 7.50%<sup>(b)(c)</sup> |  | 13565000 | &nbsp;&nbsp; 14510073 |
| Series X, 7.50%<sup>(b)(c)</sup> |  | 20493000 | &nbsp;&nbsp; 21826582 |
| Series Y, 6.13%<sup>(b)(c)(e)</sup> |  | 18220000 | &nbsp;&nbsp; 18783490 |
| Mellon Capital IV, Series 1, 4.52% (3 mo. <br> Term SOFR + 0.83%)<sup>(c)(d)(e)</sup><br>|  | 4491000 | &nbsp;&nbsp; 3818505 |
| Northern Trust Corp., Series D, <br> 4.60%<sup>(b)(c)</sup><br>|  | 4558000 | &nbsp;&nbsp; 4570225 |

---

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

------

**240**

------

**Invesco Variable Rate Preferred ETF (VRP)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** | **Capital Markets-(continued)** |
| State Street Corp. |  |  |  |
| 4.99% (3 mo. Term SOFR + 1.26%), <br> 06/15/2047<sup>(d)</sup><br>| $| 4555000 | &nbsp;&nbsp; $4094591 |
| 6.45%<sup>(b)(c)</sup> |  | 6836000 | &nbsp;&nbsp; 7144570 |
| Series I, 6.70%<sup>(b)(c)</sup> |  | 13665000 | &nbsp;&nbsp; 14317476 |
| Series J, 6.70%<sup>(b)(c)(e)</sup> |  | 7740000 | &nbsp;&nbsp; 8148804 |
|  |  |  | &nbsp;&nbsp; 237626065 |
| **Chemicals-0.18%** | **Chemicals-0.18%** | **Chemicals-0.18%** | **Chemicals-0.18%** |
| FMC Corp., 8.45%, 11/01/2055<sup>(b)</sup> |  | 6751000 | &nbsp;&nbsp; 4446009 |
| **Consumer Finance-2.77%** | **Consumer Finance-2.77%** | **Consumer Finance-2.77%** | **Consumer Finance-2.77%** |
| Ally Financial, Inc. |  |  |  |
| Series B, 4.70%<sup>(b)(c)</sup> |  | 12297000 | &nbsp;&nbsp; 12273007 |
| Series C, 4.70%<sup>(b)(c)</sup> |  | 9112000 | &nbsp;&nbsp; 8619086 |
| American Express Co., 3.55%<sup>(b)(c)</sup> |  | 14578000 | &nbsp;&nbsp; 14497576 |
| Capital One Financial Corp. |  |  |  |
| Series M, 3.95%<sup>(b)(c)(e)</sup> |  | 9108000 | &nbsp;&nbsp; 9052588 |
| Series O, 5.50%<sup>(b)(c)(e)</sup> |  | 5189000 | &nbsp;&nbsp; 5224057 |
| General Motors Financial Co., Inc. |  |  |  |
| Series A, 5.75%<sup>(b)(c)(e)</sup> |  | 9067000 | &nbsp;&nbsp; 9090623 |
| Series B, 6.50%<sup>(b)(c)</sup> |  | 4527000 | &nbsp;&nbsp; 4602986 |
| Series C, 5.70%<sup>(b)(c)(e)</sup> |  | 4557000 | &nbsp;&nbsp; 4602356 |
|  |  |  | &nbsp;&nbsp; 67962279 |
| **Diversified Telecommunication Services-2.02%** | **Diversified Telecommunication Services-2.02%** | **Diversified Telecommunication Services-2.02%** | **Diversified Telecommunication Services-2.02%** |
| Bell Canada (Canada) |  |  |  |
| 6.88%, 09/15/2055<sup>(b)</sup> |  | 9080000 | &nbsp;&nbsp; 9485631 |
| 7.00%, 09/15/2055<sup>(b)</sup> |  | 11327000 | &nbsp;&nbsp; 11994602 |
| TELUS Corp. (Canada) |  |  |  |
| 6.63%, 10/15/2055<sup>(b)</sup> |  | 6360000 | &nbsp;&nbsp; 6572030 |
| 7.00%, 10/15/2055<sup>(b)(e)</sup> |  | 7288000 | &nbsp;&nbsp; 7693541 |
| 6.38%, 06/09/2056<sup>(b)</sup> |  | 7290000 | &nbsp;&nbsp; 7426148 |
| 6.63%, 06/09/2056<sup>(b)</sup> |  | 6360000 | &nbsp;&nbsp; 6413771 |
|  |  |  | &nbsp;&nbsp; 49585723 |
| **Electric Utilities-11.95%** | **Electric Utilities-11.95%** | **Electric Utilities-11.95%** | **Electric Utilities-11.95%** |
| Alliant Energy Corp., 5.75%, <br> 04/01/2056<sup>(b)</sup><br>|  | 6570000 | &nbsp;&nbsp; 6550052 |
| American Electric Power Co., Inc. |  |  |  |
| 6.95%, 12/15/2054<sup>(b)</sup> |  | 5466000 | &nbsp;&nbsp; 5909287 |
| 7.05%, 12/15/2054<sup>(b)(e)</sup> |  | 3639000 | &nbsp;&nbsp; 3835604 |
| 3.88%, 02/15/2062<sup>(b)</sup> |  | 6837000 | &nbsp;&nbsp; 6742533 |
| Series C, 5.80%, 03/15/2056<sup>(b)</sup> |  | 13640000 | &nbsp;&nbsp; 13709264 |
| Series D, 6.05%, 03/15/2056<sup>(b)</sup> |  | 13660000 | &nbsp;&nbsp; 13713479 |
| Duke Energy Corp. |  |  |  |
| 6.45%, 09/01/2054<sup>(b)(e)</sup> |  | 9039000 | &nbsp;&nbsp; 9527739 |
| 3.25%, 01/15/2082<sup>(b)</sup> |  | 4551000 | &nbsp;&nbsp; 4478630 |
| Edison International |  |  |  |
| 8.13%, 06/15/2053<sup>(b)</sup> |  | 4523000 | &nbsp;&nbsp; 4704779 |
| 7.88%, 06/15/2054<sup>(b)</sup> |  | 4095000 | &nbsp;&nbsp; 4265999 |
| Series A, 5.38%<sup>(b)(c)</sup> |  | 3761000 | &nbsp;&nbsp; 3763586 |
| Emera, Inc. (Canada), Series 16-A, <br> 6.75%, 06/15/2076<sup>(b)</sup><br>|  | 10935000 | &nbsp;&nbsp; 11035350 |
| Entergy Corp. |  |  |  |
| 7.13%, 12/01/2054<sup>(b)</sup> |  | 10930000 | &nbsp;&nbsp; 11443710 |
| 5.88%, 06/15/2056<sup>(b)</sup> |  | 5435000 | &nbsp;&nbsp; 5462197 |
| 6.10%, 06/15/2056<sup>(b)</sup> |  | 6355000 | &nbsp;&nbsp; 6409901 |
| EUSHI Finance, Inc. |  |  |  |
| 7.63%, 12/15/2054<sup>(b)</sup> |  | 4552000 | &nbsp;&nbsp; 4808687 |
| 6.25%, 04/01/2056<sup>(b)</sup> |  | 6750000 | &nbsp;&nbsp; 6801766 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** | **Electric Utilities-(continued)** |
| Evergy, Inc., 6.65%, 06/01/2055<sup>(b)</sup> | $| 4528000 | &nbsp;&nbsp; $4680824 |
| Eversource Energy |  |  |  |
| Series A, 6.10%, 08/15/2056<sup>(b)</sup> |  | 6800000 | &nbsp;&nbsp; 6833433 |
| Series B, 6.35%, 08/15/2056<sup>(b)</sup> |  | 6800000 | &nbsp;&nbsp; 6845933 |
| Exelon Corp., 6.50%, 03/15/2055<sup>(b)</sup> |  | 9063000 | &nbsp;&nbsp; 9489067 |
| National Rural Utilities Cooperative <br> Finance Corp.<br>|  |  |  |
| 5.25%, 04/20/2046<sup>(b)</sup> |  | 3186000 | &nbsp;&nbsp; 3198264 |
| 7.13%, 09/15/2053<sup>(b)</sup> |  | 3648000 | &nbsp;&nbsp; 3831852 |
| NextEra Energy Capital Holdings, Inc. |  |  |  |
| 6.75%, 06/15/2054<sup>(b)</sup> |  | 10935000 | &nbsp;&nbsp; 11637813 |
| 6.70%, 09/01/2054<sup>(b)</sup> |  | 9106000 | &nbsp;&nbsp; 9460779 |
| 6.38%, 08/15/2055<sup>(b)</sup> |  | 13645000 | &nbsp;&nbsp; 14181467 |
| 6.50%, 08/15/2055<sup>(b)</sup> |  | 9111000 | &nbsp;&nbsp; 9663227 |
| 4.80%, 12/01/2077<sup>(b)(e)</sup> |  | 5014000 | &nbsp;&nbsp; 4976213 |
| 5.65%, 05/01/2079<sup>(b)(e)</sup> |  | 4558000 | &nbsp;&nbsp; 4633822 |
| 3.80%, 03/15/2082<sup>(b)</sup> |  | 5469000 | &nbsp;&nbsp; 5409935 |
| PacifiCorp |  |  |  |
| 7.38%, 09/15/2055<sup>(b)</sup> |  | 7724000 | &nbsp;&nbsp; 7827516 |
| 7.13%, 08/15/2056<sup>(b)</sup> |  | 9900000 | &nbsp;&nbsp; 9732398 |
| PG&E Corp. |  |  |  |
| 7.38%, 03/15/2055<sup>(b)</sup> |  | 13665000 | &nbsp;&nbsp; 14145571 |
| 6.85%, 09/15/2056<sup>(b)</sup> |  | 9100000 | &nbsp;&nbsp; 9087452 |
| PPL Capital Funding, Inc., Series A, <br> 6.61% (3 mo. Term SOFR + 2.93%), <br> 03/30/2067<sup>(d)</sup><br>|  | 4349000 | &nbsp;&nbsp; 4324484 |
| Sierra Pacific Power Co., 6.20%, <br> 12/15/2055<sup>(b)</sup><br>|  | 4100000 | &nbsp;&nbsp; 4079805 |
| Southern Co. (The) |  |  |  |
| 6.38%, 03/15/2055<sup>(b)</sup> |  | 16394000 | &nbsp;&nbsp; 17157698 |
| Series 21-A, 3.75%, 09/15/2051<sup>(b)</sup> |  | 9110000 | &nbsp;&nbsp; 9046985 |
|  |  |  | &nbsp;&nbsp; 293407101 |
| **Financial Services-2.12%** | **Financial Services-2.12%** | **Financial Services-2.12%** | **Financial Services-2.12%** |
| AerCap Ireland Capital DAC/AerCap <br> Global Aviation Trust (Ireland)<br>|  |  |  |
| 6.95%, 03/10/2055<sup>(b)</sup> |  | 6815000 | &nbsp;&nbsp; 7204883 |
| 6.50%, 01/31/2056<sup>(b)</sup> |  | 4550000 | &nbsp;&nbsp; 4720038 |
| Apollo Global Management, Inc., 6.00%, <br> 12/15/2054<sup>(b)(e)</sup><br>|  | 4559000 | &nbsp;&nbsp; 4381772 |
| Corebridge Financial, Inc. |  |  |  |
| 6.88%, 12/15/2052<sup>(b)</sup> |  | 9086000 | &nbsp;&nbsp; 9286121 |
| 6.38%, 09/15/2054<sup>(b)</sup> |  | 6798000 | &nbsp;&nbsp; 6803119 |
| 6.88%<sup>(b)(c)</sup> |  | 4550000 | &nbsp;&nbsp; 4669410 |
| Equitable Holdings, Inc., 6.70%, <br> 03/28/2055<sup>(b)(e)</sup><br>|  | 4533000 | &nbsp;&nbsp; 4727624 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |  |
| 8.00%, 06/01/2056<sup>(b)</sup> |  | 4500000 | &nbsp;&nbsp; 4741200 |
| 7.13%, 11/15/2056<sup>(b)</sup> |  | 5400000 | &nbsp;&nbsp; 5399704 |
|  |  |  | &nbsp;&nbsp; 51933871 |
| **Gas Utilities-0.34%** | **Gas Utilities-0.34%** | **Gas Utilities-0.34%** | **Gas Utilities-0.34%** |
| Spire, Inc. |  |  |  |
| 6.25%, 06/01/2056<sup>(b)</sup> |  | 4095000 | &nbsp;&nbsp; 4122588 |
| 6.45%, 06/01/2056<sup>(b)(e)</sup> |  | 4075000 | &nbsp;&nbsp; 4164014 |
|  |  |  | &nbsp;&nbsp; 8286602 |
| **Health Care Equipment & Supplies-0.20%** | **Health Care Equipment & Supplies-0.20%** | **Health Care Equipment & Supplies-0.20%** | **Health Care Equipment & Supplies-0.20%** |
| DENTSPLY SIRONA, Inc., 8.38%, <br> 09/12/2055<sup>(b)</sup><br>|  | 5015000 | &nbsp;&nbsp; 5013853 |

---

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

------

**241**

------

**Invesco Variable Rate Preferred ETF (VRP)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Health Care Providers & Services-1.17%** | **Health Care Providers & Services-1.17%** | **Health Care Providers & Services-1.17%** |
| CVS Health Corp. |  |  |
| 6.75%, 12/10/2054<sup>(b)</sup> | $6794000 | &nbsp;&nbsp; $7070855 |
| 7.00%, 03/10/2055<sup>(b)</sup> | 20493000 | &nbsp;&nbsp; 21567018 |
|  |  | &nbsp;&nbsp; 28637873 |
| **Independent Power and Renewable Electricity Producers-0.73%** | **Independent Power and Renewable Electricity Producers-0.73%** | **Independent Power and Renewable Electricity Producers-0.73%** |
| AES Corp. (The) |  |  |
| 7.60%, 01/15/2055<sup>(b)</sup> | 8611000 | &nbsp;&nbsp; 8662390 |
| 6.95%, 07/15/2055<sup>(b)</sup> | 4554000 | &nbsp;&nbsp; 4404915 |
| Vistra Corp., Series C, 8.88%<sup>(b)(c)(f)</sup> | 4337000 | &nbsp;&nbsp; 4794337 |
|  |  | &nbsp;&nbsp; 17861642 |
| **Insurance-6.27%** | **Insurance-6.27%** | **Insurance-6.27%** |
| Aegon Ltd., 5.50%, 04/11/2048<sup>(b)</sup> | 7310000 | &nbsp;&nbsp; 7417961 |
| Allstate Corp. (The) |  |  |
| 6.50%, 05/15/2057<sup>(b)</sup> | 4533000 | &nbsp;&nbsp; 4768099 |
| Series B, 6.85% (3 mo. Term SOFR + <br> 3.20%), 08/15/2053<sup>(d)</sup><br>| 7251000 | &nbsp;&nbsp; 7269336 |
| American National Group, Inc., 7.00%, <br> 12/01/2055<sup>(b)</sup><br>| 4520000 | &nbsp;&nbsp; 4484612 |
| Assurant, Inc., 7.00%, 03/27/2048<sup>(b)(e)</sup> | 3634000 | &nbsp;&nbsp; 3744212 |
| Athene Holding Ltd. |  |  |
| 6.63%, 10/15/2054<sup>(b)</sup> | 5470000 | &nbsp;&nbsp; 5259533 |
| 6.88%, 06/28/2055<sup>(b)</sup> | 5468000 | &nbsp;&nbsp; 5268798 |
| Enstar Finance LLC, 5.50%, <br> 01/15/2042<sup>(b)</sup><br>| 4558000 | &nbsp;&nbsp; 4529516 |
| Fidelis Insurance Holdings Ltd. (United <br> Kingdom), 7.75%, 06/15/2055<sup>(b)</sup><br>| 3700000 | &nbsp;&nbsp; 3989403 |
| Lincoln National Corp. |  |  |
| 6.27% (3 mo. Term SOFR + 2.62%), <br> 05/17/2066<sup>(d)</sup><br>| 4235000 | &nbsp;&nbsp; 3696617 |
| Series C, 9.25%<sup>(b)(c)(e)</sup> | 4555000 | &nbsp;&nbsp; 4870142 |
| MetLife, Inc. |  |  |
| 5.85%, 03/15/2056<sup>(b)</sup> | 9000000 | &nbsp;&nbsp; 8940057 |
| Series D, 5.88%<sup>(b)(c)(e)</sup> | 4532000 | &nbsp;&nbsp; 4641230 |
| Series G, 6.35%, 03/15/2055<sup>(b)</sup> | 9109000 | &nbsp;&nbsp; 9465335 |
| Nationwide Financial Services, Inc., <br> 6.75%, 05/15/2037<sup>(e)</sup><br>| 3642000 | &nbsp;&nbsp; 3681880 |
| PartnerRe Finance B LLC, 4.50%, <br> 10/01/2050<sup>(b)</sup><br>| 4498000 | &nbsp;&nbsp; 4372346 |
| Prudential Financial, Inc. |  |  |
| 4.50%, 09/15/2047<sup>(b)</sup> | 6832000 | &nbsp;&nbsp; 6735748 |
| 5.70%, 09/15/2048<sup>(b)</sup> | 9111000 | &nbsp;&nbsp; 9182375 |
| 3.70%, 10/01/2050<sup>(b)</sup> | 7291000 | &nbsp;&nbsp; 6790956 |
| 5.13%, 03/01/2052<sup>(b)</sup> | 9112000 | &nbsp;&nbsp; 8956840 |
| 6.00%, 09/01/2052<sup>(b)(e)</sup> | 10895000 | &nbsp;&nbsp; 11260996 |
| 6.75%, 03/01/2053<sup>(b)</sup> | 4551000 | &nbsp;&nbsp; 4887797 |
| 6.50%, 03/15/2054<sup>(b)</sup> | 9045000 | &nbsp;&nbsp; 9535158 |
| Reinsurance Group of America, Inc. |  |  |
| 6.65%, 09/15/2055<sup>(b)</sup> | 6377000 | &nbsp;&nbsp; 6604283 |
| 6.38%, 09/15/2056<sup>(b)</sup> | 3600000 | &nbsp;&nbsp; 3604889 |
|  |  | &nbsp;&nbsp; 153958119 |
| **Machinery-0.28%** | **Machinery-0.28%** | **Machinery-0.28%** |
| Stanley Black & Decker, Inc., 4.00%, <br> 03/15/2060<sup>(b)</sup><br>| 6835000 | &nbsp;&nbsp; 6868841 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Value** |
| **Media-0.48%** | **Media-0.48%** | **Media-0.48%** |
| Paramount Global |  |  |
| 6.25%, 02/28/2057<sup>(b)</sup> | $5923000 | &nbsp;&nbsp; $4636525 |
| 6.38%, 03/30/2062<sup>(b)</sup> | 9113000 | &nbsp;&nbsp; 7199270 |
|  |  | &nbsp;&nbsp; 11835795 |
| **Multi-Utilities-7.28%** | **Multi-Utilities-7.28%** | **Multi-Utilities-7.28%** |
| Algonquin Power & Utilities Corp. <br> (Canada), 4.75%, 01/18/2082<sup>(b)</sup><br>| 6836000 | &nbsp;&nbsp; 6783873 |
| CenterPoint Energy, Inc. |  |  |
| 6.70%, 05/15/2055<sup>(b)</sup> | 4555000 | &nbsp;&nbsp; 4723936 |
| 5.95%, 04/01/2056<sup>(b)(e)</sup> | 6355000 | &nbsp;&nbsp; 6434266 |
| Series A, 7.00%, 02/15/2055<sup>(b)</sup> | 3643000 | &nbsp;&nbsp; 3843787 |
| Series B, 6.85%, 02/15/2055<sup>(b)(e)</sup> | 3641000 | &nbsp;&nbsp; 3870689 |
| CMS Energy Corp. |  |  |
| 4.75%, 06/01/2050<sup>(b)</sup> | 4530000 | &nbsp;&nbsp; 4501357 |
| 3.75%, 12/01/2050<sup>(b)</sup> | 3643000 | &nbsp;&nbsp; 3410653 |
| 6.50%, 06/01/2055<sup>(b)</sup> | 9084000 | &nbsp;&nbsp; 9497849 |
| Dominion Energy, Inc. |  |  |
| 6.63%, 05/15/2055<sup>(b)</sup> | 11307000 | &nbsp;&nbsp; 11742568 |
| 6.00%, 02/15/2056<sup>(b)</sup> | 13210000 | &nbsp;&nbsp; 13412549 |
| 6.20%, 02/15/2056<sup>(b)</sup> | 12075000 | &nbsp;&nbsp; 12297868 |
| Series A, 6.88%, 02/01/2055<sup>(b)</sup> | 9107000 | &nbsp;&nbsp; 9542770 |
| Series B, 7.00%, 06/01/2054<sup>(b)</sup> | 9081000 | &nbsp;&nbsp; 9885949 |
| Series C, 4.35%<sup>(b)(c)</sup> | 6829000 | &nbsp;&nbsp; 6800725 |
| NiSource, Inc. |  |  |
| 6.95%, 11/30/2054<sup>(b)</sup> | 4553000 | &nbsp;&nbsp; 4762893 |
| 6.38%, 03/31/2055<sup>(b)(e)</sup> | 4559000 | &nbsp;&nbsp; 4763266 |
| 5.75%, 07/15/2056<sup>(b)</sup> | 9110000 | &nbsp;&nbsp; 9168295 |
| Sempra |  |  |
| 4.13%, 04/01/2052<sup>(b)</sup> | 9112000 | &nbsp;&nbsp; 9000445 |
| 6.40%, 10/01/2054<sup>(b)</sup> | 11382000 | &nbsp;&nbsp; 11646666 |
| 6.88%, 10/01/2054<sup>(b)</sup> | 10020000 | &nbsp;&nbsp; 10327935 |
| 6.55%, 04/01/2055<sup>(b)</sup> | 5442000 | &nbsp;&nbsp; 5557991 |
| 6.63%, 04/01/2055<sup>(b)</sup> | 3648000 | &nbsp;&nbsp; 3723105 |
| 6.38%, 04/01/2056<sup>(b)</sup> | 7270000 | &nbsp;&nbsp; 7445912 |
| WEC Energy Group, Inc., 5.63%, <br> 05/15/2056<sup>(b)</sup><br>| 5435000 | &nbsp;&nbsp; 5470268 |
|  |  | &nbsp;&nbsp; 178615615 |
| **Oil, Gas & Consumable Fuels-11.97%** | **Oil, Gas & Consumable Fuels-11.97%** | **Oil, Gas & Consumable Fuels-11.97%** |
| BP Capital Markets PLC |  |  |
| 4.88%<sup>(b)(c)</sup> | 22775000 | &nbsp;&nbsp; 22713444 |
| 6.13%<sup>(b)(c)</sup> | 11384000 | &nbsp;&nbsp; 11772422 |
| 6.45%<sup>(b)(c)(e)</sup> | 11840000 | &nbsp;&nbsp; 12625537 |
| Enbridge, Inc. (Canada) |  |  |
| 7.20%, 06/27/2054<sup>(b)(e)</sup> | 6362000 | &nbsp;&nbsp; 6858599 |
| 7.38%, 03/15/2055<sup>(b)</sup> | 4551000 | &nbsp;&nbsp; 4870831 |
| 5.50%, 07/15/2077<sup>(b)</sup> | 9107000 | &nbsp;&nbsp; 9152180 |
| 6.25%, 03/01/2078<sup>(b)</sup> | 7743000 | &nbsp;&nbsp; 7908793 |
| 7.38%, 01/15/2083<sup>(b)</sup> | 4532000 | &nbsp;&nbsp; 4693715 |
| 7.63%, 01/15/2083<sup>(b)</sup> | 5467000 | &nbsp;&nbsp; 6008485 |
| 8.50%, 01/15/2084<sup>(b)</sup> | 11383000 | &nbsp;&nbsp; 13142516 |
| Series 16-A, 6.00%, 01/15/2077<sup>(b)</sup> | 6802000 | &nbsp;&nbsp; 6857967 |
| Series 20-A, Conv., 5.75%, <br> 07/15/2080<sup>(b)</sup><br>| 9107000 | &nbsp;&nbsp; 9275853 |
| Series NC5, 8.25%, 01/15/2084<sup>(b)</sup> | 6834000 | &nbsp;&nbsp; 7366416 |

---

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

------

**242**

------

**Invesco Variable Rate Preferred ETF (VRP)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Energy Transfer L.P. |  |  |  |
| 8.00%, 05/15/2054<sup>(b)</sup> | $| 7252000 | &nbsp;&nbsp; $7785124 |
| 7.13%, 10/01/2054<sup>(b)(e)</sup> |  | 3640000 | &nbsp;&nbsp; 3771400 |
| 6.50%, 02/15/2056<sup>(b)</sup> |  | 10840000 | &nbsp;&nbsp; 10959955 |
| 6.75%, 02/15/2056<sup>(b)</sup> |  | 7205000 | &nbsp;&nbsp; 7367912 |
| 6.94% (3 mo. Term SOFR + 3.28%), <br> 11/01/2066<sup>(d)(e)</sup><br>|  | 4914000 | &nbsp;&nbsp; 4920781 |
| Series B, 6.63%<sup>(b)(c)</sup> |  | 4996000 | &nbsp;&nbsp; 5064155 |
| Series G, 7.13%<sup>(b)(c)</sup> |  | 9953000 | &nbsp;&nbsp; 10332468 |
| Series H, 6.50%<sup>(b)(c)</sup> |  | 8151000 | &nbsp;&nbsp; 8192776 |
| Enterprise Products Operating LLC |  |  |  |
| 5.38%, 02/15/2078<sup>(b)</sup> |  | 6354000 | &nbsp;&nbsp; 6406103 |
| Series D, 6.90% (3 mo. Term SOFR + <br> 3.25%), 08/16/2077<sup>(d)</sup><br>|  | 3172000 | &nbsp;&nbsp; 3170782 |
| Series E, 5.25%, 08/16/2077<sup>(b)</sup> |  | 9113000 | &nbsp;&nbsp; 9127125 |
| Phillips 66 Co. |  |  |  |
| Series A, 5.88%, 03/15/2056<sup>(b)</sup> |  | 9080000 | &nbsp;&nbsp; 9131347 |
| Series B, 6.20%, 03/15/2056<sup>(b)</sup> |  | 9110000 | &nbsp;&nbsp; 9237422 |
| Plains All American Pipeline L.P., Series B, <br> 8.02% (3 mo. Term SOFR + <br> 4.37%)<sup>(c)(d)</sup><br>|  | 7236000 | &nbsp;&nbsp; 7235192 |
| South Bow Canadian Infrastructure <br> Holdings Ltd. (Canada)<br>|  |  |  |
| 7.50%, 03/01/2055<sup>(b)(e)</sup> |  | 5905000 | &nbsp;&nbsp; 6271275 |
| 7.63%, 03/01/2055<sup>(b)</sup> |  | 4095000 | &nbsp;&nbsp; 4269656 |
| TransCanada PipeLines Ltd. (Canada) |  |  |  |
| 7.00%, 06/01/2065<sup>(b)(e)</sup> |  | 6813000 | &nbsp;&nbsp; 7090221 |
| 6.12% (3 mo. Term SOFR + 2.47%), <br> 05/15/2067<sup>(d)</sup><br>|  | 9112000 | &nbsp;&nbsp; 8234100 |
| Transcanada Trust (Canada) |  |  |  |
| 5.30%, 03/15/2077<sup>(b)</sup> |  | 13665000 | &nbsp;&nbsp; 13768307 |
| 5.50%, 09/15/2079<sup>(b)</sup> |  | 9991000 | &nbsp;&nbsp; 10122582 |
| 5.60%, 03/07/2082<sup>(b)(e)</sup> |  | 7288000 | &nbsp;&nbsp; 7324775 |
| Series 16-A, 5.88%, 08/15/2076<sup>(b)</sup> |  | 10927000 | &nbsp;&nbsp; 10959082 |
|  |  |  | &nbsp;&nbsp; 293989298 |
| **Wireless Telecommunication Services-2.24%** | **Wireless Telecommunication Services-2.24%** | **Wireless Telecommunication Services-2.24%** | **Wireless Telecommunication Services-2.24%** |
| Rogers Communications, Inc. (Canada) |  |  |  |
| 7.00%, 04/15/2055<sup>(b)</sup> |  | 9998000 | &nbsp;&nbsp; 10462147 |
| 7.13%, 04/15/2055<sup>(b)</sup> |  | 9110000 | &nbsp;&nbsp; 9653035 |
| Vodafone Group PLC (United Kingdom) |  |  |  |
| 7.00%, 04/04/2079<sup>(b)</sup> |  | 18223000 | &nbsp;&nbsp; 19305355 |
| 4.13%, 06/04/2081<sup>(b)</sup> |  | 9108000 | &nbsp;&nbsp; 8630745 |
| 5.13%, 06/04/2081<sup>(b)</sup> |  | 8550000 | &nbsp;&nbsp; 6916766 |
|  |  |  | &nbsp;&nbsp; 54968048 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $2,078,335,759) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $2,078,335,759) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $2,078,335,759) | &nbsp;&nbsp; 2109476818 |
|  | **Shares** | **Shares** |  |
| **Preferred Stocks-12.96%** | **Preferred Stocks-12.96%** | **Preferred Stocks-12.96%** | **Preferred Stocks-12.96%** |
| **Banks-4.27%** | **Banks-4.27%** | **Banks-4.27%** | **Banks-4.27%** |
| Associated Banc-Corp, Pfd., 6.63%<sup>(b)</sup> |  | 108562 | &nbsp;&nbsp; 2698851 |
| Banc of California, Inc., Series F, Pfd., <br> 7.75%<sup>(b)</sup><br>|  | 185880 | &nbsp;&nbsp; 4702764 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Bank of America Corp. |  |  |
| Series 5, Pfd., 4.43% (3 mo. Term <br> SOFR + 0.76%)<sup>(d)(e)</sup><br>| 145358 | &nbsp;&nbsp; $2869367 |
| Series E, Pfd., 4.57% (3 mo. Term <br> SOFR + 0.61%)<sup>(d)(e)</sup><br>| 113748 | &nbsp;&nbsp; 2305672 |
| Series 2, Pfd., 4.58% (3 mo. Term <br> SOFR + 0.91%)<sup>(d)(e)</sup><br>| 109776 | &nbsp;&nbsp; 2135143 |
| Series 4, Pfd., 4.68% (3 mo. Term <br> SOFR + 1.01%)<sup>(d)(e)</sup><br>| 75369 | &nbsp;&nbsp; 1499843 |
| Series K, Pfd., 6.45% | 381566 | &nbsp;&nbsp; 9901638 |
| Citizens Financial Group, Inc., Series I, <br> Pfd., 6.50%<sup>(b)</sup><br>| 145383 | &nbsp;&nbsp; 3708720 |
| ConnectOne Bancorp, Inc., Series A, Pfd., <br> 5.25%<sup>(b)(e)</sup><br>| 42059 | &nbsp;&nbsp; 1031287 |
| Fifth Third Bancorp |  |  |
| Pfd., 6.88%<sup>(b)</sup> | 145533 | &nbsp;&nbsp; 3747475 |
| Series I, Pfd., 7.97%<sup>(b)(e)</sup> | 163793 | &nbsp;&nbsp; 4216032 |
| First Citizens BancShares, Inc., Series E, <br> Pfd., 6.63%<sup>(b)</sup><br>| 145400 | &nbsp;&nbsp; 3659718 |
| Flagstar Bank N.A, Series A, Pfd., <br> 6.38%<sup>(b)</sup><br>| 187441 | &nbsp;&nbsp; 4258660 |
| Huntington Bancshares, Inc., Series J, <br> Pfd., 6.88%<sup>(b)</sup><br>| 118242 | &nbsp;&nbsp; 3038819 |
| KeyCorp |  |  |
| Series E, Pfd., 6.13%<sup>(b)(e)</sup> | 181253 | &nbsp;&nbsp; 4583888 |
| Pfd., 6.20%<sup>(b)</sup> | 218074 | &nbsp;&nbsp; 5582694 |
| M&T Bank Corp., Series H, Pfd., <br> 5.63%<sup>(b)(e)</sup><br>| 91102 | &nbsp;&nbsp; 2299415 |
| Midland States Bancorp, Inc., Pfd., <br> 7.75%<sup>(b)(e)</sup><br>| 42059 | &nbsp;&nbsp; 1064934 |
| Pinnacle Financial Partners, Inc. |  |  |
| Class A, Pfd., 7.31% (3 mo. Term <br> SOFR + 3.61%)<sup>(d)(e)</sup><br>| 72691 | &nbsp;&nbsp; 1839082 |
| Class B, Pfd., 8.40%<sup>(b)(e)</sup> | 126972 | &nbsp;&nbsp; 3320318 |
| Regions Financial Corp. |  |  |
| Series C, Pfd., 5.70%<sup>(b)</sup> | 181253 | &nbsp;&nbsp; 4447949 |
| Pfd., 6.95%<sup>(b)</sup> | 181253 | &nbsp;&nbsp; 4694453 |
| Truist Financial Corp., Series I, Pfd., <br> 4.46% (3 mo. Term SOFR + <br> 0.79%)<sup>(d)(e)</sup><br>| 63092 | &nbsp;&nbsp; 1229663 |
| U.S. Bancorp |  |  |
| Series B, Pfd., 4.53% (3 mo. Term <br> SOFR + 0.86%)<sup>(d)(e)</sup><br>| 363456 | &nbsp;&nbsp; 6887491 |
| Series A, Pfd., 4.95% (3 mo. Term <br> SOFR + 1.28%)<sup>(d)</sup><br>| 5207 | &nbsp;&nbsp; 4075935 |
| UMB Financial Corp., Pfd., 7.75%<sup>(b)</sup> | 108562 | &nbsp;&nbsp; 2909462 |
| Valley National Bancorp |  |  |
| Series B, Pfd., 7.53% (3 mo. Term <br> SOFR + 3.84%)<sup>(d)(e)</sup><br>| 35871 | &nbsp;&nbsp; 903770 |
| Series A, Pfd., 7.78% (3 mo. Term <br> SOFR + 4.11%)<sup>(d)(e)</sup><br>| 42059 | &nbsp;&nbsp; 1055681 |
| Series C, Pfd., 8.25%<sup>(b)</sup> | 54281 | &nbsp;&nbsp; 1411306 |
| Wesbanco, Inc., Series B, Pfd., 7.38%<sup>(b)</sup> | 83167 | &nbsp;&nbsp; 2149867 |
| Western Alliance Bancorporation, <br> Series A, Pfd., 4.25%<sup>(b)(e)</sup><br>| 108562 | &nbsp;&nbsp; 2525152 |
| Wintrust Financial Corp., Series F, Pfd., <br> 7.88%<sup>(b)</sup><br>| 154113 | &nbsp;&nbsp; 4114817 |
|  |  | &nbsp;&nbsp; 104869866 |

---

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

------

**243**

------

**Invesco Variable Rate Preferred ETF (VRP)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets-1.19%** | **Capital Markets-1.19%** | **Capital Markets-1.19%** |
| Bank of New York Mellon Corp. (The), <br> Series K, Pfd., 6.15%<sup>(b)</sup><br>| 181253 | &nbsp;&nbsp; $4678140 |
| Goldman Sachs Group, Inc. (The) |  |  |
| Series D, Pfd., 4.57% (3 mo. Term <br> SOFR + 0.93%)<sup>(d)(e)</sup><br>| 490420 | &nbsp;&nbsp; 9754454 |
| Series A, Pfd., 4.65% (3 mo. Term <br> SOFR + 1.01%)<sup>(d)(e)</sup><br>| 272346 | &nbsp;&nbsp; 5433303 |
| Series C, Pfd., 4.65% (3 mo. Term <br> SOFR + 1.01%)<sup>(d)(e)</sup><br>| 72691 | &nbsp;&nbsp; 1458908 |
| Morgan Stanley, Series A, Pfd., 4.63% (3 <br> mo. Term SOFR + 0.96%)<sup>(d)(e)</sup><br>| 399327 | &nbsp;&nbsp; 7906674 |
|  |  | &nbsp;&nbsp; 29231479 |
| **Consumer Finance-0.19%** | **Consumer Finance-0.19%** | **Consumer Finance-0.19%** |
| Synchrony Financial, Series B, Pfd., <br> 8.25%<sup>(b)</sup><br>| 181253 | &nbsp;&nbsp; 4734328 |
| **Electric Utilities-0.11%** | **Electric Utilities-0.11%** | **Electric Utilities-0.11%** |
| SCE Trust V, Series K, Pfd., 5.45%<sup>(b)(e)</sup> | 108562 | &nbsp;&nbsp; 2749875 |
| **Financial Services-1.64%** | **Financial Services-1.64%** | **Financial Services-1.64%** |
| Apollo Global Management, Inc., Pfd., <br> 7.63%<sup>(b)</sup><br>| 218074 | &nbsp;&nbsp; 5600140 |
| Citigroup Capital XIII, Pfd., 10.30% (3 <br> mo. Term SOFR + 6.63%)<sup>(d)(e)</sup><br>| 815668 | &nbsp;&nbsp; 24249810 |
| Compass Diversified Holdings, Series B, <br> Pfd., 7.88%<sup>(b)</sup><br>| 68534 | &nbsp;&nbsp; 1409059 |
| Jackson Financial, Inc., Pfd., 8.00%<sup>(b)</sup> | 199664 | &nbsp;&nbsp; 5161315 |
| Merchants Bancorp, Pfd., 8.25%<sup>(b)</sup> | 51662 | &nbsp;&nbsp; 1314798 |
| Voya Financial, Inc., Series B, Pfd., <br> 5.35%<sup>(b)</sup><br>| 108562 | &nbsp;&nbsp; 2613087 |
|  |  | &nbsp;&nbsp; 40348209 |
| **Food Products-0.34%** | **Food Products-0.34%** | **Food Products-0.34%** |
| CHS, Inc. |  |  |
| Series 3, Pfd., 6.75% (3 mo. USD <br> LIBOR + 4.16%)<sup>(d)(e)</sup><br>| 178634 | &nbsp;&nbsp; 4490859 |
| Series 2, Pfd., 7.10% (3 mo. USD <br> LIBOR + 4.30%)<sup>(d)(e)</sup><br>| 152367 | &nbsp;&nbsp; 3870122 |
|  |  | &nbsp;&nbsp; 8360981 |
| **Independent Power and Renewable Electricity Producers-0.17%** | **Independent Power and Renewable Electricity Producers-0.17%** | **Independent Power and Renewable Electricity Producers-0.17%** |
| Tennessee Valley Authority |  |  |
| Series D, Pfd., 2.13% (30 yr. <br> U.S. Treasury Yield Curve Rate + <br> 0.94%)<sup>(d)(e)</sup><br>| 93360 | &nbsp;&nbsp; 2264914 |
| Series A, Pfd., 2.22% (30 yr. <br> U.S. Treasury Yield Curve Rate + <br> 0.84%)<sup>(d)(e)</sup><br>| 75610 | &nbsp;&nbsp; 1845640 |
|  |  | &nbsp;&nbsp; 4110554 |
| **Insurance-1.71%** | **Insurance-1.71%** | **Insurance-1.71%** |
| Allstate Corp. (The), Pfd., 7.10% (3 mo. <br> Term SOFR + 3.43%)<sup>(d)(e)</sup><br>| 181253 | &nbsp;&nbsp; 4756079 |
| Athene Holding Ltd. |  |  |
| Series A, Pfd., 6.35%<sup>(b)</sup> | 313541 | &nbsp;&nbsp; 7644130 |
| Pfd., 7.25%<sup>(b)</sup> | 208774 | &nbsp;&nbsp; 5240227 |
| Series E, Pfd., 7.75%<sup>(b)</sup> | 181253 | &nbsp;&nbsp; 4654577 |
| Enstar Group Ltd., Series D, Pfd., <br> 7.00%<sup>(b)</sup><br>| 151321 | &nbsp;&nbsp; 3427421 |
| Kemper Corp., Pfd., 5.88%<sup>(b)</sup> | 54281 | &nbsp;&nbsp; 1279403 |
| MetLife, Inc., Series A, Pfd., 4.99% (3 <br> mo. Term SOFR + 1.26%)<sup>(d)(e)</sup><br>| 218074 | &nbsp;&nbsp; 4721302 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance-(continued)** | **Insurance-(continued)** | **Insurance-(continued)** |
| Reinsurance Group of America, Inc. |  |  |
| Pfd., 5.75%<sup>(b)(e)</sup> | 145383 | &nbsp;&nbsp; $3638936 |
| Pfd., 7.13%<sup>(b)(e)</sup> | 253945 | &nbsp;&nbsp; 6500992 |
|  |  | &nbsp;&nbsp; 41863067 |
| **Mortgage REITs-2.83%** | **Mortgage REITs-2.83%** | **Mortgage REITs-2.83%** |
| ACRES Commercial Realty Corp., <br> Series C, Pfd., 9.60% (3 mo. Term <br> SOFR + 5.93%)<sup>(d)(e)</sup><br>| 43805 | &nbsp;&nbsp; 1092497 |
| Adamas Trust, Inc. |  |  |
| Series F, Pfd., 6.88%<sup>(b)(e)</sup> | 52577 | &nbsp;&nbsp; 1249230 |
| Series D, Pfd., 8.00%<sup>(b)(e)</sup> | 55567 | &nbsp;&nbsp; 1265816 |
| Series E, Pfd., 10.83% (3 mo. USD <br> LIBOR + 6.43%)<sup>(d)(e)</sup><br>| 67949 | &nbsp;&nbsp; 1728623 |
| AGNC Investment Corp. |  |  |
| Series G, Pfd., 7.75%<sup>(b)(e)</sup> | 54091 | &nbsp;&nbsp; 1360389 |
| Series D, Pfd., 8.27% (3 mo. Term <br> SOFR + 4.59%)<sup>(d)(e)</sup><br>| 85304 | &nbsp;&nbsp; 2127482 |
| Series F, Pfd., 8.63% (3 mo. Term <br> SOFR + 4.96%)<sup>(d)</sup><br>| 208381 | &nbsp;&nbsp; 5199106 |
| Series E, Pfd., 8.92% (3 mo. Term <br> SOFR + 5.25%)<sup>(d)</sup><br>| 146140 | &nbsp;&nbsp; 3698803 |
| Series C, Pfd., 9.04% (3 mo. Term <br> SOFR + 5.37%)<sup>(d)</sup><br>| 118173 | &nbsp;&nbsp; 3009866 |
| Annaly Capital Management, Inc. |  |  |
| Series G, Pfd., 8.10% (3 mo. Term <br> SOFR + 4.43%)<sup>(d)(e)</sup><br>| 154113 | &nbsp;&nbsp; 3897518 |
| Series F, Pfd., 8.92% (3 mo. Term <br> SOFR + 5.25%)<sup>(d)(e)</sup><br>| 261879 | &nbsp;&nbsp; 6793141 |
| Series I, Pfd., 8.92% (3 mo. Term <br> SOFR + 5.25%)<sup>(d)(e)</sup><br>| 160224 | &nbsp;&nbsp; 4101734 |
| Arbor Realty Trust, Inc., Series F, Pfd., <br> 6.25%<sup>(b)(e)</sup><br>| 102817 | &nbsp;&nbsp; 2210565 |
| Chimera Investment Corp. |  |  |
| Series C, Pfd., 8.69% (3 mo. Term <br> SOFR + 5.00%)<sup>(d)</sup><br>| 94612 | &nbsp;&nbsp; 2080518 |
| Series D, Pfd., 9.29% (3 mo. Term <br> SOFR + 5.60%)<sup>(d)(e)</sup><br>| 72651 | &nbsp;&nbsp; 1717470 |
| Series B, Pfd., 9.74% (3 mo. Term <br> SOFR + 6.05%)<sup>(d)(e)</sup><br>| 118265 | &nbsp;&nbsp; 2795785 |
| Dynex Capital, Inc., Series C, Pfd., 9.39% <br> (3 mo. Term SOFR + 5.72%)<sup>(d)(e)</sup><br>| 40837 | &nbsp;&nbsp; 1060537 |
| Ellington Financial, Inc., Series B, Pfd., <br> 6.25%<sup>(b)(e)</sup><br>| 43983 | &nbsp;&nbsp; 1070546 |
| Granite Point Mortgage Trust, Inc., <br> Series A, Pfd., 7.00%<sup>(b)(e)</sup><br>| 74695 | &nbsp;&nbsp; 1518549 |
| MFA Financial, Inc., Series C, Pfd., 9.28% <br> (3 mo. Term SOFR + 5.61%)<sup>(d)(e)</sup><br>| 99832 | &nbsp;&nbsp; 2282159 |
| Rithm Capital Corp. |  |  |
| Series D, Pfd., 7.00%<sup>(b)</sup> | 168979 | &nbsp;&nbsp; 4183920 |
| Class F, Pfd., 8.75%<sup>(b)</sup> | 91300 | &nbsp;&nbsp; 2267892 |
| Series C, Pfd., 8.90% (3 mo. Term <br> SOFR + 5.23%)<sup>(d)(e)</sup><br>| 144505 | &nbsp;&nbsp; 3515807 |
| Series B, Pfd., 9.57% (3 mo. Term <br> SOFR + 5.90%)<sup>(d)(e)</sup><br>| 101907 | &nbsp;&nbsp; 2555828 |
| Series A, Pfd., 9.73% (3 mo. Term <br> SOFR + 6.06%)<sup>(d)(e)</sup><br>| 38938 | &nbsp;&nbsp; 989804 |

---

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

------

**244**

------

**Invesco Variable Rate Preferred ETF (VRP)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mortgage REITs-(continued)** | **Mortgage REITs-(continued)** | **Mortgage REITs-(continued)** |
| Two Harbors Investment Corp. |  |  |
| Series B, Pfd., 7.63%<sup>(b)(e)</sup> | 92491 | &nbsp;&nbsp; $2266029 |
| Series A, Pfd., 8.13%<sup>(b)</sup> | 45989 | &nbsp;&nbsp; 1131329 |
| Series C, Pfd., 8.94% (3 mo. Term <br> SOFR + 5.27%)<sup>(d)(e)</sup><br>| 88146 | &nbsp;&nbsp; 2177206 |
|  |  | &nbsp;&nbsp; 69348149 |
| **Multi-Utilities-0.13%** | **Multi-Utilities-0.13%** | **Multi-Utilities-0.13%** |
| Algonquin Power & Utilities Corp., <br> Series 19-A, Pfd., 8.53% (3 mo. USD <br> LIBOR + 4.01%), (Canada)<sup>(d)</sup><br>| 126972 | &nbsp;&nbsp; 3268259 |
| **Oil, Gas & Consumable Fuels-0.34%** | **Oil, Gas & Consumable Fuels-0.34%** | **Oil, Gas & Consumable Fuels-0.34%** |
| GasLog Partners L.P., Series A, Pfd., <br> 8.63% (Greece)<sup>(b)</sup><br>| 46293 | &nbsp;&nbsp; 1201767 |
| NGL Energy Partners L.P., Series B, Pfd., <br> 11.15% (3 mo. Term SOFR + <br> 7.47%)<sup>(d)</sup><br>| 114625 | &nbsp;&nbsp; 2807166 |
| Seapeak LLC, Series B, Pfd., 8.50% <br> (Bermuda)<sup>(b)</sup><br>| 59485 | &nbsp;&nbsp; 1542446 |
| Tsakos Energy Navigation Ltd. |  |  |
| Series E, Pfd., 9.25% (Greece)<sup>(b)</sup> | 43333 | &nbsp;&nbsp; 1154391 |
| Series F, Pfd., 9.50% (Greece)<sup>(b)</sup> | 60804 | &nbsp;&nbsp; 1675150 |
|  |  | &nbsp;&nbsp; 8380920 |
| **Trading Companies & Distributors-0.04%** | **Trading Companies & Distributors-0.04%** | **Trading Companies & Distributors-0.04%** |
| FTAI Aviation Ltd., Series C, Pfd., <br> 8.25%<sup>(b)(e)</sup><br>| 38567 | &nbsp;&nbsp; 986158 |
| Total Preferred Stocks <br>(Cost $326,191,926) | Total Preferred Stocks <br>(Cost $326,191,926) | &nbsp;&nbsp; 318251845 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.00%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(g)(h)</sup> <br>(Cost $35,901)<br>| 35901 | &nbsp;&nbsp; $35901 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.89% <br>(Cost $2,404,563,586) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-98.89% <br>(Cost $2,404,563,586) | &nbsp;&nbsp; 2427764564 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-8.43%** | **Money Market Funds-8.43%** | **Money Market Funds-8.43%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(g)(h)(i)</sup><br>| 57496110 | &nbsp;&nbsp; 57496110 |
| Invesco Private Prime Fund, 3.81%<sup>(g)(h)(i)</sup> | 149243416 | &nbsp;&nbsp; 149288189 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $206,784,299) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $206,784,299) | &nbsp;&nbsp; 206784299 |
| TOTAL INVESTMENTS IN SECURITIES-107.32% <br>(Cost $2,611,347,885) | TOTAL INVESTMENTS IN SECURITIES-107.32% <br>(Cost $2,611,347,885) | &nbsp;&nbsp; 2634548863 |
| OTHER ASSETS LESS LIABILITIES-(7.32)% | OTHER ASSETS LESS LIABILITIES-(7.32)% | &nbsp;&nbsp; (179596744)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2454952119 |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| Conv. | -Convertible |
| LIBOR | -London Interbank Offered Rate |
| Pfd. | -Preferred |
| REIT | -Real Estate Investment Trust |
| SOFR | -Secured Overnight Financing Rate |
| USD | -U.S. Dollar |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate. |
| <sup>(c)</sup> | Perpetual bond with no specified maturity date. |
| <sup>(d)</sup> | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2026. |
| <sup>(e)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(f)</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 February 28, <br> 2026 represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(g)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

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

------

**245**

------

**Invesco Variable Rate Preferred ETF (VRP)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $195226049 | &nbsp;&nbsp; $(195190148)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $35901 | &nbsp;&nbsp; $228723 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 52399814 | &nbsp;&nbsp; 124543428 | &nbsp;&nbsp; (119447132)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 57496110 | &nbsp;&nbsp; 1,048,567<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 136321880 | &nbsp;&nbsp; 240051917 | &nbsp;&nbsp; (227084349)<br>| &nbsp;&nbsp; (11498)<br>| &nbsp;&nbsp; 10239 | &nbsp;&nbsp; 149288189 | &nbsp;&nbsp; 2,820,851<br> \*<br>|
| Total | &nbsp;&nbsp; $188721694 | &nbsp;&nbsp; $559821394 | &nbsp;&nbsp; $(541721629)<br>| &nbsp;&nbsp; $(11498)<br>| &nbsp;&nbsp; $10239 | &nbsp;&nbsp; $206820200 | &nbsp;&nbsp; $4098141 |

---

\* 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 February 28, 2026.

<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 2J. 

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: |  |
| Canada | 10.48% |

---

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

------

**246**

------

**247**

------

**Statements of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Bloomberg Enhanced** <br>**Fallen Angels** <br>**ETF (IFLN)**<br>| **Invesco** <br>**California** <br>**AMT-Free** <br>**Municipal** <br>**Bond ETF** <br>**(PWZ)**<br>| **Invesco** <br>**CEF Income** <br>**Composite** <br>**ETF (PCEF)**<br>| **Invesco** <br>**Equal Weight** <br>**0-30 Treasury** <br>**ETF (GOVI)**<br>| **Invesco** <br>**Floating Rate** <br>**Municipal Income** <br>**ETF (PVI)**<br>|
| **Assets:** |  |  |  |  |  |
| Unaffiliated investments in securities, at <br> value<sup>(a)</sup><br>| &nbsp;&nbsp; $392115241 | &nbsp;&nbsp;&nbsp; $1075691968 | &nbsp;&nbsp;&nbsp; $809243780 | &nbsp;&nbsp;&nbsp; $1069599899 | &nbsp;&nbsp;&nbsp; $30935000 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 87055593 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 42645407 | &nbsp;&nbsp;&nbsp; 54807338 | &nbsp;&nbsp;&nbsp; - |
| Cash | &nbsp;&nbsp; 16211290 | &nbsp;&nbsp;&nbsp; 17017488 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 225260 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 5250 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 250 |
| Deposits with brokers: |  |  |  |  |  |
| Cash segregated as collateral | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 6955878 | &nbsp;&nbsp;&nbsp; 11837789 | &nbsp;&nbsp;&nbsp; 1121188 | &nbsp;&nbsp;&nbsp; 1597064 | &nbsp;&nbsp;&nbsp; 56516 |
| Securities lending | &nbsp;&nbsp; 6566 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 60454 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Investments sold | &nbsp;&nbsp; 2539554 | &nbsp;&nbsp;&nbsp; 357953 | &nbsp;&nbsp;&nbsp; 46220 | &nbsp;&nbsp;&nbsp; 1409659 | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1227521 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 504884122 | &nbsp;&nbsp;&nbsp; 1106137969 | &nbsp;&nbsp;&nbsp; 853117049 | &nbsp;&nbsp;&nbsp; 1127413960 | &nbsp;&nbsp;&nbsp; 31217026 |
| **Liabilities:** |  |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 760304 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7704 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 18663797 | &nbsp;&nbsp;&nbsp; 4427459 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 56460289 | &nbsp;&nbsp;&nbsp; 200317 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 87055593 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 34289151 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares repurchased | &nbsp;&nbsp; 102595 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 127851 | &nbsp;&nbsp;&nbsp; 232670 | &nbsp;&nbsp;&nbsp; 308554 | &nbsp;&nbsp;&nbsp; 104674 | &nbsp;&nbsp;&nbsp; 5950 |
| **Total liabilities** | &nbsp;&nbsp; 105949836 | &nbsp;&nbsp;&nbsp; 4660129 | &nbsp;&nbsp;&nbsp; 35365713 | &nbsp;&nbsp;&nbsp; 56564963 | &nbsp;&nbsp;&nbsp; 206267 |
| **Net Assets** | &nbsp;&nbsp; $398934286 | &nbsp;&nbsp;&nbsp; $1101477840 | &nbsp;&nbsp;&nbsp; $817751336 | &nbsp;&nbsp;&nbsp; $1070848997 | &nbsp;&nbsp;&nbsp; $31010759 |
| **Net assets consist of:** |  |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $469632794 | &nbsp;&nbsp;&nbsp; $1088094854 | &nbsp;&nbsp;&nbsp; $849920007 | &nbsp;&nbsp;&nbsp; $1173039257 | &nbsp;&nbsp;&nbsp; $31038131 |
| Distributable earnings (loss) | &nbsp;&nbsp; (70698508)<br>| &nbsp;&nbsp;&nbsp; 13382986 | &nbsp;&nbsp;&nbsp; (32168671)<br>| &nbsp;&nbsp;&nbsp; (102190260)<br>| &nbsp;&nbsp;&nbsp; (27372)<br>|
| **Net Assets** | &nbsp;&nbsp; $398934286 | &nbsp;&nbsp;&nbsp; $1101477840 | &nbsp;&nbsp;&nbsp; $817751336 | &nbsp;&nbsp;&nbsp; $1070848997 | &nbsp;&nbsp;&nbsp; $31010759 |
| Shares outstanding (unlimited amount <br> authorized, $0.01 par value)<br>| &nbsp;&nbsp; 21500000 | &nbsp;&nbsp;&nbsp; 44850000 | &nbsp;&nbsp;&nbsp; 40740000 | &nbsp;&nbsp;&nbsp; 37970000 | &nbsp;&nbsp;&nbsp; 1250000 |
| Net asset value | &nbsp;&nbsp; $18.56 | &nbsp;&nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp; $20.07 | &nbsp;&nbsp;&nbsp; $28.20 | &nbsp;&nbsp;&nbsp; $24.81 |
| Market price | &nbsp;&nbsp; $18.56 | &nbsp;&nbsp;&nbsp; $24.58 | &nbsp;&nbsp;&nbsp; $20.08 | &nbsp;&nbsp;&nbsp; $28.21 | &nbsp;&nbsp;&nbsp; $24.81 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $392808765 | &nbsp;&nbsp;&nbsp; $1058134513 | &nbsp;&nbsp;&nbsp; $746126937 | &nbsp;&nbsp;&nbsp; $1143054364 | &nbsp;&nbsp;&nbsp; $30935000 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $87055593 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $43737129 | &nbsp;&nbsp;&nbsp; $54807338 | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate <br> value of:<br>| &nbsp;&nbsp; $83450778 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $33437139 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |

---

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

------

**248**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Fundamental** <br>**Investment** <br>**Grade Corporate** <br>**Bond ETF (PFIG)**<br>| **Invesco** <br>**MSCI Treasury** <br>**Duration Rotation** <br>**ETF (TROT)**<br>| **Invesco** <br>**National** <br>**AMT-Free** <br>**Municipal Bond** <br>**ETF (PZA)**<br>| **Invesco** <br>**New York** <br>**AMT-Free** <br>**Municipal Bond** <br>**ETF (PZT)**<br>| **Invesco** <br>**Preferred** <br>**ETF (PGX)**<br>| **Invesco** <br>**Short Term** <br>**Treasury** <br>**ETF (TBLL)**<br>| **Invesco** <br>**Taxable** <br>**Municipal** <br>**Bond ETF** <br>**(BAB)**<br>| **Invesco** <br>**U.S. Hybrid** <br>**Bond ETF** <br>**(HBRD)**<br>|
| $109765340 | &nbsp;&nbsp; $992936 | &nbsp;&nbsp; $3692367772 | &nbsp;&nbsp; $128179820 | &nbsp;&nbsp; $3959412740 | &nbsp;&nbsp; $2419921516 | &nbsp;&nbsp; $1033491539 | &nbsp;&nbsp; $14687879 |
| 14192526 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 58568727 | &nbsp;&nbsp; 126157 | &nbsp;&nbsp; 15801374 | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; 1968 | &nbsp;&nbsp; 64722275 | &nbsp;&nbsp; 2008438 | &nbsp;&nbsp; - | &nbsp;&nbsp; 812 | &nbsp;&nbsp; - | &nbsp;&nbsp; 94842 |
| 360 | &nbsp;&nbsp; - | &nbsp;&nbsp; 125623 | &nbsp;&nbsp; 188641 | &nbsp;&nbsp; 98457 | &nbsp;&nbsp; 6900 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1139 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 119979 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6639 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| 1199734 | &nbsp;&nbsp; 6979 | &nbsp;&nbsp; 41597184 | &nbsp;&nbsp; 1632856 | &nbsp;&nbsp; 23948044 | &nbsp;&nbsp; 6193107 | &nbsp;&nbsp; 12964411 | &nbsp;&nbsp; 270729 |
| 2286 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 85900 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| 2456356 | &nbsp;&nbsp; 38026 | &nbsp;&nbsp; 1786041 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 644712049 | &nbsp;&nbsp; 595558 | &nbsp;&nbsp; 290082 |
| 1219538 | &nbsp;&nbsp; - | &nbsp;&nbsp; 16639254 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2276148 | &nbsp;&nbsp; 17943157 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3367 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| 128836140 | &nbsp;&nbsp; 1039988 | &nbsp;&nbsp; 3817358128 | &nbsp;&nbsp; 132009755 | &nbsp;&nbsp; 4044400022 | &nbsp;&nbsp; 3088903698 | &nbsp;&nbsp; 1062852882 | &nbsp;&nbsp; 15344671 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 3134925 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 6750 | &nbsp;&nbsp; 22616 | &nbsp;&nbsp; 248 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| 3915442 | &nbsp;&nbsp; 38025 | &nbsp;&nbsp; 22599363 | &nbsp;&nbsp; - | &nbsp;&nbsp; 10473848 | &nbsp;&nbsp; 644607145 | &nbsp;&nbsp; - | &nbsp;&nbsp; 413460 |
| 13893495 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 58568727 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 119979 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6639 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| 18199 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 786896 | &nbsp;&nbsp; 28374 | &nbsp;&nbsp; 1529336 | &nbsp;&nbsp; 142066 | &nbsp;&nbsp; 225372 | &nbsp;&nbsp; 656 |
| 17827136 | &nbsp;&nbsp; 38042 | &nbsp;&nbsp; 23512988 | &nbsp;&nbsp; 50990 | &nbsp;&nbsp; 73713723 | &nbsp;&nbsp; 644749211 | &nbsp;&nbsp; 225372 | &nbsp;&nbsp; 414116 |
| $111009004 | &nbsp;&nbsp; $1001946 | &nbsp;&nbsp; $3793845140 | &nbsp;&nbsp; $131958765 | &nbsp;&nbsp; $3970686299 | &nbsp;&nbsp; $2444154487 | &nbsp;&nbsp; $1062627510 | &nbsp;&nbsp; $14930555 |
| $110499375 | &nbsp;&nbsp; $1000025 | &nbsp;&nbsp; $3868634592 | &nbsp;&nbsp; $139654393 | &nbsp;&nbsp; $5448615384 | &nbsp;&nbsp; $2444049923 | &nbsp;&nbsp; $1159359129 | &nbsp;&nbsp; $15000025 |
| 509629 | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; (74789452)<br>| &nbsp;&nbsp; (7695628)<br>| &nbsp;&nbsp; (1477929085)<br>| &nbsp;&nbsp; 104564 | &nbsp;&nbsp; (96731619)<br>| &nbsp;&nbsp; (69470)<br>|
| $111009004 | &nbsp;&nbsp; $1001946 | &nbsp;&nbsp; $3793845140 | &nbsp;&nbsp; $131958765 | &nbsp;&nbsp; $3970686299 | &nbsp;&nbsp; $2444154487 | &nbsp;&nbsp; $1062627510 | &nbsp;&nbsp; $14930555 |
| 4550000 | &nbsp;&nbsp; 40001 | &nbsp;&nbsp; 160650000 | &nbsp;&nbsp; 5800000 | &nbsp;&nbsp; 348900000 | &nbsp;&nbsp; 23150001 | &nbsp;&nbsp; 38300000 | &nbsp;&nbsp; 600001 |
| $24.40 | &nbsp;&nbsp; $25.05 | &nbsp;&nbsp; $23.62 | &nbsp;&nbsp; $22.75 | &nbsp;&nbsp; $11.38 | &nbsp;&nbsp; $105.58 | &nbsp;&nbsp; $27.74 | &nbsp;&nbsp; $24.88 |
| $24.40 | &nbsp;&nbsp; $25.06 | &nbsp;&nbsp; $23.60 | &nbsp;&nbsp; $22.69 | &nbsp;&nbsp; $11.40 | &nbsp;&nbsp; $105.58 | &nbsp;&nbsp; $27.72 | &nbsp;&nbsp; $25.02 |
| $108094745 | &nbsp;&nbsp; $991482 | &nbsp;&nbsp; $3690869890 | &nbsp;&nbsp; $129019603 | &nbsp;&nbsp; $4737814970 | &nbsp;&nbsp; $2419204443 | &nbsp;&nbsp; $1101407748 | &nbsp;&nbsp; $14768135 |
| $14192526 | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $58568727 | &nbsp;&nbsp; $126157 | &nbsp;&nbsp; $15801374 | &nbsp;&nbsp; $- |
| $12778378 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $56752404 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |

---

------

**249**

------

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

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco** <br>**Variable Rate** <br>**Preferred** <br>**ETF (VRP)**<br>|
| **Assets:** |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $2427728663 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 206820200 |
| Cash | &nbsp;&nbsp; 418589 |
| Due from broker | &nbsp;&nbsp; 18651 |
| Deposits with brokers: |  |
| Cash segregated as collateral | &nbsp;&nbsp; 1506229 |
| Receivable for: |  |
| Dividends and interest | &nbsp;&nbsp; 30984828 |
| Securities lending | &nbsp;&nbsp; 109370 |
| Fund shares sold | &nbsp;&nbsp; 20873028 |
| **Total assets** | &nbsp;&nbsp; 2688459558 |
| **Liabilities:** |  |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 24288198 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 206784299 |
| Collateral upon receipt of securities in-kind | &nbsp;&nbsp; 1506229 |
| Accrued unitary management fees | &nbsp;&nbsp; 928713 |
| **Total liabilities** | &nbsp;&nbsp; 233507439 |
| **Net Assets** | &nbsp;&nbsp; $2454952119 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $2573615439 |
| Distributable earnings (loss) | &nbsp;&nbsp; (118663320)<br>|
| **Net Assets** | &nbsp;&nbsp; $2454952119 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 100500000 |
| Net asset value | &nbsp;&nbsp; $24.43 |
| Market price | &nbsp;&nbsp; $24.45 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $2404527685 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $206820200 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $199305233 |

---

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

------

**250**

------

**251**

------

**Statements of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Bloomberg Enhanced** <br>**Fallen Angels** <br>**ETF (IFLN)**<br>| **Invesco** <br>**California** <br>**AMT-Free** <br>**Municipal** <br>**Bond ETF** <br>**(PWZ)**<br>| **Invesco** <br>**CEF Income** <br>**Composite** <br>**ETF (PCEF)**<br>| **Invesco** <br>**Equal Weight** <br>**0-30 Treasury** <br>**ETF (GOVI)**<br>| **Invesco** <br>**Floating Rate** <br>**Municipal Income** <br>**ETF (PVI)**<br>|
| **Investment income:** |  |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $11173662 | &nbsp;&nbsp; $21610620 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $18252108 | &nbsp;&nbsp; $377304 |
| Unaffiliated dividend income | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 40497675 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Affiliated dividend income | &nbsp;&nbsp; 46878 | &nbsp;&nbsp; - | &nbsp;&nbsp; 483364 | &nbsp;&nbsp; 74108 | &nbsp;&nbsp; - |
| Securities lending income, net | &nbsp;&nbsp; 177909 | &nbsp;&nbsp; - | &nbsp;&nbsp; 507044 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; - |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 11398449 | &nbsp;&nbsp; 21610620 | &nbsp;&nbsp; 41488083 | &nbsp;&nbsp; 18326220 | &nbsp;&nbsp; 377304 |
| **Expenses:** |  |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 902015 | &nbsp;&nbsp; 1513091 | &nbsp;&nbsp; 2084949 | &nbsp;&nbsp; 715964 | &nbsp;&nbsp; 38830 |
| Tax expenses | &nbsp;&nbsp; 510 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total expenses | &nbsp;&nbsp; 902525 | &nbsp;&nbsp; 1513091 | &nbsp;&nbsp; 2084949 | &nbsp;&nbsp; 715964 | &nbsp;&nbsp; 38830 |
| Less: Waivers | &nbsp;&nbsp; (1209)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (42709)<br>| &nbsp;&nbsp; (1921)<br>| &nbsp;&nbsp; - |
| Net expenses | &nbsp;&nbsp; 901316 | &nbsp;&nbsp; 1513091 | &nbsp;&nbsp; 2042240 | &nbsp;&nbsp; 714043 | &nbsp;&nbsp; 38830 |
| Net investment income | &nbsp;&nbsp; 10497133 | &nbsp;&nbsp; 20097529 | &nbsp;&nbsp; 39445843 | &nbsp;&nbsp; 17612177 | &nbsp;&nbsp; 338474 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 4764312 | &nbsp;&nbsp; (2556537)<br>| &nbsp;&nbsp; (1614054)<br>| &nbsp;&nbsp; (4721743)<br>| &nbsp;&nbsp; - |
| Affiliated investment securities | &nbsp;&nbsp; 4125 | &nbsp;&nbsp; - | &nbsp;&nbsp; (18934)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 1007770 | &nbsp;&nbsp; 855145 | &nbsp;&nbsp; 9683860 | &nbsp;&nbsp; 751707 | &nbsp;&nbsp; - |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (1889)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Short Sales | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; 5776207 | &nbsp;&nbsp; (1701392)<br>| &nbsp;&nbsp; 8048983 | &nbsp;&nbsp; (3970036)<br>| &nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (5020651)<br>| &nbsp;&nbsp; 67844134 | &nbsp;&nbsp; (9213695)<br>| &nbsp;&nbsp; 34602110 | &nbsp;&nbsp; - |
| Affiliated investment securities | &nbsp;&nbsp; (4096)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (959039)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (5024747)<br>| &nbsp;&nbsp; 67844134 | &nbsp;&nbsp; (10172734)<br>| &nbsp;&nbsp; 34602110 | &nbsp;&nbsp; - |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 751460 | &nbsp;&nbsp; 66142742 | &nbsp;&nbsp; (2123751)<br>| &nbsp;&nbsp; 30632074 | &nbsp;&nbsp; - |
| Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; $11248593 | &nbsp;&nbsp; $86240271 | &nbsp;&nbsp; $37322092 | &nbsp;&nbsp; $48244251 | &nbsp;&nbsp; $338474 |

---

<sup>(a)</sup> For the period February 23, 2026 (commencement of investment operations) through February 28, 2026.

<sup>(b)</sup> Effective February 23, 2026, the Fund's unitary management fee was reduced from 0.50% to 0.23%.

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

------

**252**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**Fundamental** <br>**Investment** <br>**Grade Corporate** <br>**Bond ETF (PFIG)**<br>| **Invesco** <br>**MSCI Treasury** <br>**Duration Rotation** <br>**ETF (TROT)**<sup>(a)</sup> <br>| **Invesco** <br>**National** <br>**AMT-Free** <br>**Municipal Bond** <br>**ETF (PZA)**<br>| **Invesco** <br>**New York** <br>**AMT-Free** <br>**Municipal Bond** <br>**ETF (PZT)**<br>| **Invesco** <br>**Preferred** <br>**ETF (PGX)**<br>| **Invesco** <br>**Short Term** <br>**Treasury** <br>**ETF (TBLL)**<br>| **Invesco** <br>**Taxable** <br>**Municipal** <br>**Bond ETF** <br>**(BAB)**<br>| **Invesco** <br>**U.S. Hybrid** <br>**Bond ETF** <br>**(HBRD)**<sup>(b)</sup> <br>|
| $2179514 | &nbsp;&nbsp;&nbsp; $474 | &nbsp;&nbsp;&nbsp; $67117245 | &nbsp;&nbsp;&nbsp; $2616300 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $43469475 | &nbsp;&nbsp;&nbsp; $20804477 | &nbsp;&nbsp;&nbsp; $13028 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 127869252 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 5431 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 128035 | &nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp; 606230 | &nbsp;&nbsp;&nbsp; 13 |
| 9751 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 895511 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (303378)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 2194696 | &nbsp;&nbsp;&nbsp; 474 | &nbsp;&nbsp;&nbsp; 67117245 | &nbsp;&nbsp;&nbsp; 2616300 | &nbsp;&nbsp;&nbsp; 128589420 | &nbsp;&nbsp;&nbsp; 43470404 | &nbsp;&nbsp;&nbsp; 21410707 | &nbsp;&nbsp;&nbsp; 13041 |
| 105919 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 4665787 | &nbsp;&nbsp;&nbsp; 188018 | &nbsp;&nbsp;&nbsp; 9822680 | &nbsp;&nbsp;&nbsp; 891179 | &nbsp;&nbsp;&nbsp; 1387919 | &nbsp;&nbsp;&nbsp; 656 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 105919 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 4665787 | &nbsp;&nbsp;&nbsp; 188018 | &nbsp;&nbsp;&nbsp; 9822680 | &nbsp;&nbsp;&nbsp; 891179 | &nbsp;&nbsp;&nbsp; 1387919 | &nbsp;&nbsp;&nbsp; 656 |
| (141)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3343)<br>| &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (15610)<br>| &nbsp;&nbsp;&nbsp; - |
| 105778 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 4665787 | &nbsp;&nbsp;&nbsp; 188018 | &nbsp;&nbsp;&nbsp; 9819337 | &nbsp;&nbsp;&nbsp; 891155 | &nbsp;&nbsp;&nbsp; 1372309 | &nbsp;&nbsp;&nbsp; 656 |
| 2088918 | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 62451458 | &nbsp;&nbsp;&nbsp; 2428282 | &nbsp;&nbsp;&nbsp; 118770083 | &nbsp;&nbsp;&nbsp; 42579249 | &nbsp;&nbsp;&nbsp; 20038398 | &nbsp;&nbsp;&nbsp; 12385 |
| 50356 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (26377794)<br>| &nbsp;&nbsp;&nbsp; (2580500)<br>| &nbsp;&nbsp;&nbsp; (31639828)<br>| &nbsp;&nbsp;&nbsp; 569369 | &nbsp;&nbsp;&nbsp; (4201108)<br>| &nbsp;&nbsp;&nbsp; (1599)<br>|
| 439 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2917 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (15208439)<br>| &nbsp;&nbsp;&nbsp; (760184)<br>| &nbsp;&nbsp;&nbsp; 3676954 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (870918)<br>| &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1730)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 50795 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (41586233)<br>| &nbsp;&nbsp;&nbsp; (3340684)<br>| &nbsp;&nbsp;&nbsp; (27961687)<br>| &nbsp;&nbsp;&nbsp; 569369 | &nbsp;&nbsp;&nbsp; (5072026)<br>| &nbsp;&nbsp;&nbsp; (1599)<br>|
| 832587 | &nbsp;&nbsp;&nbsp; 1454 | &nbsp;&nbsp;&nbsp; 235197897 | &nbsp;&nbsp;&nbsp; 11286424 | &nbsp;&nbsp;&nbsp; 15781428 | &nbsp;&nbsp;&nbsp; (309177)<br>| &nbsp;&nbsp;&nbsp; 39480872 | &nbsp;&nbsp;&nbsp; (80256)<br>|
| (462)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3314)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 832125 | &nbsp;&nbsp;&nbsp; 1454 | &nbsp;&nbsp;&nbsp; 235197897 | &nbsp;&nbsp;&nbsp; 11286424 | &nbsp;&nbsp;&nbsp; 15778114 | &nbsp;&nbsp;&nbsp; (309177)<br>| &nbsp;&nbsp;&nbsp; 39480872 | &nbsp;&nbsp;&nbsp; (80256)<br>|
| 882920 | &nbsp;&nbsp;&nbsp; 1463 | &nbsp;&nbsp;&nbsp; 193611664 | &nbsp;&nbsp;&nbsp; 7945740 | &nbsp;&nbsp;&nbsp; (12183573)<br>| &nbsp;&nbsp;&nbsp; 260192 | &nbsp;&nbsp;&nbsp; 34408846 | &nbsp;&nbsp;&nbsp; (81855)<br>|
| $2971838 | &nbsp;&nbsp;&nbsp; $1921 | &nbsp;&nbsp;&nbsp; $256063122 | &nbsp;&nbsp;&nbsp; $10374022 | &nbsp;&nbsp;&nbsp; $106586510 | &nbsp;&nbsp;&nbsp; $42839441 | &nbsp;&nbsp;&nbsp; $54447244 | &nbsp;&nbsp;&nbsp; $(69470)<br>|

---

------

**253**

------

**Statements of Operations—(continued)**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
|  | **Invesco** <br>**Variable Rate** <br>**Preferred** <br>**ETF (VRP)**<br>|
| **Investment income:** |  |
| Unaffiliated interest income | &nbsp;&nbsp; $56235918 |
| Unaffiliated dividend income | &nbsp;&nbsp; 11477888 |
| Affiliated dividend income | &nbsp;&nbsp; 228723 |
| Securities lending income, net | &nbsp;&nbsp; 735863 |
| Total investment income | &nbsp;&nbsp; 68678392 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 5744258 |
| Less: Waivers | &nbsp;&nbsp; (5899)<br>|
| Net expenses | &nbsp;&nbsp; 5738359 |
| Net investment income | &nbsp;&nbsp; 62940033 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (1538319)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 10239 |
| Net realized gain (loss) | &nbsp;&nbsp; (1528080)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 16699572 |
| Affiliated investment securities | &nbsp;&nbsp; (11498)<br>|
| Change in net unrealized appreciation | &nbsp;&nbsp; 16688074 |
| Net realized and unrealized gain | &nbsp;&nbsp; 15159994 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $78100027 |

---

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

------

**254**

------

**255**

------

**Statements of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Bloomberg Enhanced** <br>**Fallen Angels** <br>**ETF (IFLN)** | **Invesco** <br>**Bloomberg Enhanced** <br>**Fallen Angels** <br>**ETF (IFLN)** | **Invesco California AMT-Free** <br>**Municipal Bond ETF (PWZ)** | **Invesco California AMT-Free** <br>**Municipal Bond ETF (PWZ)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $10497133 | &nbsp;&nbsp;&nbsp; $21422464 | &nbsp;&nbsp;&nbsp; $20097529 | &nbsp;&nbsp;&nbsp; $24473045 |
| Net realized gain (loss) | &nbsp;&nbsp; 5776207 | &nbsp;&nbsp;&nbsp; 1172212 | &nbsp;&nbsp;&nbsp; (1701392)<br>| &nbsp;&nbsp;&nbsp; (4652732)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (5024747)<br>| &nbsp;&nbsp;&nbsp; 419403 | &nbsp;&nbsp;&nbsp; 67844134 | &nbsp;&nbsp;&nbsp; (48076897)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 11248593 | &nbsp;&nbsp;&nbsp; 23014079 | &nbsp;&nbsp;&nbsp; 86240271 | &nbsp;&nbsp;&nbsp; (28256584)<br>|
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (10604859)<br>| &nbsp;&nbsp;&nbsp; (21483858)<br>| &nbsp;&nbsp;&nbsp; (19773106)<br>| &nbsp;&nbsp;&nbsp; (24320519)<br>|
| Return of capital | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions to shareholders | &nbsp;&nbsp; (10604859)<br>| &nbsp;&nbsp;&nbsp; (21483858)<br>| &nbsp;&nbsp;&nbsp; (19773106)<br>| &nbsp;&nbsp;&nbsp; (24320519)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 79729616 | &nbsp;&nbsp;&nbsp; 32437068 | &nbsp;&nbsp;&nbsp; 122902688 | &nbsp;&nbsp;&nbsp; 432621414 |
| Value of shares repurchased | &nbsp;&nbsp; (33399405)<br>| &nbsp;&nbsp;&nbsp; (248963615)<br>| &nbsp;&nbsp;&nbsp; (64216739)<br>| &nbsp;&nbsp;&nbsp; (45016952)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 46330211 | &nbsp;&nbsp;&nbsp; (216526547)<br>| &nbsp;&nbsp;&nbsp; 58685949 | &nbsp;&nbsp;&nbsp; 387604462 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 46973945 | &nbsp;&nbsp;&nbsp; (214996326)<br>| &nbsp;&nbsp;&nbsp; 125153114 | &nbsp;&nbsp;&nbsp; 335027359 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 351960341 | &nbsp;&nbsp;&nbsp; 566956667 | &nbsp;&nbsp;&nbsp; 976324726 | &nbsp;&nbsp;&nbsp; 641297367 |
| End of period | &nbsp;&nbsp; $398934286 | &nbsp;&nbsp;&nbsp; $351960341 | &nbsp;&nbsp;&nbsp; $1101477840 | &nbsp;&nbsp;&nbsp; $976324726 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp; 1800000 | &nbsp;&nbsp;&nbsp; 5200000 | &nbsp;&nbsp;&nbsp; 18450000 |
| Shares repurchased | &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (13600000)<br>| &nbsp;&nbsp;&nbsp; (2650000)<br>| &nbsp;&nbsp;&nbsp; (1950000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 19000000 | &nbsp;&nbsp;&nbsp; 30800000 | &nbsp;&nbsp;&nbsp; 42300000 | &nbsp;&nbsp;&nbsp; 25800000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 21500000 | &nbsp;&nbsp;&nbsp; 19000000 | &nbsp;&nbsp;&nbsp; 44850000 | &nbsp;&nbsp;&nbsp; 42300000 |

---

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

------

**256**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco CEF Income Composite** <br>**ETF (PCEF)** | **Invesco CEF Income Composite** <br>**ETF (PCEF)** | **Invesco Equal Weight** <br>**0-30 Treasury ETF (GOVI)** | **Invesco Equal Weight** <br>**0-30 Treasury ETF (GOVI)** | **Invesco Floating Rate** <br>**Municipal Income ETF (PVI)** | **Invesco Floating Rate** <br>**Municipal Income ETF (PVI)** | **Invesco Fundamental Investment Grade** <br>**Corporate Bond ETF (PFIG)** | **Invesco Fundamental Investment Grade** <br>**Corporate Bond ETF (PFIG)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $39445843 | &nbsp;&nbsp; $43169607 | &nbsp;&nbsp; $17612177 | &nbsp;&nbsp; $36449372 | &nbsp;&nbsp; $338474 | &nbsp;&nbsp; $718427 | &nbsp;&nbsp; $2088918 | &nbsp;&nbsp; $3160375 |
| 8048983 | &nbsp;&nbsp; 16725926 | &nbsp;&nbsp; (3970036)<br>| &nbsp;&nbsp; (22870267)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 50795 | &nbsp;&nbsp; 56934 |
| (10172734)<br>| &nbsp;&nbsp; 33375075 | &nbsp;&nbsp; 34602110 | &nbsp;&nbsp; (34747461)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 832125 | &nbsp;&nbsp; 1164476 |
| 37322092 | &nbsp;&nbsp; 93270608 | &nbsp;&nbsp; 48244251 | &nbsp;&nbsp; (21168356)<br>| &nbsp;&nbsp; 338474 | &nbsp;&nbsp; 718427 | &nbsp;&nbsp; 2971838 | &nbsp;&nbsp; 4381785 |
| (32832681)<br>| &nbsp;&nbsp; (48609333)<br>| &nbsp;&nbsp; (18239040)<br>| &nbsp;&nbsp; (36509420)<br>| &nbsp;&nbsp; (368691)<br>| &nbsp;&nbsp; (715582)<br>| &nbsp;&nbsp; (2133791)<br>| &nbsp;&nbsp; (3096314)<br>|
| - | &nbsp;&nbsp; (18539878)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| (32832681)<br>| &nbsp;&nbsp; (67149211)<br>| &nbsp;&nbsp; (18239040)<br>| &nbsp;&nbsp; (36509420)<br>| &nbsp;&nbsp; (368691)<br>| &nbsp;&nbsp; (715582)<br>| &nbsp;&nbsp; (2133791)<br>| &nbsp;&nbsp; (3096314)<br>|
| 29694631 | &nbsp;&nbsp; 65594065 | &nbsp;&nbsp; 436018820 | &nbsp;&nbsp; 648777317 | &nbsp;&nbsp; 2485083 | &nbsp;&nbsp; 6206597 | &nbsp;&nbsp; 23109346 | &nbsp;&nbsp; 35517801 |
| (56032818)<br>| &nbsp;&nbsp; (50736490)<br>| &nbsp;&nbsp; (355679021)<br>| &nbsp;&nbsp; (460984428)<br>| &nbsp;&nbsp; (2485285)<br>| &nbsp;&nbsp; (12410077)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (16732953)<br>|
| (26338187)<br>| &nbsp;&nbsp; 14857575 | &nbsp;&nbsp; 80339799 | &nbsp;&nbsp; 187792889 | &nbsp;&nbsp; (202)<br>| &nbsp;&nbsp; (6203480)<br>| &nbsp;&nbsp; 23109346 | &nbsp;&nbsp; 18784848 |
| (21848776)<br>| &nbsp;&nbsp; 40978972 | &nbsp;&nbsp; 110345010 | &nbsp;&nbsp; 130115113 | &nbsp;&nbsp; (30419)<br>| &nbsp;&nbsp; (6200635)<br>| &nbsp;&nbsp; 23947393 | &nbsp;&nbsp; 20070319 |
| 839600112 | &nbsp;&nbsp; 798621140 | &nbsp;&nbsp; 960503987 | &nbsp;&nbsp; 830388874 | &nbsp;&nbsp; 31041178 | &nbsp;&nbsp; 37241813 | &nbsp;&nbsp; 87061611 | &nbsp;&nbsp; 66991292 |
| $817751336 | &nbsp;&nbsp; $839600112 | &nbsp;&nbsp; $1070848997 | &nbsp;&nbsp; $960503987 | &nbsp;&nbsp; $31010759 | &nbsp;&nbsp; $31041178 | &nbsp;&nbsp; $111009004 | &nbsp;&nbsp; $87061611 |
| 1480000 | &nbsp;&nbsp; 3440000 | &nbsp;&nbsp; 15570000 | &nbsp;&nbsp; 23020000 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp; 1500000 |
| (2820000)<br>| &nbsp;&nbsp; (2690000)<br>| &nbsp;&nbsp; (12770000)<br>| &nbsp;&nbsp; (16770000)<br>| &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (700000)<br>|
| 42080000 | &nbsp;&nbsp; 41330000 | &nbsp;&nbsp; 35170000 | &nbsp;&nbsp; 28920000 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 3600000 | &nbsp;&nbsp; 2800000 |
| 40740000 | &nbsp;&nbsp; 42080000 | &nbsp;&nbsp; 37970000 | &nbsp;&nbsp; 35170000 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 4550000 | &nbsp;&nbsp; 3600000 |

---

------

**257**

------

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

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**MSCI Treasury** <br>**Duration Rotation** <br>**ETF (TROT)**<br>| **Invesco National AMT-Free** <br>**Municipal Bond ETF (PZA)** | **Invesco National AMT-Free** <br>**Municipal Bond ETF (PZA)** |
|  | **Period Ended** <br>**February 28,** <br>**2026**<sup>(a)</sup> <br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |
| Net investment income | &nbsp;&nbsp; $458 | &nbsp;&nbsp;&nbsp; $62451458 | &nbsp;&nbsp;&nbsp; $101567335 |
| Net realized gain (loss) | &nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (41586233)<br>| &nbsp;&nbsp;&nbsp; (72294616)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1454 | &nbsp;&nbsp;&nbsp; 235197897 | &nbsp;&nbsp;&nbsp; (145650349)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 1921 | &nbsp;&nbsp;&nbsp; 256063122 | &nbsp;&nbsp;&nbsp; (116377630)<br>|
| **Distributions to Shareholders from:** |  |  |  |
| Distributable earnings | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (62249778)<br>| &nbsp;&nbsp;&nbsp; (101398065)<br>|
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1000025 | &nbsp;&nbsp;&nbsp; 871992497 | &nbsp;&nbsp;&nbsp; 1136725318 |
| Value of shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (282825758)<br>| &nbsp;&nbsp;&nbsp; (814869356)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; 1000025 | &nbsp;&nbsp;&nbsp; 589166739 | &nbsp;&nbsp;&nbsp; 321855962 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 1001946 | &nbsp;&nbsp;&nbsp; 782980083 | &nbsp;&nbsp;&nbsp; 104080267 |
| **Net assets:** |  |  |  |
| Beginning of period | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3010865057 | &nbsp;&nbsp;&nbsp; 2906784790 |
| End of period | &nbsp;&nbsp; $1001946 | &nbsp;&nbsp;&nbsp; $3793845140 | &nbsp;&nbsp;&nbsp; $3010865057 |
| **Changes in Shares Outstanding:** |  |  |  |
| Shares sold | &nbsp;&nbsp; 40001 | &nbsp;&nbsp;&nbsp; 37550000 | &nbsp;&nbsp;&nbsp; 49100000 |
| Shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (12200000)<br>| &nbsp;&nbsp;&nbsp; (35150000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 135300000 | &nbsp;&nbsp;&nbsp; 121350000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 40001 | &nbsp;&nbsp;&nbsp; 160650000 | &nbsp;&nbsp;&nbsp; 135300000 |

---

<sup>(a)</sup> For the period February 23, 2026 (commencement of investment operations) through February 28, 2026.

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

------

**258**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco New York AMT-Free** <br>**Municipal Bond ETF (PZT)** | **Invesco New York AMT-Free** <br>**Municipal Bond ETF (PZT)** | **Invesco Preferred** <br>**ETF (PGX)** | **Invesco Preferred** <br>**ETF (PGX)** | **Invesco Short Term** <br>**Treasury ETF (TBLL)** | **Invesco Short Term** <br>**Treasury ETF (TBLL)** | **Invesco Taxable Municipal Bond** <br>**ETF (BAB)** | **Invesco Taxable Municipal Bond** <br>**ETF (BAB)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $2428282 | &nbsp;&nbsp; $4395773 | &nbsp;&nbsp; $118770083 | &nbsp;&nbsp; $245369435 | &nbsp;&nbsp; $42579249 | &nbsp;&nbsp; $90111396 | &nbsp;&nbsp; $20038398 | &nbsp;&nbsp; $40080968 |
| (3340684)<br>| &nbsp;&nbsp; (2994386)<br>| &nbsp;&nbsp; (27961687)<br>| &nbsp;&nbsp; (125876685)<br>| &nbsp;&nbsp; 569369 | &nbsp;&nbsp; 894518 | &nbsp;&nbsp; (5072026)<br>| &nbsp;&nbsp; (37551463)<br>|
| 11286424 | &nbsp;&nbsp; (7008739)<br>| &nbsp;&nbsp; 15778114 | &nbsp;&nbsp; (90332190)<br>| &nbsp;&nbsp; (309177)<br>| &nbsp;&nbsp; (839350)<br>| &nbsp;&nbsp; 39480872 | &nbsp;&nbsp; 14088191 |
| 10374022 | &nbsp;&nbsp; (5607352)<br>| &nbsp;&nbsp; 106586510 | &nbsp;&nbsp; 29160560 | &nbsp;&nbsp; 42839441 | &nbsp;&nbsp; 90166564 | &nbsp;&nbsp; 54447244 | &nbsp;&nbsp; 16617696 |
| (2418820)<br>| &nbsp;&nbsp; (4408533)<br>| &nbsp;&nbsp; (122912394)<br>| &nbsp;&nbsp; (244981729)<br>| &nbsp;&nbsp; (43816035)<br>| &nbsp;&nbsp; (90317758)<br>| &nbsp;&nbsp; (19888818)<br>| &nbsp;&nbsp; (40183069)<br>|
| - | &nbsp;&nbsp; 14814600 | &nbsp;&nbsp; 423435017 | &nbsp;&nbsp; 748019719 | &nbsp;&nbsp; 882728471 | &nbsp;&nbsp; 1334097258 | &nbsp;&nbsp; 134140423 | &nbsp;&nbsp; 32807894 |
| (7858646)<br>| &nbsp;&nbsp; (1072021)<br>| &nbsp;&nbsp; (290266382)<br>| &nbsp;&nbsp; (1054555706)<br>| &nbsp;&nbsp; (630952170)<br>| &nbsp;&nbsp; (948291599)<br>| &nbsp;&nbsp; (11011571)<br>| &nbsp;&nbsp; (296917568)<br>|
| (7858646)<br>| &nbsp;&nbsp; 13742579 | &nbsp;&nbsp; 133168635 | &nbsp;&nbsp; (306535987)<br>| &nbsp;&nbsp; 251776301 | &nbsp;&nbsp; 385805659 | &nbsp;&nbsp; 123128852 | &nbsp;&nbsp; (264109674)<br>|
| 96556 | &nbsp;&nbsp; 3726694 | &nbsp;&nbsp; 116842751 | &nbsp;&nbsp; (522357156)<br>| &nbsp;&nbsp; 250799707 | &nbsp;&nbsp; 385654465 | &nbsp;&nbsp; 157687278 | &nbsp;&nbsp; (287675047)<br>|
| 131862209 | &nbsp;&nbsp; 128135515 | &nbsp;&nbsp; 3853843548 | &nbsp;&nbsp; 4376200704 | &nbsp;&nbsp; 2193354780 | &nbsp;&nbsp; 1807700315 | &nbsp;&nbsp; 904940232 | &nbsp;&nbsp; 1192615279 |
| $131958765 | &nbsp;&nbsp; $131862209 | &nbsp;&nbsp; $3970686299 | &nbsp;&nbsp; $3853843548 | &nbsp;&nbsp; $2444154487 | &nbsp;&nbsp; $2193354780 | &nbsp;&nbsp; $1062627510 | &nbsp;&nbsp; $904940232 |
| - | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 37100000 | &nbsp;&nbsp; 64400000 | &nbsp;&nbsp; 8350000 | &nbsp;&nbsp; 12630000 | &nbsp;&nbsp; 4900000 | &nbsp;&nbsp; 1200000 |
| (350000)<br>| &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp; (25450000)<br>| &nbsp;&nbsp; (92400000)<br>| &nbsp;&nbsp; (5970000)<br>| &nbsp;&nbsp; (8980000)<br>| &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp; (11100000)<br>|
| 6150000 | &nbsp;&nbsp; 5550000 | &nbsp;&nbsp; 337250000 | &nbsp;&nbsp; 365250000 | &nbsp;&nbsp; 20770001 | &nbsp;&nbsp; 17120001 | &nbsp;&nbsp; 33800000 | &nbsp;&nbsp; 43700000 |
| 5800000 | &nbsp;&nbsp; 6150000 | &nbsp;&nbsp; 348900000 | &nbsp;&nbsp; 337250000 | &nbsp;&nbsp; 23150001 | &nbsp;&nbsp; 20770001 | &nbsp;&nbsp; 38300000 | &nbsp;&nbsp; 33800000 |

---

------

**259**

------

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

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Invesco** <br>**U.S. Hybrid** <br>**Bond ETF** <br>**(HBRD)**<br>| **Invesco Variable Rate Preferred** <br>**ETF (VRP)** | **Invesco Variable Rate Preferred** <br>**ETF (VRP)** |
|  | **Period Ended** <br>**February 28,** <br>**2026**<sup>(a)</sup> <br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |
| Net investment income | &nbsp;&nbsp; $12385 | &nbsp;&nbsp;&nbsp; $62940033 | &nbsp;&nbsp;&nbsp; $105711323 |
| Net realized gain (loss) | &nbsp;&nbsp; (1599)<br>| &nbsp;&nbsp;&nbsp; (1528080)<br>| &nbsp;&nbsp;&nbsp; (3292985)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (80256)<br>| &nbsp;&nbsp;&nbsp; 16688074 | &nbsp;&nbsp;&nbsp; 40251751 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (69470)<br>| &nbsp;&nbsp;&nbsp; 78100027 | &nbsp;&nbsp;&nbsp; 142670089 |
| **Distributions to Shareholders from:** |  |  |  |
| Distributable earnings | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (87275211)<br>| &nbsp;&nbsp;&nbsp; (113040431)<br>|
| **Shareholder Transactions:** |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 15000025 | &nbsp;&nbsp;&nbsp; 284635996 | &nbsp;&nbsp;&nbsp; 447125586 |
| Value of shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (37892152)<br>|
| Net increase in net assets resulting from share transactions | &nbsp;&nbsp; 15000025 | &nbsp;&nbsp;&nbsp; 284635996 | &nbsp;&nbsp;&nbsp; 409233434 |
| Net increase in net assets | &nbsp;&nbsp; 14930555 | &nbsp;&nbsp;&nbsp; 275460812 | &nbsp;&nbsp;&nbsp; 438863092 |
| **Net assets:** |  |  |  |
| Beginning of period | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2179491307 | &nbsp;&nbsp;&nbsp; 1740628215 |
| End of period | &nbsp;&nbsp; $14930555 | &nbsp;&nbsp;&nbsp; $2454952119 | &nbsp;&nbsp;&nbsp; $2179491307 |
| **Changes in Shares Outstanding:** |  |  |  |
| Shares sold | &nbsp;&nbsp; 600001 | &nbsp;&nbsp;&nbsp; 11600000 | &nbsp;&nbsp;&nbsp; 18400000 |
| Shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1600000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 88900000 | &nbsp;&nbsp;&nbsp; 72100000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 600001 | &nbsp;&nbsp;&nbsp; 100500000 | &nbsp;&nbsp;&nbsp; 88900000 |

---

<sup>(a)</sup> Effective February 23, 2026, the Fund's unitary management fee was reduced from 0.50% to 0.23%.

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

------

**260**

------

**Financial Highlights**

Invesco Bloomberg Enhanced Fallen Angels ETF (IFLN)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $18.52 | &nbsp;&nbsp;&nbsp; $18.41 | &nbsp;&nbsp;&nbsp; $17.45 | &nbsp;&nbsp;&nbsp; $17.15 | &nbsp;&nbsp;&nbsp; $19.59 | &nbsp;&nbsp;&nbsp; $18.90 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $18.56 | &nbsp;&nbsp;&nbsp; $18.52 | &nbsp;&nbsp;&nbsp; $18.41 | &nbsp;&nbsp;&nbsp; $17.45 | &nbsp;&nbsp;&nbsp; $17.15 | &nbsp;&nbsp;&nbsp; $19.59 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $18.56 | &nbsp;&nbsp;&nbsp; $18.51 | &nbsp;&nbsp;&nbsp; $18.42 | &nbsp;&nbsp;&nbsp; $17.46 | &nbsp;&nbsp;&nbsp; $17.07 | &nbsp;&nbsp;&nbsp; $19.61 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.09<br> %<br>| &nbsp;&nbsp;&nbsp; (9.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.49<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.64<br> %<br>| &nbsp;&nbsp;&nbsp; (10.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.66<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $398934 | &nbsp;&nbsp;&nbsp; $351960 | &nbsp;&nbsp;&nbsp; $566957 | &nbsp;&nbsp;&nbsp; $544418 | &nbsp;&nbsp;&nbsp; $742480 | &nbsp;&nbsp;&nbsp; $834635 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<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; 5.67 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.55<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 75<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 32<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.

------

**261**

------

**Financial Highlights—(continued)**

Invesco California AMT-Free Municipal Bond ETF (PWZ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $24.86 | &nbsp;&nbsp;&nbsp; $24.18 | &nbsp;&nbsp;&nbsp; $24.32 | &nbsp;&nbsp;&nbsp; $28.03 | &nbsp;&nbsp;&nbsp; $27.64 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $24.56 | &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $24.86 | &nbsp;&nbsp;&nbsp; $24.18 | &nbsp;&nbsp;&nbsp; $24.32 | &nbsp;&nbsp;&nbsp; $28.03 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $24.58 | &nbsp;&nbsp;&nbsp; $23.12 | &nbsp;&nbsp;&nbsp; $24.84 | &nbsp;&nbsp;&nbsp; $24.24 | &nbsp;&nbsp;&nbsp; $24.23 | &nbsp;&nbsp;&nbsp; $28.05 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.35<br> %<br>| &nbsp;&nbsp;&nbsp; (3.95)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>| &nbsp;&nbsp;&nbsp; (11.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.25<br> %<br>| &nbsp;&nbsp;&nbsp; (3.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp; (11.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1101478 | &nbsp;&nbsp;&nbsp; $976325 | &nbsp;&nbsp;&nbsp; $641297 | &nbsp;&nbsp;&nbsp; $660139 | &nbsp;&nbsp;&nbsp; $566657 | &nbsp;&nbsp;&nbsp; $520028 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.28 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.72 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 7<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.

------

**262**

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**Financial Highlights—(continued)**

Invesco CEF Income Composite ETF (PCEF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $19.32 | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $19.64 | &nbsp;&nbsp;&nbsp; $24.61 | &nbsp;&nbsp;&nbsp; $20.92 |
| Net investment income<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.33 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.31 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $20.07 | &nbsp;&nbsp;&nbsp; $19.95 | &nbsp;&nbsp;&nbsp; $19.32 | &nbsp;&nbsp;&nbsp; $17.89 | &nbsp;&nbsp;&nbsp; $19.64 | &nbsp;&nbsp;&nbsp; $24.61 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $20.08 | &nbsp;&nbsp;&nbsp; $19.97 | &nbsp;&nbsp;&nbsp; $19.30 | &nbsp;&nbsp;&nbsp; $17.91 | &nbsp;&nbsp;&nbsp; $19.63 | &nbsp;&nbsp;&nbsp; $24.64 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp; (14.04)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.36<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp; (14.18)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.58<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $817751 | &nbsp;&nbsp;&nbsp; $839600 | &nbsp;&nbsp;&nbsp; $798621 | &nbsp;&nbsp;&nbsp; $661198 | &nbsp;&nbsp;&nbsp; $727859 | &nbsp;&nbsp;&nbsp; $955554 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.49 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<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>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(f)</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<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.46 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.30<br> %<br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|

---

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

<sup>(b)</sup> Net investment income (loss) is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratio of net investment income (loss) does not include net investment income of the underlying funds in which the Fund invests. 

<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> 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>(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.

------

**263**

------

**Financial Highlights—(continued)**

Invesco Equal Weight 0-30 Year Treasury ETF (GOVI)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $27.31 | &nbsp;&nbsp;&nbsp; $28.71 | &nbsp;&nbsp;&nbsp; $28.19 | &nbsp;&nbsp;&nbsp; $30.75 | &nbsp;&nbsp;&nbsp; $37.04 | &nbsp;&nbsp;&nbsp; $39.21 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp; (6.31)<br>| &nbsp;&nbsp;&nbsp; (2.21)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp;&nbsp; (5.78)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $28.20 | &nbsp;&nbsp;&nbsp; $27.31 | &nbsp;&nbsp;&nbsp; $28.71 | &nbsp;&nbsp;&nbsp; $28.19 | &nbsp;&nbsp;&nbsp; $30.75 | &nbsp;&nbsp;&nbsp; $37.04 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $28.21 | &nbsp;&nbsp;&nbsp; $27.31 | &nbsp;&nbsp;&nbsp; $28.72 | &nbsp;&nbsp;&nbsp; $28.22 | &nbsp;&nbsp;&nbsp; $30.65 | &nbsp;&nbsp;&nbsp; $37.04 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.21<br> %<br>| &nbsp;&nbsp;&nbsp; (1.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.46<br> %<br>| &nbsp;&nbsp;&nbsp; (6.07)%<br>| &nbsp;&nbsp;&nbsp; (15.71)%<br>| &nbsp;&nbsp;&nbsp; (4.60)%<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp; (1.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.38<br> %<br>| &nbsp;&nbsp;&nbsp; (5.66)%<br>| &nbsp;&nbsp;&nbsp; (15.99)%<br>| &nbsp;&nbsp;&nbsp; (4.43)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1070849 | &nbsp;&nbsp;&nbsp; $960504 | &nbsp;&nbsp;&nbsp; $830389 | &nbsp;&nbsp;&nbsp; $660324 | &nbsp;&nbsp;&nbsp; $524987 | &nbsp;&nbsp;&nbsp; $414835 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.69 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 3<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 August 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.

------

**264**

------

**Financial Highlights—(continued)**

Invesco Floating Rate Municipal Income ETF (PVI)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $24.88 | &nbsp;&nbsp;&nbsp; $24.93 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.01 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.05)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $24.81 | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $24.88 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $24.81 | &nbsp;&nbsp;&nbsp; $24.86 | &nbsp;&nbsp;&nbsp; $24.83 | &nbsp;&nbsp;&nbsp; $24.86 | &nbsp;&nbsp;&nbsp; $24.89 | &nbsp;&nbsp;&nbsp; $24.88 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp; (0.20)%<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp; (0.20)%<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $31011 | &nbsp;&nbsp;&nbsp; $31041 | &nbsp;&nbsp;&nbsp; $37242 | &nbsp;&nbsp;&nbsp; $39733 | &nbsp;&nbsp;&nbsp; $63469 | &nbsp;&nbsp;&nbsp; $48518 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(f)</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>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2.18 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp; (0.19)%<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.

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

------

**265**

------

**Financial Highlights—(continued)**

Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $24.18 | &nbsp;&nbsp;&nbsp; $23.93 | &nbsp;&nbsp;&nbsp; $23.02 | &nbsp;&nbsp;&nbsp; $23.50 | &nbsp;&nbsp;&nbsp; $27.03 | &nbsp;&nbsp;&nbsp; $27.40 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $24.40 | &nbsp;&nbsp;&nbsp; $24.18 | &nbsp;&nbsp;&nbsp; $23.93 | &nbsp;&nbsp;&nbsp; $23.02 | &nbsp;&nbsp;&nbsp; $23.50 | &nbsp;&nbsp;&nbsp; $27.03 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $24.40 | &nbsp;&nbsp;&nbsp; $24.17 | &nbsp;&nbsp;&nbsp; $23.99 | &nbsp;&nbsp;&nbsp; $23.01 | &nbsp;&nbsp;&nbsp; $23.43 | &nbsp;&nbsp;&nbsp; $27.04 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp; (10.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp; (10.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $111009 | &nbsp;&nbsp;&nbsp; $87062 | &nbsp;&nbsp;&nbsp; $66991 | &nbsp;&nbsp;&nbsp; $44891 | &nbsp;&nbsp;&nbsp; $29369 | &nbsp;&nbsp;&nbsp; $52706 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.34 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 34<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.

------

**266**

------

**Financial Highlights—(continued)**

Invesco MSCI Treasury Duration Rotation ETF (TROT)

---

| | |
|:---|:---|
|  | **For the Period** <br>**February 23, 2026**<sup>(a)</sup> <br>**Through** <br>**February 28, 2026,** <br>**2026** <br>**(Unaudited)**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.05 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $25.06 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1002 |
| Ratio to average net assets of: |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.18 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 2<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (February 25, 2026, the first day of trading on the exchange) to February 28, 2026 was 0.28%. The market price total return from Fund Inception to February 28, 2026 was 0.28%.

<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.

------

**267**

------

**Financial Highlights—(continued)**

Invesco National AMT-Free Municipal Bond ETF (PZA)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $22.25 | &nbsp;&nbsp;&nbsp; $23.95 | &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $23.30 | &nbsp;&nbsp;&nbsp; $27.19 | &nbsp;&nbsp;&nbsp; $26.74 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &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; $23.62 | &nbsp;&nbsp;&nbsp; $22.25 | &nbsp;&nbsp;&nbsp; $23.95 | &nbsp;&nbsp;&nbsp; $23.08 | &nbsp;&nbsp;&nbsp; $23.30 | &nbsp;&nbsp;&nbsp; $27.19 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $23.60 | &nbsp;&nbsp;&nbsp; $22.20 | &nbsp;&nbsp;&nbsp; $23.85 | &nbsp;&nbsp;&nbsp; $23.06 | &nbsp;&nbsp;&nbsp; $23.26 | &nbsp;&nbsp;&nbsp; $27.21 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.13<br> %<br>| &nbsp;&nbsp;&nbsp; (3.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>| &nbsp;&nbsp;&nbsp; (12.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.28<br> %<br>| &nbsp;&nbsp;&nbsp; (3.68)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08<br> %<br>| &nbsp;&nbsp;&nbsp; (12.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.23<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $3793845 | &nbsp;&nbsp;&nbsp; $3010865 | &nbsp;&nbsp;&nbsp; $2906785 | &nbsp;&nbsp;&nbsp; $2310067 | &nbsp;&nbsp;&nbsp; $1983926 | &nbsp;&nbsp;&nbsp; $2470368 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.28 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.75 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.32<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<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.

------

**268**

------

**Financial Highlights—(continued)**

Invesco New York AMT-Free Municipal Bond ETF (PZT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $23.09 | &nbsp;&nbsp;&nbsp; $22.20 | &nbsp;&nbsp;&nbsp; $22.36 | &nbsp;&nbsp;&nbsp; $26.31 | &nbsp;&nbsp;&nbsp; $25.67 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp; (3.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.27 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $22.75 | &nbsp;&nbsp;&nbsp; $21.44 | &nbsp;&nbsp;&nbsp; $23.09 | &nbsp;&nbsp;&nbsp; $22.20 | &nbsp;&nbsp;&nbsp; $22.36 | &nbsp;&nbsp;&nbsp; $26.31 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $22.69 | &nbsp;&nbsp;&nbsp; $21.42 | &nbsp;&nbsp;&nbsp; $23.10 | &nbsp;&nbsp;&nbsp; $22.14 | &nbsp;&nbsp;&nbsp; $22.36 | &nbsp;&nbsp;&nbsp; $26.29 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.03<br> %<br>| &nbsp;&nbsp;&nbsp; (4.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp; (12.55)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.00<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.84<br> %<br>| &nbsp;&nbsp;&nbsp; (4.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.88<br> %<br>| &nbsp;&nbsp;&nbsp; (12.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.66<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $131959 | &nbsp;&nbsp;&nbsp; $131862 | &nbsp;&nbsp;&nbsp; $128136 | &nbsp;&nbsp;&nbsp; $88785 | &nbsp;&nbsp;&nbsp; $115139 | &nbsp;&nbsp;&nbsp; $121015 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.28 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.62 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 15<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.

------

**269**

------

**Financial Highlights—(continued)**

Invesco Preferred ETF (PGX)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $11.98 | &nbsp;&nbsp;&nbsp; $11.21 | &nbsp;&nbsp;&nbsp; $12.37 | &nbsp;&nbsp;&nbsp; $15.11 | &nbsp;&nbsp;&nbsp; $14.86 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $11.38 | &nbsp;&nbsp;&nbsp; $11.43 | &nbsp;&nbsp;&nbsp; $11.98 | &nbsp;&nbsp;&nbsp; $11.21 | &nbsp;&nbsp;&nbsp; $12.37 | &nbsp;&nbsp;&nbsp; $15.11 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $11.40 | &nbsp;&nbsp;&nbsp; $11.44 | &nbsp;&nbsp;&nbsp; $11.99 | &nbsp;&nbsp;&nbsp; $11.20 | &nbsp;&nbsp;&nbsp; $12.37 | &nbsp;&nbsp;&nbsp; $15.12 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.65<br> %<br>| &nbsp;&nbsp;&nbsp; (3.48)%<br>| &nbsp;&nbsp;&nbsp; (13.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.81<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.85<br> %<br>| &nbsp;&nbsp;&nbsp; (3.56)%<br>| &nbsp;&nbsp;&nbsp; (13.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.52<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $3970686 | &nbsp;&nbsp;&nbsp; $3853844 | &nbsp;&nbsp;&nbsp; $4376201 | &nbsp;&nbsp;&nbsp; $4584677 | &nbsp;&nbsp;&nbsp; $5427617 | &nbsp;&nbsp;&nbsp; $7459245 |
| 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 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(e)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.05 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.01 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.89 %<sup>(e)</sup><br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 25<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> 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>(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.

------

**270**

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**Financial Highlights—(continued)**

Invesco Short Term Treasury ETF (TBLL)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $105.60 | &nbsp;&nbsp;&nbsp; $105.59 | &nbsp;&nbsp;&nbsp; $105.44 | &nbsp;&nbsp;&nbsp; $105.48 | &nbsp;&nbsp;&nbsp; $105.67 | &nbsp;&nbsp;&nbsp; $105.77 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (4.59)<br>| &nbsp;&nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (4.59)<br>| &nbsp;&nbsp;&nbsp; (5.45)<br>| &nbsp;&nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $105.58 | &nbsp;&nbsp;&nbsp; $105.60 | &nbsp;&nbsp;&nbsp; $105.59 | &nbsp;&nbsp;&nbsp; $105.44 | &nbsp;&nbsp;&nbsp; $105.48 | &nbsp;&nbsp;&nbsp; $105.67 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $105.58 | &nbsp;&nbsp;&nbsp; $105.61 | &nbsp;&nbsp;&nbsp; $105.61 | &nbsp;&nbsp;&nbsp; $105.51 | &nbsp;&nbsp;&nbsp; $105.51 | &nbsp;&nbsp;&nbsp; $105.68 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $2444154 | &nbsp;&nbsp;&nbsp; $2193355 | &nbsp;&nbsp;&nbsp; $1807700 | &nbsp;&nbsp;&nbsp; $1410817 | &nbsp;&nbsp;&nbsp; $824862 | &nbsp;&nbsp;&nbsp; $667805 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.82 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<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.

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

------

**271**

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**Financial Highlights—(continued)**

Invesco Taxable Municipal Bond ETF (BAB)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $26.77 | &nbsp;&nbsp;&nbsp; $27.29 | &nbsp;&nbsp;&nbsp; $26.12 | &nbsp;&nbsp;&nbsp; $27.27 | &nbsp;&nbsp;&nbsp; $33.55 | &nbsp;&nbsp;&nbsp; $33.40 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (6.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (5.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; - | &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; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $27.74 | &nbsp;&nbsp;&nbsp; $26.77 | &nbsp;&nbsp;&nbsp; $27.29 | &nbsp;&nbsp;&nbsp; $26.12 | &nbsp;&nbsp;&nbsp; $27.27 | &nbsp;&nbsp;&nbsp; $33.55 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $27.72 | &nbsp;&nbsp;&nbsp; $26.76 | &nbsp;&nbsp;&nbsp; $27.33 | &nbsp;&nbsp;&nbsp; $26.12 | &nbsp;&nbsp;&nbsp; $27.24 | &nbsp;&nbsp;&nbsp; $33.46 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.64<br> %<br>| &nbsp;&nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp;&nbsp; (16.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.80<br> %<br>| &nbsp;&nbsp;&nbsp; (0.59)%<br>| &nbsp;&nbsp;&nbsp; (16.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1062628 | &nbsp;&nbsp;&nbsp; $904940 | &nbsp;&nbsp;&nbsp; $1192615 | &nbsp;&nbsp;&nbsp; $1516551 | &nbsp;&nbsp;&nbsp; $1836666 | &nbsp;&nbsp;&nbsp; $2365476 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.28 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.04 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 5<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> 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>(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.

------

**272**

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**Financial Highlights—(continued)**

Invesco U.S. Hybrid Bond ETF (HBRD)

---

| | |
|:---|:---|
|  | **For the Period** <br>**February 23, 2026**<sup>(a)</sup> <br>**Through** <br>**February 28, 2026,** <br>**2026** <br>**(Unaudited)**<br>|
| **Per Share Operating Performance:** |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.14)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $24.88 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $25.02 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (0.48 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $14931 |
| Ratio to average net assets of: |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 7.55 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 2<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (February 25, 2026, the first day of trading on the exchange) to February 28, 2026 was (0.32)%. The market price total return from Fund Inception to February 28, 2026 was (0.20)%.

<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.

------

**273**

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**Financial Highlights—(continued)**

Invesco Variable Rate Preferred ETF (VRP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $24.52 | &nbsp;&nbsp;&nbsp; $24.14 | &nbsp;&nbsp;&nbsp; $22.60 | &nbsp;&nbsp;&nbsp; $22.90 | &nbsp;&nbsp;&nbsp; $26.30 | &nbsp;&nbsp;&nbsp; $24.96 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (1.11)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $24.43 | &nbsp;&nbsp;&nbsp; $24.52 | &nbsp;&nbsp;&nbsp; $24.14 | &nbsp;&nbsp;&nbsp; $22.60 | &nbsp;&nbsp;&nbsp; $22.90 | &nbsp;&nbsp;&nbsp; $26.30 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $24.45 | &nbsp;&nbsp;&nbsp; $24.54 | &nbsp;&nbsp;&nbsp; $24.20 | &nbsp;&nbsp;&nbsp; $22.59 | &nbsp;&nbsp;&nbsp; $22.86 | &nbsp;&nbsp;&nbsp; $26.38 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.68<br> %<br>| &nbsp;&nbsp;&nbsp; (8.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.00<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.83<br> %<br>| &nbsp;&nbsp;&nbsp; (9.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.11<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $2454952 | &nbsp;&nbsp;&nbsp; $2179491 | &nbsp;&nbsp;&nbsp; $1740628 | &nbsp;&nbsp;&nbsp; $1491283 | &nbsp;&nbsp;&nbsp; $1891209 | &nbsp;&nbsp;&nbsp; $1930424 |
| 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; 5.48 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>|

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

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

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

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

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

February 28, 2026

*(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 Bloomberg Enhanced Fallen Angels ETF (IFLN)<sup>(a)</sup> <br>| "Bloomberg Enhanced Fallen Angels ETF" |
| Invesco California AMT-Free Municipal Bond ETF (PWZ) | "California AMT-Free Municipal Bond ETF" |
| Invesco CEF Income Composite ETF (PCEF) | "CEF Income Composite ETF" |
| Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) | "Equal Weight 0-30 Year Treasury ETF" |
| Invesco Floating Rate Municipal Income ETF (PVI) | "Floating Rate Municipal Income ETF" |
| Invesco Fundamental Investment Grade Corporate Bond ETF (PFIG) | "Fundamental Investment Grade Corporate Bond ETF" |
| Invesco MSCI Treasury Duration Rotation ETF (TROT) | "MSCI Treasury Duration Rotation ETF" |
| Invesco National AMT-Free Municipal Bond ETF (PZA) | "National AMT-Free Municipal Bond ETF" |
| Invesco New York AMT-Free Municipal Bond ETF (PZT) | "New York AMT-Free Municipal Bond ETF" |
| Invesco Preferred ETF (PGX) | "Preferred ETF" |
| Invesco Short Term Treasury ETF (TBLL) | "Short Term Treasury ETF" |
| Invesco Taxable Municipal Bond ETF (BAB) | "Taxable Municipal Bond ETF" |
| Invesco U.S. Hybrid Bond ETF (HBRD) | "U.S. Hybrid Bond ETF" |
| Invesco Variable Rate Preferred ETF (VRP) | "Variable Rate Preferred ETF" |

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<sup>(a)</sup> Effective February 23, 2026, the Fund's name changed from Invesco Fundamental High Yield<sup>®</sup> Corporate Bond ETF to Invesco Bloomberg Enhanced Fallen Angels 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 NYSE Arca, Inc., except for Shares of Equal Weight 0-30 Year Treasury ETF, which are listed and traded on The Nasdaq Stock Market LLC.

The market price of each Share may differ to some degree from a Fund's net asset value ("NAV"). Unlike conventional mutual funds, each Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in each Fund's prospectus. Creation Units of each Fund (except for Floating Rate Municipal Income ETF and Short Term Treasury ETF) are issued and redeemed principally in exchange for the deposit or delivery of a basket of securities ("Deposit Securities"), though each of these Funds reserves the right to issue and redeem Creation Units in exchange for the deposit or delivery of cash. Creation Units of Floating Rate Municipal Income ETF are issued and redeemed principally in exchange for the deposit or delivery of cash, though the Fund reserves the right to issue and redeem Creation Units in exchange for Deposit Securities. Creation Units of Short Term Treasury ETF are issued principally in exchange for Deposit Securities and redeemed principally in exchange for cash, though the Fund also reserves the right to issue 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.

To provide enhanced daily liquidity, Short Term Treasury ETF determines its NAV twice each day, at 12:00 p.m. ET and at the regularly scheduled close of the New York Stock Exchange ("NYSE") (normally 4:00 p.m. ET). The Fund provides same-day settlement for creation/redemption trades in the primary market for any trades placed before the initial daily NAV strike.

CEF Income Composite ETF is a "fund of funds," in that it invests in other funds ("Underlying Funds"). Each Underlying Fund's accounting policies are outlined in that Underlying Fund's financial statements and are publicly available.

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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** |
| Bloomberg Enhanced Fallen Angels ETF | Bloomberg U.S. High Yield Enhanced Fallen Angels Index |
| California AMT-Free Municipal Bond ETF | ICE BofA California Long-Term Core Plus Municipal Securities Index |
| CEF Income Composite ETF | S-Network Composite Closed-End Fund Index<sup>SM</sup> |
| Equal Weight 0-30 Year Treasury ETF | ICE 1-30 Year Laddered Maturity US Treasury Index |
| Floating Rate Municipal Income ETF | ICE US Municipal AMT-Free VRDO Constrained Index |
| Fundamental Investment Grade Corporate Bond ETF | RAFI<sup>®</sup> Bonds U.S. Investment Grade 1-10 Index |
| MSCI Treasury Duration Rotation ETF | MSCI U.S. Treasury Duration Rotation Select Bond Index |
| National AMT-Free Municipal Bond ETF | ICE BofA National Long-Term Core Plus Municipal Securities Index |
| New York AMT-Free Municipal Bond ETF | ICE BofA New York Long-Term Core Plus Municipal Securities Index |
| Preferred ETF | ICE BofA Core Plus Fixed Rate Preferred Securities Index |
| Short Term Treasury ETF | ICE U.S. Treasury Short Bond Index |
| Taxable Municipal Bond ETF | ICE BofA US Taxable Municipal Securities Plus Index |
| U.S. Hybrid Bond ETF | &nbsp;&nbsp;&nbsp; ICE USD Developed Markets Corporate Ex-Banks Hybrid Bond 4.85% <br> Constrained Index<br>|
| Variable Rate Preferred ETF | ICE Variable Rate Preferred & Hybrid Securities 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 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, as of the approximate official closing time of that exchange. 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 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

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("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.

Private 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. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains 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.

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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 monthly 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

**F.** **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 payments to Invesco Advisers, Inc. (the "Sub-Adviser") for Short Term Treasury ETF and, for each Fund, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest, 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.

**G.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates

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and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Funds monitor for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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

**I.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act 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.

**J.** **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 ("BNY") 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 February 28, 2026, CEF Income Composite ETF, Preferred ETF and Variable Rate Preferred 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 those Funds as listed below:

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| | |
|:---|:---|
|  | **Amount** |
| CEF Income Composite ETF | $34933 |
| Preferred ETF | 69598 |
| Variable Rate Preferred ETF | 14349 |

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**K.** **Other Risks**

*ADR Risk*. Certain Funds may invest in American depositary receipts ("ADRs"). ADRs are certificates that evidence ownership of shares of a foreign issuer and are alternatives to purchasing the underlying foreign securities directly in their national markets and currencies. ADRs may be subject to certain of the risks associated with direct investments in the securities of foreign companies, such as currency, political, economic and market risks, because their values depend on the

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performance of the non-dollar denominated underlying foreign securities. Moreover, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading.

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with 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.

*Cash Transaction Risk*. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, certain Funds currently intend to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, each Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, a Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind, which may decrease the tax efficiency of each Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between each Fund and conventional ETFs. Also, to the extent any transaction costs are not offset by transaction fees imposed on APs, such costs will decrease a Fund's NAV.

*Changing Fixed-Income Market Conditions Risk*. Increases in the federal funds and equivalent foreign 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. 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, which could result in higher than normal redemptions by APs, which could potentially increase a Fund's portfolio turnover rate and transaction costs.

*Closed-End Fund Risk*. For CEF Income Composite ETF, the shares of closed-end funds may trade at a discount or premium to, or at, their NAV. To the extent that the Fund invests a portion of its assets in closed-end funds, those assets will be subject to the risks of the closed-end fund's portfolio securities, and a shareholder in the Fund will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, the expenses of the closed-end fund. The securities of closed-end funds in which the Fund may invest may be leveraged. As a result, the Fund may be exposed indirectly to leverage through an investment in such securities. An investment in securities of closed-end funds that use leverage may expose the Fund to higher volatility in the market value of such securities and the possibility that the Fund's long-term returns on such securities (and, indirectly, the long-term returns of the Shares) will be diminished.

*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

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low market liquidity, greater market volatility, decreased publicly available information, and less reliable financial information about issuers, and inconsistent and potentially less stringent accounting, auditing and financial reporting requirements and standards of practice, including recordkeeping standards, comparable to those applicable to domestic issuers. Foreign securities also are subject to the risks of expropriation, nationalization, political instability or other adverse political or economic developments and the difficulty of enforcing obligations in other countries. Investments in foreign securities also may be subject to dividend withholding or confiscatory taxes, currency blockage and/or transfer restrictions and higher transactional costs.

*Fund of Funds Risk*. Because CEF Income Composite ETF invests primarily in other funds, its investment performance largely depends on the investment performance of the Underlying Funds. An investment in the Fund is subject to the risks associated with the Underlying Funds. In addition, at times, certain of the segments of the market represented by Underlying Funds in which the Fund invests may be out of favor and underperform other segments. The Fund will pay indirectly a proportional share of the expenses of the Underlying Funds in which it invests (including operating expenses and management fees), in addition to the fees and expenses it already will pay to the Adviser.

*Hybrid Securities Risk*. U.S. Hybrid Bond ETF may invest in hybrid securities. Although generally considered an equity security within an issuer's capital structure, a hybrid security may exhibit characteristics akin to a debt security or other evidence of indebtedness on which the value of the interest, or principal of which, is determined by reference to changes in the value of a reference instrument or financial strength of a reference entity (e.g., a security or other financial instrument, asset, currency or interest rate). The price of a hybrid security and any applicable reference instrument may not move in the same direction or at the same time. An investment in a hybrid security may entail significant risks not associated with a similar investment in a traditional equity security. The risks of a particular hybrid security will depend upon the terms of the instrument, but may include the possibility of significant changes in the value of any applicable reference instrument. Hybrid securities potentially are more volatile than traditional equity securities. Hybrid instruments may carry credit risk of their issuer, as well as liquidity risk, since they often are "customized" to meet the needs of an issuer or a particular investor, and therefore the number of investors that buy such instruments in the secondary market may be small.

Subordinated debt is a type of hybrid instrument, whereby payments on such securities may be subordinated to all existing and future liabilities and obligations of subsidiaries and associated companies of an issuer. These investments typically have lower credit ratings and lower priority than other obligations of an issuer during bankruptcy, presenting a greater risk for nonpayment. This risk increases as the priority of the obligation becomes lower.

*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.

*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

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have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

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

*Mortgage-Backed and Asset-Backed Securities Risk*. For CEF Income Composite ETF, investments in mortgage- and asset-backed securities are subject to call (prepayment) risk, reinvestment risk and extension risk. In addition, these securities are susceptible to an unexpectedly high rate of defaults on the mortgages held by a mortgage pool, which may adversely affect their value. The risk of such defaults depends on the quality of the mortgages underlying such security, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. For example, the risk of default generally is higher in the case of mortgage pools that include subprime mortgages, which are loans made to borrowers with weakened credit histories or with lower capacity to make timely mortgage payments.

*Municipal Insurance Risk*. A portion of the municipal securities that certain Funds hold may be covered by insurance that guarantees the bond's scheduled payment of interest and repayment of principal. Municipal security insurance does not insure against market fluctuations or fluctuations in a Fund's Share price. In addition, a municipal security insurance policy will not cover: (i) repayment of a municipal security before maturity (redemption), (ii) prepayment or payment of an acceleration premium (except for a mandatory sinking fund redemption) or any other provision of a bond indenture that advances the maturity of the bond, or (iii) nonpayment of principal or interest caused by negligence or bankruptcy of the paying agent. A mandatory sinking fund redemption may be a provision of a municipal security issue whereby part of the municipal security issue may be retired before maturity.

*Municipal Securities Risk*. Certain Funds invest in municipal securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on the ability of an issuer of municipal securities to make payments of principal and/or interest. Political changes and uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders can significantly affect municipal securities. Because many securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. The secondary market for municipal securities also tends to be less well-developed and less liquid than many other securities markets, which may limit a Fund's ability to sell its municipal obligations at attractive prices, especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers than for issuers of other types of securities. As a result, municipal securities may be more difficult to value accurately. In addition, changes in the financial condition of an individual municipal issuer can affect the overall municipal market. If the Internal Revenue Service ("IRS") determines that an issuer of a municipal security has not complied with applicable tax requirements, interest from the security could become taxable and the security could decline significantly in value.

*Non-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 its corresponding Underlying Index. Because certain Funds issue and redeem Creation Units principally for cash, such Funds will incur higher costs in buying and selling securities than if they issued and redeemed Creation Units in-kind. 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.* California AMT-Free Municipal Bond ETF, MSCI Treasury Duration Rotation ETF, New York AMT-Free Municipal Bond ETF, U.S. Hybrid Bond ETF and Variable Rate Preferred ETF are non-diversified and can invest a greater portion of their respective assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. 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 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.

*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.

*Not a Money Market Fund*. Short Term Treasury ETF is not a money market fund and is not subject to the strict rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal circumstances, the Fund's investments may be more susceptible than a money market fund's investments to credit risk,

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interest rate risk, valuation risk and other risks relevant to the Fund's investments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and it is possible for the Fund to lose money. The Fund does not seek to maintain a stable NAV of $1.00 per share.

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

*Preferred Securities Risk*. There are special risks associated with investing in preferred securities compared to those applicable generally to equity securities. Preferred securities may be less liquid than many other securities, such as common stocks, and generally offer no voting rights with respect to the issuer. Preferred securities also may be subordinated to bonds or other debt instruments in an issuer's capital structure, subjecting them to a greater risk of non-payment than more senior securities. Preferred securities may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time. If a Fund owns a security that is deferring or omitting its distributions, the Fund may be required to report the distribution on its tax returns, even though it may not have received any income. Further, preferred securities may lose substantial value due to the omission or deferment of dividend payments.

*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 Companies 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. Stocks of small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies. They may be more sensitive to changes in a company's earnings expectations and may experience more abrupt and erratic price movements. Smaller companies' securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider price fluctuations and it might be harder for a Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-capitalization companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-capitalization company, if any gain is realized at all.

*Tax Risk*. There is no guarantee that the income from certain Funds will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after a Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by a Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value.

*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.

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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, and for Short Term Treasury ETF, the oversight of the Sub-Adviser.

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 has 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>|
| Bloomberg Enhanced Fallen Angels ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| California AMT-Free Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| CEF Income Composite ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Equal Weight 0-30 Year Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| Floating Rate Municipal Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Fundamental Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> %<br>|
| MSCI Treasury Duration Rotation ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| National AMT-Free Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| New York AMT-Free Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Preferred ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|
| Short Term Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>|
| Taxable Municipal Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| U.S. Hybrid Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Variable Rate Preferred ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|

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<sup>(a)</sup> Effective February 23, 2026, the Fund's unitary management fee was reduced from 0.50% to 0.23%.

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 February 28, 2026, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| Bloomberg Enhanced Fallen Angels ETF | &nbsp;&nbsp;&nbsp; $1209 |
| California AMT-Free Municipal Bond ETF | &nbsp;&nbsp;&nbsp; - |
| CEF Income Composite ETF | &nbsp;&nbsp;&nbsp; 42709 |
| Equal Weight 0-30 Year Treasury ETF | &nbsp;&nbsp;&nbsp; 1921 |
| Floating Rate Municipal Income ETF | &nbsp;&nbsp;&nbsp; - |
| Fundamental Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 141 |
| MSCI Treasury Duration Rotation ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; - |
| National AMT-Free Municipal Bond ETF | &nbsp;&nbsp;&nbsp; - |
| New York AMT-Free Municipal Bond ETF | &nbsp;&nbsp;&nbsp; - |
| Preferred ETF | &nbsp;&nbsp;&nbsp; 3343 |
| Short Term Treasury ETF | &nbsp;&nbsp;&nbsp; 24 |
| Taxable Municipal Bond ETF | &nbsp;&nbsp;&nbsp; 15610 |
| U.S. Hybrid Bond ETF<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; - |
| Variable Rate Preferred ETF | &nbsp;&nbsp;&nbsp; 5899 |

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<sup>(a)</sup> For the period February 23, 2026 (commencement of investment operations) through February 28, 2026.

For Short Term Treasury ETF, the Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

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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** |
| Bloomberg Enhanced Fallen Angels ETF | Bloomberg Index Services Limited |
| California AMT-Free Municipal Bond ETF | ICE Data Indices, LLC |
| CEF Income Composite ETF | S-Network Global Indexes, LLC |
| Equal Weight 0-30 Year Treasury ETF | Nasdaq, Inc. |
| Floating Rate Municipal Income ETF | ICE Data Indices, LLC |
| Fundamental Investment Grade Corporate Bond ETF | Research Affiliates<sup>®</sup> |
| MSCI Treasury Duration Rotation ETF | MSCI, Inc. |
| National AMT-Free Municipal Bond ETF | ICE Data Indices, LLC |
| New York AMT-Free Municipal Bond ETF | ICE Data Indices, LLC |
| Preferred ETF | ICE Data Indices, LLC |
| Short Term Treasury ETF | ICE Data Indices, LLC |
| Taxable Municipal Bond ETF | ICE Data Indices, LLC |
| U.S. Hybrid Bond ETF | ICE Data Indices, LLC |
| Variable Rate Preferred ETF | ICE Data 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 BNY, 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 February 28, 2026, the following Fund incurred brokerage commissions with Invesco Capital Markets, Inc. ("ICMI"), an affiliate of the Adviser and Distributor, for portfolio transactions executed on behalf of the Fund, as listed below:

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|:---|:---|
| CEF Income Composite ETF | &nbsp;&nbsp;&nbsp; $3202 |

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

**NOTE 4—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 February 28, 2026, the following Funds engaged in transactions with affiliates as listed below:

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| | | | |
|:---|:---|:---|:---|
|  | **Securities Purchases** | **Securities Sales** | **Net Realized Gains (Losses)** |
| California AMT-Free Municipal Bond ETF | &nbsp;&nbsp; $41511119 | &nbsp;&nbsp; $40398917 | &nbsp;&nbsp; $(874465)<br>|
| National AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 64553544 | &nbsp;&nbsp; 65789776 | &nbsp;&nbsp; (2701260)<br>|
| New York AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 11890106 | &nbsp;&nbsp; 14682499 | &nbsp;&nbsp; (743164)<br>|

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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.

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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 February 28, 2026, for each Fund (except for Bloomberg Enhanced Fallen Angels ETF, California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and U.S. Hybrid Bond ETF). As of February 28, 2026, all of the securities in Bloomberg Enhanced Fallen Angels ETF, California AMT-Free Municipal Bond ETF, Floating Rate Municipal Income ETF, National AMT-Free Municipal Bond ETF, New York AMT-Free Municipal Bond ETF and U.S. Hybrid Bond ETF were valued based on Level 2 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| CEF Income Composite ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Closed-End Funds | &nbsp;&nbsp; $817600036 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $817600036 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 34289151 | &nbsp;&nbsp; - | &nbsp;&nbsp; 34289151 |
| **Total Investments** | &nbsp;&nbsp; $817600036 | &nbsp;&nbsp; $34289151 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $851889187 |
| Equal Weight 0-30 Year Treasury ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1069599899 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1069599899 |
| Money Market Funds | &nbsp;&nbsp; 54807338 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 54807338 |
| **Total Investments** | &nbsp;&nbsp; $54807338 | &nbsp;&nbsp; $1069599899 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1124407237 |
| Fundamental Investment Grade Corporate Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $109765340 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $109765340 |
| Money Market Funds | &nbsp;&nbsp; 299031 | &nbsp;&nbsp; 13893495 | &nbsp;&nbsp; - | &nbsp;&nbsp; 14192526 |
| **Total Investments** | &nbsp;&nbsp; $299031 | &nbsp;&nbsp; $123658835 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $123957866 |
| MSCI Treasury Duration Rotation ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp; $- | &nbsp;&nbsp; $992936 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $992936 |
| Money Market Funds | &nbsp;&nbsp; 79 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 79 |
| **Total Investments** | &nbsp;&nbsp; $79 | &nbsp;&nbsp; $992936 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $993015 |
| Preferred ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; $3959412740 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3959412740 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 58568727 | &nbsp;&nbsp; - | &nbsp;&nbsp; 58568727 |
| **Total Investments** | &nbsp;&nbsp; $3959412740 | &nbsp;&nbsp; $58568727 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4017981467 |
| Short Term Treasury ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Treasury Securities | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2419921516 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2419921516 |
| Money Market Funds | &nbsp;&nbsp; 126157 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 126157 |
| **Total Investments** | &nbsp;&nbsp; $126157 | &nbsp;&nbsp; $2419921516 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2420047673 |
| Taxable Municipal Bond ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Municipal Obligations | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1033491539 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1033491539 |
| Money Market Funds | &nbsp;&nbsp; 15801374 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 15801374 |
| **Total Investments** | &nbsp;&nbsp; $15801374 | &nbsp;&nbsp; $1033491539 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1049292913 |

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**286**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Variable Rate Preferred ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2109476818 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2109476818 |
| Preferred Stocks | &nbsp;&nbsp; 318251845 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 318251845 |
| Money Market Funds | &nbsp;&nbsp; 35901 | &nbsp;&nbsp; 206784299 | &nbsp;&nbsp; - | &nbsp;&nbsp; 206820200 |
| **Total Investments** | &nbsp;&nbsp; $318287746 | &nbsp;&nbsp; $2316261117 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2634548863 |

---

**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 then in existence had capital loss carryforwards as of August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Bloomberg Enhanced Fallen Angels ETF | &nbsp;&nbsp; $17587849 | &nbsp;&nbsp; $57619642 | &nbsp;&nbsp; $75207491 |
| California AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 76914 | &nbsp;&nbsp; 3037180 | &nbsp;&nbsp; 3114094 |
| CEF Income Composite ETF | &nbsp;&nbsp; 17337909 | &nbsp;&nbsp; 73612680 | &nbsp;&nbsp; 90950589 |
| Equal Weight 0-30 Year Treasury ETF | &nbsp;&nbsp; 1754599 | &nbsp;&nbsp; 8977745 | &nbsp;&nbsp; 10732344 |
| Floating Rate Municipal Income ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Fundamental Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 137152 | &nbsp;&nbsp; 935872 | &nbsp;&nbsp; 1073024 |
| National AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 10229468 | &nbsp;&nbsp; 24737926 | &nbsp;&nbsp; 34967394 |
| New York AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 311852 | &nbsp;&nbsp; 3210769 | &nbsp;&nbsp; 3522621 |
| Preferred ETF | &nbsp;&nbsp; 46061721 | &nbsp;&nbsp; 607162689 | &nbsp;&nbsp; 653224410 |
| Short Term Treasury ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Taxable Municipal Bond ETF | &nbsp;&nbsp; 3714048 | &nbsp;&nbsp; 20197252 | &nbsp;&nbsp; 23911300 |
| Variable Rate Preferred ETF | &nbsp;&nbsp; 16706722 | &nbsp;&nbsp; 99107059 | &nbsp;&nbsp; 115813781 |

---

\* 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 February 28, 2026, 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** |
| Bloomberg Enhanced Fallen Angels ETF | &nbsp;&nbsp; $430332505 | &nbsp;&nbsp; $424935275 |
| California AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 117443438 | &nbsp;&nbsp; 120614560 |
| CEF Income Composite ETF | &nbsp;&nbsp; 93937502 | &nbsp;&nbsp; 81532247 |
| Equal Weight 0-30 Year Treasury ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Floating Rate Municipal Income ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Fundamental Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 55093430 | &nbsp;&nbsp; 10467660 |
| MSCI Treasury Duration Rotation ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| National AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 394876605 | &nbsp;&nbsp; 444824293 |
| New York AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 54694090 | &nbsp;&nbsp; 54048356 |
| Preferred ETF | &nbsp;&nbsp; 115154344 | &nbsp;&nbsp; 107924745 |
| Short Term Treasury ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Taxable Municipal Bond ETF | &nbsp;&nbsp; 71786447 | &nbsp;&nbsp; 61238661 |
| U.S. Hybrid Bond ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 15054420 | &nbsp;&nbsp; 284558 |
| Variable Rate Preferred ETF | &nbsp;&nbsp; 171795488 | &nbsp;&nbsp; 180792384 |

---

<sup>(a)</sup> For the period February 23, 2026 (commencement of investment operations) through February 28, 2026.

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For the six months ended February 28, 2026, the cost of securities purchased and the proceeds from sales of U.S. Government obligations (other than short-term securities, money market funds and in-kind transactions) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Equal Weight 0-30 Year Treasury ETF | &nbsp;&nbsp; $54817246 | &nbsp;&nbsp; $47030057 |
| MSCI Treasury Duration Rotation ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; 1015378 | &nbsp;&nbsp; 23922 |
| Short Term Treasury ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

---

<sup>(a)</sup> For the period February 23, 2026 (commencement of investment operations) through February 28, 2026.

For the six months ended February 28, 2026, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Bloomberg Enhanced Fallen Angels ETF | &nbsp;&nbsp; $76433386 | &nbsp;&nbsp; $31245616 |
| California AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 122082496 | &nbsp;&nbsp; 63528916 |
| CEF Income Composite ETF | &nbsp;&nbsp; 29472416 | &nbsp;&nbsp; 55347932 |
| Equal Weight 0-30 Year Treasury ETF | &nbsp;&nbsp; 406278853 | &nbsp;&nbsp; 339064941 |
| Floating Rate Municipal Income ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Fundamental Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 22722786 | &nbsp;&nbsp; - |
| MSCI Treasury Duration Rotation ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| National AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 875192010 | &nbsp;&nbsp; 274236299 |
| New York AMT-Free Municipal Bond ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 7751947 |
| Preferred ETF | &nbsp;&nbsp; 409453314 | &nbsp;&nbsp; 288568597 |
| Short Term Treasury ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Taxable Municipal Bond ETF | &nbsp;&nbsp; 131441027 | &nbsp;&nbsp; 11112010 |
| U.S. Hybrid Bond ETF<sup>(a)</sup> <br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Variable Rate Preferred ETF | &nbsp;&nbsp; 270841262 | &nbsp;&nbsp; - |

---

<sup>(a)</sup> For the period February 23, 2026 (commencement of investment operations) through February 28, 2026.

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

As of February 28, 2026, 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** |
| Bloomberg Enhanced Fallen Angels ETF | &nbsp;&nbsp; $904558 | &nbsp;&nbsp; $(2064056)<br>| &nbsp;&nbsp; $(1159498)<br>| &nbsp;&nbsp; $480330332 |
| California AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 30192297 | &nbsp;&nbsp; (12666601)<br>| &nbsp;&nbsp; 17525696 | &nbsp;&nbsp; 1058166272 |
| CEF Income Composite ETF | &nbsp;&nbsp; 82711300 | &nbsp;&nbsp; (38591527)<br>| &nbsp;&nbsp; 44119773 | &nbsp;&nbsp; 807769414 |
| Equal Weight 0-30 Year Treasury ETF | &nbsp;&nbsp; 1378100 | &nbsp;&nbsp; (88345246)<br>| &nbsp;&nbsp; (86967146)<br>| &nbsp;&nbsp; 1211374383 |
| Floating Rate Municipal Income ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 30935000 |
| Fundamental Investment Grade Corporate Bond ETF | &nbsp;&nbsp; 1812079 | &nbsp;&nbsp; (305682)<br>| &nbsp;&nbsp; 1506397 | &nbsp;&nbsp; 122451469 |
| MSCI Treasury Duration Rotation ETF | &nbsp;&nbsp; 1454 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1454 | &nbsp;&nbsp; 991561 |
| National AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 63210298 | &nbsp;&nbsp; (61818644)<br>| &nbsp;&nbsp; 1391654 | &nbsp;&nbsp; 3690976118 |
| New York AMT-Free Municipal Bond ETF | &nbsp;&nbsp; 1964768 | &nbsp;&nbsp; (2806553)<br>| &nbsp;&nbsp; (841785)<br>| &nbsp;&nbsp; 129021605 |
| Preferred ETF | &nbsp;&nbsp; 9370886 | &nbsp;&nbsp; (804059902)<br>| &nbsp;&nbsp; (794689016)<br>| &nbsp;&nbsp; 4812670483 |
| Short Term Treasury ETF | &nbsp;&nbsp; 796312 | &nbsp;&nbsp; (79239)<br>| &nbsp;&nbsp; 717073 | &nbsp;&nbsp; 2419330600 |
| Taxable Municipal Bond ETF | &nbsp;&nbsp; 10936592 | &nbsp;&nbsp; (78852840)<br>| &nbsp;&nbsp; (67916248)<br>| &nbsp;&nbsp; 1117209161 |
| U.S. Hybrid Bond ETF | &nbsp;&nbsp; 3170 | &nbsp;&nbsp; (83426)<br>| &nbsp;&nbsp; (80256)<br>| &nbsp;&nbsp; 14768135 |
| Variable Rate Preferred ETF | &nbsp;&nbsp; 49844278 | &nbsp;&nbsp; (48056633)<br>| &nbsp;&nbsp; 1787645 | &nbsp;&nbsp; 2632761218 |

---

**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

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

At a meeting held on December 17, 2025, the Board of Trustees of the Invesco Exchange-Traded Fund Trust II (the "Trust"), including the Independent Trustees, approved the Investment Advisory Agreement between Invesco Capital Management LLC (the "Adviser") and the Trust for Invesco QQQ Equal Weight ETF, Invesco MSCI Treasury Duration Rotation ETF and Invesco U.S. Hybrid Bond ETF (each a "Fund" and collectively, the "Funds").

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

*Nature, Extent and Quality of Services.* In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds, and they considered the quality of services provided by the Adviser to other exchange-traded funds ("ETFs") managed by the Adviser and overseen by the Board. The Trustees noted other information the Board received and considered in connection with its March 13, 2025 and April 24, 2025 meetings describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Invesco Ltd. The Trustees reviewed information related to the Adviser's portfolio transaction policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds' administrator, custodian and transfer agent. They noted the significant amount of time, effort and resources that had been devoted to this oversight function for the other ETFs managed by the Adviser and overseen by the Board and that was expected to be provided for each Fund.

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

*Fees, Expenses and Profitability.* The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed unitary advisory fee, as compared to information compiled by the Adviser from Lipper Inc. ("Lipper") databases on the median net expense ratios of comparable ETFs, open-end (non-ETF) index funds, open-end (non-ETF) actively managed funds and Adviser-identified select peer funds. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund except for brokerage expenses, taxes, interest, acquired fund fees and expenses, if any, litigation expenses, costs incurred in connection with proxies (except certain proxies) and other extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the median net expense ratios of its Lipper peer groups and a select peer group as shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Invesco Fund** | **Passive** <br>**ETF Peer** <br>**Group** <br>**(Number of** <br>**Peers)**<br>| **Open-End** <br>**Index Fund** <br>**Peer Group** <br>**(Number of** <br>**Peers)**<br>| **Open-End Active** <br>**Fund Peer Group** <br>**(Number of Peers)**<br>| **Select Peer Group** <br>**(Number of Peers)**<br>|
| Invesco QQQ Equal Weight ETF | &nbsp;&nbsp; Lower than <br>median (57)<br>| &nbsp;&nbsp; Higher than <br>median (17)<br>| &nbsp;&nbsp; Lower than <br>median (147)<br>| &nbsp;&nbsp; Lower than <br>median (2)<br>|
| Invesco MSCI Treasury Duration Rotation ETF | &nbsp;&nbsp; Higher than <br>median (33)<br>| &nbsp;&nbsp; Higher than <br>median (13)<br>| &nbsp;&nbsp; Lower than <br>median (6)<br>| &nbsp;&nbsp; Lower than <br>median (1)<br>|
| Invesco U.S. Hybrid Bond ETF | &nbsp;&nbsp; Lower than <br>median (7)<br>| N/A\* | &nbsp;&nbsp; Lower than <br>median (21)<br>| &nbsp;&nbsp; Lower than <br>median (1)<br>|

---

\* 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.

Based on all of the information provided, the Board concluded that each Fund's proposed unitary advisory fee was reasonable and appropriate in light of the services to be provided, the nature of the indices, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

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**Approval of Investment Advisory Contracts—(continued)**

In conjunction with their review of the unitary advisory fees, the Trustees also considered that the Adviser did not provide a profitability analysis for the Adviser in managing the Funds because the Funds had not yet commenced operations. However, the Trustees noted other information the Board received and considered in connection with its March 13, 2025 and April 24, 2025 meetings regarding the Adviser's overall profitability from its relationship with other ETFs for which it serves as investment adviser.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.* The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for each Fund. The Board considered whether the proposed unitary advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of each Fund, and it concluded that the unitary advisory fee rates were reasonable and appropriate.

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

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

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

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

Not applicable.

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

Not applicable.

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

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

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

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

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**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-FIA-NCSRS

invesco.com/ETFs

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![](img141282d71.jpg)

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

February 28, 2026

---

| | |
|:---|:---|
| **RSPE** | Invesco ESG S&P 500 Equal Weight ETF |
| **KLMN** | Invesco MSCI North America Climate ETF |
| **PBUS** | Invesco MSCI USA ETF |
| **EQAL** | Invesco Russell 1000 Equal Weight ETF |
| **QVMT** | Invesco S&P 500 Concentrated QVM ETF (formerly, Invesco S&P 500<sup>®</sup> Enhanced Value ETF) |
| **SPHB** | Invesco S&P 500<sup>®</sup> High Beta ETF |
| **DIVG** | Invesco S&P 500 High Dividend Growers ETF |
| **SPHD** | Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF |
| **SPLV** | Invesco S&P 500<sup>®</sup> Low Volatility ETF |
| **SPMO** | Invesco S&P 500<sup>®</sup> Momentum ETF |
| **QVML** | Invesco S&P 500 QVM Multi-factor ETF |
| **QVMM** | Invesco S&P MidCap 400 QVM Multi-factor ETF |
| **XMLV** | Invesco S&P MidCap Low Volatility ETF |
| **QVMS** | Invesco S&P SmallCap 600 QVM Multi-factor ETF |
| **GRPZ** | Invesco S&P SmallCap 600<sup>®</sup> GARP ETF |
| **XSHD** | Invesco S&P SmallCap High Dividend Low Volatility ETF |
| **XSLV** | Invesco S&P SmallCap Low Volatility ETF |
| **XSHQ** | Invesco S&P SmallCap Quality ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco ESG S&P 500 Equal Weight ETF (RSPE)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_1) | **3** |
| [Invesco MSCI North America Climate ETF (KLMN)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_4) | **6** |
| [Invesco MSCI USA ETF (PBUS)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_8) | **10** |
| [Invesco Russell 1000 Equal Weight ETF (EQAL)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_14) | **16** |
| [Invesco S&P 500 Concentrated QVM ETF (QVMT)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_24) | **26** |
| [Invesco S&P 500](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_26)<sup>®</sup>[High Beta ETF (SPHB)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_26) | **28** |
| [Invesco S&P 500 High Dividend Growers ETF (DIVG)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_29) | **31** |
| [Invesco S&P 500](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_31)<sup>®</sup>[High Dividend Low Volatility ETF (SPHD)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_31) | **33** |
| [Invesco S&P 500](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_33)<sup>®</sup>[Low Volatility ETF (SPLV)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_33) | **35** |
| [Invesco S&P 500](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_35)<sup>®</sup>[Momentum ETF (SPMO)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_35) | **37** |
| [Invesco S&P 500 QVM Multi-factor ETF (QVML)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_38) | **40** |
| [Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_43) | **45** |
| [Invesco S&P MidCap Low Volatility ETF (XMLV)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_48) | **50** |
| [Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_50) | **52** |
| [Invesco S&P SmallCap 600](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_56)<sup>®</sup>[GARP ETF (GRPZ)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_56) | **58** |
| [Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_58) | **60** |
| [Invesco S&P SmallCap Low Volatility ETF (XSLV)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_60) | **62** |
| [Invesco S&P SmallCap Quality ETF (XSHQ)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_SOI-Continued-855_63) | **65** |
| [Statements of Assets and Liabilities](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_FS-Continued-855_1) | **68** |
| [Statements of Operations](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_FS-Continued-855_5) | **72** |
| [Statements of Changes in Net Assets](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_FS-Continued-855_9) | **76** |
| [Financial Highlights](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_FIHI-Continued-855_1) | **82** |
| [Notes to Financial Statements](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_NTF-Continued-855_1) | **99** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_3a4f4a18-0fc1-47f9-a1b7-7a4ff5057bee_OIRSR-Continued-855_1) | **114** |

---

------

**2**

------

**Invesco ESG S&P 500 Equal Weight ETF (RSPE)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Communication Services-3.59%** | **Communication Services-3.59%** | **Communication Services-3.59%** |
| Alphabet, Inc., Class A | 430 | &nbsp;&nbsp; $134057 |
| Alphabet, Inc., Class C | 345 | &nbsp;&nbsp; 107443 |
| AT&T, Inc. | 10163 | &nbsp;&nbsp; 284666 |
| News Corp., Class A | 6905 | &nbsp;&nbsp; 167722 |
| News Corp., Class B<sup>(b)</sup> | 2272 | &nbsp;&nbsp; 60844 |
| Omnicom Group, Inc. | 3200 | &nbsp;&nbsp; 272928 |
| Paramount Skydance Corp.<sup>(b)</sup> | 16817 | &nbsp;&nbsp; 227198 |
| Take-Two Interactive Software, Inc.<sup>(c)</sup> | 1005 | &nbsp;&nbsp; 212537 |
| Walt Disney Co. (The) | 2273 | &nbsp;&nbsp; 241029 |
|  |  | &nbsp;&nbsp; 1708424 |
| **Consumer Discretionary-11.79%** | **Consumer Discretionary-11.79%** | **Consumer Discretionary-11.79%** |
| Aptiv PLC<sup>(c)</sup> | 3158 | &nbsp;&nbsp; 232239 |
| Best Buy Co., Inc. | 3345 | &nbsp;&nbsp; 207290 |
| Carnival Corp. | 9423 | &nbsp;&nbsp; 297296 |
| D.R. Horton, Inc. | 1596 | &nbsp;&nbsp; 255982 |
| Deckers Outdoor Corp.<sup>(c)</sup> | 2462 | &nbsp;&nbsp; 288719 |
| eBay, Inc. | 2996 | &nbsp;&nbsp; 272217 |
| Expedia Group, Inc. | 903 | &nbsp;&nbsp; 194768 |
| General Motors Co. | 3070 | &nbsp;&nbsp; 241640 |
| Hasbro, Inc. | 3016 | &nbsp;&nbsp; 300364 |
| Hilton Worldwide Holdings, Inc. | 914 | &nbsp;&nbsp; 284967 |
| Lowe's Cos., Inc. | 1006 | &nbsp;&nbsp; 266157 |
| Marriott International, Inc., Class A | 863 | &nbsp;&nbsp; 294913 |
| NIKE, Inc., Class B | 3767 | &nbsp;&nbsp; 234232 |
| Norwegian Cruise Line Holdings Ltd.<sup>(c)</sup> | 12882 | &nbsp;&nbsp; 319345 |
| Ralph Lauren Corp. | 692 | &nbsp;&nbsp; 250919 |
| Royal Caribbean Cruises Ltd. | 950 | &nbsp;&nbsp; 295412 |
| Starbucks Corp. | 2955 | &nbsp;&nbsp; 289649 |
| Tractor Supply Co. | 4685 | &nbsp;&nbsp; 242870 |
| Ulta Beauty, Inc.<sup>(c)</sup> | 411 | &nbsp;&nbsp; 281449 |
| Williams-Sonoma, Inc. | 1322 | &nbsp;&nbsp; 271869 |
| Yum! Brands, Inc. | 1720 | &nbsp;&nbsp; 289235 |
|  |  | &nbsp;&nbsp; 5611532 |
| **Consumer Staples-7.50%** | **Consumer Staples-7.50%** | **Consumer Staples-7.50%** |
| Campbell's Co. (The) | 8799 | &nbsp;&nbsp; 237133 |
| Colgate-Palmolive Co. | 3185 | &nbsp;&nbsp; 315761 |
| Estee Lauder Cos., Inc. (The), Class A | 2312 | &nbsp;&nbsp; 253094 |
| General Mills, Inc. | 5422 | &nbsp;&nbsp; 245237 |
| Hershey Co. (The) | 1376 | &nbsp;&nbsp; 325121 |
| Kenvue, Inc. | 14314 | &nbsp;&nbsp; 273684 |
| Keurig Dr Pepper, Inc. | 8392 | &nbsp;&nbsp; 254110 |
| Kraft Heinz Co. (The) | 10182 | &nbsp;&nbsp; 250579 |
| McCormick & Co., Inc. | 3855 | &nbsp;&nbsp; 273859 |
| Mondelez International, Inc., Class A | 4596 | &nbsp;&nbsp; 283022 |
| PepsiCo, Inc. | 1655 | &nbsp;&nbsp; 280920 |
| Target Corp. | 2619 | &nbsp;&nbsp; 298016 |
| Walmart, Inc. | 2190 | &nbsp;&nbsp; 280210 |
|  |  | &nbsp;&nbsp; 3570746 |
| **Financials-14.80%** | **Financials-14.80%** | **Financials-14.80%** |
| Aflac, Inc. | 2314 | &nbsp;&nbsp; 261320 |
| Allstate Corp. (The) | 1230 | &nbsp;&nbsp; 263860 |
| American Express Co. | 660 | &nbsp;&nbsp; 203874 |
| American International Group, Inc. | 3056 | &nbsp;&nbsp; 245978 |
| Aon PLC, Class A | 729 | &nbsp;&nbsp; 244558 |
| Assurant, Inc. | 1110 | &nbsp;&nbsp; 254845 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Bank of America Corp. | 4582 | &nbsp;&nbsp; $228321 |
| Bank of New York Mellon Corp. (The) | 2092 | &nbsp;&nbsp; 249157 |
| Cboe Global Markets, Inc. | 995 | &nbsp;&nbsp; 298221 |
| Fidelity National Information Services, Inc. | 3719 | &nbsp;&nbsp; 189520 |
| Fifth Third Bancorp | 5213 | &nbsp;&nbsp; 257887 |
| Hartford Insurance Group, Inc. (The) | 1902 | &nbsp;&nbsp; 267859 |
| Huntington Bancshares, Inc. | 14116 | &nbsp;&nbsp; 237149 |
| Intercontinental Exchange, Inc. | 1545 | &nbsp;&nbsp; 253581 |
| M&T Bank Corp. | 1211 | &nbsp;&nbsp; 262763 |
| Mastercard, Inc., Class A | 459 | &nbsp;&nbsp; 237399 |
| MetLife, Inc. | 3106 | &nbsp;&nbsp; 223850 |
| Moody's Corp. | 517 | &nbsp;&nbsp; 246914 |
| Morgan Stanley | 1377 | &nbsp;&nbsp; 229284 |
| MSCI, Inc. | 461 | &nbsp;&nbsp; 263614 |
| Nasdaq, Inc. | 2693 | &nbsp;&nbsp; 235853 |
| Northern Trust Corp. | 1801 | &nbsp;&nbsp; 257705 |
| PayPal Holdings, Inc. | 4048 | &nbsp;&nbsp; 187058 |
| Principal Financial Group, Inc. | 2746 | &nbsp;&nbsp; 262023 |
| Prudential Financial, Inc. | 2162 | &nbsp;&nbsp; 212698 |
| Regions Financial Corp. | 9051 | &nbsp;&nbsp; 251889 |
| S&P Global, Inc. | 505 | &nbsp;&nbsp; 223149 |
| State Street Corp. | 1921 | &nbsp;&nbsp; 247079 |
| Visa, Inc., Class A | 760 | &nbsp;&nbsp; 243306 |
|  |  | &nbsp;&nbsp; 7040714 |
| **Health Care-13.35%** | **Health Care-13.35%** | **Health Care-13.35%** |
| Abbott Laboratories | 2022 | &nbsp;&nbsp; 235260 |
| AbbVie, Inc. | 1101 | &nbsp;&nbsp; 255520 |
| Agilent Technologies, Inc. | 1726 | &nbsp;&nbsp; 209502 |
| Baxter International, Inc. | 13574 | &nbsp;&nbsp; 276503 |
| Becton, Dickinson and Co. | 1556 | &nbsp;&nbsp; 274603 |
| Biogen, Inc.<sup>(c)</sup> | 1395 | &nbsp;&nbsp; 267589 |
| Boston Scientific Corp.<sup>(c)</sup> | 2675 | &nbsp;&nbsp; 205574 |
| Cardinal Health, Inc. | 1249 | &nbsp;&nbsp; 286308 |
| Centene Corp.<sup>(c)</sup> | 6412 | &nbsp;&nbsp; 287771 |
| Charles River Laboratories International, Inc.<sup>(c)</sup> | 1272 | &nbsp;&nbsp; 227039 |
| Cigna Group (The) | 944 | &nbsp;&nbsp; 273590 |
| CVS Health Corp. | 3138 | &nbsp;&nbsp; 250726 |
| Danaher Corp. | 1075 | &nbsp;&nbsp; 226438 |
| DaVita, Inc.<sup>(c)</sup> | 2086 | &nbsp;&nbsp; 326042 |
| Edwards Lifesciences Corp.<sup>(c)</sup> | 2954 | &nbsp;&nbsp; 255432 |
| Elevance Health, Inc. | 727 | &nbsp;&nbsp; 232640 |
| Gilead Sciences, Inc. | 2040 | &nbsp;&nbsp; 303858 |
| Humana, Inc. | 965 | &nbsp;&nbsp; 183871 |
| Medtronic PLC | 2461 | &nbsp;&nbsp; 240341 |
| Merck & Co., Inc. | 2537 | &nbsp;&nbsp; 314131 |
| Moderna, Inc.<sup>(b)(c)</sup> | 8532 | &nbsp;&nbsp; 457059 |
| Quest Diagnostics, Inc. | 1380 | &nbsp;&nbsp; 292436 |
| Regeneron Pharmaceuticals, Inc. | 342 | &nbsp;&nbsp; 267331 |
| Waters Corp.<sup>(c)</sup> | 626 | &nbsp;&nbsp; 199932 |
|  |  | &nbsp;&nbsp; 6349496 |
| **Industrials-17.31%** | **Industrials-17.31%** | **Industrials-17.31%** |
| Broadridge Financial Solutions, Inc. | 1092 | &nbsp;&nbsp; 202970 |
| Carrier Global Corp. | 4641 | &nbsp;&nbsp; 298880 |
| Caterpillar, Inc. | 402 | &nbsp;&nbsp; 298618 |
| CSX Corp. | 6684 | &nbsp;&nbsp; 285340 |
| Cummins, Inc. | 471 | &nbsp;&nbsp; 275003 |
| Deere & Co. | 528 | &nbsp;&nbsp; 332487 |

---

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

------

**3**

------

**Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Dover Corp. | 1266 | &nbsp;&nbsp; $285483 |
| Emerson Electric Co. | 1807 | &nbsp;&nbsp; 272405 |
| Hubbell, Inc. | 552 | &nbsp;&nbsp; 282420 |
| Illinois Tool Works, Inc. | 977 | &nbsp;&nbsp; 283946 |
| Ingersoll Rand, Inc. | 3058 | &nbsp;&nbsp; 287880 |
| J.B. Hunt Transport Services, Inc. | 1250 | &nbsp;&nbsp; 291762 |
| Johnson Controls International PLC | 2138 | &nbsp;&nbsp; 308513 |
| Lennox International, Inc. | 490 | &nbsp;&nbsp; 279271 |
| Norfolk Southern Corp. | 841 | &nbsp;&nbsp; 264696 |
| Otis Worldwide Corp. | 2823 | &nbsp;&nbsp; 261297 |
| PACCAR, Inc. | 2181 | &nbsp;&nbsp; 275002 |
| Pentair PLC | 2354 | &nbsp;&nbsp; 233493 |
| Republic Services, Inc. | 1193 | &nbsp;&nbsp; 273197 |
| Rockwell Automation, Inc. | 602 | &nbsp;&nbsp; 245285 |
| Southwest Airlines Co. | 6217 | &nbsp;&nbsp; 306249 |
| Stanley Black & Decker, Inc. | 3265 | &nbsp;&nbsp; 282390 |
| Trane Technologies PLC | 619 | &nbsp;&nbsp; 286176 |
| Union Pacific Corp. | 1051 | &nbsp;&nbsp; 278494 |
| United Rentals, Inc. | 304 | &nbsp;&nbsp; 255360 |
| Veralto Corp. | 2535 | &nbsp;&nbsp; 246985 |
| Verisk Analytics, Inc. | 1154 | &nbsp;&nbsp; 239536 |
| W.W. Grainger, Inc. | 248 | &nbsp;&nbsp; 283893 |
| Waste Management, Inc. | 1184 | &nbsp;&nbsp; 285155 |
| Xylem, Inc. | 1787 | &nbsp;&nbsp; 231524 |
|  |  | &nbsp;&nbsp; 8233710 |
| **Information Technology-14.71%** | **Information Technology-14.71%** | **Information Technology-14.71%** |
| Accenture PLC, Class A | 910 | &nbsp;&nbsp; 189935 |
| Adobe, Inc.<sup>(c)</sup> | 721 | &nbsp;&nbsp; 189198 |
| Advanced Micro Devices, Inc.<sup>(c)</sup> | 1119 | &nbsp;&nbsp; 224035 |
| Akamai Technologies, Inc.<sup>(c)</sup> | 2866 | &nbsp;&nbsp; 281986 |
| Autodesk, Inc.<sup>(c)</sup> | 825 | &nbsp;&nbsp; 202843 |
| Cisco Systems, Inc. | 3087 | &nbsp;&nbsp; 245293 |
| Corning, Inc. | 2629 | &nbsp;&nbsp; 395349 |
| Fortinet, Inc.<sup>(c)</sup> | 3040 | &nbsp;&nbsp; 240251 |
| Gen Digital, Inc. | 9007 | &nbsp;&nbsp; 203288 |
| Hewlett Packard Enterprise Co. | 9810 | &nbsp;&nbsp; 210621 |
| HP, Inc. | 9721 | &nbsp;&nbsp; 184602 |
| Intel Corp.<sup>(c)</sup> | 6075 | &nbsp;&nbsp; 277081 |
| International Business Machines Corp. | 793 | &nbsp;&nbsp; 190487 |
| Jabil, Inc. | 1077 | &nbsp;&nbsp; 285394 |
| Keysight Technologies, Inc.<sup>(c)</sup> | 1164 | &nbsp;&nbsp; 357732 |
| KLA Corp. | 201 | &nbsp;&nbsp; 306435 |
| Lam Research Corp. | 1471 | &nbsp;&nbsp; 344052 |
| Micron Technology, Inc. | 940 | &nbsp;&nbsp; 387628 |
| Microsoft Corp. | 518 | &nbsp;&nbsp; 203439 |
| NetApp, Inc. | 2077 | &nbsp;&nbsp; 205685 |
| NVIDIA Corp. | 1347 | &nbsp;&nbsp; 238675 |
| ON Semiconductor Corp.<sup>(c)</sup> | 4497 | &nbsp;&nbsp; 298961 |
| Palo Alto Networks, Inc.<sup>(c)</sup> | 1283 | &nbsp;&nbsp; 191064 |
| QUALCOMM, Inc. | 1359 | &nbsp;&nbsp; 193467 |
| Salesforce, Inc. | 937 | &nbsp;&nbsp; 182518 |
| ServiceNow, Inc.<sup>(c)</sup> | 1450 | &nbsp;&nbsp; 156614 |
| TE Connectivity PLC (Switzerland) | 1016 | &nbsp;&nbsp; 233832 |
| Western Digital Corp. | 1361 | &nbsp;&nbsp; 380672 |
|  |  | &nbsp;&nbsp; 7001137 |
| **Materials-6.04%** | **Materials-6.04%** | **Materials-6.04%** |
| Air Products and Chemicals, Inc. | 1047 | &nbsp;&nbsp; 288626 |
| Ball Corp. | 5185 | &nbsp;&nbsp; 348069 |
| Dow, Inc. | 10071 | &nbsp;&nbsp; 309482 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Ecolab, Inc. | 961 | &nbsp;&nbsp; $296324 |
| Freeport-McMoRan, Inc. | 5332 | &nbsp;&nbsp; 363003 |
| Linde PLC | 630 | &nbsp;&nbsp; 320090 |
| LyondellBasell Industries N.V., Class A | 5476 | &nbsp;&nbsp; 314980 |
| Mosaic Co. (The) | 10436 | &nbsp;&nbsp; 290538 |
| Newmont Corp. | 2624 | &nbsp;&nbsp; 341120 |
|  |  | &nbsp;&nbsp; 2872232 |
| **Real Estate-7.35%** | **Real Estate-7.35%** | **Real Estate-7.35%** |
| Alexandria Real Estate Equities, Inc. | 5334 | &nbsp;&nbsp; 288249 |
| BXP, Inc. | 3524 | &nbsp;&nbsp; 202912 |
| CBRE Group, Inc., Class A<sup>(c)</sup> | 1581 | &nbsp;&nbsp; 233451 |
| Digital Realty Trust, Inc. | 1553 | &nbsp;&nbsp; 275192 |
| Equinix, Inc. | 338 | &nbsp;&nbsp; 329300 |
| Equity Residential | 4082 | &nbsp;&nbsp; 258023 |
| Federal Realty Investment Trust | 2539 | &nbsp;&nbsp; 276167 |
| Healthpeak Properties, Inc. | 14905 | &nbsp;&nbsp; 263520 |
| Host Hotels & Resorts, Inc. | 13904 | &nbsp;&nbsp; 272379 |
| Kimco Realty Corp. | 12358 | &nbsp;&nbsp; 291031 |
| Prologis, Inc. | 1909 | &nbsp;&nbsp; 272167 |
| Welltower, Inc. | 1296 | &nbsp;&nbsp; 268428 |
| Weyerhaeuser Co. | 10763 | &nbsp;&nbsp; 264016 |
|  |  | &nbsp;&nbsp; 3494835 |
| **Utilities-3.45%** | **Utilities-3.45%** | **Utilities-3.45%** |
| American Water Works Co., Inc. | 1924 | &nbsp;&nbsp; 261722 |
| CenterPoint Energy, Inc. | 6612 | &nbsp;&nbsp; 287622 |
| Eversource Energy | 3668 | &nbsp;&nbsp; 279538 |
| Exelon Corp. | 5726 | &nbsp;&nbsp; 283265 |
| NRG Energy, Inc. | 1473 | &nbsp;&nbsp; 263608 |
| Sempra | 2780 | &nbsp;&nbsp; 267631 |
|  |  | &nbsp;&nbsp; 1643386 |
| Total Common Stocks & Other Equity Interests <br>(Cost $42,853,302) | Total Common Stocks & Other Equity Interests <br>(Cost $42,853,302) | &nbsp;&nbsp; 47526212 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $13,638)<br>| 13638 | &nbsp;&nbsp; 13638 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.92% <br>(Cost $42,866,940) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.92% <br>(Cost $42,866,940) | &nbsp;&nbsp; 47539850 |
| **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-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Private Government Fund, 3.64%<sup>(d)(e)(f)</sup> | 11231 | &nbsp;&nbsp; 11231 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 29164 | &nbsp;&nbsp; 29173 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $40,404) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $40,404) | &nbsp;&nbsp; 40404 |
| TOTAL INVESTMENTS IN SECURITIES-100.00% <br>(Cost $42,907,344) | TOTAL INVESTMENTS IN SECURITIES-100.00% <br>(Cost $42,907,344) | &nbsp;&nbsp; 47580254 |
| OTHER ASSETS LESS LIABILITIES-(0.00)% | OTHER ASSETS LESS LIABILITIES-(0.00)% | &nbsp;&nbsp; (2043)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $47578211 |

---

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

------

**4**

------

**Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $682839 | &nbsp;&nbsp; $(669201)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13638 | &nbsp;&nbsp; $502 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 763317 | &nbsp;&nbsp; 4270846 | &nbsp;&nbsp; (5022932)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11231 | &nbsp;&nbsp; 6,241<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 1980489 | &nbsp;&nbsp; 7574426 | &nbsp;&nbsp; (9525722)<br>| &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 29173 | &nbsp;&nbsp; 16,540<br> \*<br>|
| Total | &nbsp;&nbsp; $2743806 | &nbsp;&nbsp; $12528111 | &nbsp;&nbsp; $(15217855)<br>| &nbsp;&nbsp; $(48)<br>| &nbsp;&nbsp; $28 | &nbsp;&nbsp; $54042 | &nbsp;&nbsp; $23283 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**5**

------

**Invesco MSCI North America Climate ETF (KLMN)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** |
| **Communication Services-10.42%** | **Communication Services-10.42%** | **Communication Services-10.42%** |
| Alphabet, Inc., Class A | 123445 | &nbsp;&nbsp; $38485213 |
| Alphabet, Inc., Class C | 87389 | &nbsp;&nbsp; 27215556 |
| AT&T, Inc. | 173775 | &nbsp;&nbsp; 4867438 |
| Comcast Corp., Class A | 105548 | &nbsp;&nbsp; 3267766 |
| Meta Platforms, Inc., Class A | 43246 | &nbsp;&nbsp; 28031192 |
| Netflix, Inc.<sup>(b)</sup> | 86994 | &nbsp;&nbsp; 8372303 |
| Omnicom Group, Inc. | 17265 | &nbsp;&nbsp; 1472531 |
| Roblox Corp., Class A<sup>(b)</sup> | 14755 | &nbsp;&nbsp; 1013078 |
| Rogers Communications, Inc., Class B <br> (Canada)<br>| 32238 | &nbsp;&nbsp; 1286825 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 6811 | &nbsp;&nbsp; 1440390 |
| T-Mobile US, Inc. | 12815 | &nbsp;&nbsp; 2782008 |
| Verizon Communications, Inc. | 102375 | &nbsp;&nbsp; 5133083 |
| Walt Disney Co. (The) | 40035 | &nbsp;&nbsp; 4245312 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 59021 | &nbsp;&nbsp; 1662622 |
|  |  | &nbsp;&nbsp; 129275317 |
| **Consumer Discretionary-9.39%** | **Consumer Discretionary-9.39%** | **Consumer Discretionary-9.39%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 12316 | &nbsp;&nbsp; 1664015 |
| Amazon.com, Inc.<sup>(b)</sup> | 188539 | &nbsp;&nbsp; 39593190 |
| AutoZone, Inc.<sup>(b)</sup> | 469 | &nbsp;&nbsp; 1761367 |
| Booking Holdings, Inc. | 726 | &nbsp;&nbsp; 3077768 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 42233 | &nbsp;&nbsp; 1571912 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 9713 | &nbsp;&nbsp; 1714053 |
| eBay, Inc. | 15575 | &nbsp;&nbsp; 1415144 |
| Flutter Entertainment PLC (Ireland)<sup>(b)(c)</sup> | 5890 | &nbsp;&nbsp; 625165 |
| Ford Motor Co. | 127793 | &nbsp;&nbsp; 1800603 |
| General Motors Co. | 26607 | &nbsp;&nbsp; 2094237 |
| Hilton Worldwide Holdings, Inc. | 8532 | &nbsp;&nbsp; 2660107 |
| Home Depot, Inc. (The) | 21741 | &nbsp;&nbsp; 8277234 |
| Lowe's Cos., Inc. | 12509 | &nbsp;&nbsp; 3309506 |
| Marriott International, Inc., Class A | 7437 | &nbsp;&nbsp; 2541446 |
| McDonald's Corp. | 16506 | &nbsp;&nbsp; 5629536 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 1127 | &nbsp;&nbsp; 1980793 |
| NIKE, Inc., Class B | 29979 | &nbsp;&nbsp; 1864094 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 21778 | &nbsp;&nbsp; 2044519 |
| Royal Caribbean Cruises Ltd. | 6341 | &nbsp;&nbsp; 1971797 |
| Starbucks Corp. | 27076 | &nbsp;&nbsp; 2653990 |
| Tesla, Inc.<sup>(b)</sup> | 55701 | &nbsp;&nbsp; 22420210 |
| TJX Cos., Inc. (The) | 25384 | &nbsp;&nbsp; 4103577 |
| Yum! Brands, Inc. | 10598 | &nbsp;&nbsp; 1782160 |
|  |  | &nbsp;&nbsp; 116556423 |
| **Consumer Staples-4.88%** | **Consumer Staples-4.88%** | **Consumer Staples-4.88%** |
| Coca-Cola Co. (The) | 97424 | &nbsp;&nbsp; 7945901 |
| Colgate-Palmolive Co. | 29504 | &nbsp;&nbsp; 2925027 |
| Costco Wholesale Corp. | 8987 | &nbsp;&nbsp; 9083970 |
| General Mills, Inc. | 41645 | &nbsp;&nbsp; 1883603 |
| Keurig Dr Pepper, Inc. | 55899 | &nbsp;&nbsp; 1692622 |
| Kimberly-Clark Corp. | 13787 | &nbsp;&nbsp; 1536423 |
| Kraft Heinz Co. (The) | 68230 | &nbsp;&nbsp; 1679140 |
| Loblaw Cos. Ltd. (Canada) | 35784 | &nbsp;&nbsp; 1658734 |
| Mondelez International, Inc., Class A | 42498 | &nbsp;&nbsp; 2617027 |
| PepsiCo, Inc. | 33551 | &nbsp;&nbsp; 5694947 |
| Procter & Gamble Co. (The) | 52039 | &nbsp;&nbsp; 8700921 |
| Sysco Corp. | 20953 | &nbsp;&nbsp; 1910076 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Target Corp. | 13975 | &nbsp;&nbsp; $1590215 |
| Walmart, Inc. | 91540 | &nbsp;&nbsp; 11712543 |
|  |  | &nbsp;&nbsp; 60631149 |
| **Energy-4.59%** | **Energy-4.59%** | **Energy-4.59%** |
| Baker Hughes Co., Class A | 34134 | &nbsp;&nbsp; 2227585 |
| Cameco Corp. (Canada) | 15641 | &nbsp;&nbsp; 1850749 |
| Cheniere Energy, Inc. | 6740 | &nbsp;&nbsp; 1588820 |
| Chevron Corp. | 42314 | &nbsp;&nbsp; 7902563 |
| ConocoPhillips | 37969 | &nbsp;&nbsp; 4307963 |
| Coterra Energy, Inc. | 56697 | &nbsp;&nbsp; 1734361 |
| Devon Energy Corp. | 47352 | &nbsp;&nbsp; 2061233 |
| Diamondback Energy, Inc. | 13975 | &nbsp;&nbsp; 2432768 |
| Enbridge, Inc. (Canada) | 59812 | &nbsp;&nbsp; 3178191 |
| EOG Resources, Inc. | 20892 | &nbsp;&nbsp; 2592279 |
| Exxon Mobil Corp. | 90925 | &nbsp;&nbsp; 13866063 |
| Kinder Morgan, Inc. | 58560 | &nbsp;&nbsp; 1948291 |
| Occidental Petroleum Corp. | 39068 | &nbsp;&nbsp; 2073729 |
| ONEOK, Inc. | 24940 | &nbsp;&nbsp; 2064284 |
| SLB Ltd. | 53920 | &nbsp;&nbsp; 2768253 |
| TC Energy Corp. (Canada) | 29334 | &nbsp;&nbsp; 1885196 |
| Williams Cos., Inc. (The) | 33494 | &nbsp;&nbsp; 2502672 |
|  |  | &nbsp;&nbsp; 56985000 |
| **Financials-12.84%** | **Financials-12.84%** | **Financials-12.84%** |
| Aflac, Inc. | 15433 | &nbsp;&nbsp; 1742849 |
| Allstate Corp. (The) | 7679 | &nbsp;&nbsp; 1647299 |
| American Express Co. | 13535 | &nbsp;&nbsp; 4180961 |
| Aon PLC, Class A | 6439 | &nbsp;&nbsp; 2160091 |
| Apollo Global Management, Inc. | 12633 | &nbsp;&nbsp; 1321412 |
| Arthur J. Gallagher & Co. | 7233 | &nbsp;&nbsp; 1650571 |
| Bank of America Corp. | 146520 | &nbsp;&nbsp; 7301092 |
| Bank of Montreal (Canada) | 19600 | &nbsp;&nbsp; 2821187 |
| Bank of New York Mellon Corp. (The) | 21859 | &nbsp;&nbsp; 2603407 |
| Bank of Nova Scotia (The) (Canada) | 37028 | &nbsp;&nbsp; 2809442 |
| BlackRock, Inc. | 3424 | &nbsp;&nbsp; 3640499 |
| Blackstone, Inc., Class A | 18037 | &nbsp;&nbsp; 2044855 |
| Block, Inc., Class A<sup>(b)</sup> | 18161 | &nbsp;&nbsp; 1156856 |
| Brookfield Corp. (Canada) | 61588 | &nbsp;&nbsp; 2701319 |
| Canadian Imperial Bank of Commerce <br> (Canada)<br>| 26474 | &nbsp;&nbsp; 2674673 |
| Capital One Financial Corp. | 15969 | &nbsp;&nbsp; 3124175 |
| Charles Schwab Corp. (The) | 38375 | &nbsp;&nbsp; 3653300 |
| Chubb Ltd. | 9780 | &nbsp;&nbsp; 3333611 |
| Citigroup, Inc. | 41802 | &nbsp;&nbsp; 4606162 |
| CME Group, Inc., Class A | 9932 | &nbsp;&nbsp; 3173274 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 4701 | &nbsp;&nbsp; 826671 |
| Fiserv, Inc.<sup>(b)</sup> | 27839 | &nbsp;&nbsp; 1734091 |
| Goldman Sachs Group, Inc. (The) | 6868 | &nbsp;&nbsp; 5903527 |
| Intercontinental Exchange, Inc. | 15068 | &nbsp;&nbsp; 2473111 |
| JPMorgan Chase & Co. | 55251 | &nbsp;&nbsp; 16591875 |
| KKR & Co., Inc., Class A | 15916 | &nbsp;&nbsp; 1395515 |
| Manulife Financial Corp. (Canada) | 54957 | &nbsp;&nbsp; 1957152 |
| Marsh & McLennan Cos., Inc. | 15836 | &nbsp;&nbsp; 2957215 |
| Mastercard, Inc., Class A | 18246 | &nbsp;&nbsp; 9437014 |
| MetLife, Inc. | 18411 | &nbsp;&nbsp; 1326881 |
| Moody's Corp. | 5126 | &nbsp;&nbsp; 2448126 |
| Morgan Stanley | 27246 | &nbsp;&nbsp; 4536731 |
| Nasdaq, Inc. | 23160 | &nbsp;&nbsp; 2028353 |

---

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

------

**6**

------

**Invesco MSCI North America Climate ETF (KLMN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| National Bank of Canada (Canada) | 16035 | &nbsp;&nbsp; $2238210 |
| PayPal Holdings, Inc. | 25800 | &nbsp;&nbsp; 1192218 |
| PNC Financial Services Group, Inc. (The) | 10326 | &nbsp;&nbsp; 2192726 |
| Progressive Corp. (The) | 13682 | &nbsp;&nbsp; 2923296 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 16834 | &nbsp;&nbsp; 1276859 |
| Royal Bank of Canada (Canada) | 32996 | &nbsp;&nbsp; 5517760 |
| S&P Global, Inc. | 7924 | &nbsp;&nbsp; 3501457 |
| Toronto-Dominion Bank (The) (Canada) | 41410 | &nbsp;&nbsp; 4034579 |
| Travelers Cos., Inc. (The) | 6655 | &nbsp;&nbsp; 2053999 |
| Truist Financial Corp. | 40160 | &nbsp;&nbsp; 1980290 |
| U.S. Bancorp | 39312 | &nbsp;&nbsp; 2148794 |
| Visa, Inc., Class A | 35640 | &nbsp;&nbsp; 11409789 |
| Wells Fargo & Co. | 65986 | &nbsp;&nbsp; 5374560 |
| Willis Towers Watson PLC | 5193 | &nbsp;&nbsp; 1584748 |
|  |  | &nbsp;&nbsp; 159392582 |
| **Health Care-9.84%** | **Health Care-9.84%** | **Health Care-9.84%** |
| Abbott Laboratories | 39612 | &nbsp;&nbsp; 4608856 |
| AbbVie, Inc. | 36738 | &nbsp;&nbsp; 8526155 |
| Agilent Technologies, Inc. | 10233 | &nbsp;&nbsp; 1242082 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 3134 | &nbsp;&nbsp; 1043371 |
| Amgen, Inc. | 12491 | &nbsp;&nbsp; 4848507 |
| Becton, Dickinson and Co. | 10386 | &nbsp;&nbsp; 1832921 |
| Boston Scientific Corp.<sup>(b)</sup> | 38353 | &nbsp;&nbsp; 2947428 |
| Bristol-Myers Squibb Co. | 52854 | &nbsp;&nbsp; 3296504 |
| Cardinal Health, Inc. | 8056 | &nbsp;&nbsp; 1846677 |
| Cencora, Inc. | 6217 | &nbsp;&nbsp; 2313594 |
| Cigna Group (The) | 6610 | &nbsp;&nbsp; 1915710 |
| CVS Health Corp. | 29346 | &nbsp;&nbsp; 2344745 |
| Danaher Corp. | 14273 | &nbsp;&nbsp; 3006465 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 16838 | &nbsp;&nbsp; 1455982 |
| Elevance Health, Inc. | 6045 | &nbsp;&nbsp; 1934400 |
| Eli Lilly and Co. | 15986 | &nbsp;&nbsp; 16817112 |
| GE HealthCare Technologies, Inc. | 16272 | &nbsp;&nbsp; 1371241 |
| Gilead Sciences, Inc. | 28653 | &nbsp;&nbsp; 4267864 |
| HCA Healthcare, Inc. | 3743 | &nbsp;&nbsp; 1982667 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 7588 | &nbsp;&nbsp; 3820634 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 6464 | &nbsp;&nbsp; 1155828 |
| Johnson & Johnson | 52432 | &nbsp;&nbsp; 13025682 |
| McKesson Corp. | 3127 | &nbsp;&nbsp; 3087506 |
| Medtronic PLC | 33181 | &nbsp;&nbsp; 3240457 |
| Merck & Co., Inc. | 56487 | &nbsp;&nbsp; 6994220 |
| Pfizer, Inc. | 142269 | &nbsp;&nbsp; 3933738 |
| Regeneron Pharmaceuticals, Inc. | 2550 | &nbsp;&nbsp; 1993259 |
| Stryker Corp. | 7692 | &nbsp;&nbsp; 2980342 |
| Thermo Fisher Scientific, Inc. | 8610 | &nbsp;&nbsp; 4486757 |
| UnitedHealth Group, Inc. | 18601 | &nbsp;&nbsp; 5455115 |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 4686 | &nbsp;&nbsp; 852899 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 5990 | &nbsp;&nbsp; 2976012 |
| Waters Corp.<sup>(b)</sup> | 1456 | &nbsp;&nbsp; 465017 |
|  |  | &nbsp;&nbsp; 122069747 |
| **Industrials-9.21%** | **Industrials-9.21%** | **Industrials-9.21%** |
| 3M Co. | 14338 | &nbsp;&nbsp; 2370358 |
| AECOM | 12008 | &nbsp;&nbsp; 1176544 |
| AMETEK, Inc. | 9114 | &nbsp;&nbsp; 2180251 |
| Automatic Data Processing, Inc. | 10895 | &nbsp;&nbsp; 2335452 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 2458 | &nbsp;&nbsp; 1333219 |
| Broadridge Financial Solutions, Inc. | 7255 | &nbsp;&nbsp; 1348487 |
| Canadian National Railway Co. (Canada) | 18671 | &nbsp;&nbsp; 2095516 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Canadian Pacific Kansas City Ltd. <br> (Canada)<sup>(c)</sup><br>| 28318 | &nbsp;&nbsp; $2479966 |
| Carrier Global Corp. | 26486 | &nbsp;&nbsp; 1705698 |
| Caterpillar, Inc. | 10398 | &nbsp;&nbsp; 7723946 |
| Cintas Corp. | 9871 | &nbsp;&nbsp; 1985354 |
| CSX Corp. | 54142 | &nbsp;&nbsp; 2311322 |
| Cummins, Inc. | 5101 | &nbsp;&nbsp; 2978321 |
| Deere & Co. | 6381 | &nbsp;&nbsp; 4018180 |
| Dover Corp. | 10467 | &nbsp;&nbsp; 2360309 |
| Eaton Corp. PLC | 10373 | &nbsp;&nbsp; 3899418 |
| Element Fleet Management Corp. (Canada) | 61554 | &nbsp;&nbsp; 1466356 |
| Emerson Electric Co. | 17606 | &nbsp;&nbsp; 2654105 |
| GE Vernova, Inc. | 5940 | &nbsp;&nbsp; 5189184 |
| General Electric Co. | 23455 | &nbsp;&nbsp; 8027708 |
| HEICO Corp., Class A | 7191 | &nbsp;&nbsp; 1726631 |
| Howmet Aerospace, Inc. | 12102 | &nbsp;&nbsp; 3177138 |
| Ingersoll Rand, Inc. | 21533 | &nbsp;&nbsp; 2027117 |
| Jacobs Solutions, Inc. | 8659 | &nbsp;&nbsp; 1193730 |
| Johnson Controls International PLC | 19662 | &nbsp;&nbsp; 2837227 |
| Norfolk Southern Corp. | 6578 | &nbsp;&nbsp; 2070360 |
| Otis Worldwide Corp. | 19958 | &nbsp;&nbsp; 1847313 |
| PACCAR, Inc. | 20217 | &nbsp;&nbsp; 2549162 |
| Parker-Hannifin Corp. | 4473 | &nbsp;&nbsp; 4514062 |
| Quanta Services, Inc. | 4314 | &nbsp;&nbsp; 2429127 |
| Republic Services, Inc. | 8980 | &nbsp;&nbsp; 2056420 |
| Stantec, Inc. (Canada) | 13495 | &nbsp;&nbsp; 1249711 |
| Thomson Reuters Corp. (Canada) | 9413 | &nbsp;&nbsp; 906412 |
| Trane Technologies PLC | 6432 | &nbsp;&nbsp; 2973642 |
| TransDigm Group, Inc. | 1898 | &nbsp;&nbsp; 2472695 |
| Uber Technologies, Inc.<sup>(b)</sup> | 42824 | &nbsp;&nbsp; 3229786 |
| Union Pacific Corp. | 14206 | &nbsp;&nbsp; 3764306 |
| United Parcel Service, Inc., Class B | 16068 | &nbsp;&nbsp; 1863245 |
| United Rentals, Inc. | 1756 | &nbsp;&nbsp; 1475040 |
| Verisk Analytics, Inc. | 8240 | &nbsp;&nbsp; 1710377 |
| Vertiv Holdings Co., Class A | 9547 | &nbsp;&nbsp; 2433435 |
| Waste Management, Inc. | 12016 | &nbsp;&nbsp; 2893933 |
| WSP Global, Inc. (Canada) | 9502 | &nbsp;&nbsp; 1609874 |
| Xylem, Inc. | 12824 | &nbsp;&nbsp; 1661477 |
|  |  | &nbsp;&nbsp; 114311914 |
| **Information Technology-31.91%** | **Information Technology-31.91%** | **Information Technology-31.91%** |
| Accenture PLC, Class A | 14584 | &nbsp;&nbsp; 3043972 |
| Adobe, Inc.<sup>(b)</sup> | 9500 | &nbsp;&nbsp; 2492895 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 33608 | &nbsp;&nbsp; 6728658 |
| Amphenol Corp., Class A | 30116 | &nbsp;&nbsp; 4398743 |
| Analog Devices, Inc. | 12490 | &nbsp;&nbsp; 4443817 |
| Apple, Inc. | 290914 | &nbsp;&nbsp; 76853661 |
| Applied Materials, Inc. | 20459 | &nbsp;&nbsp; 7616886 |
| AppLovin Corp., Class A<sup>(b)</sup> | 4920 | &nbsp;&nbsp; 2139068 |
| Arista Networks, Inc.<sup>(b)</sup> | 27293 | &nbsp;&nbsp; 3643616 |
| Autodesk, Inc.<sup>(b)</sup> | 6618 | &nbsp;&nbsp; 1627168 |
| Broadcom, Inc. | 88351 | &nbsp;&nbsp; 28232562 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 6617 | &nbsp;&nbsp; 1994364 |
| Celestica, Inc. (Canada)<sup>(b)</sup> | 3549 | &nbsp;&nbsp; 985658 |
| CGI, Inc., Class A (Canada) | 17606 | &nbsp;&nbsp; 1287806 |
| Cisco Systems, Inc. | 90508 | &nbsp;&nbsp; 7191766 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 8131 | &nbsp;&nbsp; 1400077 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 20872 | &nbsp;&nbsp; 1344783 |
| Constellation Software, Inc. (Canada) | 739 | &nbsp;&nbsp; 1365816 |

---

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

------

**7**

------

**Invesco MSCI North America Climate ETF (KLMN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Corning, Inc. | 26285 | &nbsp;&nbsp; $3952738 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 5562 | &nbsp;&nbsp; 2068953 |
| Datadog, Inc., Class A<sup>(b)</sup> | 8047 | &nbsp;&nbsp; 900942 |
| Dell Technologies, Inc., Class C | 9291 | &nbsp;&nbsp; 1375811 |
| Fortinet, Inc.<sup>(b)</sup> | 19363 | &nbsp;&nbsp; 1530258 |
| HP, Inc. | 44844 | &nbsp;&nbsp; 851588 |
| Intel Corp.<sup>(b)</sup> | 95271 | &nbsp;&nbsp; 4345310 |
| International Business Machines Corp. | 19158 | &nbsp;&nbsp; 4601943 |
| Intuit, Inc. | 6065 | &nbsp;&nbsp; 2480767 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 7867 | &nbsp;&nbsp; 2417765 |
| KLA Corp. | 3322 | &nbsp;&nbsp; 5064555 |
| Lam Research Corp. | 31978 | &nbsp;&nbsp; 7479334 |
| Marvell Technology, Inc. | 21903 | &nbsp;&nbsp; 1789256 |
| Micron Technology, Inc. | 23418 | &nbsp;&nbsp; 9656881 |
| Microsoft Corp. | 138923 | &nbsp;&nbsp; 54560619 |
| Motorola Solutions, Inc. | 4558 | &nbsp;&nbsp; 2198141 |
| NVIDIA Corp. | 476572 | &nbsp;&nbsp; 84443793 |
| NXP Semiconductors N.V. (Netherlands) | 8105 | &nbsp;&nbsp; 1839916 |
| Oracle Corp. | 35006 | &nbsp;&nbsp; 5089872 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 45705 | &nbsp;&nbsp; 6270269 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 15920 | &nbsp;&nbsp; 2370806 |
| PTC, Inc.<sup>(b)</sup> | 8448 | &nbsp;&nbsp; 1322872 |
| QUALCOMM, Inc. | 24896 | &nbsp;&nbsp; 3544195 |
| Salesforce, Inc. | 21707 | &nbsp;&nbsp; 4228307 |
| Seagate Technology Holdings PLC | 6379 | &nbsp;&nbsp; 2601611 |
| ServiceNow, Inc.<sup>(b)</sup> | 24193 | &nbsp;&nbsp; 2613086 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 26262 | &nbsp;&nbsp; 3170850 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 7615 | &nbsp;&nbsp; 1282442 |
| Strategy, Inc., Class A<sup>(b)(c)</sup> | 5970 | &nbsp;&nbsp; 773115 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 16782 | &nbsp;&nbsp; 543569 |
| Synopsys, Inc.<sup>(b)</sup> | 4988 | &nbsp;&nbsp; 2065032 |
| TE Connectivity PLC (Switzerland) | 11590 | &nbsp;&nbsp; 2667439 |
| Texas Instruments, Inc. | 19858 | &nbsp;&nbsp; 4212080 |
| Trimble, Inc.<sup>(b)</sup> | 17459 | &nbsp;&nbsp; 1167483 |
| Western Digital Corp. | 10120 | &nbsp;&nbsp; 2830564 |
| Workday, Inc., Class A<sup>(b)</sup> | 6723 | &nbsp;&nbsp; 899268 |
|  |  | &nbsp;&nbsp; 396002746 |
| **Materials-3.20%** | **Materials-3.20%** | **Materials-3.20%** |
| Agnico Eagle Mines Ltd. (Canada) | 19455 | &nbsp;&nbsp; 4887536 |
| Amcor PLC<sup>(c)</sup> | 36113 | &nbsp;&nbsp; 1748953 |
| Corteva, Inc. | 26565 | &nbsp;&nbsp; 2128388 |
| CRH PLC | 15566 | &nbsp;&nbsp; 1867609 |
| DuPont de Nemours, Inc. | 35713 | &nbsp;&nbsp; 1787079 |
| Ecolab, Inc. | 9440 | &nbsp;&nbsp; 2910824 |
| Franco-Nevada Corp. (Canada) | 9375 | &nbsp;&nbsp; 2620614 |
| Freeport-McMoRan, Inc. | 49746 | &nbsp;&nbsp; 3386708 |
| Linde PLC | 10967 | &nbsp;&nbsp; 5572113 |
| Newmont Corp. | 31772 | &nbsp;&nbsp; 4130360 |
| PPG Industries, Inc. | 18561 | &nbsp;&nbsp; 2288014 |
| Sherwin-Williams Co. (The) | 5974 | &nbsp;&nbsp; 2166113 |
| Wheaton Precious Metals Corp. (Canada) | 26115 | &nbsp;&nbsp; 4256026 |
|  |  | &nbsp;&nbsp; 39750337 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-2.53%** | **Real Estate-2.53%** | **Real Estate-2.53%** |
| American Tower Corp. | 14092 | &nbsp;&nbsp; $2703691 |
| AvalonBay Communities, Inc. | 10744 | &nbsp;&nbsp; 1904159 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 9868 | &nbsp;&nbsp; 1457109 |
| Digital Realty Trust, Inc. | 10664 | &nbsp;&nbsp; 1889661 |
| Equinix, Inc. | 2736 | &nbsp;&nbsp; 2665575 |
| Equity Residential | 29760 | &nbsp;&nbsp; 1881130 |
| Healthpeak Properties, Inc. | 80478 | &nbsp;&nbsp; 1422851 |
| Iron Mountain, Inc. | 12087 | &nbsp;&nbsp; 1309385 |
| Kimco Realty Corp. | 88106 | &nbsp;&nbsp; 2074896 |
| Prologis, Inc. | 25201 | &nbsp;&nbsp; 3592907 |
| Regency Centers Corp. | 27424 | &nbsp;&nbsp; 2166496 |
| Simon Property Group, Inc. | 11704 | &nbsp;&nbsp; 2385860 |
| Ventas, Inc. | 22592 | &nbsp;&nbsp; 1946527 |
| Welltower, Inc. | 19269 | &nbsp;&nbsp; 3990995 |
|  |  | &nbsp;&nbsp; 31391242 |
| **Utilities-1.04%** | **Utilities-1.04%** | **Utilities-1.04%** |
| Consolidated Edison, Inc. | 20696 | &nbsp;&nbsp; 2328714 |
| Constellation Energy Corp. | 6743 | &nbsp;&nbsp; 2224381 |
| Exelon Corp. | 43713 | &nbsp;&nbsp; 2162482 |
| NextEra Energy, Inc. | 44550 | &nbsp;&nbsp; 4177453 |
| Sempra | 20848 | &nbsp;&nbsp; 2007037 |
|  |  | &nbsp;&nbsp; 12900067 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,168,263,239) | Total Common Stocks & Other Equity Interests <br>(Cost $1,168,263,239) | &nbsp;&nbsp; 1239266524 |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $648,802)<br>| 648802 | &nbsp;&nbsp; 648802 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $1,168,912,041) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $1,168,912,041) | &nbsp;&nbsp; 1239915326 |
| **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-0.55%** | **Money Market Funds-0.55%** | **Money Market Funds-0.55%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 1095080 | &nbsp;&nbsp; 1095080 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 5686653 | &nbsp;&nbsp; 5688359 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,783,439) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $6,783,439) | &nbsp;&nbsp; 6783439 |
| TOTAL INVESTMENTS IN SECURITIES-100.45% <br>(Cost $1,175,695,480) | TOTAL INVESTMENTS IN SECURITIES-100.45% <br>(Cost $1,175,695,480) | &nbsp;&nbsp; 1246698765 |
| OTHER ASSETS LESS LIABILITIES-(0.45)% | OTHER ASSETS LESS LIABILITIES-(0.45)% | &nbsp;&nbsp; (5592817)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1241105948 |

---

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

------

**8**

------

**Invesco MSCI North America Climate ETF (KLMN)—(continued)**

February 28, 2026

*(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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $256548 | &nbsp;&nbsp; $22212906 | &nbsp;&nbsp; $(21820652)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $648802 | &nbsp;&nbsp; $17748 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 5327669 | &nbsp;&nbsp; 78319261 | &nbsp;&nbsp; (82551850)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1095080 | &nbsp;&nbsp; 86,176<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 15301303 | &nbsp;&nbsp; 161586581 | &nbsp;&nbsp; (171199603)<br>| &nbsp;&nbsp; (1076)<br>| &nbsp;&nbsp; 1154 | &nbsp;&nbsp; 5688359 | &nbsp;&nbsp; 235,546<br> \*<br>|
| Total | &nbsp;&nbsp; $20885520 | &nbsp;&nbsp; $262118748 | &nbsp;&nbsp; $(275572105)<br>| &nbsp;&nbsp; $(1076)<br>| &nbsp;&nbsp; $1154 | &nbsp;&nbsp; $7432241 | &nbsp;&nbsp; $339470 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**9**

------

**Invesco MSCI USA ETF (PBUS)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
| **Communication Services-10.65%** | **Communication Services-10.65%** | **Communication Services-10.65%** |
| Alphabet, Inc., Class A | 994348 | &nbsp;&nbsp; $309997933 |
| Alphabet, Inc., Class C | 831440 | &nbsp;&nbsp; 258935359 |
| AST SpaceMobile, Inc.<sup>(b)</sup> | 38436 | &nbsp;&nbsp; 3043747 |
| AT&T, Inc. | 1211280 | &nbsp;&nbsp; 33927953 |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup><br>| 14372 | &nbsp;&nbsp; 3372102 |
| Comcast Corp., Class A | 620970 | &nbsp;&nbsp; 19225231 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 23984 | &nbsp;&nbsp; 2770872 |
| Electronic Arts, Inc. | 40476 | &nbsp;&nbsp; 8118271 |
| Fox Corp., Class A | 35777 | &nbsp;&nbsp; 2015676 |
| Fox Corp., Class B | 26145 | &nbsp;&nbsp; 1352481 |
| Liberty Media Corp.-Liberty Formula <br> One<sup>(b)(c)</sup><br>| 36211 | &nbsp;&nbsp; 3316566 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 27571 | &nbsp;&nbsp; 4470362 |
| Meta Platforms, Inc., Class A | 372168 | &nbsp;&nbsp; 241231854 |
| Netflix, Inc.<sup>(b)</sup> | 724005 | &nbsp;&nbsp; 69678241 |
| News Corp., Class A | 64042 | &nbsp;&nbsp; 1555580 |
| Omnicom Group, Inc. | 54500 | &nbsp;&nbsp; 4648305 |
| Pinterest, Inc., Class A<sup>(b)(c)</sup> | 102257 | &nbsp;&nbsp; 1751662 |
| Reddit, Inc., Class A<sup>(b)(c)</sup> | 17204 | &nbsp;&nbsp; 2508515 |
| Roblox Corp., Class A<sup>(b)</sup> | 100698 | &nbsp;&nbsp; 6913925 |
| Snap, Inc., Class A<sup>(b)(c)</sup> | 183450 | &nbsp;&nbsp; 955775 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 31471 | &nbsp;&nbsp; 6655487 |
| T-Mobile US, Inc. | 86226 | &nbsp;&nbsp; 18718802 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 75908 | &nbsp;&nbsp; 1808129 |
| Verizon Communications, Inc. | 718401 | &nbsp;&nbsp; 36020626 |
| Walt Disney Co. (The) | 305029 | &nbsp;&nbsp; 32345275 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 400667 | &nbsp;&nbsp; 11286789 |
|  |  | &nbsp;&nbsp; 1086625518 |
| **Consumer Discretionary-9.93%** | **Consumer Discretionary-9.93%** | **Consumer Discretionary-9.93%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 73151 | &nbsp;&nbsp; 9883432 |
| Amazon.com, Inc.<sup>(b)</sup> | 1643845 | &nbsp;&nbsp; 345207450 |
| Aptiv PLC<sup>(b)</sup> | 37137 | &nbsp;&nbsp; 2731055 |
| AutoZone, Inc.<sup>(b)</sup> | 2831 | &nbsp;&nbsp; 10632047 |
| Best Buy Co., Inc. | 33972 | &nbsp;&nbsp; 2105245 |
| Booking Holdings, Inc. | 5519 | &nbsp;&nbsp; 23396973 |
| Burlington Stores, Inc.<sup>(b)</sup> | 10715 | &nbsp;&nbsp; 3288112 |
| Carnival Corp. | 190144 | &nbsp;&nbsp; 5999043 |
| Carvana Co.<sup>(b)(c)</sup> | 23008 | &nbsp;&nbsp; 7688353 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 228560 | &nbsp;&nbsp; 8507003 |
| D.R. Horton, Inc. | 44910 | &nbsp;&nbsp; 7203115 |
| Darden Restaurants, Inc.<sup>(c)</sup> | 19864 | &nbsp;&nbsp; 4247916 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 25311 | &nbsp;&nbsp; 2968221 |
| Dick's Sporting Goods, Inc.<sup>(c)</sup> | 11250 | &nbsp;&nbsp; 2290838 |
| Domino's Pizza, Inc. | 5458 | &nbsp;&nbsp; 2196900 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 65954 | &nbsp;&nbsp; 11638902 |
| DraftKings, Inc., Class A<sup>(b)</sup> | 76109 | &nbsp;&nbsp; 1814439 |
| eBay, Inc. | 77882 | &nbsp;&nbsp; 7076359 |
| Expedia Group, Inc. | 20191 | &nbsp;&nbsp; 4354997 |
| Flutter Entertainment PLC (Ireland)<sup>(b)(c)</sup> | 28445 | &nbsp;&nbsp; 3019152 |
| Ford Motor Co. | 666061 | &nbsp;&nbsp; 9384799 |
| Garmin Ltd. | 27839 | &nbsp;&nbsp; 7038534 |
| General Motors Co. | 159386 | &nbsp;&nbsp; 12545272 |
| Genuine Parts Co. | 23698 | &nbsp;&nbsp; 2826223 |
| Hilton Worldwide Holdings, Inc. | 39713 | &nbsp;&nbsp; 12381719 |
| Home Depot, Inc. (The) | 170090 | &nbsp;&nbsp; 64756665 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Hyatt Hotels Corp., Class A | 7243 | &nbsp;&nbsp; $1169745 |
| Las Vegas Sands Corp. | 52615 | &nbsp;&nbsp; 2984323 |
| Lennar Corp., Class A | 35020 | &nbsp;&nbsp; 4004887 |
| Lowe's Cos., Inc. | 95569 | &nbsp;&nbsp; 25284690 |
| lululemon athletica, Inc.<sup>(b)</sup> | 18379 | &nbsp;&nbsp; 3403239 |
| Marriott International, Inc., Class A | 38972 | &nbsp;&nbsp; 13317902 |
| McDonald's Corp. | 121474 | &nbsp;&nbsp; 41429922 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 7775 | &nbsp;&nbsp; 13665184 |
| NIKE, Inc., Class B | 202659 | &nbsp;&nbsp; 12601337 |
| NVR, Inc.<sup>(b)</sup> | 460 | &nbsp;&nbsp; 3458183 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 144619 | &nbsp;&nbsp; 13576832 |
| PulteGroup, Inc. | 33572 | &nbsp;&nbsp; 4606078 |
| Rivian Automotive, Inc., Class A<sup>(b)(c)</sup> | 133897 | &nbsp;&nbsp; 2052641 |
| Ross Stores, Inc. | 55459 | &nbsp;&nbsp; 11404589 |
| Royal Caribbean Cruises Ltd. | 44022 | &nbsp;&nbsp; 13689081 |
| Starbucks Corp. | 193627 | &nbsp;&nbsp; 18979319 |
| Tapestry, Inc. | 34966 | &nbsp;&nbsp; 5436164 |
| Tesla, Inc.<sup>(b)</sup> | 483003 | &nbsp;&nbsp; 194413538 |
| TJX Cos., Inc. (The) | 189619 | &nbsp;&nbsp; 30653808 |
| Tractor Supply Co. | 90324 | &nbsp;&nbsp; 4682396 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 7678 | &nbsp;&nbsp; 5257818 |
| Williams-Sonoma, Inc. | 20872 | &nbsp;&nbsp; 4292327 |
| Yum! Brands, Inc. | 47284 | &nbsp;&nbsp; 7951277 |
|  |  | &nbsp;&nbsp; 1013498044 |
| **Consumer Staples-5.34%** | **Consumer Staples-5.34%** | **Consumer Staples-5.34%** |
| Altria Group, Inc. | 286255 | &nbsp;&nbsp; 19763045 |
| Archer-Daniels-Midland Co.<sup>(c)</sup> | 81837 | &nbsp;&nbsp; 5650027 |
| Bunge Global S.A. | 23864 | &nbsp;&nbsp; 2879192 |
| Casey's General Stores, Inc. | 6333 | &nbsp;&nbsp; 4341841 |
| Church & Dwight Co., Inc. | 41506 | &nbsp;&nbsp; 4352319 |
| Clorox Co. (The) | 20869 | &nbsp;&nbsp; 2653702 |
| Coca-Cola Co. (The) | 698211 | &nbsp;&nbsp; 56946089 |
| Colgate-Palmolive Co. | 130829 | &nbsp;&nbsp; 12970387 |
| Constellation Brands, Inc., Class A | 25384 | &nbsp;&nbsp; 4007118 |
| Costco Wholesale Corp. | 75838 | &nbsp;&nbsp; 76656292 |
| Dollar General Corp. | 37546 | &nbsp;&nbsp; 5866187 |
| Dollar Tree, Inc.<sup>(b)</sup> | 32957 | &nbsp;&nbsp; 4168401 |
| Estee Lauder Cos., Inc. (The), Class A | 42006 | &nbsp;&nbsp; 4598397 |
| General Mills, Inc. | 90928 | &nbsp;&nbsp; 4112673 |
| Hershey Co. (The) | 25271 | &nbsp;&nbsp; 5971032 |
| Hormel Foods Corp. | 51498 | &nbsp;&nbsp; 1318349 |
| Kenvue, Inc. | 326991 | &nbsp;&nbsp; 6252068 |
| Keurig Dr Pepper, Inc.<sup>(c)</sup> | 219888 | &nbsp;&nbsp; 6658209 |
| Kimberly-Clark Corp. | 56467 | &nbsp;&nbsp; 6292683 |
| Kraft Heinz Co. (The) | 151359 | &nbsp;&nbsp; 3724945 |
| Kroger Co. (The) | 102720 | &nbsp;&nbsp; 7009613 |
| McCormick & Co., Inc. | 43185 | &nbsp;&nbsp; 3067862 |
| Mondelez International, Inc., Class A | 220486 | &nbsp;&nbsp; 13577528 |
| Monster Beverage Corp.<sup>(b)</sup> | 124779 | &nbsp;&nbsp; 10643649 |
| PepsiCo, Inc. | 233619 | &nbsp;&nbsp; 39654489 |
| Philip Morris International, Inc. | 265962 | &nbsp;&nbsp; 49689680 |
| Procter & Gamble Co. (The) | 398808 | &nbsp;&nbsp; 66680698 |
| Sysco Corp. | 81496 | &nbsp;&nbsp; 7429175 |
| Target Corp. | 77429 | &nbsp;&nbsp; 8810646 |
| Tyson Foods, Inc., Class A | 48717 | &nbsp;&nbsp; 3166118 |
| Walmart, Inc. | 748966 | &nbsp;&nbsp; 95830200 |
|  |  | &nbsp;&nbsp; 544742614 |

---

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

------

**10**

------

**Invesco MSCI USA ETF (PBUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-3.50%** | **Energy-3.50%** | **Energy-3.50%** |
| Baker Hughes Co., Class A | 168018 | &nbsp;&nbsp; $10964855 |
| Cheniere Energy, Inc. | 36774 | &nbsp;&nbsp; 8668735 |
| Chevron Corp. | 326822 | &nbsp;&nbsp; 61037277 |
| ConocoPhillips | 211131 | &nbsp;&nbsp; 23954923 |
| Coterra Energy, Inc. | 130015 | &nbsp;&nbsp; 3977159 |
| Devon Energy Corp. | 102794 | &nbsp;&nbsp; 4474623 |
| Diamondback Energy, Inc. | 32115 | &nbsp;&nbsp; 5590579 |
| EOG Resources, Inc. | 92986 | &nbsp;&nbsp; 11537703 |
| EQT Corp. | 106319 | &nbsp;&nbsp; 6530113 |
| Expand Energy Corp. | 40554 | &nbsp;&nbsp; 4376588 |
| Exxon Mobil Corp. | 720531 | &nbsp;&nbsp; 109880977 |
| Halliburton Co. | 145378 | &nbsp;&nbsp; 5233608 |
| Kinder Morgan, Inc. | 340844 | &nbsp;&nbsp; 11339880 |
| Marathon Petroleum Corp. | 51763 | &nbsp;&nbsp; 10259944 |
| Occidental Petroleum Corp. | 125827 | &nbsp;&nbsp; 6678897 |
| ONEOK, Inc. | 107310 | &nbsp;&nbsp; 8882049 |
| Phillips 66 | 68804 | &nbsp;&nbsp; 10618521 |
| SLB Ltd. | 254474 | &nbsp;&nbsp; 13064695 |
| Targa Resources Corp. | 36690 | &nbsp;&nbsp; 8651502 |
| Texas Pacific Land Corp. | 10075 | &nbsp;&nbsp; 5282222 |
| Valero Energy Corp.<sup>(c)</sup> | 52113 | &nbsp;&nbsp; 10664404 |
| Williams Cos., Inc. (The) | 208075 | &nbsp;&nbsp; 15547364 |
|  |  | &nbsp;&nbsp; 357216618 |
| **Financials-12.24%** | **Financials-12.24%** | **Financials-12.24%** |
| Affirm Holdings, Inc.<sup>(b)</sup> | 46088 | &nbsp;&nbsp; 2165214 |
| Aflac, Inc. | 85071 | &nbsp;&nbsp; 9607068 |
| Allstate Corp. (The) | 44839 | &nbsp;&nbsp; 9618862 |
| American Express Co.<sup>(c)</sup> | 94156 | &nbsp;&nbsp; 29084788 |
| American International Group, Inc. | 92190 | &nbsp;&nbsp; 7420373 |
| Ameriprise Financial, Inc. | 15721 | &nbsp;&nbsp; 7390757 |
| Annaly Capital Management, Inc. | 116700 | &nbsp;&nbsp; 2712108 |
| Aon PLC, Class A | 34887 | &nbsp;&nbsp; 11703542 |
| Apollo Global Management, Inc.<sup>(c)</sup> | 74243 | &nbsp;&nbsp; 7765818 |
| Arch Capital Group Ltd.<sup>(b)</sup> | 61957 | &nbsp;&nbsp; 6204994 |
| Ares Management Corp., Class A | 36819 | &nbsp;&nbsp; 4124096 |
| Arthur J. Gallagher & Co. | 43735 | &nbsp;&nbsp; 9980327 |
| Bank of America Corp. | 1170683 | &nbsp;&nbsp; 58335134 |
| Bank of New York Mellon Corp. (The) | 117590 | &nbsp;&nbsp; 14004969 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 234825 | &nbsp;&nbsp; 118574884 |
| BlackRock, Inc. | 25183 | &nbsp;&nbsp; 26775321 |
| Blackstone, Inc., Class A | 125611 | &nbsp;&nbsp; 14240519 |
| Block, Inc., Class A<sup>(b)</sup> | 93610 | &nbsp;&nbsp; 5962957 |
| Brown & Brown, Inc.<sup>(c)</sup> | 49384 | &nbsp;&nbsp; 3546759 |
| Capital One Financial Corp. | 109012 | &nbsp;&nbsp; 21327108 |
| Carlyle Group, Inc. (The)<sup>(c)</sup> | 40026 | &nbsp;&nbsp; 2080952 |
| Cboe Global Markets, Inc. | 17821 | &nbsp;&nbsp; 5341310 |
| Charles Schwab Corp. (The) | 288421 | &nbsp;&nbsp; 27457679 |
| Chubb Ltd. | 63879 | &nbsp;&nbsp; 21773796 |
| Cincinnati Financial Corp. | 26737 | &nbsp;&nbsp; 4384333 |
| Citigroup, Inc. | 305708 | &nbsp;&nbsp; 33685965 |
| Citizens Financial Group, Inc. | 73546 | &nbsp;&nbsp; 4426734 |
| CME Group, Inc., Class A | 61450 | &nbsp;&nbsp; 19633275 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 37120 | &nbsp;&nbsp; 6527552 |
| Corebridge Financial, Inc. | 48806 | &nbsp;&nbsp; 1261147 |
| Corpay, Inc.<sup>(b)</sup> | 11420 | &nbsp;&nbsp; 3712642 |
| Equitable Holdings, Inc. | 50982 | &nbsp;&nbsp; 2050496 |
| Erie Indemnity Co., Class A<sup>(c)</sup> | 4292 | &nbsp;&nbsp; 1156436 |
| Everest Group Ltd. | 7174 | &nbsp;&nbsp; 2406805 |
| Fidelity National Financial, Inc. | 44038 | &nbsp;&nbsp; 2328729 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Fidelity National Information Services, <br> Inc.<br>| 89005 | &nbsp;&nbsp; $4535695 |
| Fifth Third Bancorp | 153509 | &nbsp;&nbsp; 7594090 |
| First Citizens BancShares, Inc., Class A | 1465 | &nbsp;&nbsp; 2780790 |
| Fiserv, Inc.<sup>(b)</sup> | 92568 | &nbsp;&nbsp; 5766061 |
| Global Payments, Inc. | 41331 | &nbsp;&nbsp; 3160168 |
| Goldman Sachs Group, Inc. (The) | 51245 | &nbsp;&nbsp; 44048665 |
| Hartford Insurance Group, Inc. (The) | 47917 | &nbsp;&nbsp; 6748151 |
| Huntington Bancshares, Inc. | 346487 | &nbsp;&nbsp; 5820982 |
| Interactive Brokers Group, Inc., Class A | 75835 | &nbsp;&nbsp; 5398694 |
| Intercontinental Exchange, Inc. | 97590 | &nbsp;&nbsp; 16017447 |
| Jack Henry & Associates, Inc. | 12393 | &nbsp;&nbsp; 2013367 |
| JPMorgan Chase & Co. | 465117 | &nbsp;&nbsp; 139674635 |
| KeyCorp | 158773 | &nbsp;&nbsp; 3292952 |
| KKR & Co., Inc., Class A | 106249 | &nbsp;&nbsp; 9315912 |
| Loews Corp. | 30049 | &nbsp;&nbsp; 3305991 |
| LPL Financial Holdings, Inc. | 13672 | &nbsp;&nbsp; 4106795 |
| M&T Bank Corp. | 26692 | &nbsp;&nbsp; 5791630 |
| Markel Group, Inc.<sup>(b)</sup> | 2155 | &nbsp;&nbsp; 4466173 |
| Marsh & McLennan Cos., Inc. | 83845 | &nbsp;&nbsp; 15657215 |
| Mastercard, Inc., Class A | 144664 | &nbsp;&nbsp; 74821667 |
| MetLife, Inc. | 96344 | &nbsp;&nbsp; 6943512 |
| Moody's Corp. | 27433 | &nbsp;&nbsp; 13101726 |
| Morgan Stanley | 202512 | &nbsp;&nbsp; 33720273 |
| MSCI, Inc. | 12838 | &nbsp;&nbsp; 7341154 |
| Nasdaq, Inc. | 78237 | &nbsp;&nbsp; 6851996 |
| Northern Trust Corp. | 32633 | &nbsp;&nbsp; 4669456 |
| PayPal Holdings, Inc. | 151869 | &nbsp;&nbsp; 7017866 |
| Pinnacle Financial Partners, Inc. | 25226 | &nbsp;&nbsp; 2289512 |
| PNC Financial Services Group, Inc. (The) | 66634 | &nbsp;&nbsp; 14149730 |
| Principal Financial Group, Inc. | 38010 | &nbsp;&nbsp; 3626914 |
| Progressive Corp. (The) | 99858 | &nbsp;&nbsp; 21335660 |
| Prudential Financial, Inc. | 59991 | &nbsp;&nbsp; 5901915 |
| Raymond James Financial, Inc.<sup>(c)</sup> | 32332 | &nbsp;&nbsp; 4949383 |
| Regions Financial Corp. | 151984 | &nbsp;&nbsp; 4229715 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 128093 | &nbsp;&nbsp; 9715854 |
| Rocket Cos., Inc., Class A | 156529 | &nbsp;&nbsp; 2847263 |
| S&P Global, Inc. | 52958 | &nbsp;&nbsp; 23401081 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 215904 | &nbsp;&nbsp; 3834455 |
| State Street Corp. | 48357 | &nbsp;&nbsp; 6219677 |
| Synchrony Financial | 61538 | &nbsp;&nbsp; 4252891 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 37478 | &nbsp;&nbsp; 3546543 |
| Toast, Inc., Class A<sup>(b)</sup> | 78231 | &nbsp;&nbsp; 2136489 |
| Tradeweb Markets, Inc., Class A | 19888 | &nbsp;&nbsp; 2451295 |
| Travelers Cos., Inc. (The) | 38422 | &nbsp;&nbsp; 11858566 |
| Truist Financial Corp. | 219700 | &nbsp;&nbsp; 10833407 |
| U.S. Bancorp | 265106 | &nbsp;&nbsp; 14490694 |
| Visa, Inc., Class A | 288025 | &nbsp;&nbsp; 92208324 |
| W.R. Berkley Corp.<sup>(c)</sup> | 42204 | &nbsp;&nbsp; 3026027 |
| Wells Fargo & Co. | 536334 | &nbsp;&nbsp; 43684404 |
| Willis Towers Watson PLC | 16595 | &nbsp;&nbsp; 5064296 |
|  |  | &nbsp;&nbsp; 1248790607 |
| **Health Care-9.89%** | **Health Care-9.89%** | **Health Care-9.89%** |
| Abbott Laboratories | 296541 | &nbsp;&nbsp; 34502545 |
| AbbVie, Inc. | 301969 | &nbsp;&nbsp; 70080966 |
| Agilent Technologies, Inc. | 48323 | &nbsp;&nbsp; 5865446 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 22302 | &nbsp;&nbsp; 7424782 |
| Amgen, Inc. | 91789 | &nbsp;&nbsp; 35628818 |
| Becton, Dickinson and Co. | 48868 | &nbsp;&nbsp; 8624225 |

---

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

------

**11**

------

**Invesco MSCI USA ETF (PBUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Biogen, Inc.<sup>(b)</sup> | 25009 | &nbsp;&nbsp; $4797226 |
| Boston Scientific Corp.<sup>(b)</sup> | 252403 | &nbsp;&nbsp; 19397171 |
| Bristol-Myers Squibb Co. | 346908 | &nbsp;&nbsp; 21636652 |
| Cardinal Health, Inc. | 40456 | &nbsp;&nbsp; 9273729 |
| Cencora, Inc. | 31421 | &nbsp;&nbsp; 11693011 |
| Centene Corp.<sup>(b)</sup> | 83696 | &nbsp;&nbsp; 3756276 |
| Cigna Group (The) | 45436 | &nbsp;&nbsp; 13168262 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 33835 | &nbsp;&nbsp; 2830974 |
| CVS Health Corp. | 216157 | &nbsp;&nbsp; 17270944 |
| Danaher Corp. | 108616 | &nbsp;&nbsp; 22878874 |
| Dexcom, Inc.<sup>(b)</sup> | 66852 | &nbsp;&nbsp; 4908942 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 100013 | &nbsp;&nbsp; 8648124 |
| Elevance Health, Inc. | 37971 | &nbsp;&nbsp; 12150720 |
| Eli Lilly and Co. | 137296 | &nbsp;&nbsp; 144434019 |
| GE HealthCare Technologies, Inc. | 77806 | &nbsp;&nbsp; 6556712 |
| Gilead Sciences, Inc. | 211362 | &nbsp;&nbsp; 31482370 |
| HCA Healthcare, Inc. | 27292 | &nbsp;&nbsp; 14456572 |
| Hologic, Inc.<sup>(b)</sup> | 37949 | &nbsp;&nbsp; 2859837 |
| Humana, Inc.<sup>(c)</sup> | 20553 | &nbsp;&nbsp; 3916169 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 13672 | &nbsp;&nbsp; 8978813 |
| Illumina, Inc.<sup>(b)</sup> | 26245 | &nbsp;&nbsp; 3528903 |
| Incyte Corp.<sup>(b)</sup> | 28250 | &nbsp;&nbsp; 2860878 |
| Insmed, Inc.<sup>(b)</sup> | 36024 | &nbsp;&nbsp; 5379464 |
| Insulet Corp.<sup>(b)</sup> | 11997 | &nbsp;&nbsp; 2958580 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 60568 | &nbsp;&nbsp; 30496594 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 28950 | &nbsp;&nbsp; 5176550 |
| Johnson & Johnson | 411644 | &nbsp;&nbsp; 102264719 |
| Labcorp Holdings, Inc. | 14212 | &nbsp;&nbsp; 4108973 |
| McKesson Corp. | 21166 | &nbsp;&nbsp; 20898673 |
| Medtronic PLC | 218524 | &nbsp;&nbsp; 21341054 |
| Merck & Co., Inc. | 424070 | &nbsp;&nbsp; 52508347 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 3490 | &nbsp;&nbsp; 4769748 |
| Natera, Inc.<sup>(b)</sup> | 22181 | &nbsp;&nbsp; 4614535 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 16879 | &nbsp;&nbsp; 2232248 |
| Pfizer, Inc. | 968755 | &nbsp;&nbsp; 26786076 |
| Quest Diagnostics, Inc.<sup>(c)</sup> | 19081 | &nbsp;&nbsp; 4043455 |
| Regeneron Pharmaceuticals, Inc. | 17748 | &nbsp;&nbsp; 13873079 |
| ResMed, Inc. | 24892 | &nbsp;&nbsp; 6378824 |
| Revolution Medicines, Inc.<sup>(b)</sup> | 24772 | &nbsp;&nbsp; 2527239 |
| Royalty Pharma PLC, Class A | 69946 | &nbsp;&nbsp; 3232205 |
| Solventum Corp.<sup>(b)</sup> | 26595 | &nbsp;&nbsp; 1973349 |
| STERIS PLC | 16758 | &nbsp;&nbsp; 4228881 |
| Stryker Corp. | 58609 | &nbsp;&nbsp; 22708643 |
| Thermo Fisher Scientific, Inc. | 64318 | &nbsp;&nbsp; 33516753 |
| United Therapeutics Corp.<sup>(b)</sup> | 6989 | &nbsp;&nbsp; 3521757 |
| UnitedHealth Group, Inc. | 154769 | &nbsp;&nbsp; 45389105 |
| Universal Health Services, Inc., Class B | 9557 | &nbsp;&nbsp; 1969698 |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 26595 | &nbsp;&nbsp; 4840556 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 43350 | &nbsp;&nbsp; 21537580 |
| Waters Corp.<sup>(b)</sup> | 16825 | &nbsp;&nbsp; 5373568 |
| West Pharmaceutical Services, Inc. | 12261 | &nbsp;&nbsp; 3118463 |
| Zimmer Biomet Holdings, Inc. | 33711 | &nbsp;&nbsp; 3318511 |
| Zoetis, Inc. | 75475 | &nbsp;&nbsp; 9894772 |
|  |  | &nbsp;&nbsp; 1008593959 |
| **Industrials-9.61%** | **Industrials-9.61%** | **Industrials-9.61%** |
| 3M Co. | 90791 | &nbsp;&nbsp; 15009568 |
| AECOM | 22540 | &nbsp;&nbsp; 2208469 |
| Allegion PLC | 14690 | &nbsp;&nbsp; 2367293 |
| AMETEK, Inc. | 39301 | &nbsp;&nbsp; 9401585 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Automatic Data Processing, Inc. | 68972 | &nbsp;&nbsp; $14784838 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 12726 | &nbsp;&nbsp; 6902582 |
| Bloom Energy Corp., Class A<sup>(b)</sup> | 37928 | &nbsp;&nbsp; 5904252 |
| Boeing Co. (The)<sup>(b)</sup> | 133793 | &nbsp;&nbsp; 30441921 |
| Broadridge Financial Solutions, Inc. | 19934 | &nbsp;&nbsp; 3705133 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 18859 | &nbsp;&nbsp; 1966805 |
| C.H. Robinson Worldwide, Inc. | 20173 | &nbsp;&nbsp; 3737048 |
| Carlisle Cos., Inc.<sup>(c)</sup> | 7315 | &nbsp;&nbsp; 2887743 |
| Carrier Global Corp. | 130500 | &nbsp;&nbsp; 8404200 |
| Caterpillar, Inc. | 79957 | &nbsp;&nbsp; 59394458 |
| Cintas Corp. | 61677 | &nbsp;&nbsp; 12405095 |
| CNH Industrial N.V.<sup>(c)</sup> | 149204 | &nbsp;&nbsp; 1835209 |
| Comfort Systems USA, Inc. | 6013 | &nbsp;&nbsp; 8594802 |
| Copart, Inc.<sup>(b)</sup> | 156695 | &nbsp;&nbsp; 5968513 |
| CSX Corp. | 317569 | &nbsp;&nbsp; 13557021 |
| Cummins, Inc. | 23471 | &nbsp;&nbsp; 13704013 |
| Curtiss-Wright Corp. | 6300 | &nbsp;&nbsp; 4412079 |
| Deere & Co. | 43807 | &nbsp;&nbsp; 27585706 |
| Delta Air Lines, Inc. | 27773 | &nbsp;&nbsp; 1824686 |
| Dover Corp. | 23357 | &nbsp;&nbsp; 5267003 |
| Eaton Corp. PLC | 66355 | &nbsp;&nbsp; 24944172 |
| EMCOR Group, Inc. | 7665 | &nbsp;&nbsp; 5554212 |
| Emerson Electric Co. | 95913 | &nbsp;&nbsp; 14458885 |
| Equifax, Inc. | 21034 | &nbsp;&nbsp; 4395265 |
| Expeditors International of Washington, <br> Inc.<br>| 23111 | &nbsp;&nbsp; 3351788 |
| Fastenal Co. | 195531 | &nbsp;&nbsp; 9002247 |
| FedEx Corp. | 38252 | &nbsp;&nbsp; 14803524 |
| Ferguson Enterprises, Inc. | 33342 | &nbsp;&nbsp; 8694260 |
| Fortive Corp. | 57609 | &nbsp;&nbsp; 3410453 |
| FTAI Aviation Ltd. | 17525 | &nbsp;&nbsp; 5359145 |
| GE Vernova, Inc. | 46358 | &nbsp;&nbsp; 40498349 |
| General Dynamics Corp. | 39229 | &nbsp;&nbsp; 14006714 |
| General Electric Co. | 180222 | &nbsp;&nbsp; 61682782 |
| Graco, Inc. | 28199 | &nbsp;&nbsp; 2648450 |
| HEICO Corp.<sup>(c)</sup> | 7540 | &nbsp;&nbsp; 2408728 |
| HEICO Corp., Class A<sup>(c)</sup> | 12929 | &nbsp;&nbsp; 3104382 |
| Honeywell International, Inc. | 108206 | &nbsp;&nbsp; 26357900 |
| Howmet Aerospace, Inc. | 65252 | &nbsp;&nbsp; 17130608 |
| Hubbell, Inc. | 9062 | &nbsp;&nbsp; 4636391 |
| IDEX Corp. | 12850 | &nbsp;&nbsp; 2691689 |
| Illinois Tool Works, Inc. | 47177 | &nbsp;&nbsp; 13711052 |
| Ingersoll Rand, Inc. | 67775 | &nbsp;&nbsp; 6380338 |
| J.B. Hunt Transport Services, Inc. | 13225 | &nbsp;&nbsp; 3086847 |
| Jacobs Solutions, Inc. | 20425 | &nbsp;&nbsp; 2815790 |
| Johnson Controls International PLC | 104576 | &nbsp;&nbsp; 15090317 |
| L3Harris Technologies, Inc. | 31928 | &nbsp;&nbsp; 11639033 |
| Leidos Holdings, Inc. | 20690 | &nbsp;&nbsp; 3622819 |
| Lennox International, Inc. | 5374 | &nbsp;&nbsp; 3062858 |
| Lockheed Martin Corp. | 35582 | &nbsp;&nbsp; 23415803 |
| Masco Corp. | 35674 | &nbsp;&nbsp; 2554972 |
| Nordson Corp. | 9061 | &nbsp;&nbsp; 2658860 |
| Norfolk Southern Corp. | 38292 | &nbsp;&nbsp; 12052024 |
| Northrop Grumman Corp. | 23164 | &nbsp;&nbsp; 16779538 |
| Old Dominion Freight Line, Inc. | 32286 | &nbsp;&nbsp; 6555672 |
| Otis Worldwide Corp. | 66908 | &nbsp;&nbsp; 6193004 |
| PACCAR, Inc. | 89479 | &nbsp;&nbsp; 11282407 |
| Parker-Hannifin Corp. | 21533 | &nbsp;&nbsp; 21730673 |
| Paychex, Inc.<sup>(c)</sup> | 55229 | &nbsp;&nbsp; 5172196 |
| Pentair PLC | 27892 | &nbsp;&nbsp; 2766607 |

---

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

------

**12**

------

**Invesco MSCI USA ETF (PBUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Quanta Services, Inc. | 25427 | &nbsp;&nbsp; $14317435 |
| Republic Services, Inc. | 37275 | &nbsp;&nbsp; 8535975 |
| Rocket Lab Corp.<sup>(b)</sup> | 82138 | &nbsp;&nbsp; 5675736 |
| Rockwell Automation, Inc. | 19188 | &nbsp;&nbsp; 7818151 |
| Rollins, Inc.<sup>(c)</sup> | 49592 | &nbsp;&nbsp; 3019657 |
| RTX Corp. | 229080 | &nbsp;&nbsp; 46416190 |
| Snap-on, Inc. | 8965 | &nbsp;&nbsp; 3453497 |
| SS&C Technologies Holdings, Inc. | 37492 | &nbsp;&nbsp; 2822773 |
| Textron, Inc. | 30379 | &nbsp;&nbsp; 2996888 |
| Trane Technologies PLC | 37966 | &nbsp;&nbsp; 17552441 |
| TransDigm Group, Inc. | 9622 | &nbsp;&nbsp; 12535445 |
| TransUnion | 33137 | &nbsp;&nbsp; 2602911 |
| Uber Technologies, Inc.<sup>(b)</sup> | 337539 | &nbsp;&nbsp; 25457191 |
| Union Pacific Corp. | 101063 | &nbsp;&nbsp; 26779674 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 13834 | &nbsp;&nbsp; 1470554 |
| United Parcel Service, Inc., Class B | 125428 | &nbsp;&nbsp; 14544631 |
| United Rentals, Inc.<sup>(c)</sup> | 10987 | &nbsp;&nbsp; 9229080 |
| Veralto Corp. | 42300 | &nbsp;&nbsp; 4121289 |
| Verisk Analytics, Inc. | 23807 | &nbsp;&nbsp; 4941619 |
| Vertiv Holdings Co., Class A | 61867 | &nbsp;&nbsp; 15769280 |
| W.W. Grainger, Inc. | 7634 | &nbsp;&nbsp; 8738869 |
| Wabtec Corp. | 29116 | &nbsp;&nbsp; 7685168 |
| Waste Connections, Inc. | 43921 | &nbsp;&nbsp; 7560122 |
| Waste Management, Inc. | 68578 | &nbsp;&nbsp; 16516326 |
| Watsco, Inc.<sup>(c)</sup> | 5947 | &nbsp;&nbsp; 2481862 |
| Xylem, Inc. | 41471 | &nbsp;&nbsp; 5372983 |
|  |  | &nbsp;&nbsp; 980396523 |
| **Information Technology-32.26%** | **Information Technology-32.26%** | **Information Technology-32.26%** |
| Accenture PLC, Class A | 105129 | &nbsp;&nbsp; 21942525 |
| Adobe, Inc.<sup>(b)</sup> | 71326 | &nbsp;&nbsp; 18716656 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 278162 | &nbsp;&nbsp; 55690814 |
| Amphenol Corp., Class A | 209138 | &nbsp;&nbsp; 30546696 |
| Analog Devices, Inc. | 83837 | &nbsp;&nbsp; 29828366 |
| Apple, Inc. | 2511239 | &nbsp;&nbsp; 663419119 |
| Applied Materials, Inc. | 135718 | &nbsp;&nbsp; 50527811 |
| AppLovin Corp., Class A<sup>(b)</sup> | 39337 | &nbsp;&nbsp; 17102547 |
| Arista Networks, Inc.<sup>(b)</sup> | 182884 | &nbsp;&nbsp; 24415014 |
| Astera Labs, Inc.<sup>(b)</sup> | 22633 | &nbsp;&nbsp; 2689479 |
| Atlassian Corp., Class A<sup>(b)</sup> | 28302 | &nbsp;&nbsp; 2126329 |
| Autodesk, Inc.<sup>(b)</sup> | 36308 | &nbsp;&nbsp; 8927048 |
| Broadcom, Inc. | 769574 | &nbsp;&nbsp; 245917372 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 46405 | &nbsp;&nbsp; 13986467 |
| CDW Corp. | 22299 | &nbsp;&nbsp; 2734749 |
| Ciena Corp.<sup>(b)</sup> | 24041 | &nbsp;&nbsp; 8383097 |
| Cisco Systems, Inc. | 675071 | &nbsp;&nbsp; 53641142 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 53981 | &nbsp;&nbsp; 9294988 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 83219 | &nbsp;&nbsp; 5361800 |
| Coherent Corp.<sup>(b)</sup> | 26620 | &nbsp;&nbsp; 6892717 |
| CoreWeave, Inc., Class A<sup>(b)(c)</sup> | 40082 | &nbsp;&nbsp; 3188924 |
| Corning, Inc. | 138706 | &nbsp;&nbsp; 20858608 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 27776 | &nbsp;&nbsp; 3118412 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 43073 | &nbsp;&nbsp; 16022295 |
| Datadog, Inc., Class A<sup>(b)</sup> | 52302 | &nbsp;&nbsp; 5855732 |
| Dell Technologies, Inc., Class C | 54199 | &nbsp;&nbsp; 8025788 |
| Entegris, Inc.<sup>(c)</sup> | 25879 | &nbsp;&nbsp; 3427674 |
| F5, Inc.<sup>(b)</sup> | 9741 | &nbsp;&nbsp; 2643318 |
| Fair Isaac Corp.<sup>(b)</sup> | 4051 | &nbsp;&nbsp; 5709317 |
| First Solar, Inc.<sup>(b)</sup> | 17350 | &nbsp;&nbsp; 3421420 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Flex Ltd.<sup>(b)</sup> | 63682 | &nbsp;&nbsp; $4013240 |
| Fortinet, Inc.<sup>(b)</sup> | 107999 | &nbsp;&nbsp; 8535161 |
| Gartner, Inc.<sup>(b)</sup> | 12928 | &nbsp;&nbsp; 2032282 |
| Gen Digital, Inc. | 89198 | &nbsp;&nbsp; 2013199 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 23586 | &nbsp;&nbsp; 2055756 |
| Hewlett Packard Enterprise Co. | 224796 | &nbsp;&nbsp; 4826370 |
| HP, Inc. | 159238 | &nbsp;&nbsp; 3023930 |
| HubSpot, Inc.<sup>(b)(c)</sup> | 8588 | &nbsp;&nbsp; 2271612 |
| Intel Corp.<sup>(b)</sup> | 769991 | &nbsp;&nbsp; 35119289 |
| International Business Machines Corp. | 159706 | &nbsp;&nbsp; 38362978 |
| Intuit, Inc. | 47505 | &nbsp;&nbsp; 19430970 |
| IonQ, Inc.<sup>(b)(c)</sup> | 50380 | &nbsp;&nbsp; 1933081 |
| IREN Ltd. (Australia)<sup>(b)</sup> | 56099 | &nbsp;&nbsp; 2297254 |
| Jabil, Inc. | 18296 | &nbsp;&nbsp; 4848257 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 29273 | &nbsp;&nbsp; 8996471 |
| KLA Corp. | 22456 | &nbsp;&nbsp; 34235295 |
| Lam Research Corp. | 214886 | &nbsp;&nbsp; 50259687 |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 12114 | &nbsp;&nbsp; 8490824 |
| Marvell Technology, Inc. | 144904 | &nbsp;&nbsp; 11837208 |
| Microchip Technology, Inc. | 92073 | &nbsp;&nbsp; 6872329 |
| Micron Technology, Inc. | 192301 | &nbsp;&nbsp; 79299163 |
| Microsoft Corp. | 1206378 | &nbsp;&nbsp; 473792896 |
| MongoDB, Inc.<sup>(b)</sup> | 13908 | &nbsp;&nbsp; 4568361 |
| Monolithic Power Systems, Inc. | 8117 | &nbsp;&nbsp; 9275621 |
| Motorola Solutions, Inc. | 28358 | &nbsp;&nbsp; 13675929 |
| NetApp, Inc. | 33976 | &nbsp;&nbsp; 3364643 |
| NVIDIA Corp. | 4151817 | &nbsp;&nbsp; 735660454 |
| NXP Semiconductors N.V. (Netherlands) | 42989 | &nbsp;&nbsp; 9758933 |
| Okta, Inc.<sup>(b)(c)</sup> | 28681 | &nbsp;&nbsp; 2079372 |
| ON Semiconductor Corp.<sup>(b)</sup> | 69649 | &nbsp;&nbsp; 4630265 |
| Oracle Corp. | 294536 | &nbsp;&nbsp; 42825534 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 390294 | &nbsp;&nbsp; 53544434 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 137771 | &nbsp;&nbsp; 20516857 |
| PTC, Inc.<sup>(b)</sup> | 20470 | &nbsp;&nbsp; 3205397 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 53190 | &nbsp;&nbsp; 3415862 |
| Qnity Electronics, Inc. | 35654 | &nbsp;&nbsp; 4519501 |
| QUALCOMM, Inc. | 181625 | &nbsp;&nbsp; 25856135 |
| Roper Technologies, Inc. | 18348 | &nbsp;&nbsp; 6416846 |
| Salesforce, Inc. | 160093 | &nbsp;&nbsp; 31184515 |
| Samsara, Inc., Class A<sup>(b)(c)</sup> | 59250 | &nbsp;&nbsp; 1712325 |
| Seagate Technology Holdings PLC | 37225 | &nbsp;&nbsp; 15181844 |
| ServiceNow, Inc.<sup>(b)</sup> | 177179 | &nbsp;&nbsp; 19137104 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 54873 | &nbsp;&nbsp; 9241162 |
| Strategy, Inc., Class A<sup>(b)(c)</sup> | 44601 | &nbsp;&nbsp; 5775829 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 91177 | &nbsp;&nbsp; 2953223 |
| Synopsys, Inc.<sup>(b)</sup> | 32688 | &nbsp;&nbsp; 13532832 |
| TE Connectivity PLC (Switzerland) | 50410 | &nbsp;&nbsp; 11601861 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 8036 | &nbsp;&nbsp; 5473320 |
| Teradyne, Inc. | 27047 | &nbsp;&nbsp; 8655851 |
| Texas Instruments, Inc. | 154916 | &nbsp;&nbsp; 32859233 |
| Trimble, Inc.<sup>(b)</sup> | 40523 | &nbsp;&nbsp; 2709773 |
| Twilio, Inc., Class A<sup>(b)</sup> | 26198 | &nbsp;&nbsp; 3168910 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 7404 | &nbsp;&nbsp; 2626125 |
| VeriSign, Inc. | 14380 | &nbsp;&nbsp; 3277777 |
| Western Digital Corp. | 58416 | &nbsp;&nbsp; 16338955 |
| Workday, Inc., Class A<sup>(b)</sup> | 37005 | &nbsp;&nbsp; 4949789 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 8725 | &nbsp;&nbsp; 1954051 |

---

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

------

**13**

------

**Invesco MSCI USA ETF (PBUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Zoom Communications, Inc., Class A<sup>(b)</sup> | 43299 | &nbsp;&nbsp; $3201528 |
| Zscaler, Inc.<sup>(b)</sup> | 17526 | &nbsp;&nbsp; 2576147 |
|  |  | &nbsp;&nbsp; 3290389774 |
| **Materials-2.17%** | **Materials-2.17%** | **Materials-2.17%** |
| Air Products and Chemicals, Inc. | 37972 | &nbsp;&nbsp; 10467741 |
| Amcor PLC<sup>(c)</sup> | 78733 | &nbsp;&nbsp; 3813039 |
| Amrize Ltd.<sup>(b)</sup> | 84851 | &nbsp;&nbsp; 5514467 |
| Avery Dennison Corp. | 13320 | &nbsp;&nbsp; 2615382 |
| Ball Corp. | 44108 | &nbsp;&nbsp; 2960970 |
| CF Industries Holdings, Inc. | 27552 | &nbsp;&nbsp; 2742526 |
| Corteva, Inc. | 115829 | &nbsp;&nbsp; 9280219 |
| CRH PLC | 114652 | &nbsp;&nbsp; 13755947 |
| Dow, Inc. | 120822 | &nbsp;&nbsp; 3712860 |
| DuPont de Nemours, Inc. | 71346 | &nbsp;&nbsp; 3570154 |
| Ecolab, Inc. | 43537 | &nbsp;&nbsp; 13424634 |
| Freeport-McMoRan, Inc. | 244662 | &nbsp;&nbsp; 16656589 |
| International Flavors & Fragrances, Inc. | 43716 | &nbsp;&nbsp; 3594767 |
| International Paper Co.<sup>(c)</sup> | 85514 | &nbsp;&nbsp; 3724135 |
| Linde PLC | 79692 | &nbsp;&nbsp; 40489911 |
| LyondellBasell Industries N.V., Class A | 43895 | &nbsp;&nbsp; 2524840 |
| Martin Marietta Materials, Inc. | 10304 | &nbsp;&nbsp; 6971377 |
| Newmont Corp. | 187094 | &nbsp;&nbsp; 24322220 |
| Nucor Corp. | 39054 | &nbsp;&nbsp; 6907872 |
| Packaging Corp. of America | 15276 | &nbsp;&nbsp; 3546171 |
| PPG Industries, Inc. | 38520 | &nbsp;&nbsp; 4748360 |
| Reliance, Inc. | 8623 | &nbsp;&nbsp; 2721764 |
| RPM International, Inc. | 21804 | &nbsp;&nbsp; 2488272 |
| Sherwin-Williams Co. (The) | 40331 | &nbsp;&nbsp; 14623617 |
| Smurfit WestRock PLC | 88960 | &nbsp;&nbsp; 4182010 |
| Steel Dynamics, Inc. | 23829 | &nbsp;&nbsp; 4602095 |
| Vulcan Materials Co. | 22484 | &nbsp;&nbsp; 6970040 |
|  |  | &nbsp;&nbsp; 220931979 |
| **Real Estate-1.97%** | **Real Estate-1.97%** | **Real Estate-1.97%** |
| American Tower Corp.<sup>(c)</sup> | 79843 | &nbsp;&nbsp; 15318678 |
| AvalonBay Communities, Inc. | 24272 | &nbsp;&nbsp; 4301727 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 50637 | &nbsp;&nbsp; 7477059 |
| CoStar Group, Inc.<sup>(b)</sup> | 72206 | &nbsp;&nbsp; 3222554 |
| Crown Castle, Inc. | 74120 | &nbsp;&nbsp; 6636705 |
| Digital Realty Trust, Inc. | 58690 | &nbsp;&nbsp; 10399868 |
| Equinix, Inc. | 16709 | &nbsp;&nbsp; 16278910 |
| Equity Residential | 61872 | &nbsp;&nbsp; 3910929 |
| Essex Property Trust, Inc. | 10953 | &nbsp;&nbsp; 2794220 |
| Extra Space Storage, Inc. | 36178 | &nbsp;&nbsp; 5463963 |
| Gaming and Leisure Properties, Inc. | 48237 | &nbsp;&nbsp; 2359272 |
| Healthpeak Properties, Inc. | 118397 | &nbsp;&nbsp; 2093259 |
| Invitation Homes, Inc. | 99187 | &nbsp;&nbsp; 2612586 |
| Iron Mountain, Inc. | 50386 | &nbsp;&nbsp; 5458315 |
| Kimco Realty Corp. | 115444 | &nbsp;&nbsp; 2718706 |
| Mid-America Apartment Communities, <br> Inc.<br>| 19996 | &nbsp;&nbsp; 2676665 |
| Prologis, Inc. | 158185 | &nbsp;&nbsp; 22552435 |
| Public Storage | 26981 | &nbsp;&nbsp; 8284786 |
| Realty Income Corp. | 155816 | &nbsp;&nbsp; 10439672 |
| Regency Centers Corp. | 29381 | &nbsp;&nbsp; 2321099 |
| SBA Communications Corp., Class A | 18307 | &nbsp;&nbsp; 3682636 |
| Simon Property Group, Inc. | 55678 | &nbsp;&nbsp; 11349960 |
| Sun Communities, Inc. | 21270 | &nbsp;&nbsp; 2902504 |
| UDR, Inc.<sup>(c)</sup> | 53639 | &nbsp;&nbsp; 2011463 |
| Ventas, Inc.<sup>(c)</sup> | 80257 | &nbsp;&nbsp; 6914943 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| VICI Properties, Inc. | 181640 | &nbsp;&nbsp; $5487344 |
| W.P. Carey, Inc.<sup>(c)</sup> | 37352 | &nbsp;&nbsp; 2788327 |
| Welltower, Inc. | 117264 | &nbsp;&nbsp; 24287720 |
| Weyerhaeuser Co. | 122896 | &nbsp;&nbsp; 3014639 |
| Zillow Group, Inc., Class C<sup>(b)(c)</sup> | 28491 | &nbsp;&nbsp; 1271268 |
|  |  | &nbsp;&nbsp; 201032212 |
| **Utilities-2.42%** | **Utilities-2.42%** | **Utilities-2.42%** |
| Alliant Energy Corp.<sup>(c)</sup> | 43835 | &nbsp;&nbsp; 3171024 |
| Ameren Corp. | 46042 | &nbsp;&nbsp; 5215638 |
| American Electric Power Co., Inc.<sup>(c)</sup> | 91168 | &nbsp;&nbsp; 12200102 |
| American Water Works Co., Inc. | 33189 | &nbsp;&nbsp; 4514700 |
| Atmos Energy Corp. | 27299 | &nbsp;&nbsp; 5099180 |
| CenterPoint Energy, Inc. | 111204 | &nbsp;&nbsp; 4837374 |
| CMS Energy Corp. | 50947 | &nbsp;&nbsp; 3977432 |
| Consolidated Edison, Inc. | 61497 | &nbsp;&nbsp; 6919642 |
| Constellation Energy Corp. | 52624 | &nbsp;&nbsp; 17359605 |
| Dominion Energy, Inc. | 145474 | &nbsp;&nbsp; 9185228 |
| DTE Energy Co. | 35365 | &nbsp;&nbsp; 5242508 |
| Duke Energy Corp. | 132539 | &nbsp;&nbsp; 17342728 |
| Edison International | 65577 | &nbsp;&nbsp; 4901225 |
| Entergy Corp. | 76037 | &nbsp;&nbsp; 8144323 |
| Evergy, Inc. | 39162 | &nbsp;&nbsp; 3276293 |
| Eversource Energy | 63186 | &nbsp;&nbsp; 4815405 |
| Exelon Corp. | 172084 | &nbsp;&nbsp; 8512996 |
| FirstEnergy Corp. | 93429 | &nbsp;&nbsp; 4779828 |
| NextEra Energy, Inc. | 350887 | &nbsp;&nbsp; 32902674 |
| NiSource, Inc. | 80136 | &nbsp;&nbsp; 3790433 |
| NRG Energy, Inc. | 32898 | &nbsp;&nbsp; 5887426 |
| Oklo, Inc.<sup>(b)(c)</sup> | 18887 | &nbsp;&nbsp; 1188937 |
| PG&E Corp. | 374489 | &nbsp;&nbsp; 7115291 |
| PPL Corp. | 126034 | &nbsp;&nbsp; 4912805 |
| Public Service Enterprise Group, Inc. | 85078 | &nbsp;&nbsp; 7322663 |
| Sempra | 111135 | &nbsp;&nbsp; 10698965 |
| Southern Co. (The) | 187373 | &nbsp;&nbsp; 18246383 |
| Vistra Corp. | 57694 | &nbsp;&nbsp; 10032410 |
| WEC Energy Group, Inc.<sup>(c)</sup> | 54874 | &nbsp;&nbsp; 6418063 |
| Xcel Energy, Inc. | 100767 | &nbsp;&nbsp; 8399937 |
|  |  | &nbsp;&nbsp; 246411218 |
| Total Common Stocks & Other Equity Interests <br>(Cost $9,009,512,958) | Total Common Stocks & Other Equity Interests <br>(Cost $9,009,512,958) | &nbsp;&nbsp; 10198629066 |
| **Money Market Funds-0.09%** | **Money Market Funds-0.09%** | **Money Market Funds-0.09%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $9,355,858)<br>| 9355858 | &nbsp;&nbsp; 9355858 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.07% <br>(Cost $9,018,868,816) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.07% <br>(Cost $9,018,868,816) | &nbsp;&nbsp; 10207984924 |
| **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** | **Investments Purchased with Cash Collateral from Securities** <br> **on Loan** |
| **Money Market Funds-1.59%** | **Money Market Funds-1.59%** | **Money Market Funds-1.59%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 46585865 | &nbsp;&nbsp; 46585865 |

---

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

------

**14**

------

**Invesco MSCI USA ETF (PBUS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, <br> 3.81%<sup>(d)(e)(f)</sup><br>| 115433617 | &nbsp;&nbsp; $115468247 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $162,054,112) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $162,054,112) | &nbsp;&nbsp; 162054112 |
| TOTAL INVESTMENTS IN SECURITIES-101.66% <br>(Cost $9,180,922,928) | TOTAL INVESTMENTS IN SECURITIES-101.66% <br>(Cost $9,180,922,928) | &nbsp;&nbsp; 10370039036 |
| OTHER ASSETS LESS LIABILITIES-(1.66)% | OTHER ASSETS LESS LIABILITIES-(1.66)% | &nbsp;&nbsp; (169245910)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $10200793126 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $855914 | &nbsp;&nbsp; $71427175 | &nbsp;&nbsp; $(62927231)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9355858 | &nbsp;&nbsp; $97544 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 29652252 | &nbsp;&nbsp; 346589085 | &nbsp;&nbsp; (329655472)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 46585865 | &nbsp;&nbsp; 587,760<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 77034119 | &nbsp;&nbsp; 571949073 | &nbsp;&nbsp; (533516138)<br>| &nbsp;&nbsp; (3467)<br>| &nbsp;&nbsp; 4660 | &nbsp;&nbsp; 115468247 | &nbsp;&nbsp; 1,557,838<br> \*<br>|
| Total | &nbsp;&nbsp; $107542285 | &nbsp;&nbsp; $989965333 | &nbsp;&nbsp; $(926098841)<br>| &nbsp;&nbsp; $(3467)<br>| &nbsp;&nbsp; $4660 | &nbsp;&nbsp; $171409970 | &nbsp;&nbsp; $2243142 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**15**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
| **Communication Services-7.69%** | **Communication Services-7.69%** | **Communication Services-7.69%** |
| Alphabet, Inc., Class A | 1537 | &nbsp;&nbsp; $479175 |
| AST SpaceMobile, Inc.<sup>(b)(c)</sup> | 41940 | &nbsp;&nbsp; 3321229 |
| AT&T, Inc. | 146258 | &nbsp;&nbsp; 4096687 |
| Charter Communications, Inc., Class A<sup>(b)(c)</sup> | 16763 | &nbsp;&nbsp; 3933103 |
| Comcast Corp., Class A | 128685 | &nbsp;&nbsp; 3984088 |
| DoubleVerify Holdings, Inc.<sup>(b)(c)</sup> | 43615 | &nbsp;&nbsp; 459702 |
| Electronic Arts, Inc. | 2090 | &nbsp;&nbsp; 419191 |
| Fox Corp., Class A | 5913 | &nbsp;&nbsp; 333138 |
| GCI Liberty, Inc., Class C<sup>(b)(c)</sup> | 109284 | &nbsp;&nbsp; 4300325 |
| IAC, Inc.<sup>(b)(c)</sup> | 12551 | &nbsp;&nbsp; 480954 |
| Iridium Communications, Inc.<sup>(c)</sup> | 188999 | &nbsp;&nbsp; 4526526 |
| Liberty Broadband Corp., Class C<sup>(b)</sup> | 72295 | &nbsp;&nbsp; 3948030 |
| Liberty Global Ltd., Class A (Belgium)<sup>(b)(c)</sup> | 317359 | &nbsp;&nbsp; 4043154 |
| Liberty Media Corp.-Liberty Formula One<sup>(b)</sup> | 4534 | &nbsp;&nbsp; 415269 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 2979 | &nbsp;&nbsp; 483015 |
| Madison Square Garden Sports Corp., <br> Class A<sup>(b)</sup><br>| 1855 | &nbsp;&nbsp; 615229 |
| Match Group, Inc. | 14423 | &nbsp;&nbsp; 455767 |
| Meta Platforms, Inc., Class A | 756 | &nbsp;&nbsp; 490024 |
| Millicom International Cellular S.A. <br> (Guatemala)<br>| 69373 | &nbsp;&nbsp; 5056598 |
| Netflix, Inc.<sup>(b)</sup> | 4511 | &nbsp;&nbsp; 434139 |
| New York Times Co. (The), Class A<sup>(c)</sup> | 6252 | &nbsp;&nbsp; 498847 |
| News Corp., Class A | 16264 | &nbsp;&nbsp; 395053 |
| Nexstar Media Group, Inc., Class A<sup>(c)</sup> | 2022 | &nbsp;&nbsp; 507562 |
| NIQ Global Intelligence PLC<sup>(b)(c)</sup> | 30314 | &nbsp;&nbsp; 404086 |
| Omnicom Group, Inc. | 5308 | &nbsp;&nbsp; 452719 |
| Pinterest, Inc., Class A<sup>(b)</sup> | 17825 | &nbsp;&nbsp; 305342 |
| Reddit, Inc., Class A<sup>(b)</sup> | 2058 | &nbsp;&nbsp; 300077 |
| Roblox Corp., Class A<sup>(b)(c)</sup> | 4499 | &nbsp;&nbsp; 308901 |
| Roku, Inc., Class A<sup>(b)</sup> | 33265 | &nbsp;&nbsp; 3273609 |
| Sirius XM Holdings, Inc.<sup>(c)</sup> | 19247 | &nbsp;&nbsp; 422664 |
| Spotify Technology S.A. (Sweden)<sup>(b)</sup> | 702 | &nbsp;&nbsp; 361488 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 1745 | &nbsp;&nbsp; 369033 |
| TKO Group Holdings, Inc.<sup>(c)</sup> | 2083 | &nbsp;&nbsp; 466321 |
| T-Mobile US, Inc. | 18188 | &nbsp;&nbsp; 3948433 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 11483 | &nbsp;&nbsp; 273525 |
| Trump Media & Technology Group Corp.<sup>(b)</sup> | 43882 | &nbsp;&nbsp; 469976 |
| Verizon Communications, Inc. | 88341 | &nbsp;&nbsp; 4429418 |
| Versant Media Group, Inc.<sup>(b)(c)</sup> | 5114 | &nbsp;&nbsp; 170399 |
| Walt Disney Co. (The) | 3808 | &nbsp;&nbsp; 403800 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 14381 | &nbsp;&nbsp; 405113 |
| ZoomInfo Technologies, Inc., Class A<sup>(b)(c)</sup> | 48078 | &nbsp;&nbsp; 298564 |
|  |  | &nbsp;&nbsp; 60740273 |
| **Consumer Discretionary-6.56%** | **Consumer Discretionary-6.56%** | **Consumer Discretionary-6.56%** |
| ADT, Inc. | 42148 | &nbsp;&nbsp; 338027 |
| Airbnb, Inc., Class A<sup>(b)</sup> | 3313 | &nbsp;&nbsp; 447619 |
| Amazon.com, Inc.<sup>(b)</sup> | 1832 | &nbsp;&nbsp; 384720 |
| Amer Sports, Inc. (Finland)<sup>(b)</sup> | 10787 | &nbsp;&nbsp; 409690 |
| Aptiv PLC<sup>(b)</sup> | 5319 | &nbsp;&nbsp; 391159 |
| Aramark | 11292 | &nbsp;&nbsp; 472570 |
| AutoNation, Inc.<sup>(b)</sup> | 1944 | &nbsp;&nbsp; 379391 |
| AutoZone, Inc.<sup>(b)</sup> | 126 | &nbsp;&nbsp; 473203 |
| Bath & Body Works, Inc.<sup>(c)</sup> | 21280 | &nbsp;&nbsp; 484333 |
| Best Buy Co., Inc. | 5661 | &nbsp;&nbsp; 350812 |
| Birkenstock Holding PLC (Germany)<sup>(b)(c)</sup> | 9434 | &nbsp;&nbsp; 392926 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Booking Holdings, Inc. | 84 | &nbsp;&nbsp; $356105 |
| BorgWarner, Inc. | 9405 | &nbsp;&nbsp; 541446 |
| Boyd Gaming Corp. | 5023 | &nbsp;&nbsp; 418064 |
| Bright Horizons Family Solutions, Inc.<sup>(b)</sup> | 4302 | &nbsp;&nbsp; 320585 |
| Brunswick Corp.<sup>(c)</sup> | 4565 | &nbsp;&nbsp; 363465 |
| Burlington Stores, Inc.<sup>(b)</sup> | 1581 | &nbsp;&nbsp; 485162 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 17632 | &nbsp;&nbsp; 441682 |
| CarMax, Inc.<sup>(b)(c)</sup> | 10197 | &nbsp;&nbsp; 440205 |
| Carnival Corp. | 15244 | &nbsp;&nbsp; 480948 |
| Carvana Co.<sup>(b)</sup> | 907 | &nbsp;&nbsp; 303083 |
| Cava Group, Inc.<sup>(b)(c)</sup> | 8065 | &nbsp;&nbsp; 665121 |
| Chewy, Inc., Class A<sup>(b)</sup> | 12448 | &nbsp;&nbsp; 341324 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 12161 | &nbsp;&nbsp; 452632 |
| Choice Hotels International, Inc.<sup>(c)</sup> | 4779 | &nbsp;&nbsp; 503468 |
| Churchill Downs, Inc.<sup>(c)</sup> | 3681 | &nbsp;&nbsp; 338394 |
| Columbia Sportswear Co. | 7419 | &nbsp;&nbsp; 459533 |
| Coupang, Inc. (South Korea)<sup>(b)</sup> | 16437 | &nbsp;&nbsp; 313618 |
| Crocs, Inc.<sup>(b)(c)</sup> | 4765 | &nbsp;&nbsp; 432233 |
| D.R. Horton, Inc.<sup>(c)</sup> | 2734 | &nbsp;&nbsp; 438506 |
| Darden Restaurants, Inc.<sup>(c)</sup> | 2310 | &nbsp;&nbsp; 493994 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 4195 | &nbsp;&nbsp; 491948 |
| Dick's Sporting Goods, Inc. | 1969 | &nbsp;&nbsp; 400947 |
| Dillard's, Inc., Class A<sup>(c)</sup> | 581 | &nbsp;&nbsp; 350221 |
| Domino's Pizza, Inc. | 984 | &nbsp;&nbsp; 396070 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 2137 | &nbsp;&nbsp; 377116 |
| DraftKings, Inc., Class A<sup>(b)</sup> | 12177 | &nbsp;&nbsp; 290300 |
| Duolingo, Inc.<sup>(b)(c)</sup> | 2119 | &nbsp;&nbsp; 214019 |
| Dutch Bros, Inc., Class A<sup>(b)</sup> | 6950 | &nbsp;&nbsp; 372590 |
| eBay, Inc. | 5022 | &nbsp;&nbsp; 456299 |
| Etsy, Inc.<sup>(b)(c)</sup> | 7919 | &nbsp;&nbsp; 434595 |
| Expedia Group, Inc. | 1515 | &nbsp;&nbsp; 326770 |
| Five Below, Inc.<sup>(b)</sup> | 2333 | &nbsp;&nbsp; 521496 |
| Floor & Decor Holdings, Inc., Class A<sup>(b)(c)</sup> | 6735 | &nbsp;&nbsp; 465321 |
| Flutter Entertainment PLC (Ireland)<sup>(b)(c)</sup> | 1943 | &nbsp;&nbsp; 206230 |
| Ford Motor Co.<sup>(c)</sup> | 31131 | &nbsp;&nbsp; 438636 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 19397 | &nbsp;&nbsp; 466110 |
| Gap, Inc. (The)<sup>(c)</sup> | 15867 | &nbsp;&nbsp; 444911 |
| Garmin Ltd. | 2021 | &nbsp;&nbsp; 510969 |
| General Motors Co. | 5259 | &nbsp;&nbsp; 413936 |
| Gentex Corp.<sup>(c)</sup> | 17895 | &nbsp;&nbsp; 418743 |
| Genuine Parts Co. | 3179 | &nbsp;&nbsp; 379128 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 2685 | &nbsp;&nbsp; 427103 |
| H&R Block, Inc. | 9947 | &nbsp;&nbsp; 304577 |
| Harley-Davidson, Inc. | 19026 | &nbsp;&nbsp; 342468 |
| Hasbro, Inc. | 5048 | &nbsp;&nbsp; 502730 |
| Hilton Worldwide Holdings, Inc. | 1530 | &nbsp;&nbsp; 477023 |
| Home Depot, Inc. (The) | 1183 | &nbsp;&nbsp; 450392 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 2638 | &nbsp;&nbsp; 426037 |
| Las Vegas Sands Corp. | 6428 | &nbsp;&nbsp; 364596 |
| Lear Corp. | 3750 | &nbsp;&nbsp; 492188 |
| Lennar Corp., Class A | 3580 | &nbsp;&nbsp; 409409 |
| Liberty Live Holdings, Inc., Class C<sup>(b)(c)</sup> | 4995 | &nbsp;&nbsp; 497752 |
| Lithia Motors, Inc., Class A | 1187 | &nbsp;&nbsp; 331861 |
| LKQ Corp.<sup>(c)</sup> | 13668 | &nbsp;&nbsp; 452548 |
| Lowe's Cos., Inc. | 1707 | &nbsp;&nbsp; 451621 |
| Lucid Group, Inc.<sup>(b)(c)</sup> | 33118 | &nbsp;&nbsp; 331180 |
| lululemon athletica, Inc.<sup>(b)</sup> | 2267 | &nbsp;&nbsp; 419780 |
| Macy's, Inc. | 17702 | &nbsp;&nbsp; 350146 |

---

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

------

**16**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Marriott International, Inc., Class A | 1442 | &nbsp;&nbsp; $492775 |
| Mattel, Inc.<sup>(b)(c)</sup> | 20214 | &nbsp;&nbsp; 342627 |
| McDonald's Corp. | 1384 | &nbsp;&nbsp; 472027 |
| MGM Resorts International<sup>(b)(c)</sup> | 11361 | &nbsp;&nbsp; 418766 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 3053 | &nbsp;&nbsp; 382449 |
| Murphy USA, Inc. | 1073 | &nbsp;&nbsp; 419264 |
| Newell Brands, Inc. | 109620 | &nbsp;&nbsp; 498771 |
| NIKE, Inc., Class B | 6253 | &nbsp;&nbsp; 388812 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 20653 | &nbsp;&nbsp; 511988 |
| NVR, Inc.<sup>(b)</sup> | 57 | &nbsp;&nbsp; 428514 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 3667 | &nbsp;&nbsp; 392736 |
| On Holding AG, Class A (Switzerland)<sup>(b)</sup> | 8596 | &nbsp;&nbsp; 399542 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 4507 | &nbsp;&nbsp; 423117 |
| PENN Entertainment, Inc.<sup>(b)</sup> | 30275 | &nbsp;&nbsp; 473501 |
| Penske Automotive Group, Inc. | 2505 | &nbsp;&nbsp; 394588 |
| Planet Fitness, Inc., Class A<sup>(b)(c)</sup> | 3911 | &nbsp;&nbsp; 321289 |
| Pool Corp. | 1763 | &nbsp;&nbsp; 400518 |
| PulteGroup, Inc. | 3324 | &nbsp;&nbsp; 456053 |
| PVH Corp. | 5499 | &nbsp;&nbsp; 377231 |
| QuantumScape Corp.<sup>(b)(c)</sup> | 33243 | &nbsp;&nbsp; 230042 |
| Ralph Lauren Corp. | 1152 | &nbsp;&nbsp; 417715 |
| Restaurant Brands International, Inc. <br> (Canada)<br>| 6023 | &nbsp;&nbsp; 431909 |
| RH<sup>(b)(c)</sup> | 2771 | &nbsp;&nbsp; 459182 |
| Rivian Automotive, Inc., Class A<sup>(b)(c)</sup> | 25865 | &nbsp;&nbsp; 396510 |
| Ross Stores, Inc. | 2312 | &nbsp;&nbsp; 475440 |
| Royal Caribbean Cruises Ltd. | 1522 | &nbsp;&nbsp; 473281 |
| Service Corp. International | 5358 | &nbsp;&nbsp; 451036 |
| SharkNinja, Inc.<sup>(b)(c)</sup> | 3719 | &nbsp;&nbsp; 456954 |
| Somnigroup International, Inc. | 4502 | &nbsp;&nbsp; 402974 |
| Starbucks Corp. | 5012 | &nbsp;&nbsp; 491276 |
| Tapestry, Inc. | 3429 | &nbsp;&nbsp; 533107 |
| Tesla, Inc.<sup>(b)</sup> | 956 | &nbsp;&nbsp; 384800 |
| Texas Roadhouse, Inc. | 2545 | &nbsp;&nbsp; 465404 |
| Thor Industries, Inc.<sup>(c)</sup> | 4072 | &nbsp;&nbsp; 391441 |
| TJX Cos., Inc. (The) | 2732 | &nbsp;&nbsp; 441655 |
| Toll Brothers, Inc. | 3047 | &nbsp;&nbsp; 479110 |
| TopBuild Corp.<sup>(b)</sup> | 799 | &nbsp;&nbsp; 358192 |
| Tractor Supply Co. | 8190 | &nbsp;&nbsp; 424570 |
| Travel + Leisure Co. | 5913 | &nbsp;&nbsp; 435788 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 742 | &nbsp;&nbsp; 508114 |
| Under Armour, Inc., Class A<sup>(b)(c)</sup> | 96153 | &nbsp;&nbsp; 713455 |
| V.F. Corp.<sup>(c)</sup> | 21435 | &nbsp;&nbsp; 416268 |
| Vail Resorts, Inc.<sup>(c)</sup> | 2745 | &nbsp;&nbsp; 372798 |
| Valvoline, Inc.<sup>(b)(c)</sup> | 13886 | &nbsp;&nbsp; 524891 |
| Viking Holdings Ltd.<sup>(b)</sup> | 6053 | &nbsp;&nbsp; 472255 |
| Wayfair, Inc., Class A<sup>(b)(c)</sup> | 4268 | &nbsp;&nbsp; 325776 |
| Wendy's Co. (The)<sup>(c)</sup> | 50056 | &nbsp;&nbsp; 383429 |
| Whirlpool Corp.<sup>(c)</sup> | 5406 | &nbsp;&nbsp; 369933 |
| Williams-Sonoma, Inc. | 2240 | &nbsp;&nbsp; 460656 |
| Wingstop, Inc. | 1796 | &nbsp;&nbsp; 466080 |
| Wyndham Hotels & Resorts, Inc. | 5598 | &nbsp;&nbsp; 457916 |
| Wynn Resorts Ltd.<sup>(c)</sup> | 3398 | &nbsp;&nbsp; 367630 |
| YETI Holdings, Inc.<sup>(b)(c)</sup> | 9332 | &nbsp;&nbsp; 407902 |
| Yum! Brands, Inc. | 2858 | &nbsp;&nbsp; 480601 |
|  |  | &nbsp;&nbsp; 51844442 |
| **Consumer Staples-9.39%** | **Consumer Staples-9.39%** | **Consumer Staples-9.39%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 73416 | &nbsp;&nbsp; 1314146 |
| Altria Group, Inc.<sup>(c)</sup> | 21593 | &nbsp;&nbsp; 1490781 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Archer-Daniels-Midland Co.<sup>(c)</sup> | 21158 | &nbsp;&nbsp; $1460748 |
| BellRing Brands, Inc.<sup>(b)</sup> | 38791 | &nbsp;&nbsp; 713366 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)(c)</sup> | 4582 | &nbsp;&nbsp; 452656 |
| Boston Beer Co., Inc. (The), Class A<sup>(b)(c)</sup> | 6370 | &nbsp;&nbsp; 1444589 |
| Brown-Forman Corp., Class B | 41037 | &nbsp;&nbsp; 1184328 |
| Bunge Global S.A. | 13592 | &nbsp;&nbsp; 1639875 |
| Campbell's Co. (The)<sup>(c)</sup> | 44608 | &nbsp;&nbsp; 1202186 |
| Casey's General Stores, Inc. | 2359 | &nbsp;&nbsp; 1617307 |
| Celsius Holdings, Inc.<sup>(b)(c)</sup> | 28873 | &nbsp;&nbsp; 1547882 |
| Church & Dwight Co., Inc. | 15188 | &nbsp;&nbsp; 1592614 |
| Clorox Co. (The) | 12440 | &nbsp;&nbsp; 1581870 |
| Coca-Cola Co. (The) | 18343 | &nbsp;&nbsp; 1496055 |
| Coca-Cola Consolidated, Inc. | 7871 | &nbsp;&nbsp; 1593090 |
| Colgate-Palmolive Co. | 16421 | &nbsp;&nbsp; 1627978 |
| Conagra Brands, Inc. | 72097 | &nbsp;&nbsp; 1387867 |
| Constellation Brands, Inc., Class A | 8462 | &nbsp;&nbsp; 1335811 |
| Costco Wholesale Corp. | 483 | &nbsp;&nbsp; 488212 |
| Coty, Inc., Class A<sup>(b)(c)</sup> | 127255 | &nbsp;&nbsp; 319410 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 34447 | &nbsp;&nbsp; 1831203 |
| Dollar General Corp. | 3208 | &nbsp;&nbsp; 501218 |
| Dollar Tree, Inc.<sup>(b)</sup> | 3272 | &nbsp;&nbsp; 413843 |
| e.l.f. Beauty, Inc.<sup>(b)(c)</sup> | 5443 | &nbsp;&nbsp; 501028 |
| Estee Lauder Cos., Inc. (The), Class A | 4011 | &nbsp;&nbsp; 439084 |
| Flowers Foods, Inc.<sup>(c)</sup> | 117341 | &nbsp;&nbsp; 1159329 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 20175 | &nbsp;&nbsp; 1703779 |
| General Mills, Inc. | 27435 | &nbsp;&nbsp; 1240885 |
| Hershey Co. (The)<sup>(c)</sup> | 6993 | &nbsp;&nbsp; 1652306 |
| Hormel Foods Corp.<sup>(c)</sup> | 53514 | &nbsp;&nbsp; 1369958 |
| Ingredion, Inc. | 11413 | &nbsp;&nbsp; 1340571 |
| J.M. Smucker Co. (The) | 12573 | &nbsp;&nbsp; 1457839 |
| Kenvue, Inc. | 73259 | &nbsp;&nbsp; 1400712 |
| Keurig Dr Pepper, Inc. | 42985 | &nbsp;&nbsp; 1301586 |
| Kimberly-Clark Corp. | 12255 | &nbsp;&nbsp; 1365697 |
| Kraft Heinz Co. (The) | 52017 | &nbsp;&nbsp; 1280138 |
| Kroger Co. (The)<sup>(c)</sup> | 20386 | &nbsp;&nbsp; 1391141 |
| Lamb Weston Holdings, Inc.<sup>(c)</sup> | 21307 | &nbsp;&nbsp; 1026784 |
| Maplebear, Inc.<sup>(b)(c)</sup> | 10735 | &nbsp;&nbsp; 402670 |
| McCormick & Co., Inc. | 19233 | &nbsp;&nbsp; 1366312 |
| Molson Coors Beverage Co., Class B<sup>(c)</sup> | 26953 | &nbsp;&nbsp; 1320427 |
| Mondelez International, Inc., Class A | 23582 | &nbsp;&nbsp; 1452180 |
| Monster Beverage Corp.<sup>(b)</sup> | 17497 | &nbsp;&nbsp; 1492494 |
| PepsiCo, Inc. | 8525 | &nbsp;&nbsp; 1447033 |
| Performance Food Group Co.<sup>(b)(c)</sup> | 13405 | &nbsp;&nbsp; 1301089 |
| Philip Morris International, Inc.<sup>(c)</sup> | 8394 | &nbsp;&nbsp; 1568251 |
| Pilgrim's Pride Corp.<sup>(c)</sup> | 31947 | &nbsp;&nbsp; 1378833 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 13005 | &nbsp;&nbsp; 1382431 |
| Primo Brands Corp. | 78891 | &nbsp;&nbsp; 1789248 |
| Procter & Gamble Co. (The) | 9001 | &nbsp;&nbsp; 1504967 |
| Reynolds Consumer Products, Inc. | 51490 | &nbsp;&nbsp; 1277467 |
| Seaboard Corp.<sup>(c)</sup> | 300 | &nbsp;&nbsp; 1539810 |
| Smithfield Foods, Inc. | 57378 | &nbsp;&nbsp; 1427565 |
| Sprouts Farmers Market, Inc.<sup>(b)(c)</sup> | 15873 | &nbsp;&nbsp; 1172539 |
| Sysco Corp. | 17084 | &nbsp;&nbsp; 1557377 |
| Target Corp. | 4376 | &nbsp;&nbsp; 497945 |
| Tyson Foods, Inc., Class A | 21304 | &nbsp;&nbsp; 1384547 |
| US Foods Holding Corp.<sup>(b)</sup> | 16495 | &nbsp;&nbsp; 1593582 |
| Walmart, Inc. | 3687 | &nbsp;&nbsp; 471752 |
|  |  | &nbsp;&nbsp; 74196391 |

---

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

------

**17**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-9.43%** | **Energy-9.43%** | **Energy-9.43%** |
| Antero Midstream Corp. | 95476 | &nbsp;&nbsp; $2146300 |
| Antero Resources Corp.<sup>(b)</sup> | 47900 | &nbsp;&nbsp; 1763199 |
| APA Corp.<sup>(c)</sup> | 66451 | &nbsp;&nbsp; 2018117 |
| Baker Hughes Co., Class A | 36326 | &nbsp;&nbsp; 2370635 |
| Cheniere Energy, Inc. | 8989 | &nbsp;&nbsp; 2118977 |
| Chevron Corp. | 11444 | &nbsp;&nbsp; 2137281 |
| Chord Energy Corp. | 17419 | &nbsp;&nbsp; 1887697 |
| ConocoPhillips<sup>(c)</sup> | 17844 | &nbsp;&nbsp; 2024580 |
| Coterra Energy, Inc. | 65106 | &nbsp;&nbsp; 1991593 |
| Devon Energy Corp. | 45940 | &nbsp;&nbsp; 1999768 |
| Diamondback Energy, Inc. | 10981 | &nbsp;&nbsp; 1911572 |
| DT Midstream, Inc. | 14418 | &nbsp;&nbsp; 2001795 |
| EOG Resources, Inc. | 15737 | &nbsp;&nbsp; 1952647 |
| EQT Corp. | 30752 | &nbsp;&nbsp; 1888788 |
| Expand Energy Corp. | 15053 | &nbsp;&nbsp; 1624520 |
| Exxon Mobil Corp. | 14416 | &nbsp;&nbsp; 2198440 |
| Halliburton Co. | 59218 | &nbsp;&nbsp; 2131848 |
| HF Sinclair Corp. | 34925 | &nbsp;&nbsp; 1746599 |
| Kinder Morgan, Inc. | 64281 | &nbsp;&nbsp; 2138629 |
| Marathon Petroleum Corp.<sup>(c)</sup> | 9211 | &nbsp;&nbsp; 1825712 |
| Matador Resources Co. | 38370 | &nbsp;&nbsp; 1972218 |
| NOV, Inc.<sup>(c)</sup> | 103638 | &nbsp;&nbsp; 2099706 |
| Occidental Petroleum Corp. | 41845 | &nbsp;&nbsp; 2221133 |
| ONEOK, Inc.<sup>(c)</sup> | 23430 | &nbsp;&nbsp; 1939301 |
| Ovintiv, Inc. | 42550 | &nbsp;&nbsp; 2152604 |
| Permian Resources Corp. | 117566 | &nbsp;&nbsp; 2150282 |
| Phillips 66 | 12013 | &nbsp;&nbsp; 1853966 |
| Range Resources Corp.<sup>(c)</sup> | 47503 | &nbsp;&nbsp; 1960924 |
| SLB Ltd. | 42699 | &nbsp;&nbsp; 2192167 |
| Targa Resources Corp. | 9286 | &nbsp;&nbsp; 2189639 |
| TechnipFMC PLC (United Kingdom) | 37153 | &nbsp;&nbsp; 2463615 |
| Texas Pacific Land Corp. | 5819 | &nbsp;&nbsp; 3050844 |
| Valero Energy Corp.<sup>(c)</sup> | 10114 | &nbsp;&nbsp; 2069729 |
| Viper Energy, Inc., Class A | 42414 | &nbsp;&nbsp; 1973948 |
| Weatherford International PLC | 21239 | &nbsp;&nbsp; 2239865 |
| Williams Cos., Inc. (The) | 28318 | &nbsp;&nbsp; 2115921 |
|  |  | &nbsp;&nbsp; 74524559 |
| **Financials-8.67%** | **Financials-8.67%** | **Financials-8.67%** |
| Affiliated Managers Group, Inc. | 1672 | &nbsp;&nbsp; 511933 |
| Affirm Holdings, Inc.<sup>(b)</sup> | 4962 | &nbsp;&nbsp; 233115 |
| Aflac, Inc. | 4310 | &nbsp;&nbsp; 486728 |
| AGNC Investment Corp.<sup>(c)</sup> | 45506 | &nbsp;&nbsp; 510122 |
| Allstate Corp. (The) | 2265 | &nbsp;&nbsp; 485888 |
| Ally Financial, Inc.<sup>(c)</sup> | 10240 | &nbsp;&nbsp; 403866 |
| American Express Co.<sup>(c)</sup> | 900 | &nbsp;&nbsp; 278010 |
| American Financial Group, Inc.<sup>(c)</sup> | 3438 | &nbsp;&nbsp; 457185 |
| American International Group, Inc. | 5648 | &nbsp;&nbsp; 454608 |
| Ameriprise Financial, Inc. | 949 | &nbsp;&nbsp; 446144 |
| Annaly Capital Management, Inc.<sup>(c)</sup> | 21074 | &nbsp;&nbsp; 489760 |
| Aon PLC, Class A | 1404 | &nbsp;&nbsp; 471000 |
| Apollo Global Management, Inc.<sup>(c)</sup> | 3127 | &nbsp;&nbsp; 327084 |
| Arch Capital Group Ltd.<sup>(b)</sup> | 5005 | &nbsp;&nbsp; 501251 |
| Ares Management Corp., Class A | 2655 | &nbsp;&nbsp; 297387 |
| Arthur J. Gallagher & Co. | 1885 | &nbsp;&nbsp; 430157 |
| Assurant, Inc. | 2063 | &nbsp;&nbsp; 473644 |
| Assured Guaranty Ltd. | 5228 | &nbsp;&nbsp; 450706 |
| AXIS Capital Holdings Ltd. | 4515 | &nbsp;&nbsp; 477326 |
| Bank of America Corp. | 8599 | &nbsp;&nbsp; 428488 |
| Bank of New York Mellon Corp. (The) | 3944 | &nbsp;&nbsp; 469730 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Bank OZK<sup>(c)</sup> | 9616 | &nbsp;&nbsp; $447721 |
| Berkshire Hathaway, Inc., Class B<sup>(b)(c)</sup> | 954 | &nbsp;&nbsp; 481722 |
| BlackRock, Inc. | 432 | &nbsp;&nbsp; 459315 |
| Blackstone, Inc., Class A | 3054 | &nbsp;&nbsp; 346232 |
| Block, Inc., Class A<sup>(b)</sup> | 5390 | &nbsp;&nbsp; 343343 |
| Blue Owl Capital, Inc. | 29093 | &nbsp;&nbsp; 306931 |
| BOK Financial Corp.<sup>(c)</sup> | 3886 | &nbsp;&nbsp; 488548 |
| Brighthouse Financial, Inc.<sup>(b)(c)</sup> | 7165 | &nbsp;&nbsp; 429757 |
| Brookfield Asset Management Ltd., Class A <br> (Canada)<sup>(c)</sup><br>| 8594 | &nbsp;&nbsp; 401770 |
| Brown & Brown, Inc.<sup>(c)</sup> | 5899 | &nbsp;&nbsp; 423666 |
| Bullish (Cayman Islands)<sup>(b)(c)</sup> | 10352 | &nbsp;&nbsp; 324949 |
| Capital One Financial Corp. | 1441 | &nbsp;&nbsp; 281917 |
| Carlyle Group, Inc. (The)<sup>(c)</sup> | 7784 | &nbsp;&nbsp; 404690 |
| Cboe Global Markets, Inc. | 1928 | &nbsp;&nbsp; 577860 |
| Charles Schwab Corp. (The) | 4835 | &nbsp;&nbsp; 460292 |
| Chubb Ltd. | 1540 | &nbsp;&nbsp; 524924 |
| Cincinnati Financial Corp. | 2836 | &nbsp;&nbsp; 465047 |
| Citigroup, Inc. | 4204 | &nbsp;&nbsp; 463239 |
| Citizens Financial Group, Inc. | 8058 | &nbsp;&nbsp; 485011 |
| CME Group, Inc., Class A | 1717 | &nbsp;&nbsp; 548582 |
| CNA Financial Corp. | 10095 | &nbsp;&nbsp; 484762 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 1741 | &nbsp;&nbsp; 306155 |
| Columbia Banking System, Inc. | 16014 | &nbsp;&nbsp; 455598 |
| Commerce Bancshares, Inc. | 8766 | &nbsp;&nbsp; 446978 |
| Corebridge Financial, Inc. | 14806 | &nbsp;&nbsp; 382587 |
| Corpay, Inc.<sup>(b)</sup> | 1084 | &nbsp;&nbsp; 352408 |
| Credit Acceptance Corp.<sup>(b)(c)</sup> | 987 | &nbsp;&nbsp; 467029 |
| Cullen/Frost Bankers, Inc. | 3611 | &nbsp;&nbsp; 499112 |
| East West Bancorp, Inc. | 4071 | &nbsp;&nbsp; 445571 |
| Equitable Holdings, Inc. | 9552 | &nbsp;&nbsp; 384181 |
| Euronet Worldwide, Inc.<sup>(b)(c)</sup> | 4370 | &nbsp;&nbsp; 303934 |
| Evercore, Inc., Class A | 1425 | &nbsp;&nbsp; 440097 |
| Everest Group Ltd. | 1455 | &nbsp;&nbsp; 488138 |
| F.N.B. Corp. | 26545 | &nbsp;&nbsp; 451000 |
| FactSet Research Systems, Inc. | 1610 | &nbsp;&nbsp; 349064 |
| Fidelity National Financial, Inc. | 8418 | &nbsp;&nbsp; 445144 |
| Fidelity National Information Services, Inc. | 5088 | &nbsp;&nbsp; 259284 |
| Fifth Third Bancorp | 19469 | &nbsp;&nbsp; 963131 |
| Figure Technology Solutions, Inc., <br> Class A<sup>(b)(c)</sup><br>| 11413 | &nbsp;&nbsp; 288521 |
| First American Financial Corp. | 7272 | &nbsp;&nbsp; 509840 |
| First Citizens BancShares, Inc., Class A | 229 | &nbsp;&nbsp; 434676 |
| First Hawaiian, Inc.<sup>(c)</sup> | 17926 | &nbsp;&nbsp; 443848 |
| First Horizon Corp. | 19570 | &nbsp;&nbsp; 465570 |
| Fiserv, Inc.<sup>(b)</sup> | 5022 | &nbsp;&nbsp; 312820 |
| Franklin Resources, Inc. | 19961 | &nbsp;&nbsp; 529765 |
| Freedom Holding Corp. (Kazakhstan)<sup>(b)(c)</sup> | 3450 | &nbsp;&nbsp; 414587 |
| Global Payments, Inc. | 4192 | &nbsp;&nbsp; 320520 |
| Globe Life, Inc. | 3367 | &nbsp;&nbsp; 489090 |
| Goldman Sachs Group, Inc. (The) | 517 | &nbsp;&nbsp; 444398 |
| Hamilton Lane, Inc., Class A<sup>(c)</sup> | 3505 | &nbsp;&nbsp; 367815 |
| Hanover Insurance Group, Inc. (The) | 2545 | &nbsp;&nbsp; 459703 |
| Hartford Insurance Group, Inc. (The) | 3458 | &nbsp;&nbsp; 486990 |
| Houlihan Lokey, Inc. | 2613 | &nbsp;&nbsp; 427931 |
| Huntington Bancshares, Inc. | 26178 | &nbsp;&nbsp; 439790 |
| Interactive Brokers Group, Inc., Class A | 7097 | &nbsp;&nbsp; 505235 |
| Intercontinental Exchange, Inc. | 2868 | &nbsp;&nbsp; 470725 |
| Invesco Ltd.<sup>(d)</sup> | 17370 | &nbsp;&nbsp; 456136 |
| Jack Henry & Associates, Inc. | 1822 | &nbsp;&nbsp; 296002 |

---

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

------

**18**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Janus Henderson Group PLC | 10218 | &nbsp;&nbsp; $532358 |
| Jefferies Financial Group, Inc.<sup>(c)</sup> | 7425 | &nbsp;&nbsp; 329670 |
| JPMorgan Chase & Co. | 1486 | &nbsp;&nbsp; 446246 |
| Kemper Corp.<sup>(c)</sup> | 11477 | &nbsp;&nbsp; 370937 |
| KeyCorp | 22646 | &nbsp;&nbsp; 469678 |
| Kinsale Capital Group, Inc. | 1203 | &nbsp;&nbsp; 468773 |
| KKR & Co., Inc., Class A | 3290 | &nbsp;&nbsp; 288467 |
| Lazard, Inc. | 9244 | &nbsp;&nbsp; 467746 |
| Lincoln National Corp.<sup>(c)</sup> | 10120 | &nbsp;&nbsp; 347116 |
| Loews Corp. | 4475 | &nbsp;&nbsp; 492340 |
| LPL Financial Holdings, Inc. | 1205 | &nbsp;&nbsp; 361958 |
| M&T Bank Corp. | 2276 | &nbsp;&nbsp; 493846 |
| Markel Group, Inc.<sup>(b)(c)</sup> | 226 | &nbsp;&nbsp; 468378 |
| MarketAxess Holdings, Inc. | 2625 | &nbsp;&nbsp; 504000 |
| Marsh & McLennan Cos., Inc. | 2564 | &nbsp;&nbsp; 478801 |
| Mastercard, Inc., Class A | 605 | &nbsp;&nbsp; 312912 |
| MetLife, Inc. | 5700 | &nbsp;&nbsp; 410799 |
| MGIC Investment Corp. | 16103 | &nbsp;&nbsp; 427213 |
| Moody's Corp. | 972 | &nbsp;&nbsp; 464217 |
| Morgan Stanley | 2607 | &nbsp;&nbsp; 434092 |
| Morningstar, Inc. | 2193 | &nbsp;&nbsp; 401626 |
| MSCI, Inc. | 866 | &nbsp;&nbsp; 495205 |
| Nasdaq, Inc. | 4992 | &nbsp;&nbsp; 437199 |
| Northern Trust Corp. | 3343 | &nbsp;&nbsp; 478350 |
| NU Holdings Ltd., Class A (Brazil)<sup>(b)</sup> | 27872 | &nbsp;&nbsp; 417523 |
| Old Republic International Corp. | 10533 | &nbsp;&nbsp; 451550 |
| OneMain Holdings, Inc.<sup>(c)</sup> | 6724 | &nbsp;&nbsp; 369954 |
| PayPal Holdings, Inc. | 5551 | &nbsp;&nbsp; 256512 |
| Pinnacle Financial Partners, Inc. | 9272 | &nbsp;&nbsp; 841527 |
| PNC Financial Services Group, Inc. (The) | 2216 | &nbsp;&nbsp; 470568 |
| Popular, Inc. | 3875 | &nbsp;&nbsp; 524520 |
| Primerica, Inc. | 1823 | &nbsp;&nbsp; 462422 |
| Principal Financial Group, Inc. | 5111 | &nbsp;&nbsp; 487692 |
| Progressive Corp. (The) | 2042 | &nbsp;&nbsp; 436294 |
| Prosperity Bancshares, Inc.<sup>(c)</sup> | 6390 | &nbsp;&nbsp; 449664 |
| Prudential Financial, Inc.<sup>(c)</sup> | 3997 | &nbsp;&nbsp; 393225 |
| Raymond James Financial, Inc. | 2854 | &nbsp;&nbsp; 436890 |
| Regions Financial Corp. | 16843 | &nbsp;&nbsp; 468741 |
| Reinsurance Group of America, Inc. | 2306 | &nbsp;&nbsp; 497473 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 1729 | &nbsp;&nbsp; 522953 |
| Rithm Capital Corp. | 42083 | &nbsp;&nbsp; 422934 |
| RLI Corp. | 7355 | &nbsp;&nbsp; 458364 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 3808 | &nbsp;&nbsp; 288837 |
| Rocket Cos., Inc., Class A | 24207 | &nbsp;&nbsp; 440325 |
| Ryan Specialty Holdings, Inc., Class A | 8661 | &nbsp;&nbsp; 340810 |
| S&P Global, Inc. | 949 | &nbsp;&nbsp; 419344 |
| SEI Investments Co.<sup>(c)</sup> | 5625 | &nbsp;&nbsp; 457425 |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup> | 4965 | &nbsp;&nbsp; 218808 |
| SLM Corp. | 17120 | &nbsp;&nbsp; 320829 |
| SoFi Technologies, Inc.<sup>(b)(c)</sup> | 17327 | &nbsp;&nbsp; 307728 |
| SouthState Bank Corp. | 4927 | &nbsp;&nbsp; 486147 |
| Starwood Property Trust, Inc.<sup>(c)</sup> | 25359 | &nbsp;&nbsp; 451644 |
| State Street Corp. | 3627 | &nbsp;&nbsp; 466505 |
| Stifel Financial Corp. | 5321 | &nbsp;&nbsp; 393983 |
| Synchrony Financial | 3992 | &nbsp;&nbsp; 275887 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 4462 | &nbsp;&nbsp; 422239 |
| TFS Financial Corp.<sup>(c)</sup> | 34085 | &nbsp;&nbsp; 477872 |
| Toast, Inc., Class A<sup>(b)</sup> | 13305 | &nbsp;&nbsp; 363360 |
| TPG, Inc. | 6805 | &nbsp;&nbsp; 295473 |
| Tradeweb Markets, Inc., Class A | 4342 | &nbsp;&nbsp; 535173 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Travelers Cos., Inc. (The) | 1657 | &nbsp;&nbsp; $511417 |
| Truist Financial Corp. | 9427 | &nbsp;&nbsp; 464845 |
| U.S. Bancorp | 8766 | &nbsp;&nbsp; 479150 |
| Unum Group | 6135 | &nbsp;&nbsp; 440064 |
| UWM Holdings Corp.<sup>(c)</sup> | 84166 | &nbsp;&nbsp; 371172 |
| Virtu Financial, Inc., Class A | 13720 | &nbsp;&nbsp; 568145 |
| Visa, Inc., Class A | 996 | &nbsp;&nbsp; 318859 |
| Voya Financial, Inc. | 6322 | &nbsp;&nbsp; 422815 |
| W.R. Berkley Corp.<sup>(c)</sup> | 6751 | &nbsp;&nbsp; 484047 |
| Webster Financial Corp. | 7336 | &nbsp;&nbsp; 529146 |
| Wells Fargo & Co. | 5057 | &nbsp;&nbsp; 411893 |
| Western Alliance Bancorporation | 5364 | &nbsp;&nbsp; 430836 |
| Western Union Co. (The)<sup>(c)</sup> | 35653 | &nbsp;&nbsp; 343338 |
| WEX, Inc.<sup>(b)</sup> | 2214 | &nbsp;&nbsp; 330307 |
| White Mountains Insurance Group Ltd.<sup>(c)</sup> | 234 | &nbsp;&nbsp; 519599 |
| Willis Towers Watson PLC | 1450 | &nbsp;&nbsp; 442497 |
| Wintrust Financial Corp. | 3300 | &nbsp;&nbsp; 475398 |
| XP, Inc., Class A (Brazil) | 26398 | &nbsp;&nbsp; 568349 |
| Zions Bancorporation N.A.<sup>(c)</sup> | 7880 | &nbsp;&nbsp; 451366 |
|  |  | &nbsp;&nbsp; 68514148 |
| **Health Care-9.13%** | **Health Care-9.13%** | **Health Care-9.13%** |
| Abbott Laboratories | 5297 | &nbsp;&nbsp; 616306 |
| AbbVie, Inc. | 2903 | &nbsp;&nbsp; 673728 |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 45113 | &nbsp;&nbsp; 1057449 |
| Agilent Technologies, Inc. | 4555 | &nbsp;&nbsp; 552886 |
| Align Technology, Inc.<sup>(b)</sup> | 3972 | &nbsp;&nbsp; 755077 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 1583 | &nbsp;&nbsp; 527012 |
| Amgen, Inc. | 2061 | &nbsp;&nbsp; 799998 |
| Apellis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 26125 | &nbsp;&nbsp; 547580 |
| Avantor, Inc.<sup>(b)</sup> | 56853 | &nbsp;&nbsp; 514520 |
| Baxter International, Inc. | 34500 | &nbsp;&nbsp; 702765 |
| Becton, Dickinson and Co. | 3255 | &nbsp;&nbsp; 574442 |
| Biogen, Inc.<sup>(b)</sup> | 3782 | &nbsp;&nbsp; 725463 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 12293 | &nbsp;&nbsp; 758847 |
| Bio-Rad Laboratories, Inc., Class A<sup>(b)(c)</sup> | 2080 | &nbsp;&nbsp; 579155 |
| Bio-Techne Corp.<sup>(c)</sup> | 10828 | &nbsp;&nbsp; 638852 |
| Boston Scientific Corp.<sup>(b)</sup> | 7108 | &nbsp;&nbsp; 546250 |
| Bristol-Myers Squibb Co. | 12729 | &nbsp;&nbsp; 793908 |
| Bristol-Myers Squibb Co., Rts., expiring <br> 01/23/2031<sup>(b)(c)(e)</sup><br>| 7730 | &nbsp;&nbsp; 0 |
| Bruker Corp.<sup>(c)</sup> | 14070 | &nbsp;&nbsp; 564348 |
| Cardinal Health, Inc. | 3288 | &nbsp;&nbsp; 753708 |
| Caris Life Sciences, Inc.<sup>(b)(c)</sup> | 24526 | &nbsp;&nbsp; 493954 |
| Cencora, Inc. | 3690 | &nbsp;&nbsp; 1373197 |
| Centene Corp.<sup>(b)</sup> | 16105 | &nbsp;&nbsp; 722792 |
| Certara, Inc.<sup>(b)(c)</sup> | 74008 | &nbsp;&nbsp; 523977 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 3350 | &nbsp;&nbsp; 597942 |
| Chemed Corp. | 1525 | &nbsp;&nbsp; 625265 |
| Cigna Group (The) | 2385 | &nbsp;&nbsp; 691221 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 7929 | &nbsp;&nbsp; 663419 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 7493 | &nbsp;&nbsp; 267500 |
| CVS Health Corp. | 15686 | &nbsp;&nbsp; 1253311 |
| Danaher Corp. | 2803 | &nbsp;&nbsp; 590424 |
| DaVita, Inc.<sup>(b)(c)</sup> | 5421 | &nbsp;&nbsp; 847302 |
| DENTSPLY SIRONA, Inc.<sup>(c)</sup> | 56220 | &nbsp;&nbsp; 825310 |
| Dexcom, Inc.<sup>(b)</sup> | 9452 | &nbsp;&nbsp; 694060 |
| Doximity, Inc., Class A<sup>(b)</sup> | 14750 | &nbsp;&nbsp; 361818 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 7738 | &nbsp;&nbsp; 669105 |

---

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

------

**19**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Elanco Animal Health, Inc.<sup>(b)</sup> | 30657 | &nbsp;&nbsp; $809345 |
| Elevance Health, Inc. | 1802 | &nbsp;&nbsp; 576640 |
| Eli Lilly and Co. | 660 | &nbsp;&nbsp; 694313 |
| Encompass Health Corp. | 6100 | &nbsp;&nbsp; 658068 |
| Envista Holdings Corp.<sup>(b)</sup> | 29457 | &nbsp;&nbsp; 860439 |
| Exact Sciences Corp.<sup>(b)(c)</sup> | 6440 | &nbsp;&nbsp; 665767 |
| Exelixis, Inc.<sup>(b)</sup> | 15759 | &nbsp;&nbsp; 694342 |
| GE HealthCare Technologies, Inc. | 7582 | &nbsp;&nbsp; 638935 |
| Gilead Sciences, Inc. | 5300 | &nbsp;&nbsp; 789435 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 7326 | &nbsp;&nbsp; 699340 |
| Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 10528 | &nbsp;&nbsp; 732012 |
| HCA Healthcare, Inc. | 1377 | &nbsp;&nbsp; 729397 |
| Henry Schein, Inc.<sup>(b)</sup> | 8563 | &nbsp;&nbsp; 705506 |
| Hologic, Inc.<sup>(b)</sup> | 8717 | &nbsp;&nbsp; 656913 |
| Humana, Inc.<sup>(c)</sup> | 2434 | &nbsp;&nbsp; 463774 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 930 | &nbsp;&nbsp; 610759 |
| Illumina, Inc.<sup>(b)</sup> | 4786 | &nbsp;&nbsp; 643526 |
| Incyte Corp.<sup>(b)</sup> | 6776 | &nbsp;&nbsp; 686206 |
| Insmed, Inc.<sup>(b)</sup> | 3331 | &nbsp;&nbsp; 497418 |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup> | 4755 | &nbsp;&nbsp; 306745 |
| Insulet Corp.<sup>(b)</sup> | 2212 | &nbsp;&nbsp; 545501 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 1185 | &nbsp;&nbsp; 596659 |
| Ionis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 8238 | &nbsp;&nbsp; 668514 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 2878 | &nbsp;&nbsp; 514615 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 3949 | &nbsp;&nbsp; 750389 |
| Johnson & Johnson | 3114 | &nbsp;&nbsp; 773611 |
| Labcorp Holdings, Inc. | 2532 | &nbsp;&nbsp; 732052 |
| Masimo Corp.<sup>(b)</sup> | 4604 | &nbsp;&nbsp; 807311 |
| McKesson Corp. | 1559 | &nbsp;&nbsp; 1539310 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 1149 | &nbsp;&nbsp; 519072 |
| Medtronic PLC | 6539 | &nbsp;&nbsp; 638599 |
| Merck & Co., Inc. | 6586 | &nbsp;&nbsp; 815479 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 251 | &nbsp;&nbsp; 343039 |
| Moderna, Inc.<sup>(b)(c)</sup> | 22001 | &nbsp;&nbsp; 1178594 |
| Molina Healthcare, Inc.<sup>(b)(c)</sup> | 3903 | &nbsp;&nbsp; 601257 |
| Natera, Inc.<sup>(b)</sup> | 2818 | &nbsp;&nbsp; 586257 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 4222 | &nbsp;&nbsp; 558360 |
| Organon & Co. | 88599 | &nbsp;&nbsp; 645887 |
| Penumbra, Inc.<sup>(b)</sup> | 2099 | &nbsp;&nbsp; 722875 |
| Perrigo Co. PLC | 48561 | &nbsp;&nbsp; 641976 |
| Pfizer, Inc. | 25268 | &nbsp;&nbsp; 698660 |
| Qiagen N.V. | 13636 | &nbsp;&nbsp; 679073 |
| Quest Diagnostics, Inc.<sup>(c)</sup> | 3602 | &nbsp;&nbsp; 763300 |
| Regeneron Pharmaceuticals, Inc. | 883 | &nbsp;&nbsp; 690215 |
| Repligen Corp.<sup>(b)(c)</sup> | 4024 | &nbsp;&nbsp; 518010 |
| ResMed, Inc. | 2590 | &nbsp;&nbsp; 663713 |
| Revolution Medicines, Inc.<sup>(b)</sup> | 8301 | &nbsp;&nbsp; 846868 |
| Revvity, Inc.<sup>(c)</sup> | 6263 | &nbsp;&nbsp; 615716 |
| Roivant Sciences Ltd.<sup>(b)</sup> | 30561 | &nbsp;&nbsp; 884435 |
| Royalty Pharma PLC, Class A | 16809 | &nbsp;&nbsp; 776744 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 29986 | &nbsp;&nbsp; 502565 |
| Solventum Corp.<sup>(b)</sup> | 7867 | &nbsp;&nbsp; 583731 |
| Sotera Health Co.<sup>(b)(c)</sup> | 38570 | &nbsp;&nbsp; 626762 |
| STERIS PLC | 2589 | &nbsp;&nbsp; 653334 |
| Stryker Corp. | 1898 | &nbsp;&nbsp; 735399 |
| Summit Therapeutics, Inc.<sup>(b)(c)</sup> | 36175 | &nbsp;&nbsp; 600143 |
| Teleflex, Inc. | 5115 | &nbsp;&nbsp; 624337 |
| Tempus AI, Inc.<sup>(b)(c)</sup> | 8808 | &nbsp;&nbsp; 469026 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 3298 | &nbsp;&nbsp; 789508 |
| Thermo Fisher Scientific, Inc. | 1125 | &nbsp;&nbsp; 586249 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | 17983 | &nbsp;&nbsp; $420622 |
| United Therapeutics Corp.<sup>(b)</sup> | 1375 | &nbsp;&nbsp; 692862 |
| UnitedHealth Group, Inc. | 1945 | &nbsp;&nbsp; 570410 |
| Universal Health Services, Inc., Class B | 2895 | &nbsp;&nbsp; 596660 |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 2831 | &nbsp;&nbsp; 515270 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 1470 | &nbsp;&nbsp; 730340 |
| Viatris, Inc. | 56266 | &nbsp;&nbsp; 840051 |
| Viking Therapeutics, Inc.<sup>(b)(c)</sup> | 17492 | &nbsp;&nbsp; 591929 |
| Waters Corp.<sup>(b)</sup> | 2105 | &nbsp;&nbsp; 672295 |
| West Pharmaceutical Services, Inc. | 2380 | &nbsp;&nbsp; 605329 |
| Zimmer Biomet Holdings, Inc. | 7057 | &nbsp;&nbsp; 694691 |
| Zoetis, Inc. | 5539 | &nbsp;&nbsp; 726163 |
|  |  | &nbsp;&nbsp; 72145538 |
| **Industrials-10.25%** | **Industrials-10.25%** | **Industrials-10.25%** |
| 3M Co. | 2040 | &nbsp;&nbsp; 337253 |
| A.O. Smith Corp.<sup>(c)</sup> | 4993 | &nbsp;&nbsp; 389454 |
| AAON, Inc.<sup>(c)</sup> | 4062 | &nbsp;&nbsp; 411074 |
| Acuity, Inc. | 923 | &nbsp;&nbsp; 278368 |
| Advanced Drainage Systems, Inc. | 2254 | &nbsp;&nbsp; 386200 |
| AECOM<sup>(c)</sup> | 3421 | &nbsp;&nbsp; 335190 |
| AGCO Corp. | 3154 | &nbsp;&nbsp; 430521 |
| Air Lease Corp., Class A | 5362 | &nbsp;&nbsp; 347672 |
| Alaska Air Group, Inc.<sup>(b)(c)</sup> | 8080 | &nbsp;&nbsp; 416928 |
| Allegion PLC | 2086 | &nbsp;&nbsp; 336159 |
| Allison Transmission Holdings, Inc. | 3437 | &nbsp;&nbsp; 430656 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 11359 | &nbsp;&nbsp; 339293 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 28417 | &nbsp;&nbsp; 371410 |
| AMETEK, Inc. | 1677 | &nbsp;&nbsp; 401172 |
| API Group Corp.<sup>(b)</sup> | 8469 | &nbsp;&nbsp; 376532 |
| Applied Industrial Technologies, Inc. | 1294 | &nbsp;&nbsp; 365658 |
| Armstrong World Industries, Inc. | 1818 | &nbsp;&nbsp; 315423 |
| ATI, Inc.<sup>(b)</sup> | 3106 | &nbsp;&nbsp; 508111 |
| Automatic Data Processing, Inc. | 1285 | &nbsp;&nbsp; 275453 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 3158 | &nbsp;&nbsp; 307621 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 587 | &nbsp;&nbsp; 318389 |
| Boeing Co. (The)<sup>(b)</sup> | 1701 | &nbsp;&nbsp; 387029 |
| Booz Allen Hamilton Holding Corp. | 3640 | &nbsp;&nbsp; 286941 |
| Broadridge Financial Solutions, Inc. | 2033 | &nbsp;&nbsp; 377874 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 3127 | &nbsp;&nbsp; 326115 |
| BWX Technologies, Inc. | 1858 | &nbsp;&nbsp; 382711 |
| C.H. Robinson Worldwide, Inc. | 2144 | &nbsp;&nbsp; 397176 |
| CACI International, Inc., Class A<sup>(b)(c)</sup> | 843 | &nbsp;&nbsp; 514373 |
| Carlisle Cos., Inc. | 1029 | &nbsp;&nbsp; 406218 |
| Carpenter Technology Corp. | 5494 | &nbsp;&nbsp; 2186997 |
| Carrier Global Corp. | 6340 | &nbsp;&nbsp; 408296 |
| Caterpillar, Inc. | 547 | &nbsp;&nbsp; 406328 |
| Cintas Corp. | 1806 | &nbsp;&nbsp; 363241 |
| Clarivate PLC<sup>(b)(c)</sup> | 135894 | &nbsp;&nbsp; 312556 |
| Clean Harbors, Inc.<sup>(b)(c)</sup> | 6469 | &nbsp;&nbsp; 1896711 |
| CNH Industrial N.V.<sup>(c)</sup> | 34540 | &nbsp;&nbsp; 424842 |
| Comfort Systems USA, Inc. | 345 | &nbsp;&nbsp; 493133 |
| Concentrix Corp.<sup>(c)</sup> | 12109 | &nbsp;&nbsp; 397175 |
| Copart, Inc.<sup>(b)</sup> | 10965 | &nbsp;&nbsp; 417657 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 6034 | &nbsp;&nbsp; 326801 |
| Crane Co. | 1769 | &nbsp;&nbsp; 354738 |
| CSX Corp. | 9228 | &nbsp;&nbsp; 393943 |
| Cummins, Inc. | 649 | &nbsp;&nbsp; 378932 |
| Curtiss-Wright Corp. | 599 | &nbsp;&nbsp; 419498 |
| Deere & Co. | 745 | &nbsp;&nbsp; 469134 |

---

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

------

**20**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Delta Air Lines, Inc. | 6014 | &nbsp;&nbsp; $395120 |
| Donaldson Co., Inc. | 3689 | &nbsp;&nbsp; 342192 |
| Dover Corp. | 1699 | &nbsp;&nbsp; 383124 |
| Eaton Corp. PLC | 984 | &nbsp;&nbsp; 369905 |
| EMCOR Group, Inc. | 536 | &nbsp;&nbsp; 388396 |
| Emerson Electric Co. | 2440 | &nbsp;&nbsp; 367830 |
| Equifax, Inc. | 1557 | &nbsp;&nbsp; 325351 |
| ESAB Corp. | 2946 | &nbsp;&nbsp; 371697 |
| Everus Construction Group, Inc.<sup>(b)(c)</sup> | 3380 | &nbsp;&nbsp; 408541 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 8251 | &nbsp;&nbsp; 257844 |
| Expeditors International of Washington, <br> Inc.<sup>(c)</sup><br>| 2237 | &nbsp;&nbsp; 324432 |
| Fastenal Co. | 42373 | &nbsp;&nbsp; 1950853 |
| FedEx Corp. | 1198 | &nbsp;&nbsp; 463626 |
| Ferguson Enterprises, Inc. | 1506 | &nbsp;&nbsp; 392705 |
| Flowserve Corp.<sup>(c)</sup> | 4675 | &nbsp;&nbsp; 413831 |
| Fortive Corp. | 6171 | &nbsp;&nbsp; 365323 |
| Fortune Brands Innovations, Inc. | 6537 | &nbsp;&nbsp; 355221 |
| FTAI Aviation Ltd. | 1870 | &nbsp;&nbsp; 571846 |
| FTI Consulting, Inc.<sup>(b)(c)</sup> | 2043 | &nbsp;&nbsp; 335910 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 15338 | &nbsp;&nbsp; 422869 |
| GE Vernova, Inc. | 489 | &nbsp;&nbsp; 427190 |
| Generac Holdings, Inc.<sup>(b)</sup> | 2051 | &nbsp;&nbsp; 462234 |
| General Dynamics Corp. | 1008 | &nbsp;&nbsp; 359906 |
| General Electric Co. | 1184 | &nbsp;&nbsp; 405236 |
| Genpact Ltd. | 7230 | &nbsp;&nbsp; 287176 |
| Graco, Inc. | 4082 | &nbsp;&nbsp; 383381 |
| GXO Logistics, Inc.<sup>(b)</sup> | 6379 | &nbsp;&nbsp; 400793 |
| Hayward Holdings, Inc.<sup>(b)</sup> | 21374 | &nbsp;&nbsp; 341984 |
| HEICO Corp.<sup>(c)</sup> | 1086 | &nbsp;&nbsp; 346934 |
| Hexcel Corp.<sup>(c)</sup> | 24301 | &nbsp;&nbsp; 2252460 |
| Honeywell International, Inc. | 1761 | &nbsp;&nbsp; 428962 |
| Howmet Aerospace, Inc. | 1744 | &nbsp;&nbsp; 457852 |
| Hubbell, Inc. | 766 | &nbsp;&nbsp; 391909 |
| Huntington Ingalls Industries, Inc. | 1049 | &nbsp;&nbsp; 466301 |
| IDEX Corp. | 1879 | &nbsp;&nbsp; 393594 |
| Illinois Tool Works, Inc. | 1320 | &nbsp;&nbsp; 383632 |
| Ingersoll Rand, Inc. | 4094 | &nbsp;&nbsp; 385409 |
| ITT, Inc. | 1970 | &nbsp;&nbsp; 398748 |
| J.B. Hunt Transport Services, Inc. | 1713 | &nbsp;&nbsp; 399831 |
| Jacobs Solutions, Inc. | 2517 | &nbsp;&nbsp; 346994 |
| Johnson Controls International PLC | 2894 | &nbsp;&nbsp; 417604 |
| Karman Holdings, Inc.<sup>(b)(c)</sup> | 4930 | &nbsp;&nbsp; 434382 |
| KBR, Inc. | 10881 | &nbsp;&nbsp; 459505 |
| Kirby Corp.<sup>(b)(c)</sup> | 3068 | &nbsp;&nbsp; 398226 |
| Knight-Swift Transportation Holdings, Inc. | 6531 | &nbsp;&nbsp; 410930 |
| L3Harris Technologies, Inc. | 1176 | &nbsp;&nbsp; 428699 |
| Landstar System, Inc. | 2300 | &nbsp;&nbsp; 374785 |
| Leidos Holdings, Inc. | 2524 | &nbsp;&nbsp; 441952 |
| Lennox International, Inc. | 660 | &nbsp;&nbsp; 376160 |
| Leonardo DRS, Inc. | 9835 | &nbsp;&nbsp; 426741 |
| Lincoln Electric Holdings, Inc. | 1353 | &nbsp;&nbsp; 388379 |
| Loar Holdings, Inc.<sup>(b)(c)</sup> | 4807 | &nbsp;&nbsp; 340288 |
| Lockheed Martin Corp. | 741 | &nbsp;&nbsp; 487637 |
| Lyft, Inc., Class A<sup>(b)(c)</sup> | 20719 | &nbsp;&nbsp; 286751 |
| ManpowerGroup, Inc.<sup>(c)</sup> | 12008 | &nbsp;&nbsp; 335864 |
| Masco Corp. | 5305 | &nbsp;&nbsp; 379944 |
| MasTec, Inc.<sup>(b)</sup> | 1478 | &nbsp;&nbsp; 440474 |
| Middleby Corp. (The)<sup>(b)</sup> | 2338 | &nbsp;&nbsp; 394795 |
| MSA Safety, Inc. | 2092 | &nbsp;&nbsp; 408798 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| MSC Industrial Direct Co., Inc., Class A<sup>(c)</sup> | 3951 | &nbsp;&nbsp; $370762 |
| Mueller Industries, Inc. | 15510 | &nbsp;&nbsp; 1829560 |
| Nordson Corp. | 1469 | &nbsp;&nbsp; 431063 |
| Norfolk Southern Corp. | 1162 | &nbsp;&nbsp; 365728 |
| Northrop Grumman Corp. | 608 | &nbsp;&nbsp; 440423 |
| nVent Electric PLC | 3146 | &nbsp;&nbsp; 372361 |
| Old Dominion Freight Line, Inc. | 2155 | &nbsp;&nbsp; 437573 |
| Oshkosh Corp. | 2573 | &nbsp;&nbsp; 437461 |
| Otis Worldwide Corp. | 3902 | &nbsp;&nbsp; 361169 |
| Owens Corning | 2934 | &nbsp;&nbsp; 358153 |
| PACCAR, Inc. | 3050 | &nbsp;&nbsp; 384574 |
| Parker-Hannifin Corp. | 389 | &nbsp;&nbsp; 392571 |
| Parsons Corp.<sup>(b)(c)</sup> | 7260 | &nbsp;&nbsp; 479160 |
| Paychex, Inc. | 2977 | &nbsp;&nbsp; 278796 |
| Paycom Software, Inc. | 2881 | &nbsp;&nbsp; 362516 |
| Paylocity Holding Corp.<sup>(b)</sup> | 2292 | &nbsp;&nbsp; 244075 |
| Pentair PLC | 3239 | &nbsp;&nbsp; 321276 |
| Quanta Services, Inc. | 764 | &nbsp;&nbsp; 430193 |
| QXO, Inc.<sup>(b)(c)</sup> | 15484 | &nbsp;&nbsp; 370842 |
| RB Global, Inc. (Canada) | 4026 | &nbsp;&nbsp; 406465 |
| RBC Bearings, Inc.<sup>(b)(c)</sup> | 3861 | &nbsp;&nbsp; 2223627 |
| Regal Rexnord Corp. | 2242 | &nbsp;&nbsp; 495437 |
| Republic Services, Inc. | 7412 | &nbsp;&nbsp; 1697348 |
| Robert Half, Inc.<sup>(c)</sup> | 12369 | &nbsp;&nbsp; 302051 |
| Rocket Lab Corp.<sup>(b)</sup> | 5389 | &nbsp;&nbsp; 372380 |
| Rockwell Automation, Inc. | 842 | &nbsp;&nbsp; 343073 |
| Rollins, Inc.<sup>(c)</sup> | 7131 | &nbsp;&nbsp; 434207 |
| RTX Corp. | 1944 | &nbsp;&nbsp; 393893 |
| Ryder System, Inc. | 1726 | &nbsp;&nbsp; 382413 |
| Saia, Inc.<sup>(b)</sup> | 1002 | &nbsp;&nbsp; 406201 |
| Schneider National, Inc., Class B<sup>(c)</sup> | 12567 | &nbsp;&nbsp; 356651 |
| Science Applications International Corp. | 4797 | &nbsp;&nbsp; 442571 |
| Sensata Technologies Holding PLC | 9509 | &nbsp;&nbsp; 355066 |
| Simpson Manufacturing Co., Inc. | 2011 | &nbsp;&nbsp; 389269 |
| SiteOne Landscape Supply, Inc.<sup>(b)</sup> | 3242 | &nbsp;&nbsp; 463249 |
| Snap-on, Inc.<sup>(c)</sup> | 981 | &nbsp;&nbsp; 377901 |
| Southwest Airlines Co. | 10415 | &nbsp;&nbsp; 513043 |
| SS&C Technologies Holdings, Inc. | 5497 | &nbsp;&nbsp; 413869 |
| StandardAero, Inc.<sup>(b)</sup> | 12463 | &nbsp;&nbsp; 383860 |
| Stanley Black & Decker, Inc.<sup>(c)</sup> | 4472 | &nbsp;&nbsp; 386783 |
| Tetra Tech, Inc. | 9861 | &nbsp;&nbsp; 353418 |
| Textron, Inc. | 3940 | &nbsp;&nbsp; 388681 |
| Timken Co. (The) | 19938 | &nbsp;&nbsp; 2160880 |
| Toro Co. (The) | 4604 | &nbsp;&nbsp; 455151 |
| Trane Technologies PLC | 861 | &nbsp;&nbsp; 398057 |
| TransDigm Group, Inc. | 270 | &nbsp;&nbsp; 351753 |
| TransUnion | 3988 | &nbsp;&nbsp; 313257 |
| Trex Co., Inc.<sup>(b)(c)</sup> | 9689 | &nbsp;&nbsp; 401318 |
| Uber Technologies, Inc.<sup>(b)</sup> | 4964 | &nbsp;&nbsp; 374385 |
| U-Haul Holding Co., Series N | 8403 | &nbsp;&nbsp; 396285 |
| Union Pacific Corp. | 1460 | &nbsp;&nbsp; 386871 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 3910 | &nbsp;&nbsp; 415633 |
| United Parcel Service, Inc., Class B | 3404 | &nbsp;&nbsp; 394728 |
| United Rentals, Inc.<sup>(c)</sup> | 418 | &nbsp;&nbsp; 351120 |
| Valmont Industries, Inc. | 832 | &nbsp;&nbsp; 382662 |
| Veralto Corp. | 3461 | &nbsp;&nbsp; 337205 |
| Verisk Analytics, Inc. | 1587 | &nbsp;&nbsp; 329414 |
| Vertiv Holdings Co., Class A | 2682 | &nbsp;&nbsp; 683615 |
| W.W. Grainger, Inc.<sup>(c)</sup> | 342 | &nbsp;&nbsp; 391498 |
| Wabtec Corp. | 1576 | &nbsp;&nbsp; 415985 |

---

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

------

**21**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Waste Management, Inc. | 7446 | &nbsp;&nbsp; $1793295 |
| Watsco, Inc.<sup>(c)</sup> | 960 | &nbsp;&nbsp; 400637 |
| WESCO International, Inc. | 1229 | &nbsp;&nbsp; 355795 |
| WillScot Holdings Corp. | 16020 | &nbsp;&nbsp; 346192 |
| Woodward, Inc. | 1145 | &nbsp;&nbsp; 442840 |
| XPO, Inc.<sup>(b)</sup> | 2278 | &nbsp;&nbsp; 479451 |
| Xylem, Inc. | 2434 | &nbsp;&nbsp; 315349 |
|  |  | &nbsp;&nbsp; 80989100 |
| **Information Technology-11.21%** | **Information Technology-11.21%** | **Information Technology-11.21%** |
| Accenture PLC, Class A | 1260 | &nbsp;&nbsp; 262987 |
| Adobe, Inc.<sup>(b)</sup> | 1356 | &nbsp;&nbsp; 355828 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 2165 | &nbsp;&nbsp; 433455 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 5608 | &nbsp;&nbsp; 551771 |
| Allegro MicroSystems, Inc.<sup>(b)</sup> | 16850 | &nbsp;&nbsp; 614519 |
| Amdocs Ltd. | 6072 | &nbsp;&nbsp; 423826 |
| Amkor Technology, Inc. | 10189 | &nbsp;&nbsp; 487238 |
| Amphenol Corp., Class A | 3436 | &nbsp;&nbsp; 501862 |
| Analog Devices, Inc. | 1688 | &nbsp;&nbsp; 600574 |
| AppFolio, Inc., Class A<sup>(b)(c)</sup> | 2090 | &nbsp;&nbsp; 371518 |
| Apple, Inc. | 1718 | &nbsp;&nbsp; 453861 |
| Applied Materials, Inc. | 1830 | &nbsp;&nbsp; 681309 |
| AppLovin Corp., Class A<sup>(b)</sup> | 663 | &nbsp;&nbsp; 288253 |
| Arista Networks, Inc.<sup>(b)</sup> | 26455 | &nbsp;&nbsp; 3531742 |
| Arrow Electronics, Inc.<sup>(b)</sup> | 4175 | &nbsp;&nbsp; 635268 |
| Astera Labs, Inc.<sup>(b)</sup> | 2755 | &nbsp;&nbsp; 327377 |
| Atlassian Corp., Class A<sup>(b)</sup> | 2929 | &nbsp;&nbsp; 220056 |
| Aurora Innovation, Inc.<sup>(b)(c)</sup> | 74336 | &nbsp;&nbsp; 347892 |
| Autodesk, Inc.<sup>(b)</sup> | 1594 | &nbsp;&nbsp; 391917 |
| Avnet, Inc. | 9493 | &nbsp;&nbsp; 625019 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 11640 | &nbsp;&nbsp; 425442 |
| BILL Holdings, Inc.<sup>(b)(c)</sup> | 6225 | &nbsp;&nbsp; 277075 |
| Broadcom, Inc. | 1177 | &nbsp;&nbsp; 376110 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 1439 | &nbsp;&nbsp; 433715 |
| CCC Intelligent Solutions Holdings, Inc.<sup>(b)(c)</sup> | 66315 | &nbsp;&nbsp; 386616 |
| CDW Corp. | 3205 | &nbsp;&nbsp; 393061 |
| Ciena Corp.<sup>(b)</sup> | 14664 | &nbsp;&nbsp; 5113337 |
| Circle Internet Group, Inc.<sup>(b)(c)</sup> | 5310 | &nbsp;&nbsp; 443066 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 3801 | &nbsp;&nbsp; 536397 |
| Cisco Systems, Inc. | 44864 | &nbsp;&nbsp; 3564893 |
| Cloudflare, Inc., Class A<sup>(b)</sup> | 2299 | &nbsp;&nbsp; 395865 |
| Cognex Corp. | 9292 | &nbsp;&nbsp; 505485 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 5700 | &nbsp;&nbsp; 367251 |
| Coherent Corp.<sup>(b)</sup> | 2404 | &nbsp;&nbsp; 622468 |
| Confluent, Inc., Class A<sup>(b)</sup> | 15886 | &nbsp;&nbsp; 487224 |
| Corning, Inc. | 4987 | &nbsp;&nbsp; 749945 |
| Crane NXT Co. | 6267 | &nbsp;&nbsp; 302633 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 933 | &nbsp;&nbsp; 347057 |
| Datadog, Inc., Class A<sup>(b)</sup> | 3198 | &nbsp;&nbsp; 358048 |
| Dell Technologies, Inc., Class C | 3448 | &nbsp;&nbsp; 510580 |
| DocuSign, Inc.<sup>(b)</sup> | 6819 | &nbsp;&nbsp; 307332 |
| Dolby Laboratories, Inc., Class A<sup>(c)</sup> | 7080 | &nbsp;&nbsp; 471316 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 17345 | &nbsp;&nbsp; 433452 |
| DXC Technology Co.<sup>(b)</sup> | 31408 | &nbsp;&nbsp; 395427 |
| Dynatrace, Inc.<sup>(b)</sup> | 10586 | &nbsp;&nbsp; 380249 |
| Elastic N.V.<sup>(b)</sup> | 6038 | &nbsp;&nbsp; 314399 |
| Enphase Energy, Inc.<sup>(b)</sup> | 52222 | &nbsp;&nbsp; 2207424 |
| Entegris, Inc. | 4986 | &nbsp;&nbsp; 660396 |
| EPAM Systems, Inc.<sup>(b)</sup> | 2266 | &nbsp;&nbsp; 319506 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| F5, Inc.<sup>(b)</sup> | 1806 | &nbsp;&nbsp; $490076 |
| Fair Isaac Corp.<sup>(b)(c)</sup> | 200 | &nbsp;&nbsp; 281872 |
| First Solar, Inc.<sup>(b)</sup> | 6333 | &nbsp;&nbsp; 1248868 |
| Flex Ltd.<sup>(b)</sup> | 6734 | &nbsp;&nbsp; 424377 |
| Fortinet, Inc.<sup>(b)</sup> | 5828 | &nbsp;&nbsp; 460587 |
| Gartner, Inc.<sup>(b)(c)</sup> | 2066 | &nbsp;&nbsp; 324775 |
| Gen Digital, Inc. | 17224 | &nbsp;&nbsp; 388746 |
| GitLab, Inc., Class A<sup>(b)(c)</sup> | 11752 | &nbsp;&nbsp; 309078 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 11979 | &nbsp;&nbsp; 569601 |
| Globant S.A.<sup>(b)(c)</sup> | 7056 | &nbsp;&nbsp; 351107 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 3807 | &nbsp;&nbsp; 331818 |
| Guidewire Software, Inc.<sup>(b)(c)</sup> | 2338 | &nbsp;&nbsp; 339758 |
| Hewlett Packard Enterprise Co. | 19519 | &nbsp;&nbsp; 419073 |
| HP, Inc. | 18867 | &nbsp;&nbsp; 358284 |
| HubSpot, Inc.<sup>(b)</sup> | 1232 | &nbsp;&nbsp; 325876 |
| Ingram Micro Holding Corp.<sup>(c)</sup> | 20629 | &nbsp;&nbsp; 426814 |
| Intel Corp.<sup>(b)</sup> | 12137 | &nbsp;&nbsp; 553569 |
| International Business Machines Corp.<sup>(c)</sup> | 1545 | &nbsp;&nbsp; 371124 |
| Intuit, Inc. | 702 | &nbsp;&nbsp; 287139 |
| IPG Photonics Corp.<sup>(b)(c)</sup> | 5826 | &nbsp;&nbsp; 766527 |
| Jabil, Inc. | 2052 | &nbsp;&nbsp; 543759 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 1602 | &nbsp;&nbsp; 492343 |
| KLA Corp. | 393 | &nbsp;&nbsp; 599148 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 17618 | &nbsp;&nbsp; 217230 |
| Lam Research Corp. | 2838 | &nbsp;&nbsp; 663780 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 6033 | &nbsp;&nbsp; 576875 |
| Littelfuse, Inc. | 1251 | &nbsp;&nbsp; 440927 |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 9532 | &nbsp;&nbsp; 6681074 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 2532 | &nbsp;&nbsp; 628240 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 2763 | &nbsp;&nbsp; 374193 |
| Marvell Technology, Inc. | 5361 | &nbsp;&nbsp; 437940 |
| Microchip Technology, Inc. | 6953 | &nbsp;&nbsp; 518972 |
| Micron Technology, Inc. | 1901 | &nbsp;&nbsp; 783915 |
| Microsoft Corp. | 995 | &nbsp;&nbsp; 390776 |
| MKS, Inc. | 2058 | &nbsp;&nbsp; 503099 |
| MongoDB, Inc.<sup>(b)</sup> | 1137 | &nbsp;&nbsp; 373470 |
| Monolithic Power Systems, Inc. | 491 | &nbsp;&nbsp; 561085 |
| Motorola Solutions, Inc. | 9619 | &nbsp;&nbsp; 4638859 |
| nCino, Inc.<sup>(b)(c)</sup> | 18481 | &nbsp;&nbsp; 298283 |
| NetApp, Inc. | 4018 | &nbsp;&nbsp; 397903 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 10090 | &nbsp;&nbsp; 386245 |
| NVIDIA Corp. | 2651 | &nbsp;&nbsp; 469731 |
| Okta, Inc.<sup>(b)</sup> | 5295 | &nbsp;&nbsp; 383887 |
| ON Semiconductor Corp.<sup>(b)</sup> | 8581 | &nbsp;&nbsp; 570465 |
| Onto Innovation, Inc.<sup>(b)</sup> | 2979 | &nbsp;&nbsp; 643136 |
| Oracle Corp. | 2400 | &nbsp;&nbsp; 348960 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 2562 | &nbsp;&nbsp; 351481 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 2526 | &nbsp;&nbsp; 376172 |
| Pegasystems, Inc. | 7803 | &nbsp;&nbsp; 341225 |
| Procore Technologies, Inc.<sup>(b)(c)</sup> | 6234 | &nbsp;&nbsp; 343119 |
| PTC, Inc.<sup>(b)</sup> | 2692 | &nbsp;&nbsp; 421540 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 6324 | &nbsp;&nbsp; 406127 |
| Qnity Electronics, Inc. | 5649 | &nbsp;&nbsp; 716067 |
| Qorvo, Inc.<sup>(b)</sup> | 5362 | &nbsp;&nbsp; 444510 |
| QUALCOMM, Inc. | 2646 | &nbsp;&nbsp; 376685 |
| Ralliant Corp. | 6563 | &nbsp;&nbsp; 301176 |
| RingCentral, Inc., Class A<sup>(b)</sup> | 15454 | &nbsp;&nbsp; 563298 |
| Roper Technologies, Inc. | 1077 | &nbsp;&nbsp; 376659 |
| Rubrik, Inc., Class A<sup>(b)(c)</sup> | 5508 | &nbsp;&nbsp; 286196 |

---

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

------

**22**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Sailpoint, Inc.<sup>(b)(c)</sup> | 22059 | &nbsp;&nbsp; $311032 |
| Salesforce, Inc. | 1820 | &nbsp;&nbsp; 354518 |
| Samsara, Inc., Class A<sup>(b)(c)</sup> | 10940 | &nbsp;&nbsp; 316166 |
| Sandisk Corp.<sup>(b)</sup> | 1995 | &nbsp;&nbsp; 1267543 |
| SentinelOne, Inc., Class A<sup>(b)(c)</sup> | 31931 | &nbsp;&nbsp; 418935 |
| ServiceNow, Inc.<sup>(b)</sup> | 2763 | &nbsp;&nbsp; 298432 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 7021 | &nbsp;&nbsp; 418311 |
| Snowflake, Inc., Class A<sup>(b)</sup> | 2174 | &nbsp;&nbsp; 366123 |
| Strategy, Inc., Class A<sup>(b)(c)</sup> | 2619 | &nbsp;&nbsp; 339161 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 14082 | &nbsp;&nbsp; 456116 |
| Synopsys, Inc.<sup>(b)</sup> | 1008 | &nbsp;&nbsp; 417312 |
| TD SYNNEX Corp.<sup>(c)</sup> | 3055 | &nbsp;&nbsp; 479055 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 650 | &nbsp;&nbsp; 442715 |
| Teradata Corp.<sup>(b)(c)</sup> | 15039 | &nbsp;&nbsp; 473578 |
| Teradyne, Inc. | 2390 | &nbsp;&nbsp; 764872 |
| Texas Instruments, Inc. | 2641 | &nbsp;&nbsp; 560183 |
| Trimble, Inc.<sup>(b)</sup> | 4124 | &nbsp;&nbsp; 275772 |
| Twilio, Inc., Class A<sup>(b)</sup> | 3579 | &nbsp;&nbsp; 432916 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 1057 | &nbsp;&nbsp; 374907 |
| Ubiquiti, Inc. | 6075 | &nbsp;&nbsp; 4659464 |
| UiPath, Inc., Class A<sup>(b)(c)</sup> | 26617 | &nbsp;&nbsp; 285600 |
| Unity Software, Inc.<sup>(b)</sup> | 9751 | &nbsp;&nbsp; 177761 |
| Universal Display Corp.<sup>(c)</sup> | 3956 | &nbsp;&nbsp; 422066 |
| VeriSign, Inc. | 1973 | &nbsp;&nbsp; 449726 |
| Vontier Corp. | 9226 | &nbsp;&nbsp; 377528 |
| Western Digital Corp. | 2571 | &nbsp;&nbsp; 719109 |
| Workday, Inc., Class A<sup>(b)</sup> | 2141 | &nbsp;&nbsp; 286380 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 1245 | &nbsp;&nbsp; 278830 |
| Zoom Communications, Inc., Class A<sup>(b)(c)</sup> | 5315 | &nbsp;&nbsp; 392991 |
| Zscaler, Inc.<sup>(b)</sup> | 1988 | &nbsp;&nbsp; 292216 |
|  |  | &nbsp;&nbsp; 88558978 |
| **Materials-9.90%** | **Materials-9.90%** | **Materials-9.90%** |
| Air Products and Chemicals, Inc.<sup>(c)</sup> | 7254 | &nbsp;&nbsp; 1999710 |
| Albemarle Corp. | 13144 | &nbsp;&nbsp; 2348439 |
| Alcoa Corp. | 37430 | &nbsp;&nbsp; 2323654 |
| Amcor PLC<sup>(c)</sup> | 8227 | &nbsp;&nbsp; 398434 |
| AngloGold Ashanti PLC (Australia) | 20698 | &nbsp;&nbsp; 2644583 |
| AptarGroup, Inc.<sup>(c)</sup> | 2896 | &nbsp;&nbsp; 416184 |
| Ashland, Inc. | 29183 | &nbsp;&nbsp; 1819852 |
| Avery Dennison Corp. | 9747 | &nbsp;&nbsp; 1913823 |
| Axalta Coating Systems Ltd.<sup>(b)</sup> | 11186 | &nbsp;&nbsp; 373724 |
| Ball Corp. | 6958 | &nbsp;&nbsp; 467091 |
| Celanese Corp. | 41339 | &nbsp;&nbsp; 2064470 |
| CF Industries Holdings, Inc. | 22493 | &nbsp;&nbsp; 2238953 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 131944 | &nbsp;&nbsp; 1406523 |
| Corteva, Inc. | 19207 | &nbsp;&nbsp; 1538865 |
| CRH PLC | 2700 | &nbsp;&nbsp; 323946 |
| Crown Holdings, Inc. | 3583 | &nbsp;&nbsp; 410612 |
| Dow, Inc. | 13928 | &nbsp;&nbsp; 428007 |
| DuPont de Nemours, Inc. | 8257 | &nbsp;&nbsp; 413180 |
| Eagle Materials, Inc. | 1527 | &nbsp;&nbsp; 341743 |
| Eastman Chemical Co. | 26876 | &nbsp;&nbsp; 2029407 |
| Ecolab, Inc. | 6761 | &nbsp;&nbsp; 2084754 |
| Element Solutions, Inc. | 64063 | &nbsp;&nbsp; 2247971 |
| FMC Corp. | 129540 | &nbsp;&nbsp; 1909421 |
| Freeport-McMoRan, Inc. | 36767 | &nbsp;&nbsp; 2503097 |
| Graphic Packaging Holding Co.<sup>(c)</sup> | 22246 | &nbsp;&nbsp; 272069 |
| Huntsman Corp. | 165550 | &nbsp;&nbsp; 2094208 |
| International Flavors & Fragrances, Inc. | 27967 | &nbsp;&nbsp; 2299726 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| International Paper Co. | 45320 | &nbsp;&nbsp; $1973686 |
| James Hardie Industries PLC<sup>(b)</sup> | 16837 | &nbsp;&nbsp; 409981 |
| Linde PLC | 4386 | &nbsp;&nbsp; 2228439 |
| Louisiana-Pacific Corp. | 3905 | &nbsp;&nbsp; 330910 |
| LyondellBasell Industries N.V., Class A | 39242 | &nbsp;&nbsp; 2257200 |
| Martin Marietta Materials, Inc. | 542 | &nbsp;&nbsp; 366701 |
| Mosaic Co. (The) | 70248 | &nbsp;&nbsp; 1955704 |
| MP Materials Corp.<sup>(b)(c)</sup> | 29467 | &nbsp;&nbsp; 1734722 |
| NewMarket Corp.<sup>(c)</sup> | 2308 | &nbsp;&nbsp; 1444831 |
| Newmont Corp. | 17782 | &nbsp;&nbsp; 2311660 |
| Nucor Corp. | 10613 | &nbsp;&nbsp; 1877227 |
| Olin Corp. | 79303 | &nbsp;&nbsp; 2011917 |
| Packaging Corp. of America | 1667 | &nbsp;&nbsp; 386977 |
| PPG Industries, Inc. | 3332 | &nbsp;&nbsp; 410736 |
| Reliance, Inc. | 6076 | &nbsp;&nbsp; 1917829 |
| Royal Gold, Inc. | 8100 | &nbsp;&nbsp; 2428299 |
| RPM International, Inc. | 3202 | &nbsp;&nbsp; 365412 |
| Scotts Miracle-Gro Co. (The)<sup>(c)</sup> | 31923 | &nbsp;&nbsp; 2238441 |
| Sealed Air Corp. | 8225 | &nbsp;&nbsp; 344463 |
| Sherwin-Williams Co. (The) | 1043 | &nbsp;&nbsp; 378181 |
| Silgan Holdings, Inc. | 8743 | &nbsp;&nbsp; 420101 |
| Smurfit WestRock PLC | 9003 | &nbsp;&nbsp; 423231 |
| Solstice Advanced Materials, Inc. | 35186 | &nbsp;&nbsp; 2762453 |
| Sonoco Products Co. | 8130 | &nbsp;&nbsp; 459101 |
| Southern Copper Corp. (Mexico)<sup>(c)</sup> | 12086 | &nbsp;&nbsp; 2638374 |
| Steel Dynamics, Inc. | 10234 | &nbsp;&nbsp; 1976492 |
| Vulcan Materials Co. | 1143 | &nbsp;&nbsp; 354330 |
| Westlake Corp. | 23616 | &nbsp;&nbsp; 2488654 |
|  |  | &nbsp;&nbsp; 78208498 |
| **Real Estate-8.82%** | **Real Estate-8.82%** | **Real Estate-8.82%** |
| Agree Realty Corp. | 14952 | &nbsp;&nbsp; 1203337 |
| Alexandria Real Estate Equities, Inc. | 23400 | &nbsp;&nbsp; 1264536 |
| American Homes 4 Rent, Class A | 34147 | &nbsp;&nbsp; 1024410 |
| American Tower Corp. | 5875 | &nbsp;&nbsp; 1127177 |
| Americold Realty Trust, Inc.<sup>(c)</sup> | 85355 | &nbsp;&nbsp; 1142903 |
| AvalonBay Communities, Inc.<sup>(c)</sup> | 6054 | &nbsp;&nbsp; 1072950 |
| Brixmor Property Group, Inc. | 41656 | &nbsp;&nbsp; 1260927 |
| BXP, Inc.<sup>(c)</sup> | 14880 | &nbsp;&nbsp; 856790 |
| Camden Property Trust | 10242 | &nbsp;&nbsp; 1109618 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 6641 | &nbsp;&nbsp; 980610 |
| CoStar Group, Inc.<sup>(b)</sup> | 15804 | &nbsp;&nbsp; 705333 |
| Cousins Properties, Inc. | 42360 | &nbsp;&nbsp; 981058 |
| Crown Castle, Inc. | 11603 | &nbsp;&nbsp; 1038933 |
| CubeSmart | 29259 | &nbsp;&nbsp; 1203715 |
| Digital Realty Trust, Inc. | 6706 | &nbsp;&nbsp; 1188303 |
| EastGroup Properties, Inc. | 5798 | &nbsp;&nbsp; 1138205 |
| EPR Properties | 21428 | &nbsp;&nbsp; 1273037 |
| Equinix, Inc. | 1425 | &nbsp;&nbsp; 1388320 |
| Equity LifeStyle Properties, Inc. | 17330 | &nbsp;&nbsp; 1163883 |
| Equity Residential | 17580 | &nbsp;&nbsp; 1111232 |
| Essex Property Trust, Inc. | 4142 | &nbsp;&nbsp; 1056666 |
| Extra Space Storage, Inc. | 8025 | &nbsp;&nbsp; 1212016 |
| Federal Realty Investment Trust | 10800 | &nbsp;&nbsp; 1174716 |
| Fermi, Inc.<sup>(b)(c)</sup> | 69760 | &nbsp;&nbsp; 695507 |
| First Industrial Realty Trust, Inc. | 18060 | &nbsp;&nbsp; 1140308 |
| Gaming and Leisure Properties, Inc. | 25349 | &nbsp;&nbsp; 1239820 |
| Healthcare Realty Trust, Inc. | 61404 | &nbsp;&nbsp; 1132904 |
| Healthpeak Properties, Inc. | 63919 | &nbsp;&nbsp; 1130088 |
| Highwoods Properties, Inc. | 40915 | &nbsp;&nbsp; 920178 |

---

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

------

**23**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Host Hotels & Resorts, Inc. | 58790 | &nbsp;&nbsp; $1151696 |
| Howard Hughes Holdings, Inc.<sup>(b)</sup> | 12517 | &nbsp;&nbsp; 905855 |
| Invitation Homes, Inc. | 40144 | &nbsp;&nbsp; 1057393 |
| Iron Mountain, Inc. | 12107 | &nbsp;&nbsp; 1311551 |
| Jones Lang LaSalle, Inc.<sup>(b)(c)</sup> | 3164 | &nbsp;&nbsp; 998400 |
| Kilroy Realty Corp.<sup>(c)</sup> | 26276 | &nbsp;&nbsp; 783550 |
| Kimco Realty Corp. | 52965 | &nbsp;&nbsp; 1247326 |
| Lamar Advertising Co., Class A<sup>(c)</sup> | 8248 | &nbsp;&nbsp; 1136080 |
| Lineage, Inc.<sup>(c)</sup> | 28867 | &nbsp;&nbsp; 1169691 |
| Medical Properties Trust, Inc.<sup>(c)</sup> | 207792 | &nbsp;&nbsp; 1196882 |
| Mid-America Apartment Communities, Inc. | 8028 | &nbsp;&nbsp; 1074628 |
| Millrose Properties, Inc.<sup>(c)</sup> | 33338 | &nbsp;&nbsp; 1045480 |
| National Storage Affiliates Trust | 35822 | &nbsp;&nbsp; 1254486 |
| NNN REIT, Inc.<sup>(c)</sup> | 26761 | &nbsp;&nbsp; 1212809 |
| Omega Healthcare Investors, Inc. | 24364 | &nbsp;&nbsp; 1176050 |
| Park Hotels & Resorts, Inc.<sup>(c)</sup> | 98701 | &nbsp;&nbsp; 1116308 |
| Prologis, Inc. | 8168 | &nbsp;&nbsp; 1164512 |
| Public Storage | 3892 | &nbsp;&nbsp; 1195078 |
| Rayonier, Inc. | 48423 | &nbsp;&nbsp; 1040610 |
| Realty Income Corp. | 18630 | &nbsp;&nbsp; 1248210 |
| Regency Centers Corp. | 15739 | &nbsp;&nbsp; 1243381 |
| Rexford Industrial Realty, Inc.<sup>(c)</sup> | 25601 | &nbsp;&nbsp; 959269 |
| SBA Communications Corp., Class A | 5525 | &nbsp;&nbsp; 1111409 |
| Simon Property Group, Inc. | 5871 | &nbsp;&nbsp; 1196803 |
| STAG Industrial, Inc. | 27936 | &nbsp;&nbsp; 1095650 |
| Sun Communities, Inc.<sup>(c)</sup> | 8660 | &nbsp;&nbsp; 1181744 |
| UDR, Inc.<sup>(c)</sup> | 29937 | &nbsp;&nbsp; 1122638 |
| Ventas, Inc.<sup>(c)</sup> | 13791 | &nbsp;&nbsp; 1188233 |
| VICI Properties, Inc. | 37904 | &nbsp;&nbsp; 1145080 |
| Vornado Realty Trust<sup>(c)</sup> | 30401 | &nbsp;&nbsp; 838460 |
| W.P. Carey, Inc.<sup>(c)</sup> | 16304 | &nbsp;&nbsp; 1217094 |
| Welltower, Inc. | 5776 | &nbsp;&nbsp; 1196325 |
| Weyerhaeuser Co. | 45952 | &nbsp;&nbsp; 1127203 |
| Zillow Group, Inc., Class C<sup>(b)</sup> | 14076 | &nbsp;&nbsp; 628071 |
|  |  | &nbsp;&nbsp; 69675435 |
| **Utilities-8.87%** | **Utilities-8.87%** | **Utilities-8.87%** |
| AES Corp. (The) | 111620 | &nbsp;&nbsp; 1928794 |
| Alliant Energy Corp.<sup>(c)</sup> | 24065 | &nbsp;&nbsp; 1740862 |
| Ameren Corp. | 16057 | &nbsp;&nbsp; 1818937 |
| American Electric Power Co., Inc.<sup>(c)</sup> | 13675 | &nbsp;&nbsp; 1829989 |
| American Water Works Co., Inc.<sup>(c)</sup> | 12012 | &nbsp;&nbsp; 1633992 |
| Atmos Energy Corp. | 9348 | &nbsp;&nbsp; 1746113 |
| Brookfield Renewable Corp. (Canada)<sup>(c)</sup> | 39972 | &nbsp;&nbsp; 1708004 |
| CenterPoint Energy, Inc.<sup>(c)</sup> | 41843 | &nbsp;&nbsp; 1820171 |
| Clearway Energy, Inc., Class C | 47828 | &nbsp;&nbsp; 1832291 |
| CMS Energy Corp. | 22407 | &nbsp;&nbsp; 1749314 |
| Consolidated Edison, Inc. | 16339 | &nbsp;&nbsp; 1838464 |
| Constellation Energy Corp. | 4140 | &nbsp;&nbsp; 1365703 |
| Dominion Energy, Inc. | 26860 | &nbsp;&nbsp; 1695940 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| DTE Energy Co. | 11956 | &nbsp;&nbsp; $1772357 |
| Duke Energy Corp. | 13660 | &nbsp;&nbsp; 1787411 |
| Edison International | 26961 | &nbsp;&nbsp; 2015065 |
| Entergy Corp. | 16756 | &nbsp;&nbsp; 1794735 |
| Essential Utilities, Inc. | 41483 | &nbsp;&nbsp; 1658076 |
| Evergy, Inc. | 21299 | &nbsp;&nbsp; 1781874 |
| Eversource Energy | 23143 | &nbsp;&nbsp; 1763728 |
| Exelon Corp. | 36253 | &nbsp;&nbsp; 1793436 |
| FirstEnergy Corp. | 35452 | &nbsp;&nbsp; 1813724 |
| IDACORP, Inc.<sup>(c)</sup> | 12423 | &nbsp;&nbsp; 1788539 |
| MDU Resources Group, Inc. | 79551 | &nbsp;&nbsp; 1645115 |
| National Fuel Gas Co.<sup>(c)</sup> | 18927 | &nbsp;&nbsp; 1722925 |
| NextEra Energy, Inc. | 19237 | &nbsp;&nbsp; 1803854 |
| NiSource, Inc.<sup>(c)</sup> | 37467 | &nbsp;&nbsp; 1772189 |
| NRG Energy, Inc. | 9166 | &nbsp;&nbsp; 1640347 |
| OGE Energy Corp.<sup>(c)</sup> | 36662 | &nbsp;&nbsp; 1801571 |
| PG&E Corp. | 105456 | &nbsp;&nbsp; 2003664 |
| Pinnacle West Capital Corp.<sup>(c)</sup> | 18013 | &nbsp;&nbsp; 1806704 |
| PPL Corp. | 46685 | &nbsp;&nbsp; 1819781 |
| Public Service Enterprise Group, Inc. | 19784 | &nbsp;&nbsp; 1702809 |
| Sempra | 17560 | &nbsp;&nbsp; 1690501 |
| Southern Co. (The) | 18450 | &nbsp;&nbsp; 1796661 |
| Talen Energy Corp.<sup>(b)</sup> | 4242 | &nbsp;&nbsp; 1573655 |
| UGI Corp.<sup>(c)</sup> | 41073 | &nbsp;&nbsp; 1536541 |
| Vistra Corp. | 8943 | &nbsp;&nbsp; 1555098 |
| WEC Energy Group, Inc.<sup>(c)</sup> | 15110 | &nbsp;&nbsp; 1767266 |
| Xcel Energy, Inc. | 20918 | &nbsp;&nbsp; 1743724 |
|  |  | &nbsp;&nbsp; 70059924 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $636,354,007) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $636,354,007) | &nbsp;&nbsp; 789457286 |
| **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-17.09%** | **Money Market Funds-17.09%** | **Money Market Funds-17.09%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(f)(g)</sup><br>| 39010534 | &nbsp;&nbsp; 39010534 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(f)(g)</sup> | 95956124 | &nbsp;&nbsp; 95984911 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $134,995,445) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $134,995,445) | &nbsp;&nbsp; 134995445 |
| TOTAL INVESTMENTS IN SECURITIES-117.01% <br>(Cost $771,349,452) | TOTAL INVESTMENTS IN SECURITIES-117.01% <br>(Cost $771,349,452) | &nbsp;&nbsp; 924452731 |
| OTHER ASSETS LESS LIABILITIES-(17.01)% | OTHER ASSETS LESS LIABILITIES-(17.01)% | &nbsp;&nbsp; (134373089)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $790079642 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust <br> Rts. -Rights

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

------

**24**

------

**Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)**

February 28, 2026

*(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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $614452 | &nbsp;&nbsp; $29607 | &nbsp;&nbsp; $(279341)<br>| &nbsp;&nbsp; $73981 | &nbsp;&nbsp; $17437 | &nbsp;&nbsp; $456136 | &nbsp;&nbsp; $7623 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 15219295 | &nbsp;&nbsp; (15219295)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11740 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 21769093 | &nbsp;&nbsp; 123228245 | &nbsp;&nbsp; (105986804)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 39010534 | &nbsp;&nbsp; 486,678<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 56997559 | &nbsp;&nbsp; 229867544 | &nbsp;&nbsp; (190880042)<br>| &nbsp;&nbsp; (4256)<br>| &nbsp;&nbsp; 4106 | &nbsp;&nbsp; 95984911 | &nbsp;&nbsp; 1,316,965<br> \*<br>|
| Total | &nbsp;&nbsp; $79381104 | &nbsp;&nbsp; $368344691 | &nbsp;&nbsp; $(312365482)<br>| &nbsp;&nbsp; $69725 | &nbsp;&nbsp; $21543 | &nbsp;&nbsp; $135451581 | &nbsp;&nbsp; $1823006 |

---

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

<sup>(e)</sup> Security valued using significant unobservable inputs (Level 3). See Note 4.

<sup>(f)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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 2J. 

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

------

**25**

------

**Invesco S&P 500 Concentrated QVM ETF (QVMT)**

February 28, 2026

*(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%** |
| **Communication Services-10.51%** | **Communication Services-10.51%** | **Communication Services-10.51%** |
| AT&T, Inc. | 100961 | &nbsp;&nbsp; $2827918 |
| Fox Corp., Class A | 2864 | &nbsp;&nbsp; 161358 |
| Netflix, Inc.<sup>(b)</sup> | 63315 | &nbsp;&nbsp; 6093435 |
| Verizon Communications, Inc. | 47973 | &nbsp;&nbsp; 2405366 |
| Walt Disney Co. (The) | 18799 | &nbsp;&nbsp; 1993446 |
|  |  | &nbsp;&nbsp; 13481523 |
| **Consumer Discretionary-4.44%** | **Consumer Discretionary-4.44%** | **Consumer Discretionary-4.44%** |
| Aptiv PLC<sup>(b)</sup> | 2490 | &nbsp;&nbsp; 183115 |
| Best Buy Co., Inc. | 2409 | &nbsp;&nbsp; 149286 |
| eBay, Inc. | 6548 | &nbsp;&nbsp; 594951 |
| Expedia Group, Inc. | 1264 | &nbsp;&nbsp; 272632 |
| Ford Motor Co. | 53821 | &nbsp;&nbsp; 758338 |
| General Motors Co. | 11918 | &nbsp;&nbsp; 938066 |
| Ralph Lauren Corp. | 503 | &nbsp;&nbsp; 182388 |
| TJX Cos., Inc. (The) | 12162 | &nbsp;&nbsp; 1966109 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 484 | &nbsp;&nbsp; 331438 |
| Williams-Sonoma, Inc. | 1545 | &nbsp;&nbsp; 317729 |
|  |  | &nbsp;&nbsp; 5694052 |
| **Consumer Staples-6.24%** | **Consumer Staples-6.24%** | **Consumer Staples-6.24%** |
| Archer-Daniels-Midland Co. | 6642 | &nbsp;&nbsp; 458564 |
| Bunge Global S.A. | 2201 | &nbsp;&nbsp; 265551 |
| Dollar Tree, Inc.<sup>(b)</sup> | 2535 | &nbsp;&nbsp; 320627 |
| Kroger Co. (The) | 7730 | &nbsp;&nbsp; 527495 |
| Monster Beverage Corp.<sup>(b)</sup> | 8968 | &nbsp;&nbsp; 764970 |
| Tyson Foods, Inc., Class A | 3130 | &nbsp;&nbsp; 203419 |
| Walmart, Inc. | 42752 | &nbsp;&nbsp; 5470118 |
|  |  | &nbsp;&nbsp; 8010744 |
| **Energy-5.64%** | **Energy-5.64%** | **Energy-5.64%** |
| Baker Hughes Co., Class A | 11824 | &nbsp;&nbsp; 771634 |
| Chevron Corp. | 21916 | &nbsp;&nbsp; 4093032 |
| Marathon Petroleum Corp. | 4184 | &nbsp;&nbsp; 829311 |
| Phillips 66 | 4543 | &nbsp;&nbsp; 701121 |
| Valero Energy Corp. | 4127 | &nbsp;&nbsp; 844549 |
|  |  | &nbsp;&nbsp; 7239647 |
| **Financials-23.75%** | **Financials-23.75%** | **Financials-23.75%** |
| Allstate Corp. (The) | 4159 | &nbsp;&nbsp; 892189 |
| American International Group, Inc. | 6067 | &nbsp;&nbsp; 488333 |
| Ameriprise Financial, Inc. | 1026 | &nbsp;&nbsp; 482343 |
| Arch Capital Group Ltd.<sup>(b)</sup> | 4507 | &nbsp;&nbsp; 451376 |
| Assurant, Inc. | 597 | &nbsp;&nbsp; 137065 |
| Bank of New York Mellon Corp. (The) | 7068 | &nbsp;&nbsp; 841799 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 11968 | &nbsp;&nbsp; 6043242 |
| Chubb Ltd. | 3712 | &nbsp;&nbsp; 1265272 |
| Cincinnati Financial Corp. | 1930 | &nbsp;&nbsp; 316481 |
| Citigroup, Inc. | 19402 | &nbsp;&nbsp; 2137906 |
| Citizens Financial Group, Inc. | 4546 | &nbsp;&nbsp; 273624 |
| CME Group, Inc., Class A | 4018 | &nbsp;&nbsp; 1283751 |
| Globe Life, Inc. | 1069 | &nbsp;&nbsp; 155282 |
| Hartford Insurance Group, Inc. (The) | 3931 | &nbsp;&nbsp; 553603 |
| Invesco Ltd.<sup>(c)</sup> | 5279 | &nbsp;&nbsp; 138627 |
| Loews Corp. | 2340 | &nbsp;&nbsp; 257447 |
| Mastercard, Inc., Class A | 10086 | &nbsp;&nbsp; 5216580 |
| Principal Financial Group, Inc. | 2124 | &nbsp;&nbsp; 202672 |
| Progressive Corp. (The) | 6151 | &nbsp;&nbsp; 1314223 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Raymond James Financial, Inc. | 1743 | &nbsp;&nbsp; $266818 |
| Regions Financial Corp. | 8766 | &nbsp;&nbsp; 243958 |
| Synchrony Financial | 4224 | &nbsp;&nbsp; 291921 |
| T. Rowe Price Group, Inc. | 2437 | &nbsp;&nbsp; 230613 |
| Travelers Cos., Inc. (The) | 2924 | &nbsp;&nbsp; 902463 |
| Visa, Inc., Class A | 18022 | &nbsp;&nbsp; 5769563 |
| W.R. Berkley Corp. | 4451 | &nbsp;&nbsp; 319137 |
|  |  | &nbsp;&nbsp; 30476288 |
| **Health Care-10.75%** | **Health Care-10.75%** | **Health Care-10.75%** |
| Cencora, Inc. | 3355 | &nbsp;&nbsp; 1248530 |
| Cigna Group (The) | 3215 | &nbsp;&nbsp; 931771 |
| CVS Health Corp. | 16931 | &nbsp;&nbsp; 1352787 |
| Gilead Sciences, Inc. | 18734 | &nbsp;&nbsp; 2790429 |
| Humana, Inc. | 1270 | &nbsp;&nbsp; 241986 |
| Incyte Corp.<sup>(b)</sup> | 2325 | &nbsp;&nbsp; 235453 |
| Johnson & Johnson | 26960 | &nbsp;&nbsp; 6697673 |
| Solventum Corp.<sup>(b)</sup> | 1958 | &nbsp;&nbsp; 145283 |
| Universal Health Services, Inc., Class B | 717 | &nbsp;&nbsp; 147774 |
|  |  | &nbsp;&nbsp; 13791686 |
| **Industrials-16.52%** | **Industrials-16.52%** | **Industrials-16.52%** |
| 3M Co. | 7013 | &nbsp;&nbsp; 1159389 |
| C.H. Robinson Worldwide, Inc. | 1513 | &nbsp;&nbsp; 280283 |
| Caterpillar, Inc. | 4867 | &nbsp;&nbsp; 3615354 |
| Delta Air Lines, Inc. | 7759 | &nbsp;&nbsp; 509766 |
| EMCOR Group, Inc. | 595 | &nbsp;&nbsp; 431149 |
| GE Vernova, Inc. | 2588 | &nbsp;&nbsp; 2260877 |
| General Dynamics Corp. | 2829 | &nbsp;&nbsp; 1010094 |
| General Electric Co. | 15375 | &nbsp;&nbsp; 5262248 |
| Howmet Aerospace, Inc. | 4763 | &nbsp;&nbsp; 1250430 |
| Huntington Ingalls Industries, Inc. | 436 | &nbsp;&nbsp; 193811 |
| Jacobs Solutions, Inc. | 1469 | &nbsp;&nbsp; 202516 |
| Johnson Controls International PLC | 8432 | &nbsp;&nbsp; 1216738 |
| RTX Corp. | 15677 | &nbsp;&nbsp; 3176474 |
| Snap-on, Inc. | 531 | &nbsp;&nbsp; 204552 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 3911 | &nbsp;&nbsp; 415739 |
|  |  | &nbsp;&nbsp; 21189420 |
| **Information Technology-18.61%** | **Information Technology-18.61%** | **Information Technology-18.61%** |
| Apple, Inc. | 21055 | &nbsp;&nbsp; 5562310 |
| AppLovin Corp., Class A<sup>(b)</sup> | 3125 | &nbsp;&nbsp; 1358656 |
| Cisco Systems, Inc. | 45898 | &nbsp;&nbsp; 3647055 |
| Corning, Inc. | 8450 | &nbsp;&nbsp; 1270711 |
| Fortinet, Inc.<sup>(b)</sup> | 6794 | &nbsp;&nbsp; 536930 |
| Hewlett Packard Enterprise Co. | 13110 | &nbsp;&nbsp; 281472 |
| Intel Corp.<sup>(b)</sup> | 47947 | &nbsp;&nbsp; 2186863 |
| Jabil, Inc. | 1274 | &nbsp;&nbsp; 337597 |
| KLA Corp. | 1670 | &nbsp;&nbsp; 2545998 |
| Lam Research Corp. | 16139 | &nbsp;&nbsp; 3774751 |
| NetApp, Inc. | 2256 | &nbsp;&nbsp; 223412 |
| Skyworks Solutions, Inc.<sup>(d)</sup> | 1538 | &nbsp;&nbsp; 91634 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 490 | &nbsp;&nbsp; 333739 |
| Trimble, Inc.<sup>(b)</sup> | 2692 | &nbsp;&nbsp; 180014 |
| Western Digital Corp. | 5512 | &nbsp;&nbsp; 1541706 |
|  |  | &nbsp;&nbsp; 23872848 |
| **Materials-2.60%** | **Materials-2.60%** | **Materials-2.60%** |
| CF Industries Holdings, Inc. | 2143 | &nbsp;&nbsp; 213314 |

---

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

------

**26**

------

**Invesco S&P 500 Concentrated QVM ETF (QVMT)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Corteva, Inc. | 7318 | &nbsp;&nbsp; $586318 |
| DuPont de Nemours, Inc. | 4577 | &nbsp;&nbsp; 229033 |
| Mosaic Co. (The) | 4689 | &nbsp;&nbsp; 130542 |
| Newmont Corp. | 16730 | &nbsp;&nbsp; 2174900 |
|  |  | &nbsp;&nbsp; 3334107 |
| **Utilities-0.91%** | **Utilities-0.91%** | **Utilities-0.91%** |
| Evergy, Inc. | 2765 | &nbsp;&nbsp; 231320 |
| Exelon Corp. | 10980 | &nbsp;&nbsp; 543181 |
| NRG Energy, Inc. | 2216 | &nbsp;&nbsp; 396575 |
|  |  | &nbsp;&nbsp; 1171076 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $119,393,876) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $119,393,876) | &nbsp;&nbsp; 128261391 |

---

---

| | | |
|:---|:---|:---|
|  | **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-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(c)(e)(f)</sup><br>| 25723 | &nbsp;&nbsp; $25723 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(e)(f)</sup> | 66871 | &nbsp;&nbsp; 66891 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $92,614) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $92,614) | &nbsp;&nbsp; 92614 |
| TOTAL INVESTMENTS IN SECURITIES-100.04% <br>(Cost $119,486,490) | TOTAL INVESTMENTS IN SECURITIES-100.04% <br>(Cost $119,486,490) | &nbsp;&nbsp; 128354005 |
| OTHER ASSETS LESS LIABILITIES-(0.04)% | OTHER ASSETS LESS LIABILITIES-(0.04)% | &nbsp;&nbsp; (48034)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $128305971 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<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>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $259856 | &nbsp;&nbsp; $114757 | &nbsp;&nbsp; $(288234)<br>| &nbsp;&nbsp; $(23244)<br>| &nbsp;&nbsp; $75492 | &nbsp;&nbsp; $138627 | &nbsp;&nbsp; $4429 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 1905452 | &nbsp;&nbsp; (1905452)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1068 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 1149350 | &nbsp;&nbsp; 12887439 | &nbsp;&nbsp; (14011066)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 25723 | &nbsp;&nbsp; 7,494<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 2965464 | &nbsp;&nbsp; 15926606 | &nbsp;&nbsp; (18824963)<br>| &nbsp;&nbsp; (91)<br>| &nbsp;&nbsp; (125)<br>| &nbsp;&nbsp; 66891 | &nbsp;&nbsp; 18,689<br> \*<br>|
| Total | &nbsp;&nbsp; $4374670 | &nbsp;&nbsp; $30834254 | &nbsp;&nbsp; $(35029715)<br>| &nbsp;&nbsp; $(23335)<br>| &nbsp;&nbsp; $75367 | &nbsp;&nbsp; $231241 | &nbsp;&nbsp; $31680 |

---

\* 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> All or a portion of this security was out on loan at February 28, 2026.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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 2J. 

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

------

**27**

------

**Invesco S&P 500**<sup>®</sup> **High Beta ETF (SPHB)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** |
| **Communication Services-2.81%** | **Communication Services-2.81%** | **Communication Services-2.81%** |
| Meta Platforms, Inc., Class A | 8636 | &nbsp;&nbsp; $5597683 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 222522 | &nbsp;&nbsp; 5300474 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 250888 | &nbsp;&nbsp; 7067515 |
|  |  | &nbsp;&nbsp; 17965672 |
| **Consumer Discretionary-13.82%** | **Consumer Discretionary-13.82%** | **Consumer Discretionary-13.82%** |
| Amazon.com, Inc.<sup>(b)</sup> | 26825 | &nbsp;&nbsp; 5633250 |
| Best Buy Co., Inc. | 87909 | &nbsp;&nbsp; 5447721 |
| Carnival Corp. | 219723 | &nbsp;&nbsp; 6932261 |
| Carvana Co.<sup>(b)(c)</sup> | 27223 | &nbsp;&nbsp; 9096838 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 45514 | &nbsp;&nbsp; 5337427 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 30324 | &nbsp;&nbsp; 5351276 |
| Expedia Group, Inc. | 26025 | &nbsp;&nbsp; 5613332 |
| MGM Resorts International<sup>(b)(c)</sup> | 155924 | &nbsp;&nbsp; 5747359 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 317863 | &nbsp;&nbsp; 7879824 |
| Ralph Lauren Corp. | 16043 | &nbsp;&nbsp; 5817192 |
| Royal Caribbean Cruises Ltd. | 19113 | &nbsp;&nbsp; 5943378 |
| Tapestry, Inc. | 34997 | &nbsp;&nbsp; 5440983 |
| Tesla, Inc.<sup>(b)</sup> | 21254 | &nbsp;&nbsp; 8554947 |
| Williams-Sonoma, Inc. | 26735 | &nbsp;&nbsp; 5498053 |
|  |  | &nbsp;&nbsp; 88293841 |
| **Consumer Staples-0.94%** | **Consumer Staples-0.94%** | **Consumer Staples-0.94%** |
| Estee Lauder Cos., Inc. (The), Class A | 54572 | &nbsp;&nbsp; 5973997 |
| **Energy-2.15%** | **Energy-2.15%** | **Energy-2.15%** |
| APA Corp. | 228047 | &nbsp;&nbsp; 6925787 |
| Texas Pacific Land Corp. | 13051 | &nbsp;&nbsp; 6842509 |
|  |  | &nbsp;&nbsp; 13768296 |
| **Financials-15.63%** | **Financials-15.63%** | **Financials-15.63%** |
| American Express Co.<sup>(c)</sup> | 15226 | &nbsp;&nbsp; 4703311 |
| Apollo Global Management, Inc.<sup>(c)</sup> | 52421 | &nbsp;&nbsp; 5483237 |
| Ares Management Corp., Class A | 48199 | &nbsp;&nbsp; 5398770 |
| Blackstone, Inc., Class A | 45971 | &nbsp;&nbsp; 5211732 |
| Block, Inc., Class A<sup>(b)</sup> | 122549 | &nbsp;&nbsp; 7806371 |
| Capital One Financial Corp. | 27907 | &nbsp;&nbsp; 5459726 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 56755 | &nbsp;&nbsp; 9980367 |
| Corpay, Inc.<sup>(b)</sup> | 17040 | &nbsp;&nbsp; 5539704 |
| Global Payments, Inc. | 72034 | &nbsp;&nbsp; 5507720 |
| Goldman Sachs Group, Inc. (The) | 5730 | &nbsp;&nbsp; 4925335 |
| Interactive Brokers Group, Inc., Class A | 89239 | &nbsp;&nbsp; 6352924 |
| Invesco Ltd.<sup>(d)</sup> | 233434 | &nbsp;&nbsp; 6129977 |
| KKR & Co., Inc., Class A | 68830 | &nbsp;&nbsp; 6035014 |
| Morgan Stanley | 30377 | &nbsp;&nbsp; 5058074 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 134920 | &nbsp;&nbsp; 10233682 |
| Synchrony Financial | 87651 | &nbsp;&nbsp; 6057561 |
|  |  | &nbsp;&nbsp; 99883505 |
| **Health Care-3.69%** | **Health Care-3.69%** | **Health Care-3.69%** |
| Align Technology, Inc.<sup>(b)</sup> | 25953 | &nbsp;&nbsp; 4933665 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 32950 | &nbsp;&nbsp; 5881245 |
| GE HealthCare Technologies, Inc. | 68658 | &nbsp;&nbsp; 5785810 |
| Moderna, Inc.<sup>(b)(c)</sup> | 130470 | &nbsp;&nbsp; 6989278 |
|  |  | &nbsp;&nbsp; 23589998 |
| **Industrials-11.38%** | **Industrials-11.38%** | **Industrials-11.38%** |
| Comfort Systems USA, Inc. | 5190 | &nbsp;&nbsp; 7418431 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Delta Air Lines, Inc. | 107589 | &nbsp;&nbsp; $7068597 |
| Eaton Corp. PLC | 13842 | &nbsp;&nbsp; 5203485 |
| EMCOR Group, Inc. | 6715 | &nbsp;&nbsp; 4865823 |
| Emerson Electric Co. | 33289 | &nbsp;&nbsp; 5018317 |
| GE Vernova, Inc. | 8222 | &nbsp;&nbsp; 7182739 |
| Generac Holdings, Inc.<sup>(b)</sup> | 25671 | &nbsp;&nbsp; 5785473 |
| Parker-Hannifin Corp. | 5345 | &nbsp;&nbsp; 5394067 |
| Southwest Airlines Co. | 106577 | &nbsp;&nbsp; 5249983 |
| Stanley Black & Decker, Inc. | 73525 | &nbsp;&nbsp; 6359177 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 75975 | &nbsp;&nbsp; 8076143 |
| United Rentals, Inc.<sup>(c)</sup> | 6066 | &nbsp;&nbsp; 5095440 |
|  |  | &nbsp;&nbsp; 72717675 |
| **Information Technology-40.24%** | **Information Technology-40.24%** | **Information Technology-40.24%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 38666 | &nbsp;&nbsp; 7741320 |
| Amphenol Corp., Class A | 36418 | &nbsp;&nbsp; 5319213 |
| Analog Devices, Inc. | 19251 | &nbsp;&nbsp; 6849313 |
| Apple, Inc. | 18916 | &nbsp;&nbsp; 4997229 |
| Applied Materials, Inc. | 19834 | &nbsp;&nbsp; 7384198 |
| AppLovin Corp., Class A<sup>(b)</sup> | 19023 | &nbsp;&nbsp; 8270630 |
| Arista Networks, Inc.<sup>(b)</sup> | 46379 | &nbsp;&nbsp; 6191597 |
| Broadcom, Inc. | 21136 | &nbsp;&nbsp; 6754009 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 17584 | &nbsp;&nbsp; 5299818 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 14703 | &nbsp;&nbsp; 5469222 |
| Datadog, Inc., Class A<sup>(b)</sup> | 40415 | &nbsp;&nbsp; 4524863 |
| Dell Technologies, Inc., Class C | 59450 | &nbsp;&nbsp; 8803356 |
| EPAM Systems, Inc.<sup>(b)</sup> | 28981 | &nbsp;&nbsp; 4086321 |
| Hewlett Packard Enterprise Co. | 276304 | &nbsp;&nbsp; 5932247 |
| Intel Corp.<sup>(b)</sup> | 127217 | &nbsp;&nbsp; 5802367 |
| Jabil, Inc. | 22364 | &nbsp;&nbsp; 5926236 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 22931 | &nbsp;&nbsp; 7047384 |
| KLA Corp. | 4879 | &nbsp;&nbsp; 7438279 |
| Lam Research Corp. | 33961 | &nbsp;&nbsp; 7943138 |
| Microchip Technology, Inc. | 112728 | &nbsp;&nbsp; 8414018 |
| Micron Technology, Inc. | 22072 | &nbsp;&nbsp; 9101831 |
| Monolithic Power Systems, Inc. | 7472 | &nbsp;&nbsp; 8538553 |
| NetApp, Inc. | 49474 | &nbsp;&nbsp; 4899410 |
| NVIDIA Corp. | 38035 | &nbsp;&nbsp; 6739422 |
| NXP Semiconductors N.V. (Netherlands) | 29490 | &nbsp;&nbsp; 6694525 |
| ON Semiconductor Corp.<sup>(b)</sup> | 111717 | &nbsp;&nbsp; 7426946 |
| Oracle Corp. | 36417 | &nbsp;&nbsp; 5295032 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 61257 | &nbsp;&nbsp; 8403848 |
| QUALCOMM, Inc. | 42869 | &nbsp;&nbsp; 6102831 |
| Seagate Technology Holdings PLC | 15355 | &nbsp;&nbsp; 6262383 |
| ServiceNow, Inc.<sup>(b)</sup> | 51499 | &nbsp;&nbsp; 5562407 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 109179 | &nbsp;&nbsp; 6504885 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 255510 | &nbsp;&nbsp; 8275969 |
| Synopsys, Inc.<sup>(b)</sup> | 12525 | &nbsp;&nbsp; 5185350 |
| Teradyne, Inc. | 23682 | &nbsp;&nbsp; 7578950 |
| Texas Instruments, Inc. | 23942 | &nbsp;&nbsp; 5078338 |
| Trimble, Inc.<sup>(b)</sup> | 85093 | &nbsp;&nbsp; 5690169 |
| Western Digital Corp. | 26848 | &nbsp;&nbsp; 7509386 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 27299 | &nbsp;&nbsp; 6113884 |
|  |  | &nbsp;&nbsp; 257158877 |
| **Materials-5.38%** | **Materials-5.38%** | **Materials-5.38%** |
| Albemarle Corp. | 38634 | &nbsp;&nbsp; 6902737 |
| Dow, Inc. | 174041 | &nbsp;&nbsp; 5348280 |
| DuPont de Nemours, Inc. | 107277 | &nbsp;&nbsp; 5368141 |

---

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

------

**28**

------

**Invesco S&P 500**<sup>®</sup> **High Beta ETF (SPHB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Freeport-McMoRan, Inc. | 101310 | &nbsp;&nbsp; $6897185 |
| LyondellBasell Industries N.V., Class A | 87730 | &nbsp;&nbsp; 5046229 |
| Smurfit WestRock PLC | 102104 | &nbsp;&nbsp; 4799909 |
|  |  | &nbsp;&nbsp; 34362481 |
| **Utilities-3.86%** | **Utilities-3.86%** | **Utilities-3.86%** |
| Constellation Energy Corp. | 25928 | &nbsp;&nbsp; 8553129 |
| NRG Energy, Inc. | 42698 | &nbsp;&nbsp; 7641234 |
| Vistra Corp. | 48759 | &nbsp;&nbsp; 8478702 |
|  |  | &nbsp;&nbsp; 24673065 |
| Total Common Stocks & Other Equity Interests <br>(Cost $638,395,564) | Total Common Stocks & Other Equity Interests <br>(Cost $638,395,564) | &nbsp;&nbsp; 638387407 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $382,883)<br>| 382883 | &nbsp;&nbsp; 382883 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $638,778,447) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $638,778,447) | &nbsp;&nbsp; 638770290 |

---

---

| | | |
|:---|:---|:---|
|  | **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-9.28%** | **Money Market Funds-9.28%** | **Money Market Funds-9.28%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 20272582 | &nbsp;&nbsp; $20272582 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 39025358 | &nbsp;&nbsp; 39037066 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $59,309,648) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $59,309,648) | &nbsp;&nbsp; 59309648 |
| TOTAL INVESTMENTS IN SECURITIES-109.24% <br>(Cost $698,088,095) | TOTAL INVESTMENTS IN SECURITIES-109.24% <br>(Cost $698,088,095) | &nbsp;&nbsp; 698079938 |
| OTHER ASSETS LESS LIABILITIES-(9.24)% | OTHER ASSETS LESS LIABILITIES-(9.24)% | &nbsp;&nbsp; (59045501)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $639034437 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $4168622 | &nbsp;&nbsp; $5799434 | &nbsp;&nbsp; $(4582844)<br>| &nbsp;&nbsp; $78883 | &nbsp;&nbsp; $665882 | &nbsp;&nbsp; $6129977 | &nbsp;&nbsp; $95538 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 3608739 | &nbsp;&nbsp; (3225856)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 382883 | &nbsp;&nbsp; 8102 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 8351474 | &nbsp;&nbsp; 68996448 | &nbsp;&nbsp; (57075340)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 20272582 | &nbsp;&nbsp; 87,144<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 23478915 | &nbsp;&nbsp; 133592070 | &nbsp;&nbsp; (118033998)<br>| &nbsp;&nbsp; (1110)<br>| &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 39037066 | &nbsp;&nbsp; 230,105<br> \*<br>|
| Total | &nbsp;&nbsp; $35999011 | &nbsp;&nbsp; $211996691 | &nbsp;&nbsp; $(182918038)<br>| &nbsp;&nbsp; $77773 | &nbsp;&nbsp; $667071 | &nbsp;&nbsp; $65822508 | &nbsp;&nbsp; $420889 |

---

\* 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.

------

**29**

------

**Invesco S&P 500**<sup>®</sup> **High Beta ETF (SPHB)—(continued)**

February 28, 2026

*(Unaudited)*

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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 2J. 

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

------

**30**

------

**Invesco S&P 500 High Dividend Growers ETF (DIVG)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
| **Communication Services-2.41%** | **Communication Services-2.41%** | **Communication Services-2.41%** |
| Comcast Corp., Class A | 4173 | &nbsp;&nbsp; $129196 |
| Omnicom Group, Inc. | 1395 | &nbsp;&nbsp; 118980 |
|  |  | &nbsp;&nbsp; 248176 |
| **Consumer Discretionary-3.96%** | **Consumer Discretionary-3.96%** | **Consumer Discretionary-3.96%** |
| D.R. Horton, Inc. | 219 | &nbsp;&nbsp; 35125 |
| Domino's Pizza, Inc. | 122 | &nbsp;&nbsp; 49106 |
| Garmin Ltd. | 194 | &nbsp;&nbsp; 49049 |
| Lennar Corp., Class A | 463 | &nbsp;&nbsp; 52949 |
| NIKE, Inc., Class B | 1044 | &nbsp;&nbsp; 64916 |
| Starbucks Corp. | 1123 | &nbsp;&nbsp; 110076 |
| Williams-Sonoma, Inc. | 229 | &nbsp;&nbsp; 47094 |
|  |  | &nbsp;&nbsp; 408315 |
| **Consumer Staples-14.66%** | **Consumer Staples-14.66%** | **Consumer Staples-14.66%** |
| Altria Group, Inc. | 2891 | &nbsp;&nbsp; 199595 |
| Brown-Forman Corp., Class B | 3799 | &nbsp;&nbsp; 109639 |
| Conagra Brands, Inc. | 12266 | &nbsp;&nbsp; 236120 |
| General Mills, Inc. | 2936 | &nbsp;&nbsp; 132795 |
| Hormel Foods Corp. | 6118 | &nbsp;&nbsp; 156621 |
| Kroger Co. (The) | 929 | &nbsp;&nbsp; 63395 |
| Lamb Weston Holdings, Inc. | 1257 | &nbsp;&nbsp; 60575 |
| McCormick & Co., Inc. | 1254 | &nbsp;&nbsp; 89084 |
| Mondelez International, Inc., Class A | 1557 | &nbsp;&nbsp; 95880 |
| PepsiCo, Inc. | 876 | &nbsp;&nbsp; 148692 |
| Philip Morris International, Inc. | 678 | &nbsp;&nbsp; 126671 |
| Procter & Gamble Co. (The) | 554 | &nbsp;&nbsp; 92629 |
|  |  | &nbsp;&nbsp; 1511696 |
| **Energy-11.74%** | **Energy-11.74%** | **Energy-11.74%** |
| Baker Hughes Co., Class A | 1228 | &nbsp;&nbsp; 80139 |
| Chevron Corp. | 861 | &nbsp;&nbsp; 160801 |
| ConocoPhillips | 1095 | &nbsp;&nbsp; 124239 |
| Coterra Energy, Inc. | 4794 | &nbsp;&nbsp; 146649 |
| Devon Energy Corp. | 2432 | &nbsp;&nbsp; 105865 |
| Diamondback Energy, Inc. | 592 | &nbsp;&nbsp; 103055 |
| EOG Resources, Inc. | 978 | &nbsp;&nbsp; 121350 |
| Marathon Petroleum Corp. | 315 | &nbsp;&nbsp; 62436 |
| ONEOK, Inc. | 2342 | &nbsp;&nbsp; 193847 |
| Williams Cos., Inc. (The) | 1508 | &nbsp;&nbsp; 112678 |
|  |  | &nbsp;&nbsp; 1211059 |
| **Financials-21.59%** | **Financials-21.59%** | **Financials-21.59%** |
| Aflac, Inc. | 572 | &nbsp;&nbsp; 64596 |
| American Express Co. | 100 | &nbsp;&nbsp; 30890 |
| American International Group, Inc. | 823 | &nbsp;&nbsp; 66243 |
| Bank of America Corp. | 1297 | &nbsp;&nbsp; 64629 |
| Bank of New York Mellon Corp. (The) | 547 | &nbsp;&nbsp; 65148 |
| BlackRock, Inc. | 53 | &nbsp;&nbsp; 56351 |
| Citigroup, Inc. | 721 | &nbsp;&nbsp; 79447 |
| Citizens Financial Group, Inc. | 1967 | &nbsp;&nbsp; 118394 |
| Fifth Third Bancorp | 2427 | &nbsp;&nbsp; 120064 |
| Franklin Resources, Inc. | 7061 | &nbsp;&nbsp; 187399 |
| Goldman Sachs Group, Inc. (The) | 77 | &nbsp;&nbsp; 66187 |
| Huntington Bancshares, Inc. | 6837 | &nbsp;&nbsp; 114861 |
| JPMorgan Chase & Co. | 190 | &nbsp;&nbsp; 57057 |
| KeyCorp | 7593 | &nbsp;&nbsp; 157479 |
| M&T Bank Corp. | 474 | &nbsp;&nbsp; 102848 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Morgan Stanley | 483 | &nbsp;&nbsp; $80424 |
| Northern Trust Corp. | 548 | &nbsp;&nbsp; 78413 |
| Principal Financial Group, Inc. | 1359 | &nbsp;&nbsp; 129676 |
| Prudential Financial, Inc. | 1524 | &nbsp;&nbsp; 149931 |
| Regions Financial Corp. | 4931 | &nbsp;&nbsp; 137230 |
| State Street Corp. | 729 | &nbsp;&nbsp; 93764 |
| Synchrony Financial | 706 | &nbsp;&nbsp; 48792 |
| Truist Financial Corp. | 3180 | &nbsp;&nbsp; 156806 |
|  |  | &nbsp;&nbsp; 2226629 |
| **Health Care-10.33%** | **Health Care-10.33%** | **Health Care-10.33%** |
| AbbVie, Inc. | 382 | &nbsp;&nbsp; 88655 |
| Amgen, Inc. | 352 | &nbsp;&nbsp; 136632 |
| Bristol-Myers Squibb Co. | 3719 | &nbsp;&nbsp; 231954 |
| Cigna Group (The) | 214 | &nbsp;&nbsp; 62021 |
| Elevance Health, Inc. | 183 | &nbsp;&nbsp; 58560 |
| Merck & Co., Inc. | 1367 | &nbsp;&nbsp; 169262 |
| Pfizer, Inc. | 7805 | &nbsp;&nbsp; 215808 |
| UnitedHealth Group, Inc. | 210 | &nbsp;&nbsp; 61587 |
| Zoetis, Inc. | 309 | &nbsp;&nbsp; 40510 |
|  |  | &nbsp;&nbsp; 1064989 |
| **Industrials-5.33%** | **Industrials-5.33%** | **Industrials-5.33%** |
| Automatic Data Processing, Inc. | 230 | &nbsp;&nbsp; 49303 |
| Fastenal Co. | 1179 | &nbsp;&nbsp; 54281 |
| FedEx Corp. | 313 | &nbsp;&nbsp; 121131 |
| General Electric Co. | 59 | &nbsp;&nbsp; 20193 |
| Illinois Tool Works, Inc. | 290 | &nbsp;&nbsp; 84283 |
| Northrop Grumman Corp. | 72 | &nbsp;&nbsp; 52155 |
| Paychex, Inc. | 820 | &nbsp;&nbsp; 76793 |
| Snap-on, Inc. | 238 | &nbsp;&nbsp; 91683 |
|  |  | &nbsp;&nbsp; 549822 |
| **Information Technology-3.04%** | **Information Technology-3.04%** | **Information Technology-3.04%** |
| Accenture PLC, Class A | 319 | &nbsp;&nbsp; 66582 |
| Analog Devices, Inc. | 214 | &nbsp;&nbsp; 76139 |
| Applied Materials, Inc. | 138 | &nbsp;&nbsp; 51377 |
| HP, Inc. | 4826 | &nbsp;&nbsp; 91646 |
| Monolithic Power Systems, Inc. | 24 | &nbsp;&nbsp; 27426 |
|  |  | &nbsp;&nbsp; 313170 |
| **Materials-3.81%** | **Materials-3.81%** | **Materials-3.81%** |
| LyondellBasell Industries N.V., Class A | 6828 | &nbsp;&nbsp; 392747 |
| **Real Estate-10.19%** | **Real Estate-10.19%** | **Real Estate-10.19%** |
| American Tower Corp. | 586 | &nbsp;&nbsp; 112430 |
| Equinix, Inc. | 91 | &nbsp;&nbsp; 88658 |
| Essex Property Trust, Inc. | 444 | &nbsp;&nbsp; 113269 |
| Invitation Homes, Inc. | 4527 | &nbsp;&nbsp; 119241 |
| Iron Mountain, Inc. | 917 | &nbsp;&nbsp; 99338 |
| Mid-America Apartment Communities, Inc. | 1047 | &nbsp;&nbsp; 140151 |
| Prologis, Inc. | 988 | &nbsp;&nbsp; 140859 |
| SBA Communications Corp., Class A | 399 | &nbsp;&nbsp; 80263 |
| VICI Properties, Inc. | 5184 | &nbsp;&nbsp; 156609 |
|  |  | &nbsp;&nbsp; 1050818 |
| **Utilities-12.92%** | **Utilities-12.92%** | **Utilities-12.92%** |
| AES Corp. (The) | 10907 | &nbsp;&nbsp; 188473 |
| Alliant Energy Corp.<sup>(b)</sup> | 1356 | &nbsp;&nbsp; 98093 |
| American Water Works Co., Inc. | 505 | &nbsp;&nbsp; 68695 |

---

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

------

**31**

------

**Invesco S&P 500 High Dividend Growers ETF (DIVG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Atmos Energy Corp. | 369 | &nbsp;&nbsp; $68925 |
| CMS Energy Corp. | 1242 | &nbsp;&nbsp; 96963 |
| Entergy Corp. | 817 | &nbsp;&nbsp; 87509 |
| Evergy, Inc. | 1395 | &nbsp;&nbsp; 116706 |
| Eversource Energy | 1749 | &nbsp;&nbsp; 133291 |
| NextEra Energy, Inc. | 1123 | &nbsp;&nbsp; 105304 |
| NiSource, Inc. | 1846 | &nbsp;&nbsp; 87316 |
| Public Service Enterprise Group, Inc. | 1119 | &nbsp;&nbsp; 96312 |
| WEC Energy Group, Inc. | 837 | &nbsp;&nbsp; 97896 |
| Xcel Energy, Inc. | 1050 | &nbsp;&nbsp; 87528 |
|  |  | &nbsp;&nbsp; 1333011 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.98% <br>(Cost $9,112,594) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.98% <br>(Cost $9,112,594) | &nbsp;&nbsp; 10310432 |

---

---

| | | |
|:---|:---|:---|
|  | **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-0.95%** | **Money Market Funds-0.95%** | **Money Market Funds-0.95%** |
| Invesco Private Government Fund, 3.64%<sup>(c)(d)(e)</sup> | 27270 | &nbsp;&nbsp; $27270 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup> | 70669 | &nbsp;&nbsp; 70690 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $97,960) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $97,960) | &nbsp;&nbsp; 97960 |
| TOTAL INVESTMENTS IN SECURITIES-100.93% <br>(Cost $9,210,554) | TOTAL INVESTMENTS IN SECURITIES-100.93% <br>(Cost $9,210,554) | &nbsp;&nbsp; 10408392 |
| OTHER ASSETS LESS LIABILITIES-(0.93)% | OTHER ASSETS LESS LIABILITIES-(0.93)% | &nbsp;&nbsp; (96126)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $10312266 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<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>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $138589 | &nbsp;&nbsp; $(138589)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $119 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 58685 | &nbsp;&nbsp; 957858 | &nbsp;&nbsp; (989273)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 27270 | &nbsp;&nbsp; 960<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 152761 | &nbsp;&nbsp; 1957803 | &nbsp;&nbsp; (2039838)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp; 70690 | &nbsp;&nbsp; 2,603<br> \*<br>|
| Total | &nbsp;&nbsp; $211446 | &nbsp;&nbsp; $3054250 | &nbsp;&nbsp; $(3167700)<br>| &nbsp;&nbsp; $(11)<br>| &nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp; $97960 | &nbsp;&nbsp; $3682 |

---

\* 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 February 28, 2026.

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

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

------

**32**

------

**Invesco S&P 500**<sup>®</sup> **High Dividend Low Volatility ETF (SPHD)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** | **Common Stocks & Other Equity Interests-99.94%** |
| **Communication Services-8.94%** | **Communication Services-8.94%** | **Communication Services-8.94%** |
| AT&T, Inc. | 2609490 | &nbsp;&nbsp; $73091815 |
| Comcast Corp., Class A | 2065953 | &nbsp;&nbsp; 63961905 |
| Omnicom Group, Inc. | 627209 | &nbsp;&nbsp; 53494655 |
| Verizon Communications, Inc. | 2337599 | &nbsp;&nbsp; 117207214 |
|  |  | &nbsp;&nbsp; 307755589 |
| **Consumer Discretionary-1.17%** | **Consumer Discretionary-1.17%** | **Consumer Discretionary-1.17%** |
| Genuine Parts Co. | 337472 | &nbsp;&nbsp; 40246911 |
| **Consumer Staples-20.15%** | **Consumer Staples-20.15%** | **Consumer Staples-20.15%** |
| Altria Group, Inc. | 1588747 | &nbsp;&nbsp; 109687093 |
| Campbell's Co. (The)<sup>(b)</sup> | 2931816 | &nbsp;&nbsp; 79012441 |
| Clorox Co. (The) | 605743 | &nbsp;&nbsp; 77026280 |
| Conagra Brands, Inc. | 5609332 | &nbsp;&nbsp; 107979641 |
| General Mills, Inc.<sup>(b)</sup> | 1623855 | &nbsp;&nbsp; 73446961 |
| Hormel Foods Corp.<sup>(b)</sup> | 2749378 | &nbsp;&nbsp; 70384077 |
| Kimberly-Clark Corp. | 685370 | &nbsp;&nbsp; 76377633 |
| Kraft Heinz Co. (The) | 4042115 | &nbsp;&nbsp; 99476450 |
|  |  | &nbsp;&nbsp; 693390576 |
| **Energy-12.74%** | **Energy-12.74%** | **Energy-12.74%** |
| Chevron Corp. | 369363 | &nbsp;&nbsp; 68982234 |
| Coterra Energy, Inc. | 1715200 | &nbsp;&nbsp; 52467968 |
| EOG Resources, Inc. | 477153 | &nbsp;&nbsp; 59205144 |
| Exxon Mobil Corp. | 341395 | &nbsp;&nbsp; 52062737 |
| Kinder Morgan, Inc. | 2034865 | &nbsp;&nbsp; 67699959 |
| ONEOK, Inc.<sup>(b)</sup> | 1014579 | &nbsp;&nbsp; 83976704 |
| Williams Cos., Inc. (The) | 722680 | &nbsp;&nbsp; 53998650 |
|  |  | &nbsp;&nbsp; 438393396 |
| **Financials-14.32%** | **Financials-14.32%** | **Financials-14.32%** |
| Fifth Third Bancorp<sup>(b)</sup> | 854078 | &nbsp;&nbsp; 42251239 |
| Franklin Resources, Inc. | 2909305 | &nbsp;&nbsp; 77212955 |
| Huntington Bancshares, Inc. | 2612611 | &nbsp;&nbsp; 43891865 |
| Principal Financial Group, Inc. | 526018 | &nbsp;&nbsp; 50192638 |
| Prudential Financial, Inc. | 599559 | &nbsp;&nbsp; 58984614 |
| Regions Financial Corp. | 1820475 | &nbsp;&nbsp; 50663819 |
| T. Rowe Price Group, Inc.<sup>(b)</sup> | 641607 | &nbsp;&nbsp; 60715270 |
| Truist Financial Corp. | 1159636 | &nbsp;&nbsp; 57181651 |
| U.S. Bancorp | 945802 | &nbsp;&nbsp; 51697537 |
|  |  | &nbsp;&nbsp; 492791588 |
| **Health Care-5.05%** | **Health Care-5.05%** | **Health Care-5.05%** |
| Bristol-Myers Squibb Co. | 1162349 | &nbsp;&nbsp; 72495707 |
| Pfizer, Inc. | 3661386 | &nbsp;&nbsp; 101237323 |
|  |  | &nbsp;&nbsp; 173733030 |
| **Industrials-1.31%** | **Industrials-1.31%** | **Industrials-1.31%** |
| Paychex, Inc. | 481577 | &nbsp;&nbsp; 45099686 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-2.80%** | **Materials-2.80%** | **Materials-2.80%** |
| Amcor PLC<sup>(b)</sup> | 1988881 | &nbsp;&nbsp; $96321507 |
| **Real Estate-19.96%** | **Real Estate-19.96%** | **Real Estate-19.96%** |
| BXP, Inc.<sup>(b)</sup> | 1036409 | &nbsp;&nbsp; 59676430 |
| Crown Castle, Inc. | 841855 | &nbsp;&nbsp; 75379697 |
| Extra Space Storage, Inc. | 469623 | &nbsp;&nbsp; 70927162 |
| Healthpeak Properties, Inc. | 5418221 | &nbsp;&nbsp; 95794147 |
| Kimco Realty Corp. | 3268537 | &nbsp;&nbsp; 76974046 |
| Public Storage | 219776 | &nbsp;&nbsp; 67484419 |
| Realty Income Corp. | 1269786 | &nbsp;&nbsp; 85075662 |
| UDR, Inc. | 1703247 | &nbsp;&nbsp; 63871762 |
| VICI Properties, Inc. | 3036137 | &nbsp;&nbsp; 91721699 |
|  |  | &nbsp;&nbsp; 686905024 |
| **Utilities-13.50%** | **Utilities-13.50%** | **Utilities-13.50%** |
| Dominion Energy, Inc. | 1026512 | &nbsp;&nbsp; 64813968 |
| DTE Energy Co. | 344222 | &nbsp;&nbsp; 51027469 |
| Duke Energy Corp. | 413900 | &nbsp;&nbsp; 54158815 |
| Evergy, Inc. | 663957 | &nbsp;&nbsp; 55546643 |
| Eversource Energy | 859469 | &nbsp;&nbsp; 65500132 |
| Exelon Corp. | 1119387 | &nbsp;&nbsp; 55376075 |
| FirstEnergy Corp. | 1138891 | &nbsp;&nbsp; 58265664 |
| Pinnacle West Capital Corp. | 595195 | &nbsp;&nbsp; 59698058 |
|  |  | &nbsp;&nbsp; 464386824 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $3,268,176,584) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.94% <br>(Cost $3,268,176,584) | &nbsp;&nbsp; 3439024131 |
| **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-5.86%** | **Money Market Funds-5.86%** | **Money Market Funds-5.86%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(c)(d)(e)</sup><br>| 45572938 | &nbsp;&nbsp; 45572938 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup> | 156189977 | &nbsp;&nbsp; 156236834 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $201,809,772) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $201,809,772) | &nbsp;&nbsp; 201809772 |
| TOTAL INVESTMENTS IN SECURITIES-105.80% <br>(Cost $3,469,986,356) | TOTAL INVESTMENTS IN SECURITIES-105.80% <br>(Cost $3,469,986,356) | &nbsp;&nbsp; 3640833903 |
| OTHER ASSETS LESS LIABILITIES-(5.80)% | OTHER ASSETS LESS LIABILITIES-(5.80)% | &nbsp;&nbsp; (199685957)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $3441147946 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

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

------

**33**

------

**Invesco S&P 500**<sup>®</sup> **High Dividend Low Volatility ETF (SPHD)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $42798489 | &nbsp;&nbsp; $(42798489)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $40387 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 33405144 | &nbsp;&nbsp; 396342867 | &nbsp;&nbsp; (384175073)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 45572938 | &nbsp;&nbsp; 727,766<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 86880541 | &nbsp;&nbsp; 890892693 | &nbsp;&nbsp; (821539287)<br>| &nbsp;&nbsp; (5015)<br>| &nbsp;&nbsp; 7902 | &nbsp;&nbsp; 156236834 | &nbsp;&nbsp; 2,017,550<br> \*<br>|
| Total | &nbsp;&nbsp; $120285685 | &nbsp;&nbsp; $1330034049 | &nbsp;&nbsp; $(1248512849)<br>| &nbsp;&nbsp; $(5015)<br>| &nbsp;&nbsp; $7902 | &nbsp;&nbsp; $201809772 | &nbsp;&nbsp; $2785703 |

---

\* 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 February 28, 2026.

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

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

------

**34**

------

**Invesco S&P 500**<sup>®</sup> **Low Volatility ETF (SPLV)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Communication Services-0.86%** | **Communication Services-0.86%** | **Communication Services-0.86%** |
| AT&T, Inc. | 2546112 | &nbsp;&nbsp; $71316597 |
| **Consumer Discretionary-4.93%** | **Consumer Discretionary-4.93%** | **Consumer Discretionary-4.93%** |
| AutoZone, Inc.<sup>(b)</sup> | 18832 | &nbsp;&nbsp; 70725083 |
| Home Depot, Inc. (The) | 179552 | &nbsp;&nbsp; 68359037 |
| McDonald's Corp. | 276769 | &nbsp;&nbsp; 94394835 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 825734 | &nbsp;&nbsp; 77519908 |
| TJX Cos., Inc. (The) | 601233 | &nbsp;&nbsp; 97195327 |
|  |  | &nbsp;&nbsp; 408194190 |
| **Consumer Staples-11.23%** | **Consumer Staples-11.23%** | **Consumer Staples-11.23%** |
| Altria Group, Inc.<sup>(c)</sup> | 1157861 | &nbsp;&nbsp; 79938723 |
| Church & Dwight Co., Inc. | 724789 | &nbsp;&nbsp; 76001375 |
| Coca-Cola Co. (The) | 1186166 | &nbsp;&nbsp; 96743699 |
| Colgate-Palmolive Co. | 780730 | &nbsp;&nbsp; 77401572 |
| Costco Wholesale Corp. | 76740 | &nbsp;&nbsp; 77568025 |
| General Mills, Inc. | 1439500 | &nbsp;&nbsp; 65108585 |
| Mondelez International, Inc., Class A | 1192491 | &nbsp;&nbsp; 73433596 |
| Monster Beverage Corp.<sup>(b)</sup> | 880164 | &nbsp;&nbsp; 75077989 |
| PepsiCo, Inc. | 432248 | &nbsp;&nbsp; 73369775 |
| Procter & Gamble Co. (The) | 546754 | &nbsp;&nbsp; 91417269 |
| Sysco Corp. | 802511 | &nbsp;&nbsp; 73156903 |
| Tyson Foods, Inc., Class A | 1095596 | &nbsp;&nbsp; 71202784 |
|  |  | &nbsp;&nbsp; 930420295 |
| **Energy-0.90%** | **Energy-0.90%** | **Energy-0.90%** |
| Kinder Morgan, Inc. | 2229069 | &nbsp;&nbsp; 74161126 |
| **Financials-17.41%** | **Financials-17.41%** | **Financials-17.41%** |
| Aflac, Inc. | 687092 | &nbsp;&nbsp; 77593300 |
| Aon PLC, Class A | 242598 | &nbsp;&nbsp; 81384351 |
| Bank of New York Mellon Corp. (The) | 596411 | &nbsp;&nbsp; 71032550 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 179526 | &nbsp;&nbsp; 90651654 |
| Cboe Global Markets, Inc. | 282791 | &nbsp;&nbsp; 84758118 |
| Chubb Ltd. | 255457 | &nbsp;&nbsp; 87075073 |
| Cincinnati Financial Corp. | 429308 | &nbsp;&nbsp; 70397926 |
| CME Group, Inc., Class A | 287757 | &nbsp;&nbsp; 91938361 |
| Hartford Insurance Group, Inc. (The) | 550796 | &nbsp;&nbsp; 77568601 |
| Intercontinental Exchange, Inc. | 562097 | &nbsp;&nbsp; 92256981 |
| Jack Henry & Associates, Inc. | 432028 | &nbsp;&nbsp; 70187269 |
| Loews Corp. | 797114 | &nbsp;&nbsp; 87698482 |
| Marsh & McLennan Cos., Inc. | 447192 | &nbsp;&nbsp; 83508634 |
| Mastercard, Inc., Class A | 132051 | &nbsp;&nbsp; 68298098 |
| Travelers Cos., Inc. (The) | 255127 | &nbsp;&nbsp; 78742397 |
| Visa, Inc., Class A<sup>(c)</sup> | 216288 | &nbsp;&nbsp; 69242440 |
| W.R. Berkley Corp.<sup>(c)</sup> | 1006423 | &nbsp;&nbsp; 72160529 |
| Willis Towers Watson PLC | 286704 | &nbsp;&nbsp; 87493460 |
|  |  | &nbsp;&nbsp; 1441988224 |
| **Health Care-7.45%** | **Health Care-7.45%** | **Health Care-7.45%** |
| Cencora, Inc. | 204848 | &nbsp;&nbsp; 76232135 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 893143 | &nbsp;&nbsp; 77230075 |
| Johnson & Johnson | 359728 | &nbsp;&nbsp; 89367227 |
| McKesson Corp. | 76085 | &nbsp;&nbsp; 75124046 |
| Medtronic PLC | 759365 | &nbsp;&nbsp; 74159586 |
| Quest Diagnostics, Inc.<sup>(c)</sup> | 336076 | &nbsp;&nbsp; 71217865 |
| STERIS PLC | 291225 | &nbsp;&nbsp; 73490629 |
| Stryker Corp. | 206874 | &nbsp;&nbsp; 80155400 |
|  |  | &nbsp;&nbsp; 616976963 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-13.11%** | **Industrials-13.11%** | **Industrials-13.11%** |
| AMETEK, Inc. | 306850 | &nbsp;&nbsp; $73404657 |
| Automatic Data Processing, Inc. | 373382 | &nbsp;&nbsp; 80038166 |
| Broadridge Financial Solutions, Inc.<sup>(c)</sup> | 444985 | &nbsp;&nbsp; 82709362 |
| Cintas Corp. | 384233 | &nbsp;&nbsp; 77280783 |
| CSX Corp. | 1693471 | &nbsp;&nbsp; 72294277 |
| General Dynamics Corp. | 220310 | &nbsp;&nbsp; 78661686 |
| Illinois Tool Works, Inc. | 240462 | &nbsp;&nbsp; 69885471 |
| L3Harris Technologies, Inc. | 211974 | &nbsp;&nbsp; 77273002 |
| Norfolk Southern Corp. | 228399 | &nbsp;&nbsp; 71886301 |
| Republic Services, Inc. | 392232 | &nbsp;&nbsp; 89821128 |
| Rollins, Inc.<sup>(c)</sup> | 1164396 | &nbsp;&nbsp; 70900072 |
| Union Pacific Corp. | 279368 | &nbsp;&nbsp; 74026933 |
| Veralto Corp. | 810573 | &nbsp;&nbsp; 78974127 |
| Waste Management, Inc. | 366151 | &nbsp;&nbsp; 88183807 |
|  |  | &nbsp;&nbsp; 1085339772 |
| **Information Technology-1.88%** | **Information Technology-1.88%** | **Information Technology-1.88%** |
| Motorola Solutions, Inc. | 169509 | &nbsp;&nbsp; 81747410 |
| Roper Technologies, Inc. | 211920 | &nbsp;&nbsp; 74114782 |
|  |  | &nbsp;&nbsp; 155862192 |
| **Materials-2.11%** | **Materials-2.11%** | **Materials-2.11%** |
| Ecolab, Inc. | 262005 | &nbsp;&nbsp; 80789242 |
| Linde PLC | 184793 | &nbsp;&nbsp; 93889627 |
|  |  | &nbsp;&nbsp; 174678869 |
| **Real Estate-14.28%** | **Real Estate-14.28%** | **Real Estate-14.28%** |
| AvalonBay Communities, Inc. | 412347 | &nbsp;&nbsp; 73080259 |
| Camden Property Trust | 693204 | &nbsp;&nbsp; 75101721 |
| Equity Residential | 1109798 | &nbsp;&nbsp; 70150332 |
| Federal Realty Investment Trust | 671665 | &nbsp;&nbsp; 73057002 |
| Healthpeak Properties, Inc. | 4128861 | &nbsp;&nbsp; 72998262 |
| Invitation Homes, Inc. | 2807070 | &nbsp;&nbsp; 73938224 |
| Kimco Realty Corp. | 3318732 | &nbsp;&nbsp; 78156139 |
| Mid-America Apartment Communities, <br> Inc.<br>| 590873 | &nbsp;&nbsp; 79094260 |
| Public Storage | 247691 | &nbsp;&nbsp; 76055998 |
| Realty Income Corp. | 1505349 | &nbsp;&nbsp; 100858383 |
| Regency Centers Corp. | 1126196 | &nbsp;&nbsp; 88969484 |
| UDR, Inc.<sup>(c)</sup> | 1825387 | &nbsp;&nbsp; 68452013 |
| Ventas, Inc.<sup>(c)</sup> | 899968 | &nbsp;&nbsp; 77541243 |
| VICI Properties, Inc. | 3226382 | &nbsp;&nbsp; 97469000 |
| Welltower, Inc. | 374293 | &nbsp;&nbsp; 77523566 |
|  |  | &nbsp;&nbsp; 1182445886 |
| **Utilities-25.84%** | **Utilities-25.84%** | **Utilities-25.84%** |
| Alliant Energy Corp.<sup>(c)</sup> | 1430186 | &nbsp;&nbsp; 103459655 |
| Ameren Corp. | 941372 | &nbsp;&nbsp; 106638620 |
| American Electric Power Co., Inc.<sup>(c)</sup> | 726448 | &nbsp;&nbsp; 97213271 |
| American Water Works Co., Inc.<sup>(c)</sup> | 571144 | &nbsp;&nbsp; 77692718 |
| Atmos Energy Corp. | 564982 | &nbsp;&nbsp; 105532988 |
| CenterPoint Energy, Inc. | 2475981 | &nbsp;&nbsp; 107705174 |
| CMS Energy Corp. | 1329917 | &nbsp;&nbsp; 103826620 |
| Consolidated Edison, Inc. | 781967 | &nbsp;&nbsp; 87986927 |
| Dominion Energy, Inc. | 1174305 | &nbsp;&nbsp; 74145618 |
| DTE Energy Co. | 703191 | &nbsp;&nbsp; 104241034 |
| Duke Energy Corp. | 799889 | &nbsp;&nbsp; 104665476 |
| Entergy Corp. | 787366 | &nbsp;&nbsp; 84334772 |
| Evergy, Inc. | 1269323 | &nbsp;&nbsp; 106191562 |

---

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

------

**35**

------

**Invesco S&P 500**<sup>®</sup> **Low Volatility ETF (SPLV)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Exelon Corp. | 2062991 | &nbsp;&nbsp; $102056165 |
| FirstEnergy Corp. | 1764424 | &nbsp;&nbsp; 90267932 |
| NiSource, Inc.<sup>(c)</sup> | 1868643 | &nbsp;&nbsp; 88386814 |
| Pinnacle West Capital Corp.<sup>(c)</sup> | 1037764 | &nbsp;&nbsp; 104087729 |
| PPL Corp. | 2600215 | &nbsp;&nbsp; 101356381 |
| Public Service Enterprise Group, Inc. | 985059 | &nbsp;&nbsp; 84784028 |
| Southern Co. (The) | 1111082 | &nbsp;&nbsp; 108197165 |
| WEC Energy Group, Inc.<sup>(c)</sup> | 913388 | &nbsp;&nbsp; 106829860 |
| Xcel Energy, Inc. | 1089367 | &nbsp;&nbsp; 90809633 |
|  |  | &nbsp;&nbsp; 2140410142 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $7,640,002,855) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $7,640,002,855) | &nbsp;&nbsp; 8281794256 |

---

---

| | | |
|:---|:---|:---|
|  | **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-2.92%** | **Money Market Funds-2.92%** | **Money Market Funds-2.92%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 67164169 | &nbsp;&nbsp; $67164169 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 174233000 | &nbsp;&nbsp; 174285270 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $241,449,439) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $241,449,439) | &nbsp;&nbsp; 241449439 |
| TOTAL INVESTMENTS IN SECURITIES-102.92% <br>(Cost $7,881,452,294) | TOTAL INVESTMENTS IN SECURITIES-102.92% <br>(Cost $7,881,452,294) | &nbsp;&nbsp; 8523243695 |
| OTHER ASSETS LESS LIABILITIES-(2.92)% | OTHER ASSETS LESS LIABILITIES-(2.92)% | &nbsp;&nbsp; (241468066)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $8281775629 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $80393658 | &nbsp;&nbsp; $(80393658)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $102865 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 85881090 | &nbsp;&nbsp; 405932801 | &nbsp;&nbsp; (424649722)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 67164169 | &nbsp;&nbsp; 741,853<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 223435518 | &nbsp;&nbsp; 930630987 | &nbsp;&nbsp; (979780920)<br>| &nbsp;&nbsp; (19385)<br>| &nbsp;&nbsp; 19070 | &nbsp;&nbsp; 174285270 | &nbsp;&nbsp; 2,030,143<br> \*<br>|
| Total | &nbsp;&nbsp; $309316608 | &nbsp;&nbsp; $1416957446 | &nbsp;&nbsp; $(1484824300)<br>| &nbsp;&nbsp; $(19385)<br>| &nbsp;&nbsp; $19070 | &nbsp;&nbsp; $241449439 | &nbsp;&nbsp; $2874861 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**36**

------

**Invesco S&P 500**<sup>®</sup> **Momentum ETF (SPMO)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** |
| **Communication Services-14.30%** | **Communication Services-14.30%** | **Communication Services-14.30%** |
| AT&T, Inc. | 7834353 | &nbsp;&nbsp; $219440228 |
| Fox Corp., Class A | 198383 | &nbsp;&nbsp; 11176898 |
| Fox Corp., Class B | 120784 | &nbsp;&nbsp; 6248156 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 150583 | &nbsp;&nbsp; 24415528 |
| Meta Platforms, Inc., Class A | 1589547 | &nbsp;&nbsp; 1030312574 |
| Netflix, Inc.<sup>(b)</sup> | 5315800 | &nbsp;&nbsp; 511592592 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 149108 | &nbsp;&nbsp; 31533360 |
| TKO Group Holdings, Inc. | 63268 | &nbsp;&nbsp; 14163807 |
| T-Mobile US, Inc. | 338537 | &nbsp;&nbsp; 73492997 |
|  |  | &nbsp;&nbsp; 1922376140 |
| **Consumer Discretionary-4.36%** | **Consumer Discretionary-4.36%** | **Consumer Discretionary-4.36%** |
| Booking Holdings, Inc. | 29529 | &nbsp;&nbsp; 125183766 |
| Carnival Corp. | 956603 | &nbsp;&nbsp; 30180825 |
| Darden Restaurants, Inc.<sup>(c)</sup> | 92392 | &nbsp;&nbsp; 19758029 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 563451 | &nbsp;&nbsp; 99432198 |
| eBay, Inc. | 472909 | &nbsp;&nbsp; 42968512 |
| Hilton Worldwide Holdings, Inc. | 148072 | &nbsp;&nbsp; 46165888 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 717118 | &nbsp;&nbsp; 67323038 |
| Ralph Lauren Corp. | 37348 | &nbsp;&nbsp; 13542385 |
| Royal Caribbean Cruises Ltd.<sup>(c)</sup> | 295973 | &nbsp;&nbsp; 92035764 |
| Tapestry, Inc. | 316781 | &nbsp;&nbsp; 49249942 |
|  |  | &nbsp;&nbsp; 585840347 |
| **Consumer Staples-7.12%** | **Consumer Staples-7.12%** | **Consumer Staples-7.12%** |
| Altria Group, Inc.<sup>(c)</sup> | 1605674 | &nbsp;&nbsp; 110855733 |
| Kroger Co. (The)<sup>(c)</sup> | 437815 | &nbsp;&nbsp; 29876496 |
| Philip Morris International, Inc. | 1461582 | &nbsp;&nbsp; 273067365 |
| Walmart, Inc.<sup>(c)</sup> | 4239899 | &nbsp;&nbsp; 542495077 |
|  |  | &nbsp;&nbsp; 956294671 |
| **Energy-1.38%** | **Energy-1.38%** | **Energy-1.38%** |
| EQT Corp.<sup>(c)</sup> | 508263 | &nbsp;&nbsp; 31217514 |
| Expand Energy Corp. | 183708 | &nbsp;&nbsp; 19825767 |
| Kinder Morgan, Inc. | 1616948 | &nbsp;&nbsp; 53795860 |
| Williams Cos., Inc. (The) | 1082621 | &nbsp;&nbsp; 80893441 |
|  |  | &nbsp;&nbsp; 185732582 |
| **Financials-20.05%** | **Financials-20.05%** | **Financials-20.05%** |
| Bank of New York Mellon Corp. (The) | 863488 | &nbsp;&nbsp; 102841421 |
| BlackRock, Inc. | 95626 | &nbsp;&nbsp; 101672432 |
| Capital One Financial Corp. | 427308 | &nbsp;&nbsp; 83598537 |
| Cboe Global Markets, Inc. | 84672 | &nbsp;&nbsp; 25377892 |
| Charles Schwab Corp. (The) | 1737889 | &nbsp;&nbsp; 165447033 |
| Citigroup, Inc. | 1490288 | &nbsp;&nbsp; 164214835 |
| CME Group, Inc., Class A | 485971 | &nbsp;&nbsp; 155267734 |
| Globe Life, Inc. | 80509 | &nbsp;&nbsp; 11694737 |
| Goldman Sachs Group, Inc. (The) | 229786 | &nbsp;&nbsp; 197517152 |
| Interactive Brokers Group, Inc., Class A | 591529 | &nbsp;&nbsp; 42110949 |
| Intercontinental Exchange, Inc. | 423320 | &nbsp;&nbsp; 69479512 |
| JPMorgan Chase & Co. | 2301428 | &nbsp;&nbsp; 691118828 |
| Morgan Stanley | 879875 | &nbsp;&nbsp; 146507986 |
| Nasdaq, Inc. | 446570 | &nbsp;&nbsp; 39110601 |
| Northern Trust Corp. | 175367 | &nbsp;&nbsp; 25093264 |
| Raymond James Financial, Inc.<sup>(c)</sup> | 153959 | &nbsp;&nbsp; 23568044 |
| State Street Corp. | 210687 | &nbsp;&nbsp; 27098562 |
| Visa, Inc., Class A | 1325082 | &nbsp;&nbsp; 424211751 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| W.R. Berkley Corp.<sup>(c)</sup> | 218574 | &nbsp;&nbsp; $15671756 |
| Wells Fargo & Co. | 2242620 | &nbsp;&nbsp; 182661399 |
|  |  | &nbsp;&nbsp; 2694264425 |
| **Health Care-2.84%** | **Health Care-2.84%** | **Health Care-2.84%** |
| Boston Scientific Corp.<sup>(b)</sup> | 1446085 | &nbsp;&nbsp; 111131632 |
| Cardinal Health, Inc. | 298359 | &nbsp;&nbsp; 68392834 |
| Gilead Sciences, Inc. | 1270696 | &nbsp;&nbsp; 189270169 |
| Insulet Corp.<sup>(b)</sup> | 50854 | &nbsp;&nbsp; 12541105 |
|  |  | &nbsp;&nbsp; 381335740 |
| **Industrials-12.58%** | **Industrials-12.58%** | **Industrials-12.58%** |
| Axon Enterprise, Inc.<sup>(b)</sup> | 100859 | &nbsp;&nbsp; 54705922 |
| Deere & Co. | 210521 | &nbsp;&nbsp; 132567179 |
| Fastenal Co. | 862528 | &nbsp;&nbsp; 39710789 |
| GE Vernova, Inc. | 415280 | &nbsp;&nbsp; 362788608 |
| General Electric Co. | 1021221 | &nbsp;&nbsp; 349523100 |
| Howmet Aerospace, Inc. | 483170 | &nbsp;&nbsp; 126846620 |
| Johnson Controls International PLC | 561537 | &nbsp;&nbsp; 81029789 |
| Parker-Hannifin Corp. | 78162 | &nbsp;&nbsp; 78879527 |
| Quanta Services, Inc.<sup>(c)</sup> | 114055 | &nbsp;&nbsp; 64222089 |
| Republic Services, Inc. | 133893 | &nbsp;&nbsp; 30661497 |
| RTX Corp. | 1078944 | &nbsp;&nbsp; 218615633 |
| Trane Technologies PLC | 151443 | &nbsp;&nbsp; 70015128 |
| TransDigm Group, Inc. | 39435 | &nbsp;&nbsp; 51375524 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 282560 | &nbsp;&nbsp; 30036128 |
|  |  | &nbsp;&nbsp; 1690977533 |
| **Information Technology-31.67%** | **Information Technology-31.67%** | **Information Technology-31.67%** |
| Amphenol Corp., Class A | 1198196 | &nbsp;&nbsp; 175008508 |
| Broadcom, Inc. | 3791164 | &nbsp;&nbsp; 1211466456 |
| Cisco Systems, Inc. | 3976464 | &nbsp;&nbsp; 315969829 |
| Corning, Inc. | 769354 | &nbsp;&nbsp; 115695455 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 263183 | &nbsp;&nbsp; 97898812 |
| F5, Inc.<sup>(b)</sup> | 55783 | &nbsp;&nbsp; 15137275 |
| Fortinet, Inc.<sup>(b)</sup> | 584553 | &nbsp;&nbsp; 46197224 |
| International Business Machines Corp. | 675201 | &nbsp;&nbsp; 162190032 |
| Jabil, Inc. | 131612 | &nbsp;&nbsp; 34875864 |
| NVIDIA Corp. | 6739258 | &nbsp;&nbsp; 1194129125 |
| Oracle Corp. | 1652635 | &nbsp;&nbsp; 240293129 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 3468835 | &nbsp;&nbsp; 475889474 |
| Seagate Technology Holdings PLC | 167792 | &nbsp;&nbsp; 68432289 |
| TE Connectivity PLC (Switzerland) | 210734 | &nbsp;&nbsp; 48500430 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 35679 | &nbsp;&nbsp; 24300967 |
| Trimble, Inc.<sup>(b)</sup> | 204443 | &nbsp;&nbsp; 13671103 |
| VeriSign, Inc. | 78412 | &nbsp;&nbsp; 17873231 |
|  |  | &nbsp;&nbsp; 4257529203 |
| **Materials-0.28%** | **Materials-0.28%** | **Materials-0.28%** |
| Corteva, Inc. | 475427 | &nbsp;&nbsp; 38091211 |
| **Real Estate-1.63%** | **Real Estate-1.63%** | **Real Estate-1.63%** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 213360 | &nbsp;&nbsp; 31504738 |
| Ventas, Inc.<sup>(c)</sup> | 322797 | &nbsp;&nbsp; 27812189 |
| Welltower, Inc. | 772306 | &nbsp;&nbsp; 159960019 |
|  |  | &nbsp;&nbsp; 219276946 |
| **Utilities-3.69%** | **Utilities-3.69%** | **Utilities-3.69%** |
| Ameren Corp. | 247347 | &nbsp;&nbsp; 28019468 |
| Atmos Energy Corp. | 131731 | &nbsp;&nbsp; 24606034 |

---

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

------

**37**

------

**Invesco S&P 500**<sup>®</sup> **Momentum ETF (SPMO)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| CenterPoint Energy, Inc. | 739102 | &nbsp;&nbsp; $32150937 |
| Constellation Energy Corp. | 229530 | &nbsp;&nbsp; 75717356 |
| Entergy Corp. | 505774 | &nbsp;&nbsp; 54173453 |
| Evergy, Inc. | 203073 | &nbsp;&nbsp; 16989087 |
| Exelon Corp. | 765653 | &nbsp;&nbsp; 37876854 |
| NiSource, Inc. | 497822 | &nbsp;&nbsp; 23546981 |
| NRG Energy, Inc. | 225426 | &nbsp;&nbsp; 40342237 |
| PPL Corp. | 561275 | &nbsp;&nbsp; 21878500 |
| Vistra Corp. | 368678 | &nbsp;&nbsp; 64109417 |
| WEC Energy Group, Inc.<sup>(c)</sup> | 307951 | &nbsp;&nbsp; 36017949 |
| Xcel Energy, Inc. | 488667 | &nbsp;&nbsp; 40735281 |
|  |  | &nbsp;&nbsp; 496163554 |
| Total Common Stocks & Other Equity Interests <br>(Cost $12,441,942,737) | Total Common Stocks & Other Equity Interests <br>(Cost $12,441,942,737) | &nbsp;&nbsp; 13427882352 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $8,438,465)<br>| 8438465 | &nbsp;&nbsp; 8438465 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $12,450,381,202) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $12,450,381,202) | &nbsp;&nbsp; 13436320817 |

---

---

| | | |
|:---|:---|:---|
|  | **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-1.17%** | **Money Market Funds-1.17%** | **Money Market Funds-1.17%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 43835275 | &nbsp;&nbsp; $43835275 |
| Invesco Private Prime Fund, <br> 3.81%<sup>(d)(e)(f)</sup><br>| 113802558 | &nbsp;&nbsp; 113836699 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $157,671,974) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $157,671,974) | &nbsp;&nbsp; 157671974 |
| TOTAL INVESTMENTS IN SECURITIES-101.13% <br>(Cost $12,608,053,176) | TOTAL INVESTMENTS IN SECURITIES-101.13% <br>(Cost $12,608,053,176) | &nbsp;&nbsp; 13593992791 |
| OTHER ASSETS LESS LIABILITIES-(1.13)% | OTHER ASSETS LESS LIABILITIES-(1.13)% | &nbsp;&nbsp; (152155894)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $13441836897 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $12323939 | &nbsp;&nbsp; $88198808 | &nbsp;&nbsp; $(92084282)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8438465 | &nbsp;&nbsp; $166267 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 39839575 | &nbsp;&nbsp; 432149680 | &nbsp;&nbsp; (428153980)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 43835275 | &nbsp;&nbsp; 479,599<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 103419667 | &nbsp;&nbsp; 901482098 | &nbsp;&nbsp; (891070971)<br>| &nbsp;&nbsp; (6986)<br>| &nbsp;&nbsp; 12891 | &nbsp;&nbsp; 113836699 | &nbsp;&nbsp; 1,263,963<br> \*<br>|
| Total | &nbsp;&nbsp; $155583181 | &nbsp;&nbsp; $1421830586 | &nbsp;&nbsp; $(1411309233)<br>| &nbsp;&nbsp; $(6986)<br>| &nbsp;&nbsp; $12891 | &nbsp;&nbsp; $166110439 | &nbsp;&nbsp; $1909829 |

---

\* 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.

------

**38**

------

**Invesco S&P 500**<sup>®</sup> **Momentum ETF (SPMO)—(continued)**

February 28, 2026

*(Unaudited)*

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

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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 2J. 

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

------

**39**

------

**Invesco S&P 500 QVM Multi-factor ETF (QVML)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** |
| **Communication Services-10.90%** | **Communication Services-10.90%** | **Communication Services-10.90%** |
| Alphabet, Inc., Class C | 265572 | &nbsp;&nbsp; $82707088 |
| AT&T, Inc. | 207115 | &nbsp;&nbsp; 5801291 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 2454 | &nbsp;&nbsp; 575782 |
| Comcast Corp., Class A | 96984 | &nbsp;&nbsp; 3002625 |
| Electronic Arts, Inc. | 6085 | &nbsp;&nbsp; 1220468 |
| Fox Corp., Class A | 8491 | &nbsp;&nbsp; 478383 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 4183 | &nbsp;&nbsp; 678231 |
| Meta Platforms, Inc., Class A | 58490 | &nbsp;&nbsp; 37912048 |
| Netflix, Inc.<sup>(b)</sup> | 133595 | &nbsp;&nbsp; 12857183 |
| News Corp., Class A | 14075 | &nbsp;&nbsp; 341882 |
| Omnicom Group, Inc. | 8276 | &nbsp;&nbsp; 705860 |
| Paramount Skydance Corp.<sup>(c)</sup> | 11413 | &nbsp;&nbsp; 154190 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 4784 | &nbsp;&nbsp; 1011720 |
| TKO Group Holdings, Inc. | 1971 | &nbsp;&nbsp; 441248 |
| T-Mobile US, Inc. | 14091 | &nbsp;&nbsp; 3059015 |
| Verizon Communications, Inc. | 117891 | &nbsp;&nbsp; 5911055 |
| Walt Disney Co. (The) | 46860 | &nbsp;&nbsp; 4969034 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 54640 | &nbsp;&nbsp; 1539209 |
|  |  | &nbsp;&nbsp; 163366312 |
| **Consumer Discretionary-8.65%** | **Consumer Discretionary-8.65%** | **Consumer Discretionary-8.65%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 10687 | &nbsp;&nbsp; 1443921 |
| Amazon.com, Inc.<sup>(b)</sup> | 264254 | &nbsp;&nbsp; 55493340 |
| Aptiv PLC<sup>(b)</sup> | 6091 | &nbsp;&nbsp; 447932 |
| Best Buy Co., Inc. | 5780 | &nbsp;&nbsp; 358187 |
| Carnival Corp. | 28942 | &nbsp;&nbsp; 913120 |
| D.R. Horton, Inc. | 7709 | &nbsp;&nbsp; 1236446 |
| Darden Restaurants, Inc. | 3280 | &nbsp;&nbsp; 701428 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 3564 | &nbsp;&nbsp; 417950 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 9050 | &nbsp;&nbsp; 1597053 |
| eBay, Inc. | 12439 | &nbsp;&nbsp; 1130208 |
| Expedia Group, Inc. | 3020 | &nbsp;&nbsp; 651384 |
| Ford Motor Co. | 105105 | &nbsp;&nbsp; 1480929 |
| Garmin Ltd. | 4127 | &nbsp;&nbsp; 1043429 |
| General Motors Co. | 23535 | &nbsp;&nbsp; 1852440 |
| Genuine Parts Co. | 3918 | &nbsp;&nbsp; 467261 |
| Home Depot, Inc. (The) | 27389 | &nbsp;&nbsp; 10427540 |
| Las Vegas Sands Corp. | 8971 | &nbsp;&nbsp; 508835 |
| Lennar Corp., Class A | 6691 | &nbsp;&nbsp; 765183 |
| lululemon athletica, Inc.<sup>(b)</sup> | 3018 | &nbsp;&nbsp; 558843 |
| MGM Resorts International<sup>(b)</sup> | 5393 | &nbsp;&nbsp; 198786 |
| NIKE, Inc., Class B | 31688 | &nbsp;&nbsp; 1970360 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 11964 | &nbsp;&nbsp; 296588 |
| NVR, Inc.<sup>(b)</sup> | 85 | &nbsp;&nbsp; 639012 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 25080 | &nbsp;&nbsp; 2354510 |
| Pool Corp. | 1073 | &nbsp;&nbsp; 243764 |
| PulteGroup, Inc. | 5349 | &nbsp;&nbsp; 733883 |
| Ralph Lauren Corp. | 1209 | &nbsp;&nbsp; 438383 |
| Ross Stores, Inc. | 8617 | &nbsp;&nbsp; 1772000 |
| Royal Caribbean Cruises Ltd. | 7029 | &nbsp;&nbsp; 2185738 |
| Tapestry, Inc. | 5270 | &nbsp;&nbsp; 819327 |
| Tesla, Inc.<sup>(b)</sup> | 72341 | &nbsp;&nbsp; 29117976 |
| TJX Cos., Inc. (The) | 29627 | &nbsp;&nbsp; 4789501 |
| Tractor Supply Co. | 14912 | &nbsp;&nbsp; 773038 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 1112 | &nbsp;&nbsp; 761486 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Williams-Sonoma, Inc. | 3311 | &nbsp;&nbsp; $680907 |
| Wynn Resorts Ltd. | 2430 | &nbsp;&nbsp; 262902 |
|  |  | &nbsp;&nbsp; 129533590 |
| **Consumer Staples-5.90%** | **Consumer Staples-5.90%** | **Consumer Staples-5.90%** |
| Altria Group, Inc. | 45964 | &nbsp;&nbsp; 3173355 |
| Archer-Daniels-Midland Co. | 13612 | &nbsp;&nbsp; 939772 |
| Brown-Forman Corp., Class B | 5993 | &nbsp;&nbsp; 172958 |
| Bunge Global S.A. | 4095 | &nbsp;&nbsp; 494062 |
| Campbell's Co. (The) | 5953 | &nbsp;&nbsp; 160433 |
| Church & Dwight Co., Inc. | 6952 | &nbsp;&nbsp; 728987 |
| Coca-Cola Co. (The) | 109532 | &nbsp;&nbsp; 8933430 |
| Colgate-Palmolive Co. | 22738 | &nbsp;&nbsp; 2254245 |
| Conagra Brands, Inc. | 13543 | &nbsp;&nbsp; 260703 |
| Constellation Brands, Inc., Class A | 3687 | &nbsp;&nbsp; 582030 |
| Costco Wholesale Corp. | 12541 | &nbsp;&nbsp; 12676317 |
| Dollar General Corp. | 5229 | &nbsp;&nbsp; 816979 |
| Dollar Tree, Inc.<sup>(b)</sup> | 4731 | &nbsp;&nbsp; 598377 |
| Estee Lauder Cos., Inc. (The), Class A | 6026 | &nbsp;&nbsp; 659666 |
| General Mills, Inc. | 15480 | &nbsp;&nbsp; 700160 |
| Hershey Co. (The) | 4200 | &nbsp;&nbsp; 992376 |
| Hormel Foods Corp. | 7985 | &nbsp;&nbsp; 204416 |
| J.M. Smucker Co. (The) | 3189 | &nbsp;&nbsp; 369765 |
| Kenvue, Inc. | 52985 | &nbsp;&nbsp; 1013073 |
| Keurig Dr Pepper, Inc. | 34848 | &nbsp;&nbsp; 1055197 |
| Kimberly-Clark Corp. | 9531 | &nbsp;&nbsp; 1062135 |
| Kraft Heinz Co. (The) | 25053 | &nbsp;&nbsp; 616554 |
| Kroger Co. (The) | 18144 | &nbsp;&nbsp; 1238147 |
| Lamb Weston Holdings, Inc. | 4002 | &nbsp;&nbsp; 192856 |
| McCormick & Co., Inc. | 7498 | &nbsp;&nbsp; 532658 |
| Molson Coors Beverage Co., Class B | 4647 | &nbsp;&nbsp; 227656 |
| Mondelez International, Inc., Class A | 37617 | &nbsp;&nbsp; 2316455 |
| Monster Beverage Corp.<sup>(b)</sup> | 19649 | &nbsp;&nbsp; 1676060 |
| PepsiCo, Inc. | 36934 | &nbsp;&nbsp; 6269177 |
| Philip Morris International, Inc. | 44438 | &nbsp;&nbsp; 8302352 |
| Procter & Gamble Co. (The) | 67223 | &nbsp;&nbsp; 11239686 |
| Sysco Corp. | 13428 | &nbsp;&nbsp; 1224096 |
| Target Corp. | 11815 | &nbsp;&nbsp; 1344429 |
| Tyson Foods, Inc., Class A | 8129 | &nbsp;&nbsp; 528304 |
| Walmart, Inc. | 115981 | &nbsp;&nbsp; 14839769 |
|  |  | &nbsp;&nbsp; 88396635 |
| **Energy-3.61%** | **Energy-3.61%** | **Energy-3.61%** |
| APA Corp. | 9411 | &nbsp;&nbsp; 285812 |
| Baker Hughes Co., Class A | 27972 | &nbsp;&nbsp; 1825453 |
| Chevron Corp. | 52157 | &nbsp;&nbsp; 9740841 |
| ConocoPhillips | 31139 | &nbsp;&nbsp; 3533031 |
| Coterra Energy, Inc. | 21240 | &nbsp;&nbsp; 649732 |
| Devon Energy Corp. | 17094 | &nbsp;&nbsp; 744102 |
| Diamondback Energy, Inc. | 4864 | &nbsp;&nbsp; 846725 |
| EOG Resources, Inc. | 14348 | &nbsp;&nbsp; 1780300 |
| EQT Corp. | 18115 | &nbsp;&nbsp; 1112623 |
| Expand Energy Corp. | 6954 | &nbsp;&nbsp; 750476 |
| Exxon Mobil Corp. | 111919 | &nbsp;&nbsp; 17067648 |
| Halliburton Co. | 21470 | &nbsp;&nbsp; 772920 |
| Kinder Morgan, Inc. | 54550 | &nbsp;&nbsp; 1814879 |
| Marathon Petroleum Corp. | 8359 | &nbsp;&nbsp; 1656837 |
| Occidental Petroleum Corp. | 19918 | &nbsp;&nbsp; 1057247 |
| ONEOK, Inc. | 16877 | &nbsp;&nbsp; 1396909 |

---

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

------

**40**

------

**Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-(continued)** | **Energy-(continued)** | **Energy-(continued)** |
| Phillips 66 | 10463 | &nbsp;&nbsp; $1614755 |
| SLB Ltd. | 36764 | &nbsp;&nbsp; 1887464 |
| Targa Resources Corp. | 5604 | &nbsp;&nbsp; 1321423 |
| Valero Energy Corp. | 8471 | &nbsp;&nbsp; 1733505 |
| Williams Cos., Inc. (The) | 33468 | &nbsp;&nbsp; 2500729 |
|  |  | &nbsp;&nbsp; 54093411 |
| **Financials-13.05%** | **Financials-13.05%** | **Financials-13.05%** |
| Aflac, Inc. | 13464 | &nbsp;&nbsp; 1520490 |
| Allstate Corp. (The) | 7574 | &nbsp;&nbsp; 1624774 |
| American Express Co. | 14366 | &nbsp;&nbsp; 4437657 |
| American International Group, Inc. | 14135 | &nbsp;&nbsp; 1137726 |
| Ameriprise Financial, Inc. | 2346 | &nbsp;&nbsp; 1102902 |
| Aon PLC, Class A | 6094 | &nbsp;&nbsp; 2044354 |
| Apollo Global Management, Inc. | 11075 | &nbsp;&nbsp; 1158445 |
| Arch Capital Group Ltd.<sup>(b)</sup> | 10343 | &nbsp;&nbsp; 1035851 |
| Arthur J. Gallagher & Co. | 7168 | &nbsp;&nbsp; 1635738 |
| Assurant, Inc. | 1485 | &nbsp;&nbsp; 340941 |
| Bank of America Corp. | 183138 | &nbsp;&nbsp; 9125767 |
| Bank of New York Mellon Corp. (The) | 18139 | &nbsp;&nbsp; 2160355 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 51975 | &nbsp;&nbsp; 26244776 |
| BlackRock, Inc. | 3804 | &nbsp;&nbsp; 4044527 |
| Blackstone, Inc., Class A | 18754 | &nbsp;&nbsp; 2126141 |
| Block, Inc., Class A<sup>(b)</sup> | 15749 | &nbsp;&nbsp; 1003211 |
| Brown & Brown, Inc.<sup>(c)</sup> | 8546 | &nbsp;&nbsp; 613774 |
| Capital One Financial Corp. | 16022 | &nbsp;&nbsp; 3134544 |
| Cboe Global Markets, Inc. | 2956 | &nbsp;&nbsp; 885972 |
| Charles Schwab Corp. (The) | 44941 | &nbsp;&nbsp; 4278383 |
| Chubb Ltd. | 10078 | &nbsp;&nbsp; 3435187 |
| Cincinnati Financial Corp. | 4389 | &nbsp;&nbsp; 719708 |
| Citigroup, Inc. | 46625 | &nbsp;&nbsp; 5137609 |
| Citizens Financial Group, Inc. | 10870 | &nbsp;&nbsp; 654265 |
| CME Group, Inc., Class A | 10364 | &nbsp;&nbsp; 3311298 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 6186 | &nbsp;&nbsp; 1087808 |
| Corpay, Inc.<sup>(b)</sup> | 1821 | &nbsp;&nbsp; 592007 |
| Erie Indemnity Co., Class A | 799 | &nbsp;&nbsp; 215283 |
| Everest Group Ltd. | 1221 | &nbsp;&nbsp; 409633 |
| FactSet Research Systems, Inc. | 1089 | &nbsp;&nbsp; 236106 |
| Fifth Third Bancorp | 16450 | &nbsp;&nbsp; 813781 |
| Fiserv, Inc.<sup>(b)</sup> | 13628 | &nbsp;&nbsp; 848888 |
| Franklin Resources, Inc. | 8245 | &nbsp;&nbsp; 218822 |
| Global Payments, Inc. | 6467 | &nbsp;&nbsp; 494467 |
| Globe Life, Inc. | 2233 | &nbsp;&nbsp; 324366 |
| Goldman Sachs Group, Inc. (The) | 7655 | &nbsp;&nbsp; 6580008 |
| Hartford Insurance Group, Inc. (The) | 8052 | &nbsp;&nbsp; 1133963 |
| Huntington Bancshares, Inc. | 40831 | &nbsp;&nbsp; 685961 |
| Interactive Brokers Group, Inc., Class A | 11790 | &nbsp;&nbsp; 839330 |
| Intercontinental Exchange, Inc. | 15278 | &nbsp;&nbsp; 2507578 |
| Invesco Ltd.<sup>(d)</sup> | 11534 | &nbsp;&nbsp; 302883 |
| Jack Henry & Associates, Inc. | 1976 | &nbsp;&nbsp; 321021 |
| JPMorgan Chase & Co. | 75136 | &nbsp;&nbsp; 22563341 |
| KeyCorp | 23636 | &nbsp;&nbsp; 490211 |
| Loews Corp. | 4868 | &nbsp;&nbsp; 535577 |
| M&T Bank Corp. | 3954 | &nbsp;&nbsp; 857939 |
| Marsh & McLennan Cos., Inc. | 13564 | &nbsp;&nbsp; 2532941 |
| Mastercard, Inc., Class A | 22835 | &nbsp;&nbsp; 11810490 |
| MetLife, Inc. | 14555 | &nbsp;&nbsp; 1048979 |
| Moody's Corp. | 4286 | &nbsp;&nbsp; 2046951 |
| Morgan Stanley | 31106 | &nbsp;&nbsp; 5179460 |
| Nasdaq, Inc. | 12373 | &nbsp;&nbsp; 1083627 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Northern Trust Corp. | 4977 | &nbsp;&nbsp; $712159 |
| PayPal Holdings, Inc. | 26588 | &nbsp;&nbsp; 1228631 |
| PNC Financial Services Group, Inc. (The) | 9868 | &nbsp;&nbsp; 2095470 |
| Principal Financial Group, Inc. | 5442 | &nbsp;&nbsp; 519276 |
| Progressive Corp. (The) | 16380 | &nbsp;&nbsp; 3499751 |
| Prudential Financial, Inc. | 9136 | &nbsp;&nbsp; 898800 |
| Raymond James Financial, Inc. | 4533 | &nbsp;&nbsp; 693912 |
| Regions Financial Corp. | 23079 | &nbsp;&nbsp; 642289 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 19903 | &nbsp;&nbsp; 1509643 |
| S&P Global, Inc. | 8634 | &nbsp;&nbsp; 3815192 |
| State Street Corp. | 7129 | &nbsp;&nbsp; 916932 |
| Synchrony Financial | 9270 | &nbsp;&nbsp; 640650 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 6113 | &nbsp;&nbsp; 578473 |
| Travelers Cos., Inc. (The) | 6431 | &nbsp;&nbsp; 1984864 |
| Truist Financial Corp. | 32848 | &nbsp;&nbsp; 1619735 |
| U.S. Bancorp | 38782 | &nbsp;&nbsp; 2119824 |
| Visa, Inc., Class A | 47201 | &nbsp;&nbsp; 15110928 |
| W.R. Berkley Corp. | 9638 | &nbsp;&nbsp; 691045 |
| Wells Fargo & Co. | 82357 | &nbsp;&nbsp; 6707978 |
| Willis Towers Watson PLC | 2719 | &nbsp;&nbsp; 829757 |
|  |  | &nbsp;&nbsp; 195491125 |
| **Health Care-9.53%** | **Health Care-9.53%** | **Health Care-9.53%** |
| Abbott Laboratories | 49704 | &nbsp;&nbsp; 5783060 |
| Agilent Technologies, Inc. | 8252 | &nbsp;&nbsp; 1001628 |
| Align Technology, Inc.<sup>(b)</sup> | 1664 | &nbsp;&nbsp; 316326 |
| Amgen, Inc. | 16011 | &nbsp;&nbsp; 6214830 |
| Baxter International, Inc. | 14546 | &nbsp;&nbsp; 296302 |
| Becton, Dickinson and Co. | 7611 | &nbsp;&nbsp; 1343189 |
| Biogen, Inc.<sup>(b)</sup> | 4083 | &nbsp;&nbsp; 783201 |
| Bio-Techne Corp. | 4589 | &nbsp;&nbsp; 270751 |
| Boston Scientific Corp.<sup>(b)</sup> | 44185 | &nbsp;&nbsp; 3395617 |
| Bristol-Myers Squibb Co. | 53216 | &nbsp;&nbsp; 3319082 |
| Cardinal Health, Inc. | 6943 | &nbsp;&nbsp; 1591544 |
| Cencora, Inc. | 5712 | &nbsp;&nbsp; 2125664 |
| Centene Corp.<sup>(b)</sup> | 13359 | &nbsp;&nbsp; 599552 |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 1248 | &nbsp;&nbsp; 222756 |
| Cigna Group (The) | 7670 | &nbsp;&nbsp; 2222919 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 5468 | &nbsp;&nbsp; 457508 |
| CVS Health Corp. | 35122 | &nbsp;&nbsp; 2806248 |
| Danaher Corp. | 17068 | &nbsp;&nbsp; 3595204 |
| DaVita, Inc.<sup>(b)</sup> | 1093 | &nbsp;&nbsp; 170836 |
| Dexcom, Inc.<sup>(b)</sup> | 10284 | &nbsp;&nbsp; 755154 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 16463 | &nbsp;&nbsp; 1423556 |
| Elevance Health, Inc. | 6064 | &nbsp;&nbsp; 1940480 |
| Eli Lilly and Co. | 23289 | &nbsp;&nbsp; 24499795 |
| GE HealthCare Technologies, Inc. | 11752 | &nbsp;&nbsp; 990341 |
| Gilead Sciences, Inc. | 34939 | &nbsp;&nbsp; 5204164 |
| HCA Healthcare, Inc. | 4839 | &nbsp;&nbsp; 2563218 |
| Henry Schein, Inc.<sup>(b)</sup> | 2808 | &nbsp;&nbsp; 231351 |
| Hologic, Inc.<sup>(b)</sup> | 6342 | &nbsp;&nbsp; 477933 |
| Humana, Inc. | 3241 | &nbsp;&nbsp; 617540 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 2331 | &nbsp;&nbsp; 1530838 |
| Incyte Corp.<sup>(b)</sup> | 5089 | &nbsp;&nbsp; 515363 |
| Insulet Corp.<sup>(b)</sup> | 2131 | &nbsp;&nbsp; 525526 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 4884 | &nbsp;&nbsp; 873308 |
| Johnson & Johnson | 65284 | &nbsp;&nbsp; 16218504 |
| Labcorp Holdings, Inc. | 2342 | &nbsp;&nbsp; 677119 |
| McKesson Corp. | 3677 | &nbsp;&nbsp; 3630559 |

---

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

------

**41**

------

**Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Medtronic PLC | 36444 | &nbsp;&nbsp; $3559121 |
| Merck & Co., Inc. | 72827 | &nbsp;&nbsp; 9017439 |
| Moderna, Inc.<sup>(b)(c)</sup> | 8882 | &nbsp;&nbsp; 475809 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 1386 | &nbsp;&nbsp; 213513 |
| Pfizer, Inc. | 154481 | &nbsp;&nbsp; 4271400 |
| Quest Diagnostics, Inc. | 3297 | &nbsp;&nbsp; 698667 |
| Regeneron Pharmaceuticals, Inc. | 2979 | &nbsp;&nbsp; 2328595 |
| ResMed, Inc. | 4043 | &nbsp;&nbsp; 1036059 |
| Revvity, Inc.<sup>(c)</sup> | 3228 | &nbsp;&nbsp; 317345 |
| Solventum Corp.<sup>(b)</sup> | 4357 | &nbsp;&nbsp; 323289 |
| STERIS PLC | 2770 | &nbsp;&nbsp; 699010 |
| Stryker Corp. | 9822 | &nbsp;&nbsp; 3805632 |
| Thermo Fisher Scientific, Inc. | 10557 | &nbsp;&nbsp; 5501358 |
| UnitedHealth Group, Inc. | 24695 | &nbsp;&nbsp; 7242303 |
| Universal Health Services, Inc., Class B | 1697 | &nbsp;&nbsp; 349752 |
| Viatris, Inc. | 30411 | &nbsp;&nbsp; 454036 |
| Waters Corp.<sup>(b)</sup> | 1668 | &nbsp;&nbsp; 532726 |
| West Pharmaceutical Services, Inc. | 2094 | &nbsp;&nbsp; 532588 |
| Zimmer Biomet Holdings, Inc. | 5835 | &nbsp;&nbsp; 574397 |
| Zoetis, Inc. | 13063 | &nbsp;&nbsp; 1712559 |
|  |  | &nbsp;&nbsp; 142836564 |
| **Industrials-8.67%** | **Industrials-8.67%** | **Industrials-8.67%** |
| 3M Co. | 15037 | &nbsp;&nbsp; 2485917 |
| A.O. Smith Corp. | 3033 | &nbsp;&nbsp; 236574 |
| Allegion PLC | 2538 | &nbsp;&nbsp; 408999 |
| AMETEK, Inc. | 6188 | &nbsp;&nbsp; 1480293 |
| Automatic Data Processing, Inc. | 10850 | &nbsp;&nbsp; 2325806 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 2025 | &nbsp;&nbsp; 1098360 |
| Broadridge Financial Solutions, Inc. | 3310 | &nbsp;&nbsp; 615230 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 3257 | &nbsp;&nbsp; 339672 |
| C.H. Robinson Worldwide, Inc. | 3243 | &nbsp;&nbsp; 600766 |
| Caterpillar, Inc. | 11922 | &nbsp;&nbsp; 8856019 |
| Cintas Corp. | 9324 | &nbsp;&nbsp; 1875336 |
| Copart, Inc.<sup>(b)</sup> | 24024 | &nbsp;&nbsp; 915074 |
| CSX Corp. | 48280 | &nbsp;&nbsp; 2061073 |
| Cummins, Inc. | 3567 | &nbsp;&nbsp; 2082664 |
| Deere & Co. | 6787 | &nbsp;&nbsp; 4273842 |
| Delta Air Lines, Inc. | 16168 | &nbsp;&nbsp; 1062238 |
| Dover Corp. | 3536 | &nbsp;&nbsp; 797368 |
| Eaton Corp. PLC | 10367 | &nbsp;&nbsp; 3897163 |
| EMCOR Group, Inc. | 1192 | &nbsp;&nbsp; 863747 |
| Emerson Electric Co. | 14881 | &nbsp;&nbsp; 2243311 |
| Equifax, Inc. | 3421 | &nbsp;&nbsp; 714852 |
| Expeditors International of Washington, Inc. | 3601 | &nbsp;&nbsp; 522253 |
| Fastenal Co. | 30788 | &nbsp;&nbsp; 1417479 |
| FedEx Corp. | 5727 | &nbsp;&nbsp; 2216349 |
| Fortive Corp. | 9310 | &nbsp;&nbsp; 551152 |
| GE Vernova, Inc. | 6157 | &nbsp;&nbsp; 5378755 |
| Generac Holdings, Inc.<sup>(b)</sup> | 1475 | &nbsp;&nbsp; 332421 |
| General Dynamics Corp. | 6870 | &nbsp;&nbsp; 2452933 |
| General Electric Co. | 30300 | &nbsp;&nbsp; 10370478 |
| Honeywell International, Inc. | 17288 | &nbsp;&nbsp; 4211184 |
| Howmet Aerospace, Inc. | 11665 | &nbsp;&nbsp; 3062412 |
| Hubbell, Inc. | 1398 | &nbsp;&nbsp; 715259 |
| Huntington Ingalls Industries, Inc. | 1127 | &nbsp;&nbsp; 500974 |
| Illinois Tool Works, Inc. | 7082 | &nbsp;&nbsp; 2058242 |
| J.B. Hunt Transport Services, Inc. | 1943 | &nbsp;&nbsp; 453516 |
| Jacobs Solutions, Inc. | 3385 | &nbsp;&nbsp; 466656 |
| Johnson Controls International PLC | 17857 | &nbsp;&nbsp; 2576765 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| L3Harris Technologies, Inc. | 4959 | &nbsp;&nbsp; $1807754 |
| Leidos Holdings, Inc. | 3539 | &nbsp;&nbsp; 619679 |
| Lennox International, Inc. | 991 | &nbsp;&nbsp; 564811 |
| Lockheed Martin Corp. | 5466 | &nbsp;&nbsp; 3597065 |
| Nordson Corp. | 1534 | &nbsp;&nbsp; 450137 |
| Norfolk Southern Corp. | 6069 | &nbsp;&nbsp; 1910157 |
| Northrop Grumman Corp. | 3796 | &nbsp;&nbsp; 2749746 |
| Old Dominion Freight Line, Inc. | 4319 | &nbsp;&nbsp; 876973 |
| PACCAR, Inc. | 13255 | &nbsp;&nbsp; 1671323 |
| Parker-Hannifin Corp. | 3374 | &nbsp;&nbsp; 3404973 |
| Paycom Software, Inc. | 1372 | &nbsp;&nbsp; 172639 |
| Pentair PLC | 4645 | &nbsp;&nbsp; 460738 |
| Quanta Services, Inc. | 4070 | &nbsp;&nbsp; 2291736 |
| Republic Services, Inc. | 5762 | &nbsp;&nbsp; 1319498 |
| Rockwell Automation, Inc. | 2965 | &nbsp;&nbsp; 1208089 |
| Rollins, Inc. | 8437 | &nbsp;&nbsp; 513729 |
| RTX Corp. | 36384 | &nbsp;&nbsp; 7372126 |
| Snap-on, Inc. | 1468 | &nbsp;&nbsp; 565503 |
| Southwest Airlines Co. | 12859 | &nbsp;&nbsp; 633434 |
| Stanley Black & Decker, Inc. | 3984 | &nbsp;&nbsp; 344576 |
| Textron, Inc. | 4950 | &nbsp;&nbsp; 488317 |
| Trane Technologies PLC | 6394 | &nbsp;&nbsp; 2956074 |
| Uber Technologies, Inc.<sup>(b)</sup> | 59030 | &nbsp;&nbsp; 4452043 |
| Union Pacific Corp. | 15889 | &nbsp;&nbsp; 4210267 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 8457 | &nbsp;&nbsp; 898979 |
| United Parcel Service, Inc., Class B | 19256 | &nbsp;&nbsp; 2232926 |
| United Rentals, Inc. | 1763 | &nbsp;&nbsp; 1480920 |
| Veralto Corp. | 7192 | &nbsp;&nbsp; 700717 |
| W.W. Grainger, Inc. | 1139 | &nbsp;&nbsp; 1303847 |
| Wabtec Corp. | 4519 | &nbsp;&nbsp; 1192790 |
| Xylem, Inc. | 6719 | &nbsp;&nbsp; 870514 |
|  |  | &nbsp;&nbsp; 129843212 |
| **Information Technology-33.12%** | **Information Technology-33.12%** | **Information Technology-33.12%** |
| Accenture PLC, Class A | 15565 | &nbsp;&nbsp; 3248727 |
| Adobe, Inc.<sup>(b)</sup> | 10770 | &nbsp;&nbsp; 2826156 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 43290 | &nbsp;&nbsp; 8667091 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 4226 | &nbsp;&nbsp; 415796 |
| Amphenol Corp., Class A | 33680 | &nbsp;&nbsp; 4919301 |
| Analog Devices, Inc. | 12726 | &nbsp;&nbsp; 4527783 |
| Apple, Inc. | 400874 | &nbsp;&nbsp; 105902893 |
| Applied Materials, Inc. | 19993 | &nbsp;&nbsp; 7443394 |
| AppLovin Corp., Class A<sup>(b)</sup> | 6279 | &nbsp;&nbsp; 2729921 |
| Arista Networks, Inc.<sup>(b)</sup> | 27690 | &nbsp;&nbsp; 3696615 |
| Autodesk, Inc.<sup>(b)</sup> | 5873 | &nbsp;&nbsp; 1443994 |
| Broadcom, Inc. | 124186 | &nbsp;&nbsp; 39683636 |
| CDW Corp. | 3590 | &nbsp;&nbsp; 440278 |
| Cisco Systems, Inc. | 103097 | &nbsp;&nbsp; 8192088 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 12396 | &nbsp;&nbsp; 798674 |
| Corning, Inc. | 18941 | &nbsp;&nbsp; 2848348 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 6649 | &nbsp;&nbsp; 2473295 |
| Dell Technologies, Inc., Class C | 7930 | &nbsp;&nbsp; 1174274 |
| EPAM Systems, Inc.<sup>(b)</sup> | 1447 | &nbsp;&nbsp; 204027 |
| F5, Inc.<sup>(b)</sup> | 1520 | &nbsp;&nbsp; 412467 |
| First Solar, Inc.<sup>(b)</sup> | 3073 | &nbsp;&nbsp; 605996 |
| Fortinet, Inc.<sup>(b)</sup> | 17582 | &nbsp;&nbsp; 1389505 |
| Gartner, Inc.<sup>(b)</sup> | 2105 | &nbsp;&nbsp; 330906 |
| Gen Digital, Inc. | 14781 | &nbsp;&nbsp; 333607 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 3798 | &nbsp;&nbsp; 331034 |

---

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

------

**42**

------

**Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Hewlett Packard Enterprise Co. | 30871 | &nbsp;&nbsp; $662800 |
| HP, Inc. | 25503 | &nbsp;&nbsp; 484301 |
| Intel Corp.<sup>(b)</sup> | 118203 | &nbsp;&nbsp; 5391239 |
| International Business Machines Corp. | 24987 | &nbsp;&nbsp; 6002127 |
| Intuit, Inc. | 7277 | &nbsp;&nbsp; 2976511 |
| Jabil, Inc. | 2694 | &nbsp;&nbsp; 713883 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 4354 | &nbsp;&nbsp; 1338115 |
| KLA Corp. | 3406 | &nbsp;&nbsp; 5192617 |
| Lam Research Corp. | 31870 | &nbsp;&nbsp; 7454074 |
| Micron Technology, Inc. | 27248 | &nbsp;&nbsp; 11236258 |
| Microsoft Corp. | 206369 | &nbsp;&nbsp; 81049361 |
| Monolithic Power Systems, Inc. | 1247 | &nbsp;&nbsp; 1424997 |
| Motorola Solutions, Inc. | 4521 | &nbsp;&nbsp; 2180297 |
| NetApp, Inc. | 5274 | &nbsp;&nbsp; 522284 |
| NVIDIA Corp. | 634601 | &nbsp;&nbsp; 112444951 |
| NXP Semiconductors N.V. (Netherlands) | 5792 | &nbsp;&nbsp; 1314842 |
| ON Semiconductor Corp.<sup>(b)</sup> | 10406 | &nbsp;&nbsp; 691791 |
| Oracle Corp. | 40745 | &nbsp;&nbsp; 5924323 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 55256 | &nbsp;&nbsp; 7580571 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 17909 | &nbsp;&nbsp; 2667008 |
| PTC, Inc.<sup>(b)</sup> | 3379 | &nbsp;&nbsp; 529118 |
| Qnity Electronics, Inc. | 5521 | &nbsp;&nbsp; 699842 |
| QUALCOMM, Inc. | 27075 | &nbsp;&nbsp; 3854397 |
| Roper Technologies, Inc. | 2993 | &nbsp;&nbsp; 1046742 |
| Salesforce, Inc. | 22701 | &nbsp;&nbsp; 4421928 |
| Sandisk Corp.<sup>(b)</sup> | 3602 | &nbsp;&nbsp; 2288567 |
| Seagate Technology Holdings PLC | 5371 | &nbsp;&nbsp; 2190509 |
| ServiceNow, Inc.<sup>(b)</sup> | 26937 | &nbsp;&nbsp; 2909465 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 3965 | &nbsp;&nbsp; 236235 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 13850 | &nbsp;&nbsp; 448601 |
| Synopsys, Inc.<sup>(b)</sup> | 4414 | &nbsp;&nbsp; 1827396 |
| TE Connectivity PLC (Switzerland) | 7459 | &nbsp;&nbsp; 1716689 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 1232 | &nbsp;&nbsp; 839115 |
| Teradyne, Inc. | 3855 | &nbsp;&nbsp; 1233716 |
| Texas Instruments, Inc. | 22864 | &nbsp;&nbsp; 4849683 |
| Trimble, Inc.<sup>(b)</sup> | 6626 | &nbsp;&nbsp; 443081 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 1224 | &nbsp;&nbsp; 434141 |
| VeriSign, Inc. | 2417 | &nbsp;&nbsp; 550931 |
| Western Digital Corp. | 8481 | &nbsp;&nbsp; 2372136 |
| Workday, Inc., Class A<sup>(b)</sup> | 5831 | &nbsp;&nbsp; 779954 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 1307 | &nbsp;&nbsp; 292716 |
|  |  | &nbsp;&nbsp; 496257118 |
| **Materials-2.03%** | **Materials-2.03%** | **Materials-2.03%** |
| Albemarle Corp. | 3122 | &nbsp;&nbsp; 557808 |
| Avery Dennison Corp. | 2087 | &nbsp;&nbsp; 409782 |
| Ball Corp. | 7961 | &nbsp;&nbsp; 534422 |
| CF Industries Holdings, Inc. | 4818 | &nbsp;&nbsp; 479584 |
| Corteva, Inc. | 19135 | &nbsp;&nbsp; 1533096 |
| Dow, Inc. | 19314 | &nbsp;&nbsp; 593519 |
| DuPont de Nemours, Inc. | 11544 | &nbsp;&nbsp; 577662 |
| Ecolab, Inc. | 7424 | &nbsp;&nbsp; 2289190 |
| Freeport-McMoRan, Inc. | 36085 | &nbsp;&nbsp; 2456667 |
| International Flavors & Fragrances, Inc. | 7635 | &nbsp;&nbsp; 627826 |
| International Paper Co. | 14914 | &nbsp;&nbsp; 649505 |
| Linde PLC | 13303 | &nbsp;&nbsp; 6758988 |
| LyondellBasell Industries N.V., Class A | 7950 | &nbsp;&nbsp; 457284 |
| Martin Marietta Materials, Inc. | 1637 | &nbsp;&nbsp; 1107545 |
| Mosaic Co. (The) | 9022 | &nbsp;&nbsp; 251172 |
| Newmont Corp. | 28730 | &nbsp;&nbsp; 3734900 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Nucor Corp. | 6068 | &nbsp;&nbsp; $1073308 |
| Packaging Corp. of America | 2532 | &nbsp;&nbsp; 587779 |
| PPG Industries, Inc. | 6104 | &nbsp;&nbsp; 752440 |
| Sherwin-Williams Co. (The) | 6647 | &nbsp;&nbsp; 2410136 |
| Smurfit WestRock PLC | 14040 | &nbsp;&nbsp; 660020 |
| Steel Dynamics, Inc. | 3704 | &nbsp;&nbsp; 715354 |
| Vulcan Materials Co. | 3615 | &nbsp;&nbsp; 1120650 |
|  |  | &nbsp;&nbsp; 30338637 |
| **Real Estate-1.61%** | **Real Estate-1.61%** | **Real Estate-1.61%** |
| AvalonBay Communities, Inc. | 4098 | &nbsp;&nbsp; 726289 |
| Camden Property Trust | 3038 | &nbsp;&nbsp; 329137 |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 8250 | &nbsp;&nbsp; 1218195 |
| CoStar Group, Inc.<sup>(b)</sup> | 12073 | &nbsp;&nbsp; 538818 |
| Digital Realty Trust, Inc. | 8737 | &nbsp;&nbsp; 1548196 |
| Equity Residential | 9922 | &nbsp;&nbsp; 627170 |
| Essex Property Trust, Inc. | 1886 | &nbsp;&nbsp; 481137 |
| Extra Space Storage, Inc. | 5914 | &nbsp;&nbsp; 893191 |
| Federal Realty Investment Trust | 2306 | &nbsp;&nbsp; 250824 |
| Healthpeak Properties, Inc. | 20774 | &nbsp;&nbsp; 367284 |
| Host Hotels & Resorts, Inc. | 18010 | &nbsp;&nbsp; 352816 |
| Invitation Homes, Inc. | 17096 | &nbsp;&nbsp; 450309 |
| Kimco Realty Corp. | 19167 | &nbsp;&nbsp; 451383 |
| Mid-America Apartment Communities, Inc. | 3301 | &nbsp;&nbsp; 441872 |
| Prologis, Inc. | 25026 | &nbsp;&nbsp; 3567957 |
| Public Storage | 4398 | &nbsp;&nbsp; 1350450 |
| Realty Income Corp. | 25236 | &nbsp;&nbsp; 1690812 |
| Regency Centers Corp. | 4896 | &nbsp;&nbsp; 386784 |
| Simon Property Group, Inc. | 9092 | &nbsp;&nbsp; 1853404 |
| Ventas, Inc. | 12800 | &nbsp;&nbsp; 1102848 |
| VICI Properties, Inc. | 30059 | &nbsp;&nbsp; 908082 |
| Welltower, Inc. | 19834 | &nbsp;&nbsp; 4108018 |
| Weyerhaeuser Co. | 19707 | &nbsp;&nbsp; 483413 |
|  |  | &nbsp;&nbsp; 24128389 |
| **Utilities-2.83%** | **Utilities-2.83%** | **Utilities-2.83%** |
| AES Corp. (The) | 20101 | &nbsp;&nbsp; 347345 |
| Alliant Energy Corp.<sup>(c)</sup> | 7761 | &nbsp;&nbsp; 561431 |
| Ameren Corp. | 7986 | &nbsp;&nbsp; 904654 |
| American Electric Power Co., Inc. | 15778 | &nbsp;&nbsp; 2111412 |
| American Water Works Co., Inc. | 5505 | &nbsp;&nbsp; 748845 |
| Atmos Energy Corp. | 4609 | &nbsp;&nbsp; 860915 |
| CenterPoint Energy, Inc. | 19471 | &nbsp;&nbsp; 846989 |
| CMS Energy Corp. | 9009 | &nbsp;&nbsp; 703333 |
| Consolidated Edison, Inc. | 10300 | &nbsp;&nbsp; 1158956 |
| Constellation Energy Corp. | 8559 | &nbsp;&nbsp; 2823443 |
| Dominion Energy, Inc. | 25052 | &nbsp;&nbsp; 1581783 |
| DTE Energy Co. | 5941 | &nbsp;&nbsp; 880694 |
| Duke Energy Corp. | 23006 | &nbsp;&nbsp; 3010335 |
| Edison International | 10703 | &nbsp;&nbsp; 799942 |
| Entergy Corp. | 12664 | &nbsp;&nbsp; 1356441 |
| Evergy, Inc. | 6855 | &nbsp;&nbsp; 573489 |
| Eversource Energy | 10278 | &nbsp;&nbsp; 783286 |
| Exelon Corp. | 29855 | &nbsp;&nbsp; 1476927 |
| FirstEnergy Corp. | 15496 | &nbsp;&nbsp; 792775 |
| NextEra Energy, Inc. | 59366 | &nbsp;&nbsp; 5566750 |
| NiSource, Inc. | 14087 | &nbsp;&nbsp; 666315 |
| NRG Energy, Inc. | 5293 | &nbsp;&nbsp; 947235 |
| PG&E Corp. | 63789 | &nbsp;&nbsp; 1211991 |
| Pinnacle West Capital Corp. | 3656 | &nbsp;&nbsp; 366697 |
| PPL Corp. | 22523 | &nbsp;&nbsp; 877947 |

---

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

------

**43**

------

**Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Public Service Enterprise Group, Inc. | 14382 | &nbsp;&nbsp; $1237859 |
| Sempra | 18840 | &nbsp;&nbsp; 1813727 |
| Southern Co. (The) | 32441 | &nbsp;&nbsp; 3159105 |
| Vistra Corp. | 9364 | &nbsp;&nbsp; 1628306 |
| WEC Energy Group, Inc. | 9448 | &nbsp;&nbsp; 1105038 |
| Xcel Energy, Inc. | 17670 | &nbsp;&nbsp; 1472971 |
|  |  | &nbsp;&nbsp; 42376936 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,093,998,162) | Total Common Stocks & Other Equity Interests <br>(Cost $1,093,998,162) | &nbsp;&nbsp; 1496661929 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $175,119)<br>| 175119 | &nbsp;&nbsp; 175119 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.91% <br>(Cost $1,094,173,281) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.91% <br>(Cost $1,094,173,281) | &nbsp;&nbsp; 1496837048 |

---

---

| | | |
|:---|:---|:---|
|  | **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-0.32%** | **Money Market Funds-0.32%** | **Money Market Funds-0.32%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 1306316 | &nbsp;&nbsp; $1306316 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 3386560 | &nbsp;&nbsp; 3387576 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,693,892) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,693,892) | &nbsp;&nbsp; 4693892 |
| TOTAL INVESTMENTS IN SECURITIES-100.23% <br>(Cost $1,098,867,173) | TOTAL INVESTMENTS IN SECURITIES-100.23% <br>(Cost $1,098,867,173) | &nbsp;&nbsp; 1501530940 |
| OTHER ASSETS LESS LIABILITIES-(0.23)% | OTHER ASSETS LESS LIABILITIES-(0.23)% | &nbsp;&nbsp; (3385198)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1498145742 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $287569 | &nbsp;&nbsp; $23851 | &nbsp;&nbsp; $(65211)<br>| &nbsp;&nbsp; $32948 | &nbsp;&nbsp; $23726 | &nbsp;&nbsp; $302883 | &nbsp;&nbsp; $5083 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 195796 | &nbsp;&nbsp; 32363234 | &nbsp;&nbsp; (32383911)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 175119 | &nbsp;&nbsp; 30950 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 3538942 | &nbsp;&nbsp; 16683250 | &nbsp;&nbsp; (18915876)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1306316 | &nbsp;&nbsp; 34,185<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 9892909 | &nbsp;&nbsp; 33540207 | &nbsp;&nbsp; (40045317)<br>| &nbsp;&nbsp; (500)<br>| &nbsp;&nbsp; 277 | &nbsp;&nbsp; 3387576 | &nbsp;&nbsp; 91,183<br> \*<br>|
| Total | &nbsp;&nbsp; $13915216 | &nbsp;&nbsp; $82610542 | &nbsp;&nbsp; $(91410315)<br>| &nbsp;&nbsp; $32448 | &nbsp;&nbsp; $24003 | &nbsp;&nbsp; $5171894 | &nbsp;&nbsp; $161401 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**44**

------

**Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
| **Communication Services-1.17%** | **Communication Services-1.17%** | **Communication Services-1.17%** |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 12476 | &nbsp;&nbsp; $1441352 |
| New York Times Co. (The), Class A | 20320 | &nbsp;&nbsp; 1621333 |
| Nexstar Media Group, Inc., Class A<sup>(c)</sup> | 3511 | &nbsp;&nbsp; 881331 |
| Warner Music Group Corp., Class A | 19388 | &nbsp;&nbsp; 554497 |
| ZoomInfo Technologies, Inc., Class A<sup>(b)(c)</sup> | 36142 | &nbsp;&nbsp; 224442 |
|  |  | &nbsp;&nbsp; 4722955 |
| **Consumer Discretionary-10.24%** | **Consumer Discretionary-10.24%** | **Consumer Discretionary-10.24%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 5727 | &nbsp;&nbsp; 560101 |
| Aramark | 34477 | &nbsp;&nbsp; 1442862 |
| Autoliv, Inc. (Sweden)<sup>(c)</sup> | 9155 | &nbsp;&nbsp; 1085051 |
| AutoNation, Inc.<sup>(b)</sup> | 3547 | &nbsp;&nbsp; 692232 |
| Bath & Body Works, Inc. | 24805 | &nbsp;&nbsp; 564562 |
| Boyd Gaming Corp. | 7937 | &nbsp;&nbsp; 660596 |
| Brunswick Corp.<sup>(c)</sup> | 7632 | &nbsp;&nbsp; 607660 |
| Burlington Stores, Inc.<sup>(b)</sup> | 7655 | &nbsp;&nbsp; 2349090 |
| Chewy, Inc., Class A<sup>(b)</sup> | 28841 | &nbsp;&nbsp; 790820 |
| Columbia Sportswear Co. | 3272 | &nbsp;&nbsp; 202668 |
| Crocs, Inc.<sup>(b)</sup> | 7009 | &nbsp;&nbsp; 635786 |
| Dick's Sporting Goods, Inc.<sup>(c)</sup> | 8282 | &nbsp;&nbsp; 1686464 |
| Duolingo, Inc.<sup>(b)(c)</sup> | 5060 | &nbsp;&nbsp; 511060 |
| Five Below, Inc.<sup>(b)</sup> | 6745 | &nbsp;&nbsp; 1507710 |
| Floor & Decor Holdings, Inc., Class A<sup>(b)(c)</sup> | 14554 | &nbsp;&nbsp; 1005536 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 55174 | &nbsp;&nbsp; 1325831 |
| Gap, Inc. (The)<sup>(c)</sup> | 30380 | &nbsp;&nbsp; 851855 |
| Gentex Corp.<sup>(c)</sup> | 27322 | &nbsp;&nbsp; 639335 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)</sup> | 36435 | &nbsp;&nbsp; 300589 |
| Graham Holdings Co., Class B<sup>(c)</sup> | 446 | &nbsp;&nbsp; 469732 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 3698 | &nbsp;&nbsp; 588241 |
| Harley-Davidson, Inc. | 17444 | &nbsp;&nbsp; 313992 |
| KB Home | 8929 | &nbsp;&nbsp; 567706 |
| Lear Corp. | 6744 | &nbsp;&nbsp; 885150 |
| Lithia Motors, Inc., Class A | 3055 | &nbsp;&nbsp; 854117 |
| Macy's, Inc. | 34358 | &nbsp;&nbsp; 679601 |
| Mattel, Inc.<sup>(b)</sup> | 42815 | &nbsp;&nbsp; 725714 |
| Murphy USA, Inc. | 2305 | &nbsp;&nbsp; 900656 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 8839 | &nbsp;&nbsp; 946657 |
| Penske Automotive Group, Inc. | 2312 | &nbsp;&nbsp; 364186 |
| Polaris, Inc. | 6711 | &nbsp;&nbsp; 407626 |
| PVH Corp. | 7094 | &nbsp;&nbsp; 486648 |
| Service Corp. International | 19017 | &nbsp;&nbsp; 1600851 |
| Somnigroup International, Inc. | 27390 | &nbsp;&nbsp; 2451679 |
| Taylor Morrison Home Corp., Class A<sup>(b)(c)</sup> | 13142 | &nbsp;&nbsp; 865926 |
| Texas Roadhouse, Inc. | 9222 | &nbsp;&nbsp; 1686427 |
| Thor Industries, Inc.<sup>(c)</sup> | 6904 | &nbsp;&nbsp; 663682 |
| Toll Brothers, Inc. | 13034 | &nbsp;&nbsp; 2049466 |
| TopBuild Corp.<sup>(b)</sup> | 3782 | &nbsp;&nbsp; 1695471 |
| Travel + Leisure Co. | 8415 | &nbsp;&nbsp; 620185 |
| V.F. Corp. | 39426 | &nbsp;&nbsp; 765653 |
| Vail Resorts, Inc.<sup>(c)</sup> | 4842 | &nbsp;&nbsp; 657592 |
| Valvoline, Inc.<sup>(b)(c)</sup> | 16910 | &nbsp;&nbsp; 639198 |
| Visteon Corp. | 3573 | &nbsp;&nbsp; 341829 |
| Whirlpool Corp.<sup>(c)</sup> | 7284 | &nbsp;&nbsp; 498444 |
| Wyndham Hotels & Resorts, Inc. | 10007 | &nbsp;&nbsp; 818573 |
| YETI Holdings, Inc.<sup>(b)(c)</sup> | 9793 | &nbsp;&nbsp; 428052 |
|  |  | &nbsp;&nbsp; 41392862 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-5.13%** | **Consumer Staples-5.13%** | **Consumer Staples-5.13%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 57006 | &nbsp;&nbsp; $1020407 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)(c)</sup> | 17307 | &nbsp;&nbsp; 1709758 |
| Boston Beer Co., Inc. (The), Class A<sup>(b)(c)</sup> | 1002 | &nbsp;&nbsp; 227234 |
| Casey's General Stores, Inc. | 5236 | &nbsp;&nbsp; 3589749 |
| Celsius Holdings, Inc.<sup>(b)(c)</sup> | 19462 | &nbsp;&nbsp; 1043358 |
| Coca-Cola Consolidated, Inc. | 7919 | &nbsp;&nbsp; 1602806 |
| Coty, Inc., Class A<sup>(b)</sup> | 47701 | &nbsp;&nbsp; 119729 |
| Darling Ingredients, Inc.<sup>(b)</sup> | 21798 | &nbsp;&nbsp; 1158782 |
| e.l.f. Beauty, Inc.<sup>(b)(c)</sup> | 7557 | &nbsp;&nbsp; 695622 |
| Flowers Foods, Inc.<sup>(c)</sup> | 27558 | &nbsp;&nbsp; 272273 |
| Ingredion, Inc. | 8355 | &nbsp;&nbsp; 981378 |
| Maplebear, Inc.<sup>(b)</sup> | 23449 | &nbsp;&nbsp; 879572 |
| Marzetti Co. (The) | 2764 | &nbsp;&nbsp; 454236 |
| Performance Food Group Co.<sup>(b)</sup> | 21275 | &nbsp;&nbsp; 2064951 |
| Pilgrim's Pride Corp. | 5574 | &nbsp;&nbsp; 240574 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 6772 | &nbsp;&nbsp; 719864 |
| Sprouts Farmers Market, Inc.<sup>(b)</sup> | 13392 | &nbsp;&nbsp; 989267 |
| US Foods Holding Corp.<sup>(b)</sup> | 30846 | &nbsp;&nbsp; 2980032 |
|  |  | &nbsp;&nbsp; 20749592 |
| **Energy-5.04%** | **Energy-5.04%** | **Energy-5.04%** |
| Antero Midstream Corp. | 43651 | &nbsp;&nbsp; 981275 |
| Antero Resources Corp.<sup>(b)</sup> | 37901 | &nbsp;&nbsp; 1395136 |
| Chord Energy Corp. | 7005 | &nbsp;&nbsp; 759132 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 17646 | &nbsp;&nbsp; 737250 |
| DT Midstream, Inc. | 13793 | &nbsp;&nbsp; 1915020 |
| HF Sinclair Corp. | 22034 | &nbsp;&nbsp; 1101920 |
| Matador Resources Co. | 14275 | &nbsp;&nbsp; 733735 |
| Murphy Oil Corp.<sup>(c)</sup> | 16965 | &nbsp;&nbsp; 562390 |
| NOV, Inc. | 45393 | &nbsp;&nbsp; 919662 |
| Ovintiv, Inc. | 33264 | &nbsp;&nbsp; 1682826 |
| PBF Energy, Inc., Class A | 11730 | &nbsp;&nbsp; 417588 |
| Permian Resources Corp. | 88848 | &nbsp;&nbsp; 1625030 |
| Range Resources Corp.<sup>(c)</sup> | 33201 | &nbsp;&nbsp; 1370537 |
| TechnipFMC PLC (United Kingdom) | 52930 | &nbsp;&nbsp; 3509788 |
| Valaris Ltd.<sup>(b)</sup> | 8531 | &nbsp;&nbsp; 817696 |
| Viper Energy, Inc., Class A | 19893 | &nbsp;&nbsp; 925820 |
| Weatherford International PLC | 8698 | &nbsp;&nbsp; 917291 |
|  |  | &nbsp;&nbsp; 20372096 |
| **Financials-14.68%** | **Financials-14.68%** | **Financials-14.68%** |
| Affiliated Managers Group, Inc. | 3596 | &nbsp;&nbsp; 1101023 |
| Ally Financial, Inc. | 34225 | &nbsp;&nbsp; 1349834 |
| American Financial Group, Inc. | 9430 | &nbsp;&nbsp; 1254001 |
| Annaly Capital Management, Inc.<sup>(c)</sup> | 86060 | &nbsp;&nbsp; 2000034 |
| Associated Banc-Corp | 20885 | &nbsp;&nbsp; 551573 |
| Bank OZK<sup>(c)</sup> | 13227 | &nbsp;&nbsp; 615849 |
| Brighthouse Financial, Inc.<sup>(b)(c)</sup> | 7521 | &nbsp;&nbsp; 451110 |
| Carlyle Group, Inc. (The) | 31294 | &nbsp;&nbsp; 1626975 |
| CNO Financial Group, Inc. | 12777 | &nbsp;&nbsp; 534206 |
| Columbia Banking System, Inc. | 37573 | &nbsp;&nbsp; 1068952 |
| Commerce Bancshares, Inc. | 16515 | &nbsp;&nbsp; 842100 |
| Cullen/Frost Bankers, Inc. | 8061 | &nbsp;&nbsp; 1114191 |
| East West Bancorp, Inc. | 16859 | &nbsp;&nbsp; 1845218 |
| Essent Group Ltd. | 12839 | &nbsp;&nbsp; 781125 |
| Euronet Worldwide, Inc.<sup>(b)(c)</sup> | 5080 | &nbsp;&nbsp; 353314 |
| Evercore, Inc., Class A | 4717 | &nbsp;&nbsp; 1456798 |
| F.N.B. Corp. | 44770 | &nbsp;&nbsp; 760642 |
| Federated Hermes, Inc., Class B | 9461 | &nbsp;&nbsp; 529911 |

---

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

------

**45**

------

**Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Fidelity National Financial, Inc. | 35350 | &nbsp;&nbsp; $1869308 |
| First American Financial Corp. | 13885 | &nbsp;&nbsp; 973477 |
| First Financial Bankshares, Inc. | 16891 | &nbsp;&nbsp; 522439 |
| First Horizon Corp. | 62548 | &nbsp;&nbsp; 1488017 |
| FirstCash Holdings, Inc.<sup>(c)</sup> | 5129 | &nbsp;&nbsp; 988820 |
| Flagstar Bank N.A | 36959 | &nbsp;&nbsp; 469010 |
| Glacier Bancorp, Inc.<sup>(c)</sup> | 16207 | &nbsp;&nbsp; 737256 |
| Hamilton Lane, Inc., Class A | 4998 | &nbsp;&nbsp; 524490 |
| Hancock Whitney Corp. | 10287 | &nbsp;&nbsp; 676988 |
| Hanover Insurance Group, Inc. (The) | 4831 | &nbsp;&nbsp; 872624 |
| Home BancShares, Inc. | 23677 | &nbsp;&nbsp; 650170 |
| Houlihan Lokey, Inc. | 6957 | &nbsp;&nbsp; 1139348 |
| International Bancshares Corp.<sup>(c)</sup> | 6530 | &nbsp;&nbsp; 438228 |
| Janus Henderson Group PLC | 15668 | &nbsp;&nbsp; 816303 |
| Jefferies Financial Group, Inc. | 20221 | &nbsp;&nbsp; 897812 |
| Kemper Corp. | 8330 | &nbsp;&nbsp; 269226 |
| Kinsale Capital Group, Inc. | 2967 | &nbsp;&nbsp; 1156151 |
| MGIC Investment Corp. | 29693 | &nbsp;&nbsp; 787755 |
| Morningstar, Inc. | 3194 | &nbsp;&nbsp; 584949 |
| Old National Bancorp | 42885 | &nbsp;&nbsp; 990644 |
| Old Republic International Corp. | 31813 | &nbsp;&nbsp; 1363823 |
| Pinnacle Financial Partners, Inc. | 9285 | &nbsp;&nbsp; 842707 |
| Primerica, Inc. | 4311 | &nbsp;&nbsp; 1093528 |
| Prosperity Bancshares, Inc. | 11776 | &nbsp;&nbsp; 828677 |
| Reinsurance Group of America, Inc. | 8356 | &nbsp;&nbsp; 1802640 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 6099 | &nbsp;&nbsp; 1844704 |
| RLI Corp. | 12013 | &nbsp;&nbsp; 748650 |
| SEI Investments Co. | 12019 | &nbsp;&nbsp; 977385 |
| Selective Insurance Group, Inc. | 7986 | &nbsp;&nbsp; 671143 |
| SLM Corp. | 29376 | &nbsp;&nbsp; 550506 |
| SouthState Bank Corp. | 12525 | &nbsp;&nbsp; 1235842 |
| Starwood Property Trust, Inc.<sup>(c)</sup> | 44911 | &nbsp;&nbsp; 799865 |
| Stifel Financial Corp. | 18933 | &nbsp;&nbsp; 1401989 |
| Texas Capital Bancshares, Inc.<sup>(b)</sup> | 5608 | &nbsp;&nbsp; 534442 |
| UMB Financial Corp. | 8811 | &nbsp;&nbsp; 1021019 |
| United Bankshares, Inc. | 17634 | &nbsp;&nbsp; 728284 |
| Unum Group | 21099 | &nbsp;&nbsp; 1513431 |
| Valley National Bancorp | 60627 | &nbsp;&nbsp; 764507 |
| Voya Financial, Inc. | 12331 | &nbsp;&nbsp; 824697 |
| Webster Financial Corp. | 20374 | &nbsp;&nbsp; 1469577 |
| Western Alliance Bancorporation | 12796 | &nbsp;&nbsp; 1027775 |
| Wintrust Financial Corp. | 8374 | &nbsp;&nbsp; 1206358 |
| Zions Bancorporation N.A. | 17578 | &nbsp;&nbsp; 1006868 |
|  |  | &nbsp;&nbsp; 59348288 |
| **Health Care-9.24%** | **Health Care-9.24%** | **Health Care-9.24%** |
| Avantor, Inc.<sup>(b)(c)</sup> | 91448 | &nbsp;&nbsp; 827604 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 26323 | &nbsp;&nbsp; 1624919 |
| Bio-Rad Laboratories, Inc., Class A<sup>(b)</sup> | 2478 | &nbsp;&nbsp; 689974 |
| Chemed Corp. | 1980 | &nbsp;&nbsp; 811820 |
| DENTSPLY SIRONA, Inc.<sup>(c)</sup> | 25533 | &nbsp;&nbsp; 374825 |
| Doximity, Inc., Class A<sup>(b)</sup> | 20484 | &nbsp;&nbsp; 502473 |
| Elanco Animal Health, Inc.<sup>(b)</sup> | 71441 | &nbsp;&nbsp; 1886042 |
| Encompass Health Corp. | 14481 | &nbsp;&nbsp; 1562210 |
| Ensign Group, Inc. (The) | 8060 | &nbsp;&nbsp; 1726210 |
| Envista Holdings Corp.<sup>(b)(c)</sup> | 20686 | &nbsp;&nbsp; 604238 |
| Exelixis, Inc.<sup>(b)</sup> | 38108 | &nbsp;&nbsp; 1679039 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 15368 | &nbsp;&nbsp; 1467029 |
| Haemonetics Corp.<sup>(b)</sup> | 5913 | &nbsp;&nbsp; 374411 |
| Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 17546 | &nbsp;&nbsp; 1219973 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| HealthEquity, Inc.<sup>(b)</sup> | 12506 | &nbsp;&nbsp; $956584 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 28537 | &nbsp;&nbsp; 414357 |
| Illumina, Inc.<sup>(b)</sup> | 19712 | &nbsp;&nbsp; 2650476 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 8544 | &nbsp;&nbsp; 1623531 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 8663 | &nbsp;&nbsp; 648945 |
| LivaNova PLC<sup>(b)</sup> | 7152 | &nbsp;&nbsp; 504931 |
| Masimo Corp.<sup>(b)</sup> | 6194 | &nbsp;&nbsp; 1086118 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 3086 | &nbsp;&nbsp; 1394131 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 12764 | &nbsp;&nbsp; 1688039 |
| Option Care Health, Inc.<sup>(b)</sup> | 20077 | &nbsp;&nbsp; 651700 |
| Penumbra, Inc.<sup>(b)</sup> | 4966 | &nbsp;&nbsp; 1710241 |
| Repligen Corp.<sup>(b)(c)</sup> | 7267 | &nbsp;&nbsp; 935481 |
| Roivant Sciences Ltd.<sup>(b)</sup> | 58221 | &nbsp;&nbsp; 1684916 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 12770 | &nbsp;&nbsp; 3057010 |
| United Therapeutics Corp.<sup>(b)</sup> | 5967 | &nbsp;&nbsp; 3006771 |
|  |  | &nbsp;&nbsp; 37363998 |
| **Industrials-25.59%** | **Industrials-25.59%** | **Industrials-25.59%** |
| Acuity, Inc. | 3930 | &nbsp;&nbsp; 1185249 |
| Advanced Drainage Systems, Inc. | 9590 | &nbsp;&nbsp; 1643151 |
| AECOM | 18140 | &nbsp;&nbsp; 1777357 |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 4772 | &nbsp;&nbsp; 1203737 |
| AGCO Corp. | 7992 | &nbsp;&nbsp; 1090908 |
| Alaska Air Group, Inc.<sup>(b)(c)</sup> | 12570 | &nbsp;&nbsp; 648612 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 80597 | &nbsp;&nbsp; 1053403 |
| API Group Corp.<sup>(b)</sup> | 48268 | &nbsp;&nbsp; 2145995 |
| Applied Industrial Technologies, Inc. | 4909 | &nbsp;&nbsp; 1387185 |
| ATI, Inc.<sup>(b)</sup> | 17461 | &nbsp;&nbsp; 2856445 |
| Brink's Co. (The) | 5256 | &nbsp;&nbsp; 613743 |
| BWX Technologies, Inc. | 11979 | &nbsp;&nbsp; 2467434 |
| CACI International, Inc., Class A<sup>(b)</sup> | 2995 | &nbsp;&nbsp; 1827459 |
| Carlisle Cos., Inc. | 5364 | &nbsp;&nbsp; 2117546 |
| Carpenter Technology Corp. | 6862 | &nbsp;&nbsp; 2731556 |
| Chart Industries, Inc.<sup>(b)</sup> | 5772 | &nbsp;&nbsp; 1196536 |
| Clean Harbors, Inc.<sup>(b)(c)</sup> | 6324 | &nbsp;&nbsp; 1854197 |
| CNH Industrial N.V.<sup>(c)</sup> | 112251 | &nbsp;&nbsp; 1380687 |
| Concentrix Corp.<sup>(c)</sup> | 5510 | &nbsp;&nbsp; 180728 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 21861 | &nbsp;&nbsp; 1183992 |
| Crane Co. | 6200 | &nbsp;&nbsp; 1243286 |
| Curtiss-Wright Corp. | 5042 | &nbsp;&nbsp; 3531064 |
| Donaldson Co., Inc. | 14962 | &nbsp;&nbsp; 1387875 |
| EnerSys | 4678 | &nbsp;&nbsp; 777250 |
| ESAB Corp. | 7411 | &nbsp;&nbsp; 935046 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 20717 | &nbsp;&nbsp; 647406 |
| Exponent, Inc. | 6731 | &nbsp;&nbsp; 489882 |
| Flowserve Corp. | 16724 | &nbsp;&nbsp; 1480408 |
| Fluor Corp.<sup>(b)</sup> | 21053 | &nbsp;&nbsp; 1101282 |
| Fortune Brands Innovations, Inc. | 15933 | &nbsp;&nbsp; 865799 |
| FTI Consulting, Inc.<sup>(b)(c)</sup> | 4092 | &nbsp;&nbsp; 672807 |
| GATX Corp. | 4482 | &nbsp;&nbsp; 825450 |
| Genpact Ltd. | 20274 | &nbsp;&nbsp; 805283 |
| Graco, Inc. | 21894 | &nbsp;&nbsp; 2056285 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 14333 | &nbsp;&nbsp; 900542 |
| Hexcel Corp.<sup>(c)</sup> | 10446 | &nbsp;&nbsp; 968240 |
| ITT, Inc. | 11001 | &nbsp;&nbsp; 2226712 |
| KBR, Inc. | 16033 | &nbsp;&nbsp; 677074 |
| Kirby Corp.<sup>(b)</sup> | 7412 | &nbsp;&nbsp; 962078 |
| Knight-Swift Transportation Holdings, Inc. | 18995 | &nbsp;&nbsp; 1195165 |
| Kratos Defense & Security Solutions, Inc.<sup>(b)(c)</sup> | 21983 | &nbsp;&nbsp; 1894495 |
| Landstar System, Inc. | 4012 | &nbsp;&nbsp; 653755 |

---

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

------

**46**

------

**Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Lincoln Electric Holdings, Inc. | 7037 | &nbsp;&nbsp; $2019971 |
| MasTec, Inc.<sup>(b)</sup> | 7543 | &nbsp;&nbsp; 2247965 |
| Maximus, Inc.<sup>(c)</sup> | 7611 | &nbsp;&nbsp; 575468 |
| Middleby Corp. (The)<sup>(b)</sup> | 5146 | &nbsp;&nbsp; 868954 |
| MSA Safety, Inc. | 4912 | &nbsp;&nbsp; 959854 |
| MSC Industrial Direct Co., Inc., Class A | 6342 | &nbsp;&nbsp; 595133 |
| Mueller Industries, Inc. | 14189 | &nbsp;&nbsp; 1673734 |
| Nextpower, Inc., Class A<sup>(b)</sup> | 19961 | &nbsp;&nbsp; 2097901 |
| nVent Electric PLC | 20873 | &nbsp;&nbsp; 2470528 |
| Oshkosh Corp. | 8151 | &nbsp;&nbsp; 1385833 |
| Parsons Corp.<sup>(b)(c)</sup> | 8871 | &nbsp;&nbsp; 585486 |
| Paylocity Holding Corp.<sup>(b)</sup> | 5966 | &nbsp;&nbsp; 635319 |
| RB Global, Inc. (Canada) | 23391 | &nbsp;&nbsp; 2361555 |
| RBC Bearings, Inc.<sup>(b)(c)</sup> | 4113 | &nbsp;&nbsp; 2368759 |
| Regal Rexnord Corp. | 8318 | &nbsp;&nbsp; 1838112 |
| Ryder System, Inc. | 4792 | &nbsp;&nbsp; 1061716 |
| Science Applications International Corp. | 5279 | &nbsp;&nbsp; 487041 |
| Sensata Technologies Holding PLC | 17011 | &nbsp;&nbsp; 635191 |
| Simpson Manufacturing Co., Inc. | 5448 | &nbsp;&nbsp; 1054569 |
| Sterling Infrastructure, Inc.<sup>(b)</sup> | 4157 | &nbsp;&nbsp; 1779736 |
| Terex Corp. | 7657 | &nbsp;&nbsp; 526725 |
| Tetra Tech, Inc. | 35444 | &nbsp;&nbsp; 1270313 |
| Timken Co. (The) | 7757 | &nbsp;&nbsp; 840704 |
| Toro Co. (The) | 12353 | &nbsp;&nbsp; 1221218 |
| TransUnion | 25890 | &nbsp;&nbsp; 2033660 |
| UFP Industries, Inc. | 7864 | &nbsp;&nbsp; 809284 |
| Valmont Industries, Inc. | 2531 | &nbsp;&nbsp; 1164083 |
| Watsco, Inc.<sup>(c)</sup> | 4483 | &nbsp;&nbsp; 1870890 |
| Watts Water Technologies, Inc., Class A | 3621 | &nbsp;&nbsp; 1190368 |
| WESCO International, Inc. | 6184 | &nbsp;&nbsp; 1790268 |
| Woodward, Inc. | 8161 | &nbsp;&nbsp; 3156348 |
| XPO, Inc.<sup>(b)</sup> | 14638 | &nbsp;&nbsp; 3080860 |
|  |  | &nbsp;&nbsp; 103500650 |
| **Information Technology-12.69%** | **Information Technology-12.69%** | **Information Technology-12.69%** |
| Allegro MicroSystems, Inc.<sup>(b)</sup> | 14880 | &nbsp;&nbsp; 542674 |
| Amkor Technology, Inc. | 11623 | &nbsp;&nbsp; 555812 |
| AppFolio, Inc., Class A<sup>(b)</sup> | 2966 | &nbsp;&nbsp; 527236 |
| Arrow Electronics, Inc.<sup>(b)</sup> | 6294 | &nbsp;&nbsp; 957695 |
| ASGN, Inc.<sup>(b)(c)</sup> | 5577 | &nbsp;&nbsp; 239253 |
| Avnet, Inc. | 10398 | &nbsp;&nbsp; 684604 |
| Belden, Inc. | 4764 | &nbsp;&nbsp; 682681 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 20111 | &nbsp;&nbsp; 735057 |
| BILL Holdings, Inc.<sup>(b)(c)</sup> | 10877 | &nbsp;&nbsp; 484135 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 6434 | &nbsp;&nbsp; 907966 |
| Cognex Corp. | 22210 | &nbsp;&nbsp; 1208224 |
| Coherent Corp.<sup>(b)</sup> | 17021 | &nbsp;&nbsp; 4407248 |
| Crane NXT Co. | 6399 | &nbsp;&nbsp; 309008 |
| DocuSign, Inc.<sup>(b)</sup> | 26805 | &nbsp;&nbsp; 1208102 |
| Dolby Laboratories, Inc., Class A | 7946 | &nbsp;&nbsp; 528965 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 26761 | &nbsp;&nbsp; 668758 |
| Dynatrace, Inc.<sup>(b)</sup> | 38848 | &nbsp;&nbsp; 1395420 |
| Entegris, Inc. | 16249 | &nbsp;&nbsp; 2152180 |
| Fabrinet (Thailand)<sup>(b)</sup> | 4194 | &nbsp;&nbsp; 2288372 |
| Flex Ltd.<sup>(b)</sup> | 40512 | &nbsp;&nbsp; 2553066 |
| Guidewire Software, Inc.<sup>(b)(c)</sup> | 11931 | &nbsp;&nbsp; 1733813 |
| IPG Photonics Corp.<sup>(b)(c)</sup> | 3103 | &nbsp;&nbsp; 408262 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 28579 | &nbsp;&nbsp; 352379 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 16134 | &nbsp;&nbsp; 1542733 |
| Littelfuse, Inc. | 3131 | &nbsp;&nbsp; 1103552 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 8162 | &nbsp;&nbsp; $5720828 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 8031 | &nbsp;&nbsp; 1087638 |
| MKS, Inc. | 8235 | &nbsp;&nbsp; 2013128 |
| Okta, Inc.<sup>(b)(c)</sup> | 19674 | &nbsp;&nbsp; 1426365 |
| Onto Innovation, Inc.<sup>(b)</sup> | 5484 | &nbsp;&nbsp; 1183941 |
| Pegasystems, Inc. | 10877 | &nbsp;&nbsp; 475651 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 49363 | &nbsp;&nbsp; 3170092 |
| Qualys, Inc.<sup>(b)</sup> | 4405 | &nbsp;&nbsp; 407330 |
| Rambus, Inc.<sup>(b)</sup> | 12668 | &nbsp;&nbsp; 1262493 |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 3778 | &nbsp;&nbsp; 772714 |
| Synaptics, Inc.<sup>(b)(c)</sup> | 4272 | &nbsp;&nbsp; 347997 |
| TD SYNNEX Corp. | 9853 | &nbsp;&nbsp; 1545049 |
| Twilio, Inc., Class A<sup>(b)</sup> | 19406 | &nbsp;&nbsp; 2347350 |
| Universal Display Corp.<sup>(c)</sup> | 5666 | &nbsp;&nbsp; 604506 |
| Vontier Corp. | 19272 | &nbsp;&nbsp; 788610 |
|  |  | &nbsp;&nbsp; 51330887 |
| **Materials-5.67%** | **Materials-5.67%** | **Materials-5.67%** |
| Alcoa Corp. | 31865 | &nbsp;&nbsp; 1978179 |
| AptarGroup, Inc. | 9233 | &nbsp;&nbsp; 1326874 |
| Avient Corp. | 11832 | &nbsp;&nbsp; 485940 |
| Axalta Coating Systems Ltd.<sup>(b)</sup> | 29414 | &nbsp;&nbsp; 982722 |
| Cabot Corp. | 6388 | &nbsp;&nbsp; 486382 |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 76993 | &nbsp;&nbsp; 820745 |
| Commercial Metals Co. | 13507 | &nbsp;&nbsp; 990063 |
| Crown Holdings, Inc. | 15428 | &nbsp;&nbsp; 1768049 |
| Eagle Materials, Inc. | 4255 | &nbsp;&nbsp; 952269 |
| Graphic Packaging Holding Co.<sup>(c)</sup> | 42358 | &nbsp;&nbsp; 518038 |
| Greif, Inc., Class A | 3377 | &nbsp;&nbsp; 245407 |
| Knife River Corp.<sup>(b)(c)</sup> | 7337 | &nbsp;&nbsp; 652846 |
| Louisiana-Pacific Corp. | 7852 | &nbsp;&nbsp; 665379 |
| MP Materials Corp.<sup>(b)(c)</sup> | 18913 | &nbsp;&nbsp; 1113408 |
| NewMarket Corp. | 1016 | &nbsp;&nbsp; 636026 |
| Olin Corp. | 14746 | &nbsp;&nbsp; 374106 |
| Reliance, Inc. | 6693 | &nbsp;&nbsp; 2112579 |
| Royal Gold, Inc. | 10348 | &nbsp;&nbsp; 3102227 |
| RPM International, Inc. | 17342 | &nbsp;&nbsp; 1979069 |
| Silgan Holdings, Inc. | 11859 | &nbsp;&nbsp; 569825 |
| Sonoco Products Co. | 13057 | &nbsp;&nbsp; 737329 |
| Westlake Corp. | 4028 | &nbsp;&nbsp; 424471 |
|  |  | &nbsp;&nbsp; 22921933 |
| **Real Estate-6.65%** | **Real Estate-6.65%** | **Real Estate-6.65%** |
| Agree Realty Corp. | 15349 | &nbsp;&nbsp; 1235288 |
| American Homes 4 Rent, Class A | 44669 | &nbsp;&nbsp; 1340070 |
| Brixmor Property Group, Inc. | 41546 | &nbsp;&nbsp; 1257597 |
| COPT Defense Properties | 15615 | &nbsp;&nbsp; 496245 |
| Cousins Properties, Inc. | 22762 | &nbsp;&nbsp; 527168 |
| CubeSmart | 31015 | &nbsp;&nbsp; 1275957 |
| EastGroup Properties, Inc. | 6955 | &nbsp;&nbsp; 1365336 |
| EPR Properties | 10364 | &nbsp;&nbsp; 615725 |
| Equity LifeStyle Properties, Inc. | 26630 | &nbsp;&nbsp; 1788471 |
| First Industrial Realty Trust, Inc. | 17029 | &nbsp;&nbsp; 1075211 |
| Gaming and Leisure Properties, Inc. | 38709 | &nbsp;&nbsp; 1893257 |
| Healthcare Realty Trust, Inc. | 48432 | &nbsp;&nbsp; 893570 |
| Independence Realty Trust, Inc.<sup>(c)</sup> | 31333 | &nbsp;&nbsp; 519188 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 6130 | &nbsp;&nbsp; 1934321 |
| Kilroy Realty Corp.<sup>(c)</sup> | 15136 | &nbsp;&nbsp; 451356 |
| Kite Realty Group Trust<sup>(c)</sup> | 29396 | &nbsp;&nbsp; 765766 |
| NNN REIT, Inc. | 25894 | &nbsp;&nbsp; 1173516 |
| Omega Healthcare Investors, Inc. | 40095 | &nbsp;&nbsp; 1935386 |

---

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

------

**47**

------

**Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Park Hotels & Resorts, Inc.<sup>(c)</sup> | 26120 | &nbsp;&nbsp; $295417 |
| Rayonier, Inc. | 18574 | &nbsp;&nbsp; 399155 |
| Rexford Industrial Realty, Inc. | 31697 | &nbsp;&nbsp; 1187687 |
| Sabra Health Care REIT, Inc.<sup>(c)</sup> | 32410 | &nbsp;&nbsp; 666026 |
| STAG Industrial, Inc. | 24929 | &nbsp;&nbsp; 977715 |
| Vornado Realty Trust<sup>(c)</sup> | 22197 | &nbsp;&nbsp; 612193 |
| W.P. Carey, Inc. | 29423 | &nbsp;&nbsp; 2196427 |
|  |  | &nbsp;&nbsp; 26878048 |
| **Utilities-3.82%** | **Utilities-3.82%** | **Utilities-3.82%** |
| Black Hills Corp. | 9936 | &nbsp;&nbsp; 731886 |
| Essential Utilities, Inc. | 39331 | &nbsp;&nbsp; 1572060 |
| IDACORP, Inc.<sup>(c)</sup> | 7452 | &nbsp;&nbsp; 1072864 |
| National Fuel Gas Co. | 11956 | &nbsp;&nbsp; 1088355 |
| New Jersey Resources Corp. | 14018 | &nbsp;&nbsp; 760336 |
| NorthWestern Energy Group, Inc. | 8325 | &nbsp;&nbsp; 582417 |
| OGE Energy Corp. | 28295 | &nbsp;&nbsp; 1390416 |
| ONE Gas, Inc.<sup>(c)</sup> | 8613 | &nbsp;&nbsp; 753121 |
| Ormat Technologies, Inc. | 7978 | &nbsp;&nbsp; 827319 |
| Portland General Electric Co.<sup>(c)</sup> | 15322 | &nbsp;&nbsp; 826775 |
| Southwest Gas Holdings, Inc. | 8774 | &nbsp;&nbsp; 773604 |
| Spire, Inc. | 8380 | &nbsp;&nbsp; 767692 |
| Talen Energy Corp.<sup>(b)</sup> | 6613 | &nbsp;&nbsp; 2453225 |
| TXNM Energy, Inc.<sup>(c)</sup> | 12498 | &nbsp;&nbsp; 737632 |
| UGI Corp. | 29772 | &nbsp;&nbsp; 1113770 |
|  |  | &nbsp;&nbsp; 15451472 |
| Total Common Stocks & Other Equity Interests <br>(Cost $301,549,406) | Total Common Stocks & Other Equity Interests <br>(Cost $301,549,406) | &nbsp;&nbsp; 404032781 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $132,371)<br>| 132371 | &nbsp;&nbsp; $132371 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $301,681,777) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $301,681,777) | &nbsp;&nbsp; 404165152 |
| **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-12.38%** | **Money Market Funds-12.38%** | **Money Market Funds-12.38%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 13319773 | &nbsp;&nbsp; 13319773 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 36730881 | &nbsp;&nbsp; 36741900 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $50,061,673) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $50,061,673) | &nbsp;&nbsp; 50061673 |
| TOTAL INVESTMENTS IN SECURITIES-112.33% <br>(Cost $351,743,450) | TOTAL INVESTMENTS IN SECURITIES-112.33% <br>(Cost $351,743,450) | &nbsp;&nbsp; 454226825 |
| OTHER ASSETS LESS LIABILITIES-(12.33)% | OTHER ASSETS LESS LIABILITIES-(12.33)% | &nbsp;&nbsp; (49865740)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $404361085 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $5491784 | &nbsp;&nbsp; $(5359413)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $132371 | &nbsp;&nbsp; $2773 |

---

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

------

**48**

------

**Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $13347836 | &nbsp;&nbsp; $64973637 | &nbsp;&nbsp; $(65001700)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13319773 | &nbsp;&nbsp; $214,280<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 35151689 | &nbsp;&nbsp; 101540139 | &nbsp;&nbsp; (99949303)<br>| &nbsp;&nbsp; (2454)<br>| &nbsp;&nbsp; 1829 | &nbsp;&nbsp; 36741900 | &nbsp;&nbsp; 584,888<br> \*<br>|
| Total | &nbsp;&nbsp; $48499525 | &nbsp;&nbsp; $172005560 | &nbsp;&nbsp; $(170310416)<br>| &nbsp;&nbsp; $(2454)<br>| &nbsp;&nbsp; $1829 | &nbsp;&nbsp; $50194044 | &nbsp;&nbsp; $801941 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**49**

------

**Invesco S&P MidCap Low Volatility ETF (XMLV)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** |
| **Communication Services-1.00%** | **Communication Services-1.00%** | **Communication Services-1.00%** |
| Warner Music Group Corp., Class A | 267018 | &nbsp;&nbsp; $7636715 |
| **Consumer Discretionary-2.32%** | **Consumer Discretionary-2.32%** | **Consumer Discretionary-2.32%** |
| H&R Block, Inc. | 264535 | &nbsp;&nbsp; 8100062 |
| Service Corp. International | 113098 | &nbsp;&nbsp; 9520589 |
|  |  | &nbsp;&nbsp; 17620651 |
| **Consumer Staples-4.86%** | **Consumer Staples-4.86%** | **Consumer Staples-4.86%** |
| Ingredion, Inc. | 91561 | &nbsp;&nbsp; 10754755 |
| Performance Food Group Co.<sup>(b)</sup> | 86730 | &nbsp;&nbsp; 8418014 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 82476 | &nbsp;&nbsp; 8767199 |
| US Foods Holding Corp.<sup>(b)</sup> | 93108 | &nbsp;&nbsp; 8995164 |
|  |  | &nbsp;&nbsp; 36935132 |
| **Energy-2.43%** | **Energy-2.43%** | **Energy-2.43%** |
| Antero Midstream Corp. | 425102 | &nbsp;&nbsp; 9556293 |
| DT Midstream, Inc. | 64198 | &nbsp;&nbsp; 8913250 |
|  |  | &nbsp;&nbsp; 18469543 |
| **Financials-23.84%** | **Financials-23.84%** | **Financials-23.84%** |
| American Financial Group, Inc. | 69696 | &nbsp;&nbsp; 9268174 |
| Annaly Capital Management, Inc. | 411033 | &nbsp;&nbsp; 9552407 |
| Commerce Bancshares, Inc. | 160502 | &nbsp;&nbsp; 8183997 |
| Essent Group Ltd. | 148306 | &nbsp;&nbsp; 9022937 |
| Federated Hermes, Inc., Class B | 175093 | &nbsp;&nbsp; 9806959 |
| Fidelity National Financial, Inc. | 139078 | &nbsp;&nbsp; 7354445 |
| First American Financial Corp. | 122559 | &nbsp;&nbsp; 8592612 |
| First Financial Bankshares, Inc. | 238309 | &nbsp;&nbsp; 7370897 |
| Hanover Insurance Group, Inc. (The) | 53288 | &nbsp;&nbsp; 9625411 |
| Home BancShares, Inc. | 281597 | &nbsp;&nbsp; 7732654 |
| International Bancshares Corp.<sup>(c)</sup> | 110032 | &nbsp;&nbsp; 7384248 |
| MGIC Investment Corp. | 317081 | &nbsp;&nbsp; 8412159 |
| Morningstar, Inc. | 52016 | &nbsp;&nbsp; 9526210 |
| Old Republic International Corp. | 206908 | &nbsp;&nbsp; 8870146 |
| Primerica, Inc. | 32877 | &nbsp;&nbsp; 8339580 |
| Prosperity Bancshares, Inc. | 110560 | &nbsp;&nbsp; 7780107 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 27688 | &nbsp;&nbsp; 8374512 |
| RLI Corp. | 151652 | &nbsp;&nbsp; 9450953 |
| SEI Investments Co. | 107867 | &nbsp;&nbsp; 8771744 |
| Starwood Property Trust, Inc.<sup>(c)</sup> | 567314 | &nbsp;&nbsp; 10103862 |
| United Bankshares, Inc. | 184949 | &nbsp;&nbsp; 7638394 |
|  |  | &nbsp;&nbsp; 181162408 |
| **Health Care-2.07%** | **Health Care-2.07%** | **Health Care-2.07%** |
| Encompass Health Corp. | 70026 | &nbsp;&nbsp; 7554405 |
| Ensign Group, Inc. (The) | 38021 | &nbsp;&nbsp; 8142957 |
|  |  | &nbsp;&nbsp; 15697362 |
| **Industrials-8.95%** | **Industrials-8.95%** | **Industrials-8.95%** |
| AECOM | 80028 | &nbsp;&nbsp; 7841143 |
| Donaldson Co., Inc. | 77814 | &nbsp;&nbsp; 7218027 |
| Exponent, Inc. | 121240 | &nbsp;&nbsp; 8823847 |
| FTI Consulting, Inc.<sup>(b)</sup> | 52554 | &nbsp;&nbsp; 8640929 |
| GATX Corp. | 48571 | &nbsp;&nbsp; 8945321 |
| Graco, Inc. | 105578 | &nbsp;&nbsp; 9915886 |
| MSA Safety, Inc.<sup>(c)</sup> | 44563 | &nbsp;&nbsp; 8708056 |
| RB Global, Inc. (Canada) | 78262 | &nbsp;&nbsp; 7901331 |
|  |  | &nbsp;&nbsp; 67994540 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-1.11%** | **Information Technology-1.11%** | **Information Technology-1.11%** |
| Dolby Laboratories, Inc., Class A | 126984 | &nbsp;&nbsp; $8453325 |
| **Materials-4.15%** | **Materials-4.15%** | **Materials-4.15%** |
| AptarGroup, Inc. | 60778 | &nbsp;&nbsp; 8734406 |
| Crown Holdings, Inc. | 75255 | &nbsp;&nbsp; 8624223 |
| NewMarket Corp.<sup>(c)</sup> | 11228 | &nbsp;&nbsp; 7028840 |
| Reliance, Inc. | 22718 | &nbsp;&nbsp; 7170710 |
|  |  | &nbsp;&nbsp; 31558179 |
| **Real Estate-28.14%** | **Real Estate-28.14%** | **Real Estate-28.14%** |
| Agree Realty Corp. | 169801 | &nbsp;&nbsp; 13665585 |
| American Healthcare REIT, Inc.<sup>(c)</sup> | 160644 | &nbsp;&nbsp; 8392043 |
| American Homes 4 Rent, Class A | 306512 | &nbsp;&nbsp; 9195360 |
| Brixmor Property Group, Inc. | 318244 | &nbsp;&nbsp; 9633246 |
| COPT Defense Properties<sup>(c)</sup> | 335269 | &nbsp;&nbsp; 10654849 |
| Cousins Properties, Inc. | 374887 | &nbsp;&nbsp; 8682383 |
| CubeSmart | 233078 | &nbsp;&nbsp; 9588829 |
| EastGroup Properties, Inc. | 50753 | &nbsp;&nbsp; 9963321 |
| EPR Properties | 156901 | &nbsp;&nbsp; 9321488 |
| Equity LifeStyle Properties, Inc.<sup>(c)</sup> | 172326 | &nbsp;&nbsp; 11573414 |
| First Industrial Realty Trust, Inc. | 148495 | &nbsp;&nbsp; 9375974 |
| Gaming and Leisure Properties, Inc. | 248663 | &nbsp;&nbsp; 12162107 |
| Healthcare Realty Trust, Inc. | 553864 | &nbsp;&nbsp; 10218791 |
| Independence Realty Trust, Inc.<sup>(c)</sup> | 539811 | &nbsp;&nbsp; 8944668 |
| Kite Realty Group Trust<sup>(c)</sup> | 364734 | &nbsp;&nbsp; 9501321 |
| Lamar Advertising Co., Class A<sup>(c)</sup> | 59126 | &nbsp;&nbsp; 8144015 |
| NNN REIT, Inc. | 263048 | &nbsp;&nbsp; 11921335 |
| Omega Healthcare Investors, Inc. | 224393 | &nbsp;&nbsp; 10831450 |
| Sabra Health Care REIT, Inc. | 528829 | &nbsp;&nbsp; 10867436 |
| STAG Industrial, Inc. | 241307 | &nbsp;&nbsp; 9464061 |
| W.P. Carey, Inc. | 157783 | &nbsp;&nbsp; 11778501 |
|  |  | &nbsp;&nbsp; 213880177 |
| **Utilities-20.97%** | **Utilities-20.97%** | **Utilities-20.97%** |
| Black Hills Corp. | 154078 | &nbsp;&nbsp; 11349386 |
| Essential Utilities, Inc. | 262092 | &nbsp;&nbsp; 10475817 |
| IDACORP, Inc.<sup>(c)</sup> | 93020 | &nbsp;&nbsp; 13392090 |
| National Fuel Gas Co. | 121844 | &nbsp;&nbsp; 11091459 |
| New Jersey Resources Corp. | 234392 | &nbsp;&nbsp; 12713422 |
| NorthWestern Energy Group, Inc. | 153825 | &nbsp;&nbsp; 10761597 |
| OGE Energy Corp.<sup>(c)</sup> | 285659 | &nbsp;&nbsp; 14037283 |
| ONE Gas, Inc. | 137153 | &nbsp;&nbsp; 11992658 |
| Ormat Technologies, Inc. | 70309 | &nbsp;&nbsp; 7291043 |
| Portland General Electric Co.<sup>(c)</sup> | 219153 | &nbsp;&nbsp; 11825496 |
| Southwest Gas Holdings, Inc. | 112339 | &nbsp;&nbsp; 9904930 |
| Spire, Inc. | 136158 | &nbsp;&nbsp; 12473435 |
| TXNM Energy, Inc. | 203493 | &nbsp;&nbsp; 12010157 |
| UGI Corp. | 269765 | &nbsp;&nbsp; 10091909 |
|  |  | &nbsp;&nbsp; 159410682 |
| Total Common Stocks & Other Equity Interests <br>(Cost $678,949,026) | Total Common Stocks & Other Equity Interests <br>(Cost $678,949,026) | &nbsp;&nbsp; 758818714 |

---

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

------

**50**

------

**Invesco S&P MidCap Low Volatility ETF (XMLV)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $497,592)<br>| 497592 | &nbsp;&nbsp; $497592 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $679,446,618) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $679,446,618) | &nbsp;&nbsp; 759316306 |
| **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-13.59%** | **Money Market Funds-13.59%** | **Money Market Funds-13.59%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 28383086 | &nbsp;&nbsp; 28383086 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 74861759 | &nbsp;&nbsp; $74884218 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $103,267,304) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $103,267,304) | &nbsp;&nbsp; 103267304 |
| TOTAL INVESTMENTS IN SECURITIES-113.49% <br>(Cost $782,713,922) | TOTAL INVESTMENTS IN SECURITIES-113.49% <br>(Cost $782,713,922) | &nbsp;&nbsp; 862583610 |
| OTHER ASSETS LESS LIABILITIES-(13.49)% | OTHER ASSETS LESS LIABILITIES-(13.49)% | &nbsp;&nbsp; (102551631)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $760031979 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $536778 | &nbsp;&nbsp; $45860158 | &nbsp;&nbsp; $(45899344)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $497592 | &nbsp;&nbsp; $23444 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 28858966 | &nbsp;&nbsp; 134820997 | &nbsp;&nbsp; (135296877)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 28383086 | &nbsp;&nbsp; 370,092<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 75111105 | &nbsp;&nbsp; 251913618 | &nbsp;&nbsp; (252140903)<br>| &nbsp;&nbsp; (5066)<br>| &nbsp;&nbsp; 5464 | &nbsp;&nbsp; 74884218 | &nbsp;&nbsp; 1,014,389<br> \*<br>|
| Total | &nbsp;&nbsp; $104506849 | &nbsp;&nbsp; $432594773 | &nbsp;&nbsp; $(433337124)<br>| &nbsp;&nbsp; $(5066)<br>| &nbsp;&nbsp; $5464 | &nbsp;&nbsp; $103764896 | &nbsp;&nbsp; $1407925 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**51**

------

**Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Communication Services-1.99%** | **Communication Services-1.99%** | **Communication Services-1.99%** |
| Angi, Inc.<sup>(b)(c)</sup> | 4859 | &nbsp;&nbsp; $37803 |
| Cable One, Inc.<sup>(c)</sup> | 700 | &nbsp;&nbsp; 67165 |
| CarGurus, Inc.<sup>(b)</sup> | 13323 | &nbsp;&nbsp; 409016 |
| Cars.com, Inc.<sup>(b)(c)</sup> | 8492 | &nbsp;&nbsp; 72522 |
| Cinemark Holdings, Inc. | 18401 | &nbsp;&nbsp; 519644 |
| DoubleVerify Holdings, Inc.<sup>(b)</sup> | 21253 | &nbsp;&nbsp; 224007 |
| IAC, Inc.<sup>(b)(c)</sup> | 10341 | &nbsp;&nbsp; 396267 |
| John Wiley & Sons, Inc., Class A<sup>(c)</sup> | 7698 | &nbsp;&nbsp; 238792 |
| QuinStreet, Inc.<sup>(b)</sup> | 8902 | &nbsp;&nbsp; 104332 |
| Scholastic Corp.<sup>(c)</sup> | 3999 | &nbsp;&nbsp; 139045 |
| Shenandoah Telecommunications Co.<sup>(c)</sup> | 7164 | &nbsp;&nbsp; 97645 |
| Shutterstock, Inc. | 4414 | &nbsp;&nbsp; 74155 |
| TEGNA, Inc. | 26416 | &nbsp;&nbsp; 553415 |
| Telephone and Data Systems, Inc. | 17235 | &nbsp;&nbsp; 771266 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 18146 | &nbsp;&nbsp; 183456 |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 27753 | &nbsp;&nbsp; 203152 |
| Yelp, Inc.<sup>(b)</sup> | 9529 | &nbsp;&nbsp; 212402 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 6111 | &nbsp;&nbsp; 165486 |
|  |  | &nbsp;&nbsp; 4469570 |
| **Consumer Discretionary-13.10%** | **Consumer Discretionary-13.10%** | **Consumer Discretionary-13.10%** |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 9620 | &nbsp;&nbsp; 578451 |
| Acushnet Holdings Corp. | 4517 | &nbsp;&nbsp; 462225 |
| Adient PLC<sup>(b)</sup> | 13659 | &nbsp;&nbsp; 332187 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 10466 | &nbsp;&nbsp; 556477 |
| American Eagle Outfitters, Inc. | 22444 | &nbsp;&nbsp; 551449 |
| Asbury Automotive Group, Inc.<sup>(b)</sup> | 3087 | &nbsp;&nbsp; 659939 |
| BJ's Restaurants, Inc.<sup>(b)</sup> | 3682 | &nbsp;&nbsp; 139879 |
| Bloomin' Brands, Inc.<sup>(c)</sup> | 12835 | &nbsp;&nbsp; 78550 |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 4912 | &nbsp;&nbsp; 929449 |
| Brinker International, Inc.<sup>(b)</sup> | 8270 | &nbsp;&nbsp; 1225614 |
| Buckle, Inc. (The) | 4945 | &nbsp;&nbsp; 264805 |
| Callaway Golf Co.<sup>(b)</sup> | 25794 | &nbsp;&nbsp; 362664 |
| CarMax, Inc.<sup>(b)(c)</sup> | 23225 | &nbsp;&nbsp; 1002623 |
| Carter's, Inc. | 5729 | &nbsp;&nbsp; 192208 |
| Cavco Industries, Inc.<sup>(b)</sup> | 1303 | &nbsp;&nbsp; 752170 |
| Century Communities, Inc. | 4410 | &nbsp;&nbsp; 296484 |
| Champion Homes, Inc.<sup>(b)</sup> | 9151 | &nbsp;&nbsp; 855435 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 7368 | &nbsp;&nbsp; 477299 |
| Covista, Inc.<sup>(b)</sup> | 5902 | &nbsp;&nbsp; 578396 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 3880 | &nbsp;&nbsp; 126954 |
| Dana, Inc. | 21377 | &nbsp;&nbsp; 731948 |
| Dauch Corp.<sup>(b)(c)</sup> | 20646 | &nbsp;&nbsp; 136264 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 3920 | &nbsp;&nbsp; 57702 |
| Dorman Products, Inc.<sup>(b)</sup> | 4823 | &nbsp;&nbsp; 568439 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 4778 | &nbsp;&nbsp; 86338 |
| Ethan Allen Interiors, Inc. | 3647 | &nbsp;&nbsp; 83079 |
| Fox Factory Holding Corp.<sup>(b)</sup> | 6259 | &nbsp;&nbsp; 105402 |
| Frontdoor, Inc.<sup>(b)</sup> | 12004 | &nbsp;&nbsp; 823114 |
| Gentherm, Inc.<sup>(b)(c)</sup> | 4786 | &nbsp;&nbsp; 156837 |
| G-III Apparel Group Ltd. | 5864 | &nbsp;&nbsp; 179380 |
| Golden Entertainment, Inc. | 3440 | &nbsp;&nbsp; 99416 |
| Green Brick Partners, Inc.<sup>(b)(c)</sup> | 5136 | &nbsp;&nbsp; 378318 |
| Group 1 Automotive, Inc. | 1998 | &nbsp;&nbsp; 650829 |
| Installed Building Products, Inc. | 3557 | &nbsp;&nbsp; 1165842 |
| Kohl's Corp.<sup>(c)</sup> | 19161 | &nbsp;&nbsp; 313666 |
| Kontoor Brands, Inc. | 9201 | &nbsp;&nbsp; 599997 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| La-Z-Boy, Inc. | 6792 | &nbsp;&nbsp; $242610 |
| LCI Industries<sup>(c)</sup> | 3757 | &nbsp;&nbsp; 500432 |
| Leggett & Platt, Inc. | 20161 | &nbsp;&nbsp; 235480 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 3573 | &nbsp;&nbsp; 185439 |
| M/I Homes, Inc.<sup>(b)</sup> | 4459 | &nbsp;&nbsp; 633891 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 2853 | &nbsp;&nbsp; 87016 |
| Matthews International Corp., Class A<sup>(c)</sup> | 4734 | &nbsp;&nbsp; 125120 |
| Meritage Homes Corp. | 11889 | &nbsp;&nbsp; 896668 |
| Mister Car Wash, Inc.<sup>(b)(c)</sup> | 15897 | &nbsp;&nbsp; 113187 |
| Monarch Casino & Resort, Inc. | 2028 | &nbsp;&nbsp; 194891 |
| Monro, Inc.<sup>(c)</sup> | 4477 | &nbsp;&nbsp; 96390 |
| National Vision Holdings, Inc.<sup>(b)</sup> | 12786 | &nbsp;&nbsp; 344838 |
| Newell Brands, Inc. | 65638 | &nbsp;&nbsp; 298653 |
| Oxford Industries, Inc.<sup>(c)</sup> | 2177 | &nbsp;&nbsp; 86187 |
| Papa John's International, Inc.<sup>(c)</sup> | 5509 | &nbsp;&nbsp; 172707 |
| Patrick Industries, Inc. | 5205 | &nbsp;&nbsp; 644327 |
| PENN Entertainment, Inc.<sup>(b)</sup> | 24946 | &nbsp;&nbsp; 390155 |
| Perdoceo Education Corp. | 9882 | &nbsp;&nbsp; 329565 |
| Phinia, Inc. | 6014 | &nbsp;&nbsp; 436797 |
| Pursuit Attractions and Hospitality, Inc.<sup>(b)(c)</sup> | 3496 | &nbsp;&nbsp; 121521 |
| Red Rock Resorts, Inc., Class A | 8098 | &nbsp;&nbsp; 490334 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 16343 | &nbsp;&nbsp; 262632 |
| Shake Shack, Inc., Class A<sup>(b)</sup> | 7544 | &nbsp;&nbsp; 724299 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 7354 | &nbsp;&nbsp; 707381 |
| Sonic Automotive, Inc., Class A | 2341 | &nbsp;&nbsp; 146828 |
| Sonos, Inc.<sup>(b)</sup> | 19385 | &nbsp;&nbsp; 298529 |
| Standard Motor Products, Inc. | 3445 | &nbsp;&nbsp; 136698 |
| Steven Madden Ltd. | 11453 | &nbsp;&nbsp; 413453 |
| Strategic Education, Inc. | 3828 | &nbsp;&nbsp; 314968 |
| Stride, Inc.<sup>(b)(c)</sup> | 7193 | &nbsp;&nbsp; 606945 |
| Tri Pointe Homes, Inc.<sup>(b)(c)</sup> | 14619 | &nbsp;&nbsp; 676860 |
| Upbound Group, Inc.<sup>(c)</sup> | 8171 | &nbsp;&nbsp; 175268 |
| Urban Outfitters, Inc.<sup>(b)</sup> | 8315 | &nbsp;&nbsp; 550453 |
| Victoria's Secret & Co.<sup>(b)</sup> | 10468 | &nbsp;&nbsp; 656344 |
| Winnebago Industries, Inc.<sup>(c)</sup> | 4118 | &nbsp;&nbsp; 164267 |
| Wolverine World Wide, Inc. | 11688 | &nbsp;&nbsp; 206527 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 3856 | &nbsp;&nbsp; 164343 |
|  |  | &nbsp;&nbsp; 29391832 |
| **Consumer Staples-2.59%** | **Consumer Staples-2.59%** | **Consumer Staples-2.59%** |
| Andersons, Inc. (The) | 5564 | &nbsp;&nbsp; 363273 |
| Cal-Maine Foods, Inc.<sup>(c)</sup> | 7289 | &nbsp;&nbsp; 634945 |
| Central Garden & Pet Co., Class A<sup>(b)</sup> | 10042 | &nbsp;&nbsp; 346851 |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 5967 | &nbsp;&nbsp; 425984 |
| Edgewell Personal Care Co. | 7978 | &nbsp;&nbsp; 181420 |
| Energizer Holdings, Inc. | 9368 | &nbsp;&nbsp; 202255 |
| Fresh Del Monte Produce, Inc. | 5379 | &nbsp;&nbsp; 230920 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 16412 | &nbsp;&nbsp; 162151 |
| Interparfums, Inc. | 2952 | &nbsp;&nbsp; 297503 |
| J&J Snack Foods Corp. | 2547 | &nbsp;&nbsp; 221742 |
| John B. Sanfilippo & Son, Inc. | 1500 | &nbsp;&nbsp; 123915 |
| National Beverage Corp.<sup>(b)</sup> | 3783 | &nbsp;&nbsp; 137512 |
| PriceSmart, Inc. | 4061 | &nbsp;&nbsp; 627912 |
| Reynolds Consumer Products, Inc. | 9219 | &nbsp;&nbsp; 228723 |
| Simply Good Foods Co. (The)<sup>(b)(c)</sup> | 16049 | &nbsp;&nbsp; 273796 |
| Tootsie Roll Industries, Inc. | 3376 | &nbsp;&nbsp; 142568 |
| United Natural Foods, Inc.<sup>(b)</sup> | 11864 | &nbsp;&nbsp; 453323 |

---

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

------

**52**

------

**Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-(continued)** | **Consumer Staples-(continued)** | **Consumer Staples-(continued)** |
| Universal Corp.<sup>(c)</sup> | 4062 | &nbsp;&nbsp; $218251 |
| WD-40 Co.<sup>(c)</sup> | 2263 | &nbsp;&nbsp; 539047 |
|  |  | &nbsp;&nbsp; 5812091 |
| **Energy-5.74%** | **Energy-5.74%** | **Energy-5.74%** |
| Archrock, Inc. | 27271 | &nbsp;&nbsp; 963484 |
| Atlas Energy Solutions, Inc.<sup>(c)</sup> | 10706 | &nbsp;&nbsp; 103099 |
| Bristow Group, Inc.<sup>(b)</sup> | 4291 | &nbsp;&nbsp; 204681 |
| Cactus, Inc., Class A | 10334 | &nbsp;&nbsp; 558036 |
| California Resources Corp. | 12060 | &nbsp;&nbsp; 709610 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 15114 | &nbsp;&nbsp; 296386 |
| Core Laboratories, Inc. | 7018 | &nbsp;&nbsp; 123447 |
| Core Natural Resources, Inc. | 8123 | &nbsp;&nbsp; 666736 |
| Crescent Energy Co., Class A<sup>(c)</sup> | 29513 | &nbsp;&nbsp; 344122 |
| CVR Energy, Inc.<sup>(b)</sup> | 5536 | &nbsp;&nbsp; 133750 |
| Dorian LPG Ltd. | 6142 | &nbsp;&nbsp; 227193 |
| Helix Energy Solutions Group, Inc.<sup>(b)</sup> | 20887 | &nbsp;&nbsp; 191952 |
| Helmerich & Payne, Inc. | 15035 | &nbsp;&nbsp; 529533 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 6150 | &nbsp;&nbsp; 162052 |
| International Seaways, Inc. | 7172 | &nbsp;&nbsp; 541701 |
| Kodiak Gas Services, Inc. | 11571 | &nbsp;&nbsp; 631429 |
| Liberty Energy, Inc., Class A | 23539 | &nbsp;&nbsp; 661210 |
| Magnolia Oil & Gas Corp., Class A | 30759 | &nbsp;&nbsp; 855715 |
| Noble Corp. PLC<sup>(c)</sup> | 20085 | &nbsp;&nbsp; 912462 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 14557 | &nbsp;&nbsp; 401628 |
| Oceaneering International, Inc.<sup>(b)</sup> | 14780 | &nbsp;&nbsp; 524690 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 8908 | &nbsp;&nbsp; 380104 |
| Patterson-UTI Energy, Inc. | 52001 | &nbsp;&nbsp; 442528 |
| Peabody Energy Corp. | 19369 | &nbsp;&nbsp; 610898 |
| REX American Resources Corp.<sup>(b)</sup> | 4671 | &nbsp;&nbsp; 166101 |
| RPC, Inc.<sup>(c)</sup> | 13247 | &nbsp;&nbsp; 76965 |
| SM Energy Co. | 17666 | &nbsp;&nbsp; 408615 |
| Talos Energy, Inc.<sup>(b)(c)</sup> | 20386 | &nbsp;&nbsp; 249728 |
| Tidewater, Inc.<sup>(b)</sup> | 7176 | &nbsp;&nbsp; 569918 |
| World Kinect Corp.<sup>(c)</sup> | 8831 | &nbsp;&nbsp; 220333 |
|  |  | &nbsp;&nbsp; 12868106 |
| **Financials-18.22%** | **Financials-18.22%** | **Financials-18.22%** |
| Acadian Asset Management, Inc. | 4060 | &nbsp;&nbsp; 218672 |
| Adamas Trust, Inc.<sup>(c)</sup> | 15040 | &nbsp;&nbsp; 123930 |
| Ameris Bancorp | 10321 | &nbsp;&nbsp; 801529 |
| AMERISAFE, Inc. | 3461 | &nbsp;&nbsp; 112586 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 21506 | &nbsp;&nbsp; 227964 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 31114 | &nbsp;&nbsp; 246734 |
| ARMOUR Residential REIT, Inc.<sup>(c)</sup> | 19365 | &nbsp;&nbsp; 347602 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(c)</sup><br>| 11729 | &nbsp;&nbsp; 472444 |
| Assured Guaranty Ltd. | 7529 | &nbsp;&nbsp; 649075 |
| Atlantic Union Bankshares Corp., Class B | 22080 | &nbsp;&nbsp; 818285 |
| Axos Financial, Inc.<sup>(b)</sup> | 8920 | &nbsp;&nbsp; 774434 |
| Banc of California, Inc. | 20029 | &nbsp;&nbsp; 369936 |
| BancFirst Corp. | 3377 | &nbsp;&nbsp; 371470 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 7034 | &nbsp;&nbsp; 369215 |
| Bank of Hawaii Corp. | 6180 | &nbsp;&nbsp; 468259 |
| BankUnited, Inc. | 11721 | &nbsp;&nbsp; 547371 |
| Banner Corp. | 5360 | &nbsp;&nbsp; 315436 |
| Beacon Financial Corp. | 13104 | &nbsp;&nbsp; 389713 |
| BGC Group, Inc., Class A | 58310 | &nbsp;&nbsp; 555111 |
| Blackstone Mortgage Trust, Inc., Class A | 25168 | &nbsp;&nbsp; 483477 |
| Bread Financial Holdings, Inc. | 7058 | &nbsp;&nbsp; 500130 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Capitol Federal Financial, Inc. | 19339 | &nbsp;&nbsp; $138854 |
| Cathay General Bancorp | 10836 | &nbsp;&nbsp; 538658 |
| Central Pacific Financial Corp. | 4132 | &nbsp;&nbsp; 131604 |
| City Holding Co.<sup>(c)</sup> | 2302 | &nbsp;&nbsp; 276171 |
| Cohen & Steers, Inc.<sup>(c)</sup> | 4627 | &nbsp;&nbsp; 309407 |
| Community Financial System, Inc.<sup>(c)</sup> | 8224 | &nbsp;&nbsp; 497963 |
| Customers Bancorp, Inc.<sup>(b)</sup> | 4663 | &nbsp;&nbsp; 314473 |
| CVB Financial Corp.<sup>(c)</sup> | 20646 | &nbsp;&nbsp; 397023 |
| Dime Community Bancshares, Inc., Class B<sup>(c)</sup> | 6164 | &nbsp;&nbsp; 199405 |
| Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 4858 | &nbsp;&nbsp; 241734 |
| Eagle Bancorp, Inc. | 3968 | &nbsp;&nbsp; 100986 |
| Ellington Financial, Inc. | 16428 | &nbsp;&nbsp; 204036 |
| Employers Holdings, Inc. | 3852 | &nbsp;&nbsp; 159280 |
| Enact Holdings, Inc. | 4806 | &nbsp;&nbsp; 201083 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 3547 | &nbsp;&nbsp; 242225 |
| Enova International, Inc.<sup>(b)</sup> | 3825 | &nbsp;&nbsp; 531866 |
| EVERTEC, Inc. | 10599 | &nbsp;&nbsp; 300058 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 8723 | &nbsp;&nbsp; 231421 |
| FB Financial Corp.<sup>(c)</sup> | 6600 | &nbsp;&nbsp; 360954 |
| First Bancorp | 24733 | &nbsp;&nbsp; 522608 |
| First Bancorp/Southern Pines NC | 6615 | &nbsp;&nbsp; 375666 |
| First Commonwealth Financial Corp. | 16311 | &nbsp;&nbsp; 285932 |
| First Financial Bancorp | 14642 | &nbsp;&nbsp; 411001 |
| First Hawaiian, Inc. | 19659 | &nbsp;&nbsp; 486757 |
| Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 13663 | &nbsp;&nbsp; 124743 |
| Fulton Financial Corp.<sup>(c)</sup> | 27467 | &nbsp;&nbsp; 561700 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 66404 | &nbsp;&nbsp; 560450 |
| HA Sustainable Infrastructure Capital, Inc. | 21374 | &nbsp;&nbsp; 780578 |
| Hanmi Financial Corp. | 4775 | &nbsp;&nbsp; 124675 |
| HCI Group, Inc. | 1791 | &nbsp;&nbsp; 315968 |
| Heritage Financial Corp.<sup>(c)</sup> | 5372 | &nbsp;&nbsp; 141875 |
| Hilltop Holdings, Inc. | 7052 | &nbsp;&nbsp; 263956 |
| Hope Bancorp, Inc. | 19386 | &nbsp;&nbsp; 218286 |
| Horace Mann Educators Corp. | 6801 | &nbsp;&nbsp; 295912 |
| Independent Bank Corp. | 7755 | &nbsp;&nbsp; 605433 |
| Jackson Financial, Inc., Class A | 10879 | &nbsp;&nbsp; 1191033 |
| KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 8910 | &nbsp;&nbsp; 61925 |
| Lakeland Financial Corp. | 4119 | &nbsp;&nbsp; 239273 |
| Lincoln National Corp. | 25414 | &nbsp;&nbsp; 871700 |
| Mercury General Corp. | 4522 | &nbsp;&nbsp; 409603 |
| Moelis & Co., Class A | 11129 | &nbsp;&nbsp; 660617 |
| National Bank Holdings Corp., Class A | 5856 | &nbsp;&nbsp; 234181 |
| Navient Corp. | 11235 | &nbsp;&nbsp; 98756 |
| NBT Bancorp, Inc. | 8176 | &nbsp;&nbsp; 349279 |
| NCR Atleos Corp.<sup>(b)(c)</sup> | 11873 | &nbsp;&nbsp; 525736 |
| NMI Holdings, Inc., Class A<sup>(b)</sup> | 12425 | &nbsp;&nbsp; 488427 |
| Northwest Bancshares, Inc. | 22522 | &nbsp;&nbsp; 280399 |
| OFG Bancorp | 6941 | &nbsp;&nbsp; 278195 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 4624 | &nbsp;&nbsp; 572035 |
| Park National Corp. | 2211 | &nbsp;&nbsp; 363776 |
| Pathward Financial, Inc. | 3616 | &nbsp;&nbsp; 328297 |
| Payoneer Global, Inc.<sup>(b)</sup> | 47148 | &nbsp;&nbsp; 203679 |
| PennyMac Mortgage Investment Trust<sup>(c)</sup> | 14797 | &nbsp;&nbsp; 181411 |
| Piper Sandler Cos. | 2518 | &nbsp;&nbsp; 744195 |
| PJT Partners, Inc., Class A | 3805 | &nbsp;&nbsp; 561922 |
| Preferred Bank | 1863 | &nbsp;&nbsp; 163422 |
| ProAssurance Corp.<sup>(b)</sup> | 8453 | &nbsp;&nbsp; 207521 |
| PROG Holdings, Inc. | 6006 | &nbsp;&nbsp; 211471 |
| Provident Financial Services, Inc. | 19985 | &nbsp;&nbsp; 420484 |
| Radian Group, Inc. | 22276 | &nbsp;&nbsp; 768968 |

---

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

------

**53**

------

**Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Renasant Corp. | 15050 | &nbsp;&nbsp; $566632 |
| S&T Bancorp, Inc. | 5936 | &nbsp;&nbsp; 248184 |
| Safety Insurance Group, Inc. | 2448 | &nbsp;&nbsp; 190038 |
| Seacoast Banking Corp. of Florida | 13829 | &nbsp;&nbsp; 430358 |
| ServisFirst Bancshares, Inc. | 7779 | &nbsp;&nbsp; 630177 |
| Simmons First National Corp., Class A | 22533 | &nbsp;&nbsp; 448632 |
| SiriusPoint Ltd.<sup>(b)</sup> | 16272 | &nbsp;&nbsp; 343990 |
| Southside Bancshares, Inc. | 4375 | &nbsp;&nbsp; 137025 |
| Stellar Bancorp, Inc. | 7463 | &nbsp;&nbsp; 281057 |
| Stewart Information Services Corp. | 4792 | &nbsp;&nbsp; 340184 |
| StoneX Group, Inc.<sup>(b)</sup> | 7148 | &nbsp;&nbsp; 911370 |
| Tompkins Financial Corp. | 1960 | &nbsp;&nbsp; 150352 |
| Triumph Financial, Inc.<sup>(b)(c)</sup> | 3293 | &nbsp;&nbsp; 183947 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 5321 | &nbsp;&nbsp; 141219 |
| TrustCo Bank Corp. | 2987 | &nbsp;&nbsp; 129546 |
| Trustmark Corp. | 9527 | &nbsp;&nbsp; 405755 |
| United Community Banks, Inc. | 18912 | &nbsp;&nbsp; 608399 |
| United Fire Group, Inc. | 3800 | &nbsp;&nbsp; 147668 |
| Victory Capital Holdings, Inc., Class A | 8080 | &nbsp;&nbsp; 558974 |
| Virtu Financial, Inc., Class A | 13111 | &nbsp;&nbsp; 542927 |
| Virtus Investment Partners, Inc. | 1027 | &nbsp;&nbsp; 142096 |
| WaFd, Inc.<sup>(c)</sup> | 12408 | &nbsp;&nbsp; 386633 |
| Walker & Dunlop, Inc. | 5724 | &nbsp;&nbsp; 263361 |
| Westamerica Bancorporation | 4112 | &nbsp;&nbsp; 208273 |
| Western Union Co. (The) | 49503 | &nbsp;&nbsp; 476714 |
| WisdomTree, Inc. | 18679 | &nbsp;&nbsp; 319598 |
| World Acceptance Corp.<sup>(b)</sup> | 571 | &nbsp;&nbsp; 77016 |
| WSFS Financial Corp. | 9048 | &nbsp;&nbsp; 574638 |
|  |  | &nbsp;&nbsp; 40877182 |
| **Health Care-11.14%** | **Health Care-11.14%** | **Health Care-11.14%** |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 18984 | &nbsp;&nbsp; 444985 |
| Acadia Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 19235 | &nbsp;&nbsp; 472412 |
| AdaptHealth Corp.<sup>(b)</sup> | 16741 | &nbsp;&nbsp; 153180 |
| Addus HomeCare Corp.<sup>(b)</sup> | 3117 | &nbsp;&nbsp; 322703 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 37788 | &nbsp;&nbsp; 588359 |
| Alkermes PLC<sup>(b)(c)</sup> | 28125 | &nbsp;&nbsp; 846562 |
| AMN Healthcare Services, Inc.<sup>(b)</sup> | 6731 | &nbsp;&nbsp; 131120 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 6408 | &nbsp;&nbsp; 129634 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2938 | &nbsp;&nbsp; 217118 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 13998 | &nbsp;&nbsp; 285139 |
| Artivion, Inc.<sup>(b)</sup> | 7202 | &nbsp;&nbsp; 277277 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 7796 | &nbsp;&nbsp; 158493 |
| Avanos Medical, Inc.<sup>(b)</sup> | 7906 | &nbsp;&nbsp; 111475 |
| Azenta, Inc.<sup>(b)(c)</sup> | 6532 | &nbsp;&nbsp; 176233 |
| BioLife Solutions, Inc.<sup>(b)</sup> | 6923 | &nbsp;&nbsp; 167537 |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 18783 | &nbsp;&nbsp; 778180 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 19486 | &nbsp;&nbsp; 449737 |
| Certara, Inc.<sup>(b)(c)</sup> | 19997 | &nbsp;&nbsp; 141579 |
| Collegium Pharmaceutical, Inc.<sup>(b)</sup> | 4946 | &nbsp;&nbsp; 206100 |
| Concentra Group Holdings Parent, Inc. | 20615 | &nbsp;&nbsp; 493935 |
| CONMED Corp.<sup>(c)</sup> | 5658 | &nbsp;&nbsp; 260268 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 14398 | &nbsp;&nbsp; 514009 |
| CorVel Corp.<sup>(b)</sup> | 5446 | &nbsp;&nbsp; 280905 |
| Cytek Biosciences, Inc.<sup>(b)</sup> | 20456 | &nbsp;&nbsp; 91643 |
| Embecta Corp. | 10953 | &nbsp;&nbsp; 112378 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 12676 | &nbsp;&nbsp; 135887 |
| Glaukos Corp.<sup>(b)</sup> | 9241 | &nbsp;&nbsp; 1112616 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 5863 | &nbsp;&nbsp; 167330 |
| HealthStream, Inc. | 4025 | &nbsp;&nbsp; 85451 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| ICU Medical, Inc.<sup>(b)</sup> | 4096 | &nbsp;&nbsp; $616776 |
| Innoviva, Inc.<sup>(b)(c)</sup> | 10369 | &nbsp;&nbsp; 238072 |
| Integer Holdings Corp.<sup>(b)</sup> | 5798 | &nbsp;&nbsp; 502571 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 3864 | &nbsp;&nbsp; 1065073 |
| LeMaitre Vascular, Inc.<sup>(c)</sup> | 3394 | &nbsp;&nbsp; 367163 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 3569 | &nbsp;&nbsp; 707768 |
| Merit Medical Systems, Inc.<sup>(b)(c)</sup> | 9902 | &nbsp;&nbsp; 764236 |
| National HealthCare Corp. | 2064 | &nbsp;&nbsp; 337464 |
| Neogen Corp.<sup>(b)</sup> | 30581 | &nbsp;&nbsp; 343425 |
| NeoGenomics, Inc.<sup>(b)(c)</sup> | 21406 | &nbsp;&nbsp; 210421 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 762 | &nbsp;&nbsp; 0 |
| OmniAb, Inc., Rts., expiring 11/02/2027<sup>(b)(e)</sup> | 762 | &nbsp;&nbsp; 0 |
| Omnicell, Inc.<sup>(b)</sup> | 6268 | &nbsp;&nbsp; 257615 |
| Organon & Co. | 46017 | &nbsp;&nbsp; 335464 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 7019 | &nbsp;&nbsp; 153786 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 15811 | &nbsp;&nbsp; 313848 |
| Phibro Animal Health Corp., Class A | 3551 | &nbsp;&nbsp; 193849 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 7879 | &nbsp;&nbsp; 546015 |
| Privia Health Group, Inc.<sup>(b)</sup> | 19180 | &nbsp;&nbsp; 455525 |
| Progyny, Inc.<sup>(b)</sup> | 13768 | &nbsp;&nbsp; 243556 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 9501 | &nbsp;&nbsp; 874852 |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 15207 | &nbsp;&nbsp; 1036965 |
| QuidelOrtho Corp.<sup>(b)</sup> | 10599 | &nbsp;&nbsp; 241021 |
| RadNet, Inc.<sup>(b)(c)</sup> | 12254 | &nbsp;&nbsp; 855452 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 15436 | &nbsp;&nbsp; 258707 |
| Schrodinger, Inc.<sup>(b)(c)</sup> | 9260 | &nbsp;&nbsp; 111676 |
| Select Medical Holdings Corp. | 18493 | &nbsp;&nbsp; 276840 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 9135 | &nbsp;&nbsp; 499958 |
| Teleflex, Inc. | 6392 | &nbsp;&nbsp; 780207 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 24372 | &nbsp;&nbsp; 733353 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 6269 | &nbsp;&nbsp; 910635 |
| U.S. Physical Therapy, Inc. | 2350 | &nbsp;&nbsp; 194956 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 14179 | &nbsp;&nbsp; 518810 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 15669 | &nbsp;&nbsp; 142431 |
| Waystar Holding Corp.<sup>(b)(c)</sup> | 23032 | &nbsp;&nbsp; 590771 |
|  |  | &nbsp;&nbsp; 24991506 |
| **Industrials-18.45%** | **Industrials-18.45%** | **Industrials-18.45%** |
| AAR Corp.<sup>(b)</sup> | 6413 | &nbsp;&nbsp; 751411 |
| ABM Industries, Inc. | 9621 | &nbsp;&nbsp; 428134 |
| Air Lease Corp., Class A | 17322 | &nbsp;&nbsp; 1123158 |
| Alamo Group, Inc. | 1707 | &nbsp;&nbsp; 364496 |
| Albany International Corp., Class A | 4509 | &nbsp;&nbsp; 259944 |
| Allegiant Travel Co.<sup>(b)(c)</sup> | 2059 | &nbsp;&nbsp; 210327 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 24448 | &nbsp;&nbsp; 730262 |
| American Woodmark Corp.<sup>(b)</sup> | 2358 | &nbsp;&nbsp; 118136 |
| Apogee Enterprises, Inc. | 3340 | &nbsp;&nbsp; 132999 |
| ArcBest Corp. | 3256 | &nbsp;&nbsp; 334261 |
| Arcosa, Inc. | 7771 | &nbsp;&nbsp; 835227 |
| Armstrong World Industries, Inc. | 7342 | &nbsp;&nbsp; 1273837 |
| Astec Industries, Inc. | 3611 | &nbsp;&nbsp; 224207 |
| AZZ, Inc. | 4787 | &nbsp;&nbsp; 650936 |
| Boise Cascade Co. | 6097 | &nbsp;&nbsp; 504466 |
| Brady Corp., Class A | 7121 | &nbsp;&nbsp; 657553 |
| CoreCivic, Inc.<sup>(b)</sup> | 17083 | &nbsp;&nbsp; 302027 |
| CSG Systems International, Inc. | 4633 | &nbsp;&nbsp; 370177 |
| CSW Industrials, Inc. | 2427 | &nbsp;&nbsp; 714339 |
| Deluxe Corp.<sup>(c)</sup> | 6832 | &nbsp;&nbsp; 189588 |
| DNOW, Inc.<sup>(b)</sup> | 30512 | &nbsp;&nbsp; 359431 |

---

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

------

**54**

------

**Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| DXP Enterprises, Inc.<sup>(b)</sup> | 1882 | &nbsp;&nbsp; $260601 |
| Enerpac Tool Group Corp.<sup>(c)</sup> | 8609 | &nbsp;&nbsp; 351247 |
| Enpro, Inc. | 3521 | &nbsp;&nbsp; 910707 |
| Enviri Corp.<sup>(b)</sup> | 13429 | &nbsp;&nbsp; 254211 |
| ESCO Technologies, Inc. | 4478 | &nbsp;&nbsp; 1241705 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 8049 | &nbsp;&nbsp; 972883 |
| Federal Signal Corp. | 10356 | &nbsp;&nbsp; 1205749 |
| Forward Air Corp.<sup>(b)(c)</sup> | 3157 | &nbsp;&nbsp; 79841 |
| Franklin Electric Co., Inc. | 6288 | &nbsp;&nbsp; 626411 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 43387 | &nbsp;&nbsp; 1196180 |
| GEO Group, Inc. (The)<sup>(b)</sup> | 21608 | &nbsp;&nbsp; 324984 |
| Gibraltar Industries, Inc.<sup>(b)</sup> | 4796 | &nbsp;&nbsp; 218122 |
| Granite Construction, Inc.<sup>(c)</sup> | 6978 | &nbsp;&nbsp; 938262 |
| Greenbrier Cos., Inc. (The)<sup>(c)</sup> | 4789 | &nbsp;&nbsp; 270195 |
| Griffon Corp. | 6413 | &nbsp;&nbsp; 546644 |
| Hayward Holdings, Inc.<sup>(b)</sup> | 33834 | &nbsp;&nbsp; 541344 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 11945 | &nbsp;&nbsp; 260043 |
| Heartland Express, Inc.<sup>(c)</sup> | 6371 | &nbsp;&nbsp; 70272 |
| HNI Corp. | 7374 | &nbsp;&nbsp; 331535 |
| Hub Group, Inc., Class A | 8936 | &nbsp;&nbsp; 384873 |
| Insteel Industries, Inc.<sup>(c)</sup> | 3093 | &nbsp;&nbsp; 115307 |
| Interface, Inc.<sup>(c)</sup> | 9612 | &nbsp;&nbsp; 302682 |
| JBT Marel Corp. | 7833 | &nbsp;&nbsp; 1206282 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 43439 | &nbsp;&nbsp; 240652 |
| Kadant, Inc.<sup>(c)</sup> | 1852 | &nbsp;&nbsp; 628143 |
| Kennametal, Inc.<sup>(c)</sup> | 11924 | &nbsp;&nbsp; 480299 |
| Korn Ferry | 8419 | &nbsp;&nbsp; 527619 |
| Lindsay Corp. | 1682 | &nbsp;&nbsp; 226565 |
| Liquidity Services, Inc.<sup>(b)</sup> | 3804 | &nbsp;&nbsp; 120244 |
| ManpowerGroup, Inc.<sup>(c)</sup> | 7701 | &nbsp;&nbsp; 215397 |
| Marten Transport Ltd. | 8708 | &nbsp;&nbsp; 118342 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 19877 | &nbsp;&nbsp; 201155 |
| Matson, Inc. | 4731 | &nbsp;&nbsp; 785961 |
| Mercury Systems, Inc.<sup>(b)(c)</sup> | 8085 | &nbsp;&nbsp; 719808 |
| MillerKnoll, Inc. | 10697 | &nbsp;&nbsp; 215438 |
| Moog, Inc., Class A | 4502 | &nbsp;&nbsp; 1519110 |
| Mueller Water Products, Inc., Class A | 25383 | &nbsp;&nbsp; 759713 |
| MYR Group, Inc.<sup>(b)</sup> | 2537 | &nbsp;&nbsp; 684888 |
| National Presto Industries, Inc. | 818 | &nbsp;&nbsp; 107927 |
| OPENLANE, Inc.<sup>(b)</sup> | 16070 | &nbsp;&nbsp; 458156 |
| Pitney Bowes, Inc. | 25840 | &nbsp;&nbsp; 277263 |
| Powell Industries, Inc. | 1394 | &nbsp;&nbsp; 729898 |
| Proto Labs, Inc.<sup>(b)(c)</sup> | 3802 | &nbsp;&nbsp; 236028 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 21100 | &nbsp;&nbsp; 816570 |
| Robert Half, Inc. | 16318 | &nbsp;&nbsp; 398486 |
| Rush Enterprises, Inc., Class A | 8991 | &nbsp;&nbsp; 638091 |
| RXO, Inc.<sup>(b)(c)</sup> | 23639 | &nbsp;&nbsp; 377278 |
| Schneider National, Inc., Class B<sup>(c)</sup> | 6938 | &nbsp;&nbsp; 196900 |
| SkyWest, Inc.<sup>(b)</sup> | 6345 | &nbsp;&nbsp; 660388 |
| Standex International Corp. | 1989 | &nbsp;&nbsp; 521118 |
| Sun Country Airlines Holdings, Inc.<sup>(b)(c)</sup> | 8160 | &nbsp;&nbsp; 160589 |
| Tennant Co. | 2924 | &nbsp;&nbsp; 178452 |
| Titan International, Inc.<sup>(b)</sup> | 7585 | &nbsp;&nbsp; 73802 |
| Trinity Industries, Inc. | 12493 | &nbsp;&nbsp; 427011 |
| UniFirst Corp. | 2356 | &nbsp;&nbsp; 553236 |
| Upwork, Inc.<sup>(b)(c)</sup> | 21005 | &nbsp;&nbsp; 281887 |
| Verra Mobility Corp., Class A<sup>(b)</sup> | 26947 | &nbsp;&nbsp; 450284 |
| Vestis Corp.<sup>(c)</sup> | 16999 | &nbsp;&nbsp; 133782 |
| Vicor Corp.<sup>(b)</sup> | 3347 | &nbsp;&nbsp; 674086 |
| Werner Enterprises, Inc.<sup>(c)</sup> | 8402 | &nbsp;&nbsp; 294826 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| WillScot Holdings Corp. | 27501 | &nbsp;&nbsp; $594297 |
| Worthington Enterprises, Inc. | 4951 | &nbsp;&nbsp; 277305 |
| Zurn Elkay Water Solutions Corp. | 25040 | &nbsp;&nbsp; 1276539 |
|  |  | &nbsp;&nbsp; 41382529 |
| **Information Technology-13.03%** | **Information Technology-13.03%** | **Information Technology-13.03%** |
| A10 Networks, Inc. | 11043 | &nbsp;&nbsp; 212688 |
| ACI Worldwide, Inc.<sup>(b)</sup> | 17074 | &nbsp;&nbsp; 677496 |
| ACM Research, Inc., Class A<sup>(b)</sup> | 7350 | &nbsp;&nbsp; 409248 |
| Adeia, Inc. | 16445 | &nbsp;&nbsp; 340247 |
| Agilysys, Inc.<sup>(b)</sup> | 4097 | &nbsp;&nbsp; 295680 |
| Alarm.com Holdings, Inc.<sup>(b)</sup> | 8085 | &nbsp;&nbsp; 386867 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)</sup> | 3685 | &nbsp;&nbsp; 77422 |
| Arlo Technologies, Inc.<sup>(b)(c)</sup> | 17319 | &nbsp;&nbsp; 271735 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 4749 | &nbsp;&nbsp; 392315 |
| Badger Meter, Inc. | 4899 | &nbsp;&nbsp; 746755 |
| Benchmark Electronics, Inc. | 5393 | &nbsp;&nbsp; 311769 |
| BlackLine, Inc.<sup>(b)(c)</sup> | 8367 | &nbsp;&nbsp; 294937 |
| Calix, Inc.<sup>(b)</sup> | 9672 | &nbsp;&nbsp; 500719 |
| CleanSpark, Inc.<sup>(b)(c)</sup> | 48186 | &nbsp;&nbsp; 479451 |
| Clear Secure, Inc., Class A | 14202 | &nbsp;&nbsp; 690785 |
| Cohu, Inc.<sup>(b)(c)</sup> | 7360 | &nbsp;&nbsp; 222272 |
| Corsair Gaming, Inc.<sup>(b)(c)</sup> | 7244 | &nbsp;&nbsp; 39770 |
| CTS Corp. | 4583 | &nbsp;&nbsp; 241341 |
| Digi International, Inc.<sup>(b)</sup> | 5430 | &nbsp;&nbsp; 265093 |
| Diodes, Inc.<sup>(b)</sup> | 6709 | &nbsp;&nbsp; 457755 |
| DXC Technology Co.<sup>(b)</sup> | 25757 | &nbsp;&nbsp; 324281 |
| Enphase Energy, Inc.<sup>(b)</sup> | 18969 | &nbsp;&nbsp; 801820 |
| ePlus, Inc. | 4232 | &nbsp;&nbsp; 341353 |
| Extreme Networks, Inc.<sup>(b)</sup> | 20869 | &nbsp;&nbsp; 291749 |
| FormFactor, Inc.<sup>(b)</sup> | 11820 | &nbsp;&nbsp; 1168762 |
| Grid Dynamics Holdings, Inc.<sup>(b)</sup> | 9761 | &nbsp;&nbsp; 65887 |
| Harmonic, Inc.<sup>(b)</sup> | 17022 | &nbsp;&nbsp; 180944 |
| Ichor Holdings Ltd.<sup>(b)</sup> | 5176 | &nbsp;&nbsp; 246119 |
| Insight Enterprises, Inc.<sup>(b)</sup> | 5226 | &nbsp;&nbsp; 436685 |
| InterDigital, Inc.<sup>(c)</sup> | 4231 | &nbsp;&nbsp; 1550788 |
| Itron, Inc.<sup>(b)</sup> | 7609 | &nbsp;&nbsp; 714865 |
| Knowles Corp.<sup>(b)</sup> | 13361 | &nbsp;&nbsp; 363018 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 7834 | &nbsp;&nbsp; 546186 |
| LiveRamp Holdings, Inc.<sup>(b)</sup> | 10392 | &nbsp;&nbsp; 282351 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 60546 | &nbsp;&nbsp; 541281 |
| MaxLinear, Inc.<sup>(b)</sup> | 10681 | &nbsp;&nbsp; 186170 |
| Mirion Technologies, Inc.<sup>(b)(c)</sup> | 41714 | &nbsp;&nbsp; 901439 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 23083 | &nbsp;&nbsp; 176354 |
| NetScout Systems, Inc.<sup>(b)</sup> | 10761 | &nbsp;&nbsp; 314329 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 2692 | &nbsp;&nbsp; 767758 |
| PC Connection, Inc. | 1796 | &nbsp;&nbsp; 109466 |
| PDF Solutions, Inc.<sup>(b)(c)</sup> | 4578 | &nbsp;&nbsp; 154645 |
| Penguin Solutions, Inc.<sup>(b)</sup> | 7246 | &nbsp;&nbsp; 150572 |
| Photronics, Inc.<sup>(b)</sup> | 6063 | &nbsp;&nbsp; 226938 |
| Plexus Corp.<sup>(b)</sup> | 3884 | &nbsp;&nbsp; 754001 |
| Q2 Holdings, Inc.<sup>(b)</sup> | 9967 | &nbsp;&nbsp; 479612 |
| Qorvo, Inc.<sup>(b)</sup> | 13331 | &nbsp;&nbsp; 1105140 |
| Ralliant Corp. | 17891 | &nbsp;&nbsp; 821018 |
| Rogers Corp.<sup>(b)</sup> | 2531 | &nbsp;&nbsp; 272918 |
| Sanmina Corp.<sup>(b)</sup> | 8113 | &nbsp;&nbsp; 1259624 |
| ScanSource, Inc.<sup>(b)</sup> | 3416 | &nbsp;&nbsp; 125640 |
| Semtech Corp.<sup>(b)</sup> | 13341 | &nbsp;&nbsp; 1203625 |
| SiTime Corp.<sup>(b)</sup> | 2850 | &nbsp;&nbsp; 1133958 |
| SolarEdge Technologies, Inc.<sup>(b)</sup> | 11337 | &nbsp;&nbsp; 401330 |

---

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

------

**55**

------

**Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Sprinklr, Inc., Class A<sup>(b)</sup> | 18556 | &nbsp;&nbsp; $107996 |
| Teradata Corp.<sup>(b)</sup> | 14102 | &nbsp;&nbsp; 444072 |
| Ultra Clean Holdings, Inc.<sup>(b)</sup> | 6738 | &nbsp;&nbsp; 408862 |
| Veeco Instruments, Inc.<sup>(b)(c)</sup> | 8969 | &nbsp;&nbsp; 274093 |
| Viasat, Inc.<sup>(b)</sup> | 20382 | &nbsp;&nbsp; 933088 |
| Viavi Solutions, Inc.<sup>(b)</sup> | 34392 | &nbsp;&nbsp; 1021786 |
| Vishay Intertechnology, Inc.<sup>(c)</sup> | 17612 | &nbsp;&nbsp; 329697 |
|  |  | &nbsp;&nbsp; 29234565 |
| **Materials-5.00%** | **Materials-5.00%** | **Materials-5.00%** |
| Alpha Metallurgical Resources, Inc.<sup>(b)(c)</sup> | 1603 | &nbsp;&nbsp; 260728 |
| Balchem Corp. | 5538 | &nbsp;&nbsp; 1004759 |
| Century Aluminum Co.<sup>(b)(c)</sup> | 8684 | &nbsp;&nbsp; 447747 |
| Eastman Chemical Co. | 18103 | &nbsp;&nbsp; 1366957 |
| Element Solutions, Inc. | 35211 | &nbsp;&nbsp; 1235554 |
| FMC Corp. | 21606 | &nbsp;&nbsp; 318472 |
| H.B. Fuller Co.<sup>(c)</sup> | 8703 | &nbsp;&nbsp; 571961 |
| Hawkins, Inc. | 3201 | &nbsp;&nbsp; 477269 |
| Innospec, Inc. | 3888 | &nbsp;&nbsp; 297743 |
| Kaiser Aluminum Corp. | 2377 | &nbsp;&nbsp; 309343 |
| Koppers Holdings, Inc. | 3444 | &nbsp;&nbsp; 130183 |
| Materion Corp. | 3278 | &nbsp;&nbsp; 534511 |
| Metallus, Inc.<sup>(b)(c)</sup> | 5745 | &nbsp;&nbsp; 97665 |
| Minerals Technologies, Inc. | 4998 | &nbsp;&nbsp; 352959 |
| O-I Glass, Inc.<sup>(b)</sup> | 23162 | &nbsp;&nbsp; 310371 |
| Quaker Chemical Corp.<sup>(c)</sup> | 2229 | &nbsp;&nbsp; 327730 |
| Sealed Air Corp. | 25000 | &nbsp;&nbsp; 1047000 |
| Sensient Technologies Corp. | 7234 | &nbsp;&nbsp; 734468 |
| Stepan Co. | 3413 | &nbsp;&nbsp; 173688 |
| SunCoke Energy, Inc. | 12728 | &nbsp;&nbsp; 72550 |
| Sylvamo Corp. | 5256 | &nbsp;&nbsp; 243353 |
| Warrior Met Coal, Inc.<sup>(c)</sup> | 8468 | &nbsp;&nbsp; 704876 |
| Worthington Steel, Inc. | 4986 | &nbsp;&nbsp; 207218 |
|  |  | &nbsp;&nbsp; 11227105 |
| **Real Estate-8.06%** | **Real Estate-8.06%** | **Real Estate-8.06%** |
| Acadia Realty Trust | 22106 | &nbsp;&nbsp; 462458 |
| Alexander & Baldwin, Inc. | 8959 | &nbsp;&nbsp; 186258 |
| American Assets Trust, Inc. | 8063 | &nbsp;&nbsp; 157390 |
| Apple Hospitality REIT, Inc. | 36728 | &nbsp;&nbsp; 450285 |
| CareTrust REIT, Inc.<sup>(c)</sup> | 37051 | &nbsp;&nbsp; 1505012 |
| Centerspace | 3031 | &nbsp;&nbsp; 190650 |
| Curbline Properties Corp.<sup>(c)</sup> | 16729 | &nbsp;&nbsp; 465233 |
| Cushman & Wakefield Ltd.<sup>(b)</sup> | 41976 | &nbsp;&nbsp; 562898 |
| DiamondRock Hospitality Co.<sup>(c)</sup> | 34317 | &nbsp;&nbsp; 344543 |
| Douglas Emmett, Inc.<sup>(c)</sup> | 28189 | &nbsp;&nbsp; 278789 |
| Easterly Government Properties, Inc. | 7101 | &nbsp;&nbsp; 165311 |
| Essential Properties Realty Trust, Inc.<sup>(c)</sup> | 33589 | &nbsp;&nbsp; 1140011 |
| eXp World Holdings, Inc.<sup>(c)</sup> | 16179 | &nbsp;&nbsp; 112768 |
| Four Corners Property Trust, Inc.<sup>(c)</sup> | 17933 | &nbsp;&nbsp; 457650 |
| Getty Realty Corp.<sup>(c)</sup> | 8559 | &nbsp;&nbsp; 280906 |
| Global Net Lease, Inc. | 32459 | &nbsp;&nbsp; 305764 |
| Highwoods Properties, Inc. | 19025 | &nbsp;&nbsp; 427872 |
| Innovative Industrial Properties, Inc.<sup>(c)</sup> | 4338 | &nbsp;&nbsp; 229740 |
| JBG SMITH Properties, (Acquired <br> 06/16/2023 - 02/06/2026; <br> Cost $159,816)<sup>(f)</sup><br>| 10526 | &nbsp;&nbsp; 160100 |
| LTC Properties, Inc. | 7908 | &nbsp;&nbsp; 313789 |
| LXP Industrial Trust | 9552 | &nbsp;&nbsp; 473397 |
| Macerich Co. (The) | 40112 | &nbsp;&nbsp; 821093 |
| Marcus & Millichap, Inc. | 4266 | &nbsp;&nbsp; 112665 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Medical Properties Trust, Inc.<sup>(c)</sup> | 84997 | &nbsp;&nbsp; $489583 |
| Millrose Properties, Inc. | 24141 | &nbsp;&nbsp; 757062 |
| Outfront Media, Inc. | 23847 | &nbsp;&nbsp; 687032 |
| Pebblebrook Hotel Trust<sup>(c)</sup> | 19521 | &nbsp;&nbsp; 250454 |
| Phillips Edison & Co., Inc. | 21264 | &nbsp;&nbsp; 835250 |
| Ryman Hospitality Properties, Inc.<sup>(c)</sup> | 10437 | &nbsp;&nbsp; 1030654 |
| Safehold, Inc. | 7770 | &nbsp;&nbsp; 125408 |
| SL Green Realty Corp.<sup>(c)</sup> | 12484 | &nbsp;&nbsp; 460035 |
| St. Joe Co. (The) | 6601 | &nbsp;&nbsp; 476394 |
| Summit Hotel Properties, Inc. | 18691 | &nbsp;&nbsp; 84296 |
| Sunstone Hotel Investors, Inc.<sup>(c)</sup> | 32111 | &nbsp;&nbsp; 297990 |
| Tanger, Inc. | 18968 | &nbsp;&nbsp; 702954 |
| Terreno Realty Corp.<sup>(c)</sup> | 17194 | &nbsp;&nbsp; 1135836 |
| Universal Health Realty Income Trust | 2029 | &nbsp;&nbsp; 88505 |
| Urban Edge Properties | 20837 | &nbsp;&nbsp; 442786 |
| Veris Residential, Inc. | 13796 | &nbsp;&nbsp; 260055 |
| Whitestone REIT | 7285 | &nbsp;&nbsp; 110659 |
| Xenia Hotels & Resorts, Inc.<sup>(c)</sup> | 15606 | &nbsp;&nbsp; 238460 |
|  |  | &nbsp;&nbsp; 18077995 |
| **Utilities-2.57%** | **Utilities-2.57%** | **Utilities-2.57%** |
| American States Water Co. | 6447 | &nbsp;&nbsp; 480495 |
| Avista Corp. | 14351 | &nbsp;&nbsp; 582938 |
| California Water Service Group | 10416 | &nbsp;&nbsp; 469553 |
| Chesapeake Utilities Corp.<sup>(c)</sup> | 4247 | &nbsp;&nbsp; 577465 |
| Clearway Energy, Inc., Class C | 21304 | &nbsp;&nbsp; 816156 |
| H2O America | 5222 | &nbsp;&nbsp; 280891 |
| MDU Resources Group, Inc.<sup>(c)</sup> | 36577 | &nbsp;&nbsp; 756412 |
| MGE Energy, Inc. | 6320 | &nbsp;&nbsp; 518367 |
| Middlesex Water Co. | 3001 | &nbsp;&nbsp; 162054 |
| Northwest Natural Holding Co. | 7235 | &nbsp;&nbsp; 383744 |
| Otter Tail Corp.<sup>(c)</sup> | 6820 | &nbsp;&nbsp; 580382 |
| Unitil Corp. | 3069 | &nbsp;&nbsp; 160539 |
|  |  | &nbsp;&nbsp; 5768996 |
| Total Common Stocks & Other Equity Interests <br>(Cost $176,514,032) | Total Common Stocks & Other Equity Interests <br>(Cost $176,514,032) | &nbsp;&nbsp; 224101477 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(g)(h)</sup> <br>(Cost $130,403)<br>| 130403 | &nbsp;&nbsp; 130403 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $176,644,435) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $176,644,435) | &nbsp;&nbsp; 224231880 |
| **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-20.00%** | **Money Market Funds-20.00%** | **Money Market Funds-20.00%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(g)(h)(i)</sup><br>| 12412129 | &nbsp;&nbsp; 12412129 |

---

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

------

**56**

------

**Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(g)(h)(i)</sup> | 32455304 | &nbsp;&nbsp; $32465041 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $44,877,170) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $44,877,170) | &nbsp;&nbsp; 44877170 |
| TOTAL INVESTMENTS IN SECURITIES-119.95% <br>(Cost $221,521,605) | TOTAL INVESTMENTS IN SECURITIES-119.95% <br>(Cost $221,521,605) | &nbsp;&nbsp; 269109050 |
| OTHER ASSETS LESS LIABILITIES-(19.95)% | OTHER ASSETS LESS LIABILITIES-(19.95)% | &nbsp;&nbsp; (44758439)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $224350611 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust <br> Rts. -Rights

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, <br> 2026 represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(f)</sup> | Restricted security. The value of this security at February 28, 2026 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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $114199 | &nbsp;&nbsp; $3869633 | &nbsp;&nbsp; $(3853429)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $130403 | &nbsp;&nbsp; $1903 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 5870958 | &nbsp;&nbsp; 41967281 | &nbsp;&nbsp; (35426110)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 12412129 | &nbsp;&nbsp; 186,985<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 15289998 | &nbsp;&nbsp; 89916081 | &nbsp;&nbsp; (72740889)<br>| &nbsp;&nbsp; (991)<br>| &nbsp;&nbsp; 842 | &nbsp;&nbsp; 32465041 | &nbsp;&nbsp; 504,572<br> \*<br>|
| Total | &nbsp;&nbsp; $21275155 | &nbsp;&nbsp; $135752995 | &nbsp;&nbsp; $(112020428)<br>| &nbsp;&nbsp; $(991)<br>| &nbsp;&nbsp; $842 | &nbsp;&nbsp; $45007573 | &nbsp;&nbsp; $693460 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**57**

------

**Invesco S&P SmallCap 600**<sup>®</sup> **GARP ETF (GRPZ)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** |
| **Communication Services-2.37%** | **Communication Services-2.37%** | **Communication Services-2.37%** |
| CarGurus, Inc.<sup>(b)</sup> | 714 | &nbsp;&nbsp; $21920 |
| TEGNA, Inc. | 1143 | &nbsp;&nbsp; 23946 |
| Yelp, Inc.<sup>(b)</sup> | 964 | &nbsp;&nbsp; 21487 |
|  |  | &nbsp;&nbsp; 67353 |
| **Consumer Discretionary-12.22%** | **Consumer Discretionary-12.22%** | **Consumer Discretionary-12.22%** |
| Asbury Automotive Group, Inc.<sup>(b)</sup> | 110 | &nbsp;&nbsp; 23516 |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 141 | &nbsp;&nbsp; 26680 |
| Brinker International, Inc.<sup>(b)</sup> | 184 | &nbsp;&nbsp; 27269 |
| Cavco Industries, Inc.<sup>(b)</sup> | 46 | &nbsp;&nbsp; 26554 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 453 | &nbsp;&nbsp; 29345 |
| Covista, Inc.<sup>(b)(c)</sup> | 396 | &nbsp;&nbsp; 38808 |
| Dorman Products, Inc.<sup>(b)</sup> | 202 | &nbsp;&nbsp; 23808 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 1897 | &nbsp;&nbsp; 34279 |
| Green Brick Partners, Inc.<sup>(b)</sup> | 447 | &nbsp;&nbsp; 32926 |
| Installed Building Products, Inc. | 97 | &nbsp;&nbsp; 31792 |
| Stride, Inc.<sup>(b)(c)</sup> | 351 | &nbsp;&nbsp; 29617 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 527 | &nbsp;&nbsp; 22461 |
|  |  | &nbsp;&nbsp; 347055 |
| **Consumer Staples-2.87%** | **Consumer Staples-2.87%** | **Consumer Staples-2.87%** |
| Cal-Maine Foods, Inc.<sup>(c)</sup> | 548 | &nbsp;&nbsp; 47736 |
| Interparfums, Inc. | 335 | &nbsp;&nbsp; 33762 |
|  |  | &nbsp;&nbsp; 81498 |
| **Energy-11.82%** | **Energy-11.82%** | **Energy-11.82%** |
| Bristow Group, Inc.<sup>(b)</sup> | 789 | &nbsp;&nbsp; 37635 |
| Cactus, Inc., Class A | 892 | &nbsp;&nbsp; 48168 |
| International Seaways, Inc. | 941 | &nbsp;&nbsp; 71074 |
| Liberty Energy, Inc., Class A | 1662 | &nbsp;&nbsp; 46686 |
| Oceaneering International, Inc.<sup>(b)</sup> | 1019 | &nbsp;&nbsp; 36174 |
| SM Energy Co. | 1366 | &nbsp;&nbsp; 31596 |
| Tidewater, Inc.<sup>(b)</sup> | 808 | &nbsp;&nbsp; 64171 |
|  |  | &nbsp;&nbsp; 335504 |
| **Financials-27.04%** | **Financials-27.04%** | **Financials-27.04%** |
| Ameris Bancorp | 376 | &nbsp;&nbsp; 29200 |
| Axos Financial, Inc.<sup>(b)</sup> | 489 | &nbsp;&nbsp; 42455 |
| BancFirst Corp. | 263 | &nbsp;&nbsp; 28930 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 592 | &nbsp;&nbsp; 31074 |
| Cathay General Bancorp | 643 | &nbsp;&nbsp; 31964 |
| City Holding Co.<sup>(c)</sup> | 221 | &nbsp;&nbsp; 26513 |
| Employers Holdings, Inc. | 547 | &nbsp;&nbsp; 22618 |
| EVERTEC, Inc. | 848 | &nbsp;&nbsp; 24007 |
| First Bancorp | 1331 | &nbsp;&nbsp; 28124 |
| First Commonwealth Financial Corp. | 1504 | &nbsp;&nbsp; 26365 |
| First Financial Bancorp | 1115 | &nbsp;&nbsp; 31298 |
| First Hawaiian, Inc. | 945 | &nbsp;&nbsp; 23398 |
| Fulton Financial Corp.<sup>(c)</sup> | 1317 | &nbsp;&nbsp; 26933 |
| HCI Group, Inc. | 178 | &nbsp;&nbsp; 31403 |
| Lakeland Financial Corp. | 479 | &nbsp;&nbsp; 27825 |
| Mercury General Corp. | 256 | &nbsp;&nbsp; 23189 |
| National Bank Holdings Corp., Class A | 594 | &nbsp;&nbsp; 23754 |
| NMI Holdings, Inc., Class A<sup>(b)</sup> | 605 | &nbsp;&nbsp; 23783 |
| OFG Bancorp | 633 | &nbsp;&nbsp; 25371 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 320 | &nbsp;&nbsp; 39587 |
| Pathward Financial, Inc. | 409 | &nbsp;&nbsp; 37133 |
| PJT Partners, Inc., Class A | 130 | &nbsp;&nbsp; 19198 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Preferred Bank | 422 | &nbsp;&nbsp; $37018 |
| PROG Holdings, Inc. | 707 | &nbsp;&nbsp; 24893 |
| S&T Bancorp, Inc.<sup>(c)</sup> | 616 | &nbsp;&nbsp; 25755 |
| Westamerica Bancorporation | 489 | &nbsp;&nbsp; 24768 |
| WSFS Financial Corp. | 486 | &nbsp;&nbsp; 30866 |
|  |  | &nbsp;&nbsp; 767422 |
| **Health Care-15.55%** | **Health Care-15.55%** | **Health Care-15.55%** |
| Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 1290 | &nbsp;&nbsp; 31682 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 2352 | &nbsp;&nbsp; 36621 |
| Alkermes PLC<sup>(b)(c)</sup> | 879 | &nbsp;&nbsp; 26458 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1104 | &nbsp;&nbsp; 22334 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2059 | &nbsp;&nbsp; 47522 |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 389 | &nbsp;&nbsp; 13887 |
| CorVel Corp.<sup>(b)</sup> | 342 | &nbsp;&nbsp; 17640 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 1087 | &nbsp;&nbsp; 31023 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 192 | &nbsp;&nbsp; 52923 |
| Progyny, Inc.<sup>(b)(c)</sup> | 1465 | &nbsp;&nbsp; 25916 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 1453 | &nbsp;&nbsp; 43721 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 347 | &nbsp;&nbsp; 50405 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 196 | &nbsp;&nbsp; 41274 |
|  |  | &nbsp;&nbsp; 441406 |
| **Industrials-16.13%** | **Industrials-16.13%** | **Industrials-16.13%** |
| Armstrong World Industries, Inc. | 127 | &nbsp;&nbsp; 22035 |
| AZZ, Inc.<sup>(c)</sup> | 355 | &nbsp;&nbsp; 48273 |
| CSW Industrials, Inc. | 74 | &nbsp;&nbsp; 21780 |
| DNOW, Inc.<sup>(b)</sup> | 2530 | &nbsp;&nbsp; 29803 |
| DXP Enterprises, Inc.<sup>(b)</sup> | 354 | &nbsp;&nbsp; 49018 |
| Enerpac Tool Group Corp. | 617 | &nbsp;&nbsp; 25174 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 229 | &nbsp;&nbsp; 27679 |
| Federal Signal Corp. | 242 | &nbsp;&nbsp; 28176 |
| Greenbrier Cos., Inc. (The)<sup>(c)</sup> | 474 | &nbsp;&nbsp; 26743 |
| Kadant, Inc.<sup>(c)</sup> | 82 | &nbsp;&nbsp; 27812 |
| Liquidity Services, Inc.<sup>(b)</sup> | 804 | &nbsp;&nbsp; 25415 |
| Powell Industries, Inc. | 124 | &nbsp;&nbsp; 64926 |
| Rush Enterprises, Inc., Class A | 448 | &nbsp;&nbsp; 31795 |
| SkyWest, Inc.<sup>(b)</sup> | 280 | &nbsp;&nbsp; 29142 |
|  |  | &nbsp;&nbsp; 457771 |
| **Information Technology-8.85%** | **Information Technology-8.85%** | **Information Technology-8.85%** |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 308 | &nbsp;&nbsp; 25444 |
| Badger Meter, Inc. | 158 | &nbsp;&nbsp; 24084 |
| Clear Secure, Inc., Class A | 913 | &nbsp;&nbsp; 44408 |
| InterDigital, Inc.<sup>(c)</sup> | 119 | &nbsp;&nbsp; 43617 |
| Itron, Inc.<sup>(b)</sup> | 241 | &nbsp;&nbsp; 22642 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 2465 | &nbsp;&nbsp; 22037 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 93 | &nbsp;&nbsp; 26524 |
| Photronics, Inc.<sup>(b)</sup> | 603 | &nbsp;&nbsp; 22570 |
| Sprinklr, Inc., Class A<sup>(b)</sup> | 3403 | &nbsp;&nbsp; 19806 |
|  |  | &nbsp;&nbsp; 251132 |
| **Materials-3.00%** | **Materials-3.00%** | **Materials-3.00%** |
| SunCoke Energy, Inc. | 3147 | &nbsp;&nbsp; 17938 |
| Sylvamo Corp. | 449 | &nbsp;&nbsp; 20788 |
| Worthington Steel, Inc. | 1116 | &nbsp;&nbsp; 46381 |
|  |  | &nbsp;&nbsp; 85107 |
| Total Common Stocks & Other Equity Interests <br>(Cost $2,529,662) | Total Common Stocks & Other Equity Interests <br>(Cost $2,529,662) | &nbsp;&nbsp; 2834248 |

---

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

------

**58**

------

**Invesco S&P SmallCap 600**<sup>®</sup> **GARP ETF (GRPZ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.13%** | **Money Market Funds-0.13%** | **Money Market Funds-0.13%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $3,610)<br>| 3610 | &nbsp;&nbsp; $3610 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.98% <br>(Cost $2,533,272) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.98% <br>(Cost $2,533,272) | &nbsp;&nbsp; 2837858 |
| **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-23.37%** | **Money Market Funds-23.37%** | **Money Market Funds-23.37%** |
| Invesco Private Government Fund, 3.64%<sup>(e)(f)(g)</sup> | 185379 | &nbsp;&nbsp; 185379 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup> | 477889 | &nbsp;&nbsp; $478032 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $663,411) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $663,411) | &nbsp;&nbsp; 663411 |
| TOTAL INVESTMENTS IN SECURITIES-123.35% <br>(Cost $3,196,683) | TOTAL INVESTMENTS IN SECURITIES-123.35% <br>(Cost $3,196,683) | &nbsp;&nbsp; 3501269 |
| OTHER ASSETS LESS LIABILITIES-(23.35)% | OTHER ASSETS LESS LIABILITIES-(23.35)% | &nbsp;&nbsp; (662878)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $2838391 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, <br> 2026 represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $3410 | &nbsp;&nbsp; $17248 | &nbsp;&nbsp; $(17048)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3610 | &nbsp;&nbsp; $37 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 199703 | &nbsp;&nbsp; 1139649 | &nbsp;&nbsp; (1153973)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 185379 | &nbsp;&nbsp; 3,432<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 516087 | &nbsp;&nbsp; 2838714 | &nbsp;&nbsp; (2876769)<br>| &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; 478032 | &nbsp;&nbsp; 9,169<br> \*<br>|
| Total | &nbsp;&nbsp; $719200 | &nbsp;&nbsp; $3995611 | &nbsp;&nbsp; $(4047790)<br>| &nbsp;&nbsp; $(32)<br>| &nbsp;&nbsp; $32 | &nbsp;&nbsp; $667021 | &nbsp;&nbsp; $12638 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**59**

------

**Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** |
| **Communication Services-2.17%** | **Communication Services-2.17%** | **Communication Services-2.17%** |
| John Wiley & Sons, Inc., Class A | 31868 | &nbsp;&nbsp; $988545 |
| TEGNA, Inc. | 29471 | &nbsp;&nbsp; 617418 |
|  |  | &nbsp;&nbsp; 1605963 |
| **Consumer Discretionary-3.98%** | **Consumer Discretionary-3.98%** | **Consumer Discretionary-3.98%** |
| Ethan Allen Interiors, Inc.<sup>(b)</sup> | 59358 | &nbsp;&nbsp; 1352175 |
| Wendy's Co. (The)<sup>(b)</sup> | 208700 | &nbsp;&nbsp; 1598642 |
|  |  | &nbsp;&nbsp; 2950817 |
| **Consumer Staples-10.77%** | **Consumer Staples-10.77%** | **Consumer Staples-10.77%** |
| Cal-Maine Foods, Inc.<sup>(b)</sup> | 28168 | &nbsp;&nbsp; 2453715 |
| Edgewell Personal Care Co. | 39882 | &nbsp;&nbsp; 906917 |
| Fresh Del Monte Produce, Inc. | 19394 | &nbsp;&nbsp; 832584 |
| Interparfums, Inc. | 8848 | &nbsp;&nbsp; 891701 |
| J&J Snack Foods Corp. | 7917 | &nbsp;&nbsp; 689254 |
| Reynolds Consumer Products, Inc. | 35861 | &nbsp;&nbsp; 889711 |
| Universal Corp. | 24361 | &nbsp;&nbsp; 1308917 |
|  |  | &nbsp;&nbsp; 7972799 |
| **Energy-6.12%** | **Energy-6.12%** | **Energy-6.12%** |
| California Resources Corp.<sup>(b)</sup> | 15530 | &nbsp;&nbsp; 913785 |
| Kinetik Holdings, Inc., Class A<sup>(b)</sup> | 47977 | &nbsp;&nbsp; 2182474 |
| Kodiak Gas Services, Inc. | 26290 | &nbsp;&nbsp; 1434645 |
|  |  | &nbsp;&nbsp; 4530904 |
| **Financials-23.48%** | **Financials-23.48%** | **Financials-23.48%** |
| Adamas Trust, Inc. | 195362 | &nbsp;&nbsp; 1609783 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(b)</sup><br>| 143043 | &nbsp;&nbsp; 1516256 |
| Arbor Realty Trust, Inc.<sup>(b)</sup> | 277842 | &nbsp;&nbsp; 2203287 |
| ARMOUR Residential REIT, Inc.<sup>(b)</sup> | 121377 | &nbsp;&nbsp; 2178717 |
| Ellington Financial, Inc. | 115061 | &nbsp;&nbsp; 1429058 |
| Franklin BSP Realty Trust, Inc.<sup>(b)</sup> | 191862 | &nbsp;&nbsp; 1751700 |
| KKR Real Estate Finance Trust, Inc.<sup>(b)</sup> | 207891 | &nbsp;&nbsp; 1444842 |
| PennyMac Mortgage Investment Trust<sup>(b)</sup> | 134322 | &nbsp;&nbsp; 1646788 |
| Redwood Trust, Inc.<sup>(b)</sup> | 320077 | &nbsp;&nbsp; 1936466 |
| Two Harbors Investment Corp.<sup>(b)</sup> | 161853 | &nbsp;&nbsp; 1671941 |
|  |  | &nbsp;&nbsp; 17388838 |
| **Health Care-2.82%** | **Health Care-2.82%** | **Health Care-2.82%** |
| Perrigo Co. PLC | 121238 | &nbsp;&nbsp; 1602766 |
| U.S. Physical Therapy, Inc. | 5813 | &nbsp;&nbsp; 482247 |
|  |  | &nbsp;&nbsp; 2085013 |
| **Industrials-10.71%** | **Industrials-10.71%** | **Industrials-10.71%** |
| Apogee Enterprises, Inc. | 15838 | &nbsp;&nbsp; 630669 |
| Deluxe Corp. | 47580 | &nbsp;&nbsp; 1320345 |
| HNI Corp. | 14655 | &nbsp;&nbsp; 658889 |
| Korn Ferry | 9304 | &nbsp;&nbsp; 583082 |
| ManpowerGroup, Inc.<sup>(b)</sup> | 34618 | &nbsp;&nbsp; 968265 |
| MillerKnoll, Inc. | 44949 | &nbsp;&nbsp; 905273 |
| Robert Half, Inc. | 67053 | &nbsp;&nbsp; 1637434 |
| Trinity Industries, Inc. | 35931 | &nbsp;&nbsp; 1228122 |
|  |  | &nbsp;&nbsp; 7932079 |
| **Materials-6.92%** | **Materials-6.92%** | **Materials-6.92%** |
| Eastman Chemical Co. | 16569 | &nbsp;&nbsp; 1251125 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Innospec, Inc. | 5971 | &nbsp;&nbsp; $457259 |
| Kaiser Aluminum Corp. | 4368 | &nbsp;&nbsp; 568452 |
| Sealed Air Corp. | 10032 | &nbsp;&nbsp; 420140 |
| Stepan Co. | 13322 | &nbsp;&nbsp; 677957 |
| SunCoke Energy, Inc. | 179198 | &nbsp;&nbsp; 1021429 |
| Sylvamo Corp. | 15798 | &nbsp;&nbsp; 731447 |
|  |  | &nbsp;&nbsp; 5127809 |
| **Real Estate-22.25%** | **Real Estate-22.25%** | **Real Estate-22.25%** |
| American Assets Trust, Inc. | 85206 | &nbsp;&nbsp; 1663221 |
| Apple Hospitality REIT, Inc. | 141150 | &nbsp;&nbsp; 1730499 |
| Armada Hoffler Properties, Inc. | 262139 | &nbsp;&nbsp; 1638369 |
| Easterly Government Properties, Inc. | 88117 | &nbsp;&nbsp; 2051364 |
| Global Net Lease, Inc. | 222713 | &nbsp;&nbsp; 2097957 |
| Highwoods Properties, Inc. | 62070 | &nbsp;&nbsp; 1395954 |
| Innovative Industrial Properties, Inc.<sup>(b)</sup> | 44468 | &nbsp;&nbsp; 2355025 |
| Saul Centers, Inc. | 51041 | &nbsp;&nbsp; 1739477 |
| Universal Health Realty Income Trust | 41310 | &nbsp;&nbsp; 1801942 |
|  |  | &nbsp;&nbsp; 16473808 |
| **Utilities-10.64%** | **Utilities-10.64%** | **Utilities-10.64%** |
| American States Water Co. | 7786 | &nbsp;&nbsp; 580291 |
| Avista Corp. | 27353 | &nbsp;&nbsp; 1111079 |
| California Water Service Group | 13457 | &nbsp;&nbsp; 606641 |
| Clearway Energy, Inc., Class C | 32208 | &nbsp;&nbsp; 1233888 |
| H2O America | 14077 | &nbsp;&nbsp; 757202 |
| MDU Resources Group, Inc.<sup>(b)</sup> | 28753 | &nbsp;&nbsp; 594612 |
| Middlesex Water Co. | 11134 | &nbsp;&nbsp; 601236 |
| Northwest Natural Holding Co. | 19329 | &nbsp;&nbsp; 1025210 |
| Otter Tail Corp.<sup>(b)</sup> | 6288 | &nbsp;&nbsp; 535109 |
| Unitil Corp. | 15980 | &nbsp;&nbsp; 835914 |
|  |  | &nbsp;&nbsp; 7881182 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.86% <br>(Cost $74,889,777) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.86% <br>(Cost $74,889,777) | &nbsp;&nbsp; 73949212 |
| **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-27.91%** | **Money Market Funds-27.91%** | **Money Market Funds-27.91%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(c)(d)(e)</sup><br>| 5448765 | &nbsp;&nbsp; 5448765 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup> | 15214469 | &nbsp;&nbsp; 15219033 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $20,667,798) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $20,667,798) | &nbsp;&nbsp; 20667798 |
| TOTAL INVESTMENTS IN SECURITIES-127.77% <br>(Cost $95,557,575) | TOTAL INVESTMENTS IN SECURITIES-127.77% <br>(Cost $95,557,575) | &nbsp;&nbsp; 94617010 |
| OTHER ASSETS LESS LIABILITIES-(27.77)% | OTHER ASSETS LESS LIABILITIES-(27.77)% | &nbsp;&nbsp; (20563339)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $74053671 |

---

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

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

------

**60**

------

**Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $2741618 | &nbsp;&nbsp; $(2741618)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1095 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 4341230 | &nbsp;&nbsp; 24038987 | &nbsp;&nbsp; (22931452)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5448765 | &nbsp;&nbsp; 68,467<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 11294215 | &nbsp;&nbsp; 56277275 | &nbsp;&nbsp; (52352606)<br>| &nbsp;&nbsp; (374)<br>| &nbsp;&nbsp; 523 | &nbsp;&nbsp; 15219033 | &nbsp;&nbsp; 186,403<br> \*<br>|
| Total | &nbsp;&nbsp; $15635445 | &nbsp;&nbsp; $83057880 | &nbsp;&nbsp; $(78025676)<br>| &nbsp;&nbsp; $(374)<br>| &nbsp;&nbsp; $523 | &nbsp;&nbsp; $20667798 | &nbsp;&nbsp; $255965 |

---

\* 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 February 28, 2026.

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

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

------

**61**

------

**Invesco S&P SmallCap Low Volatility ETF (XSLV)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.82%** | **Common Stocks & Other Equity Interests-99.82%** | **Common Stocks & Other Equity Interests-99.82%** |
| **Communication Services-1.01%** | **Communication Services-1.01%** | **Communication Services-1.01%** |
| Madison Square Garden Sports Corp., <br> Class A<sup>(b)</sup><br>| 7333 | &nbsp;&nbsp; $2432063 |
| **Consumer Staples-6.01%** | **Consumer Staples-6.01%** | **Consumer Staples-6.01%** |
| Fresh Del Monte Produce, Inc. | 49784 | &nbsp;&nbsp; 2137227 |
| National Beverage Corp.<sup>(b)</sup> | 54862 | &nbsp;&nbsp; 1994234 |
| PriceSmart, Inc. | 11801 | &nbsp;&nbsp; 1824670 |
| Reynolds Consumer Products, Inc. | 90417 | &nbsp;&nbsp; 2243246 |
| Tootsie Roll Industries, Inc.<sup>(c)</sup> | 48783 | &nbsp;&nbsp; 2060106 |
| Universal Corp. | 40112 | &nbsp;&nbsp; 2155218 |
| WD-40 Co. | 8636 | &nbsp;&nbsp; 2057095 |
|  |  | &nbsp;&nbsp; 14471796 |
| **Energy-0.65%** | **Energy-0.65%** | **Energy-0.65%** |
| World Kinect Corp.<sup>(c)</sup> | 62569 | &nbsp;&nbsp; 1561097 |
| **Financials-40.95%** | **Financials-40.95%** | **Financials-40.95%** |
| Ameris Bancorp | 21180 | &nbsp;&nbsp; 1644839 |
| AMERISAFE, Inc. | 58372 | &nbsp;&nbsp; 1898841 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 186893 | &nbsp;&nbsp; 1981066 |
| ARMOUR Residential REIT, Inc.<sup>(c)</sup> | 114758 | &nbsp;&nbsp; 2059906 |
| Artisan Partners Asset Management, Inc., <br> Class A<br>| 38863 | &nbsp;&nbsp; 1565402 |
| Assured Guaranty Ltd. | 25759 | &nbsp;&nbsp; 2220683 |
| BancFirst Corp. | 15465 | &nbsp;&nbsp; 1701150 |
| Bank of Hawaii Corp. | 25022 | &nbsp;&nbsp; 1895917 |
| Banner Corp. | 28803 | &nbsp;&nbsp; 1695056 |
| Beacon Financial Corp. | 57247 | &nbsp;&nbsp; 1702526 |
| Blackstone Mortgage Trust, Inc., Class A<sup>(c)</sup> | 108851 | &nbsp;&nbsp; 2091028 |
| Capitol Federal Financial, Inc. | 247159 | &nbsp;&nbsp; 1774602 |
| Cathay General Bancorp | 32316 | &nbsp;&nbsp; 1606428 |
| Central Pacific Financial Corp. | 53041 | &nbsp;&nbsp; 1689356 |
| City Holding Co.<sup>(c)</sup> | 19197 | &nbsp;&nbsp; 2303064 |
| Community Financial System, Inc. | 27530 | &nbsp;&nbsp; 1666941 |
| CVB Financial Corp. | 89252 | &nbsp;&nbsp; 1716316 |
| Ellington Financial, Inc. | 181401 | &nbsp;&nbsp; 2253000 |
| Employers Holdings, Inc. | 48379 | &nbsp;&nbsp; 2000472 |
| Enact Holdings, Inc. | 54387 | &nbsp;&nbsp; 2275552 |
| First Bancorp | 79138 | &nbsp;&nbsp; 1672186 |
| First Bancorp/Southern Pines NC | 28783 | &nbsp;&nbsp; 1634587 |
| First Commonwealth Financial Corp. | 109401 | &nbsp;&nbsp; 1917799 |
| First Financial Bancorp | 58718 | &nbsp;&nbsp; 1648214 |
| First Hawaiian, Inc. | 69755 | &nbsp;&nbsp; 1727134 |
| Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 230278 | &nbsp;&nbsp; 2102438 |
| Hilltop Holdings, Inc. | 54879 | &nbsp;&nbsp; 2054121 |
| Horace Mann Educators Corp. | 54080 | &nbsp;&nbsp; 2353021 |
| KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 240607 | &nbsp;&nbsp; 1672219 |
| Lakeland Financial Corp.<sup>(c)</sup> | 30717 | &nbsp;&nbsp; 1784350 |
| MarketAxess Holdings, Inc. | 10393 | &nbsp;&nbsp; 1995456 |
| Mercury General Corp. | 18879 | &nbsp;&nbsp; 1710060 |
| National Bank Holdings Corp., Class A | 43084 | &nbsp;&nbsp; 1722929 |
| NBT Bancorp, Inc. | 41889 | &nbsp;&nbsp; 1789498 |
| NMI Holdings, Inc., Class A<sup>(b)</sup> | 48375 | &nbsp;&nbsp; 1901621 |
| Northwest Bancshares, Inc. | 153264 | &nbsp;&nbsp; 1908137 |
| OFG Bancorp | 43036 | &nbsp;&nbsp; 1724883 |
| Park National Corp. | 10796 | &nbsp;&nbsp; 1776266 |
| Pathward Financial, Inc. | 20011 | &nbsp;&nbsp; 1816799 |
| PennyMac Mortgage Investment Trust<sup>(c)</sup> | 141338 | &nbsp;&nbsp; 1732804 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Preferred Bank | 19964 | &nbsp;&nbsp; $1751242 |
| Radian Group, Inc. | 61102 | &nbsp;&nbsp; 2109241 |
| S&T Bancorp, Inc. | 43264 | &nbsp;&nbsp; 1808868 |
| Safety Insurance Group, Inc. | 30878 | &nbsp;&nbsp; 2397059 |
| Seacoast Banking Corp. of Florida | 51163 | &nbsp;&nbsp; 1592193 |
| Simmons First National Corp., Class A | 83453 | &nbsp;&nbsp; 1661549 |
| Southside Bancshares, Inc. | 63074 | &nbsp;&nbsp; 1975478 |
| Stellar Bancorp, Inc. | 45052 | &nbsp;&nbsp; 1696658 |
| TrustCo Bank Corp. | 42267 | &nbsp;&nbsp; 1833120 |
| Trustmark Corp. | 43898 | &nbsp;&nbsp; 1869616 |
| WaFd, Inc. | 54434 | &nbsp;&nbsp; 1696163 |
| Westamerica Bancorporation | 41266 | &nbsp;&nbsp; 2090123 |
| WSFS Financial Corp. | 26217 | &nbsp;&nbsp; 1665042 |
|  |  | &nbsp;&nbsp; 98533019 |
| **Health Care-3.84%** | **Health Care-3.84%** | **Health Care-3.84%** |
| Concentra Group Holdings Parent, Inc. | 73246 | &nbsp;&nbsp; 1754974 |
| HealthStream, Inc. | 85544 | &nbsp;&nbsp; 1816099 |
| Innoviva, Inc.<sup>(b)</sup> | 86877 | &nbsp;&nbsp; 1994696 |
| National HealthCare Corp.<sup>(c)</sup> | 11057 | &nbsp;&nbsp; 1807820 |
| Prestige Consumer Healthcare, Inc.<sup>(b)(c)</sup> | 27088 | &nbsp;&nbsp; 1877198 |
|  |  | &nbsp;&nbsp; 9250787 |
| **Industrials-8.93%** | **Industrials-8.93%** | **Industrials-8.93%** |
| Alamo Group, Inc. | 8735 | &nbsp;&nbsp; 1865185 |
| Armstrong World Industries, Inc. | 9899 | &nbsp;&nbsp; 1717477 |
| Brady Corp., Class A<sup>(c)</sup> | 22354 | &nbsp;&nbsp; 2064168 |
| Casella Waste Systems, Inc., Class A<sup>(b)</sup> | 17173 | &nbsp;&nbsp; 1599837 |
| CSG Systems International, Inc. | 23942 | &nbsp;&nbsp; 1912966 |
| Franklin Electric Co., Inc. | 18504 | &nbsp;&nbsp; 1843368 |
| Granite Construction, Inc.<sup>(c)</sup> | 15518 | &nbsp;&nbsp; 2086550 |
| HNI Corp. | 33327 | &nbsp;&nbsp; 1498382 |
| Korn Ferry | 30396 | &nbsp;&nbsp; 1904917 |
| Lindsay Corp. | 13994 | &nbsp;&nbsp; 1884992 |
| Tennant Co. | 22166 | &nbsp;&nbsp; 1352791 |
| Zurn Elkay Water Solutions Corp. | 34626 | &nbsp;&nbsp; 1765233 |
|  |  | &nbsp;&nbsp; 21495866 |
| **Information Technology-2.28%** | **Information Technology-2.28%** | **Information Technology-2.28%** |
| Alarm.com Holdings, Inc.<sup>(b)</sup> | 39665 | &nbsp;&nbsp; 1897970 |
| Box, Inc., Class A<sup>(b)</sup> | 73960 | &nbsp;&nbsp; 1741758 |
| PC Connection, Inc. | 30248 | &nbsp;&nbsp; 1843616 |
|  |  | &nbsp;&nbsp; 5483344 |
| **Materials-1.65%** | **Materials-1.65%** | **Materials-1.65%** |
| Balchem Corp. | 12746 | &nbsp;&nbsp; 2312507 |
| Innospec, Inc. | 21662 | &nbsp;&nbsp; 1658876 |
|  |  | &nbsp;&nbsp; 3971383 |
| **Real Estate-23.21%** | **Real Estate-23.21%** | **Real Estate-23.21%** |
| Acadia Realty Trust | 95221 | &nbsp;&nbsp; 1992023 |
| American Assets Trust, Inc. | 103125 | &nbsp;&nbsp; 2013000 |
| Apple Hospitality REIT, Inc. | 139844 | &nbsp;&nbsp; 1714487 |
| Armada Hoffler Properties, Inc.<sup>(c)</sup> | 250819 | &nbsp;&nbsp; 1567619 |
| CareTrust REIT, Inc.<sup>(c)</sup> | 61633 | &nbsp;&nbsp; 2503532 |
| Centerspace | 31272 | &nbsp;&nbsp; 1967009 |
| Curbline Properties Corp.<sup>(c)</sup> | 93282 | &nbsp;&nbsp; 2594172 |
| Easterly Government Properties, Inc. | 73972 | &nbsp;&nbsp; 1722068 |
| Essential Properties Realty Trust, Inc.<sup>(c)</sup> | 80685 | &nbsp;&nbsp; 2738449 |
| Four Corners Property Trust, Inc. | 119804 | &nbsp;&nbsp; 3057398 |

---

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

------

**62**

------

**Invesco S&P SmallCap Low Volatility ETF (XSLV)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Getty Realty Corp.<sup>(c)</sup> | 88992 | &nbsp;&nbsp; $2920717 |
| Global Net Lease, Inc.<sup>(c)</sup> | 199202 | &nbsp;&nbsp; 1876483 |
| Highwoods Properties, Inc. | 89127 | &nbsp;&nbsp; 2004466 |
| LTC Properties, Inc.<sup>(c)</sup> | 77450 | &nbsp;&nbsp; 3073216 |
| LXP Industrial Trust | 40366 | &nbsp;&nbsp; 2000539 |
| NexPoint Residential Trust, Inc. | 57269 | &nbsp;&nbsp; 1614413 |
| Phillips Edison & Co., Inc. | 75420 | &nbsp;&nbsp; 2962498 |
| Ryman Hospitality Properties, Inc. | 17570 | &nbsp;&nbsp; 1735038 |
| Saul Centers, Inc. | 71759 | &nbsp;&nbsp; 2445547 |
| Tanger, Inc.<sup>(c)</sup> | 56993 | &nbsp;&nbsp; 2112161 |
| Terreno Realty Corp.<sup>(c)</sup> | 29687 | &nbsp;&nbsp; 1961123 |
| Universal Health Realty Income Trust | 53838 | &nbsp;&nbsp; 2348414 |
| Urban Edge Properties | 100890 | &nbsp;&nbsp; 2143912 |
| Veris Residential, Inc. | 131414 | &nbsp;&nbsp; 2477154 |
| Whitestone REIT | 151620 | &nbsp;&nbsp; 2303108 |
|  |  | &nbsp;&nbsp; 55848546 |
| **Utilities-11.29%** | **Utilities-11.29%** | **Utilities-11.29%** |
| American States Water Co. | 36934 | &nbsp;&nbsp; 2752691 |
| Avista Corp. | 70743 | &nbsp;&nbsp; 2873581 |
| California Water Service Group | 51579 | &nbsp;&nbsp; 2325181 |
| Chesapeake Utilities Corp.<sup>(c)</sup> | 20032 | &nbsp;&nbsp; 2723751 |
| Clearway Energy, Inc., Class C | 44364 | &nbsp;&nbsp; 1699585 |
| H2O America | 40467 | &nbsp;&nbsp; 2176720 |
| MDU Resources Group, Inc.<sup>(c)</sup> | 106663 | &nbsp;&nbsp; 2205791 |
| MGE Energy, Inc. | 35370 | &nbsp;&nbsp; 2901047 |
| Northwest Natural Holding Co. | 56169 | &nbsp;&nbsp; 2979204 |
| Otter Tail Corp.<sup>(c)</sup> | 24843 | &nbsp;&nbsp; 2114139 |
| Unitil Corp.<sup>(c)</sup> | 46346 | &nbsp;&nbsp; 2424359 |
|  |  | &nbsp;&nbsp; 27176049 |
| Total Common Stocks & Other Equity Interests <br>(Cost $231,402,661) | Total Common Stocks & Other Equity Interests <br>(Cost $231,402,661) | &nbsp;&nbsp; 240223950 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $124,057)<br>| 124057 | &nbsp;&nbsp; $124057 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.87% <br>(Cost $231,526,718) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.87% <br>(Cost $231,526,718) | &nbsp;&nbsp; 240348007 |
| **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-15.57%** | **Money Market Funds-15.57%** | **Money Market Funds-15.57%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 10427758 | &nbsp;&nbsp; 10427758 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 27033966 | &nbsp;&nbsp; 27042076 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $37,469,834) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $37,469,834) | &nbsp;&nbsp; 37469834 |
| TOTAL INVESTMENTS IN SECURITIES-115.44% <br>(Cost $268,996,552) | TOTAL INVESTMENTS IN SECURITIES-115.44% <br>(Cost $268,996,552) | &nbsp;&nbsp; 277817841 |
| OTHER ASSETS LESS LIABILITIES-(15.44)% | OTHER ASSETS LESS LIABILITIES-(15.44)% | &nbsp;&nbsp; (37167502)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $240650339 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $215978 | &nbsp;&nbsp; $6689403 | &nbsp;&nbsp; $(6781324)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $124057 | &nbsp;&nbsp; $5654 |

---

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

------

**63**

------

**Invesco S&P SmallCap Low Volatility ETF (XSLV)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $8757908 | &nbsp;&nbsp; $49904690 | &nbsp;&nbsp; $(48234840)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10427758 | &nbsp;&nbsp; $151,395<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 22775089 | &nbsp;&nbsp; 109172206 | &nbsp;&nbsp; (104905957)<br>| &nbsp;&nbsp; (1262)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 27042076 | &nbsp;&nbsp; 405,588<br> \*<br>|
| Total | &nbsp;&nbsp; $31748975 | &nbsp;&nbsp; $165766299 | &nbsp;&nbsp; $(159922121)<br>| &nbsp;&nbsp; $(1262)<br>| &nbsp;&nbsp; $2000 | &nbsp;&nbsp; $37593891 | &nbsp;&nbsp; $562637 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**64**

------

**Invesco S&P SmallCap Quality ETF (XSHQ)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** |
| **Communication Services-1.43%** | **Communication Services-1.43%** | **Communication Services-1.43%** |
| CarGurus, Inc.<sup>(b)</sup> | 78093 | &nbsp;&nbsp; $2397455 |
| QuinStreet, Inc.<sup>(b)(c)</sup> | 30461 | &nbsp;&nbsp; 357003 |
| Yelp, Inc.<sup>(b)</sup> | 35128 | &nbsp;&nbsp; 783003 |
|  |  | &nbsp;&nbsp; 3537461 |
| **Consumer Discretionary-16.29%** | **Consumer Discretionary-16.29%** | **Consumer Discretionary-16.29%** |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 30790 | &nbsp;&nbsp; 1851403 |
| Acushnet Holdings Corp. | 18513 | &nbsp;&nbsp; 1894435 |
| Brinker International, Inc.<sup>(b)</sup> | 43128 | &nbsp;&nbsp; 6391570 |
| Buckle, Inc. (The) | 25249 | &nbsp;&nbsp; 1352084 |
| Cavco Industries, Inc.<sup>(b)</sup> | 4889 | &nbsp;&nbsp; 2822224 |
| Champion Homes, Inc.<sup>(b)</sup> | 32198 | &nbsp;&nbsp; 3009869 |
| Covista, Inc.<sup>(b)</sup> | 21118 | &nbsp;&nbsp; 2069564 |
| Dorman Products, Inc.<sup>(b)</sup> | 17261 | &nbsp;&nbsp; 2034381 |
| Golden Entertainment, Inc.<sup>(c)</sup> | 12197 | &nbsp;&nbsp; 352493 |
| Installed Building Products, Inc. | 14922 | &nbsp;&nbsp; 4890835 |
| Kontoor Brands, Inc. | 45468 | &nbsp;&nbsp; 2964968 |
| LCI Industries<sup>(c)</sup> | 13580 | &nbsp;&nbsp; 1808856 |
| Leggett & Platt, Inc. | 98326 | &nbsp;&nbsp; 1148448 |
| Monarch Casino & Resort, Inc. | 7858 | &nbsp;&nbsp; 755154 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 53705 | &nbsp;&nbsp; 863039 |
| Stride, Inc.<sup>(b)(c)</sup> | 27267 | &nbsp;&nbsp; 2300790 |
| Tri Pointe Homes, Inc.<sup>(b)(c)</sup> | 48738 | &nbsp;&nbsp; 2256569 |
| Wolverine World Wide, Inc. | 50704 | &nbsp;&nbsp; 895940 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 12633 | &nbsp;&nbsp; 538418 |
|  |  | &nbsp;&nbsp; 40201040 |
| **Consumer Staples-3.35%** | **Consumer Staples-3.35%** | **Consumer Staples-3.35%** |
| Cal-Maine Foods, Inc.<sup>(c)</sup> | 32975 | &nbsp;&nbsp; 2872452 |
| Energizer Holdings, Inc.<sup>(c)</sup> | 31914 | &nbsp;&nbsp; 689023 |
| Interparfums, Inc. | 11240 | &nbsp;&nbsp; 1132767 |
| National Beverage Corp.<sup>(b)</sup> | 17724 | &nbsp;&nbsp; 644268 |
| Tootsie Roll Industries, Inc. | 11479 | &nbsp;&nbsp; 484758 |
| WD-40 Co.<sup>(c)</sup> | 10242 | &nbsp;&nbsp; 2439645 |
|  |  | &nbsp;&nbsp; 8262913 |
| **Energy-4.12%** | **Energy-4.12%** | **Energy-4.12%** |
| Cactus, Inc., Class A | 38278 | &nbsp;&nbsp; 2067012 |
| CVR Energy, Inc.<sup>(b)</sup> | 23703 | &nbsp;&nbsp; 572665 |
| Dorian LPG Ltd. | 20955 | &nbsp;&nbsp; 775125 |
| Magnolia Oil & Gas Corp., Class A | 97383 | &nbsp;&nbsp; 2709195 |
| Oceaneering International, Inc.<sup>(b)</sup> | 56712 | &nbsp;&nbsp; 2013276 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 25550 | &nbsp;&nbsp; 2029181 |
|  |  | &nbsp;&nbsp; 10166454 |
| **Financials-23.35%** | **Financials-23.35%** | **Financials-23.35%** |
| AMERISAFE, Inc. | 13834 | &nbsp;&nbsp; 450020 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(c)</sup><br>| 99062 | &nbsp;&nbsp; 3990217 |
| Axos Financial, Inc.<sup>(b)</sup> | 30710 | &nbsp;&nbsp; 2666242 |
| BancFirst Corp. | 12001 | &nbsp;&nbsp; 1320110 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 33372 | &nbsp;&nbsp; 1751696 |
| City Holding Co.<sup>(c)</sup> | 7861 | &nbsp;&nbsp; 943084 |
| Cohen & Steers, Inc.<sup>(c)</sup> | 23835 | &nbsp;&nbsp; 1593847 |
| Enact Holdings, Inc. | 16232 | &nbsp;&nbsp; 679147 |
| EVERTEC, Inc. | 36653 | &nbsp;&nbsp; 1037646 |
| First Bancorp | 95828 | &nbsp;&nbsp; 2024846 |
| HCI Group, Inc. | 8772 | &nbsp;&nbsp; 1547556 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Lakeland Financial Corp. | 14458 | &nbsp;&nbsp; $839865 |
| Lincoln National Corp.<sup>(c)</sup> | 103018 | &nbsp;&nbsp; 3533517 |
| MarketAxess Holdings, Inc. | 22189 | &nbsp;&nbsp; 4260288 |
| Mercury General Corp. | 18453 | &nbsp;&nbsp; 1671473 |
| Moelis & Co., Class A<sup>(c)</sup> | 71624 | &nbsp;&nbsp; 4251601 |
| NMI Holdings, Inc., Class A<sup>(b)</sup> | 45313 | &nbsp;&nbsp; 1781254 |
| OFG Bancorp | 23767 | &nbsp;&nbsp; 952581 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 19743 | &nbsp;&nbsp; 2442407 |
| Park National Corp. | 7800 | &nbsp;&nbsp; 1283334 |
| Pathward Financial, Inc. | 15752 | &nbsp;&nbsp; 1430124 |
| Piper Sandler Cos. | 10318 | &nbsp;&nbsp; 3049485 |
| PJT Partners, Inc., Class A | 32453 | &nbsp;&nbsp; 4792659 |
| Preferred Bank | 6566 | &nbsp;&nbsp; 575970 |
| PROG Holdings, Inc. | 24275 | &nbsp;&nbsp; 854723 |
| Radian Group, Inc.<sup>(c)</sup> | 71859 | &nbsp;&nbsp; 2480573 |
| United Fire Group, Inc. | 12625 | &nbsp;&nbsp; 490608 |
| Virtus Investment Partners, Inc. | 3439 | &nbsp;&nbsp; 475820 |
| Westamerica Bancorporation | 13982 | &nbsp;&nbsp; 708188 |
| Western Union Co. (The) | 390956 | &nbsp;&nbsp; 3764906 |
|  |  | &nbsp;&nbsp; 57643787 |
| **Health Care-8.06%** | **Health Care-8.06%** | **Health Care-8.06%** |
| Acadia Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 65447 | &nbsp;&nbsp; 1607378 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 156393 | &nbsp;&nbsp; 2435039 |
| Alkermes PLC<sup>(b)(c)</sup> | 100070 | &nbsp;&nbsp; 3012107 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 92886 | &nbsp;&nbsp; 2143809 |
| CorVel Corp.<sup>(b)</sup> | 24900 | &nbsp;&nbsp; 1284342 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 22573 | &nbsp;&nbsp; 644233 |
| Innoviva, Inc.<sup>(b)</sup> | 42497 | &nbsp;&nbsp; 975731 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 72115 | &nbsp;&nbsp; 1431483 |
| Progyny, Inc.<sup>(b)(c)</sup> | 67177 | &nbsp;&nbsp; 1188361 |
| Select Medical Holdings Corp. | 72078 | &nbsp;&nbsp; 1079008 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 136021 | &nbsp;&nbsp; 4092872 |
|  |  | &nbsp;&nbsp; 19894363 |
| **Industrials-21.77%** | **Industrials-21.77%** | **Industrials-21.77%** |
| Alamo Group, Inc. | 6262 | &nbsp;&nbsp; 1337125 |
| Armstrong World Industries, Inc. | 31725 | &nbsp;&nbsp; 5504287 |
| AZZ, Inc. | 19606 | &nbsp;&nbsp; 2666024 |
| CSG Systems International, Inc. | 16969 | &nbsp;&nbsp; 1355823 |
| Enerpac Tool Group Corp. | 29238 | &nbsp;&nbsp; 1192910 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 34500 | &nbsp;&nbsp; 4170015 |
| Federal Signal Corp. | 35850 | &nbsp;&nbsp; 4174015 |
| Franklin Electric Co., Inc. | 21839 | &nbsp;&nbsp; 2175601 |
| Gibraltar Industries, Inc.<sup>(b)</sup> | 18346 | &nbsp;&nbsp; 834376 |
| Griffon Corp. | 21466 | &nbsp;&nbsp; 1829762 |
| HNI Corp. | 26376 | &nbsp;&nbsp; 1185865 |
| Interface, Inc.<sup>(c)</sup> | 38191 | &nbsp;&nbsp; 1202635 |
| Korn Ferry | 28067 | &nbsp;&nbsp; 1758959 |
| Lindsay Corp.<sup>(c)</sup> | 6027 | &nbsp;&nbsp; 811837 |
| Liquidity Services, Inc.<sup>(b)</sup> | 14701 | &nbsp;&nbsp; 464699 |
| Matson, Inc. | 16026 | &nbsp;&nbsp; 2662399 |
| Mueller Water Products, Inc., Class A | 94366 | &nbsp;&nbsp; 2824374 |
| MYR Group, Inc.<sup>(b)</sup> | 9101 | &nbsp;&nbsp; 2456906 |
| Powell Industries, Inc. | 5756 | &nbsp;&nbsp; 3013842 |
| Robert Half, Inc. | 56777 | &nbsp;&nbsp; 1386494 |
| SkyWest, Inc.<sup>(b)</sup> | 22286 | &nbsp;&nbsp; 2319527 |
| Upwork, Inc.<sup>(b)(c)</sup> | 111097 | &nbsp;&nbsp; 1490922 |

---

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

------

**65**

------

**Invesco S&P SmallCap Quality ETF (XSHQ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Vicor Corp.<sup>(b)</sup> | 12169 | &nbsp;&nbsp; $2450837 |
| Zurn Elkay Water Solutions Corp. | 87917 | &nbsp;&nbsp; 4482009 |
|  |  | &nbsp;&nbsp; 53751243 |
| **Information Technology-18.78%** | **Information Technology-18.78%** | **Information Technology-18.78%** |
| A10 Networks, Inc.<sup>(c)</sup> | 38834 | &nbsp;&nbsp; 747943 |
| ACI Worldwide, Inc.<sup>(b)</sup> | 64337 | &nbsp;&nbsp; 2552891 |
| Adeia, Inc. | 67116 | &nbsp;&nbsp; 1388630 |
| Arlo Technologies, Inc.<sup>(b)</sup> | 59033 | &nbsp;&nbsp; 926228 |
| Badger Meter, Inc. | 20367 | &nbsp;&nbsp; 3104542 |
| BlackLine, Inc.<sup>(b)(c)</sup> | 38149 | &nbsp;&nbsp; 1344752 |
| Clear Secure, Inc., Class A | 117419 | &nbsp;&nbsp; 5711260 |
| Enphase Energy, Inc.<sup>(b)</sup> | 75264 | &nbsp;&nbsp; 3181409 |
| ePlus, Inc. | 15965 | &nbsp;&nbsp; 1287737 |
| InterDigital, Inc.<sup>(c)</sup> | 22922 | &nbsp;&nbsp; 8401601 |
| Knowles Corp.<sup>(b)</sup> | 58929 | &nbsp;&nbsp; 1601101 |
| LiveRamp Holdings, Inc.<sup>(b)</sup> | 35544 | &nbsp;&nbsp; 965731 |
| NetScout Systems, Inc.<sup>(b)</sup> | 49454 | &nbsp;&nbsp; 1444552 |
| Plexus Corp.<sup>(b)</sup> | 12892 | &nbsp;&nbsp; 2502724 |
| Qorvo, Inc.<sup>(b)</sup> | 47970 | &nbsp;&nbsp; 3976713 |
| Sanmina Corp.<sup>(b)</sup> | 28555 | &nbsp;&nbsp; 4433449 |
| Sprinklr, Inc., Class A<sup>(b)</sup> | 77787 | &nbsp;&nbsp; 452720 |
| Teradata Corp.<sup>(b)</sup> | 73833 | &nbsp;&nbsp; 2325001 |
|  |  | &nbsp;&nbsp; 46348984 |
| **Materials-1.81%** | **Materials-1.81%** | **Materials-1.81%** |
| Balchem Corp.<sup>(c)</sup> | 19182 | &nbsp;&nbsp; 3480190 |
| Sylvamo Corp.<sup>(c)</sup> | 21337 | &nbsp;&nbsp; 987903 |
|  |  | &nbsp;&nbsp; 4468093 |
| **Real Estate-0.90%** | **Real Estate-0.90%** | **Real Estate-0.90%** |
| LXP Industrial Trust<sup>(c)</sup> | 44691 | &nbsp;&nbsp; 2214886 |
| Total Common Stocks & Other Equity Interests <br>(Cost $231,754,252) | Total Common Stocks & Other Equity Interests <br>(Cost $231,754,252) | &nbsp;&nbsp; 246489224 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.07%** | **Money Market Funds-0.07%** | **Money Market Funds-0.07%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $188,711)<br>| 188711 | &nbsp;&nbsp; $188711 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $231,942,963) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $231,942,963) | &nbsp;&nbsp; 246677935 |
| **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-17.07%** | **Money Market Funds-17.07%** | **Money Market Funds-17.07%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup><br>| 11717819 | &nbsp;&nbsp; 11717819 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup> | 30403234 | &nbsp;&nbsp; 30412355 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $42,130,174) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $42,130,174) | &nbsp;&nbsp; 42130174 |
| TOTAL INVESTMENTS IN SECURITIES-117.00% <br>(Cost $274,073,137) | TOTAL INVESTMENTS IN SECURITIES-117.00% <br>(Cost $274,073,137) | &nbsp;&nbsp; 288808109 |
| OTHER ASSETS LESS LIABILITIES-(17.00)% | OTHER ASSETS LESS LIABILITIES-(17.00)% | &nbsp;&nbsp; (41967002)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $246841107 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, <br> 2026 represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $552502 | &nbsp;&nbsp; $4807743 | &nbsp;&nbsp; $(5171534)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $188711 | &nbsp;&nbsp; $4114 |

---

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

------

**66**

------

**Invesco S&P SmallCap Quality ETF (XSHQ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $13203821 | &nbsp;&nbsp; $79080367 | &nbsp;&nbsp; $(80566369)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11717819 | &nbsp;&nbsp; $191,164<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 34303327 | &nbsp;&nbsp; 171079249 | &nbsp;&nbsp; (174970934)<br>| &nbsp;&nbsp; (1948)<br>| &nbsp;&nbsp; 2661 | &nbsp;&nbsp; 30412355 | &nbsp;&nbsp; 513,733<br> \*<br>|
| Total | &nbsp;&nbsp; $48059650 | &nbsp;&nbsp; $254967359 | &nbsp;&nbsp; $(260708837)<br>| &nbsp;&nbsp; $(1948)<br>| &nbsp;&nbsp; $2661 | &nbsp;&nbsp; $42318885 | &nbsp;&nbsp; $709011 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**67**

------

**Statements of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco ESG** <br>**S&P 500** <br>**Equal Weight** <br>**ETF (RSPE)**<br>| **Invesco** <br>**MSCI North** <br>**America** <br>**Climate ETF (KLMN)**<br>| **Invesco** <br>**MSCI USA ETF** <br>**(PBUS)**<br>| **Invesco Russell** <br>**1000 Equal** <br>**Weight ETF** <br>**(EQAL)**<br>| **Invesco S&P** <br>**500 Concentrated** <br>**QVM ETF** <br>**(QVMT)**<br>|
| **Assets:** |  |  |  |  |  |
| Unaffiliated investments in securities, at <br> value<sup>(a)</sup><br>| &nbsp;&nbsp; $47526212 | &nbsp;&nbsp;&nbsp; $1239266524 | &nbsp;&nbsp;&nbsp; $10198629066 | &nbsp;&nbsp;&nbsp; $789001150 | &nbsp;&nbsp;&nbsp; $128122764 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 54042 | &nbsp;&nbsp;&nbsp; 7432241 | &nbsp;&nbsp;&nbsp; 171409970 | &nbsp;&nbsp;&nbsp; 135451581 | &nbsp;&nbsp;&nbsp; 231241 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 787 |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 45462 | &nbsp;&nbsp;&nbsp; 1815177 | &nbsp;&nbsp;&nbsp; 9249572 | &nbsp;&nbsp;&nbsp; 835953 | &nbsp;&nbsp;&nbsp; 322823 |
| Securities lending | &nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 8325 | &nbsp;&nbsp;&nbsp; 14024 | &nbsp;&nbsp;&nbsp; 18927 | &nbsp;&nbsp;&nbsp; 3 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 571297942 | &nbsp;&nbsp;&nbsp; 44631837 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 4093 | &nbsp;&nbsp;&nbsp; 3743 | &nbsp;&nbsp;&nbsp; 1854 | &nbsp;&nbsp;&nbsp; 760 |
| **Total assets** | &nbsp;&nbsp; 47625767 | &nbsp;&nbsp;&nbsp; 1819824843 | &nbsp;&nbsp;&nbsp; 10423939007 | &nbsp;&nbsp;&nbsp; 925309465 | &nbsp;&nbsp;&nbsp; 128678378 |
| **Liabilities:** |  |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 118832 | &nbsp;&nbsp;&nbsp; 266278 |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9440 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2099998 | &nbsp;&nbsp;&nbsp; 60777490 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 40404 | &nbsp;&nbsp;&nbsp; 6783439 | &nbsp;&nbsp;&nbsp; 162054112 | &nbsp;&nbsp;&nbsp; 134995445 | &nbsp;&nbsp;&nbsp; 92614 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 569687101 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 7152 | &nbsp;&nbsp;&nbsp; 138917 | &nbsp;&nbsp;&nbsp; 314279 | &nbsp;&nbsp;&nbsp; 115546 | &nbsp;&nbsp;&nbsp; 13515 |
| **Total liabilities** | &nbsp;&nbsp; 47556 | &nbsp;&nbsp;&nbsp; 578718895 | &nbsp;&nbsp;&nbsp; 223145881 | &nbsp;&nbsp;&nbsp; 135229823 | &nbsp;&nbsp;&nbsp; 372407 |
| **Net Assets** | &nbsp;&nbsp; $47578211 | &nbsp;&nbsp;&nbsp; $1241105948 | &nbsp;&nbsp;&nbsp; $10200793126 | &nbsp;&nbsp;&nbsp; $790079642 | &nbsp;&nbsp;&nbsp; $128305971 |
| **Net assets consist of:** |  |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $42230074 | &nbsp;&nbsp;&nbsp; $854590822 | &nbsp;&nbsp;&nbsp; $8463247678 | &nbsp;&nbsp;&nbsp; $764922034 | &nbsp;&nbsp;&nbsp; $124633531 |
| Distributable earnings (loss) | &nbsp;&nbsp; 5348137 | &nbsp;&nbsp;&nbsp; 386515126 | &nbsp;&nbsp;&nbsp; 1737545448 | &nbsp;&nbsp;&nbsp; 25157608 | &nbsp;&nbsp;&nbsp; 3672440 |
| **Net Assets** | &nbsp;&nbsp; $47578211 | &nbsp;&nbsp;&nbsp; $1241105948 | &nbsp;&nbsp;&nbsp; $10200793126 | &nbsp;&nbsp;&nbsp; $790079642 | &nbsp;&nbsp;&nbsp; $128305971 |
| Shares outstanding (unlimited amount <br> authorized, $0.01 par value)<br>| &nbsp;&nbsp; 1500001 | &nbsp;&nbsp;&nbsp; 43900001 | &nbsp;&nbsp;&nbsp; 148425001 | &nbsp;&nbsp;&nbsp; 13700001 | &nbsp;&nbsp;&nbsp; 2060001 |
| Net asset value | &nbsp;&nbsp; $31.72 | &nbsp;&nbsp;&nbsp; $28.27 | &nbsp;&nbsp;&nbsp; $68.73 | &nbsp;&nbsp;&nbsp; $57.67 | &nbsp;&nbsp;&nbsp; $62.28 |
| Market price | &nbsp;&nbsp; $31.73 | &nbsp;&nbsp;&nbsp; $28.20 | &nbsp;&nbsp;&nbsp; $68.74 | &nbsp;&nbsp;&nbsp; $57.67 | &nbsp;&nbsp;&nbsp; $62.23 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $42853302 | &nbsp;&nbsp;&nbsp; $1168263239 | &nbsp;&nbsp;&nbsp; $9009512958 | &nbsp;&nbsp;&nbsp; $636033491 | &nbsp;&nbsp;&nbsp; $119315660 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $54042 | &nbsp;&nbsp;&nbsp; $7432241 | &nbsp;&nbsp;&nbsp; $171409970 | &nbsp;&nbsp;&nbsp; $135315961 | &nbsp;&nbsp;&nbsp; $170830 |
| Foreign currencies, at cost | &nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| <sup>(a)</sup>Includes securities on loan with an aggregate <br> value of:<br>| &nbsp;&nbsp; $39410 | &nbsp;&nbsp;&nbsp; $6464645 | &nbsp;&nbsp;&nbsp; $153231348 | &nbsp;&nbsp;&nbsp; $131649651 | &nbsp;&nbsp;&nbsp; $90681 |

---

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

------

**68**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco S&P** <br>**500**<sup>®</sup> **High** <br>**Beta** <br>**ETF (SPHB)**<br>| **Invesco S&P** <br>**500 High** <br>**Dividend Growers** <br>**ETF (DIVG)**<br>| **Invesco S&P** <br>**500**<sup>®</sup> **High** <br>**Dividend Low** <br>**Volatility** <br>**ETF (SPHD)**<br>| **Invesco S&P** <br>**500**<sup>®</sup> **Low** <br>**Volatility** <br>**ETF (SPLV)**<br>| **Invesco S&P** <br>**500**<sup>®</sup> <br>**Momentum** <br>**ETF (SPMO)**<br>| **Invesco S&P** <br>**500 QVM** <br>**Multi-factor** <br>**ETF (QVML)**<br>| **Invesco S&P** <br>**MidCap 400** <br>**QVM Multi-factor** <br>**ETF (QVMM)**<br>| **Invesco S&P** <br>**MidCap Low** <br>**Volatility** <br>**ETF (XMLV)**<br>|
| $632257430 | &nbsp;&nbsp; $10310432 | &nbsp;&nbsp; $3439024131 | &nbsp;&nbsp; $8281794256 | &nbsp;&nbsp; $13427882352 | &nbsp;&nbsp; $1496359046 | &nbsp;&nbsp; $404032781 | &nbsp;&nbsp; $758818714 |
| 65822508 | &nbsp;&nbsp; 97960 | &nbsp;&nbsp; 201809772 | &nbsp;&nbsp; 241449439 | &nbsp;&nbsp; 166110439 | &nbsp;&nbsp; 5171894 | &nbsp;&nbsp; 50194044 | &nbsp;&nbsp; 103764896 |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 59616 | &nbsp;&nbsp; 45619 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| 399461 | &nbsp;&nbsp; 15328 | &nbsp;&nbsp; 7727073 | &nbsp;&nbsp; 12379500 | &nbsp;&nbsp; 6839413 | &nbsp;&nbsp; 1434123 | &nbsp;&nbsp; 237474 | &nbsp;&nbsp; 850645 |
| 1147 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24680 | &nbsp;&nbsp; 12819 | &nbsp;&nbsp; 13246 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 4005 | &nbsp;&nbsp; 8341 |
| 2458583 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29437084 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 12061012 | &nbsp;&nbsp; 9288904 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 649 | &nbsp;&nbsp; 2827 |
| 700939129 | &nbsp;&nbsp; 10423740 | &nbsp;&nbsp; 3660706284 | &nbsp;&nbsp; 8574407621 | &nbsp;&nbsp; 13600845450 | &nbsp;&nbsp; 1502966079 | &nbsp;&nbsp; 454468953 | &nbsp;&nbsp; 863445423 |
| - | &nbsp;&nbsp; 10524 | &nbsp;&nbsp; 4931704 | &nbsp;&nbsp; 10957640 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 446 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| - | &nbsp;&nbsp; - | &nbsp;&nbsp; 12043443 | &nbsp;&nbsp; 9295921 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| 59309648 | &nbsp;&nbsp; 97960 | &nbsp;&nbsp; 201809772 | &nbsp;&nbsp; 241449439 | &nbsp;&nbsp; 157671974 | &nbsp;&nbsp; 4693892 | &nbsp;&nbsp; 50061673 | &nbsp;&nbsp; 103267304 |
| 2462577 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 29414865 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| 132467 | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 773419 | &nbsp;&nbsp; 1514127 | &nbsp;&nbsp; 1336133 | &nbsp;&nbsp; 126445 | &nbsp;&nbsp; 46195 | &nbsp;&nbsp; 146140 |
| 61904692 | &nbsp;&nbsp; 111474 | &nbsp;&nbsp; 219558338 | &nbsp;&nbsp; 292631992 | &nbsp;&nbsp; 159008553 | &nbsp;&nbsp; 4820337 | &nbsp;&nbsp; 50107868 | &nbsp;&nbsp; 103413444 |
| $639034437 | &nbsp;&nbsp; $10312266 | &nbsp;&nbsp; $3441147946 | &nbsp;&nbsp; $8281775629 | &nbsp;&nbsp; $13441836897 | &nbsp;&nbsp; $1498145742 | &nbsp;&nbsp; $404361085 | &nbsp;&nbsp; $760031979 |
| $808470316 | &nbsp;&nbsp; $8915722 | &nbsp;&nbsp; $4194979712 | &nbsp;&nbsp; $10349150626 | &nbsp;&nbsp; $11625391717 | &nbsp;&nbsp; $1144586634 | &nbsp;&nbsp; $311510107 | &nbsp;&nbsp; $1350849118 |
| (169435879)<br>| &nbsp;&nbsp; 1396544 | &nbsp;&nbsp; (753831766)<br>| &nbsp;&nbsp; (2067374997)<br>| &nbsp;&nbsp; 1816445180 | &nbsp;&nbsp; 353559108 | &nbsp;&nbsp; 92850978 | &nbsp;&nbsp; (590817139)<br>|
| $639034437 | &nbsp;&nbsp; $10312266 | &nbsp;&nbsp; $3441147946 | &nbsp;&nbsp; $8281775629 | &nbsp;&nbsp; $13441836897 | &nbsp;&nbsp; $1498145742 | &nbsp;&nbsp; $404361085 | &nbsp;&nbsp; $760031979 |
| 5190000 | &nbsp;&nbsp; 290001 | &nbsp;&nbsp; 65640000 | &nbsp;&nbsp; 106990000 | &nbsp;&nbsp; 112550001 | &nbsp;&nbsp; 37100001 | &nbsp;&nbsp; 12080001 | &nbsp;&nbsp; 11390000 |
| $123.13 | &nbsp;&nbsp; $35.56 | &nbsp;&nbsp; $52.42 | &nbsp;&nbsp; $77.41 | &nbsp;&nbsp; $119.43 | &nbsp;&nbsp; $40.38 | &nbsp;&nbsp; $33.47 | &nbsp;&nbsp; $66.73 |
| $123.12 | &nbsp;&nbsp; $35.56 | &nbsp;&nbsp; $52.43 | &nbsp;&nbsp; $77.40 | &nbsp;&nbsp; $119.42 | &nbsp;&nbsp; $40.38 | &nbsp;&nbsp; $33.45 | &nbsp;&nbsp; $66.70 |
| $632509563 | &nbsp;&nbsp; $9112594 | &nbsp;&nbsp; $3268176584 | &nbsp;&nbsp; $7640002855 | &nbsp;&nbsp; $12441942737 | &nbsp;&nbsp; $1093785792 | &nbsp;&nbsp; $301549406 | &nbsp;&nbsp; $678949026 |
| $65578532 | &nbsp;&nbsp; $97960 | &nbsp;&nbsp; $201809772 | &nbsp;&nbsp; $241449439 | &nbsp;&nbsp; $166110439 | &nbsp;&nbsp; $5081381 | &nbsp;&nbsp; $50194044 | &nbsp;&nbsp; $103764896 |
| $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| $56416429 | &nbsp;&nbsp; $97080 | &nbsp;&nbsp; $195923174 | &nbsp;&nbsp; $237594735 | &nbsp;&nbsp; $154483222 | &nbsp;&nbsp; $4597673 | &nbsp;&nbsp; $48474418 | &nbsp;&nbsp; $100801846 |

---

------

**69**

------

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

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco S&P** <br>**SmallCap 600** <br>**QVM Multi-factor** <br>**ETF (QVMS)**<br>| **Invesco S&P** <br>**SmallCap 600**<sup>®</sup> <br>**GARP ETF (GRPZ)**<br>| **Invesco S&P** <br>**SmallCap High** <br>**Dividend Low** <br>**Volatility ETF** <br>**(XSHD)**<br>| **Invesco S&P** <br>**SmallCap Low** <br>**Volatility** <br>**ETF (XSLV)**<br>| **Invesco S&P** <br>**SmallCap** <br>**Quality** <br>**ETF (XSHQ)**<br>|
| **Assets:** |  |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $224101477 | &nbsp;&nbsp;&nbsp; $2834248 | &nbsp;&nbsp;&nbsp; $73949212 | &nbsp;&nbsp;&nbsp; $240223950 | &nbsp;&nbsp;&nbsp; $246489224 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 45007573 | &nbsp;&nbsp;&nbsp; 667021 | &nbsp;&nbsp;&nbsp; 20667798 | &nbsp;&nbsp;&nbsp; 37593891 | &nbsp;&nbsp;&nbsp; 42318885 |
| Receivable for: |  |  |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 139590 | &nbsp;&nbsp;&nbsp; 1227 | &nbsp;&nbsp;&nbsp; 158249 | &nbsp;&nbsp;&nbsp; 345130 | &nbsp;&nbsp;&nbsp; 214455 |
| Securities lending | &nbsp;&nbsp; 5086 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 9154 | &nbsp;&nbsp;&nbsp; 3908 | &nbsp;&nbsp;&nbsp; 4389 |
| **Total assets** | &nbsp;&nbsp; 269253726 | &nbsp;&nbsp;&nbsp; 3502578 | &nbsp;&nbsp;&nbsp; 94784413 | &nbsp;&nbsp;&nbsp; 278166879 | &nbsp;&nbsp;&nbsp; 289026953 |
| **Liabilities:** |  |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 45743 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 44877170 | &nbsp;&nbsp;&nbsp; 663411 | &nbsp;&nbsp;&nbsp; 20667798 | &nbsp;&nbsp;&nbsp; 37469834 | &nbsp;&nbsp;&nbsp; 42130174 |
| Accrued unitary management fees | &nbsp;&nbsp; 25945 | &nbsp;&nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp; 17201 | &nbsp;&nbsp;&nbsp; 46706 | &nbsp;&nbsp;&nbsp; 55672 |
| **Total liabilities** | &nbsp;&nbsp; 44903115 | &nbsp;&nbsp;&nbsp; 664187 | &nbsp;&nbsp;&nbsp; 20730742 | &nbsp;&nbsp;&nbsp; 37516540 | &nbsp;&nbsp;&nbsp; 42185846 |
| **Net Assets** | &nbsp;&nbsp; $224350611 | &nbsp;&nbsp;&nbsp; $2838391 | &nbsp;&nbsp;&nbsp; $74053671 | &nbsp;&nbsp;&nbsp; $240650339 | &nbsp;&nbsp;&nbsp; $246841107 |
| **Net assets consist of:** |  |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $180962726 | &nbsp;&nbsp;&nbsp; $2761496 | &nbsp;&nbsp;&nbsp; $95515205 | &nbsp;&nbsp;&nbsp; $932707126 | &nbsp;&nbsp;&nbsp; $265478995 |
| Distributable earnings (loss) | &nbsp;&nbsp; 43387885 | &nbsp;&nbsp;&nbsp; 76895 | &nbsp;&nbsp;&nbsp; (21461534)<br>| &nbsp;&nbsp;&nbsp; (692056787)<br>| &nbsp;&nbsp;&nbsp; (18637888)<br>|
| **Net Assets** | &nbsp;&nbsp; $224350611 | &nbsp;&nbsp;&nbsp; $2838391 | &nbsp;&nbsp;&nbsp; $74053671 | &nbsp;&nbsp;&nbsp; $240650339 | &nbsp;&nbsp;&nbsp; $246841107 |
| Shares outstanding (unlimited amount authorized, <br> $0.01 par value)<br>| &nbsp;&nbsp; 7350001 | &nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp; 5480001 | &nbsp;&nbsp;&nbsp; 4890000 | &nbsp;&nbsp;&nbsp; 5580001 |
| Net asset value | &nbsp;&nbsp; $30.52 | &nbsp;&nbsp;&nbsp; $28.38 | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $49.21 | &nbsp;&nbsp;&nbsp; $44.24 |
| Market price | &nbsp;&nbsp; $30.53 | &nbsp;&nbsp;&nbsp; $28.39 | &nbsp;&nbsp;&nbsp; $13.52 | &nbsp;&nbsp;&nbsp; $49.22 | &nbsp;&nbsp;&nbsp; $44.22 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $176514032 | &nbsp;&nbsp;&nbsp; $2529662 | &nbsp;&nbsp;&nbsp; $74889777 | &nbsp;&nbsp;&nbsp; $231402661 | &nbsp;&nbsp;&nbsp; $231754252 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $45007573 | &nbsp;&nbsp;&nbsp; $667021 | &nbsp;&nbsp;&nbsp; $20667798 | &nbsp;&nbsp;&nbsp; $37593891 | &nbsp;&nbsp;&nbsp; $42318885 |
| <sup>(a)</sup>Includes securities on loan with an aggregate <br> value of:<br>| &nbsp;&nbsp; $43460650 | &nbsp;&nbsp;&nbsp; $631665 | &nbsp;&nbsp;&nbsp; $20189779 | &nbsp;&nbsp;&nbsp; $36517154 | &nbsp;&nbsp;&nbsp; $40340406 |

---

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

------

**70**

------

**71**

------

**Statements of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco ESG** <br>**S&P 500** <br>**Equal Weight** <br>**ETF (RSPE)**<br>| **Invesco** <br>**MSCI North** <br>**America** <br>**Climate ETF (KLMN)**<br>| **Invesco** <br>**MSCI USA ETF** <br>**(PBUS)**<br>| **Invesco Russell** <br>**1000 Equal** <br>**Weight ETF** <br>**(EQAL)**<br>| **Invesco S&P** <br>**500 Concentrated** <br>**QVM ETF** <br>**(QVMT)**<br>|
| **Investment income:** |  |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $309328 | &nbsp;&nbsp; $16346362 | &nbsp;&nbsp; $57661110 | &nbsp;&nbsp; $7203128 | &nbsp;&nbsp; $1557904 |
| Affiliated dividend income | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 17748 | &nbsp;&nbsp; 97544 | &nbsp;&nbsp; 19363 | &nbsp;&nbsp; 5497 |
| Securities lending income, net | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 56758 | &nbsp;&nbsp; 96540 | &nbsp;&nbsp; 143344 | &nbsp;&nbsp; 2140 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp; (205793)<br>| &nbsp;&nbsp; (16963)<br>| &nbsp;&nbsp; (36614)<br>| &nbsp;&nbsp; (5)<br>|
| Total investment income | &nbsp;&nbsp; 310977 | &nbsp;&nbsp; 16215075 | &nbsp;&nbsp; 57838231 | &nbsp;&nbsp; 7329221 | &nbsp;&nbsp; 1565536 |
| **Expenses:** |  |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 33855 | &nbsp;&nbsp; 1133012 | &nbsp;&nbsp; 1929088 | &nbsp;&nbsp; 694872 | &nbsp;&nbsp; 74548 |
| Less: Waivers | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; (458)<br>| &nbsp;&nbsp; (2537)<br>| &nbsp;&nbsp; (309)<br>| &nbsp;&nbsp; (27)<br>|
| Net expenses | &nbsp;&nbsp; 33842 | &nbsp;&nbsp; 1132554 | &nbsp;&nbsp; 1926551 | &nbsp;&nbsp; 694563 | &nbsp;&nbsp; 74521 |
| Net investment income | &nbsp;&nbsp; 277135 | &nbsp;&nbsp; 15082521 | &nbsp;&nbsp; 55911680 | &nbsp;&nbsp; 6634658 | &nbsp;&nbsp; 1491015 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (231712)<br>| &nbsp;&nbsp; (9480467)<br>| &nbsp;&nbsp; (35260266)<br>| &nbsp;&nbsp; 22018370 | &nbsp;&nbsp; 1694684 |
| Affiliated investment securities | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 1154 | &nbsp;&nbsp; 4660 | &nbsp;&nbsp; 17360 | &nbsp;&nbsp; 65796 |
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 1968239 | &nbsp;&nbsp; 328716572 | &nbsp;&nbsp; 679606260 | &nbsp;&nbsp; 5253718 | &nbsp;&nbsp; 14726473 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4183 | &nbsp;&nbsp; 9571 |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp; (2318)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Net realized gain | &nbsp;&nbsp; 1736555 | &nbsp;&nbsp; 319234941 | &nbsp;&nbsp; 644350654 | &nbsp;&nbsp; 27293631 | &nbsp;&nbsp; 16496524 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 2192692 | &nbsp;&nbsp; (140770514)<br>| &nbsp;&nbsp; (121289028)<br>| &nbsp;&nbsp; 50524572 | &nbsp;&nbsp; (866539)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; (1076)<br>| &nbsp;&nbsp; (3467)<br>| &nbsp;&nbsp; 69725 | &nbsp;&nbsp; (23335)<br>|
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp; (807)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 2192644 | &nbsp;&nbsp; (140772397)<br>| &nbsp;&nbsp; (121292495)<br>| &nbsp;&nbsp; 50594297 | &nbsp;&nbsp; (889874)<br>|
| Net realized and unrealized gain | &nbsp;&nbsp; 3929199 | &nbsp;&nbsp; 178462544 | &nbsp;&nbsp; 523058159 | &nbsp;&nbsp; 77887928 | &nbsp;&nbsp; 15606650 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $4206334 | &nbsp;&nbsp; $193545065 | &nbsp;&nbsp; $578969839 | &nbsp;&nbsp; $84522586 | &nbsp;&nbsp; $17097665 |

---

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

------

**72**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco S&P** <br>**500**<sup>®</sup> **High** <br>**Beta** <br>**ETF (SPHB)**<br>| **Invesco S&P** <br>**500 High** <br>**Dividend Growers** <br>**ETF (DIVG)**<br>| **Invesco S&P** <br>**500**<sup>®</sup> **High** <br>**Dividend Low** <br>**Volatility** <br>**ETF (SPHD)**<br>| **Invesco S&P** <br>**500**<sup>®</sup> **Low** <br>**Volatility** <br>**ETF (SPLV)**<br>| **Invesco S&P** <br>**500**<sup>®</sup> <br>**Momentum** <br>**ETF (SPMO)**<br>| **Invesco S&P** <br>**500 QVM** <br>**Multi-factor** <br>**ETF (QVML)**<br>| **Invesco S&P** <br>**MidCap 400** <br>**QVM Multi-factor** <br>**ETF (QVMM)**<br>| **Invesco S&P** <br>**MidCap Low** <br>**Volatility** <br>**ETF (XMLV)**<br>|
| $2614455 | &nbsp;&nbsp;&nbsp; $158089 | &nbsp;&nbsp;&nbsp; $72850446 | &nbsp;&nbsp;&nbsp; $94316721 | &nbsp;&nbsp;&nbsp; $67352896 | &nbsp;&nbsp;&nbsp; $9059719 | &nbsp;&nbsp;&nbsp; $2851117 | &nbsp;&nbsp;&nbsp; $14681695 |
| 103640 | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 40387 | &nbsp;&nbsp;&nbsp; 102865 | &nbsp;&nbsp;&nbsp; 166267 | &nbsp;&nbsp;&nbsp; 36033 | &nbsp;&nbsp;&nbsp; 2773 | &nbsp;&nbsp;&nbsp; 23444 |
| 12569 | &nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp; 115288 | &nbsp;&nbsp;&nbsp; 112729 | &nbsp;&nbsp;&nbsp; 68414 | &nbsp;&nbsp;&nbsp; 6094 | &nbsp;&nbsp;&nbsp; 36902 | &nbsp;&nbsp;&nbsp; 64255 |
| (7576)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (2224)<br>| &nbsp;&nbsp;&nbsp; (2186)<br>| &nbsp;&nbsp;&nbsp; (8523)<br>|
| 2723088 | &nbsp;&nbsp;&nbsp; 158440 | &nbsp;&nbsp;&nbsp; 73006121 | &nbsp;&nbsp;&nbsp; 94532315 | &nbsp;&nbsp;&nbsp; 67587577 | &nbsp;&nbsp;&nbsp; 9099622 | &nbsp;&nbsp;&nbsp; 2888606 | &nbsp;&nbsp;&nbsp; 14760871 |
| 689330 | &nbsp;&nbsp;&nbsp; 17073 | &nbsp;&nbsp;&nbsp; 4667830 | &nbsp;&nbsp;&nbsp; 9412900 | &nbsp;&nbsp;&nbsp; 8557310 | &nbsp;&nbsp;&nbsp; 801991 | &nbsp;&nbsp;&nbsp; 281404 | &nbsp;&nbsp;&nbsp; 954934 |
| (213)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (1036)<br>| &nbsp;&nbsp;&nbsp; (2679)<br>| &nbsp;&nbsp;&nbsp; (4301)<br>| &nbsp;&nbsp;&nbsp; (816)<br>| &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (612)<br>|
| 689117 | &nbsp;&nbsp;&nbsp; 17070 | &nbsp;&nbsp;&nbsp; 4666794 | &nbsp;&nbsp;&nbsp; 9410221 | &nbsp;&nbsp;&nbsp; 8553009 | &nbsp;&nbsp;&nbsp; 801175 | &nbsp;&nbsp;&nbsp; 281332 | &nbsp;&nbsp;&nbsp; 954322 |
| 2033971 | &nbsp;&nbsp;&nbsp; 141370 | &nbsp;&nbsp;&nbsp; 68339327 | &nbsp;&nbsp;&nbsp; 85122094 | &nbsp;&nbsp;&nbsp; 59034568 | &nbsp;&nbsp;&nbsp; 8298447 | &nbsp;&nbsp;&nbsp; 2607274 | &nbsp;&nbsp;&nbsp; 13806549 |
| (13331587)<br>| &nbsp;&nbsp;&nbsp; (102433)<br>| &nbsp;&nbsp;&nbsp; (75708305)<br>| &nbsp;&nbsp;&nbsp; (64633940)<br>| &nbsp;&nbsp;&nbsp; (90915871)<br>| &nbsp;&nbsp;&nbsp; (3977471)<br>| &nbsp;&nbsp;&nbsp; (1982422)<br>| &nbsp;&nbsp;&nbsp; 1910547 |
| (74075)<br>| &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; 7902 | &nbsp;&nbsp;&nbsp; 19070 | &nbsp;&nbsp;&nbsp; 12891 | &nbsp;&nbsp;&nbsp; 2744 | &nbsp;&nbsp;&nbsp; 1829 | &nbsp;&nbsp;&nbsp; 5464 |
| 88594916 | &nbsp;&nbsp;&nbsp; 419266 | &nbsp;&nbsp;&nbsp; 129235775 | &nbsp;&nbsp;&nbsp; 193897850 | &nbsp;&nbsp;&nbsp; 1031941595 | &nbsp;&nbsp;&nbsp; 30639210 | &nbsp;&nbsp;&nbsp; 15672530 | &nbsp;&nbsp;&nbsp; 13774568 |
| 741146 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 21259 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 75930400 | &nbsp;&nbsp;&nbsp; 316808 | &nbsp;&nbsp;&nbsp; 53535372 | &nbsp;&nbsp;&nbsp; 129282980 | &nbsp;&nbsp;&nbsp; 941038615 | &nbsp;&nbsp;&nbsp; 26685742 | &nbsp;&nbsp;&nbsp; 13691937 | &nbsp;&nbsp;&nbsp; 15690579 |
| 1401774 | &nbsp;&nbsp;&nbsp; 510408 | &nbsp;&nbsp;&nbsp; 146875540 | &nbsp;&nbsp;&nbsp; 268600764 | &nbsp;&nbsp;&nbsp; (609097044)<br>| &nbsp;&nbsp;&nbsp; 54090015 | &nbsp;&nbsp;&nbsp; 25625482 | &nbsp;&nbsp;&nbsp; 12122516 |
| 77773 | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (5015)<br>| &nbsp;&nbsp;&nbsp; (19385)<br>| &nbsp;&nbsp;&nbsp; (6986)<br>| &nbsp;&nbsp;&nbsp; 32448 | &nbsp;&nbsp;&nbsp; (2454)<br>| &nbsp;&nbsp;&nbsp; (5066)<br>|
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 1479547 | &nbsp;&nbsp;&nbsp; 510397 | &nbsp;&nbsp;&nbsp; 146870525 | &nbsp;&nbsp;&nbsp; 268581379 | &nbsp;&nbsp;&nbsp; (609104030)<br>| &nbsp;&nbsp;&nbsp; 54122463 | &nbsp;&nbsp;&nbsp; 25623028 | &nbsp;&nbsp;&nbsp; 12117450 |
| 77409947 | &nbsp;&nbsp;&nbsp; 827205 | &nbsp;&nbsp;&nbsp; 200405897 | &nbsp;&nbsp;&nbsp; 397864359 | &nbsp;&nbsp;&nbsp; 331934585 | &nbsp;&nbsp;&nbsp; 80808205 | &nbsp;&nbsp;&nbsp; 39314965 | &nbsp;&nbsp;&nbsp; 27808029 |
| $79443918 | &nbsp;&nbsp;&nbsp; $968575 | &nbsp;&nbsp;&nbsp; $268745224 | &nbsp;&nbsp;&nbsp; $482986453 | &nbsp;&nbsp;&nbsp; $390969153 | &nbsp;&nbsp;&nbsp; $89106652 | &nbsp;&nbsp;&nbsp; $41922239 | &nbsp;&nbsp;&nbsp; $41614578 |

---

------

**73**

------

**Statements of Operations—(continued)**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco S&P** <br>**SmallCap 600** <br>**QVM Multi-factor** <br>**ETF (QVMS)**<br>| **Invesco S&P** <br>**SmallCap 600**<sup>®</sup> <br>**GARP ETF (GRPZ)**<br>| **Invesco S&P** <br>**SmallCap High** <br>**Dividend Low** <br>**Volatility ETF** <br>**(XSHD)**<br>| **Invesco S&P** <br>**SmallCap Low** <br>**Volatility** <br>**ETF (XSLV)**<br>| **Invesco S&P** <br>**SmallCap** <br>**Quality** <br>**ETF (XSHQ)**<br>|
| **Investment income:** |  |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $1726854 | &nbsp;&nbsp; $15295 | &nbsp;&nbsp; $2575079 | &nbsp;&nbsp; $4662634 | &nbsp;&nbsp; $2403217 |
| Affiliated dividend income | &nbsp;&nbsp; 1903 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 5654 | &nbsp;&nbsp; 4114 |
| Securities lending income, net | &nbsp;&nbsp; 47257 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 28569 | &nbsp;&nbsp; 23854 | &nbsp;&nbsp; 29834 |
| Foreign withholding tax | &nbsp;&nbsp; (2015)<br>| &nbsp;&nbsp; (52)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (5253)<br>| &nbsp;&nbsp; (8769)<br>|
| Total investment income | &nbsp;&nbsp; 1773999 | &nbsp;&nbsp; 15840 | &nbsp;&nbsp; 2604743 | &nbsp;&nbsp; 4686889 | &nbsp;&nbsp; 2428396 |
| **Expenses:** |  |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 157740 | &nbsp;&nbsp; 4759 | &nbsp;&nbsp; 107974 | &nbsp;&nbsp; 300782 | &nbsp;&nbsp; 381235 |
| Less: Waivers | &nbsp;&nbsp; (48)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (28)<br>| &nbsp;&nbsp; (147)<br>| &nbsp;&nbsp; (105)<br>|
| Net expenses | &nbsp;&nbsp; 157692 | &nbsp;&nbsp; 4758 | &nbsp;&nbsp; 107946 | &nbsp;&nbsp; 300635 | &nbsp;&nbsp; 381130 |
| Net investment income | &nbsp;&nbsp; 1616307 | &nbsp;&nbsp; 11082 | &nbsp;&nbsp; 2496797 | &nbsp;&nbsp; 4386254 | &nbsp;&nbsp; 2047266 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 840387 | &nbsp;&nbsp; (91040)<br>| &nbsp;&nbsp; (3285111)<br>| &nbsp;&nbsp; (1966295)<br>| &nbsp;&nbsp; (7311135)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 842 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 523 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2661 |
| In-kind redemptions | &nbsp;&nbsp; 11842283 | &nbsp;&nbsp; 168759 | &nbsp;&nbsp; 221536 | &nbsp;&nbsp; 2166300 | &nbsp;&nbsp; 9706366 |
| Net realized gain (loss) | &nbsp;&nbsp; 12683512 | &nbsp;&nbsp; 77751 | &nbsp;&nbsp; (3063052)<br>| &nbsp;&nbsp; 202005 | &nbsp;&nbsp; 2397892 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 6251562 | &nbsp;&nbsp; 55994 | &nbsp;&nbsp; 1061181 | &nbsp;&nbsp; 5772501 | &nbsp;&nbsp; (2445048)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (991)<br>| &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; (374)<br>| &nbsp;&nbsp; (1262)<br>| &nbsp;&nbsp; (1948)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 6250571 | &nbsp;&nbsp; 55962 | &nbsp;&nbsp; 1060807 | &nbsp;&nbsp; 5771239 | &nbsp;&nbsp; (2446996)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 18934083 | &nbsp;&nbsp; 133713 | &nbsp;&nbsp; (2002245)<br>| &nbsp;&nbsp; 5973244 | &nbsp;&nbsp; (49104)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $20550390 | &nbsp;&nbsp; $144795 | &nbsp;&nbsp; $494552 | &nbsp;&nbsp; $10359498 | &nbsp;&nbsp; $1998162 |

---

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

------

**74**

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**75**

------

**Statements of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco ESG S&P 500** <br>**Equal Weight ETF (RSPE)** | **Invesco ESG S&P 500** <br>**Equal Weight ETF (RSPE)** | **Invesco** <br>**MSCI North** <br>**America** <br>**Climate ETF (KLMN)** | **Invesco** <br>**MSCI North** <br>**America** <br>**Climate ETF (KLMN)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Period Ended** <br>**August 31,** <br>**2025**<sup>(a)</sup> <br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $277135 | &nbsp;&nbsp;&nbsp; $381259 | &nbsp;&nbsp;&nbsp; $15082521 | &nbsp;&nbsp;&nbsp; $21188208 |
| Net realized gain (loss) | &nbsp;&nbsp; 1736555 | &nbsp;&nbsp;&nbsp; 946083 | &nbsp;&nbsp;&nbsp; 319234941 | &nbsp;&nbsp;&nbsp; (124783919)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 2192644 | &nbsp;&nbsp;&nbsp; 1202473 | &nbsp;&nbsp;&nbsp; (140772397)<br>| &nbsp;&nbsp;&nbsp; 211776018 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 4206334 | &nbsp;&nbsp;&nbsp; 2529815 | &nbsp;&nbsp;&nbsp; 193545065 | &nbsp;&nbsp;&nbsp; 108180307 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (256217)<br>| &nbsp;&nbsp;&nbsp; (335875)<br>| &nbsp;&nbsp;&nbsp; (16026550)<br>| &nbsp;&nbsp;&nbsp; (15927505)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 25301352 | &nbsp;&nbsp;&nbsp; 16712757 | &nbsp;&nbsp;&nbsp; 334943600 | &nbsp;&nbsp;&nbsp; 4640969094 |
| Value of shares repurchased | &nbsp;&nbsp; (7404392)<br>| &nbsp;&nbsp;&nbsp; (5303892)<br>| &nbsp;&nbsp;&nbsp; (1950454615)<br>| &nbsp;&nbsp;&nbsp; (2054123448)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 17896960 | &nbsp;&nbsp;&nbsp; 11408865 | &nbsp;&nbsp;&nbsp; (1615511015)<br>| &nbsp;&nbsp;&nbsp; 2586845646 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 21847077 | &nbsp;&nbsp;&nbsp; 13602805 | &nbsp;&nbsp;&nbsp; (1437992500)<br>| &nbsp;&nbsp;&nbsp; 2679098448 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 25731134 | &nbsp;&nbsp;&nbsp; 12128329 | &nbsp;&nbsp;&nbsp; 2679098448 | &nbsp;&nbsp;&nbsp; - |
| End of period | &nbsp;&nbsp; $47578211 | &nbsp;&nbsp;&nbsp; $25731134 | &nbsp;&nbsp;&nbsp; $1241105948 | &nbsp;&nbsp;&nbsp; $2679098448 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 12200000 | &nbsp;&nbsp;&nbsp; 192700001 |
| Shares repurchased | &nbsp;&nbsp; (250000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (69400000)<br>| &nbsp;&nbsp;&nbsp; (91600000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 900001 | &nbsp;&nbsp;&nbsp; 450001 | &nbsp;&nbsp;&nbsp; 101100001 | &nbsp;&nbsp;&nbsp; - |
| Shares outstanding, end of period | &nbsp;&nbsp; 1500001 | &nbsp;&nbsp;&nbsp; 900001 | &nbsp;&nbsp;&nbsp; 43900001 | &nbsp;&nbsp;&nbsp; 101100001 |

---

<sup>(a)</sup> For the period December 9, 2024 (commencement of investment operations) through August 31, 2025.

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

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**76**

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco MSCI USA** <br>**ETF (PBUS)** | **Invesco MSCI USA** <br>**ETF (PBUS)** | **Invesco Russell 1000 Equal** <br>**Weight ETF (EQAL)** | **Invesco Russell 1000 Equal** <br>**Weight ETF (EQAL)** | **Invesco S&P 500** <br>**Concentrated QVM ETF (QVMT)** | **Invesco S&P 500** <br>**Concentrated QVM ETF (QVMT)** | **Invesco S&P 500**<sup>®</sup> **High Beta** <br>**ETF (SPHB)** | **Invesco S&P 500**<sup>®</sup> **High Beta** <br>**ETF (SPHB)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $55911680 | &nbsp;&nbsp; $79109046 | &nbsp;&nbsp; $6634658 | &nbsp;&nbsp; $11512341 | &nbsp;&nbsp; $1491015 | &nbsp;&nbsp; $2652348 | &nbsp;&nbsp; $2033971 | &nbsp;&nbsp; $2264301 |
| 644350654 | &nbsp;&nbsp; 626708986 | &nbsp;&nbsp; 27293631 | &nbsp;&nbsp; 17983627 | &nbsp;&nbsp; 16496524 | &nbsp;&nbsp; 7773549 | &nbsp;&nbsp; 75930400 | &nbsp;&nbsp; 43645538 |
| (121292495)<br>| &nbsp;&nbsp; 388660212 | &nbsp;&nbsp; 50594297 | &nbsp;&nbsp; 35014193 | &nbsp;&nbsp; (889874)<br>| &nbsp;&nbsp; 1366225 | &nbsp;&nbsp; 1479547 | &nbsp;&nbsp; 33376235 |
| 578969839 | &nbsp;&nbsp; 1094478244 | &nbsp;&nbsp; 84522586 | &nbsp;&nbsp; 64510161 | &nbsp;&nbsp; 17097665 | &nbsp;&nbsp; 11792122 | &nbsp;&nbsp; 79443918 | &nbsp;&nbsp; 79286074 |
| (50644843)<br>| &nbsp;&nbsp; (74953116)<br>| &nbsp;&nbsp; (6679099)<br>| &nbsp;&nbsp; (11115984)<br>| &nbsp;&nbsp; (1413326)<br>| &nbsp;&nbsp; (2746561)<br>| &nbsp;&nbsp; (1776139)<br>| &nbsp;&nbsp; (2341323)<br>|
| 2937534553 | &nbsp;&nbsp; 3901809341 | &nbsp;&nbsp; 42039480 | &nbsp;&nbsp; 84350716 | &nbsp;&nbsp; 55421162 | &nbsp;&nbsp; 50409799 | &nbsp;&nbsp; 577216943 | &nbsp;&nbsp; 685759942 |
| (1713020271)<br>| &nbsp;&nbsp; (1666239993)<br>| &nbsp;&nbsp; (16969015)<br>| &nbsp;&nbsp; (58448440)<br>| &nbsp;&nbsp; (52136000)<br>| &nbsp;&nbsp; (56376644)<br>| &nbsp;&nbsp; (442591600)<br>| &nbsp;&nbsp; (786424760)<br>|
| 1224514282 | &nbsp;&nbsp; 2235569348 | &nbsp;&nbsp; 25070465 | &nbsp;&nbsp; 25902276 | &nbsp;&nbsp; 3285162 | &nbsp;&nbsp; (5966845)<br>| &nbsp;&nbsp; 134625343 | &nbsp;&nbsp; (100664818)<br>|
| 1752839278 | &nbsp;&nbsp; 3255094476 | &nbsp;&nbsp; 102913952 | &nbsp;&nbsp; 79296453 | &nbsp;&nbsp; 18969501 | &nbsp;&nbsp; 3078716 | &nbsp;&nbsp; 212293122 | &nbsp;&nbsp; (23720067)<br>|
| 8447953848 | &nbsp;&nbsp; 5192859372 | &nbsp;&nbsp; 687165690 | &nbsp;&nbsp; 607869237 | &nbsp;&nbsp; 109336470 | &nbsp;&nbsp; 106257754 | &nbsp;&nbsp; 426741315 | &nbsp;&nbsp; 450461382 |
| $10200793126 | &nbsp;&nbsp; $8447953848 | &nbsp;&nbsp; $790079642 | &nbsp;&nbsp; $687165690 | &nbsp;&nbsp; $128305971 | &nbsp;&nbsp; $109336470 | &nbsp;&nbsp; $639034437 | &nbsp;&nbsp; $426741315 |
| 43300000 | &nbsp;&nbsp; 65625000 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp; 1010000 | &nbsp;&nbsp; 4900000 | &nbsp;&nbsp; 7670000 |
| (25175000)<br>| &nbsp;&nbsp; (27400000)<br>| &nbsp;&nbsp; (325000)<br>| &nbsp;&nbsp; (1225000)<br>| &nbsp;&nbsp; (860000)<br>| &nbsp;&nbsp; (1120000)<br>| &nbsp;&nbsp; (3780000)<br>| &nbsp;&nbsp; (8850000)<br>|
| 130300001 | &nbsp;&nbsp; 92075001 | &nbsp;&nbsp; 13275001 | &nbsp;&nbsp; 12750001 | &nbsp;&nbsp; 2000001 | &nbsp;&nbsp; 2110001 | &nbsp;&nbsp; 4070000 | &nbsp;&nbsp; 5250000 |
| 148425001 | &nbsp;&nbsp; 130300001 | &nbsp;&nbsp; 13700001 | &nbsp;&nbsp; 13275001 | &nbsp;&nbsp; 2060001 | &nbsp;&nbsp; 2000001 | &nbsp;&nbsp; 5190000 | &nbsp;&nbsp; 4070000 |

---

------

**77**

------

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

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500 High Dividend** <br>**Growers ETF (DIVG)** | **Invesco S&P 500 High Dividend** <br>**Growers ETF (DIVG)** | **Invesco S&P 500**<sup>®</sup> **High Dividend** <br>**Low Volatility ETF (SPHD)** | **Invesco S&P 500**<sup>®</sup> **High Dividend** <br>**Low Volatility ETF (SPHD)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $141370 | &nbsp;&nbsp;&nbsp; $145360 | &nbsp;&nbsp;&nbsp; $68339327 | &nbsp;&nbsp;&nbsp; $138214058 |
| Net realized gain | &nbsp;&nbsp; 316808 | &nbsp;&nbsp;&nbsp; 272982 | &nbsp;&nbsp;&nbsp; 53535372 | &nbsp;&nbsp;&nbsp; 183977281 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 510397 | &nbsp;&nbsp;&nbsp; 330993 | &nbsp;&nbsp;&nbsp; 146870525 | &nbsp;&nbsp;&nbsp; (223310726)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 968575 | &nbsp;&nbsp;&nbsp; 749335 | &nbsp;&nbsp;&nbsp; 268745224 | &nbsp;&nbsp;&nbsp; 98880613 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (152972)<br>| &nbsp;&nbsp;&nbsp; (162887)<br>| &nbsp;&nbsp;&nbsp; (74871310)<br>| &nbsp;&nbsp;&nbsp; (117212513)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 3304291 | &nbsp;&nbsp;&nbsp; 6853650 | &nbsp;&nbsp;&nbsp; 818666739 | &nbsp;&nbsp;&nbsp; 1346932655 |
| Value of shares repurchased | &nbsp;&nbsp; (1623105)<br>| &nbsp;&nbsp;&nbsp; (2441979)<br>| &nbsp;&nbsp;&nbsp; (747668872)<br>| &nbsp;&nbsp;&nbsp; (1917802414)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 1681186 | &nbsp;&nbsp;&nbsp; 4411671 | &nbsp;&nbsp;&nbsp; 70997867 | &nbsp;&nbsp;&nbsp; (570869759)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 2496789 | &nbsp;&nbsp;&nbsp; 4998119 | &nbsp;&nbsp;&nbsp; 264871781 | &nbsp;&nbsp;&nbsp; (589201659)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 7815477 | &nbsp;&nbsp;&nbsp; 2817358 | &nbsp;&nbsp;&nbsp; 3176276165 | &nbsp;&nbsp;&nbsp; 3765477824 |
| End of period | &nbsp;&nbsp; $10312266 | &nbsp;&nbsp;&nbsp; $7815477 | &nbsp;&nbsp;&nbsp; $3441147946 | &nbsp;&nbsp;&nbsp; $3176276165 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 16420000 | &nbsp;&nbsp;&nbsp; 27420000 |
| Shares repurchased | &nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (80000)<br>| &nbsp;&nbsp;&nbsp; (14980000)<br>| &nbsp;&nbsp;&nbsp; (39230000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 240001 | &nbsp;&nbsp;&nbsp; 90001 | &nbsp;&nbsp;&nbsp; 64200000 | &nbsp;&nbsp;&nbsp; 76010000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 290001 | &nbsp;&nbsp;&nbsp; 240001 | &nbsp;&nbsp;&nbsp; 65640000 | &nbsp;&nbsp;&nbsp; 64200000 |

---

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

------

**78**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco S&P 500**<sup>®</sup> **Low Volatility** <br>**ETF (SPLV)** | **Invesco S&P 500**<sup>®</sup> **Low Volatility** <br>**ETF (SPLV)** | **Invesco S&P 500**<sup>®</sup> **Momentum** <br>**ETF (SPMO)** | **Invesco S&P 500**<sup>®</sup> **Momentum** <br>**ETF (SPMO)** | **Invesco S&P 500 QVM** <br>**Multi-factor ETF (QVML)** | **Invesco S&P 500 QVM** <br>**Multi-factor ETF (QVML)** | **Invesco S&P MidCap 400** <br>**QVM Multi-factor ETF (QVMM)** | **Invesco S&P MidCap 400** <br>**QVM Multi-factor ETF (QVMM)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $85122094 | &nbsp;&nbsp; $144826584 | &nbsp;&nbsp; $59034568 | &nbsp;&nbsp; $48606879 | &nbsp;&nbsp; $8298447 | &nbsp;&nbsp; $14485533 | &nbsp;&nbsp; $2607274 | &nbsp;&nbsp; $4695534 |
| 129282980 | &nbsp;&nbsp; 690505037 | &nbsp;&nbsp; 941038615 | &nbsp;&nbsp; 193918937 | &nbsp;&nbsp; 26685742 | &nbsp;&nbsp; 69632947 | &nbsp;&nbsp; 13691937 | &nbsp;&nbsp; 2136227 |
| 268581379 | &nbsp;&nbsp; (482755601)<br>| &nbsp;&nbsp; (609104030)<br>| &nbsp;&nbsp; 1527438956 | &nbsp;&nbsp; 54122463 | &nbsp;&nbsp; 89909421 | &nbsp;&nbsp; 25623028 | &nbsp;&nbsp; 15683974 |
| 482986453 | &nbsp;&nbsp; 352576020 | &nbsp;&nbsp; 390969153 | &nbsp;&nbsp; 1769964772 | &nbsp;&nbsp; 89106652 | &nbsp;&nbsp; 174027901 | &nbsp;&nbsp; 41922239 | &nbsp;&nbsp; 22515735 |
| (83820934)<br>| &nbsp;&nbsp; (140213473)<br>| &nbsp;&nbsp; (53833437)<br>| &nbsp;&nbsp; (36810081)<br>| &nbsp;&nbsp; (8174159)<br>| &nbsp;&nbsp; (14106681)<br>| &nbsp;&nbsp; (2444622)<br>| &nbsp;&nbsp; (4686705)<br>|
| 1766569415 | &nbsp;&nbsp; 4667479829 | &nbsp;&nbsp; 6446652976 | &nbsp;&nbsp; 10312745673 | &nbsp;&nbsp; 110486426 | &nbsp;&nbsp; 443521351 | &nbsp;&nbsp; 40061839 | &nbsp;&nbsp; 31202000 |
| (1816723166)<br>| &nbsp;&nbsp; (4462162813)<br>| &nbsp;&nbsp; (5511478081)<br>| &nbsp;&nbsp; (2227360969)<br>| &nbsp;&nbsp; (72255944)<br>| &nbsp;&nbsp; (258641458)<br>| &nbsp;&nbsp; (43387798)<br>| &nbsp;&nbsp; (1719683)<br>|
| (50153751)<br>| &nbsp;&nbsp; 205317016 | &nbsp;&nbsp; 935174895 | &nbsp;&nbsp; 8085384704 | &nbsp;&nbsp; 38230482 | &nbsp;&nbsp; 184879893 | &nbsp;&nbsp; (3325959)<br>| &nbsp;&nbsp; 29482317 |
| 349011768 | &nbsp;&nbsp; 417679563 | &nbsp;&nbsp; 1272310611 | &nbsp;&nbsp; 9818539395 | &nbsp;&nbsp; 119162975 | &nbsp;&nbsp; 344801113 | &nbsp;&nbsp; 36151658 | &nbsp;&nbsp; 47311347 |
| 7932763861 | &nbsp;&nbsp; 7515084298 | &nbsp;&nbsp; 12169526286 | &nbsp;&nbsp; 2350986891 | &nbsp;&nbsp; 1378982767 | &nbsp;&nbsp; 1034181654 | &nbsp;&nbsp; 368209427 | &nbsp;&nbsp; 320898080 |
| $8281775629 | &nbsp;&nbsp; $7932763861 | &nbsp;&nbsp; $13441836897 | &nbsp;&nbsp; $12169526286 | &nbsp;&nbsp; $1498145742 | &nbsp;&nbsp; $1378982767 | &nbsp;&nbsp; $404361085 | &nbsp;&nbsp; $368209427 |
| 24100000 | &nbsp;&nbsp; 64170000 | &nbsp;&nbsp; 53570000 | &nbsp;&nbsp; 101550000 | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp; 12700000 | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp; 1040000 |
| (25100000)<br>| &nbsp;&nbsp; (61850000)<br>| &nbsp;&nbsp; (45600000)<br>| &nbsp;&nbsp; (23320000)<br>| &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp; (7500000)<br>| &nbsp;&nbsp; (1410000)<br>| &nbsp;&nbsp; (60000)<br>|
| 107990000 | &nbsp;&nbsp; 105670000 | &nbsp;&nbsp; 104580001 | &nbsp;&nbsp; 26350001 | &nbsp;&nbsp; 36100001 | &nbsp;&nbsp; 30900001 | &nbsp;&nbsp; 12180001 | &nbsp;&nbsp; 11200001 |
| 106990000 | &nbsp;&nbsp; 107990000 | &nbsp;&nbsp; 112550001 | &nbsp;&nbsp; 104580001 | &nbsp;&nbsp; 37100001 | &nbsp;&nbsp; 36100001 | &nbsp;&nbsp; 12080001 | &nbsp;&nbsp; 12180001 |

---

------

**79**

------

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

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P MidCap Low Volatility** <br>**ETF (XMLV)** | **Invesco S&P MidCap Low Volatility** <br>**ETF (XMLV)** | **Invesco S&P SmallCap 600** <br>**QVM Multi-factor ETF (QVMS)** | **Invesco S&P SmallCap 600** <br>**QVM Multi-factor ETF (QVMS)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $13806549 | &nbsp;&nbsp;&nbsp; $21630653 | &nbsp;&nbsp;&nbsp; $1616307 | &nbsp;&nbsp;&nbsp; $2655000 |
| Net realized gain (loss) | &nbsp;&nbsp; 15690579 | &nbsp;&nbsp;&nbsp; 79308032 | &nbsp;&nbsp;&nbsp; 12683512 | &nbsp;&nbsp;&nbsp; 2292585 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 12117450 | &nbsp;&nbsp;&nbsp; (32596784)<br>| &nbsp;&nbsp;&nbsp; 6250571 | &nbsp;&nbsp;&nbsp; 3316898 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 41614578 | &nbsp;&nbsp;&nbsp; 68341901 | &nbsp;&nbsp;&nbsp; 20550390 | &nbsp;&nbsp;&nbsp; 8264483 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (10790462)<br>| &nbsp;&nbsp;&nbsp; (21580302)<br>| &nbsp;&nbsp;&nbsp; (1415181)<br>| &nbsp;&nbsp;&nbsp; (2683296)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 10725115 | &nbsp;&nbsp;&nbsp; 311468198 | &nbsp;&nbsp;&nbsp; 25625553 | &nbsp;&nbsp;&nbsp; 23836361 |
| Value of shares repurchased | &nbsp;&nbsp; (98859479)<br>| &nbsp;&nbsp;&nbsp; (390743388)<br>| &nbsp;&nbsp;&nbsp; (26066500)<br>| &nbsp;&nbsp;&nbsp; (22378869)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (88134364)<br>| &nbsp;&nbsp;&nbsp; (79275190)<br>| &nbsp;&nbsp;&nbsp; (440947)<br>| &nbsp;&nbsp;&nbsp; 1457492 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (57310248)<br>| &nbsp;&nbsp;&nbsp; (32513591)<br>| &nbsp;&nbsp;&nbsp; 18694262 | &nbsp;&nbsp;&nbsp; 7038679 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 817342227 | &nbsp;&nbsp;&nbsp; 849855818 | &nbsp;&nbsp;&nbsp; 205656349 | &nbsp;&nbsp;&nbsp; 198617670 |
| End of period | &nbsp;&nbsp; $760031979 | &nbsp;&nbsp;&nbsp; $817342227 | &nbsp;&nbsp;&nbsp; $224350611 | &nbsp;&nbsp;&nbsp; $205656349 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 880000 |
| Shares repurchased | &nbsp;&nbsp; (1550000)<br>| &nbsp;&nbsp;&nbsp; (6310000)<br>| &nbsp;&nbsp;&nbsp; (910000)<br>| &nbsp;&nbsp;&nbsp; (820000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 12770000 | &nbsp;&nbsp;&nbsp; 14080000 | &nbsp;&nbsp;&nbsp; 7360001 | &nbsp;&nbsp;&nbsp; 7300001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 11390000 | &nbsp;&nbsp;&nbsp; 12770000 | &nbsp;&nbsp;&nbsp; 7350001 | &nbsp;&nbsp;&nbsp; 7360001 |

---

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

------

**80**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Invesco S&P SmallCap 600**<sup>®</sup> <br>**GARP ETF (GRPZ)** | **Invesco S&P SmallCap 600**<sup>®</sup> <br>**GARP ETF (GRPZ)** | **Invesco S&P SmallCap High Dividend** <br>**Low Volatility ETF (XSHD)** | **Invesco S&P SmallCap High Dividend** <br>**Low Volatility ETF (XSHD)** | **Invesco S&P SmallCap Low Volatility** <br>**ETF (XSLV)** | **Invesco S&P SmallCap Low Volatility** <br>**ETF (XSLV)** | **Invesco S&P SmallCap Quality** <br>**ETF (XSHQ)** | **Invesco S&P SmallCap Quality** <br>**ETF (XSHQ)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $11082 | &nbsp;&nbsp; $23409 | &nbsp;&nbsp; $2496797 | &nbsp;&nbsp; $3100838 | &nbsp;&nbsp; $4386254 | &nbsp;&nbsp; $4979013 | &nbsp;&nbsp; $2047266 | &nbsp;&nbsp; $4939038 |
| 77751 | &nbsp;&nbsp; (67594)<br>| &nbsp;&nbsp; (3063052)<br>| &nbsp;&nbsp; (4084333)<br>| &nbsp;&nbsp; 202005 | &nbsp;&nbsp; 25852842 | &nbsp;&nbsp; 2397892 | &nbsp;&nbsp; (6172555)<br>|
| 55962 | &nbsp;&nbsp; 113256 | &nbsp;&nbsp; 1060807 | &nbsp;&nbsp; (1876158)<br>| &nbsp;&nbsp; 5771239 | &nbsp;&nbsp; (28538640)<br>| &nbsp;&nbsp; (2446996)<br>| &nbsp;&nbsp; (7017078)<br>|
| 144795 | &nbsp;&nbsp; 69071 | &nbsp;&nbsp; 494552 | &nbsp;&nbsp; (2859653)<br>| &nbsp;&nbsp; 10359498 | &nbsp;&nbsp; 2293215 | &nbsp;&nbsp; 1998162 | &nbsp;&nbsp; (8250595)<br>|
| (12564)<br>| &nbsp;&nbsp; (24563)<br>| &nbsp;&nbsp; (2027054)<br>| &nbsp;&nbsp; (4114397)<br>| &nbsp;&nbsp; (3474477)<br>| &nbsp;&nbsp; (7244901)<br>| &nbsp;&nbsp; (2303063)<br>| &nbsp;&nbsp; (4717780)<br>|
| 1071554 | &nbsp;&nbsp; 1563689 | &nbsp;&nbsp; 1210275 | &nbsp;&nbsp; 41582241 | &nbsp;&nbsp; - | &nbsp;&nbsp; 20851063 | &nbsp;&nbsp; 21300874 | &nbsp;&nbsp; 219336597 |
| (1077018)<br>| &nbsp;&nbsp; (1006546)<br>| &nbsp;&nbsp; (2201342)<br>| &nbsp;&nbsp; (945325)<br>| &nbsp;&nbsp; (28525794)<br>| &nbsp;&nbsp; (101941216)<br>| &nbsp;&nbsp; (63166077)<br>| &nbsp;&nbsp; (237208409)<br>|
| (5464)<br>| &nbsp;&nbsp; 557143 | &nbsp;&nbsp; (991067)<br>| &nbsp;&nbsp; 40636916 | &nbsp;&nbsp; (28525794)<br>| &nbsp;&nbsp; (81090153)<br>| &nbsp;&nbsp; (41865203)<br>| &nbsp;&nbsp; (17871812)<br>|
| 126767 | &nbsp;&nbsp; 601651 | &nbsp;&nbsp; (2523569)<br>| &nbsp;&nbsp; 33662866 | &nbsp;&nbsp; (21640773)<br>| &nbsp;&nbsp; (86041839)<br>| &nbsp;&nbsp; (42170104)<br>| &nbsp;&nbsp; (30840187)<br>|
| 2711624 | &nbsp;&nbsp; 2109973 | &nbsp;&nbsp; 76577240 | &nbsp;&nbsp; 42914374 | &nbsp;&nbsp; 262291112 | &nbsp;&nbsp; 348332951 | &nbsp;&nbsp; 289011211 | &nbsp;&nbsp; 319851398 |
| $2838391 | &nbsp;&nbsp; $2711624 | &nbsp;&nbsp; $74053671 | &nbsp;&nbsp; $76577240 | &nbsp;&nbsp; $240650339 | &nbsp;&nbsp; $262291112 | &nbsp;&nbsp; $246841107 | &nbsp;&nbsp; $289011211 |
| 40000 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 2880000 | &nbsp;&nbsp; - | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 5150000 |
| (40000)<br>| &nbsp;&nbsp; (40000)<br>| &nbsp;&nbsp; (170000)<br>| &nbsp;&nbsp; (70000)<br>| &nbsp;&nbsp; (610000)<br>| &nbsp;&nbsp; (2190000)<br>| &nbsp;&nbsp; (1480000)<br>| &nbsp;&nbsp; (6130000)<br>|
| 100001 | &nbsp;&nbsp; 80001 | &nbsp;&nbsp; 5560001 | &nbsp;&nbsp; 2750001 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 7220000 | &nbsp;&nbsp; 6560001 | &nbsp;&nbsp; 7540001 |
| 100001 | &nbsp;&nbsp; 100001 | &nbsp;&nbsp; 5480001 | &nbsp;&nbsp; 5560001 | &nbsp;&nbsp; 4890000 | &nbsp;&nbsp; 5500000 | &nbsp;&nbsp; 5580001 | &nbsp;&nbsp; 6560001 |

---

------

**81**

------

**Financial Highlights**

Invesco ESG S&P 500 Equal Weight ETF (RSPE)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**November 15, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2022** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **For the Period** <br>**November 15, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2022** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $28.59 | &nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp; $22.98 | &nbsp;&nbsp;&nbsp; $21.26 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp; (3.81)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp; (3.47)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $31.72 | &nbsp;&nbsp;&nbsp; $28.59 | &nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp; $22.98 | &nbsp;&nbsp;&nbsp; $21.26 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $31.73 | &nbsp;&nbsp;&nbsp; $28.59 | &nbsp;&nbsp;&nbsp; $26.95 | &nbsp;&nbsp;&nbsp; $22.99 | &nbsp;&nbsp;&nbsp; $21.28 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.21<br> %<br>| &nbsp;&nbsp;&nbsp; (13.93 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> %<br>| &nbsp;&nbsp;&nbsp; (13.85 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $47578 | &nbsp;&nbsp;&nbsp; $25731 | &nbsp;&nbsp;&nbsp; $12128 | &nbsp;&nbsp;&nbsp; $11491 | &nbsp;&nbsp;&nbsp; $9569 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.64 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 45<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 (November 17, 2021, the first day of trading on the exchange) to August 31, 2022 was (13.61)%. The market price total return from Fund Inception to August 31, 2022 was (13.57)%.

<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.

------

**82**

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**Financial Highlights—(continued)**

Invesco MSCI North America Climate ETF (KLMN)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)**<br>| **For the Period** <br>**December 9, 2024**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $26.50 | &nbsp;&nbsp;&nbsp; $24.81 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $28.27 | &nbsp;&nbsp;&nbsp; $26.50 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $28.20 | &nbsp;&nbsp;&nbsp; $26.51 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.59 %<sup>(e)</sup><br>|
| **Market Price Total Return** | &nbsp;&nbsp;&nbsp;&nbsp; 7.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.63 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1241106 | &nbsp;&nbsp;&nbsp; $2679098 |
| Ratio to average net assets of: |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.20 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (December 11, 2024, the first day of trading on the exchange) to August 31, 2025 was 7.03%. The market price total return from Fund Inception to August 31, 2025 was 6.94%.

<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.

------

**83**

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**Financial Highlights—(continued)**

Invesco MSCI USA ETF (PBUS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $64.83 | &nbsp;&nbsp;&nbsp; $56.40 | &nbsp;&nbsp;&nbsp; $44.99 | &nbsp;&nbsp;&nbsp; $39.52 | &nbsp;&nbsp;&nbsp; $46.14 | &nbsp;&nbsp;&nbsp; $35.42 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;11.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp; (6.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.58 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp; (6.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.15 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $68.73 | &nbsp;&nbsp;&nbsp; $64.83 | &nbsp;&nbsp;&nbsp; $56.40 | &nbsp;&nbsp;&nbsp; $44.99 | &nbsp;&nbsp;&nbsp; $39.52 | &nbsp;&nbsp;&nbsp; $46.14 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $68.74 | &nbsp;&nbsp;&nbsp; $64.85 | &nbsp;&nbsp;&nbsp; $56.38 | &nbsp;&nbsp;&nbsp; $44.99 | &nbsp;&nbsp;&nbsp; $39.55 | &nbsp;&nbsp;&nbsp; $46.14 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.72<br> %<br>| &nbsp;&nbsp;&nbsp; (13.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.79<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.63<br> %<br>| &nbsp;&nbsp;&nbsp; (13.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.07<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $10200793 | &nbsp;&nbsp;&nbsp; $8447954 | &nbsp;&nbsp;&nbsp; $5192859 | &nbsp;&nbsp;&nbsp; $3035621 | &nbsp;&nbsp;&nbsp; $2281045 | &nbsp;&nbsp;&nbsp; $2174202 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.04 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 6<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.

------

**84**

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**Financial Highlights—(continued)**

Invesco Russell 1000 Equal Weight ETF (EQAL)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $51.76 | &nbsp;&nbsp;&nbsp; $47.68 | &nbsp;&nbsp;&nbsp; $42.27 | &nbsp;&nbsp;&nbsp; $41.51 | &nbsp;&nbsp;&nbsp; $46.30 | &nbsp;&nbsp;&nbsp; $33.47 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; (4.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.90 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.51 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $57.67 | &nbsp;&nbsp;&nbsp; $51.76 | &nbsp;&nbsp;&nbsp; $47.68 | &nbsp;&nbsp;&nbsp; $42.27 | &nbsp;&nbsp;&nbsp; $41.51 | &nbsp;&nbsp;&nbsp; $46.30 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $57.67 | &nbsp;&nbsp;&nbsp; $51.78 | &nbsp;&nbsp;&nbsp; $47.65 | &nbsp;&nbsp;&nbsp; $42.28 | &nbsp;&nbsp;&nbsp; $41.54 | &nbsp;&nbsp;&nbsp; $46.28 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.80<br> %<br>| &nbsp;&nbsp;&nbsp; (8.96)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.74<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp; (8.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.46<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $790080 | &nbsp;&nbsp;&nbsp; $687166 | &nbsp;&nbsp;&nbsp; $607869 | &nbsp;&nbsp;&nbsp; $659408 | &nbsp;&nbsp;&nbsp; $617468 | &nbsp;&nbsp;&nbsp; $673641 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.91 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 40<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.

------

**85**

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**Financial Highlights—(continued)**

Invesco S&P 500 Concentrated QVM ETF (QVMT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $54.67 | &nbsp;&nbsp;&nbsp; $50.36 | &nbsp;&nbsp;&nbsp; $41.18 | &nbsp;&nbsp;&nbsp; $40.63 | &nbsp;&nbsp;&nbsp; $42.47 | &nbsp;&nbsp;&nbsp; $28.77 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;7.59 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp; 0.47 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.59 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $62.28 | &nbsp;&nbsp;&nbsp; $54.67 | &nbsp;&nbsp;&nbsp; $50.36 | &nbsp;&nbsp;&nbsp; $41.18 | &nbsp;&nbsp;&nbsp; $40.63 | &nbsp;&nbsp;&nbsp; $42.47 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $62.23 | &nbsp;&nbsp;&nbsp; $54.73 | &nbsp;&nbsp;&nbsp; $50.35 | &nbsp;&nbsp;&nbsp; $41.19 | &nbsp;&nbsp;&nbsp; $40.65 | &nbsp;&nbsp;&nbsp; $42.44 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33<br> %<br>| &nbsp;&nbsp;&nbsp; (1.85)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.49<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.31<br> %<br>| &nbsp;&nbsp;&nbsp; (1.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.13<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $128306 | &nbsp;&nbsp;&nbsp; $109336 | &nbsp;&nbsp;&nbsp; $106258 | &nbsp;&nbsp;&nbsp; $91004 | &nbsp;&nbsp;&nbsp; $144635 | &nbsp;&nbsp;&nbsp; $145243 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.60 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 95<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 36<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.

------

**86**

------

**Financial Highlights—(continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $104.85 | &nbsp;&nbsp;&nbsp; $85.80 | &nbsp;&nbsp;&nbsp; $76.06 | &nbsp;&nbsp;&nbsp; $64.51 | &nbsp;&nbsp;&nbsp; $74.74 | &nbsp;&nbsp;&nbsp; $43.73 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp;&nbsp;19.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.71 | &nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp; (10.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;30.93 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;18.67 | &nbsp;&nbsp;&nbsp;&nbsp;19.63 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 | &nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp; (9.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;31.82 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $123.13 | &nbsp;&nbsp;&nbsp; $104.85 | &nbsp;&nbsp;&nbsp; $85.80 | &nbsp;&nbsp;&nbsp; $76.06 | &nbsp;&nbsp;&nbsp; $64.51 | &nbsp;&nbsp;&nbsp; $74.74 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $123.12 | &nbsp;&nbsp;&nbsp; $104.87 | &nbsp;&nbsp;&nbsp; $85.78 | &nbsp;&nbsp;&nbsp; $76.05 | &nbsp;&nbsp;&nbsp; $64.58 | &nbsp;&nbsp;&nbsp; $74.75 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.68<br> %<br>| &nbsp;&nbsp;&nbsp; (12.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73.38<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.54<br> %<br>| &nbsp;&nbsp;&nbsp; (12.84)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73.01<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $639034 | &nbsp;&nbsp;&nbsp; $426741 | &nbsp;&nbsp;&nbsp; $450461 | &nbsp;&nbsp;&nbsp; $586452 | &nbsp;&nbsp;&nbsp; $527684 | &nbsp;&nbsp;&nbsp; $1679341 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &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>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 85<br> %<br>| &nbsp;&nbsp;&nbsp; 91<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 103<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.

------

**87**

------

**Financial Highlights—(continued)**

Invesco S&P 500 High Dividend Growers ETF (DIVG)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended August 31,** <br>**2025**<br>| **For the Period** <br>**December 4, 2023**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $32.56 | &nbsp;&nbsp;&nbsp; $31.30 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;6.16 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $35.56 | &nbsp;&nbsp;&nbsp; $32.56 | &nbsp;&nbsp;&nbsp; $31.30 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $35.56 | &nbsp;&nbsp;&nbsp; $32.57 | &nbsp;&nbsp;&nbsp; $31.26 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.48 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.31 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $10312 | &nbsp;&nbsp;&nbsp; $7815 | &nbsp;&nbsp;&nbsp; $2817 |
| Ratio to average net assets of: |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.23 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.24 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (December 6, 2023, the first day of trading on the exchange) to August 31, 2024 was 25.22%. The market price total return from Fund Inception to August 31, 2024 was 25.06%.

<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.

------

**88**

------

**Financial Highlights—(continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $49.47 | &nbsp;&nbsp;&nbsp; $49.54 | &nbsp;&nbsp;&nbsp; $41.17 | &nbsp;&nbsp;&nbsp; $43.91 | &nbsp;&nbsp;&nbsp; $44.24 | &nbsp;&nbsp;&nbsp; $34.10 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.21 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;11.78 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $52.42 | &nbsp;&nbsp;&nbsp; $49.47 | &nbsp;&nbsp;&nbsp; $49.54 | &nbsp;&nbsp;&nbsp; $41.17 | &nbsp;&nbsp;&nbsp; $43.91 | &nbsp;&nbsp;&nbsp; $44.24 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $52.43 | &nbsp;&nbsp;&nbsp; $49.50 | &nbsp;&nbsp;&nbsp; $49.55 | &nbsp;&nbsp;&nbsp; $41.16 | &nbsp;&nbsp;&nbsp; $43.96 | &nbsp;&nbsp;&nbsp; $44.23 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.52<br> %<br>| &nbsp;&nbsp;&nbsp; (2.20)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.25<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 8.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.58<br> %<br>| &nbsp;&nbsp;&nbsp; (2.34)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.98<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $3441148 | &nbsp;&nbsp;&nbsp; $3176276 | &nbsp;&nbsp;&nbsp; $3765478 | &nbsp;&nbsp;&nbsp; $3125345 | &nbsp;&nbsp;&nbsp; $3807984 | &nbsp;&nbsp;&nbsp; $3034476 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 49<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 45<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.

------

**89**

------

**Financial Highlights—(continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $73.46 | &nbsp;&nbsp;&nbsp; $71.12 | &nbsp;&nbsp;&nbsp; $61.26 | &nbsp;&nbsp;&nbsp; $63.19 | &nbsp;&nbsp;&nbsp; $64.07 | &nbsp;&nbsp;&nbsp; $54.69 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;10.33 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $77.41 | &nbsp;&nbsp;&nbsp; $73.46 | &nbsp;&nbsp;&nbsp; $71.12 | &nbsp;&nbsp;&nbsp; $61.26 | &nbsp;&nbsp;&nbsp; $63.19 | &nbsp;&nbsp;&nbsp; $64.07 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $77.40 | &nbsp;&nbsp;&nbsp; $73.49 | &nbsp;&nbsp;&nbsp; $71.14 | &nbsp;&nbsp;&nbsp; $61.25 | &nbsp;&nbsp;&nbsp; $63.25 | &nbsp;&nbsp;&nbsp; $64.05 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.81<br> %<br>| &nbsp;&nbsp;&nbsp; (0.80)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.09<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.86<br> %<br>| &nbsp;&nbsp;&nbsp; (0.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.87<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $8281776 | &nbsp;&nbsp;&nbsp; $7932764 | &nbsp;&nbsp;&nbsp; $7515084 | &nbsp;&nbsp;&nbsp; $8716016 | &nbsp;&nbsp;&nbsp; $10972985 | &nbsp;&nbsp;&nbsp; $8217477 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &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>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 64<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.

------

**90**

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**Financial Highlights—(continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $116.37 | &nbsp;&nbsp;&nbsp; $89.22 | &nbsp;&nbsp;&nbsp; $58.28 | &nbsp;&nbsp;&nbsp; $54.27 | &nbsp;&nbsp;&nbsp; $63.43 | &nbsp;&nbsp;&nbsp; $50.95 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;31.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp; (9.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.58 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;27.80 | &nbsp;&nbsp;&nbsp;&nbsp;31.58 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp; (8.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.96 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $119.43 | &nbsp;&nbsp;&nbsp; $116.37 | &nbsp;&nbsp;&nbsp; $89.22 | &nbsp;&nbsp;&nbsp; $58.28 | &nbsp;&nbsp;&nbsp; $54.27 | &nbsp;&nbsp;&nbsp; $63.43 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $119.42 | &nbsp;&nbsp;&nbsp; $116.38 | &nbsp;&nbsp;&nbsp; $89.20 | &nbsp;&nbsp;&nbsp; $58.33 | &nbsp;&nbsp;&nbsp; $54.36 | &nbsp;&nbsp;&nbsp; $63.41 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.79<br> %<br>| &nbsp;&nbsp;&nbsp; (13.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.65<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.71<br> %<br>| &nbsp;&nbsp;&nbsp; (13.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.24<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $13441837 | &nbsp;&nbsp;&nbsp; $12169526 | &nbsp;&nbsp;&nbsp; $2350987 | &nbsp;&nbsp;&nbsp; $197572 | &nbsp;&nbsp;&nbsp; $113973 | &nbsp;&nbsp;&nbsp; $88166 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 124<br> %<br>| &nbsp;&nbsp;&nbsp; 70<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.

------

**91**

------

**Financial Highlights—(continued)**

Invesco S&P 500 QVM Multi-factor ETF (QVML)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**June 28, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**June 28, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $38.20 | &nbsp;&nbsp;&nbsp; $33.47 | &nbsp;&nbsp;&nbsp; $26.37 | &nbsp;&nbsp;&nbsp; $23.58 | &nbsp;&nbsp;&nbsp; $26.43 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $40.38 | &nbsp;&nbsp;&nbsp; $38.20 | &nbsp;&nbsp;&nbsp; $33.47 | &nbsp;&nbsp;&nbsp; $26.37 | &nbsp;&nbsp;&nbsp; $23.58 | &nbsp;&nbsp;&nbsp; $26.43 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $40.38 | &nbsp;&nbsp;&nbsp; $38.20 | &nbsp;&nbsp;&nbsp; $33.47 | &nbsp;&nbsp;&nbsp; $26.38 | &nbsp;&nbsp;&nbsp; $23.62 | &nbsp;&nbsp;&nbsp; $26.44 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.76<br> %<br>| &nbsp;&nbsp;&nbsp; (9.47)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.72 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.61<br> %<br>| &nbsp;&nbsp;&nbsp; (9.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.76 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1498146 | &nbsp;&nbsp;&nbsp; $1378983 | &nbsp;&nbsp;&nbsp; $1034182 | &nbsp;&nbsp;&nbsp; $849202 | &nbsp;&nbsp;&nbsp; $724055 | &nbsp;&nbsp;&nbsp; $792855 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.11 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.14 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 1<br> %<br>|

---

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

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

<sup>(c)</sup> 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 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.55%. The market price total return from Fund Inception to August 31, 2021 was 5.55%.

<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 S&P MidCap 400 QVM Multi-factor ETF (QVMM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**June 28, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**June 28, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $30.23 | &nbsp;&nbsp;&nbsp; $28.65 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $22.48 | &nbsp;&nbsp;&nbsp; $25.53 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; (3.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $33.47 | &nbsp;&nbsp;&nbsp; $30.23 | &nbsp;&nbsp;&nbsp; $28.65 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $22.48 | &nbsp;&nbsp;&nbsp; $25.53 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $33.45 | &nbsp;&nbsp;&nbsp; $30.24 | &nbsp;&nbsp;&nbsp; $28.67 | &nbsp;&nbsp;&nbsp; $24.42 | &nbsp;&nbsp;&nbsp; $22.50 | &nbsp;&nbsp;&nbsp; $25.53 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.37<br> %<br>| &nbsp;&nbsp;&nbsp; (10.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 11.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.27<br> %<br>| &nbsp;&nbsp;&nbsp; (10.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $404361 | &nbsp;&nbsp;&nbsp; $368209 | &nbsp;&nbsp;&nbsp; $320898 | &nbsp;&nbsp;&nbsp; $267668 | &nbsp;&nbsp;&nbsp; $244362 | &nbsp;&nbsp;&nbsp; $206549 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.39 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 5<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 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 2.24%. The market price total return from Fund Inception to August 31, 2021 was 2.12%.

<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 S&P MidCap Low Volatility ETF (XMLV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $64.00 | &nbsp;&nbsp;&nbsp; $60.36 | &nbsp;&nbsp;&nbsp; $51.51 | &nbsp;&nbsp;&nbsp; $52.53 | &nbsp;&nbsp;&nbsp; $55.29 | &nbsp;&nbsp;&nbsp; $43.65 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.59 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.21 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $66.73 | &nbsp;&nbsp;&nbsp; $64.00 | &nbsp;&nbsp;&nbsp; $60.36 | &nbsp;&nbsp;&nbsp; $51.51 | &nbsp;&nbsp;&nbsp; $52.53 | &nbsp;&nbsp;&nbsp; $55.29 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $66.70 | &nbsp;&nbsp;&nbsp; $63.99 | &nbsp;&nbsp;&nbsp; $60.30 | &nbsp;&nbsp;&nbsp; $51.50 | &nbsp;&nbsp;&nbsp; $52.56 | &nbsp;&nbsp;&nbsp; $55.26 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp; (3.38)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.21<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp; (3.27)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.99<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $760032 | &nbsp;&nbsp;&nbsp; $817342 | &nbsp;&nbsp;&nbsp; $849856 | &nbsp;&nbsp;&nbsp; $898905 | &nbsp;&nbsp;&nbsp; $1163050 | &nbsp;&nbsp;&nbsp; $1453542 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &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>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.61 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 61<br> %<br>| &nbsp;&nbsp;&nbsp; 57<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.

------

**94**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**June 28, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**June 28, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $27.94 | &nbsp;&nbsp;&nbsp; $27.21 | &nbsp;&nbsp;&nbsp; $23.27 | &nbsp;&nbsp;&nbsp; $22.14 | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp; (2.87)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp; (2.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $30.52 | &nbsp;&nbsp;&nbsp; $27.94 | &nbsp;&nbsp;&nbsp; $27.21 | &nbsp;&nbsp;&nbsp; $23.27 | &nbsp;&nbsp;&nbsp; $22.14 | &nbsp;&nbsp;&nbsp; $25.05 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $30.53 | &nbsp;&nbsp;&nbsp; $27.96 | &nbsp;&nbsp;&nbsp; $27.21 | &nbsp;&nbsp;&nbsp; $23.30 | &nbsp;&nbsp;&nbsp; $22.18 | &nbsp;&nbsp;&nbsp; $25.05 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.92<br> %<br>| &nbsp;&nbsp;&nbsp; (10.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.86<br> %<br>| &nbsp;&nbsp;&nbsp; (10.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $224351 | &nbsp;&nbsp;&nbsp; $205656 | &nbsp;&nbsp;&nbsp; $198618 | &nbsp;&nbsp;&nbsp; $202938 | &nbsp;&nbsp;&nbsp; $98311 | &nbsp;&nbsp;&nbsp; $51106 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.54 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 4<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 30, 2021, the first day of trading on the exchange) to August 31, 2021 was 0.16%. The market price total return from Fund Inception to August 31, 2021 was (0.04)%.

<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**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap 600<sup>®</sup> GARP ETF (GRPZ)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended August 31,** <br>**2025**<br>| **For the Period** <br>**March 25, 2024**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $27.12 | &nbsp;&nbsp;&nbsp; $26.37 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $28.38 | &nbsp;&nbsp;&nbsp; $27.12 | &nbsp;&nbsp;&nbsp; $26.37 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $28.39 | &nbsp;&nbsp;&nbsp; $27.12 | &nbsp;&nbsp;&nbsp; $26.37 |
| **Net Asset Value Total Return** | &nbsp;&nbsp;&nbsp;&nbsp; 5.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.75 %<sup>(d)</sup><br>|
| **Market Price Total Return** | &nbsp;&nbsp;&nbsp;&nbsp; 5.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.75 %<sup>(d)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $2838 | &nbsp;&nbsp;&nbsp; $2712 | &nbsp;&nbsp;&nbsp; $2110 |
| Ratio to average net assets of: |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(e)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12 %<sup>(e)</sup><br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 66<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> The net asset value total return from Fund Inception (March 27, 2024, the first day of trading on the exchange) to August 31, 2024 was 5.03%. The market price total return from Fund Inception to August 31, 2024 was 4.99%.

<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. 

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp; $15.61 | &nbsp;&nbsp;&nbsp; $15.95 | &nbsp;&nbsp;&nbsp; $18.99 | &nbsp;&nbsp;&nbsp; $23.07 | &nbsp;&nbsp;&nbsp; $16.66 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp;&nbsp; (3.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.36 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.22 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (0.81)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp; $15.61 | &nbsp;&nbsp;&nbsp; $15.95 | &nbsp;&nbsp;&nbsp; $18.99 | &nbsp;&nbsp;&nbsp; $23.07 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $13.52 | &nbsp;&nbsp;&nbsp; $13.78 | &nbsp;&nbsp;&nbsp; $15.61 | &nbsp;&nbsp;&nbsp; $15.95 | &nbsp;&nbsp;&nbsp; $19.02 | &nbsp;&nbsp;&nbsp; $23.06 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp; (5.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.39<br> %<br>| &nbsp;&nbsp;&nbsp; (9.48)%<br>| &nbsp;&nbsp;&nbsp; (13.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.97<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp; (5.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.38<br> %<br>| &nbsp;&nbsp;&nbsp; (9.63)%<br>| &nbsp;&nbsp;&nbsp; (13.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.65<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $74054 | &nbsp;&nbsp;&nbsp; $76577 | &nbsp;&nbsp;&nbsp; $42914 | &nbsp;&nbsp;&nbsp; $19137 | &nbsp;&nbsp;&nbsp; $24877 | &nbsp;&nbsp;&nbsp; $21690 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.94 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.13<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 67<br> %<br>| &nbsp;&nbsp;&nbsp; 72<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.

------

**96**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Low Volatility ETF (XSLV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $47.69 | &nbsp;&nbsp;&nbsp; $48.25 | &nbsp;&nbsp;&nbsp; $41.38 | &nbsp;&nbsp;&nbsp; $45.06 | &nbsp;&nbsp;&nbsp; $48.74 | &nbsp;&nbsp;&nbsp; $35.24 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; (0.22 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp;&nbsp; (3.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.52 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp; (2.50)<br>| &nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.17 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $49.21 | &nbsp;&nbsp;&nbsp; $47.69 | &nbsp;&nbsp;&nbsp; $48.25 | &nbsp;&nbsp;&nbsp; $41.38 | &nbsp;&nbsp;&nbsp; $45.06 | &nbsp;&nbsp;&nbsp; $48.74 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $49.22 | &nbsp;&nbsp;&nbsp; $47.62 | &nbsp;&nbsp;&nbsp; $48.19 | &nbsp;&nbsp;&nbsp; $41.40 | &nbsp;&nbsp;&nbsp; $45.09 | &nbsp;&nbsp;&nbsp; $48.73 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.11<br> %<br>| &nbsp;&nbsp;&nbsp; (5.62)%<br>| &nbsp;&nbsp;&nbsp; (5.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.64<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.91<br> %<br>| &nbsp;&nbsp;&nbsp; (5.63)%<br>| &nbsp;&nbsp;&nbsp; (5.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.38<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $240650 | &nbsp;&nbsp;&nbsp; $262291 | &nbsp;&nbsp;&nbsp; $348333 | &nbsp;&nbsp;&nbsp; $408026 | &nbsp;&nbsp;&nbsp; $726364 | &nbsp;&nbsp;&nbsp; $1155186 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &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>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.65 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>|

---

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

<sup>(b)</sup> Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $(0.39). Total returns would have been lower. 

<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**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Quality ETF (XSHQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $44.06 | &nbsp;&nbsp;&nbsp; $42.42 | &nbsp;&nbsp;&nbsp; $37.06 | &nbsp;&nbsp;&nbsp; $32.97 | &nbsp;&nbsp;&nbsp; $37.41 | &nbsp;&nbsp;&nbsp; $26.95 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.42 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.80 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $44.24 | &nbsp;&nbsp;&nbsp; $44.06 | &nbsp;&nbsp;&nbsp; $42.42 | &nbsp;&nbsp;&nbsp; $37.06 | &nbsp;&nbsp;&nbsp; $32.97 | &nbsp;&nbsp;&nbsp; $37.41 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $44.22 | &nbsp;&nbsp;&nbsp; $44.05 | &nbsp;&nbsp;&nbsp; $42.41 | &nbsp;&nbsp;&nbsp; $37.10 | &nbsp;&nbsp;&nbsp; $32.99 | &nbsp;&nbsp;&nbsp; $37.43 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.39<br> %<br>| &nbsp;&nbsp;&nbsp; (10.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.38<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.44<br> %<br>| &nbsp;&nbsp;&nbsp; (10.12)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.25<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $246841 | &nbsp;&nbsp;&nbsp; $289011 | &nbsp;&nbsp;&nbsp; $319851 | &nbsp;&nbsp;&nbsp; $48179 | &nbsp;&nbsp;&nbsp; $28683 | &nbsp;&nbsp;&nbsp; $40030 |
| 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; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.56 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 90<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

February 28, 2026

*(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 ESG S&P 500 Equal Weight ETF (RSPE) | "ESG S&P 500 Equal Weight ETF" |
| Invesco MSCI North America Climate ETF (KLMN) | "MSCI North America Climate ETF" |
| Invesco MSCI USA ETF (PBUS) | "MSCI USA ETF" |
| Invesco Russell 1000 Equal Weight ETF (EQAL) | "Russell 1000 Equal Weight ETF" |
| Invesco S&P 500 Concentrated QVM ETF (QVMT)<sup>(a)</sup> <br>| "S&P 500 Concentrated QVM ETF" |
| Invesco S&P 500<sup>®</sup> High Beta ETF (SPHB) | "S&P 500<sup>®</sup> High Beta ETF" |
| Invesco S&P 500 High Dividend Growers ETF (DIVG) | "S&P 500 High Dividend Growers ETF" |
| Invesco S&P 500<sup>®</sup> High Dividend Low Volatility ETF (SPHD) | "S&P 500<sup>®</sup> High Dividend Low Volatility ETF" |
| Invesco S&P 500<sup>®</sup> Low Volatility ETF (SPLV) | "S&P 500<sup>®</sup> Low Volatility ETF" |
| Invesco S&P 500<sup>®</sup> Momentum ETF (SPMO) | "S&P 500<sup>®</sup> Momentum ETF" |
| Invesco S&P 500 QVM Multi-factor ETF (QVML) | "S&P 500 QVM Multi-factor ETF" |
| Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) | "S&P MidCap 400 QVM Multi-factor ETF" |
| Invesco S&P MidCap Low Volatility ETF (XMLV) | "S&P MidCap Low Volatility ETF" |
| Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) | "S&P SmallCap 600 QVM Multi-factor ETF" |
| Invesco S&P SmallCap 600<sup>®</sup> GARP ETF (GRPZ) | "S&P SmallCap 600<sup>®</sup> GARP ETF" |
| Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD) | "S&P SmallCap High Dividend Low Volatility ETF" |
| Invesco S&P SmallCap Low Volatility ETF (XSLV) | "S&P SmallCap Low Volatility ETF" |
| Invesco S&P SmallCap Quality ETF (XSHQ) | "S&P SmallCap Quality ETF" |

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<sup>(a)</sup> Effective February 23, 2026, the Fund's name changed from Invesco S&P 500<sup>®</sup> Enhanced Value ETF to Invesco S&P 500<sup>®</sup> Concentrated QVM 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 NYSE Arca, Inc., except for Shares of MSCI USA ETF, S&P SmallCap High Dividend Low Volatility ETF and S&P SmallCap Quality ETF, which are listed and traded on the 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 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 the deposit or delivery of 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** |
| ESG S&P 500 Equal Weight ETF | S&P 500 Equal Weight ESG Leaders Select Index |
| MSCI North America Climate ETF | MSCI North America Climate Index |
| MSCI USA ETF | MSCI USA Index |
| Russell 1000 Equal Weight ETF | Russell 1000<sup>®</sup> Equal Weight Index |
| S&P 500 Concentrated QVM ETF | S&P 500<sup>®</sup> Quality, Value & Momentum Multi-factor Index |
| S&P 500<sup>®</sup> High Beta ETF | S&P 500<sup>®</sup> High Beta Index |
| S&P 500 High Dividend Growers ETF | S&P 500<sup>®</sup> High Dividend Growth Index |
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | S&P 500<sup>®</sup> Low Volatility High Dividend Index |
| S&P 500<sup>®</sup> Low Volatility ETF | S&P 500<sup>®</sup> Low Volatility Index |
| S&P 500<sup>®</sup> Momentum ETF | S&P 500 Momentum Index |
| S&P 500 QVM Multi-factor ETF | S&P 500<sup>®</sup> Quality, Value & Momentum Top 90% Multi-Factor Index |
| S&P MidCap 400 QVM Multi-factor ETF | S&P MidCap 400<sup>®</sup> Quality, Value & Momentum Top 90% Multi-Factor Index |
| S&P MidCap Low Volatility ETF | S&P MidCap 400<sup>®</sup> Low Volatility Index |
| S&P SmallCap 600 QVM Multi-factor ETF | S&P SmallCap 600<sup>®</sup> Quality, Value & Momentum Top 90% Multi-Factor Index |
| S&P SmallCap 600<sup>®</sup> GARP ETF | S&P SmallCap 600<sup>®</sup> GARP Index |
| S&P SmallCap High Dividend Low Volatility ETF | S&P SmallCap 600<sup>®</sup> Low Volatility High Dividend Index |
| S&P SmallCap Low Volatility ETF | S&P SmallCap 600<sup>®</sup> Low Volatility Index |
| S&P SmallCap Quality ETF | S&P SmallCap 600<sup>®</sup> Quality 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 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, as of the approximate official closing time of that exchange. 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

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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.

Private 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

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capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by 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 for S&P 500 High Dividend Growers ETF, S&P 500<sup>®</sup> High Dividend Low Volatility ETF, S&P 500<sup>®</sup> Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. S&P 500 High Dividend Growers ETF, S&P 500<sup>®</sup> High Dividend Low Volatility ETF, S&P 500<sup>®</sup> Low Volatility ETF and S&P SmallCap High Dividend Low Volatility ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

**F.** **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

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(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.

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

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

**I.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act 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.

**J.** **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 ("BNY") 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 February 28, 2026, each Fund had affiliated securities lending transactions with Invesco. Fees

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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** |
| ESG S&P 500 Equal Weight ETF | $95 |
| MSCI North America Climate ETF | 671 |
| MSCI USA ETF | 5534 |
| Russell 1000 Equal Weight ETF | 8582 |
| S&P 500<sup>®</sup> Concentrated QVM ETF | 226 |
| S&P 500 High Dividend Growers ETF | 20 |
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | 6549 |
| S&P 500<sup>®</sup> Low Volatility ETF | 4575 |
| S&P 500<sup>®</sup> Momentum ETF | 5962 |
| S&P 500 QVM Multi-factor ETF | 547 |
| S&P 500<sup>®</sup> High Beta ETF | 1092 |
| S&P MidCap 400 QVM Multi-factor ETF | 2344 |
| S&P MidCap Low Volatility ETF | 1937 |
| S&P SmallCap 600 QVM Multi-factor ETF | 2205 |
| S&P SmallCap 600<sup>@</sup> GARP ETF | 29 |
| S&P SmallCap High Dividend Low Volatility ETF | 2195 |
| S&P SmallCap Low Volatility ETF | 1026 |
| S&P SmallCap Quality ETF | 1908 |

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**K.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. 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.

**L.** **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

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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.

*Dividend Paying Securities Risk*. As a group, securities that pay high dividends may fall out of favor with investors and underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in the Underlying Index of certain Funds and the capital resources available for such companies' dividend payments may affect such Funds. There is the possibility that dividend paying companies could reduce or eliminate the payment of dividends in the future, or an anticipated acceleration of dividends may not occur. Depending on market conditions, dividend paying stocks included in the Underlying Index of certain Funds may not be widely available for purchase or may be highly concentrated in only a few market sectors. This may increase the volatility of such Funds' returns and limit their ability to produce current income while remaining fully diversified. High-dividend stocks may not experience high earnings growth or capital appreciation. Certain Funds' performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. In addition, the value of dividend paying common stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.

*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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

*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, certain Funds 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.

*Growth Investing Risk*. For certain Funds, the market values of growth securities may be more volatile than other types of investments. The returns on growth securities may or may not move in tandem with the returns on other styles of investing or the overall stock market. If a growth company's earnings or stock price fails to increase as anticipated, or if its business plans do not produce the expected results, the value of its securities may decline sharply. Growth companies may be newer or smaller companies that may experience greater stock price fluctuations and risks of loss than larger, more established companies. Newer growth companies tend to retain a large part of their earnings for research, development or investments in capital assets. Therefore, they may not pay any dividends for some time. Growth companies typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. During periods when growth investing is out of favor or when markets are unstable, it may be more difficult to sell growth company securities at an acceptable price and the securities of growth companies may underperform the securities of value companies or the overall stock market. Growth stocks may also be more volatile than other securities because of investor speculation and the value of the Fund's investments will vary and at times may be lower than that of other types of investments.

*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

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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.

*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.

*Multifactor Investing Risk*. For certain Funds, the Underlying Index seeks to emphasize certain factor exposures to securities within the eligible index universe, in accordance with the Underlying Index's methodology. There is no assurance that targeting exposure to such factors will enhance an Underlying Index's or a Fund's performance over time, and targeting exposure to certain factors may detract from performance in some market environments. There is also no guarantee an Underlying Index will achieve the specific factor exposures.

*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 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.

*Non-Diversified Fund Risk*. MSCI North America Climate ETF, S&P 500 High Dividend Growers ETF, S&P 500<sup>®</sup> Momentum ETF and S&P SmallCap 600<sup>®</sup> GARP ETF are non-diversified, and, to the extent MSCI USA ETF, S&P 500<sup>®</sup> Concentrated QVM ETF, S&P 500<sup>®</sup> High Beta ETF, S&P 500<sup>®</sup> High Dividend Low Volatility ETF, S&P 500<sup>®</sup> Low Volatility ETF, S&P MidCap Low Volatility ETF, S&P SmallCap High Dividend Low Volatility ETF, S&P SmallCap Low Volatility ETF and S&P SmallCap Quality ETF become non-diversified, all such Funds can invest a greater portion of their respective assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. 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 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.

*Quality Investing Risk*. For certain Funds, the quality style of investing is subject to the risk that securities that have previously been identified with quality characteristics may not continue to be quality companies and that the returns of such securities may be less than returns on other styles of investing or the overall stock market.

*Small- and Mid-Capitalization Companies 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. Stocks of small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies. They may be more sensitive to changes in a company's earnings expectations and may experience more abrupt and erratic price movements. Smaller companies' securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of

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trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider price fluctuations and it might be harder for a Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-capitalization companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-capitalization company, if any gain is realized at all.

*Value Investing Risk*. For certain Funds, value investing entails the risk that if the market does not recognize that a selected security is undervalued, the price of that security might not appreciate as anticipated. Value securities are subject to the risk that the valuations never improve or that the returns on value securities are lower than returns on other styles of investing or the overall stock market. Thus, the value of a Fund's investments will vary and at times may be lower than that of other types of investments. Value investing has gone in and out of favor during past market cycles and when value investing is out of favor or when markets are unstable, value securities may underperform growth securities or the overall stock market.

**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>|
| ESG S&P 500 Equal Weight ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| MSCI North America Climate ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>|
| MSCI USA ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>|
| Russell 1000 Equal Weight ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| S&P 500 Concentrated QVM ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>|
| S&P 500<sup>®</sup> High Beta ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| S&P 500 High Dividend Growers ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| S&P 500<sup>®</sup> Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| S&P 500<sup>®</sup> Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>|
| S&P 500 QVM Multi-factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>|
| S&P MidCap 400 QVM Multi-factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| S&P MidCap Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| S&P SmallCap 600 QVM Multi-factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| S&P SmallCap 600<sup>®</sup> GARP ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| S&P SmallCap High Dividend Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| S&P SmallCap Low Volatility ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| S&P SmallCap Quality ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<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 February 28, 2026, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| ESG S&P 500 Equal Weight ETF | &nbsp;&nbsp;&nbsp; $13 |
| MSCI North America Climate ETF | &nbsp;&nbsp;&nbsp; 458 |
| MSCI USA ETF | &nbsp;&nbsp;&nbsp; 2537 |
| Russell 1000 Equal Weight ETF | &nbsp;&nbsp;&nbsp; 309 |

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| | |
|:---|:---|
| S&P 500 Concentrated QVM ETF | &nbsp;&nbsp;&nbsp; $27 |
| S&P 500<sup>®</sup> High Beta ETF | &nbsp;&nbsp;&nbsp; 213 |
| S&P 500 High Dividend Growers ETF | &nbsp;&nbsp;&nbsp; 3 |
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | &nbsp;&nbsp;&nbsp; 1036 |
| S&P 500<sup>®</sup> Low Volatility ETF | &nbsp;&nbsp;&nbsp; 2679 |
| S&P 500<sup>®</sup> Momentum ETF | &nbsp;&nbsp;&nbsp; 4301 |
| S&P 500 QVM Multi-factor ETF | &nbsp;&nbsp;&nbsp; 816 |
| S&P MidCap 400 QVM Multi-factor ETF | &nbsp;&nbsp;&nbsp; 72 |
| S&P MidCap Low Volatility ETF | &nbsp;&nbsp;&nbsp; 612 |
| S&P SmallCap 600 QVM Multi-factor ETF | &nbsp;&nbsp;&nbsp; 48 |
| S&P SmallCap 600<sup>®</sup> GARP ETF | &nbsp;&nbsp;&nbsp; 1 |
| S&P SmallCap High Dividend Low Volatility ETF | &nbsp;&nbsp;&nbsp; 28 |
| S&P SmallCap Low Volatility ETF | &nbsp;&nbsp;&nbsp; 147 |
| S&P SmallCap Quality ETF | &nbsp;&nbsp;&nbsp; 105 |

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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** |
| ESG S&P 500 Equal Weight ETF | S&P Dow Jones Indices LLC |
| MSCI North America Climate ETF | MSCI North America Climate Index |
| MSCI USA ETF | MSCI Inc. |
| Russell 1000 Equal Weight ETF | Frank Russell Company |
| S&P 500 Concentrated QVM ETF | S&P Dow Jones Indices LLC |
| S&P 500<sup>®</sup> High Beta ETF | S&P Dow Jones Indices LLC |
| S&P 500 High Dividend Growers ETF | NYSE Arca, Inc. |
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | S&P Dow Jones Indices LLC |
| S&P 500<sup>®</sup> Low Volatility ETF | S&P Dow Jones Indices LLC |
| S&P 500<sup>®</sup> Momentum ETF | S&P Dow Jones Indices LLC |
| S&P 500 QVM Multi-factor ETF | S&P Dow Jones Indices LLC |
| S&P MidCap 400 QVM Multi-factor ETF | S&P Dow Jones Indices LLC |
| S&P MidCap Low Volatility ETF | S&P Dow Jones Indices LLC |
| S&P SmallCap 600 QVM Multi-factor ETF | S&P Dow Jones Indices LLC |
| S&P SmallCap 600<sup>®</sup> GARP ETF | S&P Dow Jones Indices LLC |
| S&P SmallCap High Dividend Low Volatility ETF | S&P Dow Jones Indices LLC |
| S&P SmallCap Low Volatility ETF | S&P Dow Jones Indices LLC |
| S&P SmallCap Quality 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 BNY, 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 February 28, 2026, 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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| | |
|:---|:---|
| ESG S&P 500 Equal Weight ETF | &nbsp;&nbsp;&nbsp; $344 |
| MSCI North America Climate ETF | &nbsp;&nbsp;&nbsp; 20342 |
| MSCI USA ETF | &nbsp;&nbsp;&nbsp; 15668 |
| Russell 1000 Equal Weight ETF | &nbsp;&nbsp;&nbsp; 748 |
| S&P 500 Concentrated QVM ETF | &nbsp;&nbsp;&nbsp; 15962 |
| S&P 500<sup>®</sup> High Beta ETF | &nbsp;&nbsp;&nbsp; 22697 |
| S&P 500 High Dividend Growers ETF | &nbsp;&nbsp;&nbsp; 18 |

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| | |
|:---|:---|
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | &nbsp;&nbsp;&nbsp; $63442 |
| S&P 500<sup>®</sup> Low Volatility ETF | &nbsp;&nbsp;&nbsp; 144360 |
| S&P 500<sup>®</sup> Momentum ETF | &nbsp;&nbsp;&nbsp; 78707 |
| S&P 500 QVM Multi-factor ETF | &nbsp;&nbsp;&nbsp; 7477 |
| S&P MidCap 400 QVM Multi-factor ETF | &nbsp;&nbsp;&nbsp; 5109 |
| S&P MidCap Low Volatility ETF | &nbsp;&nbsp;&nbsp; 24109 |
| S&P SmallCap 600 QVM Multi-factor ETF | &nbsp;&nbsp;&nbsp; 6703 |
| S&P SmallCap 600<sup>®</sup> GARP ETF | &nbsp;&nbsp;&nbsp; - |
| S&P SmallCap High Dividend Low Volatility ETF | &nbsp;&nbsp;&nbsp; 20474 |
| S&P SmallCap Low Volatility ETF | &nbsp;&nbsp;&nbsp; 23048 |
| S&P SmallCap Quality ETF | &nbsp;&nbsp;&nbsp; 22065 |

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

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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** |
| ESG S&P 500 Equal Weight ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $47526212 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $47526212 |
| Money Market Funds | &nbsp;&nbsp; 13638 | &nbsp;&nbsp; 40404 | &nbsp;&nbsp; - | &nbsp;&nbsp; 54042 |
| **Total Investments** | &nbsp;&nbsp; $47539850 | &nbsp;&nbsp; $40404 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $47580254 |
| MSCI North America Climate ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1239266524 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1239266524 |
| Money Market Funds | &nbsp;&nbsp; 648802 | &nbsp;&nbsp; 6783439 | &nbsp;&nbsp; - | &nbsp;&nbsp; 7432241 |
| **Total Investments** | &nbsp;&nbsp; $1239915326 | &nbsp;&nbsp; $6783439 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1246698765 |
| MSCI USA ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $10198629066 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10198629066 |
| Money Market Funds | &nbsp;&nbsp; 9355858 | &nbsp;&nbsp; 162054112 | &nbsp;&nbsp; - | &nbsp;&nbsp; 171409970 |
| **Total Investments** | &nbsp;&nbsp; $10207984924 | &nbsp;&nbsp; $162054112 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10370039036 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Russell 1000 Equal Weight ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $789457286 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $789457286 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 134995445 | &nbsp;&nbsp; - | &nbsp;&nbsp; 134995445 |
| **Total Investments** | &nbsp;&nbsp; $789457286 | &nbsp;&nbsp; $134995445 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $924452731 |
| S&P 500 Concentrated QVM ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $128261391 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $128261391 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 92614 | &nbsp;&nbsp; - | &nbsp;&nbsp; 92614 |
| **Total Investments** | &nbsp;&nbsp; $128261391 | &nbsp;&nbsp; $92614 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $128354005 |
| S&P 500<sup>®</sup> High Beta ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $638387407 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $638387407 |
| Money Market Funds | &nbsp;&nbsp; 382883 | &nbsp;&nbsp; 59309648 | &nbsp;&nbsp; - | &nbsp;&nbsp; 59692531 |
| **Total Investments** | &nbsp;&nbsp; $638770290 | &nbsp;&nbsp; $59309648 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $698079938 |
| S&P 500 High Dividend Growers ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $10310432 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10310432 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 97960 | &nbsp;&nbsp; - | &nbsp;&nbsp; 97960 |
| **Total Investments** | &nbsp;&nbsp; $10310432 | &nbsp;&nbsp; $97960 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10408392 |
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $3439024131 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3439024131 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 201809772 | &nbsp;&nbsp; - | &nbsp;&nbsp; 201809772 |
| **Total Investments** | &nbsp;&nbsp; $3439024131 | &nbsp;&nbsp; $201809772 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3640833903 |
| S&P 500<sup>®</sup> Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $8281794256 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8281794256 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 241449439 | &nbsp;&nbsp; - | &nbsp;&nbsp; 241449439 |
| **Total Investments** | &nbsp;&nbsp; $8281794256 | &nbsp;&nbsp; $241449439 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8523243695 |
| S&P 500<sup>®</sup> Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $13427882352 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13427882352 |
| Money Market Funds | &nbsp;&nbsp; 8438465 | &nbsp;&nbsp; 157671974 | &nbsp;&nbsp; - | &nbsp;&nbsp; 166110439 |
| **Total Investments** | &nbsp;&nbsp; $13436320817 | &nbsp;&nbsp; $157671974 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13593992791 |
| S&P 500 QVM Multi-factor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1496661929 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1496661929 |
| Money Market Funds | &nbsp;&nbsp; 175119 | &nbsp;&nbsp; 4693892 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4869011 |
| **Total Investments** | &nbsp;&nbsp; $1496837048 | &nbsp;&nbsp; $4693892 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1501530940 |
| S&P MidCap 400 QVM Multi-factor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $404032781 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $404032781 |
| Money Market Funds | &nbsp;&nbsp; 132371 | &nbsp;&nbsp; 50061673 | &nbsp;&nbsp; - | &nbsp;&nbsp; 50194044 |
| **Total Investments** | &nbsp;&nbsp; $404165152 | &nbsp;&nbsp; $50061673 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $454226825 |
| S&P MidCap Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $758818714 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $758818714 |
| Money Market Funds | &nbsp;&nbsp; 497592 | &nbsp;&nbsp; 103267304 | &nbsp;&nbsp; - | &nbsp;&nbsp; 103764896 |
| **Total Investments** | &nbsp;&nbsp; $759316306 | &nbsp;&nbsp; $103267304 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $862583610 |

---

------

**110**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| S&P SmallCap 600 QVM Multi-factor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $224101477 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $224101477 |
| Money Market Funds | &nbsp;&nbsp; 130403 | &nbsp;&nbsp; 44877170 | &nbsp;&nbsp; - | &nbsp;&nbsp; 45007573 |
| **Total Investments** | &nbsp;&nbsp; $224231880 | &nbsp;&nbsp; $44877170 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $269109050 |
| S&P SmallCap 600<sup>®</sup> GARP ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $2834248 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2834248 |
| Money Market Funds | &nbsp;&nbsp; 3610 | &nbsp;&nbsp; 663411 | &nbsp;&nbsp; - | &nbsp;&nbsp; 667021 |
| **Total Investments** | &nbsp;&nbsp; $2837858 | &nbsp;&nbsp; $663411 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3501269 |
| S&P SmallCap High Dividend Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $73949212 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $73949212 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 20667798 | &nbsp;&nbsp; - | &nbsp;&nbsp; 20667798 |
| **Total Investments** | &nbsp;&nbsp; $73949212 | &nbsp;&nbsp; $20667798 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $94617010 |
| S&P SmallCap Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $240223950 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $240223950 |
| Money Market Funds | &nbsp;&nbsp; 124057 | &nbsp;&nbsp; 37469834 | &nbsp;&nbsp; - | &nbsp;&nbsp; 37593891 |
| **Total Investments** | &nbsp;&nbsp; $240348007 | &nbsp;&nbsp; $37469834 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $277817841 |
| S&P SmallCap Quality ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $246489224 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $246489224 |
| Money Market Funds | &nbsp;&nbsp; 188711 | &nbsp;&nbsp; 42130174 | &nbsp;&nbsp; - | &nbsp;&nbsp; 42318885 |
| **Total Investments** | &nbsp;&nbsp; $246677935 | &nbsp;&nbsp; $42130174 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $288808109 |

---

**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 August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| ESG S&P 500 Equal Weight ETF | &nbsp;&nbsp; $320367 | &nbsp;&nbsp; $814595 | &nbsp;&nbsp; $1134962 |
| MSCI North America Climate ETF | &nbsp;&nbsp; 6635500 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6635500 |
| MSCI USA ETF | &nbsp;&nbsp; 10489065 | &nbsp;&nbsp; 75225624 | &nbsp;&nbsp; 85714689 |
| Russell 1000 Equal Weight ETF | &nbsp;&nbsp; 17200038 | &nbsp;&nbsp; 130386884 | &nbsp;&nbsp; 147586922 |
| S&P 500 Concentrated QVM ETF | &nbsp;&nbsp; 9844194 | &nbsp;&nbsp; 10205038 | &nbsp;&nbsp; 20049232 |
| S&P 500<sup>®</sup> High Beta ETF | &nbsp;&nbsp; 135977127 | &nbsp;&nbsp; 104955726 | &nbsp;&nbsp; 240932853 |
| S&P 500 High Dividend Growers ETF | &nbsp;&nbsp; 95603 | &nbsp;&nbsp; 9065 | &nbsp;&nbsp; 104668 |
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | &nbsp;&nbsp; 390919471 | &nbsp;&nbsp; 543581269 | &nbsp;&nbsp; 934500740 |
| S&P 500<sup>®</sup> Low Volatility ETF | &nbsp;&nbsp; 2161953688 | &nbsp;&nbsp; 656783179 | &nbsp;&nbsp; 2818736867 |
| S&P 500<sup>®</sup> Momentum ETF | &nbsp;&nbsp; 90920102 | &nbsp;&nbsp; 1180518 | &nbsp;&nbsp; 92100620 |
| S&P 500 QVM Multi-factor ETF | &nbsp;&nbsp; 34079094 | &nbsp;&nbsp; 43825462 | &nbsp;&nbsp; 77904556 |
| S&P MidCap 400 QVM Multi-factor ETF | &nbsp;&nbsp; 11622080 | &nbsp;&nbsp; 10862772 | &nbsp;&nbsp; 22484852 |
| S&P MidCap Low Volatility ETF | &nbsp;&nbsp; 431202728 | &nbsp;&nbsp; 256426043 | &nbsp;&nbsp; 687628771 |
| S&P SmallCap 600 QVM Multi-factor ETF | &nbsp;&nbsp; 8575837 | &nbsp;&nbsp; 8006969 | &nbsp;&nbsp; 16582806 |
| S&P SmallCap 600<sup>®</sup> GARP ETF | &nbsp;&nbsp; 254642 | &nbsp;&nbsp; 51167 | &nbsp;&nbsp; 305809 |

---

------

**111**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| S&P SmallCap High Dividend Low Volatility ETF | &nbsp;&nbsp; $8869582 | &nbsp;&nbsp; $7444029 | &nbsp;&nbsp; $16313611 |
| S&P SmallCap Low Volatility ETF | &nbsp;&nbsp; 377393398 | &nbsp;&nbsp; 324902200 | &nbsp;&nbsp; 702295598 |
| S&P SmallCap Quality ETF | &nbsp;&nbsp; 27187617 | &nbsp;&nbsp; 6642443 | &nbsp;&nbsp; 33830060 |

---

\* 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 February 28, 2026, 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** |
| ESG S&P 500 Equal Weight ETF | &nbsp;&nbsp; $3633910 | &nbsp;&nbsp; $4637972 |
| MSCI North America Climate ETF | &nbsp;&nbsp; 151641625 | &nbsp;&nbsp; 159697447 |
| MSCI USA ETF | &nbsp;&nbsp; 162348604 | &nbsp;&nbsp; 144848089 |
| Russell 1000 Equal Weight ETF | &nbsp;&nbsp; 107825520 | &nbsp;&nbsp; 107761546 |
| S&P 500 Concentrated QVM ETF | &nbsp;&nbsp; 109338639 | &nbsp;&nbsp; 109191145 |
| S&P 500<sup>®</sup> High Beta ETF | &nbsp;&nbsp; 165857447 | &nbsp;&nbsp; 165060800 |
| S&P 500 High Dividend Growers ETF | &nbsp;&nbsp; 1938372 | &nbsp;&nbsp; 918263 |
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | &nbsp;&nbsp; 845213529 | &nbsp;&nbsp; 855228161 |
| S&P 500<sup>®</sup> Low Volatility ETF | &nbsp;&nbsp; 2138069103 | &nbsp;&nbsp; 2131042686 |
| S&P 500<sup>®</sup> Momentum ETF | &nbsp;&nbsp; 3653580285 | &nbsp;&nbsp; 3767147603 |
| S&P 500 QVM Multi-factor ETF | &nbsp;&nbsp; 235737381 | &nbsp;&nbsp; 213865969 |
| S&P MidCap 400 QVM Multi-factor ETF | &nbsp;&nbsp; 57012771 | &nbsp;&nbsp; 58250955 |
| S&P MidCap Low Volatility ETF | &nbsp;&nbsp; 192982325 | &nbsp;&nbsp; 189851524 |
| S&P SmallCap 600 QVM Multi-factor ETF | &nbsp;&nbsp; 37751874 | &nbsp;&nbsp; 38200095 |
| S&P SmallCap 600<sup>®</sup> GARP ETF | &nbsp;&nbsp; 675017 | &nbsp;&nbsp; 1135530 |
| S&P SmallCap High Dividend Low Volatility ETF | &nbsp;&nbsp; 26503714 | &nbsp;&nbsp; 25917815 |
| S&P SmallCap Low Volatility ETF | &nbsp;&nbsp; 72929861 | &nbsp;&nbsp; 69986099 |
| S&P SmallCap Quality ETF | &nbsp;&nbsp; 56073524 | &nbsp;&nbsp; 56683073 |

---

For the six months ended February 28, 2026, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| ESG S&P 500 Equal Weight ETF | &nbsp;&nbsp; $25253924 | &nbsp;&nbsp; $6335863 |
| MSCI North America Climate ETF | &nbsp;&nbsp; 331791544 | &nbsp;&nbsp; 1939315404 |
| MSCI USA ETF | &nbsp;&nbsp; 2923497395 | &nbsp;&nbsp; 1705759316 |
| Russell 1000 Equal Weight ETF | &nbsp;&nbsp; 41917067 | &nbsp;&nbsp; 16897492 |
| S&P 500 Concentrated QVM ETF | &nbsp;&nbsp; 55298272 | &nbsp;&nbsp; 51936515 |
| S&P 500<sup>®</sup> High Beta ETF | &nbsp;&nbsp; 576225452 | &nbsp;&nbsp; 442605780 |
| S&P 500 High Dividend Growers ETF | &nbsp;&nbsp; 3287961 | &nbsp;&nbsp; 2630247 |
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | &nbsp;&nbsp; 817216902 | &nbsp;&nbsp; 741234271 |
| S&P 500<sup>®</sup> Low Volatility ETF | &nbsp;&nbsp; 1765069689 | &nbsp;&nbsp; 1814179575 |
| S&P 500<sup>®</sup> Momentum ETF | &nbsp;&nbsp; 6437612898 | &nbsp;&nbsp; 5379520019 |
| S&P 500 QVM Multi-factor ETF | &nbsp;&nbsp; 85479805 | &nbsp;&nbsp; 68996403 |
| S&P MidCap 400 QVM Multi-factor ETF | &nbsp;&nbsp; 40131780 | &nbsp;&nbsp; 42233077 |
| S&P MidCap Low Volatility ETF | &nbsp;&nbsp; 10704956 | &nbsp;&nbsp; 98490468 |
| S&P SmallCap 600 QVM Multi-factor ETF | &nbsp;&nbsp; 25665479 | &nbsp;&nbsp; 25358372 |
| S&P SmallCap 600<sup>®</sup> GARP ETF | &nbsp;&nbsp; 1072003 | &nbsp;&nbsp; 618574 |
| S&P SmallCap High Dividend Low Volatility ETF | &nbsp;&nbsp; 1206555 | &nbsp;&nbsp; 2198595 |
| S&P SmallCap Low Volatility ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; 28444396 |
| S&P SmallCap Quality ETF | &nbsp;&nbsp; 21274126 | &nbsp;&nbsp; 62602494 |

---

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

------

**112**

------

As of February 28, 2026, 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** |
| ESG S&P 500 Equal Weight ETF | &nbsp;&nbsp; $6137533 | &nbsp;&nbsp; $(1482359)<br>| &nbsp;&nbsp; $4655174 | &nbsp;&nbsp; $42925080 |
| MSCI North America Climate ETF | &nbsp;&nbsp; 158650940 | &nbsp;&nbsp; (89117022)<br>| &nbsp;&nbsp; 69533918 | &nbsp;&nbsp; 1177164847 |
| MSCI USA ETF | &nbsp;&nbsp; 1641332635 | &nbsp;&nbsp; (482399617)<br>| &nbsp;&nbsp; 1158933018 | &nbsp;&nbsp; 9211106018 |
| Russell 1000 Equal Weight ETF | &nbsp;&nbsp; 202690335 | &nbsp;&nbsp; (59347908)<br>| &nbsp;&nbsp; 143342427 | &nbsp;&nbsp; 781110304 |
| S&P 500 Concentrated QVM ETF | &nbsp;&nbsp; 9592487 | &nbsp;&nbsp; (2949686)<br>| &nbsp;&nbsp; 6642801 | &nbsp;&nbsp; 121711204 |
| S&P 500<sup>®</sup> High Beta ETF | &nbsp;&nbsp; 52748748 | &nbsp;&nbsp; (57890296)<br>| &nbsp;&nbsp; (5141548)<br>| &nbsp;&nbsp; 703221486 |
| S&P 500 High Dividend Growers ETF | &nbsp;&nbsp; 1446972 | &nbsp;&nbsp; (250966)<br>| &nbsp;&nbsp; 1196006 | &nbsp;&nbsp; 9212386 |
| S&P 500<sup>®</sup> High Dividend Low Volatility ETF | &nbsp;&nbsp; 315909087 | &nbsp;&nbsp; (204398667)<br>| &nbsp;&nbsp; 111510420 | &nbsp;&nbsp; 3529323483 |
| S&P 500<sup>®</sup> Low Volatility ETF | &nbsp;&nbsp; 829320912 | &nbsp;&nbsp; (213156293)<br>| &nbsp;&nbsp; 616164619 | &nbsp;&nbsp; 7907079076 |
| S&P 500<sup>®</sup> Momentum ETF | &nbsp;&nbsp; 1644543878 | &nbsp;&nbsp; (695013404)<br>| &nbsp;&nbsp; 949530474 | &nbsp;&nbsp; 12644462317 |
| S&P 500 QVM Multi-factor ETF | &nbsp;&nbsp; 469350880 | &nbsp;&nbsp; (67206146)<br>| &nbsp;&nbsp; 402144734 | &nbsp;&nbsp; 1099386206 |
| S&P MidCap 400 QVM Multi-factor ETF | &nbsp;&nbsp; 119257412 | &nbsp;&nbsp; (18398947)<br>| &nbsp;&nbsp; 100858465 | &nbsp;&nbsp; 353368360 |
| S&P MidCap Low Volatility ETF | &nbsp;&nbsp; 103927245 | &nbsp;&nbsp; (28570916)<br>| &nbsp;&nbsp; 75356329 | &nbsp;&nbsp; 787227281 |
| S&P SmallCap 600 QVM Multi-factor ETF | &nbsp;&nbsp; 59169539 | &nbsp;&nbsp; (12509615)<br>| &nbsp;&nbsp; 46659924 | &nbsp;&nbsp; 222449126 |
| S&P SmallCap 600<sup>®</sup> GARP ETF | &nbsp;&nbsp; 458555 | &nbsp;&nbsp; (156037)<br>| &nbsp;&nbsp; 302518 | &nbsp;&nbsp; 3198751 |
| S&P SmallCap High Dividend Low Volatility ETF | &nbsp;&nbsp; 5492266 | &nbsp;&nbsp; (8046880)<br>| &nbsp;&nbsp; (2554614)<br>| &nbsp;&nbsp; 97171624 |
| S&P SmallCap Low Volatility ETF | &nbsp;&nbsp; 22939861 | &nbsp;&nbsp; (14737841)<br>| &nbsp;&nbsp; 8202020 | &nbsp;&nbsp; 269615821 |
| S&P SmallCap Quality ETF | &nbsp;&nbsp; 32636558 | &nbsp;&nbsp; (20497226)<br>| &nbsp;&nbsp; 12139332 | &nbsp;&nbsp; 276668777 |

---

**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.

------

**113**

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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>**

Not applicable.

------

**114**

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**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-HBLVA-NCSRS

invesco.com/ETFs

------

![](img3eb39b2e1.jpg)

------

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

February 28, 2026

---

| | |
|:---|:---|
| **KBWB** | Invesco KBW Bank ETF |
| **KBWD** | Invesco KBW High Dividend Yield Financial ETF |
| **KBWY** | Invesco KBW Premium Yield Equity REIT ETF |
| **KBWP** | Invesco KBW Property & Casualty Insurance ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco KBW Bank ETF (KBWB)](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_SOI-Continued-460_1) | **3** |
| [Invesco KBW High Dividend Yield Financial ETF (KBWD)](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_SOI-Continued-460_3) | **5** |
| [Invesco KBW Premium Yield Equity REIT ETF (KBWY)](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_SOI-Continued-460_5) | **7** |
| [Invesco KBW Property & Casualty Insurance ETF (KBWP)](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_SOI-Continued-460_7) | **9** |
| [Statements of Assets and Liabilities](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_FS-Continued-460_1) | **11** |
| [Statements of Operations](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_FS-Continued-460_2) | **12** |
| [Statements of Changes in Net Assets](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_FS-Continued-460_4) | **14** |
| [Financial Highlights](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_FIHI-Continued-460_1) | **16** |
| [Notes to Financial Statements](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_NTF-Continued-460_1) | **19** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_185c0d1c-f02a-482c-bac8-466ee57701ac_OIRSR-Continued_1) | **30** |

---

------

**2**

------

**Invesco KBW Bank ETF (KBWB)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** | **Common Stocks & Other Equity Interests-99.77%** |
| **Asset Management & Custody Banks-11.84%** | **Asset Management & Custody Banks-11.84%** | **Asset Management & Custody Banks-11.84%** |
| Bank of New York Mellon Corp. (The) | 1901833 | &nbsp;&nbsp; $226508310 |
| Northern Trust Corp. | 1428984 | &nbsp;&nbsp; 204473320 |
| State Street Corp. | 1791214 | &nbsp;&nbsp; 230385945 |
|  |  | &nbsp;&nbsp; 661367575 |
| **Consumer Finance-3.41%** | **Consumer Finance-3.41%** | **Consumer Finance-3.41%** |
| Capital One Financial Corp. | 973134 | &nbsp;&nbsp; 190383936 |
| **Diversified Banks-43.24%** | **Diversified Banks-43.24%** | **Diversified Banks-43.24%** |
| Bank of America Corp. | 7947645 | &nbsp;&nbsp; 396031150 |
| Citigroup, Inc. | 2057846 | &nbsp;&nbsp; 226754051 |
| Fifth Third Bancorp<sup>(b)</sup> | 6707817 | &nbsp;&nbsp; 331835687 |
| JPMorgan Chase & Co. | 1361881 | &nbsp;&nbsp; 408972864 |
| KeyCorp | 8258766 | &nbsp;&nbsp; 171286807 |
| PNC Financial Services Group, Inc. (The) | 1117849 | &nbsp;&nbsp; 237375235 |
| U.S. Bancorp | 4346534 | &nbsp;&nbsp; 237581548 |
| Wells Fargo & Co. | 4966818 | &nbsp;&nbsp; 404547326 |
|  |  | &nbsp;&nbsp; 2414384668 |
| **Investment Banking & Brokerage-15.44%** | **Investment Banking & Brokerage-15.44%** | **Investment Banking & Brokerage-15.44%** |
| Goldman Sachs Group, Inc. (The) | 516124 | &nbsp;&nbsp; 443644707 |
| Morgan Stanley | 2513147 | &nbsp;&nbsp; 418464107 |
|  |  | &nbsp;&nbsp; 862108814 |
| **Regional Banks-25.84%** | **Regional Banks-25.84%** | **Regional Banks-25.84%** |
| Citizens Financial Group, Inc. | 3245434 | &nbsp;&nbsp; 195342673 |
| East West Bancorp, Inc. | 1039749 | &nbsp;&nbsp; 113800528 |
| First Horizon Corp. | 3718503 | &nbsp;&nbsp; 88463186 |
| Huntington Bancshares, Inc.<sup>(b)</sup> | 15338054 | &nbsp;&nbsp; 257679307 |
| M&T Bank Corp.<sup>(b)</sup> | 1120880 | &nbsp;&nbsp; 243208542 |
| Regions Financial Corp. | 6742762 | &nbsp;&nbsp; 187651067 |
| Truist Financial Corp. | 4584996 | &nbsp;&nbsp; 226086153 |
| Western Alliance Bancorporation | 831213 | &nbsp;&nbsp; 66763028 |
| Zions Bancorporation N.A.<sup>(b)</sup> | 1114767 | &nbsp;&nbsp; 63853854 |
|  |  | &nbsp;&nbsp; 1442848338 |
| Total Common Stocks & Other Equity Interests <br>(Cost $5,361,599,671) | Total Common Stocks & Other Equity Interests <br>(Cost $5,361,599,671) | &nbsp;&nbsp; 5571093331 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.13%** | **Money Market Funds-0.13%** | **Money Market Funds-0.13%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(c)(d)</sup> <br>(Cost $7,281,645)<br>| 7281645 | &nbsp;&nbsp; $7281645 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $5,368,881,316) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.90% <br>(Cost $5,368,881,316) | &nbsp;&nbsp; 5578374976 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.54%** | **Money Market Funds-1.54%** | **Money Market Funds-1.54%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(c)(d)(e)</sup><br>| 23895570 | &nbsp;&nbsp; 23895570 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup> | 62075684 | &nbsp;&nbsp; 62094307 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $85,989,877) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $85,989,877) | &nbsp;&nbsp; 85989877 |
| TOTAL INVESTMENTS IN SECURITIES-101.44% <br>(Cost $5,454,871,193) | TOTAL INVESTMENTS IN SECURITIES-101.44% <br>(Cost $5,454,871,193) | &nbsp;&nbsp; 5664364853 |
| OTHER ASSETS LESS LIABILITIES-(1.44)% | OTHER ASSETS LESS LIABILITIES-(1.44)% | &nbsp;&nbsp; (80182489)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $5584182364 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $4927604 | &nbsp;&nbsp; $112196268 | &nbsp;&nbsp; $(109842227)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7281645 | &nbsp;&nbsp; $137454 |

---

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

------

**3**

------

**Invesco KBW Bank ETF (KBWB)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $3121444 | &nbsp;&nbsp; $473264553 | &nbsp;&nbsp; $(452490427)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $23895570 | &nbsp;&nbsp; $337,072<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 8108790 | &nbsp;&nbsp; 954776152 | &nbsp;&nbsp; (900790415)<br>| &nbsp;&nbsp; (676)<br>| &nbsp;&nbsp; 456 | &nbsp;&nbsp; 62094307 | &nbsp;&nbsp; 910,995<br> \*<br>|
| Total | &nbsp;&nbsp; $16157838 | &nbsp;&nbsp; $1540236973 | &nbsp;&nbsp; $(1463123069)<br>| &nbsp;&nbsp; $(676)<br>| &nbsp;&nbsp; $456 | &nbsp;&nbsp; $93271522 | &nbsp;&nbsp; $1385521 |

---

\* 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 February 28, 2026.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |
| CME E Mini Financial Select Sector Futures | &nbsp;&nbsp; 80 | March-2026 | &nbsp;&nbsp; $12663200 | &nbsp;&nbsp; $(973028)<br>| &nbsp;&nbsp; $(973028)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $1,399,037 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

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

------

**4**

------

**Invesco KBW High Dividend Yield Financial ETF (KBWD)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-74.76%** | **Common Stocks & Other Equity Interests-74.76%** | **Common Stocks & Other Equity Interests-74.76%** |
| **Asset Management & Custody Banks-13.08%** | **Asset Management & Custody Banks-13.08%** | **Asset Management & Custody Banks-13.08%** |
| AllianceBernstein Holding L.P. | 226474 | &nbsp;&nbsp; $8891369 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(b)</sup><br>| 188158 | &nbsp;&nbsp; 7579004 |
| Blue Owl Capital Corp., BDC<sup>(b)</sup> | 838823 | &nbsp;&nbsp; 9470312 |
| Blue Owl Capital, Inc.<sup>(b)</sup> | 236057 | &nbsp;&nbsp; 2490402 |
| Carlyle Secured Lending, Inc., BDC<sup>(b)</sup> | 974423 | &nbsp;&nbsp; 10835584 |
| Franklin Resources, Inc. | 281341 | &nbsp;&nbsp; 7466790 |
| Nuveen Churchill Direct Lending Corp.<sup>(b)</sup> | 791252 | &nbsp;&nbsp; 10183413 |
|  |  | &nbsp;&nbsp; 56916874 |
| **Commercial & Residential Mortgage Finance-1.32%** | **Commercial & Residential Mortgage Finance-1.32%** | **Commercial & Residential Mortgage Finance-1.32%** |
| UWM Holdings Corp.<sup>(b)</sup> | 1302716 | &nbsp;&nbsp; 5744978 |
| **Life & Health Insurance-2.03%** | **Life & Health Insurance-2.03%** | **Life & Health Insurance-2.03%** |
| Lincoln National Corp. | 137467 | &nbsp;&nbsp; 4715118 |
| Prudential Financial, Inc. | 41923 | &nbsp;&nbsp; 4124385 |
|  |  | &nbsp;&nbsp; 8839503 |
| **Mortgage REITs-47.19%** | **Mortgage REITs-47.19%** | **Mortgage REITs-47.19%** |
| Adamas Trust, Inc. | 1956477 | &nbsp;&nbsp; 16121370 |
| AGNC Investment Corp. | 1591514 | &nbsp;&nbsp; 17840872 |
| Annaly Capital Management, Inc. | 643221 | &nbsp;&nbsp; 14948456 |
| Arbor Realty Trust, Inc.<sup>(b)</sup> | 1472655 | &nbsp;&nbsp; 11678154 |
| ARMOUR Residential REIT, Inc.<sup>(b)</sup> | 970621 | &nbsp;&nbsp; 17422647 |
| Dynex Capital, Inc. | 1148998 | &nbsp;&nbsp; 16120442 |
| Franklin BSP Realty Trust, Inc.<sup>(b)</sup> | 1179759 | &nbsp;&nbsp; 10771200 |
| Invesco Mortgage Capital, Inc.<sup>(b)(c)</sup> | 2642966 | &nbsp;&nbsp; 22280203 |
| MFA Financial, Inc. | 1465417 | &nbsp;&nbsp; 14815366 |
| Orchid Island Capital, Inc.<sup>(b)</sup> | 2832436 | &nbsp;&nbsp; 21073324 |
| PennyMac Mortgage Investment Trust<sup>(b)</sup> | 1059755 | &nbsp;&nbsp; 12992596 |
| Redwood Trust, Inc. | 1941586 | &nbsp;&nbsp; 11746595 |
| Two Harbors Investment Corp.<sup>(b)</sup> | 1698224 | &nbsp;&nbsp; 17542654 |
|  |  | &nbsp;&nbsp; 205353879 |
| **Regional Banks-8.72%** | **Regional Banks-8.72%** | **Regional Banks-8.72%** |
| First Interstate BancSystem, Inc., Class A<sup>(b)</sup> | 191824 | &nbsp;&nbsp; 6639029 |
| Flushing Financial Corp. | 339153 | &nbsp;&nbsp; 5233131 |
| Kearny Financial Corp. | 866453 | &nbsp;&nbsp; 6628366 |
| Northwest Bancshares, Inc. | 504725 | &nbsp;&nbsp; 6283826 |
| Peoples Bancorp, Inc. | 169463 | &nbsp;&nbsp; 5468571 |
| Washington Trust Bancorp, Inc. | 228516 | &nbsp;&nbsp; 7698704 |
|  |  | &nbsp;&nbsp; 37951627 |
| **Transaction & Payment Processing Services-2.42%** | **Transaction & Payment Processing Services-2.42%** | **Transaction & Payment Processing Services-2.42%** |
| Western Union Co. (The)<sup>(b)</sup> | 1095772 | &nbsp;&nbsp; 10552284 |
| Total Common Stocks & Other Equity Interests <br>(Cost $324,955,628) | Total Common Stocks & Other Equity Interests <br>(Cost $324,955,628) | &nbsp;&nbsp; 325359145 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Closed-End Funds-25.13%** | **Closed-End Funds-25.13%** | **Closed-End Funds-25.13%** |
| BlackRock TCP Capital Corp., BDC<sup>(b)</sup> | 2375549 | &nbsp;&nbsp; $9715995 |
| CION Investment Corp., BDC<sup>(b)</sup> | 1382057 | &nbsp;&nbsp; 11028815 |
| Crescent Capital BDC, Inc.<sup>(b)</sup> | 685108 | &nbsp;&nbsp; 8673467 |
| FS KKR Capital Corp., BDC<sup>(b)</sup> | 912868 | &nbsp;&nbsp; 9858974 |
| Goldman Sachs BDC, Inc., BDC<sup>(b)</sup> | 1564026 | &nbsp;&nbsp; 14170076 |
| MidCap Financial Investment Corp., BDC<sup>(b)</sup> | 1006404 | &nbsp;&nbsp; 9741991 |
| New Mountain Finance Corp., BDC<sup>(b)</sup> | 1314928 | &nbsp;&nbsp; 10059199 |
| PennantPark Floating Rate Capital Ltd., <br> BDC<sup>(b)</sup><br>| 1350685 | &nbsp;&nbsp; 11021590 |
| PennantPark Investment Corp., BDC <br> (Acquired 12/16/2022 - 09/20/2024; <br> Cost $10,862,006)<sup>(b)(d)</sup><br>| 1836639 | &nbsp;&nbsp; 9146462 |
| Trinity Capital, Inc., BDC<sup>(b)</sup> | 1078214 | &nbsp;&nbsp; 15946785 |
|  |  | &nbsp;&nbsp; 109363354 |
| Total Closed-End Funds <br>(Cost $142,491,448) | Total Closed-End Funds <br>(Cost $142,491,448) | &nbsp;&nbsp; 109363354 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.89% <br>(Cost $467,447,076) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.89% <br>(Cost $467,447,076) | &nbsp;&nbsp; 434722499 |
| **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-30.83%** | **Money Market Funds-30.83%** | **Money Market Funds-30.83%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(c)(e)(f)</sup><br>| 37305897 | &nbsp;&nbsp; 37305897 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(e)(f)</sup> | 96831545 | &nbsp;&nbsp; 96860594 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $134,166,491) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $134,166,491) | &nbsp;&nbsp; 134166491 |
| TOTAL INVESTMENTS IN SECURITIES-130.72% <br>(Cost $601,613,567) | TOTAL INVESTMENTS IN SECURITIES-130.72% <br>(Cost $601,613,567) | &nbsp;&nbsp; 568888990 |
| OTHER ASSETS LESS LIABILITIES-(30.72)% | OTHER ASSETS LESS LIABILITIES-(30.72)% | &nbsp;&nbsp; (133704444)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $435184546 |

---

Investment Abbreviations: <br> BDC -Business Development Company <br> REIT -Real Estate Investment Trust

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

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

------

**5**

------

**Invesco KBW High Dividend Yield Financial ETF (KBWD)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Mortgage <br> Capital, Inc.<br>| &nbsp;&nbsp; $17468425 | &nbsp;&nbsp; $4273668 | &nbsp;&nbsp; $(726649)<br>| &nbsp;&nbsp; $1232459 | &nbsp;&nbsp; $32300 | &nbsp;&nbsp; $22280203 | &nbsp;&nbsp; $2251960 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; 719607 | &nbsp;&nbsp; 38053888 | &nbsp;&nbsp; (38773495)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 23636 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 19473609 | &nbsp;&nbsp; 131299516 | &nbsp;&nbsp; (113467228)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 37305897 | &nbsp;&nbsp; 447,359<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 50585881 | &nbsp;&nbsp; 249193122 | &nbsp;&nbsp; (202918717)<br>| &nbsp;&nbsp; (199)<br>| &nbsp;&nbsp; 507 | &nbsp;&nbsp; 96860594 | &nbsp;&nbsp; 1,208,332<br> \*<br>|
| Total | &nbsp;&nbsp; $88247522 | &nbsp;&nbsp; $422820194 | &nbsp;&nbsp; $(355886089)<br>| &nbsp;&nbsp; $1232260 | &nbsp;&nbsp; $32807 | &nbsp;&nbsp; $156446694 | &nbsp;&nbsp; $3931287 |

---

\* 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> Restricted security. The value of this security at February 28, 2026 represented 2.10% of the Fund's Net Assets.

<sup>(e)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

<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 2J. 

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

------

**6**

------

**Invesco KBW Premium Yield Equity REIT ETF (KBWY)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Diversified REITs-21.62%** | **Diversified REITs-21.62%** | **Diversified REITs-21.62%** |
| Alpine Income Property Trust, Inc. | 415632 | &nbsp;&nbsp; $8196263 |
| American Assets Trust, Inc. | 374770 | &nbsp;&nbsp; 7315510 |
| Armada Hoffler Properties, Inc.<sup>(b)</sup> | 1416563 | &nbsp;&nbsp; 8853519 |
| CTO Realty Growth, Inc. | 500430 | &nbsp;&nbsp; 9748376 |
| Gladstone Commercial Corp.<sup>(b)</sup> | 1006240 | &nbsp;&nbsp; 12567938 |
| Global Net Lease, Inc.<sup>(b)</sup> | 1210999 | &nbsp;&nbsp; 11407611 |
|  |  | &nbsp;&nbsp; 58089217 |
| **Health Care REITs-18.53%** | **Health Care REITs-18.53%** | **Health Care REITs-18.53%** |
| Alexandria Real Estate Equities, Inc.<sup>(b)</sup> | 195423 | &nbsp;&nbsp; 10560659 |
| Chiron Real Estate, Inc.<sup>(b)</sup> | 287027 | &nbsp;&nbsp; 9939745 |
| Community Healthcare Trust, Inc. | 855885 | &nbsp;&nbsp; 14627075 |
| Healthpeak Properties, Inc. | 400006 | &nbsp;&nbsp; 7072106 |
| Sila Realty Trust, Inc.<sup>(b)</sup> | 295528 | &nbsp;&nbsp; 7603935 |
|  |  | &nbsp;&nbsp; 49803520 |
| **Hotel & Resort REITs-10.45%** | **Hotel & Resort REITs-10.45%** | **Hotel & Resort REITs-10.45%** |
| Apple Hospitality REIT, Inc. | 714357 | &nbsp;&nbsp; 8758017 |
| Park Hotels & Resorts, Inc.<sup>(b)</sup> | 918649 | &nbsp;&nbsp; 10389920 |
| RLJ Lodging Trust<sup>(b)</sup> | 1112464 | &nbsp;&nbsp; 8921961 |
|  |  | &nbsp;&nbsp; 28069898 |
| **Industrial REITs-10.57%** | **Industrial REITs-10.57%** | **Industrial REITs-10.57%** |
| Americold Realty Trust, Inc.<sup>(b)</sup> | 817768 | &nbsp;&nbsp; 10949913 |
| Innovative Industrial Properties, Inc.<sup>(b)</sup> | 329631 | &nbsp;&nbsp; 17457258 |
|  |  | &nbsp;&nbsp; 28407171 |
| **Multi-Family Residential REITs-2.30%** | **Multi-Family Residential REITs-2.30%** | **Multi-Family Residential REITs-2.30%** |
| NexPoint Residential Trust, Inc. | 219348 | &nbsp;&nbsp; 6183420 |
| **Office REITs-12.73%** | **Office REITs-12.73%** | **Office REITs-12.73%** |
| Douglas Emmett, Inc.<sup>(b)</sup> | 545572 | &nbsp;&nbsp; 5395707 |
| Easterly Government Properties, Inc. | 397244 | &nbsp;&nbsp; 9247840 |
| Highwoods Properties, Inc. | 256440 | &nbsp;&nbsp; 5767336 |
| Postal Realty Trust, Inc., Class A<sup>(b)</sup> | 413231 | &nbsp;&nbsp; 8566279 |
| SL Green Realty Corp.<sup>(b)</sup> | 141964 | &nbsp;&nbsp; 5231373 |
|  |  | &nbsp;&nbsp; 34208535 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Other Specialized REITs-12.29%** | **Other Specialized REITs-12.29%** | **Other Specialized REITs-12.29%** |
| EPR Properties | 137183 | &nbsp;&nbsp; $8150042 |
| Four Corners Property Trust, Inc.<sup>(b)</sup> | 261633 | &nbsp;&nbsp; 6676874 |
| Gaming and Leisure Properties, Inc. | 167151 | &nbsp;&nbsp; 8175356 |
| Millrose Properties, Inc. | 319456 | &nbsp;&nbsp; 10018140 |
|  |  | &nbsp;&nbsp; 33020412 |
| **Retail REITs-5.62%** | **Retail REITs-5.62%** | **Retail REITs-5.62%** |
| FrontView REIT, Inc.<sup>(b)</sup> | 410832 | &nbsp;&nbsp; 6807486 |
| Getty Realty Corp.<sup>(b)</sup> | 252785 | &nbsp;&nbsp; 8296404 |
|  |  | &nbsp;&nbsp; 15103890 |
| **Self-Storage REITs-3.56%** | **Self-Storage REITs-3.56%** | **Self-Storage REITs-3.56%** |
| National Storage Affiliates Trust | 273525 | &nbsp;&nbsp; 9578846 |
| **Single-Family Residential REITs-2.29%** | **Single-Family Residential REITs-2.29%** | **Single-Family Residential REITs-2.29%** |
| UMH Properties, Inc.<sup>(b)</sup> | 408913 | &nbsp;&nbsp; 6166408 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $266,810,233) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.96% <br>(Cost $266,810,233) | &nbsp;&nbsp; 268631317 |
| **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-24.20%** | **Money Market Funds-24.20%** | **Money Market Funds-24.20%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(c)(d)(e)</sup><br>| 17771566 | &nbsp;&nbsp; 17771566 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup> | 47257816 | &nbsp;&nbsp; 47271993 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $65,043,559) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $65,043,559) | &nbsp;&nbsp; 65043559 |
| TOTAL INVESTMENTS IN SECURITIES-124.16% <br>(Cost $331,853,792) | TOTAL INVESTMENTS IN SECURITIES-124.16% <br>(Cost $331,853,792) | &nbsp;&nbsp; 333674876 |
| OTHER ASSETS LESS LIABILITIES-(24.16)% | OTHER ASSETS LESS LIABILITIES-(24.16)% | &nbsp;&nbsp; (64936074)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $268738802 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $13031485 | &nbsp;&nbsp; $(13031485)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5229 |

---

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

------

**7**

------

**Invesco KBW Premium Yield Equity REIT ETF (KBWY)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $15446294 | &nbsp;&nbsp; $87768680 | &nbsp;&nbsp; $(85443408)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $17771566 | &nbsp;&nbsp; $263,765<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 40163621 | &nbsp;&nbsp; 188056539 | &nbsp;&nbsp; (180947266)<br>| &nbsp;&nbsp; (3133)<br>| &nbsp;&nbsp; 2232 | &nbsp;&nbsp; 47271993 | &nbsp;&nbsp; 715,706<br> \*<br>|
| Total | &nbsp;&nbsp; $55609915 | &nbsp;&nbsp; $288856704 | &nbsp;&nbsp; $(279422159)<br>| &nbsp;&nbsp; $(3133)<br>| &nbsp;&nbsp; $2232 | &nbsp;&nbsp; $65043559 | &nbsp;&nbsp; $984700 |

---

\* 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 February 28, 2026.

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

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

------

**8**

------

**Invesco KBW Property & Casualty Insurance ETF (KBWP)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
| **Insurance Brokers-28.13%** | **Insurance Brokers-28.13%** | **Insurance Brokers-28.13%** |
| Aon PLC, Class A | 62482 | &nbsp;&nbsp; $20960837 |
| Arthur J. Gallagher & Co. | 44650 | &nbsp;&nbsp; 10189130 |
| Brown & Brown, Inc.<sup>(b)</sup> | 137463 | &nbsp;&nbsp; 9872593 |
| Marsh & McLennan Cos., Inc. | 120543 | &nbsp;&nbsp; 22510200 |
| Ryan Specialty Holdings, Inc., Class A<sup>(b)</sup> | 99695 | &nbsp;&nbsp; 3922998 |
| Willis Towers Watson PLC | 34442 | &nbsp;&nbsp; 10510665 |
|  |  | &nbsp;&nbsp; 77966423 |
| **Multi-line Insurance-4.22%** | **Multi-line Insurance-4.22%** | **Multi-line Insurance-4.22%** |
| American International Group, Inc. | 145173 | &nbsp;&nbsp; 11684975 |
| **Property & Casualty Insurance-59.81%** | **Property & Casualty Insurance-59.81%** | **Property & Casualty Insurance-59.81%** |
| Allstate Corp. (The) | 51913 | &nbsp;&nbsp; 11136377 |
| American Financial Group, Inc. | 64580 | &nbsp;&nbsp; 8587848 |
| Arch Capital Group Ltd.<sup>(c)</sup> | 117721 | &nbsp;&nbsp; 11789758 |
| Assurant, Inc. | 38778 | &nbsp;&nbsp; 8903041 |
| AXIS Capital Holdings Ltd. | 59648 | &nbsp;&nbsp; 6305987 |
| Chubb Ltd. | 74664 | &nbsp;&nbsp; 25449971 |
| Cincinnati Financial Corp. | 65972 | &nbsp;&nbsp; 10818088 |
| Hanover Insurance Group, Inc. (The) | 27549 | &nbsp;&nbsp; 4976176 |
| Hartford Insurance Group, Inc. (The) | 80685 | &nbsp;&nbsp; 11362868 |
| Mercury General Corp. | 42880 | &nbsp;&nbsp; 3884070 |
| Progressive Corp. (The) | 96654 | &nbsp;&nbsp; 20651094 |
| RLI Corp. | 71101 | &nbsp;&nbsp; 4431014 |
| Selective Insurance Group, Inc. | 46767 | &nbsp;&nbsp; 3930299 |
| Travelers Cos., Inc. (The) | 75509 | &nbsp;&nbsp; 23305098 |
| W.R. Berkley Corp. | 142311 | &nbsp;&nbsp; 10203699 |
|  |  | &nbsp;&nbsp; 165735388 |
| **Reinsurance-7.83%** | **Reinsurance-7.83%** | **Reinsurance-7.83%** |
| Everest Group Ltd. | 32505 | &nbsp;&nbsp; 10905103 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 35703 | &nbsp;&nbsp; 10798729 |
|  |  | &nbsp;&nbsp; 21703832 |
| Total Common Stocks & Other Equity Interests <br>(Cost $271,180,745) | Total Common Stocks & Other Equity Interests <br>(Cost $271,180,745) | &nbsp;&nbsp; 277090618 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $11,679)<br>| 11679 | &nbsp;&nbsp; $11679 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $271,192,424) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $271,192,424) | &nbsp;&nbsp; 277102297 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-4.85%** | **Money Market Funds-4.85%** | **Money Market Funds-4.85%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 3744053 | &nbsp;&nbsp; 3744053 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 9702790 | &nbsp;&nbsp; 9705701 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,449,754) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $13,449,754) | &nbsp;&nbsp; 13449754 |
| TOTAL INVESTMENTS IN SECURITIES-104.85% <br>(Cost $284,642,178) | TOTAL INVESTMENTS IN SECURITIES-104.85% <br>(Cost $284,642,178) | &nbsp;&nbsp; 290552051 |
| OTHER ASSETS LESS LIABILITIES-(4.85)% | OTHER ASSETS LESS LIABILITIES-(4.85)% | &nbsp;&nbsp; (13442515)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $277109536 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<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>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $331630 | &nbsp;&nbsp; $4331204 | &nbsp;&nbsp; $(4651155)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $11679 | &nbsp;&nbsp; $6626 |

---

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

------

**9**

------

**Invesco KBW Property & Casualty Insurance ETF (KBWP)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<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> **February 28, 2026**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $946541 | &nbsp;&nbsp; $37349874 | &nbsp;&nbsp; $(34552362)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3744053 | &nbsp;&nbsp; $28,292<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 2464132 | &nbsp;&nbsp; 87393600 | &nbsp;&nbsp; (80151894)<br>| &nbsp;&nbsp; (55)<br>| &nbsp;&nbsp; (82)<br>| &nbsp;&nbsp; 9705701 | &nbsp;&nbsp; 73,060<br> \*<br>|
| Total | &nbsp;&nbsp; $3742303 | &nbsp;&nbsp; $129074678 | &nbsp;&nbsp; $(119355411)<br>| &nbsp;&nbsp; $(55)<br>| &nbsp;&nbsp; $(82)<br>| &nbsp;&nbsp; $13461433 | &nbsp;&nbsp; $107978 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**10**

------

**Statements of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco KBW** <br>**Bank ETF** <br>**(KBWB)**<br>| **Invesco KBW High** <br>**Dividend Yield** <br>**Financial ETF** <br>**(KBWD)**<br>| **Invesco KBW** <br>**Premium Yield** <br>**Equity REIT ETF** <br>**(KBWY)**<br>| **Invesco KBW** <br>**Property &** <br>**Casualty** <br>**Insurance ETF** <br>**(KBWP)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $5571093331 | &nbsp;&nbsp;&nbsp; $412442296 | &nbsp;&nbsp;&nbsp; $268631317 | &nbsp;&nbsp;&nbsp; $277090618 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 93271522 | &nbsp;&nbsp;&nbsp; 156446694 | &nbsp;&nbsp;&nbsp; 65043559 | &nbsp;&nbsp;&nbsp; 13461433 |
| Cash | &nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11365 |
| Due from broker | &nbsp;&nbsp; 38405 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Deposits with brokers: |  |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; 1399037 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 6046516 | &nbsp;&nbsp;&nbsp; 1432243 | &nbsp;&nbsp;&nbsp; 725945 | &nbsp;&nbsp;&nbsp; 80660 |
| Securities lending | &nbsp;&nbsp; 19038 | &nbsp;&nbsp;&nbsp; 29357 | &nbsp;&nbsp;&nbsp; 7594 | &nbsp;&nbsp;&nbsp; 815 |
| Investments sold | &nbsp;&nbsp; 38434716 | &nbsp;&nbsp;&nbsp; 1306856 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; 11468284 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 5721771801 | &nbsp;&nbsp;&nbsp; 571657446 | &nbsp;&nbsp;&nbsp; 334408415 | &nbsp;&nbsp;&nbsp; 290644891 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1012317 | &nbsp;&nbsp;&nbsp; 554514 | &nbsp;&nbsp;&nbsp; - |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 11448673 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 11365 |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 85989877 | &nbsp;&nbsp;&nbsp; 134166491 | &nbsp;&nbsp;&nbsp; 65043559 | &nbsp;&nbsp;&nbsp; 13449754 |
| Fund shares repurchased | &nbsp;&nbsp; 38500668 | &nbsp;&nbsp;&nbsp; 1176186 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 1650219 | &nbsp;&nbsp;&nbsp; 117495 | &nbsp;&nbsp;&nbsp; 71540 | &nbsp;&nbsp;&nbsp; 74236 |
| **Total liabilities** | &nbsp;&nbsp; 137589437 | &nbsp;&nbsp;&nbsp; 136472900 | &nbsp;&nbsp;&nbsp; 65669613 | &nbsp;&nbsp;&nbsp; 13535355 |
| **Net Assets** | &nbsp;&nbsp; $5584182364 | &nbsp;&nbsp;&nbsp; $435184546 | &nbsp;&nbsp;&nbsp; $268738802 | &nbsp;&nbsp;&nbsp; $277109536 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $5250754368 | &nbsp;&nbsp;&nbsp; $718367698 | &nbsp;&nbsp;&nbsp; $502681651 | &nbsp;&nbsp;&nbsp; $252871904 |
| Distributable earnings (loss) | &nbsp;&nbsp; 333427996 | &nbsp;&nbsp;&nbsp; (283183152)<br>| &nbsp;&nbsp;&nbsp; (233942849)<br>| &nbsp;&nbsp;&nbsp; 24237632 |
| **Net Assets** | &nbsp;&nbsp; $5584182364 | &nbsp;&nbsp;&nbsp; $435184546 | &nbsp;&nbsp;&nbsp; $268738802 | &nbsp;&nbsp;&nbsp; $277109536 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 68170000 | &nbsp;&nbsp;&nbsp; 33300000 | &nbsp;&nbsp;&nbsp; 16420000 | &nbsp;&nbsp;&nbsp; 2190000 |
| Net asset value | &nbsp;&nbsp; $81.92 | &nbsp;&nbsp;&nbsp; $13.07 | &nbsp;&nbsp;&nbsp; $16.37 | &nbsp;&nbsp;&nbsp; $126.53 |
| Market price | &nbsp;&nbsp; $81.89 | &nbsp;&nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $16.37 | &nbsp;&nbsp;&nbsp; $126.54 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $5361599671 | &nbsp;&nbsp;&nbsp; $445278416 | &nbsp;&nbsp;&nbsp; $266810233 | &nbsp;&nbsp;&nbsp; $271180745 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $93271522 | &nbsp;&nbsp;&nbsp; $156335151 | &nbsp;&nbsp;&nbsp; $65043559 | &nbsp;&nbsp;&nbsp; $13461433 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $80979915 | &nbsp;&nbsp;&nbsp; $128978287 | &nbsp;&nbsp;&nbsp; $61914151 | &nbsp;&nbsp;&nbsp; $13250875 |

---

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

------

**11**

------

**Statements of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco KBW** <br>**Bank ETF** <br>**(KBWB)**<br>| **Invesco KBW High** <br>**Dividend Yield** <br>**Financial ETF** <br>**(KBWD)**<br>| **Invesco KBW** <br>**Premium Yield** <br>**Equity REIT ETF** <br>**(KBWY)**<br>| **Invesco KBW** <br>**Property &** <br>**Casualty** <br>**Insurance ETF** <br>**(KBWP)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated interest income | &nbsp;&nbsp; $41138 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- |
| Unaffiliated dividend income | &nbsp;&nbsp; 73640393 | &nbsp;&nbsp;&nbsp; 26220886 | &nbsp;&nbsp;&nbsp; 9791066 | &nbsp;&nbsp;&nbsp; 5526293 |
| Affiliated dividend income | &nbsp;&nbsp; 137454 | &nbsp;&nbsp;&nbsp; 2275596 | &nbsp;&nbsp;&nbsp; 5229 | &nbsp;&nbsp;&nbsp; 6626 |
| Securities lending income, net | &nbsp;&nbsp; 59049 | &nbsp;&nbsp;&nbsp; 297547 | &nbsp;&nbsp;&nbsp; 40115 | &nbsp;&nbsp;&nbsp; 4733 |
| Total investment income | &nbsp;&nbsp; 73878034 | &nbsp;&nbsp;&nbsp; 28794029 | &nbsp;&nbsp;&nbsp; 9836410 | &nbsp;&nbsp;&nbsp; 5537652 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 10041319 | &nbsp;&nbsp;&nbsp; 740452 | &nbsp;&nbsp;&nbsp; 439079 | &nbsp;&nbsp;&nbsp; 653831 |
| Less: Waivers | &nbsp;&nbsp; (3586)<br>| &nbsp;&nbsp;&nbsp; (616)<br>| &nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp; (171)<br>|
| Net expenses | &nbsp;&nbsp; 10037733 | &nbsp;&nbsp;&nbsp; 739836 | &nbsp;&nbsp;&nbsp; 438943 | &nbsp;&nbsp;&nbsp; 653660 |
| Net investment income | &nbsp;&nbsp; 63840301 | &nbsp;&nbsp;&nbsp; 28054193 | &nbsp;&nbsp;&nbsp; 9397467 | &nbsp;&nbsp;&nbsp; 4883992 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (12033924)<br>| &nbsp;&nbsp;&nbsp; (13772498)<br>| &nbsp;&nbsp;&nbsp; 3656191 | &nbsp;&nbsp;&nbsp; (2454692)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp; (16523)<br>| &nbsp;&nbsp;&nbsp; 2232 | &nbsp;&nbsp;&nbsp; (82)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 557018496 | &nbsp;&nbsp;&nbsp; 890062 | &nbsp;&nbsp;&nbsp; 171737 | &nbsp;&nbsp;&nbsp; 32606542 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 49330 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; 544065 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net realized gain (loss) | &nbsp;&nbsp; 545529093 | &nbsp;&nbsp;&nbsp; (12849629)<br>| &nbsp;&nbsp;&nbsp; 3830160 | &nbsp;&nbsp;&nbsp; 30151768 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (261534898)<br>| &nbsp;&nbsp;&nbsp; (26450929)<br>| &nbsp;&nbsp;&nbsp; (207742)<br>| &nbsp;&nbsp;&nbsp; (15136433)<br>|
| Affiliated investment securities | &nbsp;&nbsp; (676)<br>| &nbsp;&nbsp;&nbsp; 1232260 | &nbsp;&nbsp;&nbsp; (3133)<br>| &nbsp;&nbsp;&nbsp; (55)<br>|
| Futures contracts | &nbsp;&nbsp; (1448168)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (262983742)<br>| &nbsp;&nbsp;&nbsp; (25218669)<br>| &nbsp;&nbsp;&nbsp; (210875)<br>| &nbsp;&nbsp;&nbsp; (15136488)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 282545351 | &nbsp;&nbsp;&nbsp; (38068298)<br>| &nbsp;&nbsp;&nbsp; 3619285 | &nbsp;&nbsp;&nbsp; 15015280 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $346385652 | &nbsp;&nbsp;&nbsp; $(10014105)<br>| &nbsp;&nbsp;&nbsp; $13016752 | &nbsp;&nbsp;&nbsp; $19899272 |

---

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

------

**12**

------

**13**

------

**Statements of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco KBW Bank ETF (KBWB)** | **Invesco KBW Bank ETF (KBWB)** | **Invesco KBW High Dividend Yield** <br>**Financial ETF (KBWD)** | **Invesco KBW High Dividend Yield** <br>**Financial ETF (KBWD)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $63840301 | &nbsp;&nbsp;&nbsp; $84187458 | &nbsp;&nbsp;&nbsp; $28054193 | &nbsp;&nbsp;&nbsp; $41960901 |
| Net realized gain (loss) | &nbsp;&nbsp; 545529093 | &nbsp;&nbsp;&nbsp; 407087443 | &nbsp;&nbsp;&nbsp; (12849629)<br>| &nbsp;&nbsp;&nbsp; (18779635)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (262983742)<br>| &nbsp;&nbsp;&nbsp; 454005014 | &nbsp;&nbsp;&nbsp; (25218669)<br>| &nbsp;&nbsp;&nbsp; (6514302)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 346385652 | &nbsp;&nbsp;&nbsp; 945279915 | &nbsp;&nbsp;&nbsp; (10014105)<br>| &nbsp;&nbsp;&nbsp; 16666964 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (63450870)<br>| &nbsp;&nbsp;&nbsp; (76080702)<br>| &nbsp;&nbsp;&nbsp; (27556953)<br>| &nbsp;&nbsp;&nbsp; (49072092)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 3533866635 | &nbsp;&nbsp;&nbsp; 5237308355 | &nbsp;&nbsp;&nbsp; 49167132 | &nbsp;&nbsp;&nbsp; 90931177 |
| Value of shares repurchased | &nbsp;&nbsp; (3177295799)<br>| &nbsp;&nbsp;&nbsp; (2907722797)<br>| &nbsp;&nbsp;&nbsp; (7353527)<br>| &nbsp;&nbsp;&nbsp; (22989597)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 356570836 | &nbsp;&nbsp;&nbsp; 2329585558 | &nbsp;&nbsp;&nbsp; 41813605 | &nbsp;&nbsp;&nbsp; 67941580 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 639505618 | &nbsp;&nbsp;&nbsp; 3198784771 | &nbsp;&nbsp;&nbsp; 4242547 | &nbsp;&nbsp;&nbsp; 35536452 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 4944676746 | &nbsp;&nbsp;&nbsp; 1745891975 | &nbsp;&nbsp;&nbsp; 430941999 | &nbsp;&nbsp;&nbsp; 395405547 |
| End of period | &nbsp;&nbsp; $5584182364 | &nbsp;&nbsp;&nbsp; $4944676746 | &nbsp;&nbsp;&nbsp; $435184546 | &nbsp;&nbsp;&nbsp; $430941999 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 43440000 | &nbsp;&nbsp;&nbsp; 78020000 | &nbsp;&nbsp;&nbsp; 3590000 | &nbsp;&nbsp;&nbsp; 6260000 |
| Shares repurchased | &nbsp;&nbsp; (38960000)<br>| &nbsp;&nbsp;&nbsp; (43610000)<br>| &nbsp;&nbsp;&nbsp; (530000)<br>| &nbsp;&nbsp;&nbsp; (1640000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 63690000 | &nbsp;&nbsp;&nbsp; 29280000 | &nbsp;&nbsp;&nbsp; 30240000 | &nbsp;&nbsp;&nbsp; 25620000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 68170000 | &nbsp;&nbsp;&nbsp; 63690000 | &nbsp;&nbsp;&nbsp; 33300000 | &nbsp;&nbsp;&nbsp; 30240000 |

---

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

------

**14**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco KBW Premium Yield** <br>**Equity REIT ETF (KBWY)** | **Invesco KBW Premium Yield** <br>**Equity REIT ETF (KBWY)** | **Invesco KBW Property & Casualty** <br>**Insurance ETF (KBWP)** | **Invesco KBW Property & Casualty** <br>**Insurance ETF (KBWP)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $9397467 | &nbsp;&nbsp;&nbsp; $9527452 | &nbsp;&nbsp;&nbsp; $4883992 | &nbsp;&nbsp;&nbsp; $8045994 |
| 3830160 | &nbsp;&nbsp;&nbsp; (13066515)<br>| &nbsp;&nbsp;&nbsp; 30151768 | &nbsp;&nbsp;&nbsp; 48598216 |
| (210875)<br>| &nbsp;&nbsp;&nbsp; (27546164)<br>| &nbsp;&nbsp;&nbsp; (15136488)<br>| &nbsp;&nbsp;&nbsp; (30265835)<br>|
| 13016752 | &nbsp;&nbsp;&nbsp; (31085227)<br>| &nbsp;&nbsp;&nbsp; 19899272 | &nbsp;&nbsp;&nbsp; 26378375 |
| (12069021)<br>| &nbsp;&nbsp;&nbsp; (20076935)<br>| &nbsp;&nbsp;&nbsp; (3469915)<br>| &nbsp;&nbsp;&nbsp; (7891460)<br>|
| 18113925 | &nbsp;&nbsp;&nbsp; 95106357 | &nbsp;&nbsp;&nbsp; 83381427 | &nbsp;&nbsp;&nbsp; 372040166 |
| (1404411)<br>| &nbsp;&nbsp;&nbsp; (27383629)<br>| &nbsp;&nbsp;&nbsp; (298856789)<br>| &nbsp;&nbsp;&nbsp; (250517607)<br>|
| 16709514 | &nbsp;&nbsp;&nbsp; 67722728 | &nbsp;&nbsp;&nbsp; (215475362)<br>| &nbsp;&nbsp;&nbsp; 121522559 |
| 17657245 | &nbsp;&nbsp;&nbsp; 16560566 | &nbsp;&nbsp;&nbsp; (199046005)<br>| &nbsp;&nbsp;&nbsp; 140009474 |
| 251081557 | &nbsp;&nbsp;&nbsp; 234520991 | &nbsp;&nbsp;&nbsp; 476155541 | &nbsp;&nbsp;&nbsp; 336146067 |
| $268738802 | &nbsp;&nbsp;&nbsp; $251081557 | &nbsp;&nbsp;&nbsp; $277109536 | &nbsp;&nbsp;&nbsp; $476155541 |
| 1140000 | &nbsp;&nbsp;&nbsp; 5290000 | &nbsp;&nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp; 3190000 |
| (90000)<br>| &nbsp;&nbsp;&nbsp; (1410000)<br>| &nbsp;&nbsp;&nbsp; (2390000)<br>| &nbsp;&nbsp;&nbsp; (2180000)<br>|
| 15370000 | &nbsp;&nbsp;&nbsp; 11490000 | &nbsp;&nbsp;&nbsp; 3920000 | &nbsp;&nbsp;&nbsp; 2910000 |
| 16420000 | &nbsp;&nbsp;&nbsp; 15370000 | &nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp; 3920000 |

---

------

**15**

------

**Financial Highlights**

Invesco KBW Bank ETF (KBWB)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $77.64 | &nbsp;&nbsp;&nbsp; $59.63 | &nbsp;&nbsp;&nbsp; $41.98 | &nbsp;&nbsp;&nbsp; $54.43 | &nbsp;&nbsp;&nbsp; $66.21 | &nbsp;&nbsp;&nbsp; $39.58 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;17.92 | &nbsp;&nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;&nbsp; (12.52)<br>| &nbsp;&nbsp;&nbsp; (11.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.56 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;19.62 | &nbsp;&nbsp;&nbsp;&nbsp;19.27 | &nbsp;&nbsp;&nbsp; (10.88)<br>| &nbsp;&nbsp;&nbsp; (10.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.87 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $81.92 | &nbsp;&nbsp;&nbsp; $77.64 | &nbsp;&nbsp;&nbsp; $59.63 | &nbsp;&nbsp;&nbsp; $41.98 | &nbsp;&nbsp;&nbsp; $54.43 | &nbsp;&nbsp;&nbsp; $66.21 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $81.89 | &nbsp;&nbsp;&nbsp; $77.69 | &nbsp;&nbsp;&nbsp; $59.62 | &nbsp;&nbsp;&nbsp; $41.99 | &nbsp;&nbsp;&nbsp; $54.52 | &nbsp;&nbsp;&nbsp; $66.11 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46.89<br> %<br>| &nbsp;&nbsp;&nbsp; (20.21)%<br>| &nbsp;&nbsp;&nbsp; (15.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71.42<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46.83<br> %<br>| &nbsp;&nbsp;&nbsp; (20.32)%<br>| &nbsp;&nbsp;&nbsp; (15.33)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70.75<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $5584182 | &nbsp;&nbsp;&nbsp; $4944677 | &nbsp;&nbsp;&nbsp; $1745892 | &nbsp;&nbsp;&nbsp; $1759327 | &nbsp;&nbsp;&nbsp; $1969201 | &nbsp;&nbsp;&nbsp; $2978303 |
| 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; 2.23 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 22<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.

------

**16**

------

**Financial Highlights—(continued)**

Invesco KBW High Dividend Yield Financial ETF (KBWD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $14.25 | &nbsp;&nbsp;&nbsp; $15.43 | &nbsp;&nbsp;&nbsp; $15.99 | &nbsp;&nbsp;&nbsp; $17.20 | &nbsp;&nbsp;&nbsp; $20.68 | &nbsp;&nbsp;&nbsp; $13.75 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.14 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.33 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $13.07 | &nbsp;&nbsp;&nbsp; $14.25 | &nbsp;&nbsp;&nbsp; $15.43 | &nbsp;&nbsp;&nbsp; $15.99 | &nbsp;&nbsp;&nbsp; $17.20 | &nbsp;&nbsp;&nbsp; $20.68 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $13.08 | &nbsp;&nbsp;&nbsp; $14.26 | &nbsp;&nbsp;&nbsp; $15.44 | &nbsp;&nbsp;&nbsp; $15.99 | &nbsp;&nbsp;&nbsp; $17.21 | &nbsp;&nbsp;&nbsp; $20.69 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (2.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.56<br> %<br>| &nbsp;&nbsp;&nbsp; (9.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62.77<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (2.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.49<br> %<br>| &nbsp;&nbsp;&nbsp; (9.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62.61<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $435185 | &nbsp;&nbsp;&nbsp; $430942 | &nbsp;&nbsp;&nbsp; $395406 | &nbsp;&nbsp;&nbsp; $382706 | &nbsp;&nbsp;&nbsp; $422852 | &nbsp;&nbsp;&nbsp; $465497 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(e)</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; 13.26 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.55<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 60<br> %<br>| &nbsp;&nbsp;&nbsp; 71<br> %<br>| &nbsp;&nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 59<br> %<br>|

---

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

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

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

<sup>(d)</sup> In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the investment companies in which the Fund invests. Estimated investment companies' expenses are not expenses that are incurred directly by the Fund. They are expenses that are incurred directly by the investment companies and are deducted from the value of the investment companies the Fund invests in. The effect of the estimated investment companies' expenses that the Fund bears indirectly is included in the Fund's total return. 

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

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

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

------

**17**

------

**Financial Highlights—(continued)**

Invesco KBW Premium Yield Equity REIT ETF (KBWY)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $16.34 | &nbsp;&nbsp;&nbsp; $20.41 | &nbsp;&nbsp;&nbsp; $19.15 | &nbsp;&nbsp;&nbsp; $22.07 | &nbsp;&nbsp;&nbsp; $23.91 | &nbsp;&nbsp;&nbsp; $18.71 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.94 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.63 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.43)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $16.37 | &nbsp;&nbsp;&nbsp; $16.34 | &nbsp;&nbsp;&nbsp; $20.41 | &nbsp;&nbsp;&nbsp; $19.15 | &nbsp;&nbsp;&nbsp; $22.07 | &nbsp;&nbsp;&nbsp; $23.91 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $16.37 | &nbsp;&nbsp;&nbsp; $16.34 | &nbsp;&nbsp;&nbsp; $20.41 | &nbsp;&nbsp;&nbsp; $19.14 | &nbsp;&nbsp;&nbsp; $22.09 | &nbsp;&nbsp;&nbsp; $23.89 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.07<br> %<br>| &nbsp;&nbsp;&nbsp; (12.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.18<br> %<br>| &nbsp;&nbsp;&nbsp; (5.72)%<br>| &nbsp;&nbsp;&nbsp; (2.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.86<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.06<br> %<br>| &nbsp;&nbsp;&nbsp; (12.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.24<br> %<br>| &nbsp;&nbsp;&nbsp; (5.85)%<br>| &nbsp;&nbsp;&nbsp; (2.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.52<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $268739 | &nbsp;&nbsp;&nbsp; $251082 | &nbsp;&nbsp;&nbsp; $234521 | &nbsp;&nbsp;&nbsp; $227297 | &nbsp;&nbsp;&nbsp; $288420 | &nbsp;&nbsp;&nbsp; $350063 |
| 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; 7.49 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 72<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. 

Invesco KBW Property & Casualty Insurance ETF (KBWP)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $121.47 | &nbsp;&nbsp;&nbsp; $115.51 | &nbsp;&nbsp;&nbsp; $82.76 | &nbsp;&nbsp;&nbsp; $76.55 | &nbsp;&nbsp;&nbsp; $80.54 | &nbsp;&nbsp;&nbsp; $60.03 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;32.82 | &nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.09 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;34.30 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.03 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $126.53 | &nbsp;&nbsp;&nbsp; $121.47 | &nbsp;&nbsp;&nbsp; $115.51 | &nbsp;&nbsp;&nbsp; $82.76 | &nbsp;&nbsp;&nbsp; $76.55 | &nbsp;&nbsp;&nbsp; $80.54 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $126.54 | &nbsp;&nbsp;&nbsp; $121.50 | &nbsp;&nbsp;&nbsp; $115.44 | &nbsp;&nbsp;&nbsp; $82.76 | &nbsp;&nbsp;&nbsp; $76.65 | &nbsp;&nbsp;&nbsp; $80.48 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> %<br>| &nbsp;&nbsp;&nbsp; (1.98)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.10<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.00<br> %<br>| &nbsp;&nbsp;&nbsp; (1.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.78<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $277110 | &nbsp;&nbsp;&nbsp; $476156 | &nbsp;&nbsp;&nbsp; $336146 | &nbsp;&nbsp;&nbsp; $148967 | &nbsp;&nbsp;&nbsp; $206689 | &nbsp;&nbsp;&nbsp; $88593 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(e)</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; 2.61 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82 %<sup>(b)</sup><br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

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<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 $1.54 and 2.23%, 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.

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

February 28, 2026

*(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 KBW Bank ETF (KBWB) | "KBW Bank ETF" |
| Invesco KBW High Dividend Yield Financial ETF (KBWD) | "KBW High Dividend Yield Financial ETF" |
| Invesco KBW Premium Yield Equity REIT ETF (KBWY) | "KBW Premium Yield Equity REIT ETF" |
| Invesco KBW Property & Casualty Insurance ETF (KBWP) | "KBW Property & Casualty Insurance 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 Nasdaq Stock Market LLC.

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 the deposit or delivery of 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** |
| KBW Bank ETF | KBW Nasdaq Bank<sup>TM</sup> Index |
| KBW High Dividend Yield Financial ETF | KBW Nasdaq Financial Sector Dividend Yield<sup>TM</sup> Index |
| KBW Premium Yield Equity REIT ETF | KBW Nasdaq Premium Yield Equity REIT<sup>TM</sup> Index |
| KBW Property & Casualty Insurance ETF | KBW Nasdaq Property & Casualty<sup>TM</sup> Index |

---

**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, as of the approximate official closing time of that exchange. 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.

Private 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. Distributions from ordinary income from underlying funds, if any, are recorded as dividend income on the ex-dividend date. Distributions from gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. Dividend income from REITs is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. Realized gains, dividends and interest received by a Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

**C.** **Country Determination** - For the purposes of presentation in the Schedules of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors 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** - KBW Bank ETF and KBW Property & Casualty Insurance ETF each declare and pay dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. KBW High Dividend Yield Financial ETF and KBW Premium Yield Equity REIT ETF each declares and pays dividends from net investment income, if any, to its shareholders monthly 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

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

**F.** **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.

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

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

**I.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act 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.

**J.** **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 ("BNY") also serves as a securities lending agent.

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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 February 28, 2026, 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** |
| KBW Bank ETF | $2844 |
| KBW High Dividend Yield Financial ETF | 18501 |
| KBW Premium Yield Equity REIT ETF | 2339 |
| KBW Property & Casualty Insurance ETF | 340 |

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**K.** **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 can be received or made depending upon whether unrealized gains or losses are incurred. These amounts, if any, are reflected as a receivable or payable on the Statements of Assets and Liabilities. Otherwise, the variation margin excess or deficit can be netted with cash held at the futures commission merchant broker and reflected as Cash collateral-futures contracts on the Statements of Assets and Liabilities. 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.

**L.** **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.

*Banking Industry Risk*. KBW Bank ETF may be susceptible to adverse economic or regulatory occurrences affecting the banking industry. Banks are subject to extensive government regulation that may affect the scope of their activities, their profitability, the prices that they can charge and the amount of capital and liquid assets that they must maintain. In addition, changes in interest rates can have a disproportionate effect on the banking industry; banks whose securities this Fund may

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**23**

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purchase may themselves have concentrated portfolios of loans or investments that make them vulnerable to economic conditions that affect that industry. Credit, borrower, asset, depositor and counterparty concentration can negatively impact banks in which this Fund invests. Negative public perception and increased competition also may adversely affect the profitability or viability of banks.

*Dividend Paying Securities Risk*. As a group, securities that pay high dividends may fall out of favor with investors and underperform companies that do not pay high dividends. Also, changes in the dividend policies of the companies in the Underlying Index of certain Funds and the capital resources available for such companies' dividend payments may affect such Funds. There is the possibility that dividend paying companies could reduce or eliminate the payment of dividends in the future, or an anticipated acceleration of dividends may not occur. Depending on market conditions, dividend paying stocks included in the Underlying Index of certain Funds may not be widely available for purchase or may be highly concentrated in only a few market sectors. This may increase the volatility of such Funds' returns and limit their ability to produce current income while remaining fully diversified. High-dividend stocks may not experience high earnings growth or capital appreciation. Certain Funds' performance during a broad market advance could suffer because dividend paying stocks may not experience the same capital appreciation as non-dividend paying stocks. In addition, the value of dividend paying common stocks can decline when interest rates rise, as fixed-income investments become more attractive to investors.

*Investments in Business Development Companies ("BDCs") Risk.* Certain Funds invest in BDCs. There are certain risks inherent in investing in BDCs, whose principal business is to invest in, and lend capital or provide services to, privately held companies. BDCs generally invest in less mature private companies, which involve greater risk than well-established publicly traded companies. Generally, little public information exists for private and thinly traded companies, and there is a risk that investors may not be able to make a fully informed evaluation of a BDC and its portfolio of investments. In addition, investments made by BDCs generally are subject to legal and other restrictions on resale and otherwise are less liquid than publicly traded securities. With respect to a BDC's investment in debt instruments, there is a risk that the issuer may default on its payments or declare bankruptcy. Investment advisers to BDCs may be entitled to compensation based on the BDC's performance, which may result in riskier or more speculative investments in an effort to maximize incentive compensation and higher fees. In addition, to the extent that a Fund invests a portion of its assets in BDCs, a shareholder in the Fund not only will bear his or her proportionate share of the expenses of the Fund, but also will bear indirectly the expenses of the BDCs.

*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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

*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,

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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 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.

*Non-Diversified Fund Risk*. KBW Bank ETF and KBW Property & Casualty Insurance ETF are non-diversified and can invest a greater portion of their respective assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. 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 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.

*REIT Risk*. REITs are pooled investment vehicles that trade like stocks and invest substantially all of their assets in real estate and may qualify for special tax considerations. REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. Further, failure of a company to qualify as a REIT under federal tax law may have adverse consequences to the REIT's shareholders. In addition, REITs may have expenses, including advisory and administration expenses, and REIT shareholders will incur a proportionate share of the underlying expenses.

*Small- and Mid-Capitalization Companies 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. Stocks of small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies. They may be more sensitive to changes in a company's earnings expectations and may experience more abrupt and erratic price movements. Smaller companies' securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider price fluctuations and it might be harder for a Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-capitalization companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-capitalization company, if any gain is realized at all.

**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

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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>|
| KBW Bank ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| KBW High Dividend Yield Financial ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| KBW Premium Yield Equity REIT ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| KBW Property & Casualty Insurance ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|

---

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 February 28, 2026, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| KBW Bank ETF | &nbsp;&nbsp;&nbsp; $3586 |
| KBW High Dividend Yield Financial ETF | &nbsp;&nbsp;&nbsp; 616 |
| KBW Premium Yield Equity REIT ETF | &nbsp;&nbsp;&nbsp; 136 |
| KBW Property & Casualty Insurance ETF | &nbsp;&nbsp;&nbsp; 171 |

---

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 Keefe, Bruyette & Woods, Inc. (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 BNY, 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 February 28, 2026, 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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| | |
|:---|:---|
| KBW Bank ETF | &nbsp;&nbsp;&nbsp; $44868 |
| KBW High Dividend Yield Financial ETF | &nbsp;&nbsp;&nbsp; 9720 |
| KBW Premium Yield Equity REIT ETF | &nbsp;&nbsp;&nbsp; 6121 |
| KBW Property & Casualty Insurance ETF | &nbsp;&nbsp;&nbsp; 257 |

---

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.

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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** |
| KBW Bank ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $5571093331 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5571093331 |
| Money Market Funds | &nbsp;&nbsp; 7281645 | &nbsp;&nbsp; 85989877 | &nbsp;&nbsp; - | &nbsp;&nbsp; 93271522 |
| **Total Investments in Securities** | &nbsp;&nbsp; 5578374976 | &nbsp;&nbsp; 85989877 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5664364853 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (973028)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (973028)<br>|
| **Total Investments** | &nbsp;&nbsp; $5577401948 | &nbsp;&nbsp; $85989877 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5663391825 |
| KBW High Dividend Yield Financial ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $325359145 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $325359145 |
| Closed-End Funds | &nbsp;&nbsp; 109363354 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 109363354 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 134166491 | &nbsp;&nbsp; - | &nbsp;&nbsp; 134166491 |
| **Total Investments** | &nbsp;&nbsp; $434722499 | &nbsp;&nbsp; $134166491 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $568888990 |
| KBW Premium Yield Equity REIT ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $268631317 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $268631317 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 65043559 | &nbsp;&nbsp; - | &nbsp;&nbsp; 65043559 |
| **Total Investments** | &nbsp;&nbsp; $268631317 | &nbsp;&nbsp; $65043559 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $333674876 |
| KBW Property & Casualty Insurance ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $277090618 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $277090618 |
| Money Market Funds | &nbsp;&nbsp; 11679 | &nbsp;&nbsp; 13449754 | &nbsp;&nbsp; - | &nbsp;&nbsp; 13461433 |
| **Total Investments** | &nbsp;&nbsp; $277102297 | &nbsp;&nbsp; $13449754 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $290552051 |

---

\* 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.

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 February 28, 2026:

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| | |
|:---|:---|
|  | **Value** |
|  | **KBW Bank ETF** |
| **Derivative Liabilities** | **Equity** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts—Exchange-Traded | &nbsp;&nbsp; $(973028)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; 973028 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp; $- |

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**Effect of Derivative Investments for the Six-Month Period Ended February 28, 2026**

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** |
|  | **KBW Bank ETF** |
|  | **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp; $544065 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp; (1448168)<br>|
| Total | &nbsp;&nbsp; $(904103)<br>|

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Average Notional Value** |
|  | **KBW Bank ETF** |
| Futures contracts | &nbsp;&nbsp; $10689793 |

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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 August 31, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| KBW Bank ETF | &nbsp;&nbsp; $80557131 | &nbsp;&nbsp; $327274568 | &nbsp;&nbsp; $407831699 |
| KBW High Dividend Yield Financial ETF | &nbsp;&nbsp; 60762861 | &nbsp;&nbsp; 165929511 | &nbsp;&nbsp; 226692372 |
| KBW Premium Yield Equity REIT ETF | &nbsp;&nbsp; 82100274 | &nbsp;&nbsp; 149972122 | &nbsp;&nbsp; 232072396 |
| KBW Property & Casualty Insurance ETF | &nbsp;&nbsp; 3576482 | &nbsp;&nbsp; 7540078 | &nbsp;&nbsp; 11116560 |

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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 7—Investment Transactions**

For the six months ended February 28, 2026, 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** |
| KBW Bank ETF | &nbsp;&nbsp; $442301586 | &nbsp;&nbsp; $447085957 |
| KBW High Dividend Yield Financial ETF | &nbsp;&nbsp; 128560445 | &nbsp;&nbsp; 122959082 |
| KBW Premium Yield Equity REIT ETF | &nbsp;&nbsp; 117418283 | &nbsp;&nbsp; 118402809 |
| KBW Property & Casualty Insurance ETF | &nbsp;&nbsp; 137124327 | &nbsp;&nbsp; 134358030 |

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For the six months ended February 28, 2026, 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>|
| KBW Bank ETF | &nbsp;&nbsp; $3496015946 | &nbsp;&nbsp; $3135605458 |
| KBW High Dividend Yield Financial ETF | &nbsp;&nbsp; 45271954 | &nbsp;&nbsp; 6788937 |
| KBW Premium Yield Equity REIT ETF | &nbsp;&nbsp; 16094535 | &nbsp;&nbsp; 1073466 |
| KBW Property & Casualty Insurance ETF | &nbsp;&nbsp; 83003813 | &nbsp;&nbsp; 299256424 |

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

As of February 28, 2026, 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** |
| KBW Bank ETF | &nbsp;&nbsp; $277564624 | &nbsp;&nbsp; $(98067742)<br>| &nbsp;&nbsp; $179496882 | &nbsp;&nbsp; $5483894943 |
| KBW High Dividend Yield Financial ETF | &nbsp;&nbsp; 20370786 | &nbsp;&nbsp; (64509177)<br>| &nbsp;&nbsp; (44138391)<br>| &nbsp;&nbsp; 613027381 |
| KBW Premium Yield Equity REIT ETF | &nbsp;&nbsp; 17787706 | &nbsp;&nbsp; (20816765)<br>| &nbsp;&nbsp; (3029059)<br>| &nbsp;&nbsp; 336703935 |
| KBW Property & Casualty Insurance ETF | &nbsp;&nbsp; 19042329 | &nbsp;&nbsp; (15700880)<br>| &nbsp;&nbsp; 3341449 | &nbsp;&nbsp; 287210602 |

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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 Statements of Changes in Net Assets.

------

**29**

------

**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>**

Not applicable.

------

**30**

------

**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-KBW-NCSRS

invesco.com/ETFs

------

![](imgab34af591.jpg)

------

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

February 28, 2026

---

| | |
|:---|:---|
| **RWL** | Invesco S&P 500 Revenue ETF |
| **RWK** | Invesco S&P MidCap 400 Revenue ETF |
| **RWJ** | Invesco S&P SmallCap 600 Revenue ETF |
| **RDIV** | Invesco S&P Ultra Dividend Revenue ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco S&P 500 Revenue ETF (RWL)](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_SOI-Continued-614_1) | **3** |
| [Invesco S&P MidCap 400 Revenue ETF (RWK)](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_SOI-Continued-614_7) | **9** |
| [Invesco S&P SmallCap 600 Revenue ETF (RWJ)](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_SOI-Continued-614_12) | **14** |
| [Invesco S&P Ultra Dividend Revenue ETF (RDIV)](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_SOI-Continued-614_19) | **21** |
| [Statements of Assets and Liabilities](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_FS-Continued-614_1) | **23** |
| [Statements of Operations](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_FS-Continued-614_2) | **24** |
| [Statements of Changes in Net Assets](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_FS-Continued-614_4) | **26** |
| [Financial Highlights](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_FIHI-Continued-614_1) | **28** |
| [Notes to Financial Statements](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_NTF-Continued-614_1) | **32** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_d67f4f61-f67f-4a06-b7c0-d97bc8699c86_OIRSR-Continued_1) | **41** |

---

------

**2**

------

**Invesco S&P 500 Revenue ETF (RWL)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** |
| **Communication Services-7.54%** | **Communication Services-7.54%** | **Communication Services-7.54%** |
| Alphabet, Inc., Class A | 256144 | &nbsp;&nbsp; $79855453 |
| Alphabet, Inc., Class C | 255531 | &nbsp;&nbsp; 79580019 |
| AT&T, Inc. | 2171656 | &nbsp;&nbsp; 60828085 |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup><br>| 109830 | &nbsp;&nbsp; 25769413 |
| Comcast Corp., Class A | 1902448 | &nbsp;&nbsp; 58899790 |
| Electronic Arts, Inc. | 15273 | &nbsp;&nbsp; 3063306 |
| Fox Corp., Class A | 48845 | &nbsp;&nbsp; 2751927 |
| Fox Corp., Class B | 55166 | &nbsp;&nbsp; 2853737 |
| Live Nation Entertainment, Inc.<sup>(b)(c)</sup> | 75310 | &nbsp;&nbsp; 12210763 |
| Match Group, Inc. | 43638 | &nbsp;&nbsp; 1378961 |
| Meta Platforms, Inc., Class A | 123962 | &nbsp;&nbsp; 80349689 |
| Netflix, Inc.<sup>(b)</sup> | 198758 | &nbsp;&nbsp; 19128470 |
| News Corp., Class A | 69157 | &nbsp;&nbsp; 1679824 |
| News Corp., Class B | 61179 | &nbsp;&nbsp; 1638374 |
| Omnicom Group, Inc. | 88209 | &nbsp;&nbsp; 7523346 |
| Paramount Skydance Corp.<sup>(c)</sup> | 829906 | &nbsp;&nbsp; 11212030 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 10741 | &nbsp;&nbsp; 2271507 |
| TKO Group Holdings, Inc. | 9265 | &nbsp;&nbsp; 2074156 |
| T-Mobile US, Inc. | 187055 | &nbsp;&nbsp; 40607770 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 30248 | &nbsp;&nbsp; 720507 |
| Verizon Communications, Inc. | 1465508 | &nbsp;&nbsp; 73480571 |
| Walt Disney Co. (The) | 368200 | &nbsp;&nbsp; 39043928 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 545309 | &nbsp;&nbsp; 15361354 |
|  |  | &nbsp;&nbsp; 622282980 |
| **Consumer Discretionary-10.97%** | **Consumer Discretionary-10.97%** | **Consumer Discretionary-10.97%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 39941 | &nbsp;&nbsp; 5396429 |
| Amazon.com, Inc.<sup>(b)</sup> | 1269155 | &nbsp;&nbsp; 266522550 |
| Aptiv PLC<sup>(b)</sup> | 109102 | &nbsp;&nbsp; 8023361 |
| AutoZone, Inc.<sup>(b)</sup> | 2376 | &nbsp;&nbsp; 8923258 |
| Best Buy Co., Inc. | 239975 | &nbsp;&nbsp; 14871251 |
| Booking Holdings, Inc. | 2140 | &nbsp;&nbsp; 9072209 |
| Carnival Corp. | 424474 | &nbsp;&nbsp; 13392155 |
| Carvana Co.<sup>(b)(c)</sup> | 16558 | &nbsp;&nbsp; 5533021 |
| Chipotle Mexican Grill, Inc.<sup>(b)</sup> | 147680 | &nbsp;&nbsp; 5496650 |
| D.R. Horton, Inc. | 93767 | &nbsp;&nbsp; 15039289 |
| Darden Restaurants, Inc.<sup>(c)</sup> | 29342 | &nbsp;&nbsp; 6274787 |
| Deckers Outdoor Corp.<sup>(b)</sup> | 22051 | &nbsp;&nbsp; 2585921 |
| Domino's Pizza, Inc. | 4889 | &nbsp;&nbsp; 1967871 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 24352 | &nbsp;&nbsp; 4297397 |
| eBay, Inc. | 55490 | &nbsp;&nbsp; 5041821 |
| Expedia Group, Inc. | 22245 | &nbsp;&nbsp; 4798024 |
| Ford Motor Co. | 6015673 | &nbsp;&nbsp; 84760833 |
| Garmin Ltd. | 13984 | &nbsp;&nbsp; 3535575 |
| General Motors Co. | 987050 | &nbsp;&nbsp; 77690706 |
| Genuine Parts Co. | 78010 | &nbsp;&nbsp; 9303473 |
| Hasbro, Inc. | 22539 | &nbsp;&nbsp; 2244659 |
| Hilton Worldwide Holdings, Inc. | 18412 | &nbsp;&nbsp; 5740493 |
| Home Depot, Inc. (The) | 201399 | &nbsp;&nbsp; 76676627 |
| Las Vegas Sands Corp. | 78488 | &nbsp;&nbsp; 4451839 |
| Lennar Corp., Class A | 105990 | &nbsp;&nbsp; 12121016 |
| Lowe's Cos., Inc. | 145570 | &nbsp;&nbsp; 38513455 |
| lululemon athletica, Inc.<sup>(b)</sup> | 24653 | &nbsp;&nbsp; 4564996 |
| Marriott International, Inc., Class A | 38411 | &nbsp;&nbsp; 13126191 |
| McDonald's Corp. | 35949 | &nbsp;&nbsp; 12260766 |
| MGM Resorts International<sup>(b)</sup> | 197487 | &nbsp;&nbsp; 7279371 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| NIKE, Inc., Class B | 300673 | &nbsp;&nbsp; $18695847 |
| Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 214277 | &nbsp;&nbsp; 5311927 |
| NVR, Inc.<sup>(b)</sup> | 562 | &nbsp;&nbsp; 4224998 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 79310 | &nbsp;&nbsp; 7445623 |
| Pool Corp. | 9255 | &nbsp;&nbsp; 2102551 |
| PulteGroup, Inc. | 58546 | &nbsp;&nbsp; 8032511 |
| Ralph Lauren Corp. | 8929 | &nbsp;&nbsp; 3237655 |
| Ross Stores, Inc. | 51480 | &nbsp;&nbsp; 10586347 |
| Royal Caribbean Cruises Ltd. | 28433 | &nbsp;&nbsp; 8841526 |
| Starbucks Corp. | 188466 | &nbsp;&nbsp; 18473437 |
| Tapestry, Inc. | 26126 | &nbsp;&nbsp; 4061809 |
| Tesla, Inc.<sup>(b)</sup> | 90132 | &nbsp;&nbsp; 36279031 |
| TJX Cos., Inc. (The) | 161114 | &nbsp;&nbsp; 26045689 |
| Tractor Supply Co. | 123845 | &nbsp;&nbsp; 6420125 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 8482 | &nbsp;&nbsp; 5808389 |
| Williams-Sonoma, Inc. | 18027 | &nbsp;&nbsp; 3707253 |
| Wynn Resorts Ltd. | 24475 | &nbsp;&nbsp; 2647950 |
| Yum! Brands, Inc. | 23828 | &nbsp;&nbsp; 4006916 |
|  |  | &nbsp;&nbsp; 905435578 |
| **Consumer Staples-12.66%** | **Consumer Staples-12.66%** | **Consumer Staples-12.66%** |
| Altria Group, Inc. | 146159 | &nbsp;&nbsp; 10090817 |
| Archer-Daniels-Midland Co. | 608561 | &nbsp;&nbsp; 42015051 |
| Brown-Forman Corp., Class B | 54403 | &nbsp;&nbsp; 1570071 |
| Bunge Global S.A. | 279938 | &nbsp;&nbsp; 33774520 |
| Campbell's Co. (The)<sup>(c)</sup> | 154758 | &nbsp;&nbsp; 4170728 |
| Church & Dwight Co., Inc. | 31296 | &nbsp;&nbsp; 3281699 |
| Clorox Co. (The) | 28056 | &nbsp;&nbsp; 3567601 |
| Coca-Cola Co. (The) | 289233 | &nbsp;&nbsp; 23589844 |
| Colgate-Palmolive Co. | 109874 | &nbsp;&nbsp; 10892908 |
| Conagra Brands, Inc. | 279177 | &nbsp;&nbsp; 5374157 |
| Constellation Brands, Inc., Class A<sup>(c)</sup> | 27479 | &nbsp;&nbsp; 4337835 |
| Costco Wholesale Corp. | 133924 | &nbsp;&nbsp; 135369040 |
| Dollar General Corp. | 142260 | &nbsp;&nbsp; 22226702 |
| Dollar Tree, Inc.<sup>(b)</sup> | 64920 | &nbsp;&nbsp; 8211082 |
| Estee Lauder Cos., Inc. (The), Class A | 57170 | &nbsp;&nbsp; 6258400 |
| General Mills, Inc. | 178184 | &nbsp;&nbsp; 8059262 |
| Hershey Co. (The) | 27090 | &nbsp;&nbsp; 6400825 |
| Hormel Foods Corp. | 216908 | &nbsp;&nbsp; 5552845 |
| J.M. Smucker Co. (The) | 37407 | &nbsp;&nbsp; 4337342 |
| Kenvue, Inc. | 368418 | &nbsp;&nbsp; 7044152 |
| Keurig Dr Pepper, Inc. | 232883 | &nbsp;&nbsp; 7051697 |
| Kimberly-Clark Corp. | 74517 | &nbsp;&nbsp; 8304174 |
| Kraft Heinz Co. (The) | 439470 | &nbsp;&nbsp; 10815357 |
| Kroger Co. (The) | 1022919 | &nbsp;&nbsp; 69803993 |
| Lamb Weston Holdings, Inc. | 46547 | &nbsp;&nbsp; 2243100 |
| McCormick & Co., Inc. | 44839 | &nbsp;&nbsp; 3185363 |
| Molson Coors Beverage Co., Class B | 101758 | &nbsp;&nbsp; 4985124 |
| Mondelez International, Inc., Class A | 297080 | &nbsp;&nbsp; 18294186 |
| Monster Beverage Corp.<sup>(b)</sup> | 45943 | &nbsp;&nbsp; 3918938 |
| PepsiCo, Inc. | 264218 | &nbsp;&nbsp; 44848363 |
| Philip Morris International, Inc. | 113226 | &nbsp;&nbsp; 21154014 |
| Procter & Gamble Co. (The) | 258565 | &nbsp;&nbsp; 43232068 |
| Sysco Corp. | 474822 | &nbsp;&nbsp; 43284774 |
| Target Corp. | 473233 | &nbsp;&nbsp; 53849183 |
| Tyson Foods, Inc., Class A | 401756 | &nbsp;&nbsp; 26110122 |
| Walmart, Inc.<sup>(c)</sup> | 2643180 | &nbsp;&nbsp; 338194881 |
|  |  | &nbsp;&nbsp; 1045400218 |

---

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

------

**3**

------

**Invesco S&P 500 Revenue ETF (RWL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy-7.60%** | **Energy-7.60%** | **Energy-7.60%** |
| APA Corp. | 155763 | &nbsp;&nbsp; $4730522 |
| Baker Hughes Co., Class A | 245314 | &nbsp;&nbsp; 16009192 |
| Chevron Corp. | 526037 | &nbsp;&nbsp; 98242707 |
| ConocoPhillips | 262209 | &nbsp;&nbsp; 29750233 |
| Coterra Energy, Inc. | 109375 | &nbsp;&nbsp; 3345781 |
| Devon Energy Corp. | 186891 | &nbsp;&nbsp; 8135365 |
| Diamondback Energy, Inc. | 40763 | &nbsp;&nbsp; 7096023 |
| EOG Resources, Inc. | 86424 | &nbsp;&nbsp; 10723490 |
| EQT Corp. | 58540 | &nbsp;&nbsp; 3595527 |
| Expand Energy Corp. | 39261 | &nbsp;&nbsp; 4237047 |
| Exxon Mobil Corp. | 1156385 | &nbsp;&nbsp; 176348713 |
| Halliburton Co. | 324194 | &nbsp;&nbsp; 11670984 |
| Kinder Morgan, Inc. | 261707 | &nbsp;&nbsp; 8706992 |
| Marathon Petroleum Corp. | 295272 | &nbsp;&nbsp; 58525863 |
| Occidental Petroleum Corp. | 273290 | &nbsp;&nbsp; 14506233 |
| ONEOK, Inc. | 181966 | &nbsp;&nbsp; 15061326 |
| Phillips 66 | 390217 | &nbsp;&nbsp; 60222190 |
| SLB Ltd. | 375392 | &nbsp;&nbsp; 19272625 |
| Targa Resources Corp. | 40810 | &nbsp;&nbsp; 9622998 |
| Texas Pacific Land Corp. | 1023 | &nbsp;&nbsp; 536349 |
| Valero Energy Corp. | 297534 | &nbsp;&nbsp; 60887358 |
| Williams Cos., Inc. (The) | 81252 | &nbsp;&nbsp; 6071149 |
|  |  | &nbsp;&nbsp; 627298667 |
| **Financials-14.33%** | **Financials-14.33%** | **Financials-14.33%** |
| Aflac, Inc. | 70254 | &nbsp;&nbsp; 7933784 |
| Allstate Corp. (The) | 141317 | &nbsp;&nbsp; 30315323 |
| American Express Co. | 89130 | &nbsp;&nbsp; 27532257 |
| American International Group, Inc. | 143756 | &nbsp;&nbsp; 11570920 |
| Ameriprise Financial, Inc. | 15840 | &nbsp;&nbsp; 7446701 |
| Aon PLC, Class A | 21390 | &nbsp;&nbsp; 7175703 |
| Apollo Global Management, Inc.<sup>(c)</sup> | 79473 | &nbsp;&nbsp; 8312876 |
| Arch Capital Group Ltd.<sup>(b)</sup> | 88245 | &nbsp;&nbsp; 8837737 |
| Ares Management Corp., Class A | 14405 | &nbsp;&nbsp; 1613504 |
| Arthur J. Gallagher & Co. | 22998 | &nbsp;&nbsp; 5248144 |
| Assurant, Inc. | 24022 | &nbsp;&nbsp; 5515211 |
| Bank of America Corp. | 1540987 | &nbsp;&nbsp; 76787382 |
| Bank of New York Mellon Corp. (The) | 145639 | &nbsp;&nbsp; 17345605 |
| Berkshire Hathaway, Inc., Class B<sup>(b)</sup> | 322830 | &nbsp;&nbsp; 163013008 |
| BlackRock, Inc. | 9223 | &nbsp;&nbsp; 9806170 |
| Blackstone, Inc., Class A | 38036 | &nbsp;&nbsp; 4312141 |
| Block, Inc., Class A<sup>(b)</sup> | 161082 | &nbsp;&nbsp; 10260923 |
| Brown & Brown, Inc.<sup>(c)</sup> | 29996 | &nbsp;&nbsp; 2154313 |
| Capital One Financial Corp. | 112213 | &nbsp;&nbsp; 21953351 |
| Cboe Global Markets, Inc. | 7890 | &nbsp;&nbsp; 2364791 |
| Charles Schwab Corp. (The) | 120516 | &nbsp;&nbsp; 11473123 |
| Chubb Ltd. | 84106 | &nbsp;&nbsp; 28668371 |
| Cincinnati Financial Corp. | 31603 | &nbsp;&nbsp; 5182260 |
| Citigroup, Inc. | 650014 | &nbsp;&nbsp; 71625043 |
| Citizens Financial Group, Inc. | 87545 | &nbsp;&nbsp; 5269334 |
| CME Group, Inc., Class A | 10244 | &nbsp;&nbsp; 3272958 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 13493 | &nbsp;&nbsp; 2372744 |
| Corpay, Inc.<sup>(b)</sup> | 5832 | &nbsp;&nbsp; 1895983 |
| Erie Indemnity Co., Class A | 6180 | &nbsp;&nbsp; 1665139 |
| Everest Group Ltd. | 23872 | &nbsp;&nbsp; 8008817 |
| FactSet Research Systems, Inc. | 3369 | &nbsp;&nbsp; 730433 |
| Fidelity National Information Services, <br> Inc.<br>| 66862 | &nbsp;&nbsp; 3407288 |
| Fifth Third Bancorp | 121478 | &nbsp;&nbsp; 6009517 |
| Fiserv, Inc.<sup>(b)</sup> | 135214 | &nbsp;&nbsp; 8422480 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Franklin Resources, Inc. | 159283 | &nbsp;&nbsp; $4227371 |
| Global Payments, Inc. | 47041 | &nbsp;&nbsp; 3596755 |
| Globe Life, Inc. | 18715 | &nbsp;&nbsp; 2718541 |
| Goldman Sachs Group, Inc. (The) | 60546 | &nbsp;&nbsp; 52043525 |
| Hartford Insurance Group, Inc. (The) | 91084 | &nbsp;&nbsp; 12827360 |
| Huntington Bancshares, Inc. | 297043 | &nbsp;&nbsp; 4990322 |
| Interactive Brokers Group, Inc., Class A | 64569 | &nbsp;&nbsp; 4596667 |
| Intercontinental Exchange, Inc. | 31511 | &nbsp;&nbsp; 5171900 |
| Invesco Ltd.<sup>(d)</sup> | 99329 | &nbsp;&nbsp; 2608380 |
| Jack Henry & Associates, Inc. | 5548 | &nbsp;&nbsp; 901328 |
| JPMorgan Chase & Co. | 381437 | &nbsp;&nbsp; 114545531 |
| KeyCorp | 212917 | &nbsp;&nbsp; 4415899 |
| KKR & Co., Inc., Class A | 53245 | &nbsp;&nbsp; 4668522 |
| Loews Corp. | 75729 | &nbsp;&nbsp; 8331705 |
| M&T Bank Corp. | 27415 | &nbsp;&nbsp; 5948507 |
| Marsh & McLennan Cos., Inc. | 62202 | &nbsp;&nbsp; 11615601 |
| Mastercard, Inc., Class A | 24862 | &nbsp;&nbsp; 12858875 |
| MetLife, Inc. | 383561 | &nbsp;&nbsp; 27643241 |
| Moody's Corp. | 6546 | &nbsp;&nbsp; 3126304 |
| Morgan Stanley | 267791 | &nbsp;&nbsp; 44589879 |
| MSCI, Inc. | 2432 | &nbsp;&nbsp; 1390691 |
| Nasdaq, Inc. | 37741 | &nbsp;&nbsp; 3305357 |
| Northern Trust Corp. | 44392 | &nbsp;&nbsp; 6352051 |
| PayPal Holdings, Inc. | 228832 | &nbsp;&nbsp; 10574327 |
| PNC Financial Services Group, Inc. (The) | 69783 | &nbsp;&nbsp; 14818420 |
| Principal Financial Group, Inc. | 74440 | &nbsp;&nbsp; 7103065 |
| Progressive Corp. (The) | 162692 | &nbsp;&nbsp; 34760773 |
| Prudential Financial, Inc. | 213447 | &nbsp;&nbsp; 20998916 |
| Raymond James Financial, Inc. | 40501 | &nbsp;&nbsp; 6199893 |
| Regions Financial Corp. | 148776 | &nbsp;&nbsp; 4140436 |
| Robinhood Markets, Inc., Class A<sup>(b)</sup> | 13239 | &nbsp;&nbsp; 1004178 |
| S&P Global, Inc. | 13014 | &nbsp;&nbsp; 5750626 |
| State Street Corp. | 71451 | &nbsp;&nbsp; 9190028 |
| Synchrony Financial | 96968 | &nbsp;&nbsp; 6701458 |
| T. Rowe Price Group, Inc.<sup>(c)</sup> | 29558 | &nbsp;&nbsp; 2797074 |
| Travelers Cos., Inc. (The) | 73940 | &nbsp;&nbsp; 22820842 |
| Truist Financial Corp. | 262727 | &nbsp;&nbsp; 12955068 |
| U.S. Bancorp | 339928 | &nbsp;&nbsp; 18580464 |
| Visa, Inc., Class A | 52208 | &nbsp;&nbsp; 16713869 |
| W.R. Berkley Corp. | 92222 | &nbsp;&nbsp; 6612317 |
| Wells Fargo & Co. | 577366 | &nbsp;&nbsp; 47026461 |
| Willis Towers Watson PLC | 13245 | &nbsp;&nbsp; 4041977 |
|  |  | &nbsp;&nbsp; 1182767838 |
| **Health Care-19.59%** | **Health Care-19.59%** | **Health Care-19.59%** |
| Abbott Laboratories | 152165 | &nbsp;&nbsp; 17704398 |
| AbbVie, Inc. | 112610 | &nbsp;&nbsp; 26134529 |
| Agilent Technologies, Inc. | 20641 | &nbsp;&nbsp; 2505405 |
| Align Technology, Inc.<sup>(b)</sup> | 10315 | &nbsp;&nbsp; 1960882 |
| Amgen, Inc. | 48412 | &nbsp;&nbsp; 18791602 |
| Baxter International, Inc. | 256708 | &nbsp;&nbsp; 5229142 |
| Becton, Dickinson and Co. | 46794 | &nbsp;&nbsp; 8258205 |
| Biogen, Inc.<sup>(b)</sup> | 23253 | &nbsp;&nbsp; 4460390 |
| Bio-Techne Corp.<sup>(c)</sup> | 8466 | &nbsp;&nbsp; 499494 |
| Boston Scientific Corp.<sup>(b)</sup> | 88809 | &nbsp;&nbsp; 6824972 |
| Bristol-Myers Squibb Co. | 398867 | &nbsp;&nbsp; 24877335 |
| Cardinal Health, Inc. | 503012 | &nbsp;&nbsp; 115305441 |
| Cencora, Inc. | 401196 | &nbsp;&nbsp; 149301079 |
| Centene Corp.<sup>(b)</sup> | 2045051 | &nbsp;&nbsp; 91781889 |

---

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

------

**4**

------

**Invesco S&P 500 Revenue ETF (RWL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Charles River Laboratories International, <br> Inc.<sup>(b)</sup><br>| 8721 | &nbsp;&nbsp; $1556611 |
| Cigna Group (The) | 434579 | &nbsp;&nbsp; 125949686 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 21531 | &nbsp;&nbsp; 1801499 |
| CVS Health Corp. | 2122598 | &nbsp;&nbsp; 169595580 |
| Danaher Corp. | 44745 | &nbsp;&nbsp; 9425087 |
| DaVita, Inc.<sup>(b)(c)</sup> | 47767 | &nbsp;&nbsp; 7465982 |
| Dexcom, Inc.<sup>(b)</sup> | 28382 | &nbsp;&nbsp; 2084090 |
| Edwards Lifesciences Corp.<sup>(b)</sup> | 29769 | &nbsp;&nbsp; 2574125 |
| Elevance Health, Inc. | 243057 | &nbsp;&nbsp; 77778240 |
| Eli Lilly and Co. | 25418 | &nbsp;&nbsp; 26739482 |
| GE HealthCare Technologies, Inc. | 101890 | &nbsp;&nbsp; 8586270 |
| Gilead Sciences, Inc. | 101792 | &nbsp;&nbsp; 15161918 |
| HCA Healthcare, Inc. | 67538 | &nbsp;&nbsp; 35774879 |
| Henry Schein, Inc.<sup>(b)</sup> | 72554 | &nbsp;&nbsp; 5977724 |
| Hologic, Inc.<sup>(b)</sup> | 23345 | &nbsp;&nbsp; 1759279 |
| Humana, Inc. | 209507 | &nbsp;&nbsp; 39919464 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 2535 | &nbsp;&nbsp; 1664811 |
| Incyte Corp.<sup>(b)</sup> | 21486 | &nbsp;&nbsp; 2175887 |
| Insulet Corp.<sup>(b)</sup> | 3560 | &nbsp;&nbsp; 877932 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 7398 | &nbsp;&nbsp; 3724967 |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 30364 | &nbsp;&nbsp; 5429387 |
| Johnson & Johnson | 189960 | &nbsp;&nbsp; 47191763 |
| Labcorp Holdings, Inc. | 22261 | &nbsp;&nbsp; 6436100 |
| McKesson Corp. | 202547 | &nbsp;&nbsp; 199988831 |
| Medtronic PLC | 146708 | &nbsp;&nbsp; 14327503 |
| Merck & Co., Inc. | 278510 | &nbsp;&nbsp; 34485108 |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 1187 | &nbsp;&nbsp; 1622261 |
| Moderna, Inc.<sup>(b)(c)</sup> | 32633 | &nbsp;&nbsp; 1748150 |
| Molina Healthcare, Inc.<sup>(b)</sup> | 117998 | &nbsp;&nbsp; 18177592 |
| Pfizer, Inc. | 1035731 | &nbsp;&nbsp; 28637962 |
| Quest Diagnostics, Inc.<sup>(c)</sup> | 25660 | &nbsp;&nbsp; 5437611 |
| Regeneron Pharmaceuticals, Inc. | 8315 | &nbsp;&nbsp; 6499586 |
| ResMed, Inc. | 8821 | &nbsp;&nbsp; 2260469 |
| Revvity, Inc.<sup>(c)</sup> | 11488 | &nbsp;&nbsp; 1129385 |
| Solventum Corp.<sup>(b)</sup> | 43745 | &nbsp;&nbsp; 3245879 |
| STERIS PLC | 9264 | &nbsp;&nbsp; 2337770 |
| Stryker Corp. | 29296 | &nbsp;&nbsp; 11351028 |
| Thermo Fisher Scientific, Inc. | 32440 | &nbsp;&nbsp; 16904808 |
| UnitedHealth Group, Inc. | 563892 | &nbsp;&nbsp; 165372607 |
| Universal Health Services, Inc., Class B | 32395 | &nbsp;&nbsp; 6676610 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 11178 | &nbsp;&nbsp; 5553566 |
| Viatris, Inc. | 515589 | &nbsp;&nbsp; 7697744 |
| Waters Corp.<sup>(b)</sup> | 3337 | &nbsp;&nbsp; 1065771 |
| West Pharmaceutical Services, Inc. | 4843 | &nbsp;&nbsp; 1231769 |
| Zimmer Biomet Holdings, Inc. | 36553 | &nbsp;&nbsp; 3598277 |
| Zoetis, Inc. | 33803 | &nbsp;&nbsp; 4431573 |
|  |  | &nbsp;&nbsp; 1617067386 |
| **Industrials-10.19%** | **Industrials-10.19%** | **Industrials-10.19%** |
| 3M Co. | 63690 | &nbsp;&nbsp; 10529231 |
| A.O. Smith Corp. | 23973 | &nbsp;&nbsp; 1869894 |
| Allegion PLC | 10562 | &nbsp;&nbsp; 1702066 |
| AMETEK, Inc. | 15238 | &nbsp;&nbsp; 3645234 |
| Automatic Data Processing, Inc. | 34293 | &nbsp;&nbsp; 7351047 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 1969 | &nbsp;&nbsp; 1067986 |
| Boeing Co. (The)<sup>(b)</sup> | 172870 | &nbsp;&nbsp; 39333111 |
| Broadridge Financial Solutions, Inc. | 13226 | &nbsp;&nbsp; 2458317 |
| Builders FirstSource, Inc.<sup>(b)</sup> | 60719 | &nbsp;&nbsp; 6332385 |
| C.H. Robinson Worldwide, Inc. | 44271 | &nbsp;&nbsp; 8201203 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Carrier Global Corp. | 175623 | &nbsp;&nbsp; $11310121 |
| Caterpillar, Inc. | 44689 | &nbsp;&nbsp; 33196330 |
| Cintas Corp. | 24172 | &nbsp;&nbsp; 4861714 |
| Comfort Systems USA, Inc. | 3447 | &nbsp;&nbsp; 4927038 |
| Copart, Inc.<sup>(b)</sup> | 50557 | &nbsp;&nbsp; 1925716 |
| CSX Corp. | 161893 | &nbsp;&nbsp; 6911212 |
| Cummins, Inc. | 27240 | &nbsp;&nbsp; 15904619 |
| Deere & Co. | 41441 | &nbsp;&nbsp; 26095812 |
| Delta Air Lines, Inc. | 382607 | &nbsp;&nbsp; 25137280 |
| Dover Corp. | 17121 | &nbsp;&nbsp; 3860785 |
| Eaton Corp. PLC | 32029 | &nbsp;&nbsp; 12040342 |
| EMCOR Group, Inc. | 10987 | &nbsp;&nbsp; 7961400 |
| Emerson Electric Co. | 55949 | &nbsp;&nbsp; 8434312 |
| Equifax, Inc. | 11662 | &nbsp;&nbsp; 2436892 |
| Expeditors International of Washington, <br> Inc.<br>| 31469 | &nbsp;&nbsp; 4563949 |
| Fastenal Co. | 83046 | &nbsp;&nbsp; 3823438 |
| FedEx Corp. | 132611 | &nbsp;&nbsp; 51320457 |
| Fortive Corp. | 43766 | &nbsp;&nbsp; 2590947 |
| GE Vernova, Inc. | 22135 | &nbsp;&nbsp; 19337136 |
| Generac Holdings, Inc.<sup>(b)</sup> | 11075 | &nbsp;&nbsp; 2495973 |
| General Dynamics Corp. | 64191 | &nbsp;&nbsp; 22919397 |
| General Electric Co. | 65889 | &nbsp;&nbsp; 22551169 |
| Honeywell International, Inc. | 90054 | &nbsp;&nbsp; 21936254 |
| Howmet Aerospace, Inc. | 17580 | &nbsp;&nbsp; 4615277 |
| Hubbell, Inc. | 5477 | &nbsp;&nbsp; 2802198 |
| Huntington Ingalls Industries, Inc. | 15854 | &nbsp;&nbsp; 7047420 |
| IDEX Corp. | 8222 | &nbsp;&nbsp; 1722262 |
| Illinois Tool Works, Inc. | 26633 | &nbsp;&nbsp; 7740349 |
| Ingersoll Rand, Inc. | 39333 | &nbsp;&nbsp; 3702809 |
| J.B. Hunt Transport Services, Inc. | 25765 | &nbsp;&nbsp; 6013809 |
| Jacobs Solutions, Inc. | 37766 | &nbsp;&nbsp; 5206421 |
| Johnson Controls International PLC | 86672 | &nbsp;&nbsp; 12506770 |
| L3Harris Technologies, Inc. | 32296 | &nbsp;&nbsp; 11773184 |
| Leidos Holdings, Inc. | 39105 | &nbsp;&nbsp; 6847285 |
| Lennox International, Inc. | 4555 | &nbsp;&nbsp; 2596077 |
| Lockheed Martin Corp. | 66666 | &nbsp;&nbsp; 43871561 |
| Masco Corp. | 50961 | &nbsp;&nbsp; 3649827 |
| Nordson Corp. | 5032 | &nbsp;&nbsp; 1476590 |
| Norfolk Southern Corp. | 17838 | &nbsp;&nbsp; 5614332 |
| Northrop Grumman Corp. | 31526 | &nbsp;&nbsp; 22836804 |
| Old Dominion Freight Line, Inc. | 15133 | &nbsp;&nbsp; 3072756 |
| Otis Worldwide Corp. | 69178 | &nbsp;&nbsp; 6403116 |
| PACCAR, Inc. | 110632 | &nbsp;&nbsp; 13949589 |
| Parker-Hannifin Corp. | 9763 | &nbsp;&nbsp; 9852624 |
| Paychex, Inc.<sup>(c)</sup> | 21780 | &nbsp;&nbsp; 2039697 |
| Paycom Software, Inc. | 5204 | &nbsp;&nbsp; 654819 |
| Pentair PLC<sup>(c)</sup> | 16661 | &nbsp;&nbsp; 1652605 |
| Quanta Services, Inc. | 25018 | &nbsp;&nbsp; 14087135 |
| Republic Services, Inc. | 33769 | &nbsp;&nbsp; 7733101 |
| Rockwell Automation, Inc. | 8655 | &nbsp;&nbsp; 3526480 |
| Rollins, Inc. | 26623 | &nbsp;&nbsp; 1621074 |
| RTX Corp. | 209421 | &nbsp;&nbsp; 42432883 |
| Snap-on, Inc. | 6173 | &nbsp;&nbsp; 2377963 |
| Southwest Airlines Co. | 294190 | &nbsp;&nbsp; 14491799 |
| Stanley Black & Decker, Inc. | 85065 | &nbsp;&nbsp; 7357272 |
| Textron, Inc. | 71137 | &nbsp;&nbsp; 7017665 |
| Trane Technologies PLC | 22425 | &nbsp;&nbsp; 10367526 |
| TransDigm Group, Inc. | 2875 | &nbsp;&nbsp; 3745521 |
| Uber Technologies, Inc.<sup>(b)</sup> | 250693 | &nbsp;&nbsp; 18907266 |

---

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

------

**5**

------

**Invesco S&P 500 Revenue ETF (RWL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Union Pacific Corp. | 44306 | &nbsp;&nbsp; $11740204 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 230440 | &nbsp;&nbsp; 24495772 |
| United Parcel Service, Inc., Class B | 381670 | &nbsp;&nbsp; 44258453 |
| United Rentals, Inc. | 8326 | &nbsp;&nbsp; 6993840 |
| Veralto Corp. | 23731 | &nbsp;&nbsp; 2312111 |
| Verisk Analytics, Inc. | 5955 | &nbsp;&nbsp; 1236079 |
| W.W. Grainger, Inc. | 7610 | &nbsp;&nbsp; 8711395 |
| Wabtec Corp. | 21289 | &nbsp;&nbsp; 5619232 |
| Waste Management, Inc. | 50344 | &nbsp;&nbsp; 12124849 |
| Xylem, Inc. | 27297 | &nbsp;&nbsp; 3536599 |
|  |  | &nbsp;&nbsp; 841375167 |
| **Information Technology-10.26%** | **Information Technology-10.26%** | **Information Technology-10.26%** |
| Accenture PLC, Class A | 108854 | &nbsp;&nbsp; 22720007 |
| Adobe, Inc.<sup>(b)</sup> | 28763 | &nbsp;&nbsp; 7547699 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 61559 | &nbsp;&nbsp; 12324727 |
| Akamai Technologies, Inc.<sup>(b)</sup> | 20284 | &nbsp;&nbsp; 1995743 |
| Amphenol Corp., Class A | 64360 | &nbsp;&nbsp; 9400422 |
| Analog Devices, Inc. | 16688 | &nbsp;&nbsp; 5937423 |
| Apple, Inc. | 635187 | &nbsp;&nbsp; 167803702 |
| Applied Materials, Inc. | 43799 | &nbsp;&nbsp; 16306368 |
| AppLovin Corp., Class A<sup>(b)</sup> | 3343 | &nbsp;&nbsp; 1453436 |
| Arista Networks, Inc.<sup>(b)</sup> | 27098 | &nbsp;&nbsp; 3617583 |
| Autodesk, Inc.<sup>(b)</sup> | 9800 | &nbsp;&nbsp; 2409526 |
| Broadcom, Inc. | 61750 | &nbsp;&nbsp; 19732212 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 6464 | &nbsp;&nbsp; 1948250 |
| CDW Corp. | 62842 | &nbsp;&nbsp; 7706943 |
| Cisco Systems, Inc. | 305737 | &nbsp;&nbsp; 24293862 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 106574 | &nbsp;&nbsp; 6866563 |
| Corning, Inc. | 67359 | &nbsp;&nbsp; 10129446 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 3656 | &nbsp;&nbsp; 1359959 |
| Datadog, Inc., Class A<sup>(b)</sup> | 9167 | &nbsp;&nbsp; 1026337 |
| Dell Technologies, Inc., Class C | 315120 | &nbsp;&nbsp; 46662970 |
| EPAM Systems, Inc.<sup>(b)</sup> | 10639 | &nbsp;&nbsp; 1500099 |
| F5, Inc.<sup>(b)</sup> | 5105 | &nbsp;&nbsp; 1385293 |
| Fair Isaac Corp.<sup>(b)</sup> | 470 | &nbsp;&nbsp; 662399 |
| First Solar, Inc.<sup>(b)</sup> | 8203 | &nbsp;&nbsp; 1617632 |
| Fortinet, Inc.<sup>(b)</sup> | 34305 | &nbsp;&nbsp; 2711124 |
| Gartner, Inc.<sup>(b)</sup> | 11860 | &nbsp;&nbsp; 1864392 |
| Gen Digital, Inc. | 69061 | &nbsp;&nbsp; 1558707 |
| GoDaddy, Inc., Class A<sup>(b)</sup> | 16118 | &nbsp;&nbsp; 1404845 |
| Hewlett Packard Enterprise Co. | 577143 | &nbsp;&nbsp; 12391260 |
| HP, Inc. | 921690 | &nbsp;&nbsp; 17502893 |
| Intel Corp.<sup>(b)</sup> | 557246 | &nbsp;&nbsp; 25415990 |
| International Business Machines Corp. | 88996 | &nbsp;&nbsp; 21377729 |
| Intuit, Inc. | 12522 | &nbsp;&nbsp; 5121874 |
| Jabil, Inc. | 55089 | &nbsp;&nbsp; 14598034 |
| Keysight Technologies, Inc.<sup>(b)</sup> | 10792 | &nbsp;&nbsp; 3316705 |
| KLA Corp. | 4480 | &nbsp;&nbsp; 6829984 |
| Lam Research Corp. | 49485 | &nbsp;&nbsp; 11574047 |
| Microchip Technology, Inc. | 26393 | &nbsp;&nbsp; 1969974 |
| Micron Technology, Inc. | 60301 | &nbsp;&nbsp; 24866323 |
| Microsoft Corp. | 261250 | &nbsp;&nbsp; 102603325 |
| Monolithic Power Systems, Inc. | 1114 | &nbsp;&nbsp; 1273012 |
| Motorola Solutions, Inc. | 12997 | &nbsp;&nbsp; 6267933 |
| NetApp, Inc. | 23665 | &nbsp;&nbsp; 2343545 |
| NVIDIA Corp. | 433291 | &nbsp;&nbsp; 76774832 |
| NXP Semiconductors N.V. (Netherlands) | 22123 | &nbsp;&nbsp; 5022142 |
| ON Semiconductor Corp.<sup>(b)</sup> | 47802 | &nbsp;&nbsp; 3177877 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Oracle Corp. | 112516 | &nbsp;&nbsp; $16359826 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 8823 | &nbsp;&nbsp; 1210427 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 21074 | &nbsp;&nbsp; 3138340 |
| PTC, Inc.<sup>(b)</sup> | 6533 | &nbsp;&nbsp; 1023002 |
| Qnity Electronics, Inc. | 23293 | &nbsp;&nbsp; 2952621 |
| QUALCOMM, Inc. | 103365 | &nbsp;&nbsp; 14715041 |
| Roper Technologies, Inc. | 7464 | &nbsp;&nbsp; 2610385 |
| Salesforce, Inc. | 64918 | &nbsp;&nbsp; 12645377 |
| Sandisk Corp.<sup>(b)</sup> | 14200 | &nbsp;&nbsp; 9022112 |
| Seagate Technology Holdings PLC | 13606 | &nbsp;&nbsp; 5549071 |
| ServiceNow, Inc.<sup>(b)</sup> | 31576 | &nbsp;&nbsp; 3410524 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 25231 | &nbsp;&nbsp; 1503263 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 256526 | &nbsp;&nbsp; 8308877 |
| Synopsys, Inc.<sup>(b)</sup> | 5713 | &nbsp;&nbsp; 2365182 |
| TE Connectivity PLC (Switzerland) | 30004 | &nbsp;&nbsp; 6905421 |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 4980 | &nbsp;&nbsp; 3391878 |
| Teradyne, Inc. | 6008 | &nbsp;&nbsp; 1922740 |
| Texas Instruments, Inc. | 40371 | &nbsp;&nbsp; 8563093 |
| Trimble, Inc.<sup>(b)</sup> | 18571 | &nbsp;&nbsp; 1241843 |
| Tyler Technologies, Inc.<sup>(b)</sup> | 2182 | &nbsp;&nbsp; 773934 |
| VeriSign, Inc. | 2840 | &nbsp;&nbsp; 647350 |
| Western Digital Corp. | 28014 | &nbsp;&nbsp; 7835516 |
| Workday, Inc., Class A<sup>(b)</sup> | 17527 | &nbsp;&nbsp; 2344412 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 8241 | &nbsp;&nbsp; 1845654 |
|  |  | &nbsp;&nbsp; 846661037 |
| **Materials-3.04%** | **Materials-3.04%** | **Materials-3.04%** |
| Air Products and Chemicals, Inc. | 21596 | &nbsp;&nbsp; 5953369 |
| Albemarle Corp.<sup>(c)</sup> | 15806 | &nbsp;&nbsp; 2824058 |
| Amcor PLC<sup>(c)</sup> | 180461 | &nbsp;&nbsp; 8739726 |
| Avery Dennison Corp. | 21071 | &nbsp;&nbsp; 4137291 |
| Ball Corp. | 112790 | &nbsp;&nbsp; 7571593 |
| CF Industries Holdings, Inc. | 37609 | &nbsp;&nbsp; 3743600 |
| Corteva, Inc. | 114134 | &nbsp;&nbsp; 9144416 |
| CRH PLC | 125404 | &nbsp;&nbsp; 15045972 |
| Dow, Inc. | 707616 | &nbsp;&nbsp; 21745040 |
| DuPont de Nemours, Inc. | 129687 | &nbsp;&nbsp; 6489537 |
| Ecolab, Inc. | 26269 | &nbsp;&nbsp; 8100046 |
| Freeport-McMoRan, Inc. | 235961 | &nbsp;&nbsp; 16064225 |
| International Flavors & Fragrances, Inc. | 71965 | &nbsp;&nbsp; 5917682 |
| International Paper Co. | 255179 | &nbsp;&nbsp; 11113045 |
| Linde PLC | 36281 | &nbsp;&nbsp; 18433651 |
| LyondellBasell Industries N.V., Class A | 306187 | &nbsp;&nbsp; 17611876 |
| Martin Marietta Materials, Inc. | 4588 | &nbsp;&nbsp; 3104103 |
| Mosaic Co. (The) | 212975 | &nbsp;&nbsp; 5929224 |
| Newmont Corp. | 95720 | &nbsp;&nbsp; 12443600 |
| Nucor Corp. | 82483 | &nbsp;&nbsp; 14589593 |
| Packaging Corp. of America | 18422 | &nbsp;&nbsp; 4276483 |
| PPG Industries, Inc. | 66395 | &nbsp;&nbsp; 8184512 |
| Sherwin-Williams Co. (The) | 30325 | &nbsp;&nbsp; 10995542 |
| Smurfit WestRock PLC<sup>(c)</sup> | 356287 | &nbsp;&nbsp; 16749052 |
| Steel Dynamics, Inc. | 43729 | &nbsp;&nbsp; 8445382 |
| Vulcan Materials Co. | 11268 | &nbsp;&nbsp; 3493080 |
|  |  | &nbsp;&nbsp; 250845698 |
| **Real Estate-0.95%** | **Real Estate-0.95%** | **Real Estate-0.95%** |
| Alexandria Real Estate Equities, Inc. | 27985 | &nbsp;&nbsp; 1512309 |
| American Tower Corp. | 24606 | &nbsp;&nbsp; 4720907 |
| AvalonBay Communities, Inc. | 7419 | &nbsp;&nbsp; 1314869 |
| BXP, Inc. | 20962 | &nbsp;&nbsp; 1206992 |
| Camden Property Trust | 6463 | &nbsp;&nbsp; 700201 |

---

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

------

**6**

------

**Invesco S&P 500 Revenue ETF (RWL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| CBRE Group, Inc., Class A<sup>(b)</sup> | 106746 | &nbsp;&nbsp; $15762114 |
| CoStar Group, Inc.<sup>(b)</sup> | 19108 | &nbsp;&nbsp; 852790 |
| Crown Castle, Inc. | 22683 | &nbsp;&nbsp; 2031036 |
| Digital Realty Trust, Inc. | 15778 | &nbsp;&nbsp; 2795862 |
| Equinix, Inc. | 5250 | &nbsp;&nbsp; 5114865 |
| Equity Residential | 21461 | &nbsp;&nbsp; 1356550 |
| Essex Property Trust, Inc. | 3122 | &nbsp;&nbsp; 796453 |
| Extra Space Storage, Inc. | 10927 | &nbsp;&nbsp; 1650305 |
| Federal Realty Investment Trust | 5471 | &nbsp;&nbsp; 595081 |
| Healthpeak Properties, Inc. | 71603 | &nbsp;&nbsp; 1265941 |
| Host Hotels & Resorts, Inc. | 141659 | &nbsp;&nbsp; 2775100 |
| Invitation Homes, Inc. | 44658 | &nbsp;&nbsp; 1176292 |
| Iron Mountain, Inc. | 33014 | &nbsp;&nbsp; 3576407 |
| Kimco Realty Corp. | 45370 | &nbsp;&nbsp; 1068464 |
| Mid-America Apartment Communities, <br> Inc.<br>| 7168 | &nbsp;&nbsp; 959508 |
| Prologis, Inc. | 28734 | &nbsp;&nbsp; 4096606 |
| Public Storage | 7631 | &nbsp;&nbsp; 2343175 |
| Realty Income Corp. | 42095 | &nbsp;&nbsp; 2820365 |
| Regency Centers Corp. | 9711 | &nbsp;&nbsp; 767169 |
| SBA Communications Corp., Class A | 6197 | &nbsp;&nbsp; 1246589 |
| Simon Property Group, Inc. | 14446 | &nbsp;&nbsp; 2944817 |
| UDR, Inc.<sup>(c)</sup> | 20600 | &nbsp;&nbsp; 772500 |
| Ventas, Inc.<sup>(c)</sup> | 30381 | &nbsp;&nbsp; 2617627 |
| VICI Properties, Inc. | 60773 | &nbsp;&nbsp; 1835952 |
| Welltower, Inc. | 21977 | &nbsp;&nbsp; 4551876 |
| Weyerhaeuser Co. | 130603 | &nbsp;&nbsp; 3203692 |
|  |  | &nbsp;&nbsp; 78432414 |
| **Utilities-2.74%** | **Utilities-2.74%** | **Utilities-2.74%** |
| AES Corp. (The) | 372724 | &nbsp;&nbsp; 6440671 |
| Alliant Energy Corp.<sup>(c)</sup> | 28022 | &nbsp;&nbsp; 2027111 |
| Ameren Corp. | 38934 | &nbsp;&nbsp; 4410444 |
| American Electric Power Co., Inc. | 79782 | &nbsp;&nbsp; 10676427 |
| American Water Works Co., Inc. | 16688 | &nbsp;&nbsp; 2270069 |
| Atmos Energy Corp. | 11965 | &nbsp;&nbsp; 2234942 |
| CenterPoint Energy, Inc. | 103421 | &nbsp;&nbsp; 4498814 |
| CMS Energy Corp. | 50337 | &nbsp;&nbsp; 3929810 |
| Consolidated Edison, Inc. | 73943 | &nbsp;&nbsp; 8320066 |
| Constellation Energy Corp. | 31545 | &nbsp;&nbsp; 10406065 |
| Dominion Energy, Inc. | 116690 | &nbsp;&nbsp; 7367807 |
| DTE Energy Co. | 47377 | &nbsp;&nbsp; 7023166 |
| Duke Energy Corp. | 118070 | &nbsp;&nbsp; 15449459 |
| Edison International | 133795 | &nbsp;&nbsp; 9999838 |
| Entergy Corp. | 57663 | &nbsp;&nbsp; 6176284 |
| Evergy, Inc. | 33548 | &nbsp;&nbsp; 2806626 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Eversource Energy | 82647 | &nbsp;&nbsp; $6298528 |
| Exelon Corp. | 238971 | &nbsp;&nbsp; 11821895 |
| FirstEnergy Corp. | 138605 | &nbsp;&nbsp; 7091032 |
| NextEra Energy, Inc. | 134722 | &nbsp;&nbsp; 12632882 |
| NiSource, Inc. | 65117 | &nbsp;&nbsp; 3080034 |
| NRG Energy, Inc. | 75314 | &nbsp;&nbsp; 13478193 |
| PG&E Corp. | 698304 | &nbsp;&nbsp; 13267776 |
| Pinnacle West Capital Corp. | 26270 | &nbsp;&nbsp; 2634881 |
| PPL Corp. | 114797 | &nbsp;&nbsp; 4474787 |
| Public Service Enterprise Group, Inc. | 63721 | &nbsp;&nbsp; 5484466 |
| Sempra | 65418 | &nbsp;&nbsp; 6297791 |
| Southern Co. (The) | 146274 | &nbsp;&nbsp; 14244162 |
| Vistra Corp. | 56658 | &nbsp;&nbsp; 9852260 |
| WEC Energy Group, Inc. | 39130 | &nbsp;&nbsp; 4576645 |
| Xcel Energy, Inc. | 81187 | &nbsp;&nbsp; 6767748 |
|  |  | &nbsp;&nbsp; 226040679 |
| Total Common Stocks & Other Equity Interests <br>(Cost $6,698,044,928) | Total Common Stocks & Other Equity Interests <br>(Cost $6,698,044,928) | &nbsp;&nbsp; 8243607662 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $855,772)<br>| 855772 | &nbsp;&nbsp; 855772 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.88% <br>(Cost $6,698,900,700) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.88% <br>(Cost $6,698,900,700) | &nbsp;&nbsp; 8244463434 |
| **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-2.08%** | **Money Market Funds-2.08%** | **Money Market Funds-2.08%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 47611158 | &nbsp;&nbsp; 47611158 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 123493592 | &nbsp;&nbsp; 123530640 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $171,141,798) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $171,141,798) | &nbsp;&nbsp; 171141798 |
| TOTAL INVESTMENTS IN SECURITIES-101.96% <br>(Cost $6,870,042,498) | TOTAL INVESTMENTS IN SECURITIES-101.96% <br>(Cost $6,870,042,498) | &nbsp;&nbsp; 8415605232 |
| OTHER ASSETS LESS LIABILITIES-(1.96)% | OTHER ASSETS LESS LIABILITIES-(1.96)% | &nbsp;&nbsp; (161446711)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $8254158521 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

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

------

**7**

------

**Invesco S&P 500 Revenue ETF (RWL)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $2945321 | &nbsp;&nbsp; $714319 | &nbsp;&nbsp; $(1534759)<br>| &nbsp;&nbsp; $8801 | &nbsp;&nbsp; $474698 | &nbsp;&nbsp; $2608380 | &nbsp;&nbsp; $42188 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 75717048 | &nbsp;&nbsp; (74861276)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 855772 | &nbsp;&nbsp; 76759 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 31554203 | &nbsp;&nbsp; 247226452 | &nbsp;&nbsp; (231169497)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 47611158 | &nbsp;&nbsp; 592,240<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 81863786 | &nbsp;&nbsp; 458178150 | &nbsp;&nbsp; (416512479)<br>| &nbsp;&nbsp; (3925)<br>| &nbsp;&nbsp; 5108 | &nbsp;&nbsp; 123530640 | &nbsp;&nbsp; 1,609,226<br> \*<br>|
| Total | &nbsp;&nbsp; $116363310 | &nbsp;&nbsp; $781835969 | &nbsp;&nbsp; $(724078011)<br>| &nbsp;&nbsp; $4876 | &nbsp;&nbsp; $479806 | &nbsp;&nbsp; $174605950 | &nbsp;&nbsp; $2320413 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**8**

------

**Invesco S&P MidCap 400 Revenue ETF (RWK)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Communication Services-1.47%** | **Communication Services-1.47%** | **Communication Services-1.47%** |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 67120 | &nbsp;&nbsp; $7754374 |
| New York Times Co. (The), Class A | 18651 | &nbsp;&nbsp; 1488163 |
| Nexstar Media Group, Inc., Class A | 11522 | &nbsp;&nbsp; 2892252 |
| Pinterest, Inc., Class A<sup>(b)(c)</sup> | 67043 | &nbsp;&nbsp; 1148447 |
| Warner Music Group Corp., Class A<sup>(c)</sup> | 110133 | &nbsp;&nbsp; 3149804 |
| ZoomInfo Technologies, Inc., Class A<sup>(b)(c)</sup> | 56198 | &nbsp;&nbsp; 348989 |
|  |  | &nbsp;&nbsp; 16782029 |
| **Consumer Discretionary-19.17%** | **Consumer Discretionary-19.17%** | **Consumer Discretionary-19.17%** |
| Abercrombie & Fitch Co., Class A<sup>(b)</sup> | 22227 | &nbsp;&nbsp; 2173801 |
| Aramark | 228123 | &nbsp;&nbsp; 9546948 |
| Autoliv, Inc. (Sweden)<sup>(c)</sup> | 40741 | &nbsp;&nbsp; 4828623 |
| AutoNation, Inc.<sup>(b)</sup> | 57900 | &nbsp;&nbsp; 11299764 |
| Bath & Body Works, Inc. | 172966 | &nbsp;&nbsp; 3936706 |
| BorgWarner, Inc. | 149835 | &nbsp;&nbsp; 8626001 |
| Boyd Gaming Corp. | 22809 | &nbsp;&nbsp; 1898393 |
| Brunswick Corp.<sup>(c)</sup> | 31963 | &nbsp;&nbsp; 2544894 |
| Burlington Stores, Inc.<sup>(b)</sup> | 19063 | &nbsp;&nbsp; 5849863 |
| Capri Holdings Ltd.<sup>(b)</sup> | 69733 | &nbsp;&nbsp; 1430224 |
| Cava Group, Inc.<sup>(b)(c)</sup> | 9795 | &nbsp;&nbsp; 807794 |
| Chewy, Inc., Class A<sup>(b)</sup> | 160304 | &nbsp;&nbsp; 4395536 |
| Choice Hotels International, Inc.<sup>(c)</sup> | 8445 | &nbsp;&nbsp; 889681 |
| Churchill Downs, Inc. | 11503 | &nbsp;&nbsp; 1057471 |
| Columbia Sportswear Co. | 28167 | &nbsp;&nbsp; 1744664 |
| Crocs, Inc.<sup>(b)(c)</sup> | 21459 | &nbsp;&nbsp; 1946546 |
| Dick's Sporting Goods, Inc.<sup>(c)</sup> | 31191 | &nbsp;&nbsp; 6351423 |
| Duolingo, Inc.<sup>(b)(c)</sup> | 2244 | &nbsp;&nbsp; 226644 |
| Five Below, Inc.<sup>(b)</sup> | 11477 | &nbsp;&nbsp; 2565454 |
| Floor & Decor Holdings, Inc., Class A<sup>(b)(c)</sup> | 34556 | &nbsp;&nbsp; 2387474 |
| GameStop Corp., Class A<sup>(b)(c)</sup> | 79888 | &nbsp;&nbsp; 1919709 |
| Gap, Inc. (The)<sup>(c)</sup> | 263278 | &nbsp;&nbsp; 7382315 |
| Gentex Corp. | 46262 | &nbsp;&nbsp; 1082531 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)</sup> | 941763 | &nbsp;&nbsp; 7769545 |
| Graham Holdings Co., Class B | 2034 | &nbsp;&nbsp; 2142229 |
| Grand Canyon Education, Inc.<sup>(b)</sup> | 3217 | &nbsp;&nbsp; 511728 |
| H&R Block, Inc. | 41520 | &nbsp;&nbsp; 1271342 |
| Harley-Davidson, Inc. | 95471 | &nbsp;&nbsp; 1718478 |
| Hilton Grand Vacations, Inc.<sup>(b)(c)</sup> | 53382 | &nbsp;&nbsp; 2400055 |
| Hyatt Hotels Corp., Class A<sup>(c)</sup> | 20650 | &nbsp;&nbsp; 3334975 |
| KB Home | 46602 | &nbsp;&nbsp; 2962955 |
| Lear Corp. | 94789 | &nbsp;&nbsp; 12441056 |
| Lithia Motors, Inc., Class A | 49151 | &nbsp;&nbsp; 13741637 |
| Macy's, Inc. | 448936 | &nbsp;&nbsp; 8879954 |
| Mattel, Inc.<sup>(b)</sup> | 114767 | &nbsp;&nbsp; 1945301 |
| Murphy USA, Inc. | 23052 | &nbsp;&nbsp; 9007338 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 9969 | &nbsp;&nbsp; 1067680 |
| Penske Automotive Group, Inc. | 82956 | &nbsp;&nbsp; 13067229 |
| Planet Fitness, Inc., Class A<sup>(b)(c)</sup> | 5503 | &nbsp;&nbsp; 452071 |
| Polaris, Inc. | 46197 | &nbsp;&nbsp; 2806006 |
| PVH Corp. | 53613 | &nbsp;&nbsp; 3677852 |
| RH<sup>(b)(c)</sup> | 9751 | &nbsp;&nbsp; 1615838 |
| Service Corp. International | 25559 | &nbsp;&nbsp; 2151557 |
| Somnigroup International, Inc. | 33912 | &nbsp;&nbsp; 3035463 |
| Taylor Morrison Home Corp., Class A<sup>(b)(c)</sup> | 62006 | &nbsp;&nbsp; 4085575 |
| Texas Roadhouse, Inc. | 16120 | &nbsp;&nbsp; 2947864 |
| Thor Industries, Inc.<sup>(c)</sup> | 42203 | &nbsp;&nbsp; 4056974 |
| Toll Brothers, Inc. | 36097 | &nbsp;&nbsp; 5675892 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| TopBuild Corp.<sup>(b)(c)</sup> | 5457 | &nbsp;&nbsp; $2446373 |
| Travel + Leisure Co. | 26163 | &nbsp;&nbsp; 1928213 |
| V.F. Corp. | 229489 | &nbsp;&nbsp; 4456676 |
| Vail Resorts, Inc.<sup>(c)</sup> | 9613 | &nbsp;&nbsp; 1305541 |
| Valvoline, Inc.<sup>(b)(c)</sup> | 25355 | &nbsp;&nbsp; 958419 |
| Visteon Corp. | 16640 | &nbsp;&nbsp; 1591949 |
| Whirlpool Corp.<sup>(c)</sup> | 91620 | &nbsp;&nbsp; 6269557 |
| Wingstop, Inc. | 1270 | &nbsp;&nbsp; 329578 |
| Wyndham Hotels & Resorts, Inc. | 8972 | &nbsp;&nbsp; 733910 |
| YETI Holdings, Inc.<sup>(b)(c)</sup> | 18592 | &nbsp;&nbsp; 812656 |
|  |  | &nbsp;&nbsp; 218491925 |
| **Consumer Staples-13.12%** | **Consumer Staples-13.12%** | **Consumer Staples-13.12%** |
| Albertson's Cos., Inc., Class A<sup>(c)</sup> | 2028484 | &nbsp;&nbsp; 36309864 |
| BellRing Brands, Inc.<sup>(b)</sup> | 31952 | &nbsp;&nbsp; 587597 |
| BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 108605 | &nbsp;&nbsp; 10729088 |
| Boston Beer Co., Inc. (The), Class A<sup>(b)(c)</sup> | 4491 | &nbsp;&nbsp; 1018469 |
| Casey's General Stores, Inc. | 14152 | &nbsp;&nbsp; 9702470 |
| Celsius Holdings, Inc.<sup>(b)(c)</sup> | 22049 | &nbsp;&nbsp; 1182047 |
| Coca-Cola Consolidated, Inc. | 20005 | &nbsp;&nbsp; 4049012 |
| Coty, Inc., Class A<sup>(b)(c)</sup> | 790265 | &nbsp;&nbsp; 1983565 |
| Darling Ingredients, Inc.<sup>(b)(c)</sup> | 76762 | &nbsp;&nbsp; 4080668 |
| e.l.f. Beauty, Inc.<sup>(b)(c)</sup> | 8096 | &nbsp;&nbsp; 745237 |
| Flowers Foods, Inc.<sup>(c)</sup> | 218160 | &nbsp;&nbsp; 2155421 |
| Ingredion, Inc. | 30671 | &nbsp;&nbsp; 3602616 |
| Maplebear, Inc.<sup>(b)(c)</sup> | 38372 | &nbsp;&nbsp; 1439334 |
| Marzetti Co. (The) | 5490 | &nbsp;&nbsp; 902227 |
| Performance Food Group Co.<sup>(b)</sup> | 317678 | &nbsp;&nbsp; 30833826 |
| Pilgrim's Pride Corp. | 219715 | &nbsp;&nbsp; 9482899 |
| Post Holdings, Inc.<sup>(b)(c)</sup> | 38768 | &nbsp;&nbsp; 4121038 |
| Sprouts Farmers Market, Inc.<sup>(b)(c)</sup> | 49373 | &nbsp;&nbsp; 3647183 |
| US Foods Holding Corp.<sup>(b)</sup> | 237827 | &nbsp;&nbsp; 22976466 |
|  |  | &nbsp;&nbsp; 149549027 |
| **Energy-5.62%** | **Energy-5.62%** | **Energy-5.62%** |
| Antero Midstream Corp. | 31549 | &nbsp;&nbsp; 709222 |
| Antero Resources Corp.<sup>(b)</sup> | 62263 | &nbsp;&nbsp; 2291901 |
| Chord Energy Corp. | 23480 | &nbsp;&nbsp; 2544528 |
| CNX Resources Corp.<sup>(b)(c)</sup> | 22686 | &nbsp;&nbsp; 947821 |
| DT Midstream, Inc. | 4574 | &nbsp;&nbsp; 635054 |
| HF Sinclair Corp. | 246121 | &nbsp;&nbsp; 12308511 |
| Matador Resources Co. | 38402 | &nbsp;&nbsp; 1973863 |
| Murphy Oil Corp.<sup>(c)</sup> | 37830 | &nbsp;&nbsp; 1254064 |
| NOV, Inc. | 244079 | &nbsp;&nbsp; 4945041 |
| Ovintiv, Inc. | 97965 | &nbsp;&nbsp; 4956049 |
| PBF Energy, Inc., Class A | 427808 | &nbsp;&nbsp; 15229965 |
| Permian Resources Corp. | 158864 | &nbsp;&nbsp; 2905623 |
| Range Resources Corp.<sup>(c)</sup> | 35554 | &nbsp;&nbsp; 1467669 |
| TechnipFMC PLC (United Kingdom) | 97517 | &nbsp;&nbsp; 6466352 |
| Valaris Ltd.<sup>(b)(c)</sup> | 19252 | &nbsp;&nbsp; 1845304 |
| Viper Energy, Inc., Class A | 12949 | &nbsp;&nbsp; 602646 |
| Weatherford International PLC | 28072 | &nbsp;&nbsp; 2960473 |
|  |  | &nbsp;&nbsp; 64044086 |
| **Financials-12.41%** | **Financials-12.41%** | **Financials-12.41%** |
| Affiliated Managers Group, Inc. | 3362 | &nbsp;&nbsp; 1029377 |
| Ally Financial, Inc. | 158048 | &nbsp;&nbsp; 6233413 |
| American Financial Group, Inc. | 28354 | &nbsp;&nbsp; 3770515 |
| Annaly Capital Management, Inc. | 140689 | &nbsp;&nbsp; 3269612 |

---

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

------

**9**

------

**Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Associated Banc-Corp | 36641 | &nbsp;&nbsp; $967689 |
| Bank OZK<sup>(c)</sup> | 26494 | &nbsp;&nbsp; 1233561 |
| Brighthouse Financial, Inc.<sup>(b)(c)</sup> | 44048 | &nbsp;&nbsp; 2641999 |
| Carlyle Group, Inc. (The) | 30127 | &nbsp;&nbsp; 1566303 |
| CNO Financial Group, Inc. | 50219 | &nbsp;&nbsp; 2099656 |
| Columbia Banking System, Inc. | 47343 | &nbsp;&nbsp; 1346908 |
| Commerce Bancshares, Inc. | 18184 | &nbsp;&nbsp; 927202 |
| Corebridge Financial, Inc. | 266960 | &nbsp;&nbsp; 6898246 |
| Cullen/Frost Bankers, Inc. | 10217 | &nbsp;&nbsp; 1412194 |
| East West Bancorp, Inc. | 18269 | &nbsp;&nbsp; 1999542 |
| Equitable Holdings, Inc. | 125846 | &nbsp;&nbsp; 5061526 |
| Essent Group Ltd. | 8968 | &nbsp;&nbsp; 545613 |
| Euronet Worldwide, Inc.<sup>(b)(c)</sup> | 24790 | &nbsp;&nbsp; 1724145 |
| Evercore, Inc., Class A | 4748 | &nbsp;&nbsp; 1466372 |
| F.N.B. Corp. | 68871 | &nbsp;&nbsp; 1170118 |
| Federated Hermes, Inc., Class B | 15592 | &nbsp;&nbsp; 873308 |
| Fidelity National Financial, Inc. | 114414 | &nbsp;&nbsp; 6050212 |
| First American Financial Corp. | 51296 | &nbsp;&nbsp; 3596363 |
| First Financial Bankshares, Inc. | 11762 | &nbsp;&nbsp; 363799 |
| First Horizon Corp. | 93780 | &nbsp;&nbsp; 2231026 |
| FirstCash Holdings, Inc. | 10089 | &nbsp;&nbsp; 1945058 |
| Flagstar Bank N.A | 184700 | &nbsp;&nbsp; 2343843 |
| Glacier Bancorp, Inc.<sup>(c)</sup> | 14060 | &nbsp;&nbsp; 639589 |
| Hamilton Lane, Inc., Class A<sup>(c)</sup> | 2550 | &nbsp;&nbsp; 267597 |
| Hancock Whitney Corp. | 13989 | &nbsp;&nbsp; 920616 |
| Hanover Insurance Group, Inc. (The) | 16529 | &nbsp;&nbsp; 2985633 |
| Home BancShares, Inc. | 23524 | &nbsp;&nbsp; 645969 |
| Houlihan Lokey, Inc. | 6536 | &nbsp;&nbsp; 1070401 |
| International Bancshares Corp.<sup>(c)</sup> | 6637 | &nbsp;&nbsp; 445409 |
| Janus Henderson Group PLC | 27845 | &nbsp;&nbsp; 1450725 |
| Jefferies Financial Group, Inc. | 67351 | &nbsp;&nbsp; 2990384 |
| Kemper Corp. | 55273 | &nbsp;&nbsp; 1786423 |
| Kinsale Capital Group, Inc. | 2193 | &nbsp;&nbsp; 854546 |
| MGIC Investment Corp. | 19285 | &nbsp;&nbsp; 511631 |
| Morningstar, Inc. | 5084 | &nbsp;&nbsp; 931084 |
| Old National Bancorp | 68859 | &nbsp;&nbsp; 1590643 |
| Old Republic International Corp. | 92157 | &nbsp;&nbsp; 3950771 |
| Pinnacle Financial Partners, Inc. | 14484 | &nbsp;&nbsp; 1314568 |
| Primerica, Inc. | 5929 | &nbsp;&nbsp; 1503950 |
| Prosperity Bancshares, Inc. | 11073 | &nbsp;&nbsp; 779207 |
| Reinsurance Group of America, Inc. | 51942 | &nbsp;&nbsp; 11205448 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 20990 | &nbsp;&nbsp; 6348635 |
| RLI Corp. | 13562 | &nbsp;&nbsp; 845184 |
| Ryan Specialty Holdings, Inc., Class A<sup>(c)</sup> | 26333 | &nbsp;&nbsp; 1036204 |
| SEI Investments Co. | 12412 | &nbsp;&nbsp; 1009344 |
| Selective Insurance Group, Inc. | 30487 | &nbsp;&nbsp; 2562128 |
| Shift4 Payments, Inc., Class A<sup>(b)(c)</sup> | 25884 | &nbsp;&nbsp; 1140708 |
| SLM Corp. | 51840 | &nbsp;&nbsp; 971482 |
| SouthState Bank Corp. | 15463 | &nbsp;&nbsp; 1525734 |
| Starwood Property Trust, Inc.<sup>(c)</sup> | 45368 | &nbsp;&nbsp; 808004 |
| Stifel Financial Corp. | 32778 | &nbsp;&nbsp; 2427211 |
| Texas Capital Bancshares, Inc.<sup>(b)(c)</sup> | 9433 | &nbsp;&nbsp; 898965 |
| UMB Financial Corp. | 14577 | &nbsp;&nbsp; 1689183 |
| United Bankshares, Inc. | 20638 | &nbsp;&nbsp; 852349 |
| Unum Group | 80850 | &nbsp;&nbsp; 5799371 |
| Valley National Bancorp | 135267 | &nbsp;&nbsp; 1705717 |
| Voya Financial, Inc. | 51344 | &nbsp;&nbsp; 3433887 |
| Webster Financial Corp. | 31091 | &nbsp;&nbsp; 2242594 |
| Western Alliance Bancorporation | 27470 | &nbsp;&nbsp; 2206390 |
| WEX, Inc.<sup>(b)</sup> | 7794 | &nbsp;&nbsp; 1162787 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Wintrust Financial Corp. | 13623 | &nbsp;&nbsp; $1962529 |
| Zions Bancorporation N.A. | 38600 | &nbsp;&nbsp; 2211008 |
|  |  | &nbsp;&nbsp; 141451608 |
| **Health Care-4.35%** | **Health Care-4.35%** | **Health Care-4.35%** |
| Avantor, Inc.<sup>(b)(c)</sup> | 262370 | &nbsp;&nbsp; 2374449 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 26385 | &nbsp;&nbsp; 1628746 |
| Bio-Rad Laboratories, Inc., Class A<sup>(b)(c)</sup> | 3728 | &nbsp;&nbsp; 1038024 |
| Bruker Corp.<sup>(c)</sup> | 33663 | &nbsp;&nbsp; 1350223 |
| Chemed Corp. | 2731 | &nbsp;&nbsp; 1119737 |
| Cytokinetics, Inc.<sup>(b)(c)</sup> | 763 | &nbsp;&nbsp; 47474 |
| DENTSPLY SIRONA, Inc.<sup>(c)</sup> | 142869 | &nbsp;&nbsp; 2097317 |
| Doximity, Inc., Class A<sup>(b)</sup> | 6337 | &nbsp;&nbsp; 155447 |
| Elanco Animal Health, Inc.<sup>(b)(c)</sup> | 98992 | &nbsp;&nbsp; 2613389 |
| Encompass Health Corp. | 25018 | &nbsp;&nbsp; 2698942 |
| Ensign Group, Inc. (The) | 12778 | &nbsp;&nbsp; 2736664 |
| Envista Holdings Corp.<sup>(b)(c)</sup> | 54487 | &nbsp;&nbsp; 1591565 |
| Exelixis, Inc.<sup>(b)</sup> | 25588 | &nbsp;&nbsp; 1127407 |
| Globus Medical, Inc., Class A<sup>(b)</sup> | 14485 | &nbsp;&nbsp; 1382738 |
| Haemonetics Corp.<sup>(b)</sup> | 6996 | &nbsp;&nbsp; 442987 |
| Halozyme Therapeutics, Inc.<sup>(b)(c)</sup> | 9112 | &nbsp;&nbsp; 633557 |
| HealthEquity, Inc.<sup>(b)</sup> | 6180 | &nbsp;&nbsp; 472708 |
| Hims & Hers Health, Inc.<sup>(b)(c)</sup> | 26808 | &nbsp;&nbsp; 389252 |
| Illumina, Inc.<sup>(b)</sup> | 14587 | &nbsp;&nbsp; 1961368 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 11577 | &nbsp;&nbsp; 2199862 |
| Lantheus Holdings, Inc.<sup>(b)(c)</sup> | 11524 | &nbsp;&nbsp; 863263 |
| LivaNova PLC<sup>(b)</sup> | 9669 | &nbsp;&nbsp; 682631 |
| Masimo Corp.<sup>(b)</sup> | 5637 | &nbsp;&nbsp; 988448 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 1931 | &nbsp;&nbsp; 872349 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 7915 | &nbsp;&nbsp; 1046759 |
| Option Care Health, Inc.<sup>(b)</sup> | 76762 | &nbsp;&nbsp; 2491695 |
| Penumbra, Inc.<sup>(b)</sup> | 2020 | &nbsp;&nbsp; 695668 |
| Repligen Corp.<sup>(b)(c)</sup> | 1984 | &nbsp;&nbsp; 255400 |
| Roivant Sciences Ltd.<sup>(b)</sup> | 497 | &nbsp;&nbsp; 14383 |
| Sotera Health Co.<sup>(b)(c)</sup> | 31281 | &nbsp;&nbsp; 508316 |
| Tenet Healthcare Corp.<sup>(b)</sup> | 48558 | &nbsp;&nbsp; 11624300 |
| United Therapeutics Corp.<sup>(b)</sup> | 2966 | &nbsp;&nbsp; 1494567 |
|  |  | &nbsp;&nbsp; 49599635 |
| **Industrials-22.74%** | **Industrials-22.74%** | **Industrials-22.74%** |
| AAON, Inc.<sup>(c)</sup> | 7315 | &nbsp;&nbsp; 740278 |
| Acuity, Inc. | 5359 | &nbsp;&nbsp; 1616221 |
| Advanced Drainage Systems, Inc. | 9169 | &nbsp;&nbsp; 1571016 |
| AECOM | 74890 | &nbsp;&nbsp; 7337722 |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 2029 | &nbsp;&nbsp; 511815 |
| AGCO Corp. | 42779 | &nbsp;&nbsp; 5839334 |
| Alaska Air Group, Inc.<sup>(b)(c)</sup> | 125670 | &nbsp;&nbsp; 6484572 |
| American Airlines Group, Inc.<sup>(b)(c)</sup> | 1648786 | &nbsp;&nbsp; 21549633 |
| API Group Corp.<sup>(b)</sup> | 88048 | &nbsp;&nbsp; 3914614 |
| Applied Industrial Technologies, Inc. | 8106 | &nbsp;&nbsp; 2290593 |
| ATI, Inc.<sup>(b)</sup> | 20099 | &nbsp;&nbsp; 3287995 |
| Avis Budget Group, Inc.<sup>(b)(c)</sup> | 39890 | &nbsp;&nbsp; 3885685 |
| Booz Allen Hamilton Holding Corp. | 57910 | &nbsp;&nbsp; 4565045 |
| Brink's Co. (The) | 20170 | &nbsp;&nbsp; 2355251 |
| BWX Technologies, Inc. | 7819 | &nbsp;&nbsp; 1610558 |
| CACI International, Inc., Class A<sup>(b)(c)</sup> | 6821 | &nbsp;&nbsp; 4161970 |
| Carlisle Cos., Inc. | 6919 | &nbsp;&nbsp; 2731414 |
| Carpenter Technology Corp. | 4362 | &nbsp;&nbsp; 1736381 |
| Chart Industries, Inc.<sup>(b)</sup> | 9589 | &nbsp;&nbsp; 1987800 |
| Clean Harbors, Inc.<sup>(b)</sup> | 11469 | &nbsp;&nbsp; 3362711 |
| CNH Industrial N.V.<sup>(c)</sup> | 834203 | &nbsp;&nbsp; 10260697 |

---

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

------

**10**

------

**Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Concentrix Corp.<sup>(c)</sup> | 115570 | &nbsp;&nbsp; $3790696 |
| Core & Main, Inc., Class A<sup>(b)</sup> | 64398 | &nbsp;&nbsp; 3487796 |
| Crane Co. | 5473 | &nbsp;&nbsp; 1097501 |
| Curtiss-Wright Corp. | 2793 | &nbsp;&nbsp; 1956022 |
| Donaldson Co., Inc. | 18572 | &nbsp;&nbsp; 1722739 |
| Dycom Industries, Inc.<sup>(b)</sup> | 6677 | &nbsp;&nbsp; 2804474 |
| EnerSys | 11338 | &nbsp;&nbsp; 1883809 |
| ESAB Corp. | 11274 | &nbsp;&nbsp; 1422441 |
| ExlService Holdings, Inc.<sup>(b)</sup> | 22829 | &nbsp;&nbsp; 713406 |
| Exponent, Inc. | 3671 | &nbsp;&nbsp; 267175 |
| Flowserve Corp. | 29315 | &nbsp;&nbsp; 2594964 |
| Fluor Corp.<sup>(b)</sup> | 165206 | &nbsp;&nbsp; 8641926 |
| Fortune Brands Innovations, Inc. | 40275 | &nbsp;&nbsp; 2188544 |
| FTI Consulting, Inc.<sup>(b)</sup> | 10180 | &nbsp;&nbsp; 1673796 |
| GATX Corp. | 4685 | &nbsp;&nbsp; 862836 |
| Genpact Ltd. | 49617 | &nbsp;&nbsp; 1970787 |
| Graco, Inc. | 12262 | &nbsp;&nbsp; 1151647 |
| GXO Logistics, Inc.<sup>(b)(c)</sup> | 111427 | &nbsp;&nbsp; 7000958 |
| Hexcel Corp.<sup>(c)</sup> | 11192 | &nbsp;&nbsp; 1037386 |
| ITT, Inc. | 10190 | &nbsp;&nbsp; 2062558 |
| KBR, Inc. | 84905 | &nbsp;&nbsp; 3585538 |
| Kirby Corp.<sup>(b)</sup> | 13533 | &nbsp;&nbsp; 1756583 |
| Knight-Swift Transportation Holdings, Inc. | 66673 | &nbsp;&nbsp; 4195065 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)</sup><br>| 7672 | &nbsp;&nbsp; 661173 |
| Landstar System, Inc. | 14753 | &nbsp;&nbsp; 2404001 |
| Lincoln Electric Holdings, Inc. | 7760 | &nbsp;&nbsp; 2227508 |
| MasTec, Inc.<sup>(b)</sup> | 27665 | &nbsp;&nbsp; 8244723 |
| Maximus, Inc.<sup>(c)</sup> | 29731 | &nbsp;&nbsp; 2247961 |
| Middleby Corp. (The)<sup>(b)</sup> | 12644 | &nbsp;&nbsp; 2135066 |
| MSA Safety, Inc. | 5381 | &nbsp;&nbsp; 1051501 |
| MSC Industrial Direct Co., Inc., Class A | 20538 | &nbsp;&nbsp; 1927286 |
| Mueller Industries, Inc. | 16851 | &nbsp;&nbsp; 1987744 |
| Nextpower, Inc., Class A<sup>(b)</sup> | 17333 | &nbsp;&nbsp; 1821698 |
| nVent Electric PLC | 15097 | &nbsp;&nbsp; 1786881 |
| Oshkosh Corp. | 35968 | &nbsp;&nbsp; 6115279 |
| Owens Corning | 43001 | &nbsp;&nbsp; 5249132 |
| Parsons Corp.<sup>(b)(c)</sup> | 44509 | &nbsp;&nbsp; 2937594 |
| Paylocity Holding Corp.<sup>(b)</sup> | 5188 | &nbsp;&nbsp; 552470 |
| RB Global, Inc. (Canada) | 20281 | &nbsp;&nbsp; 2047570 |
| RBC Bearings, Inc.<sup>(b)</sup> | 1769 | &nbsp;&nbsp; 1018802 |
| Regal Rexnord Corp. | 17589 | &nbsp;&nbsp; 3886817 |
| Ryder System, Inc. | 30057 | &nbsp;&nbsp; 6659429 |
| Saia, Inc.<sup>(b)</sup> | 4268 | &nbsp;&nbsp; 1730205 |
| Science Applications International Corp. | 33537 | &nbsp;&nbsp; 3094124 |
| Sensata Technologies Holding PLC | 46972 | &nbsp;&nbsp; 1753934 |
| Simpson Manufacturing Co., Inc. | 6305 | &nbsp;&nbsp; 1220459 |
| SPX Technologies, Inc.<sup>(b)(c)</sup> | 4559 | &nbsp;&nbsp; 1034619 |
| Sterling Infrastructure, Inc.<sup>(b)</sup> | 3095 | &nbsp;&nbsp; 1325062 |
| Terex Corp. | 47146 | &nbsp;&nbsp; 3243173 |
| Tetra Tech, Inc. | 73735 | &nbsp;&nbsp; 2642662 |
| Timken Co. (The) | 23844 | &nbsp;&nbsp; 2584213 |
| Toro Co. (The) | 28309 | &nbsp;&nbsp; 2798628 |
| TransUnion | 24221 | &nbsp;&nbsp; 1902560 |
| Trex Co., Inc.<sup>(b)(c)</sup> | 15323 | &nbsp;&nbsp; 634679 |
| UFP Industries, Inc. | 32514 | &nbsp;&nbsp; 3346016 |
| UL Solutions, Inc., Class A<sup>(c)</sup> | 17890 | &nbsp;&nbsp; 1502223 |
| Valmont Industries, Inc. | 4445 | &nbsp;&nbsp; 2044389 |
| Watsco, Inc.<sup>(c)</sup> | 9591 | &nbsp;&nbsp; 4002612 |
| Watts Water Technologies, Inc., Class A | 3934 | &nbsp;&nbsp; 1293263 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| WESCO International, Inc. | 38094 | &nbsp;&nbsp; $11028213 |
| Woodward, Inc. | 5647 | &nbsp;&nbsp; 2184034 |
| XPO, Inc.<sup>(b)</sup> | 24673 | &nbsp;&nbsp; 5192926 |
|  |  | &nbsp;&nbsp; 259190581 |
| **Information Technology-9.93%** | **Information Technology-9.93%** | **Information Technology-9.93%** |
| Allegro MicroSystems, Inc.<sup>(b)</sup> | 12372 | &nbsp;&nbsp; 451207 |
| Amkor Technology, Inc. | 63222 | &nbsp;&nbsp; 3023276 |
| AppFolio, Inc., Class A<sup>(b)</sup> | 1798 | &nbsp;&nbsp; 319612 |
| Arrow Electronics, Inc.<sup>(b)</sup> | 116129 | &nbsp;&nbsp; 17670189 |
| ASGN, Inc.<sup>(b)</sup> | 39381 | &nbsp;&nbsp; 1689445 |
| Avnet, Inc. | 205096 | &nbsp;&nbsp; 13503521 |
| Belden, Inc. | 9847 | &nbsp;&nbsp; 1411075 |
| Bentley Systems, Inc., Class B<sup>(c)</sup> | 16389 | &nbsp;&nbsp; 599018 |
| BILL Holdings, Inc.<sup>(b)(c)</sup> | 12393 | &nbsp;&nbsp; 551612 |
| Blackbaud, Inc.<sup>(b)(c)</sup> | 8361 | &nbsp;&nbsp; 405843 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 7080 | &nbsp;&nbsp; 999130 |
| Cognex Corp. | 11772 | &nbsp;&nbsp; 640397 |
| Coherent Corp.<sup>(b)</sup> | 14059 | &nbsp;&nbsp; 3640297 |
| Commvault Systems, Inc.<sup>(b)</sup> | 4076 | &nbsp;&nbsp; 346786 |
| Crane NXT Co. | 12693 | &nbsp;&nbsp; 612945 |
| DocuSign, Inc.<sup>(b)</sup> | 21085 | &nbsp;&nbsp; 950301 |
| Dolby Laboratories, Inc., Class A<sup>(c)</sup> | 9075 | &nbsp;&nbsp; 604123 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 42695 | &nbsp;&nbsp; 1066948 |
| Dynatrace, Inc.<sup>(b)</sup> | 18691 | &nbsp;&nbsp; 671381 |
| Entegris, Inc. | 15625 | &nbsp;&nbsp; 2069531 |
| Fabrinet (Thailand)<sup>(b)</sup> | 3196 | &nbsp;&nbsp; 1743833 |
| Flex Ltd.<sup>(b)</sup> | 168018 | &nbsp;&nbsp; 10588494 |
| Guidewire Software, Inc.<sup>(b)</sup> | 2911 | &nbsp;&nbsp; 423026 |
| IPG Photonics Corp.<sup>(b)(c)</sup> | 5176 | &nbsp;&nbsp; 681006 |
| Kyndryl Holdings, Inc.<sup>(b)</sup> | 250926 | &nbsp;&nbsp; 3093918 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 2897 | &nbsp;&nbsp; 277011 |
| Littelfuse, Inc. | 4000 | &nbsp;&nbsp; 1409840 |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 2313 | &nbsp;&nbsp; 1621205 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 2387 | &nbsp;&nbsp; 592262 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 2801 | &nbsp;&nbsp; 379339 |
| MKS, Inc. | 10482 | &nbsp;&nbsp; 2562430 |
| Novanta, Inc.<sup>(b)(c)</sup> | 3669 | &nbsp;&nbsp; 493224 |
| Nutanix, Inc., Class A<sup>(b)</sup> | 25104 | &nbsp;&nbsp; 960981 |
| Okta, Inc.<sup>(b)</sup> | 14518 | &nbsp;&nbsp; 1052555 |
| Onto Innovation, Inc.<sup>(b)</sup> | 2729 | &nbsp;&nbsp; 589164 |
| Pegasystems, Inc. | 12981 | &nbsp;&nbsp; 567659 |
| Pure Storage, Inc., Class A<sup>(b)</sup> | 21726 | &nbsp;&nbsp; 1395244 |
| Qualys, Inc.<sup>(b)</sup> | 1972 | &nbsp;&nbsp; 182351 |
| Rambus, Inc.<sup>(b)</sup> | 2915 | &nbsp;&nbsp; 290509 |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 2340 | &nbsp;&nbsp; 478600 |
| Synaptics, Inc.<sup>(b)(c)</sup> | 6254 | &nbsp;&nbsp; 509451 |
| TD SYNNEX Corp. | 179406 | &nbsp;&nbsp; 28132655 |
| Twilio, Inc., Class A<sup>(b)</sup> | 16662 | &nbsp;&nbsp; 2015435 |
| Universal Display Corp. | 2407 | &nbsp;&nbsp; 256803 |
| Vontier Corp. | 38461 | &nbsp;&nbsp; 1573824 |
|  |  | &nbsp;&nbsp; 113097456 |
| **Materials-6.99%** | **Materials-6.99%** | **Materials-6.99%** |
| Alcoa Corp. | 134944 | &nbsp;&nbsp; 8377324 |
| AptarGroup, Inc. | 14356 | &nbsp;&nbsp; 2063101 |
| Ashland, Inc. | 14009 | &nbsp;&nbsp; 873601 |
| Avient Corp.<sup>(c)</sup> | 47908 | &nbsp;&nbsp; 1967582 |
| Axalta Coating Systems Ltd.<sup>(b)</sup> | 81254 | &nbsp;&nbsp; 2714696 |
| Cabot Corp. | 24885 | &nbsp;&nbsp; 1894744 |

---

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

------

**11**

------

**Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials-(continued)** | **Materials-(continued)** | **Materials-(continued)** |
| Cleveland-Cliffs, Inc.<sup>(b)(c)</sup> | 674267 | &nbsp;&nbsp; $7187686 |
| Commercial Metals Co.<sup>(c)</sup> | 51483 | &nbsp;&nbsp; 3773704 |
| Crown Holdings, Inc. | 58711 | &nbsp;&nbsp; 6728281 |
| Eagle Materials, Inc. | 4710 | &nbsp;&nbsp; 1054098 |
| Graphic Packaging Holding Co.<sup>(c)</sup> | 265724 | &nbsp;&nbsp; 3249805 |
| Greif, Inc., Class A | 30869 | &nbsp;&nbsp; 2243250 |
| Hecla Mining Co. | 32719 | &nbsp;&nbsp; 815030 |
| Knife River Corp.<sup>(b)(c)</sup> | 18402 | &nbsp;&nbsp; 1637410 |
| Louisiana-Pacific Corp. | 14884 | &nbsp;&nbsp; 1261270 |
| MP Materials Corp.<sup>(b)(c)</sup> | 1830 | &nbsp;&nbsp; 107732 |
| NewMarket Corp.<sup>(c)</sup> | 1637 | &nbsp;&nbsp; 1024778 |
| Olin Corp. | 144512 | &nbsp;&nbsp; 3666269 |
| Reliance, Inc. | 22160 | &nbsp;&nbsp; 6994582 |
| Royal Gold, Inc. | 1877 | &nbsp;&nbsp; 562706 |
| RPM International, Inc. | 33040 | &nbsp;&nbsp; 3770525 |
| Scotts Miracle-Gro Co. (The) | 28555 | &nbsp;&nbsp; 2002277 |
| Silgan Holdings, Inc. | 75538 | &nbsp;&nbsp; 3629601 |
| Sonoco Products Co. | 77926 | &nbsp;&nbsp; 4400481 |
| Westlake Corp. | 72597 | &nbsp;&nbsp; 7650272 |
|  |  | &nbsp;&nbsp; 79650805 |
| **Real Estate-2.26%** | **Real Estate-2.26%** | **Real Estate-2.26%** |
| Agree Realty Corp. | 4431 | &nbsp;&nbsp; 356607 |
| American Homes 4 Rent, Class A | 27534 | &nbsp;&nbsp; 826020 |
| Brixmor Property Group, Inc. | 24510 | &nbsp;&nbsp; 741918 |
| COPT Defense Properties<sup>(c)</sup> | 11789 | &nbsp;&nbsp; 374654 |
| Cousins Properties, Inc. | 17684 | &nbsp;&nbsp; 409561 |
| CubeSmart | 14127 | &nbsp;&nbsp; 581185 |
| EastGroup Properties, Inc. | 1752 | &nbsp;&nbsp; 343935 |
| EPR Properties | 6464 | &nbsp;&nbsp; 384026 |
| Equity LifeStyle Properties, Inc. | 11727 | &nbsp;&nbsp; 787585 |
| First Industrial Realty Trust, Inc. | 5601 | &nbsp;&nbsp; 353647 |
| Gaming and Leisure Properties, Inc. | 17295 | &nbsp;&nbsp; 845898 |
| Healthcare Realty Trust, Inc. | 31746 | &nbsp;&nbsp; 585714 |
| Independence Realty Trust, Inc.<sup>(c)</sup> | 17776 | &nbsp;&nbsp; 294548 |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 35135 | &nbsp;&nbsp; 11086849 |
| Kilroy Realty Corp.<sup>(c)</sup> | 12763 | &nbsp;&nbsp; 380593 |
| Kite Realty Group Trust<sup>(c)</sup> | 17420 | &nbsp;&nbsp; 453791 |
| Lamar Advertising Co., Class A<sup>(c)</sup> | 7917 | &nbsp;&nbsp; 1090488 |
| National Storage Affiliates Trust | 11707 | &nbsp;&nbsp; 409979 |
| NNN REIT, Inc. | 10488 | &nbsp;&nbsp; 475316 |
| Omega Healthcare Investors, Inc. | 11966 | &nbsp;&nbsp; 577599 |
| Park Hotels & Resorts, Inc.<sup>(c)</sup> | 106900 | &nbsp;&nbsp; 1209039 |
| Rayonier, Inc. | 22518 | &nbsp;&nbsp; 483912 |
| Rexford Industrial Realty, Inc. | 11181 | &nbsp;&nbsp; 418952 |
| Sabra Health Care REIT, Inc. | 18063 | &nbsp;&nbsp; 371195 |
| STAG Industrial, Inc. | 9771 | &nbsp;&nbsp; 383219 |
| Vornado Realty Trust<sup>(c)</sup> | 23662 | &nbsp;&nbsp; 652598 |
| W.P. Carey, Inc. | 11678 | &nbsp;&nbsp; 871763 |
|  |  | &nbsp;&nbsp; 25750591 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-1.83%** | **Utilities-1.83%** | **Utilities-1.83%** |
| Black Hills Corp.<sup>(c)</sup> | 14649 | &nbsp;&nbsp; $1079045 |
| Essential Utilities, Inc. | 29415 | &nbsp;&nbsp; 1175718 |
| IDACORP, Inc.<sup>(c)</sup> | 6639 | &nbsp;&nbsp; 955817 |
| National Fuel Gas Co. | 12442 | &nbsp;&nbsp; 1132595 |
| New Jersey Resources Corp. | 20591 | &nbsp;&nbsp; 1116856 |
| NorthWestern Energy Group, Inc. | 10762 | &nbsp;&nbsp; 752909 |
| OGE Energy Corp.<sup>(c)</sup> | 35283 | &nbsp;&nbsp; 1733807 |
| ONE Gas, Inc.<sup>(c)</sup> | 14170 | &nbsp;&nbsp; 1239025 |
| Ormat Technologies, Inc. | 3836 | &nbsp;&nbsp; 397793 |
| Portland General Electric Co.<sup>(c)</sup> | 31804 | &nbsp;&nbsp; 1716144 |
| Southwest Gas Holdings, Inc. | 23040 | &nbsp;&nbsp; 2031437 |
| Spire, Inc. | 13835 | &nbsp;&nbsp; 1267424 |
| Talen Energy Corp.<sup>(b)</sup> | 5199 | &nbsp;&nbsp; 1928673 |
| TXNM Energy, Inc.<sup>(c)</sup> | 16596 | &nbsp;&nbsp; 979496 |
| UGI Corp. | 89071 | &nbsp;&nbsp; 3332146 |
|  |  | &nbsp;&nbsp; 20838885 |
| Total Common Stocks & Other Equity Interests <br>(Cost $948,079,040) | Total Common Stocks & Other Equity Interests <br>(Cost $948,079,040) | &nbsp;&nbsp; 1138446628 |
| **Money Market Funds-0.06%** | **Money Market Funds-0.06%** | **Money Market Funds-0.06%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $671,098)<br>| 671098 | &nbsp;&nbsp; 671098 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $948,750,138) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $948,750,138) | &nbsp;&nbsp; 1139117726 |
| **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-15.62%** | **Money Market Funds-15.62%** | **Money Market Funds-15.62%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 49273620 | &nbsp;&nbsp; 49273620 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 128760777 | &nbsp;&nbsp; 128799405 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $178,073,025) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $178,073,025) | &nbsp;&nbsp; 178073025 |
| TOTAL INVESTMENTS IN SECURITIES-115.57% <br>(Cost $1,126,823,163) | TOTAL INVESTMENTS IN SECURITIES-115.57% <br>(Cost $1,126,823,163) | &nbsp;&nbsp; 1317190751 |
| OTHER ASSETS LESS LIABILITIES-(15.57)% | OTHER ASSETS LESS LIABILITIES-(15.57)% | &nbsp;&nbsp; (177451099)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1139739652 |

---

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

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

------

**12**

------

**Invesco S&P MidCap 400 Revenue ETF (RWK)—(continued)**

February 28, 2026

*(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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $15393279 | &nbsp;&nbsp; $(14722181)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $671098 | &nbsp;&nbsp; $9389 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 51296858 | &nbsp;&nbsp; 251221964 | &nbsp;&nbsp; (253245202)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 49273620 | &nbsp;&nbsp; 848,250<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 137561637 | &nbsp;&nbsp; 482989611 | &nbsp;&nbsp; (491752408)<br>| &nbsp;&nbsp; (12283)<br>| &nbsp;&nbsp; 12848 | &nbsp;&nbsp; 128799405 | &nbsp;&nbsp; 2,297,013<br> \*<br>|
| Total | &nbsp;&nbsp; $188858495 | &nbsp;&nbsp; $749604854 | &nbsp;&nbsp; $(759719791)<br>| &nbsp;&nbsp; $(12283)<br>| &nbsp;&nbsp; $12848 | &nbsp;&nbsp; $178744123 | &nbsp;&nbsp; $3154652 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**13**

------

**Invesco S&P SmallCap 600 Revenue ETF (RWJ)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** | **Common Stocks & Other Equity Interests-99.86%** |
| **Communication Services-2.87%** | **Communication Services-2.87%** | **Communication Services-2.87%** |
| Angi, Inc.<sup>(b)(c)</sup> | 88843 | &nbsp;&nbsp; $691199 |
| Cable One, Inc.<sup>(c)</sup> | 13692 | &nbsp;&nbsp; 1313747 |
| CarGurus, Inc.<sup>(b)</sup> | 28038 | &nbsp;&nbsp; 860767 |
| Cars.com, Inc.<sup>(b)(c)</sup> | 63318 | &nbsp;&nbsp; 540736 |
| Cinemark Holdings, Inc. | 141898 | &nbsp;&nbsp; 4007199 |
| Cogent Communications Holdings, Inc. | 46497 | &nbsp;&nbsp; 872284 |
| DoubleVerify Holdings, Inc.<sup>(b)</sup> | 73613 | &nbsp;&nbsp; 775881 |
| Gogo, Inc.<sup>(b)(c)</sup> | 163524 | &nbsp;&nbsp; 691707 |
| IAC, Inc.<sup>(b)(c)</sup> | 82399 | &nbsp;&nbsp; 3157530 |
| Iridium Communications, Inc. | 51860 | &nbsp;&nbsp; 1242047 |
| John Wiley & Sons, Inc., Class A<sup>(c)</sup> | 58731 | &nbsp;&nbsp; 1821836 |
| Lumen Technologies, Inc.<sup>(b)</sup> | 1660177 | &nbsp;&nbsp; 11803858 |
| Madison Square Garden Sports Corp., <br> Class A<sup>(b)</sup><br>| 5346 | &nbsp;&nbsp; 1773054 |
| QuinStreet, Inc.<sup>(b)(c)</sup> | 86963 | &nbsp;&nbsp; 1019206 |
| Scholastic Corp.<sup>(c)</sup> | 65673 | &nbsp;&nbsp; 2283450 |
| Shenandoah Telecommunications Co.<sup>(c)</sup> | 36678 | &nbsp;&nbsp; 499921 |
| Shutterstock, Inc. | 59678 | &nbsp;&nbsp; 1002590 |
| TEGNA, Inc. | 165814 | &nbsp;&nbsp; 3473803 |
| Telephone and Data Systems, Inc. | 116067 | &nbsp;&nbsp; 5193998 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 137235 | &nbsp;&nbsp; 1387446 |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 272643 | &nbsp;&nbsp; 1995747 |
| Yelp, Inc.<sup>(b)</sup> | 55103 | &nbsp;&nbsp; 1228246 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 45188 | &nbsp;&nbsp; 1223691 |
|  |  | &nbsp;&nbsp; 48859943 |
| **Consumer Discretionary-26.57%** | **Consumer Discretionary-26.57%** | **Consumer Discretionary-26.57%** |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 123200 | &nbsp;&nbsp; 7408016 |
| Acushnet Holdings Corp.<sup>(c)</sup> | 33679 | &nbsp;&nbsp; 3446372 |
| Adient PLC<sup>(b)</sup> | 866130 | &nbsp;&nbsp; 21064282 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 199890 | &nbsp;&nbsp; 10628151 |
| American Eagle Outfitters, Inc. | 251367 | &nbsp;&nbsp; 6176087 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 82936 | &nbsp;&nbsp; 17730058 |
| BJ's Restaurants, Inc.<sup>(b)(c)</sup> | 40629 | &nbsp;&nbsp; 1543496 |
| Bloomin' Brands, Inc. | 643071 | &nbsp;&nbsp; 3935594 |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 11774 | &nbsp;&nbsp; 2227876 |
| Brinker International, Inc.<sup>(b)</sup> | 46668 | &nbsp;&nbsp; 6916198 |
| Buckle, Inc. (The) | 25370 | &nbsp;&nbsp; 1358563 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 550727 | &nbsp;&nbsp; 13795711 |
| Callaway Golf Co.<sup>(b)(c)</sup> | 401411 | &nbsp;&nbsp; 5643839 |
| CarMax, Inc.<sup>(b)(c)</sup> | 779870 | &nbsp;&nbsp; 33666988 |
| Carter's, Inc. | 96273 | &nbsp;&nbsp; 3229959 |
| Cavco Industries, Inc.<sup>(b)</sup> | 4098 | &nbsp;&nbsp; 2365611 |
| Century Communities, Inc. | 73494 | &nbsp;&nbsp; 4941002 |
| Champion Homes, Inc.<sup>(b)</sup> | 34191 | &nbsp;&nbsp; 3196175 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 86461 | &nbsp;&nbsp; 5600944 |
| Covista, Inc.<sup>(b)</sup> | 22516 | &nbsp;&nbsp; 2206568 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 141265 | &nbsp;&nbsp; 4622191 |
| Dana, Inc. | 428225 | &nbsp;&nbsp; 14662424 |
| Dauch Corp.<sup>(b)(c)</sup> | 1056771 | &nbsp;&nbsp; 6974689 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 118441 | &nbsp;&nbsp; 1743452 |
| Dorman Products, Inc.<sup>(b)</sup> | 19287 | &nbsp;&nbsp; 2273166 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 272836 | &nbsp;&nbsp; 4930146 |
| Ethan Allen Interiors, Inc. | 30166 | &nbsp;&nbsp; 687181 |
| Etsy, Inc.<sup>(b)</sup> | 59139 | &nbsp;&nbsp; 3245548 |
| Fox Factory Holding Corp.<sup>(b)(c)</sup> | 99665 | &nbsp;&nbsp; 1678359 |
| Frontdoor, Inc.<sup>(b)</sup> | 43162 | &nbsp;&nbsp; 2959618 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** | **Consumer Discretionary-(continued)** |
| Gentherm, Inc.<sup>(b)(c)</sup> | 43435 | &nbsp;&nbsp; $1423365 |
| G-III Apparel Group Ltd.<sup>(c)</sup> | 113053 | &nbsp;&nbsp; 3458291 |
| Golden Entertainment, Inc.<sup>(c)</sup> | 25798 | &nbsp;&nbsp; 745562 |
| Green Brick Partners, Inc.<sup>(b)</sup> | 36302 | &nbsp;&nbsp; 2674005 |
| Group 1 Automotive, Inc. | 61000 | &nbsp;&nbsp; 19870140 |
| Installed Building Products, Inc.<sup>(c)</sup> | 11916 | &nbsp;&nbsp; 3905588 |
| Kohl's Corp.<sup>(c)</sup> | 758136 | &nbsp;&nbsp; 12410686 |
| Kontoor Brands, Inc. | 46986 | &nbsp;&nbsp; 3063957 |
| La-Z-Boy, Inc. | 62029 | &nbsp;&nbsp; 2215676 |
| LCI Industries<sup>(c)</sup> | 37363 | &nbsp;&nbsp; 4976752 |
| Leggett & Platt, Inc. | 419953 | &nbsp;&nbsp; 4905051 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 42017 | &nbsp;&nbsp; 2180682 |
| LKQ Corp.<sup>(c)</sup> | 525589 | &nbsp;&nbsp; 17402252 |
| M/I Homes, Inc.<sup>(b)</sup> | 37835 | &nbsp;&nbsp; 5378624 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 101211 | &nbsp;&nbsp; 3086935 |
| Marriott Vacations Worldwide Corp. | 103966 | &nbsp;&nbsp; 6758830 |
| Matthews International Corp., Class A<sup>(c)</sup> | 62364 | &nbsp;&nbsp; 1648281 |
| Meritage Homes Corp. | 95108 | &nbsp;&nbsp; 7173045 |
| Mister Car Wash, Inc.<sup>(b)(c)</sup> | 215610 | &nbsp;&nbsp; 1535143 |
| Mohawk Industries, Inc.<sup>(b)</sup> | 109173 | &nbsp;&nbsp; 13676102 |
| Monarch Casino & Resort, Inc. | 6363 | &nbsp;&nbsp; 611484 |
| Monro, Inc.<sup>(c)</sup> | 64885 | &nbsp;&nbsp; 1396974 |
| National Vision Holdings, Inc.<sup>(b)(c)</sup> | 73407 | &nbsp;&nbsp; 1979787 |
| Newell Brands, Inc. | 2154483 | &nbsp;&nbsp; 9802898 |
| Oxford Industries, Inc.<sup>(c)</sup> | 41468 | &nbsp;&nbsp; 1641718 |
| Papa John's International, Inc.<sup>(c)</sup> | 57232 | &nbsp;&nbsp; 1794223 |
| Patrick Industries, Inc.<sup>(c)</sup> | 38628 | &nbsp;&nbsp; 4781760 |
| PENN Entertainment, Inc.<sup>(b)</sup> | 561269 | &nbsp;&nbsp; 8778247 |
| Perdoceo Education Corp. | 32054 | &nbsp;&nbsp; 1069001 |
| Phinia, Inc. | 67253 | &nbsp;&nbsp; 4884585 |
| Pursuit Attractions and Hospitality, <br> Inc.<sup>(b)(c)</sup><br>| 14103 | &nbsp;&nbsp; 490220 |
| Red Rock Resorts, Inc., Class A | 39736 | &nbsp;&nbsp; 2406015 |
| Sabre Corp.<sup>(b)(c)</sup> | 2164840 | &nbsp;&nbsp; 2554511 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 265835 | &nbsp;&nbsp; 4271968 |
| Shake Shack, Inc., Class A<sup>(b)</sup> | 20283 | &nbsp;&nbsp; 1947371 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 83768 | &nbsp;&nbsp; 8057644 |
| Six Flags Entertainment Corp.<sup>(b)(c)</sup> | 234593 | &nbsp;&nbsp; 3995119 |
| Sonic Automotive, Inc., Class A | 259187 | &nbsp;&nbsp; 16256209 |
| Sonos, Inc.<sup>(b)</sup> | 85391 | &nbsp;&nbsp; 1315021 |
| Standard Motor Products, Inc. | 52306 | &nbsp;&nbsp; 2075502 |
| Steven Madden Ltd. | 60752 | &nbsp;&nbsp; 2193147 |
| Strategic Education, Inc. | 17766 | &nbsp;&nbsp; 1461786 |
| Stride, Inc.<sup>(b)(c)</sup> | 44715 | &nbsp;&nbsp; 3773052 |
| Tri Pointe Homes, Inc.<sup>(b)(c)</sup> | 126188 | &nbsp;&nbsp; 5842504 |
| Under Armour, Inc., Class A<sup>(b)(c)</sup> | 654604 | &nbsp;&nbsp; 4857162 |
| Under Armour, Inc., Class C<sup>(b)(c)</sup> | 679260 | &nbsp;&nbsp; 4911050 |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 52688 | &nbsp;&nbsp; 1833016 |
| Upbound Group, Inc.<sup>(c)</sup> | 274024 | &nbsp;&nbsp; 5877815 |
| Urban Outfitters, Inc.<sup>(b)</sup> | 85949 | &nbsp;&nbsp; 5689824 |
| Victoria's Secret & Co.<sup>(b)</sup> | 139404 | &nbsp;&nbsp; 8740631 |
| Wendy's Co. (The)<sup>(c)</sup> | 308016 | &nbsp;&nbsp; 2359403 |
| Winnebago Industries, Inc.<sup>(c)</sup> | 77973 | &nbsp;&nbsp; 3110343 |
| Wolverine World Wide, Inc. | 113856 | &nbsp;&nbsp; 2011836 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 10266 | &nbsp;&nbsp; 437537 |
|  |  | &nbsp;&nbsp; 452556594 |

---

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

------

**14**

------

**Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Staples-7.01%** | **Consumer Staples-7.01%** | **Consumer Staples-7.01%** |
| Andersons, Inc. (The) | 254445 | &nbsp;&nbsp; $16612714 |
| Cal-Maine Foods, Inc.<sup>(c)</sup> | 58274 | &nbsp;&nbsp; 5076248 |
| Central Garden & Pet Co.<sup>(b)(c)</sup> | 52484 | &nbsp;&nbsp; 2056848 |
| Central Garden & Pet Co., Class A<sup>(b)</sup> | 57974 | &nbsp;&nbsp; 2002422 |
| Chefs' Warehouse, Inc. (The)<sup>(b)(c)</sup> | 74422 | &nbsp;&nbsp; 5312987 |
| Edgewell Personal Care Co. | 146344 | &nbsp;&nbsp; 3327863 |
| Energizer Holdings, Inc. | 172140 | &nbsp;&nbsp; 3716503 |
| Fresh Del Monte Produce, Inc. | 134516 | &nbsp;&nbsp; 5774772 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 18981 | &nbsp;&nbsp; 1602945 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 467671 | &nbsp;&nbsp; 4620590 |
| Interparfums, Inc. | 20118 | &nbsp;&nbsp; 2027492 |
| J&J Snack Foods Corp.<sup>(c)</sup> | 19293 | &nbsp;&nbsp; 1679649 |
| John B. Sanfilippo & Son, Inc. | 17107 | &nbsp;&nbsp; 1413209 |
| National Beverage Corp.<sup>(b)</sup> | 38420 | &nbsp;&nbsp; 1396567 |
| PriceSmart, Inc.<sup>(c)</sup> | 47569 | &nbsp;&nbsp; 7355119 |
| Reynolds Consumer Products, Inc. | 172415 | &nbsp;&nbsp; 4277616 |
| Simply Good Foods Co. (The)<sup>(b)(c)</sup> | 87341 | &nbsp;&nbsp; 1490037 |
| Tootsie Roll Industries, Inc. | 22910 | &nbsp;&nbsp; 967489 |
| United Natural Foods, Inc.<sup>(b)</sup> | 1148954 | &nbsp;&nbsp; 43901532 |
| Universal Corp. | 63726 | &nbsp;&nbsp; 3423998 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 23519 | &nbsp;&nbsp; 496016 |
| WD-40 Co.<sup>(c)</sup> | 3732 | &nbsp;&nbsp; 888962 |
|  |  | &nbsp;&nbsp; 119421578 |
| **Energy-8.27%** | **Energy-8.27%** | **Energy-8.27%** |
| Archrock, Inc. | 62846 | &nbsp;&nbsp; 2220349 |
| Atlas Energy Solutions, Inc.<sup>(c)</sup> | 120182 | &nbsp;&nbsp; 1157353 |
| Bristow Group, Inc.<sup>(b)</sup> | 45886 | &nbsp;&nbsp; 2188762 |
| Cactus, Inc., Class A | 26030 | &nbsp;&nbsp; 1405620 |
| California Resources Corp. | 84041 | &nbsp;&nbsp; 4944972 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 85313 | &nbsp;&nbsp; 1672988 |
| Core Laboratories, Inc.<sup>(c)</sup> | 34143 | &nbsp;&nbsp; 600575 |
| Core Natural Resources, Inc. | 50459 | &nbsp;&nbsp; 4141675 |
| Crescent Energy Co., Class A<sup>(c)</sup> | 416781 | &nbsp;&nbsp; 4859666 |
| CVR Energy, Inc.<sup>(b)</sup> | 261785 | &nbsp;&nbsp; 6324726 |
| Dorian LPG Ltd. | 16821 | &nbsp;&nbsp; 622209 |
| Helix Energy Solutions Group, Inc.<sup>(b)</sup> | 203136 | &nbsp;&nbsp; 1866820 |
| Helmerich & Payne, Inc.<sup>(c)</sup> | 140188 | &nbsp;&nbsp; 4937421 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 46623 | &nbsp;&nbsp; 1228516 |
| International Seaways, Inc.<sup>(c)</sup> | 17791 | &nbsp;&nbsp; 1343754 |
| Kinetik Holdings, Inc., Class A<sup>(c)</sup> | 50719 | &nbsp;&nbsp; 2307207 |
| Kodiak Gas Services, Inc. | 38546 | &nbsp;&nbsp; 2103455 |
| Liberty Energy, Inc., Class A | 220359 | &nbsp;&nbsp; 6189884 |
| Magnolia Oil & Gas Corp., Class A<sup>(c)</sup> | 64469 | &nbsp;&nbsp; 1793528 |
| Noble Corp. PLC<sup>(c)</sup> | 123770 | &nbsp;&nbsp; 5622871 |
| Northern Oil and Gas, Inc.<sup>(c)</sup> | 101915 | &nbsp;&nbsp; 2811835 |
| Oceaneering International, Inc.<sup>(b)</sup> | 117988 | &nbsp;&nbsp; 4188574 |
| Par Pacific Holdings, Inc.<sup>(b)</sup> | 197789 | &nbsp;&nbsp; 8439657 |
| Patterson-UTI Energy, Inc. | 850163 | &nbsp;&nbsp; 7234887 |
| Peabody Energy Corp. | 159124 | &nbsp;&nbsp; 5018771 |
| REX American Resources Corp.<sup>(b)</sup> | 22254 | &nbsp;&nbsp; 791352 |
| RPC, Inc.<sup>(c)</sup> | 293653 | &nbsp;&nbsp; 1706124 |
| SM Energy Co. | 183134 | &nbsp;&nbsp; 4235889 |
| Talos Energy, Inc.<sup>(b)</sup> | 179166 | &nbsp;&nbsp; 2194784 |
| Tidewater, Inc.<sup>(b)</sup> | 27128 | &nbsp;&nbsp; 2154506 |
| World Kinect Corp.<sup>(c)</sup> | 1785165 | &nbsp;&nbsp; 44539867 |
|  |  | &nbsp;&nbsp; 140848597 |
| **Financials-11.12%** | **Financials-11.12%** | **Financials-11.12%** |
| Acadian Asset Management, Inc. | 14189 | &nbsp;&nbsp; 764220 |
| Adamas Trust, Inc.<sup>(c)</sup> | 104122 | &nbsp;&nbsp; 857965 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Ameris Bancorp | 24175 | &nbsp;&nbsp; $1877431 |
| AMERISAFE, Inc. | 10301 | &nbsp;&nbsp; 335092 |
| Apollo Commercial Real Estate Finance, <br> Inc.<sup>(c)</sup><br>| 80284 | &nbsp;&nbsp; 851010 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 152823 | &nbsp;&nbsp; 1211886 |
| ARMOUR Residential REIT, Inc. | 49031 | &nbsp;&nbsp; 880106 |
| Artisan Partners Asset Management, Inc., <br> Class A<br>| 34660 | &nbsp;&nbsp; 1396105 |
| Assured Guaranty Ltd. | 11566 | &nbsp;&nbsp; 997105 |
| Atlantic Union Bankshares Corp., <br> Class B<sup>(c)</sup><br>| 58227 | &nbsp;&nbsp; 2157893 |
| Axos Financial, Inc.<sup>(b)</sup> | 25727 | &nbsp;&nbsp; 2233618 |
| Banc of California, Inc. | 103779 | &nbsp;&nbsp; 1916798 |
| BancFirst Corp. | 9341 | &nbsp;&nbsp; 1027510 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 13869 | &nbsp;&nbsp; 727984 |
| Bank of Hawaii Corp. | 17169 | &nbsp;&nbsp; 1300895 |
| BankUnited, Inc. | 47385 | &nbsp;&nbsp; 2212880 |
| Banner Corp.<sup>(c)</sup> | 14680 | &nbsp;&nbsp; 863918 |
| Beacon Financial Corp. | 31196 | &nbsp;&nbsp; 927769 |
| BGC Group, Inc., Class A | 347593 | &nbsp;&nbsp; 3309085 |
| Blackstone Mortgage Trust, Inc., <br> Class A<sup>(c)</sup><br>| 84326 | &nbsp;&nbsp; 1619902 |
| Bread Financial Holdings, Inc. | 72027 | &nbsp;&nbsp; 5103833 |
| Capitol Federal Financial, Inc.<sup>(c)</sup> | 67658 | &nbsp;&nbsp; 485784 |
| Cathay General Bancorp | 30317 | &nbsp;&nbsp; 1507058 |
| Central Pacific Financial Corp. | 13754 | &nbsp;&nbsp; 438065 |
| City Holding Co.<sup>(c)</sup> | 3813 | &nbsp;&nbsp; 457446 |
| Cohen & Steers, Inc.<sup>(c)</sup> | 10200 | &nbsp;&nbsp; 682074 |
| Community Financial System, Inc.<sup>(c)</sup> | 18526 | &nbsp;&nbsp; 1121749 |
| Customers Bancorp, Inc.<sup>(b)</sup> | 22502 | &nbsp;&nbsp; 1517535 |
| CVB Financial Corp.<sup>(c)</sup> | 35368 | &nbsp;&nbsp; 680127 |
| Dime Community Bancshares, Inc., <br> Class B<sup>(c)</sup><br>| 24497 | &nbsp;&nbsp; 792478 |
| Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 19564 | &nbsp;&nbsp; 973505 |
| Eagle Bancorp, Inc. | 33444 | &nbsp;&nbsp; 851150 |
| Ellington Financial, Inc. | 44290 | &nbsp;&nbsp; 550082 |
| Employers Holdings, Inc. | 25113 | &nbsp;&nbsp; 1038423 |
| Enact Holdings, Inc. | 35257 | &nbsp;&nbsp; 1475153 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 31249 | &nbsp;&nbsp; 2133994 |
| Enova International, Inc.<sup>(b)</sup> | 24483 | &nbsp;&nbsp; 3404361 |
| EVERTEC, Inc. | 36905 | &nbsp;&nbsp; 1044781 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 68108 | &nbsp;&nbsp; 1806905 |
| FB Financial Corp.<sup>(c)</sup> | 15895 | &nbsp;&nbsp; 869298 |
| First Bancorp | 66704 | &nbsp;&nbsp; 1409456 |
| First Bancorp/Southern Pines NC<sup>(c)</sup> | 11214 | &nbsp;&nbsp; 636843 |
| First Commonwealth Financial Corp.<sup>(c)</sup> | 47180 | &nbsp;&nbsp; 827065 |
| First Financial Bancorp | 52545 | &nbsp;&nbsp; 1474938 |
| First Hawaiian, Inc.<sup>(c)</sup> | 49807 | &nbsp;&nbsp; 1233221 |
| First Interstate BancSystem, Inc., <br> Class A<sup>(c)</sup><br>| 43866 | &nbsp;&nbsp; 1518202 |
| Franklin BSP Realty Trust, Inc.<sup>(c)</sup> | 60528 | &nbsp;&nbsp; 552621 |
| Fulton Financial Corp.<sup>(c)</sup> | 109089 | &nbsp;&nbsp; 2230870 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 901299 | &nbsp;&nbsp; 7606964 |
| Goosehead Insurance, Inc., Class A<sup>(b)(c)</sup> | 5193 | &nbsp;&nbsp; 281461 |
| HA Sustainable Infrastructure Capital, <br> Inc.<sup>(c)</sup><br>| 13497 | &nbsp;&nbsp; 492910 |
| Hanmi Financial Corp. | 17240 | &nbsp;&nbsp; 450136 |
| HCI Group, Inc. | 5249 | &nbsp;&nbsp; 926029 |
| Heritage Financial Corp.<sup>(c)</sup> | 16401 | &nbsp;&nbsp; 433150 |
| Hilltop Holdings, Inc. | 51288 | &nbsp;&nbsp; 1919710 |

---

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

------

**15**

------

**Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Hope Bancorp, Inc. | 93396 | &nbsp;&nbsp; $1051639 |
| Horace Mann Educators Corp. | 41767 | &nbsp;&nbsp; 1817282 |
| Independent Bank Corp. | 15791 | &nbsp;&nbsp; 1232803 |
| Jackson Financial, Inc., Class A | 54053 | &nbsp;&nbsp; 5917722 |
| KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 65380 | &nbsp;&nbsp; 454391 |
| Lakeland Financial Corp. | 7879 | &nbsp;&nbsp; 457691 |
| Lincoln National Corp. | 499872 | &nbsp;&nbsp; 17145610 |
| MarketAxess Holdings, Inc. | 5433 | &nbsp;&nbsp; 1043136 |
| Mercury General Corp. | 73315 | &nbsp;&nbsp; 6640873 |
| Moelis & Co., Class A | 23811 | &nbsp;&nbsp; 1413421 |
| National Bank Holdings Corp., Class A | 16655 | &nbsp;&nbsp; 666033 |
| Navient Corp. | 303535 | &nbsp;&nbsp; 2668073 |
| NBT Bancorp, Inc. | 22253 | &nbsp;&nbsp; 950648 |
| NCR Atleos Corp.<sup>(b)(c)</sup> | 129244 | &nbsp;&nbsp; 5722924 |
| NMI Holdings, Inc., Class A<sup>(b)(c)</sup> | 19944 | &nbsp;&nbsp; 783999 |
| Northwest Bancshares, Inc.<sup>(c)</sup> | 74594 | &nbsp;&nbsp; 928695 |
| OFG Bancorp | 24673 | &nbsp;&nbsp; 988894 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 7485 | &nbsp;&nbsp; 925969 |
| Park National Corp. | 4785 | &nbsp;&nbsp; 787276 |
| Pathward Financial, Inc. | 12481 | &nbsp;&nbsp; 1133150 |
| Payoneer Global, Inc.<sup>(b)</sup> | 202113 | &nbsp;&nbsp; 873128 |
| PennyMac Mortgage Investment Trust<sup>(c)</sup> | 137744 | &nbsp;&nbsp; 1688741 |
| Piper Sandler Cos. | 5323 | &nbsp;&nbsp; 1573213 |
| PJT Partners, Inc., Class A | 10482 | &nbsp;&nbsp; 1547982 |
| PRA Group, Inc.<sup>(b)</sup> | 75231 | &nbsp;&nbsp; 1184888 |
| Preferred Bank | 5747 | &nbsp;&nbsp; 504127 |
| ProAssurance Corp.<sup>(b)</sup> | 52189 | &nbsp;&nbsp; 1281240 |
| PROG Holdings, Inc. | 91241 | &nbsp;&nbsp; 3212596 |
| Provident Financial Services, Inc. | 74100 | &nbsp;&nbsp; 1559064 |
| Radian Group, Inc. | 39418 | &nbsp;&nbsp; 1360709 |
| Redwood Trust, Inc.<sup>(c)</sup> | 242110 | &nbsp;&nbsp; 1464766 |
| Renasant Corp. | 40076 | &nbsp;&nbsp; 1508861 |
| S&T Bancorp, Inc. | 15625 | &nbsp;&nbsp; 653281 |
| Safety Insurance Group, Inc. | 17934 | &nbsp;&nbsp; 1392216 |
| Seacoast Banking Corp. of Florida<sup>(c)</sup> | 29625 | &nbsp;&nbsp; 921930 |
| ServisFirst Bancshares, Inc.<sup>(c)</sup> | 15325 | &nbsp;&nbsp; 1241478 |
| Sezzle, Inc.<sup>(b)(c)</sup> | 6567 | &nbsp;&nbsp; 479063 |
| Simmons First National Corp., Class A | 36425 | &nbsp;&nbsp; 725222 |
| SiriusPoint Ltd.<sup>(b)</sup> | 148722 | &nbsp;&nbsp; 3143983 |
| Southside Bancshares, Inc. | 15100 | &nbsp;&nbsp; 472932 |
| Stellar Bancorp, Inc. | 21662 | &nbsp;&nbsp; 815791 |
| StepStone Group, Inc., Class A | 26174 | &nbsp;&nbsp; 1129146 |
| Stewart Information Services Corp.<sup>(c)</sup> | 42771 | &nbsp;&nbsp; 3036313 |
| StoneX Group, Inc.<sup>(b)</sup> | 25633 | &nbsp;&nbsp; 3268208 |
| Tompkins Financial Corp. | 7826 | &nbsp;&nbsp; 600332 |
| Triumph Financial, Inc.<sup>(b)(c)</sup> | 9043 | &nbsp;&nbsp; 505142 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 44356 | &nbsp;&nbsp; 1177208 |
| TrustCo Bank Corp. | 7747 | &nbsp;&nbsp; 335987 |
| Trustmark Corp. | 30772 | &nbsp;&nbsp; 1310579 |
| Two Harbors Investment Corp.<sup>(c)</sup> | 91644 | &nbsp;&nbsp; 946683 |
| United Community Banks, Inc. | 53664 | &nbsp;&nbsp; 1726371 |
| United Fire Group, Inc. | 42975 | &nbsp;&nbsp; 1670009 |
| Victory Capital Holdings, Inc., Class A | 20862 | &nbsp;&nbsp; 1443233 |
| Virtu Financial, Inc., Class A | 98728 | &nbsp;&nbsp; 4088326 |
| Virtus Investment Partners, Inc. | 6052 | &nbsp;&nbsp; 837355 |
| WaFd, Inc. | 47895 | &nbsp;&nbsp; 1492408 |
| Walker & Dunlop, Inc. | 21273 | &nbsp;&nbsp; 978771 |
| Westamerica Bancorporation | 7347 | &nbsp;&nbsp; 372126 |
| Western Union Co. (The)<sup>(c)</sup> | 492563 | &nbsp;&nbsp; 4743382 |
| WisdomTree, Inc. | 45010 | &nbsp;&nbsp; 770121 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| World Acceptance Corp.<sup>(b)</sup> | 4487 | &nbsp;&nbsp; $605207 |
| WSFS Financial Corp. | 26859 | &nbsp;&nbsp; 1705815 |
|  |  | &nbsp;&nbsp; 189474711 |
| **Health Care-7.13%** | **Health Care-7.13%** | **Health Care-7.13%** |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 269131 | &nbsp;&nbsp; 6308431 |
| Acadia Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 44120 | &nbsp;&nbsp; 1083587 |
| AdaptHealth Corp.<sup>(b)(c)</sup> | 358531 | &nbsp;&nbsp; 3280559 |
| Addus HomeCare Corp.<sup>(b)(c)</sup> | 13122 | &nbsp;&nbsp; 1358521 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 27410 | &nbsp;&nbsp; 426774 |
| Alkermes PLC<sup>(b)(c)</sup> | 60707 | &nbsp;&nbsp; 1827281 |
| AMN Healthcare Services, Inc.<sup>(b)</sup> | 192837 | &nbsp;&nbsp; 3756465 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 31944 | &nbsp;&nbsp; 646227 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 11282 | &nbsp;&nbsp; 833740 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 11899 | &nbsp;&nbsp; 242383 |
| Artivion, Inc.<sup>(b)(c)</sup> | 11921 | &nbsp;&nbsp; 458958 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 155140 | &nbsp;&nbsp; 3153996 |
| Avanos Medical, Inc.<sup>(b)</sup> | 67306 | &nbsp;&nbsp; 949015 |
| Azenta, Inc.<sup>(b)(c)</sup> | 18283 | &nbsp;&nbsp; 493275 |
| BioLife Solutions, Inc.<sup>(b)(c)</sup> | 4739 | &nbsp;&nbsp; 114684 |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 401031 | &nbsp;&nbsp; 16614714 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 28382 | &nbsp;&nbsp; 655057 |
| Certara, Inc.<sup>(b)(c)</sup> | 49323 | &nbsp;&nbsp; 349207 |
| Collegium Pharmaceutical, Inc.<sup>(b)</sup> | 17567 | &nbsp;&nbsp; 732017 |
| Concentra Group Holdings Parent, Inc. | 120797 | &nbsp;&nbsp; 2894296 |
| CONMED Corp.<sup>(c)</sup> | 38658 | &nbsp;&nbsp; 1778268 |
| Corcept Therapeutics, Inc.<sup>(b)(c)</sup> | 9794 | &nbsp;&nbsp; 349646 |
| CorVel Corp.<sup>(b)</sup> | 15178 | &nbsp;&nbsp; 782881 |
| Cytek Biosciences, Inc.<sup>(b)(c)</sup> | 44718 | &nbsp;&nbsp; 200337 |
| Embecta Corp. | 105023 | &nbsp;&nbsp; 1077536 |
| Enovis Corp.<sup>(b)(c)</sup> | 91464 | &nbsp;&nbsp; 2329588 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 208212 | &nbsp;&nbsp; 2232033 |
| Glaukos Corp.<sup>(b)</sup> | 4820 | &nbsp;&nbsp; 580328 |
| Harmony Biosciences Holdings, Inc.<sup>(b)(c)</sup> | 23882 | &nbsp;&nbsp; 681592 |
| HealthStream, Inc. | 13048 | &nbsp;&nbsp; 277009 |
| ICU Medical, Inc.<sup>(b)(c)</sup> | 17949 | &nbsp;&nbsp; 2702760 |
| Indivior Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 37375 | &nbsp;&nbsp; 1222910 |
| Innoviva, Inc.<sup>(b)(c)</sup> | 24090 | &nbsp;&nbsp; 553106 |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup> | 7060 | &nbsp;&nbsp; 455441 |
| Integer Holdings Corp.<sup>(b)</sup> | 28977 | &nbsp;&nbsp; 2511726 |
| Integra LifeSciences Holdings Corp.<sup>(b)</sup> | 136352 | &nbsp;&nbsp; 1551686 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 1828 | &nbsp;&nbsp; 503870 |
| LeMaitre Vascular, Inc.<sup>(c)</sup> | 3176 | &nbsp;&nbsp; 343580 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 1839 | &nbsp;&nbsp; 364692 |
| Merit Medical Systems, Inc.<sup>(b)(c)</sup> | 19377 | &nbsp;&nbsp; 1495517 |
| Myriad Genetics, Inc.<sup>(b)</sup> | 128049 | &nbsp;&nbsp; 590306 |
| National HealthCare Corp.<sup>(c)</sup> | 12587 | &nbsp;&nbsp; 2057974 |
| Neogen Corp.<sup>(b)</sup> | 142567 | &nbsp;&nbsp; 1601027 |
| NeoGenomics, Inc.<sup>(b)(c)</sup> | 66282 | &nbsp;&nbsp; 651552 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 785 | &nbsp;&nbsp; 0 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(e)</sup><br>| 785 | &nbsp;&nbsp; 0 |
| Omnicell, Inc.<sup>(b)</sup> | 30038 | &nbsp;&nbsp; 1234562 |
| Organon & Co. | 995005 | &nbsp;&nbsp; 7253586 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 33211 | &nbsp;&nbsp; 727653 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 102474 | &nbsp;&nbsp; 2034109 |
| Perrigo Co. PLC | 360686 | &nbsp;&nbsp; 4768269 |
| Phibro Animal Health Corp., Class A | 40484 | &nbsp;&nbsp; 2210022 |
| Prestige Consumer Healthcare, Inc.<sup>(b)(c)</sup> | 20291 | &nbsp;&nbsp; 1406166 |

---

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

------

**16**

------

**Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Privia Health Group, Inc.<sup>(b)</sup> | 96169 | &nbsp;&nbsp; $2284014 |
| Progyny, Inc.<sup>(b)</sup> | 56665 | &nbsp;&nbsp; 1002404 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 2905 | &nbsp;&nbsp; 267492 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 27349 | &nbsp;&nbsp; 1864928 |
| QuidelOrtho Corp.<sup>(b)(c)</sup> | 107571 | &nbsp;&nbsp; 2446164 |
| RadNet, Inc.<sup>(b)</sup> | 28956 | &nbsp;&nbsp; 2021418 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 124201 | &nbsp;&nbsp; 2081609 |
| Schrodinger, Inc.<sup>(b)(c)</sup> | 16396 | &nbsp;&nbsp; 197736 |
| Select Medical Holdings Corp. | 401604 | &nbsp;&nbsp; 6012012 |
| STAAR Surgical Co., (Acquired <br> 12/15/2023 - 02/26/2026; <br> Cost $277,607)<sup>(b)(c)(f)</sup><br>| 10128 | &nbsp;&nbsp; 201547 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 16637 | &nbsp;&nbsp; 910543 |
| Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 52661 | &nbsp;&nbsp; 1332323 |
| Teleflex, Inc. | 27657 | &nbsp;&nbsp; 3375813 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 19502 | &nbsp;&nbsp; 586815 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 5083 | &nbsp;&nbsp; 738357 |
| U.S. Physical Therapy, Inc.<sup>(c)</sup> | 10720 | &nbsp;&nbsp; 889331 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 3140 | &nbsp;&nbsp; 661221 |
| Veracyte, Inc.<sup>(b)</sup> | 12956 | &nbsp;&nbsp; 474060 |
| Vericel Corp.<sup>(b)(c)</sup> | 7691 | &nbsp;&nbsp; 274415 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 4540 | &nbsp;&nbsp; 41269 |
| Waystar Holding Corp.<sup>(b)(c)</sup> | 38388 | &nbsp;&nbsp; 984652 |
| Xencor, Inc.<sup>(b)(c)</sup> | 11854 | &nbsp;&nbsp; 151376 |
|  |  | &nbsp;&nbsp; 121508418 |
| **Industrials-18.83%** | **Industrials-18.83%** | **Industrials-18.83%** |
| AAR Corp.<sup>(b)</sup> | 39344 | &nbsp;&nbsp; 4609936 |
| ABM Industries, Inc.<sup>(c)</sup> | 213732 | &nbsp;&nbsp; 9511074 |
| Air Lease Corp., Class A | 49928 | &nbsp;&nbsp; 3237332 |
| Alamo Group, Inc. | 11079 | &nbsp;&nbsp; 2365699 |
| Albany International Corp., Class A | 25415 | &nbsp;&nbsp; 1465175 |
| Allegiant Travel Co.<sup>(b)(c)</sup> | 35305 | &nbsp;&nbsp; 3606406 |
| Amentum Holdings, Inc.<sup>(b)</sup> | 552981 | &nbsp;&nbsp; 16517542 |
| American Woodmark Corp.<sup>(b)</sup> | 31896 | &nbsp;&nbsp; 1597990 |
| Apogee Enterprises, Inc.<sup>(c)</sup> | 39555 | &nbsp;&nbsp; 1575080 |
| ArcBest Corp.<sup>(c)</sup> | 62421 | &nbsp;&nbsp; 6408140 |
| Arcosa, Inc. | 29081 | &nbsp;&nbsp; 3125626 |
| Armstrong World Industries, Inc. | 9885 | &nbsp;&nbsp; 1715047 |
| Astec Industries, Inc. | 33835 | &nbsp;&nbsp; 2100815 |
| AZZ, Inc. | 16706 | &nbsp;&nbsp; 2271682 |
| Boise Cascade Co. | 96171 | &nbsp;&nbsp; 7957189 |
| Brady Corp., Class A | 21982 | &nbsp;&nbsp; 2029818 |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup> | 20957 | &nbsp;&nbsp; 1952354 |
| CoreCivic, Inc.<sup>(b)(c)</sup> | 126476 | &nbsp;&nbsp; 2236096 |
| CSG Systems International, Inc. | 17765 | &nbsp;&nbsp; 1419423 |
| CSW Industrials, Inc. | 3477 | &nbsp;&nbsp; 1023385 |
| Deluxe Corp.<sup>(c)</sup> | 110061 | &nbsp;&nbsp; 3054193 |
| DNOW, Inc.<sup>(b)(c)</sup> | 194669 | &nbsp;&nbsp; 2293201 |
| DXP Enterprises, Inc.<sup>(b)(c)</sup> | 21298 | &nbsp;&nbsp; 2949134 |
| Enerpac Tool Group Corp.<sup>(c)</sup> | 18836 | &nbsp;&nbsp; 768509 |
| Enpro, Inc. | 5665 | &nbsp;&nbsp; 1465252 |
| Enviri Corp.<sup>(b)</sup> | 141443 | &nbsp;&nbsp; 2677516 |
| ESCO Technologies, Inc. | 6435 | &nbsp;&nbsp; 1784361 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 41314 | &nbsp;&nbsp; 4993623 |
| Federal Signal Corp. | 20975 | &nbsp;&nbsp; 2442119 |
| Forward Air Corp.<sup>(b)(c)</sup> | 108796 | &nbsp;&nbsp; 2751451 |
| Franklin Electric Co., Inc. | 25272 | &nbsp;&nbsp; 2517597 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 173825 | &nbsp;&nbsp; 4792355 |
| GEO Group, Inc. (The)<sup>(b)(c)</sup> | 173217 | &nbsp;&nbsp; 2605184 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Gibraltar Industries, Inc.<sup>(b)(c)</sup> | 26994 | &nbsp;&nbsp; $1227687 |
| Granite Construction, Inc.<sup>(c)</sup> | 43126 | &nbsp;&nbsp; 5798722 |
| Greenbrier Cos., Inc. (The)<sup>(c)</sup> | 77672 | &nbsp;&nbsp; 4382254 |
| Griffon Corp. | 38031 | &nbsp;&nbsp; 3241762 |
| Hayward Holdings, Inc.<sup>(b)</sup> | 77188 | &nbsp;&nbsp; 1235008 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 109990 | &nbsp;&nbsp; 2394482 |
| Heartland Express, Inc.<sup>(c)</sup> | 105260 | &nbsp;&nbsp; 1161018 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 1763933 | &nbsp;&nbsp; 8008256 |
| HNI Corp. | 69052 | &nbsp;&nbsp; 3104578 |
| Hub Group, Inc., Class A | 97772 | &nbsp;&nbsp; 4211040 |
| Insperity, Inc. | 211324 | &nbsp;&nbsp; 4693506 |
| Insteel Industries, Inc. | 22736 | &nbsp;&nbsp; 847598 |
| Interface, Inc. | 55465 | &nbsp;&nbsp; 1746593 |
| JBT Marel Corp. | 23942 | &nbsp;&nbsp; 3687068 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 2056401 | &nbsp;&nbsp; 11392462 |
| Kadant, Inc.<sup>(c)</sup> | 4082 | &nbsp;&nbsp; 1384492 |
| Kennametal, Inc. | 77800 | &nbsp;&nbsp; 3133784 |
| Korn Ferry | 46930 | &nbsp;&nbsp; 2941103 |
| Lindsay Corp. | 6426 | &nbsp;&nbsp; 865582 |
| Liquidity Services, Inc.<sup>(b)</sup> | 16487 | &nbsp;&nbsp; 521154 |
| ManpowerGroup, Inc.<sup>(c)</sup> | 705716 | &nbsp;&nbsp; 19738877 |
| Marten Transport Ltd. | 87961 | &nbsp;&nbsp; 1195390 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 268928 | &nbsp;&nbsp; 2721551 |
| Matson, Inc. | 31803 | &nbsp;&nbsp; 5283432 |
| Mercury Systems, Inc.<sup>(b)</sup> | 13996 | &nbsp;&nbsp; 1246064 |
| MillerKnoll, Inc. | 260008 | &nbsp;&nbsp; 5236561 |
| Moog, Inc., Class A | 18370 | &nbsp;&nbsp; 6198589 |
| Mueller Water Products, Inc., Class A | 66072 | &nbsp;&nbsp; 1977535 |
| MYR Group, Inc.<sup>(b)</sup> | 17557 | &nbsp;&nbsp; 4739688 |
| National Presto Industries, Inc. | 5068 | &nbsp;&nbsp; 668672 |
| OPENLANE, Inc.<sup>(b)</sup> | 77969 | &nbsp;&nbsp; 2222896 |
| Pitney Bowes, Inc. | 219787 | &nbsp;&nbsp; 2358314 |
| Powell Industries, Inc. | 3645 | &nbsp;&nbsp; 1908522 |
| Primoris Services Corp. | 63908 | &nbsp;&nbsp; 9632214 |
| Proto Labs, Inc.<sup>(b)(c)</sup> | 10956 | &nbsp;&nbsp; 680148 |
| Quanex Building Products Corp.<sup>(c)</sup> | 144641 | &nbsp;&nbsp; 2969480 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 239076 | &nbsp;&nbsp; 9252241 |
| Robert Half, Inc.<sup>(c)</sup> | 226859 | &nbsp;&nbsp; 5539897 |
| Rush Enterprises, Inc., Class A | 149147 | &nbsp;&nbsp; 10584963 |
| RXO, Inc.<sup>(b)(c)</sup> | 445600 | &nbsp;&nbsp; 7111776 |
| Schneider National, Inc., Class B<sup>(c)</sup> | 236451 | &nbsp;&nbsp; 6710479 |
| SkyWest, Inc.<sup>(b)</sup> | 42294 | &nbsp;&nbsp; 4401960 |
| Standex International Corp. | 3837 | &nbsp;&nbsp; 1005294 |
| Sun Country Airlines Holdings, Inc.<sup>(b)</sup> | 83429 | &nbsp;&nbsp; 1641883 |
| Sunrun, Inc.<sup>(b)</sup> | 144462 | &nbsp;&nbsp; 1914121 |
| Tennant Co. | 18362 | &nbsp;&nbsp; 1120633 |
| Titan International, Inc.<sup>(b)(c)</sup> | 245133 | &nbsp;&nbsp; 2385144 |
| Trinity Industries, Inc.<sup>(c)</sup> | 87478 | &nbsp;&nbsp; 2989998 |
| UniFirst Corp. | 15296 | &nbsp;&nbsp; 3591807 |
| Upwork, Inc.<sup>(b)(c)</sup> | 42769 | &nbsp;&nbsp; 573960 |
| Verra Mobility Corp., Class A<sup>(b)(c)</sup> | 51969 | &nbsp;&nbsp; 868402 |
| Vestis Corp.<sup>(c)</sup> | 434743 | &nbsp;&nbsp; 3421427 |
| Vicor Corp.<sup>(b)</sup> | 4639 | &nbsp;&nbsp; 934295 |
| Werner Enterprises, Inc.<sup>(c)</sup> | 113267 | &nbsp;&nbsp; 3974539 |
| WillScot Holdings Corp. | 122816 | &nbsp;&nbsp; 2654054 |
| Worthington Enterprises, Inc. | 24722 | &nbsp;&nbsp; 1384679 |
| Zurn Elkay Water Solutions Corp. | 40018 | &nbsp;&nbsp; 2040118 |
|  |  | &nbsp;&nbsp; 320678056 |

---

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

------

**17**

------

**Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-7.35%** | **Information Technology-7.35%** | **Information Technology-7.35%** |
| A10 Networks, Inc. | 19658 | &nbsp;&nbsp; $378613 |
| ACI Worldwide, Inc.<sup>(b)</sup> | 41517 | &nbsp;&nbsp; 1647395 |
| ACM Research, Inc., Class A<sup>(b)</sup> | 25036 | &nbsp;&nbsp; 1394005 |
| Adeia, Inc. | 31277 | &nbsp;&nbsp; 647121 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 3028 | &nbsp;&nbsp; 218531 |
| Alarm.com Holdings, Inc.<sup>(b)</sup> | 21024 | &nbsp;&nbsp; 1005998 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)</sup> | 35193 | &nbsp;&nbsp; 739405 |
| Arlo Technologies, Inc.<sup>(b)(c)</sup> | 44193 | &nbsp;&nbsp; 693388 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 10581 | &nbsp;&nbsp; 874096 |
| Badger Meter, Inc. | 5712 | &nbsp;&nbsp; 870680 |
| Benchmark Electronics, Inc. | 60557 | &nbsp;&nbsp; 3500800 |
| BlackLine, Inc.<sup>(b)(c)</sup> | 13196 | &nbsp;&nbsp; 465159 |
| Box, Inc., Class A<sup>(b)</sup> | 42486 | &nbsp;&nbsp; 1000545 |
| Calix, Inc.<sup>(b)</sup> | 18932 | &nbsp;&nbsp; 980110 |
| CleanSpark, Inc.<sup>(b)(c)</sup> | 59161 | &nbsp;&nbsp; 588652 |
| Clear Secure, Inc., Class A | 27152 | &nbsp;&nbsp; 1320673 |
| Cohu, Inc.<sup>(b)(c)</sup> | 18816 | &nbsp;&nbsp; 568243 |
| Corsair Gaming, Inc.<sup>(b)(c)</sup> | 238800 | &nbsp;&nbsp; 1311012 |
| CTS Corp. | 13333 | &nbsp;&nbsp; 702116 |
| Digi International, Inc.<sup>(b)</sup> | 9973 | &nbsp;&nbsp; 486882 |
| DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 19250 | &nbsp;&nbsp; 1079155 |
| Diodes, Inc.<sup>(b)(c)</sup> | 30907 | &nbsp;&nbsp; 2108785 |
| DXC Technology Co.<sup>(b)(c)</sup> | 956163 | &nbsp;&nbsp; 12038092 |
| Enphase Energy, Inc.<sup>(b)</sup> | 52257 | &nbsp;&nbsp; 2208903 |
| ePlus, Inc. | 27447 | &nbsp;&nbsp; 2213875 |
| Extreme Networks, Inc.<sup>(b)</sup> | 72789 | &nbsp;&nbsp; 1017590 |
| FormFactor, Inc.<sup>(b)</sup> | 14713 | &nbsp;&nbsp; 1454822 |
| Grid Dynamics Holdings, Inc.<sup>(b)</sup> | 45279 | &nbsp;&nbsp; 305633 |
| Harmonic, Inc.<sup>(b)</sup> | 67118 | &nbsp;&nbsp; 713464 |
| Ichor Holdings Ltd.<sup>(b)</sup> | 59015 | &nbsp;&nbsp; 2806163 |
| Impinj, Inc.<sup>(b)(c)</sup> | 2670 | &nbsp;&nbsp; 327502 |
| Insight Enterprises, Inc.<sup>(b)(c)</sup> | 109095 | &nbsp;&nbsp; 9115978 |
| InterDigital, Inc.<sup>(c)</sup> | 2949 | &nbsp;&nbsp; 1080897 |
| Itron, Inc.<sup>(b)</sup> | 27698 | &nbsp;&nbsp; 2602227 |
| Knowles Corp.<sup>(b)</sup> | 26995 | &nbsp;&nbsp; 733454 |
| Kulicke & Soffa Industries, Inc. <br> (Singapore)<br>| 14842 | &nbsp;&nbsp; 1034784 |
| LiveRamp Holdings, Inc.<sup>(b)</sup> | 29461 | &nbsp;&nbsp; 800455 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 86539 | &nbsp;&nbsp; 773659 |
| MaxLinear, Inc.<sup>(b)</sup> | 24197 | &nbsp;&nbsp; 421754 |
| Mirion Technologies, Inc.<sup>(b)(c)</sup> | 40137 | &nbsp;&nbsp; 867361 |
| N-able, Inc.<sup>(b)</sup> | 73372 | &nbsp;&nbsp; 322837 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 303773 | &nbsp;&nbsp; 2320826 |
| NetScout Systems, Inc.<sup>(b)</sup> | 34556 | &nbsp;&nbsp; 1009381 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 7586 | &nbsp;&nbsp; 2163527 |
| PC Connection, Inc. | 53788 | &nbsp;&nbsp; 3278379 |
| PDF Solutions, Inc.<sup>(b)(c)</sup> | 7266 | &nbsp;&nbsp; 245446 |
| Penguin Solutions, Inc.<sup>(b)(c)</sup> | 68511 | &nbsp;&nbsp; 1423659 |
| Photronics, Inc.<sup>(b)</sup> | 26009 | &nbsp;&nbsp; 973517 |
| Plexus Corp.<sup>(b)</sup> | 27888 | &nbsp;&nbsp; 5413898 |
| Power Integrations, Inc. | 13307 | &nbsp;&nbsp; 637671 |
| Progress Software Corp.<sup>(b)(c)</sup> | 23634 | &nbsp;&nbsp; 989792 |
| Q2 Holdings, Inc.<sup>(b)</sup> | 11997 | &nbsp;&nbsp; 577296 |
| Qorvo, Inc.<sup>(b)</sup> | 46293 | &nbsp;&nbsp; 3837690 |
| Ralliant Corp. | 45378 | &nbsp;&nbsp; 2082396 |
| Rogers Corp.<sup>(b)</sup> | 9806 | &nbsp;&nbsp; 1057381 |
| Sanmina Corp.<sup>(b)(c)</sup> | 54457 | &nbsp;&nbsp; 8454994 |
| ScanSource, Inc.<sup>(b)</sup> | 80985 | &nbsp;&nbsp; 2978628 |
| Semtech Corp.<sup>(b)</sup> | 14740 | &nbsp;&nbsp; 1329843 |
| SiTime Corp.<sup>(b)</sup> | 905 | &nbsp;&nbsp; 360081 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| SolarEdge Technologies, Inc.<sup>(b)</sup> | 37136 | &nbsp;&nbsp; $1314614 |
| Sprinklr, Inc., Class A<sup>(b)</sup> | 117387 | &nbsp;&nbsp; 683192 |
| SPS Commerce, Inc.<sup>(b)</sup> | 9556 | &nbsp;&nbsp; 540010 |
| Teradata Corp.<sup>(b)</sup> | 58801 | &nbsp;&nbsp; 1851644 |
| Ultra Clean Holdings, Inc.<sup>(b)</sup> | 84965 | &nbsp;&nbsp; 5155676 |
| Veeco Instruments, Inc.<sup>(b)(c)</sup> | 23711 | &nbsp;&nbsp; 724608 |
| Viasat, Inc.<sup>(b)</sup> | 139649 | &nbsp;&nbsp; 6393131 |
| Viavi Solutions, Inc.<sup>(b)</sup> | 66961 | &nbsp;&nbsp; 1989411 |
| Vishay Intertechnology, Inc.<sup>(c)</sup> | 213820 | &nbsp;&nbsp; 4002710 |
|  |  | &nbsp;&nbsp; 125210215 |
| **Materials-6.53%** | **Materials-6.53%** | **Materials-6.53%** |
| Alpha Metallurgical Resources, Inc.<sup>(b)(c)</sup> | 14076 | &nbsp;&nbsp; 2289461 |
| Balchem Corp. | 7518 | &nbsp;&nbsp; 1363991 |
| Celanese Corp. | 255031 | &nbsp;&nbsp; 12736248 |
| Century Aluminum Co.<sup>(b)</sup> | 94445 | &nbsp;&nbsp; 4869584 |
| Chemours Co. (The) | 511464 | &nbsp;&nbsp; 9329103 |
| Eastman Chemical Co. | 158002 | &nbsp;&nbsp; 11930731 |
| Element Solutions, Inc. | 103250 | &nbsp;&nbsp; 3623043 |
| FMC Corp. | 301733 | &nbsp;&nbsp; 4447544 |
| H.B. Fuller Co.<sup>(c)</sup> | 66597 | &nbsp;&nbsp; 4376755 |
| Hawkins, Inc. | 8408 | &nbsp;&nbsp; 1253633 |
| Ingevity Corp.<sup>(b)(c)</sup> | 24721 | &nbsp;&nbsp; 1780654 |
| Innospec, Inc. | 26042 | &nbsp;&nbsp; 1994296 |
| Kaiser Aluminum Corp. | 34178 | &nbsp;&nbsp; 4447925 |
| Koppers Holdings, Inc. | 76499 | &nbsp;&nbsp; 2891662 |
| Materion Corp. | 15501 | &nbsp;&nbsp; 2527593 |
| Metallus, Inc.<sup>(b)(c)</sup> | 71091 | &nbsp;&nbsp; 1208547 |
| Minerals Technologies, Inc. | 38988 | &nbsp;&nbsp; 2753333 |
| O-I Glass, Inc.<sup>(b)(c)</sup> | 495343 | &nbsp;&nbsp; 6637596 |
| Quaker Chemical Corp.<sup>(c)</sup> | 15165 | &nbsp;&nbsp; 2229710 |
| Sealed Air Corp. | 145601 | &nbsp;&nbsp; 6097770 |
| Sensient Technologies Corp. | 19105 | &nbsp;&nbsp; 1939731 |
| Solstice Advanced Materials, Inc. | 88198 | &nbsp;&nbsp; 6924425 |
| Stepan Co. | 55525 | &nbsp;&nbsp; 2825667 |
| SunCoke Energy, Inc. | 296495 | &nbsp;&nbsp; 1690022 |
| Sylvamo Corp. | 77378 | &nbsp;&nbsp; 3582601 |
| Warrior Met Coal, Inc. | 17354 | &nbsp;&nbsp; 1444547 |
| Worthington Steel, Inc. | 97956 | &nbsp;&nbsp; 4071051 |
|  |  | &nbsp;&nbsp; 111267223 |
| **Real Estate-3.01%** | **Real Estate-3.01%** | **Real Estate-3.01%** |
| Acadia Realty Trust<sup>(c)</sup> | 24416 | &nbsp;&nbsp; 510783 |
| Alexander & Baldwin, Inc. | 13077 | &nbsp;&nbsp; 271871 |
| American Assets Trust, Inc. | 30465 | &nbsp;&nbsp; 594677 |
| Apple Hospitality REIT, Inc. | 135286 | &nbsp;&nbsp; 1658606 |
| Armada Hoffler Properties, Inc.<sup>(c)</sup> | 73974 | &nbsp;&nbsp; 462338 |
| CareTrust REIT, Inc.<sup>(c)</sup> | 13752 | &nbsp;&nbsp; 558606 |
| Centerspace | 7369 | &nbsp;&nbsp; 463510 |
| Curbline Properties Corp.<sup>(c)</sup> | 8019 | &nbsp;&nbsp; 223008 |
| Cushman & Wakefield Ltd.<sup>(b)</sup> | 746479 | &nbsp;&nbsp; 10010283 |
| DiamondRock Hospitality Co. | 140700 | &nbsp;&nbsp; 1412628 |
| Douglas Emmett, Inc.<sup>(c)</sup> | 94239 | &nbsp;&nbsp; 932024 |
| Easterly Government Properties, Inc. | 16935 | &nbsp;&nbsp; 394247 |
| Essential Properties Realty Trust, Inc.<sup>(c)</sup> | 19745 | &nbsp;&nbsp; 670145 |
| eXp World Holdings, Inc.<sup>(c)</sup> | 500693 | &nbsp;&nbsp; 3489830 |
| Four Corners Property Trust, Inc. | 13567 | &nbsp;&nbsp; 346230 |
| Getty Realty Corp.<sup>(c)</sup> | 9350 | &nbsp;&nbsp; 306867 |
| Global Net Lease, Inc.<sup>(c)</sup> | 78579 | &nbsp;&nbsp; 740214 |
| Highwoods Properties, Inc. | 35517 | &nbsp;&nbsp; 798777 |
| Innovative Industrial Properties, Inc.<sup>(c)</sup> | 6399 | &nbsp;&nbsp; 338891 |

---

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

------

**18**

------

**Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| JBG SMITH Properties, (Acquired <br> 03/17/2023 - 02/26/2026; <br> Cost $469,413)<sup>(f)</sup><br>| 31681 | &nbsp;&nbsp; $481868 |
| Kennedy-Wilson Holdings, Inc. | 59592 | &nbsp;&nbsp; 648361 |
| LTC Properties, Inc. | 7419 | &nbsp;&nbsp; 294386 |
| LXP Industrial Trust | 8276 | &nbsp;&nbsp; 410159 |
| Macerich Co. (The) | 59692 | &nbsp;&nbsp; 1221895 |
| Marcus & Millichap, Inc. | 30498 | &nbsp;&nbsp; 805452 |
| Medical Properties Trust, Inc.<sup>(c)</sup> | 190399 | &nbsp;&nbsp; 1096698 |
| Millrose Properties, Inc.<sup>(c)</sup> | 172665 | &nbsp;&nbsp; 5414775 |
| NexPoint Residential Trust, Inc. | 9517 | &nbsp;&nbsp; 268284 |
| Outfront Media, Inc. | 86070 | &nbsp;&nbsp; 2479677 |
| Pebblebrook Hotel Trust<sup>(c)</sup> | 147472 | &nbsp;&nbsp; 1892066 |
| Phillips Edison & Co., Inc. | 23122 | &nbsp;&nbsp; 908232 |
| Ryman Hospitality Properties, Inc. | 29883 | &nbsp;&nbsp; 2950946 |
| Safehold, Inc. | 31422 | &nbsp;&nbsp; 507151 |
| Saul Centers, Inc. | 10836 | &nbsp;&nbsp; 369291 |
| SL Green Realty Corp.<sup>(c)</sup> | 25046 | &nbsp;&nbsp; 922945 |
| St. Joe Co. (The) | 8957 | &nbsp;&nbsp; 646427 |
| Summit Hotel Properties, Inc.<sup>(c)</sup> | 170188 | &nbsp;&nbsp; 767548 |
| Sunstone Hotel Investors, Inc.<sup>(c)</sup> | 115665 | &nbsp;&nbsp; 1073371 |
| Tanger, Inc. | 19952 | &nbsp;&nbsp; 739421 |
| Terreno Realty Corp.<sup>(c)</sup> | 7926 | &nbsp;&nbsp; 523592 |
| Universal Health Realty Income Trust | 3023 | &nbsp;&nbsp; 131863 |
| Urban Edge Properties | 27352 | &nbsp;&nbsp; 581231 |
| Veris Residential, Inc. | 21815 | &nbsp;&nbsp; 411213 |
| Whitestone REIT | 14484 | &nbsp;&nbsp; 220012 |
| Xenia Hotels & Resorts, Inc.<sup>(c)</sup> | 85505 | &nbsp;&nbsp; 1306516 |
|  |  | &nbsp;&nbsp; 51256915 |
| **Utilities-1.17%** | **Utilities-1.17%** | **Utilities-1.17%** |
| American States Water Co. | 9744 | &nbsp;&nbsp; 726220 |
| Avista Corp. | 58104 | &nbsp;&nbsp; 2360184 |
| California Water Service Group | 26265 | &nbsp;&nbsp; 1184026 |
| Chesapeake Utilities Corp. | 7800 | &nbsp;&nbsp; 1060566 |
| Clearway Energy, Inc., Class A | 27269 | &nbsp;&nbsp; 982229 |
| Clearway Energy, Inc., Class C | 25763 | &nbsp;&nbsp; 986981 |
| H2O America<sup>(c)</sup> | 18830 | &nbsp;&nbsp; 1012866 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities-(continued)** | **Utilities-(continued)** | **Utilities-(continued)** |
| Hawaiian Electric Industries, Inc.<sup>(b)(c)</sup> | 292436 | &nbsp;&nbsp; $4529834 |
| MDU Resources Group, Inc.<sup>(c)</sup> | 107234 | &nbsp;&nbsp; 2217599 |
| MGE Energy, Inc. | 10247 | &nbsp;&nbsp; 840459 |
| Middlesex Water Co. | 4532 | &nbsp;&nbsp; 244728 |
| Northwest Natural Holding Co. | 30753 | &nbsp;&nbsp; 1631139 |
| Otter Tail Corp.<sup>(c)</sup> | 17471 | &nbsp;&nbsp; 1486782 |
| Unitil Corp. | 11696 | &nbsp;&nbsp; 611818 |
|  |  | &nbsp;&nbsp; 19875431 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,435,241,874) | Total Common Stocks & Other Equity Interests <br>(Cost $1,435,241,874) | &nbsp;&nbsp; 1700957681 |
| **Money Market Funds-0.11%** | **Money Market Funds-0.11%** | **Money Market Funds-0.11%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(g)(h)</sup> <br>(Cost $1,838,252)<br>| 1838252 | &nbsp;&nbsp; 1838252 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $1,437,080,126) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $1,437,080,126) | &nbsp;&nbsp; 1702795933 |
| **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-23.94%** | **Money Market Funds-23.94%** | **Money Market Funds-23.94%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(g)(h)(i)</sup><br>| 114147755 | &nbsp;&nbsp; 114147755 |
| Invesco Private Prime Fund, 3.81%<sup>(g)(h)(i)</sup> | 293607200 | &nbsp;&nbsp; 293695282 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $407,843,037) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $407,843,037) | &nbsp;&nbsp; 407843037 |
| TOTAL INVESTMENTS IN SECURITIES-123.91% <br>(Cost $1,844,923,163) | TOTAL INVESTMENTS IN SECURITIES-123.91% <br>(Cost $1,844,923,163) | &nbsp;&nbsp; 2110638970 |
| OTHER ASSETS LESS LIABILITIES-(23.91)% | OTHER ASSETS LESS LIABILITIES-(23.91)% | &nbsp;&nbsp; (407242919)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1703396051 |

---

Investment Abbreviations: <br> REIT -Real Estate Investment Trust <br> Rts. -Rights

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, <br> 2026 represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(f)</sup> | Restricted security. The aggregate value of these securities at February 28, 2026 was $683,415, which 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 February 28, 2026.<br>|

---

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

------

**19**

------

**Invesco S&P SmallCap 600 Revenue ETF (RWJ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $935297 | &nbsp;&nbsp; $31463949 | &nbsp;&nbsp; $(30560994)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1838252 | &nbsp;&nbsp; $20281 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 94544508 | &nbsp;&nbsp; 239480855 | &nbsp;&nbsp; (219877608)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 114147755 | &nbsp;&nbsp; 1,824,361<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 247215599 | &nbsp;&nbsp; 543835801 | &nbsp;&nbsp; (497353143)<br>| &nbsp;&nbsp; (21806)<br>| &nbsp;&nbsp; 18831 | &nbsp;&nbsp; 293695282 | &nbsp;&nbsp; 4,931,275<br> \*<br>|
| Total | &nbsp;&nbsp; $342695404 | &nbsp;&nbsp; $814780605 | &nbsp;&nbsp; $(747791745)<br>| &nbsp;&nbsp; $(21806)<br>| &nbsp;&nbsp; $18831 | &nbsp;&nbsp; $409681289 | &nbsp;&nbsp; $6775917 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**20**

------

**Invesco S&P Ultra Dividend Revenue ETF (RDIV)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.64%** | **Common Stocks & Other Equity Interests-99.64%** | **Common Stocks & Other Equity Interests-99.64%** |
| **Consumer Discretionary-9.15%** | **Consumer Discretionary-9.15%** | **Consumer Discretionary-9.15%** |
| Ford Motor Co.<sup>(b)</sup> | 3367959 | &nbsp;&nbsp; $47454542 |
| Macy's, Inc. | 1591029 | &nbsp;&nbsp; 31470554 |
| Polaris, Inc. | 148400 | &nbsp;&nbsp; 9013816 |
|  |  | &nbsp;&nbsp; 87938912 |
| **Consumer Staples-17.59%** | **Consumer Staples-17.59%** | **Consumer Staples-17.59%** |
| Campbell's Co. (The) | 576059 | &nbsp;&nbsp; 15524790 |
| Clorox Co. (The) | 91011 | &nbsp;&nbsp; 11572959 |
| General Mills, Inc.<sup>(b)</sup> | 634344 | &nbsp;&nbsp; 28691379 |
| Hormel Foods Corp.<sup>(b)</sup> | 736281 | &nbsp;&nbsp; 18848794 |
| J.M. Smucker Co. (The) | 127559 | &nbsp;&nbsp; 14790466 |
| Kimberly-Clark Corp. | 268594 | &nbsp;&nbsp; 29932115 |
| Target Corp. | 437352 | &nbsp;&nbsp; 49766284 |
|  |  | &nbsp;&nbsp; 169126787 |
| **Energy-25.11%** | **Energy-25.11%** | **Energy-25.11%** |
| Antero Midstream Corp. | 99872 | &nbsp;&nbsp; 2245122 |
| APA Corp.<sup>(b)</sup> | 539775 | &nbsp;&nbsp; 16392967 |
| Chevron Corp. | 278155 | &nbsp;&nbsp; 51948228 |
| HF Sinclair Corp. | 799027 | &nbsp;&nbsp; 39959340 |
| Kinder Morgan, Inc. | 850670 | &nbsp;&nbsp; 28301791 |
| Murphy Oil Corp.<sup>(b)</sup> | 129198 | &nbsp;&nbsp; 4282914 |
| ONEOK, Inc.<sup>(b)</sup> | 611669 | &nbsp;&nbsp; 50627843 |
| PBF Energy, Inc., Class A | 1337787 | &nbsp;&nbsp; 47625217 |
|  |  | &nbsp;&nbsp; 241383422 |
| **Financials-17.61%** | **Financials-17.61%** | **Financials-17.61%** |
| Invesco Ltd.<sup>(c)</sup> | 320554 | &nbsp;&nbsp; 8417748 |
| Prudential Financial, Inc. | 423571 | &nbsp;&nbsp; 41670915 |
| Regions Financial Corp. | 495994 | &nbsp;&nbsp; 13803513 |
| T. Rowe Price Group, Inc.<sup>(b)</sup> | 100871 | &nbsp;&nbsp; 9545423 |
| Truist Financial Corp.<sup>(b)</sup> | 909648 | &nbsp;&nbsp; 44854743 |
| U.S. Bancorp | 836434 | &nbsp;&nbsp; 45719482 |
| Valley National Bancorp<sup>(b)</sup> | 418734 | &nbsp;&nbsp; 5280236 |
|  |  | &nbsp;&nbsp; 169292060 |
| **Health Care-8.65%** | **Health Care-8.65%** | **Health Care-8.65%** |
| Bristol-Myers Squibb Co. | 850951 | &nbsp;&nbsp; 53073814 |
| DENTSPLY SIRONA, Inc.<sup>(b)</sup> | 422649 | &nbsp;&nbsp; 6204487 |
| Viatris, Inc. | 1601463 | &nbsp;&nbsp; 23909843 |
|  |  | &nbsp;&nbsp; 83188144 |
| **Information Technology-4.69%** | **Information Technology-4.69%** | **Information Technology-4.69%** |
| HP, Inc. | 2374644 | &nbsp;&nbsp; 45094489 |
| **Materials-1.87%** | **Materials-1.87%** | **Materials-1.87%** |
| Scotts Miracle-Gro Co. (The)<sup>(b)</sup> | 79588 | &nbsp;&nbsp; 5580710 |
| Sonoco Products Co. | 219259 | &nbsp;&nbsp; 12381556 |
|  |  | &nbsp;&nbsp; 17962266 |
| **Real Estate-8.13%** | **Real Estate-8.13%** | **Real Estate-8.13%** |
| Agree Realty Corp. | 14179 | &nbsp;&nbsp; 1141126 |
| Brixmor Property Group, Inc.<sup>(b)</sup> | 75651 | &nbsp;&nbsp; 2289956 |
| BXP, Inc.<sup>(b)</sup> | 78060 | &nbsp;&nbsp; 4494695 |
| COPT Defense Properties<sup>(b)</sup> | 36741 | &nbsp;&nbsp; 1167629 |
| Cousins Properties, Inc. | 54117 | &nbsp;&nbsp; 1253350 |
| CubeSmart | 42239 | &nbsp;&nbsp; 1737712 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate-(continued)** | **Real Estate-(continued)** | **Real Estate-(continued)** |
| Equity Residential<sup>(b)</sup> | 74216 | &nbsp;&nbsp; $4691193 |
| Extra Space Storage, Inc. | 34146 | &nbsp;&nbsp; 5157070 |
| Federal Realty Investment Trust | 18190 | &nbsp;&nbsp; 1978526 |
| Host Hotels & Resorts, Inc. | 472386 | &nbsp;&nbsp; 9254042 |
| Kimco Realty Corp. | 152072 | &nbsp;&nbsp; 3581296 |
| Kite Realty Group Trust<sup>(b)</sup> | 54508 | &nbsp;&nbsp; 1419933 |
| Lamar Advertising Co., Class A<sup>(b)</sup> | 25325 | &nbsp;&nbsp; 3488265 |
| Mid-America Apartment Communities, Inc. | 24182 | &nbsp;&nbsp; 3237003 |
| Public Storage<sup>(b)</sup> | 24630 | &nbsp;&nbsp; 7562888 |
| Rayonier, Inc.<sup>(b)</sup> | 66141 | &nbsp;&nbsp; 1421370 |
| Realty Income Corp.<sup>(b)</sup> | 135036 | &nbsp;&nbsp; 9047412 |
| Rexford Industrial Realty, Inc.<sup>(b)</sup> | 37177 | &nbsp;&nbsp; 1393022 |
| Simon Property Group, Inc. | 49389 | &nbsp;&nbsp; 10067948 |
| STAG Industrial, Inc. | 32851 | &nbsp;&nbsp; 1288416 |
| UDR, Inc.<sup>(b)</sup> | 67129 | &nbsp;&nbsp; 2517338 |
|  |  | &nbsp;&nbsp; 78190190 |
| **Utilities-6.84%** | **Utilities-6.84%** | **Utilities-6.84%** |
| Black Hills Corp.<sup>(b)</sup> | 46056 | &nbsp;&nbsp; 3392485 |
| Eversource Energy | 273691 | &nbsp;&nbsp; 20857991 |
| FirstEnergy Corp. | 453833 | &nbsp;&nbsp; 23218097 |
| NorthWestern Energy Group, Inc. | 34099 | &nbsp;&nbsp; 2385566 |
| Portland General Electric Co.<sup>(b)</sup> | 97910 | &nbsp;&nbsp; 5283224 |
| UGI Corp. | 284512 | &nbsp;&nbsp; 10643594 |
|  |  | &nbsp;&nbsp; 65780957 |
| Total Common Stocks & Other Equity Interests <br>(Cost $856,187,458) | Total Common Stocks & Other Equity Interests <br>(Cost $856,187,458) | &nbsp;&nbsp; 957957227 |
| **Money Market Funds-0.01%** | **Money Market Funds-0.01%** | **Money Market Funds-0.01%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(c)(d)</sup> <br>(Cost $68,416)<br>| 68416 | &nbsp;&nbsp; 68416 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.65% <br>(Cost $856,255,874) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.65% <br>(Cost $856,255,874) | &nbsp;&nbsp; 958025643 |
| **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> 3.64%<sup>(c)(d)(e)</sup><br>| 30701429 | &nbsp;&nbsp; 30701429 |
| Invesco Private Prime Fund, 3.81%<sup>(c)(d)(e)</sup> | 46109642 | &nbsp;&nbsp; 46123475 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $76,824,904) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $76,824,904) | &nbsp;&nbsp; 76824904 |
| TOTAL INVESTMENTS IN SECURITIES-107.64% <br>(Cost $933,080,778) | TOTAL INVESTMENTS IN SECURITIES-107.64% <br>(Cost $933,080,778) | &nbsp;&nbsp; 1034850547 |
| OTHER ASSETS LESS LIABILITIES-(7.64)% | OTHER ASSETS LESS LIABILITIES-(7.64)% | &nbsp;&nbsp; (73477767)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $961372780 |

---

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

------

**21**

------

**Invesco S&P Ultra Dividend Revenue ETF (RDIV)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| Invesco Ltd. | &nbsp;&nbsp; $8601829 | &nbsp;&nbsp; $3393368 | &nbsp;&nbsp; $(5319147)<br>| &nbsp;&nbsp; $272154 | &nbsp;&nbsp; $1469544 | &nbsp;&nbsp; $8417748 | &nbsp;&nbsp; $147692 |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 18898610 | &nbsp;&nbsp; (18830194)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 68416 | &nbsp;&nbsp; 19657 |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 30020130 | &nbsp;&nbsp; 127224371 | &nbsp;&nbsp; (126543072)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 30701429 | &nbsp;&nbsp; 179,015<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 77971627 | &nbsp;&nbsp; 246207807 | &nbsp;&nbsp; (278055887)<br>| &nbsp;&nbsp; (2426)<br>| &nbsp;&nbsp; 2354 | &nbsp;&nbsp; 46123475 | &nbsp;&nbsp; 478,173<br> \*<br>|
| Total | &nbsp;&nbsp; $116593586 | &nbsp;&nbsp; $395724156 | &nbsp;&nbsp; $(428748300)<br>| &nbsp;&nbsp; $269728 | &nbsp;&nbsp; $1471898 | &nbsp;&nbsp; $85311068 | &nbsp;&nbsp; $824537 |

---

\* 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 February 28, 2026.

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

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

------

**22**

------

**Statements of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500** <br>**Revenue ETF (RWL)**<br>| **Invesco S&P** <br>**MidCap 400** <br>**Revenue** <br>**ETF (RWK)**<br>| **Invesco S&P** <br>**SmallCap 600** <br>**Revenue ETF (RWJ)**<br>| **Invesco S&P** <br>**Ultra Dividend** <br>**Revenue ETF (RDIV)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $8240999282 | &nbsp;&nbsp;&nbsp; $1138446628 | &nbsp;&nbsp;&nbsp; $1700957681 | &nbsp;&nbsp;&nbsp; $949539479 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 174605950 | &nbsp;&nbsp;&nbsp; 178744123 | &nbsp;&nbsp;&nbsp; 409681289 | &nbsp;&nbsp;&nbsp; 85311068 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 794 |
| Receivable for: |  |  |  |  |
| Dividends and interest | &nbsp;&nbsp; 12007644 | &nbsp;&nbsp;&nbsp; 940977 | &nbsp;&nbsp;&nbsp; 1059444 | &nbsp;&nbsp;&nbsp; 3633244 |
| Securities lending | &nbsp;&nbsp; 22310 | &nbsp;&nbsp;&nbsp; 24255 | &nbsp;&nbsp;&nbsp; 56253 | &nbsp;&nbsp;&nbsp; 5454 |
| Fund shares sold | &nbsp;&nbsp; 5810 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; 37856 | &nbsp;&nbsp;&nbsp; 526 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 8427678852 | &nbsp;&nbsp;&nbsp; 1318157201 | &nbsp;&nbsp;&nbsp; 2111754667 | &nbsp;&nbsp;&nbsp; 1038490039 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1384 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to broker | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 171141798 | &nbsp;&nbsp;&nbsp; 178073025 | &nbsp;&nbsp;&nbsp; 407843037 | &nbsp;&nbsp;&nbsp; 76824904 |
| Accrued unitary management fees | &nbsp;&nbsp; 2378408 | &nbsp;&nbsp;&nbsp; 343140 | &nbsp;&nbsp;&nbsp; 515450 | &nbsp;&nbsp;&nbsp; 292355 |
| **Total liabilities** | &nbsp;&nbsp; 173520331 | &nbsp;&nbsp;&nbsp; 178417549 | &nbsp;&nbsp;&nbsp; 408358616 | &nbsp;&nbsp;&nbsp; 77117259 |
| **Net Assets** | &nbsp;&nbsp; $8254158521 | &nbsp;&nbsp;&nbsp; $1139739652 | &nbsp;&nbsp;&nbsp; $1703396051 | &nbsp;&nbsp;&nbsp; $961372780 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $6604192829 | &nbsp;&nbsp;&nbsp; $999306211 | &nbsp;&nbsp;&nbsp; $1612479257 | &nbsp;&nbsp;&nbsp; $1436634107 |
| Distributable earnings (loss) | &nbsp;&nbsp; 1649965692 | &nbsp;&nbsp;&nbsp; 140433441 | &nbsp;&nbsp;&nbsp; 90916794 | &nbsp;&nbsp;&nbsp; (475261327)<br>|
| **Net Assets** | &nbsp;&nbsp; $8254158521 | &nbsp;&nbsp;&nbsp; $1139739652 | &nbsp;&nbsp;&nbsp; $1703396051 | &nbsp;&nbsp;&nbsp; $961372780 |
| Shares outstanding (unlimited amount authorized, $0.01 par <br> value)<br>| &nbsp;&nbsp; 68151400 | &nbsp;&nbsp;&nbsp; 8431400 | &nbsp;&nbsp;&nbsp; 32444200 | &nbsp;&nbsp;&nbsp; 17070000 |
| Net asset value | &nbsp;&nbsp; $121.12 | &nbsp;&nbsp;&nbsp; $135.18 | &nbsp;&nbsp;&nbsp; $52.50 | &nbsp;&nbsp;&nbsp; $56.32 |
| Market price | &nbsp;&nbsp; $121.11 | &nbsp;&nbsp;&nbsp; $135.18 | &nbsp;&nbsp;&nbsp; $52.48 | &nbsp;&nbsp;&nbsp; $56.32 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $6696189391 | &nbsp;&nbsp;&nbsp; $948079040 | &nbsp;&nbsp;&nbsp; $1435241874 | &nbsp;&nbsp;&nbsp; $850600917 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $173853107 | &nbsp;&nbsp;&nbsp; $178744123 | &nbsp;&nbsp;&nbsp; $409681289 | &nbsp;&nbsp;&nbsp; $82479861 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $170512075 | &nbsp;&nbsp;&nbsp; $172513145 | &nbsp;&nbsp;&nbsp; $394611311 | &nbsp;&nbsp;&nbsp; $74672457 |

---

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

------

**23**

------

**Statements of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500** <br>**Revenue ETF (RWL)**<br>| **Invesco S&P** <br>**MidCap 400** <br>**Revenue** <br>**ETF (RWK)**<br>| **Invesco S&P** <br>**SmallCap 600** <br>**Revenue ETF (RWJ)**<br>| **Invesco S&P** <br>**Ultra Dividend** <br>**Revenue ETF (RDIV)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $65331024 | &nbsp;&nbsp;&nbsp; $7901305 | &nbsp;&nbsp;&nbsp; $12340477 | &nbsp;&nbsp;&nbsp; $19302381 |
| Affiliated dividend income | &nbsp;&nbsp; 118947 | &nbsp;&nbsp;&nbsp; 9389 | &nbsp;&nbsp;&nbsp; 20281 | &nbsp;&nbsp;&nbsp; 167349 |
| Securities lending income, net | &nbsp;&nbsp; 116474 | &nbsp;&nbsp;&nbsp; 172041 | &nbsp;&nbsp;&nbsp; 825842 | &nbsp;&nbsp;&nbsp; 27226 |
| Foreign withholding tax | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1721)<br>| &nbsp;&nbsp;&nbsp; (5684)<br>| &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 65566445 | &nbsp;&nbsp;&nbsp; 8081014 | &nbsp;&nbsp;&nbsp; 13180916 | &nbsp;&nbsp;&nbsp; 19496956 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 13909168 | &nbsp;&nbsp;&nbsp; 2039405 | &nbsp;&nbsp;&nbsp; 3110975 | &nbsp;&nbsp;&nbsp; 1698602 |
| Less: Waivers | &nbsp;&nbsp; (1992)<br>| &nbsp;&nbsp;&nbsp; (244)<br>| &nbsp;&nbsp;&nbsp; (521)<br>| &nbsp;&nbsp;&nbsp; (504)<br>|
| Net expenses | &nbsp;&nbsp; 13907176 | &nbsp;&nbsp;&nbsp; 2039161 | &nbsp;&nbsp;&nbsp; 3110454 | &nbsp;&nbsp;&nbsp; 1698098 |
| Net investment income | &nbsp;&nbsp; 51659269 | &nbsp;&nbsp;&nbsp; 6041853 | &nbsp;&nbsp;&nbsp; 10070462 | &nbsp;&nbsp;&nbsp; 17798858 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (68508043)<br>| &nbsp;&nbsp;&nbsp; (5300867)<br>| &nbsp;&nbsp;&nbsp; (16722338)<br>| &nbsp;&nbsp;&nbsp; 3591452 |
| Affiliated investment securities | &nbsp;&nbsp; 9494 | &nbsp;&nbsp;&nbsp; 12848 | &nbsp;&nbsp;&nbsp; 18831 | &nbsp;&nbsp;&nbsp; (15949)<br>|
| Unaffiliated in-kind redemptions | &nbsp;&nbsp; 377605802 | &nbsp;&nbsp;&nbsp; 32817316 | &nbsp;&nbsp;&nbsp; 102243998 | &nbsp;&nbsp;&nbsp; 40231262 |
| Affiliated in-kind redemptions | &nbsp;&nbsp; 470312 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1487847 |
| Net realized gain | &nbsp;&nbsp; 309577565 | &nbsp;&nbsp;&nbsp; 27529297 | &nbsp;&nbsp;&nbsp; 85540491 | &nbsp;&nbsp;&nbsp; 45294612 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 513679194 | &nbsp;&nbsp;&nbsp; 49503139 | &nbsp;&nbsp;&nbsp; 62457990 | &nbsp;&nbsp;&nbsp; 29839525 |
| Affiliated investment securities | &nbsp;&nbsp; 4876 | &nbsp;&nbsp;&nbsp; (12283)<br>| &nbsp;&nbsp;&nbsp; (21806)<br>| &nbsp;&nbsp;&nbsp; 269728 |
| Change in net unrealized appreciation | &nbsp;&nbsp; 513684070 | &nbsp;&nbsp;&nbsp; 49490856 | &nbsp;&nbsp;&nbsp; 62436184 | &nbsp;&nbsp;&nbsp; 30109253 |
| Net realized and unrealized gain | &nbsp;&nbsp; 823261635 | &nbsp;&nbsp;&nbsp; 77020153 | &nbsp;&nbsp;&nbsp; 147976675 | &nbsp;&nbsp;&nbsp; 75403865 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $874920904 | &nbsp;&nbsp;&nbsp; $83062006 | &nbsp;&nbsp;&nbsp; $158047137 | &nbsp;&nbsp;&nbsp; $93202723 |

---

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

------

**24**

------

**25**

------

**Statements of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P 500** <br>**Revenue ETF (RWL)** | **Invesco S&P 500** <br>**Revenue ETF (RWL)** | **Invesco S&P** <br>**MidCap 400** <br>**Revenue ETF (RWK)** | **Invesco S&P** <br>**MidCap 400** <br>**Revenue ETF (RWK)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $51659269 | &nbsp;&nbsp;&nbsp; $75812098 | &nbsp;&nbsp;&nbsp; $6041853 | &nbsp;&nbsp;&nbsp; $11409799 |
| Net realized gain | &nbsp;&nbsp; 309577565 | &nbsp;&nbsp;&nbsp; 169294441 | &nbsp;&nbsp;&nbsp; 27529297 | &nbsp;&nbsp;&nbsp; 60489260 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 513684070 | &nbsp;&nbsp;&nbsp; 352241036 | &nbsp;&nbsp;&nbsp; 49490856 | &nbsp;&nbsp;&nbsp; 7483767 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 874920904 | &nbsp;&nbsp;&nbsp; 597347575 | &nbsp;&nbsp;&nbsp; 83062006 | &nbsp;&nbsp;&nbsp; 79382826 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (48935409)<br>| &nbsp;&nbsp;&nbsp; (69696929)<br>| &nbsp;&nbsp;&nbsp; (5982685)<br>| &nbsp;&nbsp;&nbsp; (10855570)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1844989160 | &nbsp;&nbsp;&nbsp; 2563637117 | &nbsp;&nbsp;&nbsp; 140910014 | &nbsp;&nbsp;&nbsp; 230621834 |
| Value of shares repurchased | &nbsp;&nbsp; (728924918)<br>| &nbsp;&nbsp;&nbsp; (464192340)<br>| &nbsp;&nbsp;&nbsp; (63448956)<br>| &nbsp;&nbsp;&nbsp; (193499070)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 1116064242 | &nbsp;&nbsp;&nbsp; 2099444777 | &nbsp;&nbsp;&nbsp; 77461058 | &nbsp;&nbsp;&nbsp; 37122764 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 1942049737 | &nbsp;&nbsp;&nbsp; 2627095423 | &nbsp;&nbsp;&nbsp; 154540379 | &nbsp;&nbsp;&nbsp; 105650020 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 6312108784 | &nbsp;&nbsp;&nbsp; 3685013361 | &nbsp;&nbsp;&nbsp; 985199273 | &nbsp;&nbsp;&nbsp; 879549253 |
| End of period | &nbsp;&nbsp; $8254158521 | &nbsp;&nbsp;&nbsp; $6312108784 | &nbsp;&nbsp;&nbsp; $1139739652 | &nbsp;&nbsp;&nbsp; $985199273 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16200000 | &nbsp;&nbsp;&nbsp; 25350000 | &nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp; 1940000 |
| Shares repurchased | &nbsp;&nbsp; (6450000)<br>| &nbsp;&nbsp;&nbsp; (4775000)<br>| &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; (1720000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 58401400 | &nbsp;&nbsp;&nbsp; 37826400 | &nbsp;&nbsp;&nbsp; 7821400 | &nbsp;&nbsp;&nbsp; 7601400 |
| Shares outstanding, end of period | &nbsp;&nbsp; 68151400 | &nbsp;&nbsp;&nbsp; 58401400 | &nbsp;&nbsp;&nbsp; 8431400 | &nbsp;&nbsp;&nbsp; 7821400 |

---

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

------

**26**

------

---

| | | | |
|:---|:---|:---|:---|
| **Invesco S&P** <br>**SmallCap 600** <br>**Revenue ETF (RWJ)** | **Invesco S&P** <br>**SmallCap 600** <br>**Revenue ETF (RWJ)** | **Invesco S&P** <br>**Ultra Dividend** <br>**Revenue ETF (RDIV)** | **Invesco S&P** <br>**Ultra Dividend** <br>**Revenue ETF (RDIV)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $10070462 | &nbsp;&nbsp;&nbsp; $19482424 | &nbsp;&nbsp;&nbsp; $17798858 | &nbsp;&nbsp;&nbsp; $33617412 |
| 85540491 | &nbsp;&nbsp;&nbsp; 129743941 | &nbsp;&nbsp;&nbsp; 45294612 | &nbsp;&nbsp;&nbsp; 57866201 |
| 62436184 | &nbsp;&nbsp;&nbsp; (51580809)<br>| &nbsp;&nbsp;&nbsp; 30109253 | &nbsp;&nbsp;&nbsp; (28458335)<br>|
| 158047137 | &nbsp;&nbsp;&nbsp; 97645556 | &nbsp;&nbsp;&nbsp; 93202723 | &nbsp;&nbsp;&nbsp; 63025278 |
| (9590435)<br>| &nbsp;&nbsp;&nbsp; (18881184)<br>| &nbsp;&nbsp;&nbsp; (17664749)<br>| &nbsp;&nbsp;&nbsp; (32625804)<br>|
| 191346526 | &nbsp;&nbsp;&nbsp; 314028385 | &nbsp;&nbsp;&nbsp; 261676488 | &nbsp;&nbsp;&nbsp; 544819971 |
| (232294770)<br>| &nbsp;&nbsp;&nbsp; (397548769)<br>| &nbsp;&nbsp;&nbsp; (219964078)<br>| &nbsp;&nbsp;&nbsp; (555036545)<br>|
| (40948244)<br>| &nbsp;&nbsp;&nbsp; (83520384)<br>| &nbsp;&nbsp;&nbsp; 41712410 | &nbsp;&nbsp;&nbsp; (10216574)<br>|
| 107508458 | &nbsp;&nbsp;&nbsp; (4756012)<br>| &nbsp;&nbsp;&nbsp; 117250384 | &nbsp;&nbsp;&nbsp; 20182900 |
| 1595887593 | &nbsp;&nbsp;&nbsp; 1600643605 | &nbsp;&nbsp;&nbsp; 844122396 | &nbsp;&nbsp;&nbsp; 823939496 |
| $1703396051 | &nbsp;&nbsp;&nbsp; $1595887593 | &nbsp;&nbsp;&nbsp; $961372780 | &nbsp;&nbsp;&nbsp; $844122396 |
| 3830000 | &nbsp;&nbsp;&nbsp; 6920000 | &nbsp;&nbsp;&nbsp; 4890000 | &nbsp;&nbsp;&nbsp; 11040000 |
| (4720000)<br>| &nbsp;&nbsp;&nbsp; (9450000)<br>| &nbsp;&nbsp;&nbsp; (4050000)<br>| &nbsp;&nbsp;&nbsp; (11270000)<br>|
| 33334200 | &nbsp;&nbsp;&nbsp; 35864200 | &nbsp;&nbsp;&nbsp; 16230000 | &nbsp;&nbsp;&nbsp; 16460000 |
| 32444200 | &nbsp;&nbsp;&nbsp; 33334200 | &nbsp;&nbsp;&nbsp; 17070000 | &nbsp;&nbsp;&nbsp; 16230000 |

---

------

**27**

------

**Financial Highlights**

Invesco S&P 500 Revenue ETF (RWL)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $108.08 | &nbsp;&nbsp;&nbsp; $97.42 | &nbsp;&nbsp;&nbsp; $80.59 | &nbsp;&nbsp;&nbsp; $73.85 | &nbsp;&nbsp;&nbsp; $75.74 | &nbsp;&nbsp;&nbsp; $56.06 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.01 | &nbsp;&nbsp;&nbsp;&nbsp;10.57 | &nbsp;&nbsp;&nbsp;&nbsp;16.76 | &nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.68 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;&nbsp;&nbsp;12.13 | &nbsp;&nbsp;&nbsp;&nbsp;18.22 | &nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.74 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $121.12 | &nbsp;&nbsp;&nbsp; $108.08 | &nbsp;&nbsp;&nbsp; $97.42 | &nbsp;&nbsp;&nbsp; $80.59 | &nbsp;&nbsp;&nbsp; $73.85 | &nbsp;&nbsp;&nbsp; $75.74 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $121.11 | &nbsp;&nbsp;&nbsp; $108.13 | &nbsp;&nbsp;&nbsp; $97.39 | &nbsp;&nbsp;&nbsp; $80.60 | &nbsp;&nbsp;&nbsp; $73.92 | &nbsp;&nbsp;&nbsp; $75.74 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.99<br> %<br>| &nbsp;&nbsp;&nbsp; (0.97)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.38<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 12.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.91<br> %<br>| &nbsp;&nbsp;&nbsp; (0.89)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.13<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $8254159 | &nbsp;&nbsp;&nbsp; $6312109 | &nbsp;&nbsp;&nbsp; $3685013 | &nbsp;&nbsp;&nbsp; $2036949 | &nbsp;&nbsp;&nbsp; $1454853 | &nbsp;&nbsp;&nbsp; $1049098 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.45 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 17<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 and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. 

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

------

**28**

------

**Financial Highlights—(continued)**

Invesco S&P MidCap 400 Revenue ETF (RWK)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $125.96 | &nbsp;&nbsp;&nbsp; $115.71 | &nbsp;&nbsp;&nbsp; $98.32 | &nbsp;&nbsp;&nbsp; $83.99 | &nbsp;&nbsp;&nbsp; $91.13 | &nbsp;&nbsp;&nbsp; $56.56 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;&nbsp;17.32 | &nbsp;&nbsp;&nbsp;&nbsp;14.34 | &nbsp;&nbsp;&nbsp; (7.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.51 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp;&nbsp;&nbsp;18.58 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 | &nbsp;&nbsp;&nbsp; (6.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;35.20 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $135.18 | &nbsp;&nbsp;&nbsp; $125.96 | &nbsp;&nbsp;&nbsp; $115.71 | &nbsp;&nbsp;&nbsp; $98.32 | &nbsp;&nbsp;&nbsp; $83.99 | &nbsp;&nbsp;&nbsp; $91.13 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $135.18 | &nbsp;&nbsp;&nbsp; $125.95 | &nbsp;&nbsp;&nbsp; $115.76 | &nbsp;&nbsp;&nbsp; $98.36 | &nbsp;&nbsp;&nbsp; $84.06 | &nbsp;&nbsp;&nbsp; $91.10 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.51<br> %<br>| &nbsp;&nbsp;&nbsp; (6.75)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62.54<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.46<br> %<br>| &nbsp;&nbsp;&nbsp; (6.66)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62.32<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1139740 | &nbsp;&nbsp;&nbsp; $985199 | &nbsp;&nbsp;&nbsp; $879549 | &nbsp;&nbsp;&nbsp; $522223 | &nbsp;&nbsp;&nbsp; $360434 | &nbsp;&nbsp;&nbsp; $393817 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 34<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 and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. 

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

------

**29**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap 600 Revenue ETF (RWJ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023**<sup>(a)</sup> <br>| **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $47.88 | &nbsp;&nbsp;&nbsp; $44.63 | &nbsp;&nbsp;&nbsp; $38.80 | &nbsp;&nbsp;&nbsp; $36.55 | &nbsp;&nbsp;&nbsp; $39.47 | &nbsp;&nbsp;&nbsp; $21.05 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.39 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.61 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $52.50 | &nbsp;&nbsp;&nbsp; $47.88 | &nbsp;&nbsp;&nbsp; $44.63 | &nbsp;&nbsp;&nbsp; $38.80 | &nbsp;&nbsp;&nbsp; $36.55 | &nbsp;&nbsp;&nbsp; $39.47 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $52.48 | &nbsp;&nbsp;&nbsp; $47.86 | &nbsp;&nbsp;&nbsp; $44.61 | &nbsp;&nbsp;&nbsp; $38.81 | &nbsp;&nbsp;&nbsp; $36.57 | &nbsp;&nbsp;&nbsp; $39.42 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.58<br> %<br>| &nbsp;&nbsp;&nbsp; (6.63)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88.75<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.53<br> %<br>| &nbsp;&nbsp;&nbsp; (6.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 88.42<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1703396 | &nbsp;&nbsp;&nbsp; $1595888 | &nbsp;&nbsp;&nbsp; $1600644 | &nbsp;&nbsp;&nbsp; $1369858 | &nbsp;&nbsp;&nbsp; $832345 | &nbsp;&nbsp;&nbsp; $643110 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023.

<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> Annualized.

<sup>(f)</sup> Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. 

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

------

**30**

------

**Financial Highlights—(continued)**

Invesco S&P Ultra Dividend Revenue ETF (RDIV)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $52.01 | &nbsp;&nbsp;&nbsp; $50.06 | &nbsp;&nbsp;&nbsp; $39.70 | &nbsp;&nbsp;&nbsp; $41.80 | &nbsp;&nbsp;&nbsp; $41.18 | &nbsp;&nbsp;&nbsp; $28.58 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;10.41 | &nbsp;&nbsp;&nbsp; (2.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;13.29 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;12.20 | &nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;14.52 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (1.92)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $56.32 | &nbsp;&nbsp;&nbsp; $52.01 | &nbsp;&nbsp;&nbsp; $50.06 | &nbsp;&nbsp;&nbsp; $39.70 | &nbsp;&nbsp;&nbsp; $41.80 | &nbsp;&nbsp;&nbsp; $41.18 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $56.32 | &nbsp;&nbsp;&nbsp; $52.02 | &nbsp;&nbsp;&nbsp; $50.05 | &nbsp;&nbsp;&nbsp; $39.71 | &nbsp;&nbsp;&nbsp; $41.83 | &nbsp;&nbsp;&nbsp; $41.16 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.66<br> %<br>| &nbsp;&nbsp;&nbsp; (1.17)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.38<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.60<br> %<br>| &nbsp;&nbsp;&nbsp; (1.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.06<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $961373 | &nbsp;&nbsp;&nbsp; $844122 | &nbsp;&nbsp;&nbsp; $823939 | &nbsp;&nbsp;&nbsp; $743141 | &nbsp;&nbsp;&nbsp; $802618 | &nbsp;&nbsp;&nbsp; $740071 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 4.09 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.37<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp;&nbsp; 98<br> %<br>| &nbsp;&nbsp;&nbsp; 101<br> %<br>| &nbsp;&nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 110<br> %<br>| &nbsp;&nbsp;&nbsp; 97<br> %<br>|

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

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

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

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

<sup>(e)</sup> Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. 

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

February 28, 2026

*(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 500 Revenue ETF (RWL) | "S&P 500 Revenue ETF" |
| Invesco S&P MidCap 400 Revenue ETF (RWK) | "S&P MidCap 400 Revenue ETF" |
| Invesco S&P SmallCap 600 Revenue ETF (RWJ) | "S&P SmallCap 600 Revenue ETF" |
| Invesco S&P Ultra Dividend Revenue ETF (RDIV) | "S&P Ultra Dividend Revenue 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 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 the deposit or delivery of 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** |
| S&P 500 Revenue ETF<br> S&P 500<sup>®</sup> Revenue-Weighted Index |
| S&P MidCap 400 Revenue ETF<br> S&P MidCap 400<sup>®</sup> Revenue-Weighted Index |
| S&P SmallCap 600 Revenue ETF<br> S&P SmallCap 600<sup>®</sup> Revenue-Weighted Index |
| S&P Ultra Dividend Revenue ETF<br> S&P 900<sup>®</sup> Dividend Revenue-Weighted 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 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, as of the approximate official closing time of that exchange. 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.

Private 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

**F.** **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

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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.

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

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

**I.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act 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.

**J.** **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 ("BNY") 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 February 28, 2026, each Fund had affiliated securities lending transactions with Invesco. Fees

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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 500 Revenue ETF | $6948 |
| S&P MidCap 400 Revenue ETF | 10915 |
| S&P SmallCap 600 Revenue ETF | 70321 |
| S&P Ultra Dividend Revenue ETF | 1645 |

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**K.** **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.

*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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

*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

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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 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.

*Non-Diversified Fund Risk*. S&P Ultra Dividend Revenue ETF is non-diversified, and, to the extent certain Funds become non-diversified, all such Funds can invest a greater portion of their respective assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. 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 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.

*Small- and Mid-Capitalization Companies 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. Stocks of small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies. They may be more sensitive to changes in a company's earnings expectations and may experience more abrupt and erratic price movements. Smaller companies' securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider price fluctuations and it might be harder for a Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-capitalization companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-capitalization company, if any gain is realized at all.

**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:

---

| | |
|:---|:---|
|  | **Unitary Management Fees** <br>**(as a % of average daily net assets)**<br>|
| S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| S&P MidCap 400 Revenue ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| S&P SmallCap 600 Revenue ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| S&P Ultra Dividend Revenue ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|

---

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

------

**37**

------

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 February 28, 2026, the Adviser waived fees for each Fund in the following amounts:

---

| | |
|:---|:---|
| S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp; $1992 |
| S&P MidCap 400 Revenue ETF | &nbsp;&nbsp;&nbsp; 244 |
| S&P SmallCap 600 Revenue ETF | &nbsp;&nbsp;&nbsp; 521 |
| S&P Ultra Dividend Revenue ETF | &nbsp;&nbsp;&nbsp; 504 |

---

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 BNY, 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 February 28, 2026, 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:

---

| | |
|:---|:---|
| S&P 500 Revenue ETF | &nbsp;&nbsp;&nbsp; $50800 |
| S&P MidCap 400 Revenue ETF | &nbsp;&nbsp;&nbsp; 55707 |
| S&P SmallCap 600 Revenue ETF | &nbsp;&nbsp;&nbsp; 108238 |
| S&P Ultra Dividend Revenue ETF | &nbsp;&nbsp;&nbsp; 125833 |

---

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 February 28, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent

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**38**

------

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** |
| S&P 500 Revenue ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $8243607662 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8243607662 |
| Money Market Funds | &nbsp;&nbsp; 855772 | &nbsp;&nbsp; 171141798 | &nbsp;&nbsp; - | &nbsp;&nbsp; 171997570 |
| **Total Investments** | &nbsp;&nbsp; $8244463434 | &nbsp;&nbsp; $171141798 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $8415605232 |
| S&P MidCap 400 Revenue ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1138446628 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1138446628 |
| Money Market Funds | &nbsp;&nbsp; 671098 | &nbsp;&nbsp; 178073025 | &nbsp;&nbsp; - | &nbsp;&nbsp; 178744123 |
| **Total Investments** | &nbsp;&nbsp; $1139117726 | &nbsp;&nbsp; $178073025 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1317190751 |
| S&P SmallCap 600 Revenue ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1700957681 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $1700957681 |
| Money Market Funds | &nbsp;&nbsp; 1838252 | &nbsp;&nbsp; 407843037 | &nbsp;&nbsp; - | &nbsp;&nbsp; 409681289 |
| **Total Investments** | &nbsp;&nbsp; $1702795933 | &nbsp;&nbsp; $407843037 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $2110638970 |
| S&P Ultra Dividend Revenue ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $957957227 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $957957227 |
| Money Market Funds | &nbsp;&nbsp; 68416 | &nbsp;&nbsp; 76824904 | &nbsp;&nbsp; - | &nbsp;&nbsp; 76893320 |
| **Total Investments** | &nbsp;&nbsp; $958025643 | &nbsp;&nbsp; $76824904 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1034850547 |

---

**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 August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| S&P 500 Revenue ETF | &nbsp;&nbsp; $27071279 | &nbsp;&nbsp; $193717241 | &nbsp;&nbsp; $220788520 |
| S&P MidCap 400 Revenue ETF | &nbsp;&nbsp; 18651167 | &nbsp;&nbsp; 58499378 | &nbsp;&nbsp; 77150545 |
| S&P SmallCap 600 Revenue ETF | &nbsp;&nbsp; 68122423 | &nbsp;&nbsp; 186714851 | &nbsp;&nbsp; 254837274 |
| S&P Ultra Dividend Revenue ETF | &nbsp;&nbsp; 483573134 | &nbsp;&nbsp; 144354969 | &nbsp;&nbsp; 627928103 |

---

\* 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 February 28, 2026, 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** |
| S&P 500 Revenue ETF | &nbsp;&nbsp; $576508642 | &nbsp;&nbsp; $570772294 |
| S&P MidCap 400 Revenue ETF | &nbsp;&nbsp; 165335139 | &nbsp;&nbsp; 165191716 |
| S&P SmallCap 600 Revenue ETF | &nbsp;&nbsp; 443934159 | &nbsp;&nbsp; 445389370 |
| S&P Ultra Dividend Revenue ETF | &nbsp;&nbsp; 532246085 | &nbsp;&nbsp; 536592442 |

---

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**39**

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For the six months ended February 28, 2026, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| S&P 500 Revenue ETF | &nbsp;&nbsp; $1839718595 | &nbsp;&nbsp; $730064430 |
| S&P MidCap 400 Revenue ETF | &nbsp;&nbsp; 140781959 | &nbsp;&nbsp; 64322875 |
| S&P SmallCap 600 Revenue ETF | &nbsp;&nbsp; 191045040 | &nbsp;&nbsp; 230404594 |
| S&P Ultra Dividend Revenue ETF | &nbsp;&nbsp; 261172762 | &nbsp;&nbsp; 215827762 |

---

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

As of February 28, 2026, 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** |
| S&P 500 Revenue ETF | &nbsp;&nbsp; $1752022064 | &nbsp;&nbsp; $(210045981)<br>| &nbsp;&nbsp; $1541976083 | &nbsp;&nbsp; $6873629149 |
| S&P MidCap 400 Revenue ETF | &nbsp;&nbsp; 240346884 | &nbsp;&nbsp; (52141740)<br>| &nbsp;&nbsp; 188205144 | &nbsp;&nbsp; 1128985607 |
| S&P SmallCap 600 Revenue ETF | &nbsp;&nbsp; 376833010 | &nbsp;&nbsp; (119748225)<br>| &nbsp;&nbsp; 257084785 | &nbsp;&nbsp; 1853554185 |
| S&P Ultra Dividend Revenue ETF | &nbsp;&nbsp; 124253172 | &nbsp;&nbsp; (22831347)<br>| &nbsp;&nbsp; 101421825 | &nbsp;&nbsp; 933428722 |

---

**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.

------

**40**

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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>**

Not applicable.

------

**41**

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**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-RW-NCSRS

invesco.com/ETFs

------

![](img7736c87b1.jpg)

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

February 28, 2026

---

| | |
|:---|:---|
| **DWAS** | Invesco Dorsey Wright SmallCap Momentum ETF |
| **PSCD** | Invesco S&P SmallCap Consumer Discretionary ETF |
| **PSCC** | Invesco S&P SmallCap Consumer Staples ETF |
| **PSCE** | Invesco S&P SmallCap Energy ETF |
| **PSCF** | Invesco S&P SmallCap Financials ETF |
| **PSCH** | Invesco S&P SmallCap Health Care ETF |
| **PSCI** | Invesco S&P SmallCap Industrials ETF |
| **PSCT** | Invesco S&P SmallCap Information Technology ETF |
| **PSCM** | Invesco S&P SmallCap Materials ETF |
| **PSCU** | Invesco S&P SmallCap Utilities & Communication Services ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_1) | **3** |
| [Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_4) | **6** |
| [Invesco S&P SmallCap Consumer Staples ETF (PSCC)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_6) | **8** |
| [Invesco S&P SmallCap Energy ETF (PSCE)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_8) | **10** |
| [Invesco S&P SmallCap Financials ETF (PSCF)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_10) | **12** |
| [Invesco S&P SmallCap Health Care ETF (PSCH)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_13) | **15** |
| [Invesco S&P SmallCap Industrials ETF (PSCI)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_15) | **17** |
| [Invesco S&P SmallCap Information Technology ETF (PSCT)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_17) | **19** |
| [Invesco S&P SmallCap Materials ETF (PSCM)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_19) | **21** |
| [Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_SOI-Continued-408_21) | **23** |
| [Statements of Assets and Liabilities](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_FS-Continued-408_2) | **26** |
| [Statements of Operations](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_FS-Continued-408_4) | **28** |
| [Statements of Changes in Net Assets](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_FS-Continued-408_6) | **30** |
| [Financial Highlights](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_FIHI-Continued-408_1) | **34** |
| [Notes to Financial Statements](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_NTF-Continued-408_1) | **44** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_0ecd0902-5232-44f6-a581-da4dd35902df_OIRSR-Continued_1) | **55** |

---

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**2**

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**Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** | **Common Stocks & Other Equity Interests-100.03%** |
| **Communication Services-1.63%** | **Communication Services-1.63%** | **Communication Services-1.63%** |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 26269 | &nbsp;&nbsp; $3034857 |
| Globalstar, Inc.<sup>(b)(c)</sup> | 23656 | &nbsp;&nbsp; 1473059 |
| Sphere Entertainment Co.<sup>(b)(c)</sup> | 14867 | &nbsp;&nbsp; 1769322 |
|  |  | &nbsp;&nbsp; 6277238 |
| **Consumer Discretionary-6.85%** | **Consumer Discretionary-6.85%** | **Consumer Discretionary-6.85%** |
| Acushnet Holdings Corp. | 16932 | &nbsp;&nbsp; 1732652 |
| American Eagle Outfitters, Inc. | 49835 | &nbsp;&nbsp; 1224446 |
| AutoNation, Inc.<sup>(b)</sup> | 7842 | &nbsp;&nbsp; 1530445 |
| Cavco Industries, Inc.<sup>(b)</sup> | 2352 | &nbsp;&nbsp; 1357715 |
| Citi Trends, Inc.<sup>(b)(c)</sup> | 33277 | &nbsp;&nbsp; 1576664 |
| Dana, Inc. | 58819 | &nbsp;&nbsp; 2013962 |
| Dillard's, Inc., Class A<sup>(c)</sup> | 2053 | &nbsp;&nbsp; 1237528 |
| Figs, Inc., Class A<sup>(b)(c)</sup> | 114104 | &nbsp;&nbsp; 1762907 |
| Five Below, Inc.<sup>(b)</sup> | 7707 | &nbsp;&nbsp; 1722746 |
| Garrett Motion, Inc. (Switzerland) | 79587 | &nbsp;&nbsp; 1620391 |
| GigaCloud Technology, Inc., Class A<sup>(b)(c)</sup> | 34423 | &nbsp;&nbsp; 1526316 |
| Laureate Education, Inc., Class A<sup>(b)</sup> | 42677 | &nbsp;&nbsp; 1380174 |
| Lincoln Educational Services Corp.<sup>(b)(c)</sup> | 64083 | &nbsp;&nbsp; 2322368 |
| RealReal, Inc. (The)<sup>(b)(c)</sup> | 90053 | &nbsp;&nbsp; 1104050 |
| Strattec Security Corp.<sup>(b)(c)</sup> | 18417 | &nbsp;&nbsp; 1620696 |
| Urban Outfitters, Inc.<sup>(b)</sup> | 17482 | &nbsp;&nbsp; 1157308 |
| Victoria's Secret & Co.<sup>(b)(c)</sup> | 24771 | &nbsp;&nbsp; 1553142 |
|  |  | &nbsp;&nbsp; 26443510 |
| **Consumer Staples-0.96%** | **Consumer Staples-0.96%** | **Consumer Staples-0.96%** |
| Seneca Foods Corp., Class A<sup>(b)</sup> | 12221 | &nbsp;&nbsp; 1698475 |
| Turning Point Brands, Inc. | 14794 | &nbsp;&nbsp; 2026630 |
|  |  | &nbsp;&nbsp; 3725105 |
| **Energy-3.15%** | **Energy-3.15%** | **Energy-3.15%** |
| CNX Resources Corp.<sup>(b)(c)</sup> | 37588 | &nbsp;&nbsp; 1570427 |
| Forum Energy Technologies, Inc.<sup>(b)(c)</sup> | 38931 | &nbsp;&nbsp; 2259166 |
| Green Plains, Inc.<sup>(b)(c)</sup> | 147262 | &nbsp;&nbsp; 2021907 |
| Gulfport Energy Corp.<sup>(b)(c)</sup> | 6934 | &nbsp;&nbsp; 1446849 |
| Natural Gas Services Group, Inc. | 42758 | &nbsp;&nbsp; 1635921 |
| PrimeEnergy Resources Corp.<sup>(b)(c)</sup> | 9440 | &nbsp;&nbsp; 1877616 |
| TETRA Technologies, Inc.<sup>(b)(c)</sup> | 155590 | &nbsp;&nbsp; 1347409 |
|  |  | &nbsp;&nbsp; 12159295 |
| **Financials-11.01%** | **Financials-11.01%** | **Financials-11.01%** |
| Acadian Asset Management, Inc. | 47928 | &nbsp;&nbsp; 2581402 |
| Affiliated Managers Group, Inc. | 5077 | &nbsp;&nbsp; 1554476 |
| Bread Financial Holdings, Inc. | 17847 | &nbsp;&nbsp; 1264638 |
| Coastal Financial Corp.<sup>(b)(c)</sup> | 26080 | &nbsp;&nbsp; 1934875 |
| Customers Bancorp, Inc.<sup>(b)(c)</sup> | 19011 | &nbsp;&nbsp; 1282102 |
| Enova International, Inc.<sup>(b)</sup> | 27210 | &nbsp;&nbsp; 3783550 |
| Esquire Financial Holdings, Inc.<sup>(c)</sup> | 17460 | &nbsp;&nbsp; 1763111 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 78024 | &nbsp;&nbsp; 2069977 |
| Genworth Financial, Inc., Class A<sup>(b)(c)</sup> | 151573 | &nbsp;&nbsp; 1279276 |
| HCI Group, Inc. | 10699 | &nbsp;&nbsp; 1887518 |
| Lemonade, Inc.<sup>(b)(c)</sup> | 24228 | &nbsp;&nbsp; 1253557 |
| LendingClub Corp.<sup>(b)(c)</sup> | 70481 | &nbsp;&nbsp; 1050872 |
| Mercury General Corp. | 14839 | &nbsp;&nbsp; 1344117 |
| Northeast Bank<sup>(c)</sup> | 29147 | &nbsp;&nbsp; 3231819 |
| Northrim BanCorp, Inc. | 52050 | &nbsp;&nbsp; 1222654 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 10349 | &nbsp;&nbsp; 1280275 |
| PennyMac Financial Services, Inc. | 10315 | &nbsp;&nbsp; 948258 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials-(continued)** | **Financials-(continued)** | **Financials-(continued)** |
| Piper Sandler Cos. | 4701 | &nbsp;&nbsp; $1389381 |
| Sezzle, Inc.<sup>(b)(c)</sup> | 81683 | &nbsp;&nbsp; 5958775 |
| SiriusPoint Ltd.<sup>(b)</sup> | 79543 | &nbsp;&nbsp; 1681539 |
| StepStone Group, Inc., Class A | 21758 | &nbsp;&nbsp; 938640 |
| Third Coast Bancshares, Inc.<sup>(b)(c)</sup> | 34332 | &nbsp;&nbsp; 1359890 |
| Universal Insurance Holdings, Inc. | 40917 | &nbsp;&nbsp; 1439051 |
|  |  | &nbsp;&nbsp; 42499753 |
| **Health Care-40.78%** | **Health Care-40.78%** | **Health Care-40.78%** |
| Alignment Healthcare, Inc.<sup>(b)</sup> | 76775 | &nbsp;&nbsp; 1475615 |
| Alphatec Holdings, Inc.<sup>(b)(c)</sup> | 73509 | &nbsp;&nbsp; 1001193 |
| Alumis, Inc.<sup>(b)</sup> | 129155 | &nbsp;&nbsp; 3834612 |
| Amneal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 298733 | &nbsp;&nbsp; 4125503 |
| AnaptysBio, Inc.<sup>(b)(c)</sup> | 28285 | &nbsp;&nbsp; 1557089 |
| Annexon, Inc.<sup>(b)</sup> | 270116 | &nbsp;&nbsp; 1512650 |
| Apogee Therapeutics, Inc.<sup>(b)(c)</sup> | 17597 | &nbsp;&nbsp; 1231790 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 63002 | &nbsp;&nbsp; 1283351 |
| Arcutis Biotherapeutics, Inc.<sup>(b)(c)</sup> | 50908 | &nbsp;&nbsp; 1372989 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)</sup> | 32159 | &nbsp;&nbsp; 2034700 |
| Artivion, Inc.<sup>(b)</sup> | 30618 | &nbsp;&nbsp; 1178793 |
| Aveanna Healthcare Holdings, Inc.<sup>(b)(c)</sup> | 152466 | &nbsp;&nbsp; 1122150 |
| Axogen, Inc.<sup>(b)(c)</sup> | 43858 | &nbsp;&nbsp; 1391614 |
| Axsome Therapeutics, Inc.<sup>(b)</sup> | 12740 | &nbsp;&nbsp; 2087959 |
| Beta Bionics, Inc.<sup>(b)(c)</sup> | 47317 | &nbsp;&nbsp; 597614 |
| BioAge Labs, Inc.<sup>(b)</sup> | 106576 | &nbsp;&nbsp; 2373448 |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 41196 | &nbsp;&nbsp; 1706750 |
| Brookdale Senior Living, Inc.<sup>(b)</sup> | 133734 | &nbsp;&nbsp; 2046130 |
| Castle Biosciences, Inc.<sup>(b)(c)</sup> | 35133 | &nbsp;&nbsp; 1038883 |
| Celcuity, Inc.<sup>(b)(c)</sup> | 47181 | &nbsp;&nbsp; 5270590 |
| Cogent Biosciences, Inc.<sup>(b)(c)</sup> | 108477 | &nbsp;&nbsp; 4214331 |
| Crinetics Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 28765 | &nbsp;&nbsp; 1182241 |
| Design Therapeutics, Inc.<sup>(b)(c)</sup> | 143152 | &nbsp;&nbsp; 1494507 |
| Dianthus Therapeutics, Inc.<sup>(b)(c)</sup> | 32547 | &nbsp;&nbsp; 1796269 |
| Disc Medicine, Inc.<sup>(b)(c)</sup> | 17330 | &nbsp;&nbsp; 1154525 |
| Elanco Animal Health, Inc.<sup>(b)</sup> | 62165 | &nbsp;&nbsp; 1641156 |
| Electromed, Inc.<sup>(b)</sup> | 48317 | &nbsp;&nbsp; 1145113 |
| Enanta Pharmaceuticals, Inc.<sup>(b)</sup> | 90805 | &nbsp;&nbsp; 1298511 |
| EyePoint, Inc.<sup>(b)(c)</sup> | 81028 | &nbsp;&nbsp; 1422852 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 83683 | &nbsp;&nbsp; 897082 |
| Fulcrum Therapeutics, Inc.<sup>(b)(c)</sup> | 126912 | &nbsp;&nbsp; 1063523 |
| Glaukos Corp.<sup>(b)</sup> | 11845 | &nbsp;&nbsp; 1426138 |
| Guardant Health, Inc.<sup>(b)</sup> | 22394 | &nbsp;&nbsp; 2102797 |
| Harrow, Inc.<sup>(b)(c)</sup> | 36056 | &nbsp;&nbsp; 1953514 |
| Ideaya Biosciences, Inc.<sup>(b)(c)</sup> | 41524 | &nbsp;&nbsp; 1337073 |
| Immunome, Inc.<sup>(b)(c)</sup> | 64856 | &nbsp;&nbsp; 1417752 |
| Inhibrx Biosciences, Inc.<sup>(b)(c)</sup> | 40819 | &nbsp;&nbsp; 3025912 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 17502 | &nbsp;&nbsp; 1420287 |
| iRadimed Corp.<sup>(c)</sup> | 14258 | &nbsp;&nbsp; 1476131 |
| IRhythm Holdings, Inc.<sup>(b)(c)</sup> | 8083 | &nbsp;&nbsp; 1081101 |
| Jade Biosciences, Inc.<sup>(c)</sup> | 81416 | &nbsp;&nbsp; 1207399 |
| Kodiak Sciences, Inc.<sup>(b)</sup> | 197927 | &nbsp;&nbsp; 5304444 |
| Kymera Therapeutics, Inc.<sup>(b)(c)</sup> | 16733 | &nbsp;&nbsp; 1528560 |
| Lexeo Therapeutics, Inc.<sup>(b)(c)</sup> | 168128 | &nbsp;&nbsp; 1207159 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 6970 | &nbsp;&nbsp; 1382221 |
| Liquidia Corp.<sup>(b)(c)</sup> | 41488 | &nbsp;&nbsp; 1286958 |
| Lyell Immunopharma, Inc.<sup>(b)(c)</sup> | 44564 | &nbsp;&nbsp; 1069536 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)</sup> | 2441 | &nbsp;&nbsp; 1054512 |
| Maze Therapeutics, Inc.<sup>(b)(c)</sup> | 42663 | &nbsp;&nbsp; 1945006 |

---

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

------

**3**

------

**Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Monte Rosa Therapeutics, Inc.<sup>(b)</sup> | 94188 | &nbsp;&nbsp; $1671837 |
| Nurix Therapeutics, Inc.<sup>(b)(c)</sup> | 74755 | &nbsp;&nbsp; 1193837 |
| Nuvalent, Inc., Class A<sup>(b)(c)</sup> | 47741 | &nbsp;&nbsp; 4867195 |
| Nuvation Bio, Inc.<sup>(b)(c)</sup> | 203364 | &nbsp;&nbsp; 1201881 |
| Oruka Therapeutics, Inc.<sup>(b)(c)</sup> | 45589 | &nbsp;&nbsp; 1568717 |
| PACS Group, Inc.<sup>(b)(c)</sup> | 50059 | &nbsp;&nbsp; 1827654 |
| Palvella Therapeutics, Inc.<sup>(b)(c)</sup> | 17236 | &nbsp;&nbsp; 2327205 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 63713 | &nbsp;&nbsp; 1264703 |
| Phathom Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 183664 | &nbsp;&nbsp; 2306820 |
| Praxis Precision Medicines, Inc.<sup>(b)(c)</sup> | 13326 | &nbsp;&nbsp; 4487530 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 18861 | &nbsp;&nbsp; 1736721 |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 17880 | &nbsp;&nbsp; 1219237 |
| RadNet, Inc.<sup>(b)(c)</sup> | 19407 | &nbsp;&nbsp; 1354803 |
| Rapport Therapeutics, Inc.<sup>(b)(c)</sup> | 49766 | &nbsp;&nbsp; 1444707 |
| RAPT Therapeutics, Inc.<sup>(b)</sup> | 58443 | &nbsp;&nbsp; 3388525 |
| Relay Therapeutics, Inc.<sup>(b)(c)</sup> | 168851 | &nbsp;&nbsp; 1732411 |
| Replimune Group, Inc.<sup>(b)(c)</sup> | 145341 | &nbsp;&nbsp; 1111859 |
| Revolution Medicines, Inc.<sup>(b)</sup> | 17806 | &nbsp;&nbsp; 1816568 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 24993 | &nbsp;&nbsp; 2317601 |
| Savara, Inc.<sup>(b)(c)</sup> | 229173 | &nbsp;&nbsp; 1379621 |
| Septerna, Inc.<sup>(b)</sup> | 71422 | &nbsp;&nbsp; 2072666 |
| Sight Sciences, Inc.<sup>(b)</sup> | 164132 | &nbsp;&nbsp; 846921 |
| Sionna Therapeutics, Inc.<sup>(b)(c)</sup> | 37789 | &nbsp;&nbsp; 1380810 |
| Spyre Therapeutics, Inc.<sup>(b)(c)</sup> | 41549 | &nbsp;&nbsp; 1787022 |
| Stoke Therapeutics, Inc.<sup>(b)(c)</sup> | 53315 | &nbsp;&nbsp; 1941199 |
| Tactile Systems Technology, Inc.<sup>(b)(c)</sup> | 48104 | &nbsp;&nbsp; 1408966 |
| Taysha Gene Therapies, Inc.<sup>(b)(c)</sup> | 287080 | &nbsp;&nbsp; 1300472 |
| Terns Pharmaceuticals, Inc.<sup>(b)</sup> | 144592 | &nbsp;&nbsp; 6090215 |
| Theravance Biopharma, Inc.<sup>(b)(c)</sup> | 73711 | &nbsp;&nbsp; 1345226 |
| Trevi Therapeutics, Inc.<sup>(b)(c)</sup> | 159606 | &nbsp;&nbsp; 1902504 |
| Tyra Biosciences, Inc.<sup>(b)(c)</sup> | 54307 | &nbsp;&nbsp; 1808966 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 12973 | &nbsp;&nbsp; 2731854 |
| Upstream Bio, Inc.<sup>(b)(c)</sup> | 52814 | &nbsp;&nbsp; 405612 |
| Vera Therapeutics, Inc.<sup>(b)</sup> | 27031 | &nbsp;&nbsp; 1102594 |
| Viridian Therapeutics, Inc.<sup>(b)(c)</sup> | 43439 | &nbsp;&nbsp; 1276238 |
| Zenas Biopharma, Inc.<sup>(b)(c)</sup> | 70221 | &nbsp;&nbsp; 1850323 |
| Zymeworks, Inc.<sup>(b)</sup> | 51820 | &nbsp;&nbsp; 1206888 |
|  |  | &nbsp;&nbsp; 157457941 |
| **Industrials-18.10%** | **Industrials-18.10%** | **Industrials-18.10%** |
| Allient, Inc.<sup>(c)</sup> | 25396 | &nbsp;&nbsp; 1672073 |
| Astronics Corp.<sup>(b)(c)</sup> | 26164 | &nbsp;&nbsp; 2109342 |
| CECO Environmental Corp.<sup>(b)(c)</sup> | 23519 | &nbsp;&nbsp; 1421723 |
| Cimpress PLC (Ireland)<sup>(b)(c)</sup> | 18998 | &nbsp;&nbsp; 1387804 |
| CSW Industrials, Inc. | 6946 | &nbsp;&nbsp; 2044416 |
| Enpro, Inc. | 6678 | &nbsp;&nbsp; 1727265 |
| Enviri Corp.<sup>(b)</sup> | 76175 | &nbsp;&nbsp; 1441993 |
| ESCO Technologies, Inc. | 6938 | &nbsp;&nbsp; 1923838 |
| Falcon's Beyond Global, Inc.<sup>(b)(c)</sup> | 77864 | &nbsp;&nbsp; 504559 |
| Flowserve Corp.<sup>(c)</sup> | 19423 | &nbsp;&nbsp; 1719324 |
| Graham Corp.<sup>(b)(c)</sup> | 62961 | &nbsp;&nbsp; 5113692 |
| Granite Construction, Inc.<sup>(c)</sup> | 20090 | &nbsp;&nbsp; 2701301 |
| Huron Consulting Group, Inc.<sup>(b)</sup> | 8092 | &nbsp;&nbsp; 1144209 |
| IBEX Holdings Ltd.<sup>(b)</sup> | 36414 | &nbsp;&nbsp; 1052365 |
| IES Holdings, Inc.<sup>(b)(c)</sup> | 3369 | &nbsp;&nbsp; 1668834 |
| Interface, Inc.<sup>(c)</sup> | 50192 | &nbsp;&nbsp; 1580546 |
| Matson, Inc.<sup>(c)</sup> | 11074 | &nbsp;&nbsp; 1839724 |
| Moog, Inc., Class A | 5792 | &nbsp;&nbsp; 1954394 |
| MYR Group, Inc.<sup>(b)</sup> | 11167 | &nbsp;&nbsp; 3014643 |
| Perma-Pipe International Holdings, Inc.<sup>(b)(c)</sup> | 46813 | &nbsp;&nbsp; 1515337 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Planet Labs PBC<sup>(b)(c)</sup> | 240225 | &nbsp;&nbsp; $5799031 |
| Preformed Line Products Co.<sup>(c)</sup> | 6577 | &nbsp;&nbsp; 1668256 |
| Primoris Services Corp.<sup>(c)</sup> | 19386 | &nbsp;&nbsp; 2921858 |
| Resolute Holdings Management, Inc.<sup>(b)(c)</sup> | 15605 | &nbsp;&nbsp; 2630223 |
| Standex International Corp.<sup>(c)</sup> | 6223 | &nbsp;&nbsp; 1630426 |
| T1 Energy, Inc. (Norway)<sup>(b)(c)</sup> | 215409 | &nbsp;&nbsp; 1326919 |
| Tutor Perini Corp. | 76321 | &nbsp;&nbsp; 5752314 |
| Valmont Industries, Inc. | 3344 | &nbsp;&nbsp; 1538006 |
| Vicor Corp.<sup>(b)</sup> | 13349 | &nbsp;&nbsp; 2688489 |
| VSE Corp. | 15250 | &nbsp;&nbsp; 3462817 |
| Watts Water Technologies, Inc., Class A | 5015 | &nbsp;&nbsp; 1648631 |
| Xometry, Inc., Class A<sup>(b)(c)</sup> | 30723 | &nbsp;&nbsp; 1260104 |
|  |  | &nbsp;&nbsp; 69864456 |
| **Information Technology-10.99%** | **Information Technology-10.99%** | **Information Technology-10.99%** |
| ACM Research, Inc., Class A<sup>(b)</sup> | 35029 | &nbsp;&nbsp; 1950415 |
| Advanced Energy Industries, Inc. | 6432 | &nbsp;&nbsp; 2158386 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 11447 | &nbsp;&nbsp; 826130 |
| Bel Fuse, Inc., Class B<sup>(c)</sup> | 31599 | &nbsp;&nbsp; 7258606 |
| Diebold Nixdorf, Inc.<sup>(b)(c)</sup> | 20214 | &nbsp;&nbsp; 1617120 |
| Frequency Electronics, Inc.<sup>(b)(c)</sup> | 83309 | &nbsp;&nbsp; 4182945 |
| GPGI, Inc., Class A<sup>(c)</sup> | 74237 | &nbsp;&nbsp; 1666621 |
| Lumentum Holdings, Inc.<sup>(b)</sup> | 7714 | &nbsp;&nbsp; 5406820 |
| nLight, Inc.<sup>(b)</sup> | 47653 | &nbsp;&nbsp; 2677622 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 5324 | &nbsp;&nbsp; 1518405 |
| Q2 Holdings, Inc.<sup>(b)</sup> | 18613 | &nbsp;&nbsp; 895658 |
| Red Violet, Inc.<sup>(b)(c)</sup> | 25072 | &nbsp;&nbsp; 1085868 |
| Semtech Corp.<sup>(b)</sup> | 20584 | &nbsp;&nbsp; 1857088 |
| SiTime Corp.<sup>(b)</sup> | 4392 | &nbsp;&nbsp; 1747489 |
| TTM Technologies, Inc.<sup>(b)</sup> | 33657 | &nbsp;&nbsp; 3508406 |
| Viavi Solutions, Inc.<sup>(b)</sup> | 76912 | &nbsp;&nbsp; 2285055 |
| Vistance Networks, Inc.<sup>(b)</sup> | 100836 | &nbsp;&nbsp; 1771688 |
|  |  | &nbsp;&nbsp; 42414322 |
| **Materials-5.35%** | **Materials-5.35%** | **Materials-5.35%** |
| Century Aluminum Co.<sup>(b)(c)</sup> | 46676 | &nbsp;&nbsp; 2406615 |
| Commercial Metals Co. | 20221 | &nbsp;&nbsp; 1482199 |
| Contango ORE, Inc.<sup>(b)</sup> | 49079 | &nbsp;&nbsp; 1475806 |
| Dakota Gold Corp.<sup>(b)(c)</sup> | 238571 | &nbsp;&nbsp; 1660454 |
| Hecla Mining Co. | 77255 | &nbsp;&nbsp; 1924422 |
| Idaho Strategic Resources, Inc.<sup>(b)(c)</sup> | 90453 | &nbsp;&nbsp; 3895811 |
| Ivanhoe Electric, Inc.<sup>(b)(c)</sup> | 88990 | &nbsp;&nbsp; 1529738 |
| NewMarket Corp.<sup>(c)</sup> | 1918 | &nbsp;&nbsp; 1200687 |
| Perimeter Solutions, Inc.<sup>(b)(c)</sup> | 117111 | &nbsp;&nbsp; 2749766 |
| United States Lime & Minerals, Inc. | 20481 | &nbsp;&nbsp; 2338111 |
|  |  | &nbsp;&nbsp; 20663609 |
| **Real Estate-0.82%** | **Real Estate-0.82%** | **Real Estate-0.82%** |
| American Healthcare REIT, Inc.<sup>(c)</sup> | 29409 | &nbsp;&nbsp; 1536326 |
| St. Joe Co. (The) | 22682 | &nbsp;&nbsp; 1636960 |
|  |  | &nbsp;&nbsp; 3173286 |
| **Utilities-0.39%** | **Utilities-0.39%** | **Utilities-0.39%** |
| Consolidated Water Co. Ltd. | 39688 | &nbsp;&nbsp; 1502191 |
| Total Common Stocks & Other Equity Interests <br>(Cost $316,545,836) | Total Common Stocks & Other Equity Interests <br>(Cost $316,545,836) | &nbsp;&nbsp; 386180706 |

---

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

------

**4**

------

**Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.00%** | **Money Market Funds-0.00%** | **Money Market Funds-0.00%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $760)<br>| 760 | &nbsp;&nbsp; $760 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $316,546,596) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.03% <br>(Cost $316,546,596) | &nbsp;&nbsp; 386181466 |
| **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-33.61%** | **Money Market Funds-33.61%** | **Money Market Funds-33.61%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 35815410 | &nbsp;&nbsp; 35815410 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 93909956 | &nbsp;&nbsp; $93938129 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $129,753,539) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $129,753,539) | &nbsp;&nbsp; 129753539 |
| TOTAL INVESTMENTS IN SECURITIES-133.64% <br>(Cost $446,300,135) | TOTAL INVESTMENTS IN SECURITIES-133.64% <br>(Cost $446,300,135) | &nbsp;&nbsp; 515935005 |
| OTHER ASSETS LESS LIABILITIES-(33.64)% | OTHER ASSETS LESS LIABILITIES-(33.64)% | &nbsp;&nbsp; (129873285)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $386061720 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government <br> & Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $9716 | &nbsp;&nbsp; $4854521 | &nbsp;&nbsp; $(4863477)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $760 | &nbsp;&nbsp; $10689 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 45377721 | &nbsp;&nbsp; 198020151 | &nbsp;&nbsp; (207582462)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 35815410 | &nbsp;&nbsp; 971,146<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 119116376 | &nbsp;&nbsp; 399024781 | &nbsp;&nbsp; (424203389)<br>| &nbsp;&nbsp; (10189)<br>| &nbsp;&nbsp; 10550 | &nbsp;&nbsp; 93938129 | &nbsp;&nbsp; 2,635,616<br> \*<br>|
| Total | &nbsp;&nbsp; $164503813 | &nbsp;&nbsp; $601899453 | &nbsp;&nbsp; $(636649328)<br>| &nbsp;&nbsp; $(10189)<br>| &nbsp;&nbsp; $10550 | &nbsp;&nbsp; $129754299 | &nbsp;&nbsp; $3617451 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**5**

------

**Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** | **Common Stocks & Other Equity Interests-99.99%** |
| **Automobile Components-11.06%** | **Automobile Components-11.06%** | **Automobile Components-11.06%** |
| Adient PLC<sup>(b)</sup> | 9341 | &nbsp;&nbsp; $227173 |
| Dana, Inc. | 13780 | &nbsp;&nbsp; 471827 |
| Dauch Corp.<sup>(b)</sup> | 27679 | &nbsp;&nbsp; 182681 |
| Dorman Products, Inc.<sup>(b)(c)</sup> | 3280 | &nbsp;&nbsp; 386581 |
| Fox Factory Holding Corp.<sup>(b)(c)</sup> | 4931 | &nbsp;&nbsp; 83038 |
| Gentherm, Inc.<sup>(b)(c)</sup> | 3600 | &nbsp;&nbsp; 117972 |
| LCI Industries<sup>(c)</sup> | 2854 | &nbsp;&nbsp; 380153 |
| Patrick Industries, Inc.<sup>(c)</sup> | 3924 | &nbsp;&nbsp; 485752 |
| Phinia, Inc. | 4534 | &nbsp;&nbsp; 329305 |
| Standard Motor Products, Inc. | 2465 | &nbsp;&nbsp; 97811 |
| XPEL, Inc.<sup>(b)(c)(d)</sup> | 2971 | &nbsp;&nbsp; 126624 |
|  |  | &nbsp;&nbsp; 2888917 |
| **Automobiles-0.51%** | **Automobiles-0.51%** | **Automobiles-0.51%** |
| Winnebago Industries, Inc.<sup>(c)</sup> | 3326 | &nbsp;&nbsp; 132674 |
| **Broadline Retail-3.27%** | **Broadline Retail-3.27%** | **Broadline Retail-3.27%** |
| Etsy, Inc.<sup>(b)(c)</sup> | 11642 | &nbsp;&nbsp; 638913 |
| Kohl's Corp.<sup>(c)</sup> | 13218 | &nbsp;&nbsp; 216379 |
|  |  | &nbsp;&nbsp; 855292 |
| **Commercial Services & Supplies-0.70%** | **Commercial Services & Supplies-0.70%** | **Commercial Services & Supplies-0.70%** |
| Matthews International Corp., Class A<sup>(c)</sup> | 3631 | &nbsp;&nbsp; 95967 |
| Pursuit Attractions and Hospitality, Inc.<sup>(b)(c)</sup> | 2536 | &nbsp;&nbsp; 88152 |
|  |  | &nbsp;&nbsp; 184119 |
| **Distributors-3.82%** | **Distributors-3.82%** | **Distributors-3.82%** |
| LKQ Corp.<sup>(c)</sup> | 30187 | &nbsp;&nbsp; 999492 |
| **Diversified Consumer Services-10.41%** | **Diversified Consumer Services-10.41%** | **Diversified Consumer Services-10.41%** |
| ADT, Inc. | 59921 | &nbsp;&nbsp; 480566 |
| Covista, Inc.<sup>(b)(c)</sup> | 4285 | &nbsp;&nbsp; 419930 |
| Frontdoor, Inc.<sup>(b)</sup> | 8505 | &nbsp;&nbsp; 583188 |
| Mister Car Wash, Inc.<sup>(b)</sup> | 11590 | &nbsp;&nbsp; 82521 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 12024 | &nbsp;&nbsp; 258876 |
| Perdoceo Education Corp. | 7131 | &nbsp;&nbsp; 237819 |
| Strategic Education, Inc. | 2742 | &nbsp;&nbsp; 225612 |
| Stride, Inc.<sup>(b)(c)</sup> | 5105 | &nbsp;&nbsp; 430760 |
|  |  | &nbsp;&nbsp; 2719272 |
| **Hotels, Restaurants & Leisure-15.71%** | **Hotels, Restaurants & Leisure-15.71%** | **Hotels, Restaurants & Leisure-15.71%** |
| BJ's Restaurants, Inc.<sup>(b)(c)</sup> | 2493 | &nbsp;&nbsp; 94709 |
| Bloomin' Brands, Inc.<sup>(c)</sup> | 9046 | &nbsp;&nbsp; 55362 |
| Brinker International, Inc.<sup>(b)</sup> | 5240 | &nbsp;&nbsp; 776568 |
| Caesars Entertainment, Inc.<sup>(b)(c)</sup> | 24070 | &nbsp;&nbsp; 602953 |
| Cheesecake Factory, Inc. (The)<sup>(c)</sup> | 5409 | &nbsp;&nbsp; 350395 |
| Cracker Barrel Old Country Store, Inc.<sup>(c)</sup> | 2627 | &nbsp;&nbsp; 85955 |
| Dave & Buster's Entertainment, Inc.<sup>(b)(c)</sup> | 3189 | &nbsp;&nbsp; 46942 |
| Golden Entertainment, Inc. | 2315 | &nbsp;&nbsp; 66904 |
| Marriott Vacations Worldwide Corp. | 3266 | &nbsp;&nbsp; 212323 |
| Monarch Casino & Resort, Inc. | 1463 | &nbsp;&nbsp; 140594 |
| Papa John's International, Inc.<sup>(c)</sup> | 3868 | &nbsp;&nbsp; 121262 |
| PENN Entertainment, Inc.<sup>(b)</sup> | 15067 | &nbsp;&nbsp; 235648 |
| Red Rock Resorts, Inc., Class A | 5725 | &nbsp;&nbsp; 346649 |
| Sabre Corp.<sup>(b)(c)</sup> | 46571 | &nbsp;&nbsp; 54954 |
| Shake Shack, Inc., Class A<sup>(b)(c)</sup> | 4749 | &nbsp;&nbsp; 455951 |
| Six Flags Entertainment Corp.<sup>(b)(c)</sup> | 11969 | &nbsp;&nbsp; 203832 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** | **Hotels, Restaurants & Leisure-(continued)** |
| United Parks & Resorts, Inc.<sup>(b)(c)</sup> | 3217 | &nbsp;&nbsp; $111919 |
| Wendy's Co. (The)<sup>(c)</sup> | 18632 | &nbsp;&nbsp; 142721 |
|  |  | &nbsp;&nbsp; 4105641 |
| **Household Durables-22.37%** | **Household Durables-22.37%** | **Household Durables-22.37%** |
| Cavco Industries, Inc.<sup>(b)</sup> | 921 | &nbsp;&nbsp; 531657 |
| Century Communities, Inc.<sup>(c)</sup> | 3015 | &nbsp;&nbsp; 202698 |
| Champion Homes, Inc.<sup>(b)(c)</sup> | 6589 | &nbsp;&nbsp; 615940 |
| Dream Finders Homes, Inc., Class A<sup>(b)(c)</sup> | 3388 | &nbsp;&nbsp; 61221 |
| Ethan Allen Interiors, Inc. | 2731 | &nbsp;&nbsp; 62212 |
| Green Brick Partners, Inc.<sup>(b)(c)</sup> | 3597 | &nbsp;&nbsp; 264955 |
| Installed Building Products, Inc.<sup>(c)</sup> | 2671 | &nbsp;&nbsp; 875447 |
| La-Z-Boy, Inc. | 4861 | &nbsp;&nbsp; 173635 |
| Leggett & Platt, Inc. | 15974 | &nbsp;&nbsp; 186576 |
| LGI Homes, Inc.<sup>(b)(c)</sup> | 2396 | &nbsp;&nbsp; 124352 |
| M/I Homes, Inc.<sup>(b)(c)</sup> | 3084 | &nbsp;&nbsp; 438421 |
| Meritage Homes Corp. | 8304 | &nbsp;&nbsp; 626288 |
| Mohawk Industries, Inc.<sup>(b)(c)</sup> | 6125 | &nbsp;&nbsp; 767279 |
| Newell Brands, Inc. | 49439 | &nbsp;&nbsp; 224948 |
| Sonos, Inc.<sup>(b)</sup> | 14257 | &nbsp;&nbsp; 219558 |
| Tri Pointe Homes, Inc.<sup>(b)(c)</sup> | 10137 | &nbsp;&nbsp; 469343 |
|  |  | &nbsp;&nbsp; 5844530 |
| **Leisure Products-2.16%** | **Leisure Products-2.16%** | **Leisure Products-2.16%** |
| Acushnet Holdings Corp. | 3253 | &nbsp;&nbsp; 332879 |
| Callaway Golf Co.<sup>(b)</sup> | 16482 | &nbsp;&nbsp; 231737 |
|  |  | &nbsp;&nbsp; 564616 |
| **Specialty Retail-24.30%** | **Specialty Retail-24.30%** | **Specialty Retail-24.30%** |
| Academy Sports & Outdoors, Inc.<sup>(c)</sup> | 7857 | &nbsp;&nbsp; 472441 |
| Advance Auto Parts, Inc.<sup>(c)</sup> | 7079 | &nbsp;&nbsp; 376390 |
| American Eagle Outfitters, Inc.<sup>(c)</sup> | 18573 | &nbsp;&nbsp; 456339 |
| Asbury Automotive Group, Inc.<sup>(b)(c)</sup> | 2292 | &nbsp;&nbsp; 489984 |
| Boot Barn Holdings, Inc.<sup>(b)</sup> | 3596 | &nbsp;&nbsp; 680435 |
| Buckle, Inc. (The)<sup>(c)</sup> | 3553 | &nbsp;&nbsp; 190263 |
| CarMax, Inc.<sup>(b)</sup> | 17319 | &nbsp;&nbsp; 747661 |
| Group 1 Automotive, Inc. | 1460 | &nbsp;&nbsp; 475580 |
| MarineMax, Inc.<sup>(b)(c)</sup> | 2227 | &nbsp;&nbsp; 67924 |
| Monro, Inc.<sup>(c)</sup> | 3541 | &nbsp;&nbsp; 76238 |
| National Vision Holdings, Inc.<sup>(b)(c)</sup> | 9353 | &nbsp;&nbsp; 252250 |
| Sally Beauty Holdings, Inc.<sup>(b)(c)</sup> | 11499 | &nbsp;&nbsp; 184789 |
| Signet Jewelers Ltd.<sup>(c)</sup> | 4830 | &nbsp;&nbsp; 464598 |
| Sonic Automotive, Inc., Class A | 1750 | &nbsp;&nbsp; 109760 |
| Upbound Group, Inc. | 6147 | &nbsp;&nbsp; 131853 |
| Urban Outfitters, Inc.<sup>(b)</sup> | 6348 | &nbsp;&nbsp; 420238 |
| Victoria's Secret & Co.<sup>(b)</sup> | 9455 | &nbsp;&nbsp; 592828 |
| Winmark Corp.<sup>(c)</sup> | 349 | &nbsp;&nbsp; 159228 |
|  |  | &nbsp;&nbsp; 6348799 |
| **Textiles, Apparel & Luxury Goods-5.68%** | **Textiles, Apparel & Luxury Goods-5.68%** | **Textiles, Apparel & Luxury Goods-5.68%** |
| Carter's, Inc. | 4299 | &nbsp;&nbsp; 144232 |
| G-III Apparel Group Ltd. | 4382 | &nbsp;&nbsp; 134045 |
| Kontoor Brands, Inc. | 6033 | &nbsp;&nbsp; 393412 |
| Oxford Industries, Inc.<sup>(c)</sup> | 1648 | &nbsp;&nbsp; 65244 |
| Steven Madden Ltd. | 8569 | &nbsp;&nbsp; 309341 |
| Under Armour, Inc., Class A<sup>(b)(c)</sup> | 22270 | &nbsp;&nbsp; 165243 |

---

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

------

**6**

------

**Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Textiles, Apparel & Luxury Goods-(continued)** | **Textiles, Apparel & Luxury Goods-(continued)** | **Textiles, Apparel & Luxury Goods-(continued)** |
| Under Armour, Inc., Class C<sup>(b)(c)</sup> | 13959 | &nbsp;&nbsp; $100924 |
| Wolverine World Wide, Inc. | 9668 | &nbsp;&nbsp; 170834 |
|  |  | &nbsp;&nbsp; 1483275 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.99% <br>(Cost $27,474,377) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.99% <br>(Cost $27,474,377) | &nbsp;&nbsp; 26126627 |
| **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-32.91%** | **Money Market Funds-32.91%** | **Money Market Funds-32.91%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup><br>| 2618830 | &nbsp;&nbsp; 2618830 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup> | 5979553 | &nbsp;&nbsp; $5981347 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,600,177) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,600,177) | &nbsp;&nbsp; 8600177 |
| TOTAL INVESTMENTS IN SECURITIES-132.90% <br>(Cost $36,074,554) | TOTAL INVESTMENTS IN SECURITIES-132.90% <br>(Cost $36,074,554) | &nbsp;&nbsp; 34726804 |
| OTHER ASSETS LESS LIABILITIES-(32.90)% | OTHER ASSETS LESS LIABILITIES-(32.90)% | &nbsp;&nbsp; (8596854)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $26129950 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, <br> 2026 represented less than 1% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $8319 | &nbsp;&nbsp; $162544 | &nbsp;&nbsp; $(170863)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $202 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 2058949 | &nbsp;&nbsp; 7641932 | &nbsp;&nbsp; (7082051)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2618830 | &nbsp;&nbsp; 38,887<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 5356425 | &nbsp;&nbsp; 13140182 | &nbsp;&nbsp; (12515236)<br>| &nbsp;&nbsp; (324)<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 5981347 | &nbsp;&nbsp; 102,876<br> \*<br>|
| Total | &nbsp;&nbsp; $7423693 | &nbsp;&nbsp; $20944658 | &nbsp;&nbsp; $(19768150)<br>| &nbsp;&nbsp; $(324)<br>| &nbsp;&nbsp; $300 | &nbsp;&nbsp; $8600177 | &nbsp;&nbsp; $141965 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**7**

------

**Invesco S&P SmallCap Consumer Staples ETF (PSCC)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-98.79%** | **Common Stocks & Other Equity Interests-98.79%** | **Common Stocks & Other Equity Interests-98.79%** |
| **Beverages-2.23%** | **Beverages-2.23%** | **Beverages-2.23%** |
| National Beverage Corp.<sup>(b)(c)</sup> | 22101 | &nbsp;&nbsp; $803371 |
| **Consumer Staples Distribution & Retail-28.25%** | **Consumer Staples Distribution & Retail-28.25%** | **Consumer Staples Distribution & Retail-28.25%** |
| Andersons, Inc. (The) | 26068 | &nbsp;&nbsp; 1701980 |
| Chefs' Warehouse, Inc. (The)<sup>(b)</sup> | 32809 | &nbsp;&nbsp; 2342234 |
| Grocery Outlet Holding Corp.<sup>(b)(c)</sup> | 92671 | &nbsp;&nbsp; 915589 |
| PriceSmart, Inc. | 22930 | &nbsp;&nbsp; 3545437 |
| United Natural Foods, Inc.<sup>(b)</sup> | 43799 | &nbsp;&nbsp; 1673560 |
|  |  | &nbsp;&nbsp; 10178800 |
| **Food Products-37.60%** | **Food Products-37.60%** | **Food Products-37.60%** |
| Cal-Maine Foods, Inc.<sup>(c)</sup> | 41307 | &nbsp;&nbsp; 3598253 |
| Fresh Del Monte Produce, Inc. | 31128 | &nbsp;&nbsp; 1336325 |
| Freshpet, Inc.<sup>(b)(c)</sup> | 44223 | &nbsp;&nbsp; 3734632 |
| J&J Snack Foods Corp. | 14706 | &nbsp;&nbsp; 1280304 |
| John B. Sanfilippo & Son, Inc. | 8543 | &nbsp;&nbsp; 705737 |
| Simply Good Foods Co. (The)<sup>(b)(c)</sup> | 80359 | &nbsp;&nbsp; 1370925 |
| Tootsie Roll Industries, Inc. | 18561 | &nbsp;&nbsp; 783831 |
| Vital Farms, Inc.<sup>(b)(c)</sup> | 35093 | &nbsp;&nbsp; 740112 |
|  |  | &nbsp;&nbsp; 13550119 |
| **Household Products-19.78%** | **Household Products-19.78%** | **Household Products-19.78%** |
| Central Garden & Pet Co.<sup>(b)</sup> | 6515 | &nbsp;&nbsp; 255323 |
| Central Garden & Pet Co., Class A<sup>(b)</sup> | 41488 | &nbsp;&nbsp; 1432996 |
| Energizer Holdings, Inc. | 57375 | &nbsp;&nbsp; 1238726 |
| Reynolds Consumer Products, Inc. | 51640 | &nbsp;&nbsp; 1281188 |
| WD-40 Co. | 12257 | &nbsp;&nbsp; 2919617 |
|  |  | &nbsp;&nbsp; 7127850 |
| **Personal Care Products-7.42%** | **Personal Care Products-7.42%** | **Personal Care Products-7.42%** |
| Edgewell Personal Care Co. | 43876 | &nbsp;&nbsp; 997741 |
| Interparfums, Inc. | 16649 | &nbsp;&nbsp; 1677886 |
|  |  | &nbsp;&nbsp; 2675627 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Tobacco-3.51%** | **Tobacco-3.51%** | **Tobacco-3.51%** |
| Universal Corp. | 23533 | &nbsp;&nbsp; $1264428 |
| Total Common Stocks & Other Equity Interests <br>(Cost $37,463,686) | Total Common Stocks & Other Equity Interests <br>(Cost $37,463,686) | &nbsp;&nbsp; 35600195 |
| **Money Market Funds-0.09%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $30,892)<br>| 30892 | &nbsp;&nbsp; 30892 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.88% <br>(Cost $37,494,578) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-98.88% <br>(Cost $37,494,578) | &nbsp;&nbsp; 35631087 |
| **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-22.52%** | **Money Market Funds-22.52%** | **Money Market Funds-22.52%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 2255649 | &nbsp;&nbsp; 2255649 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 5858165 | &nbsp;&nbsp; 5859922 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,115,571) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $8,115,571) | &nbsp;&nbsp; 8115571 |
| TOTAL INVESTMENTS IN SECURITIES-121.40% <br>(Cost $45,610,149) | TOTAL INVESTMENTS IN SECURITIES-121.40% <br>(Cost $45,610,149) | &nbsp;&nbsp; 43746658 |
| OTHER ASSETS LESS LIABILITIES-(21.40)% | OTHER ASSETS LESS LIABILITIES-(21.40)% | &nbsp;&nbsp; (7710455)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $36036203 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $16191 | &nbsp;&nbsp; $826116 | &nbsp;&nbsp; $(811415)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $30892 | &nbsp;&nbsp; $352 |

---

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

------

**8**

------

**Invesco S&P SmallCap Consumer Staples ETF (PSCC)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $1899726 | &nbsp;&nbsp; $16700754 | &nbsp;&nbsp; $(16344831)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2255649 | &nbsp;&nbsp; $28,018<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 4947457 | &nbsp;&nbsp; 33194995 | &nbsp;&nbsp; (32282549)<br>| &nbsp;&nbsp; (340)<br>| &nbsp;&nbsp; 359 | &nbsp;&nbsp; 5859922 | &nbsp;&nbsp; 77,183<br> \*<br>|
| Total | &nbsp;&nbsp; $6863374 | &nbsp;&nbsp; $50721865 | &nbsp;&nbsp; $(49438795)<br>| &nbsp;&nbsp; $(340)<br>| &nbsp;&nbsp; $359 | &nbsp;&nbsp; $8146463 | &nbsp;&nbsp; $105553 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**9**

------

**Invesco S&P SmallCap Energy ETF (PSCE)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** | **Common Stocks & Other Equity Interests-100.01%** |
| **Energy Equipment & Services-50.32%** | **Energy Equipment & Services-50.32%** | **Energy Equipment & Services-50.32%** |
| Archrock, Inc. | 210833 | &nbsp;&nbsp; $7448730 |
| Atlas Energy Solutions, Inc.<sup>(b)</sup> | 92413 | &nbsp;&nbsp; 889937 |
| Bristow Group, Inc.<sup>(c)</sup> | 30248 | &nbsp;&nbsp; 1442830 |
| Cactus, Inc., Class A | 82761 | &nbsp;&nbsp; 4469094 |
| Core Laboratories, Inc.<sup>(b)</sup> | 55979 | &nbsp;&nbsp; 984671 |
| Helix Energy Solutions Group, Inc.<sup>(c)</sup> | 164446 | &nbsp;&nbsp; 1511259 |
| Helmerich & Payne, Inc. | 119549 | &nbsp;&nbsp; 4210516 |
| Innovex International, Inc.<sup>(b)(c)</sup> | 46405 | &nbsp;&nbsp; 1222772 |
| Kodiak Gas Services, Inc. | 99921 | &nbsp;&nbsp; 5452689 |
| Liberty Energy, Inc., Class A | 194720 | &nbsp;&nbsp; 5469685 |
| Noble Corp. PLC<sup>(b)</sup> | 150866 | &nbsp;&nbsp; 6853842 |
| Oceaneering International, Inc.<sup>(b)(c)</sup> | 119952 | &nbsp;&nbsp; 4258296 |
| Patterson-UTI Energy, Inc. | 414899 | &nbsp;&nbsp; 3530790 |
| RPC, Inc.<sup>(b)</sup> | 106905 | &nbsp;&nbsp; 621118 |
| Tidewater, Inc.<sup>(b)(c)</sup> | 55415 | &nbsp;&nbsp; 4401059 |
|  |  | &nbsp;&nbsp; 52767288 |
| **Oil, Gas & Consumable Fuels-49.69%** | **Oil, Gas & Consumable Fuels-49.69%** | **Oil, Gas & Consumable Fuels-49.69%** |
| California Resources Corp.<sup>(b)</sup> | 94424 | &nbsp;&nbsp; 5555908 |
| Comstock Resources, Inc.<sup>(b)(c)</sup> | 95126 | &nbsp;&nbsp; 1865421 |
| Core Natural Resources, Inc. | 61599 | &nbsp;&nbsp; 5056046 |
| Crescent Energy Co., Class A<sup>(b)</sup> | 290644 | &nbsp;&nbsp; 3388909 |
| CVR Energy, Inc.<sup>(b)(c)</sup> | 36258 | &nbsp;&nbsp; 875993 |
| Dorian LPG Ltd.<sup>(b)</sup> | 44291 | &nbsp;&nbsp; 1638324 |
| International Seaways, Inc.<sup>(b)</sup> | 48695 | &nbsp;&nbsp; 3677933 |
| Kinetik Holdings, Inc., Class A<sup>(b)</sup> | 54652 | &nbsp;&nbsp; 2486119 |
| Magnolia Oil & Gas Corp., Class A<sup>(b)</sup> | 220190 | &nbsp;&nbsp; 6125686 |
| Northern Oil and Gas, Inc.<sup>(b)</sup> | 116784 | &nbsp;&nbsp; 3222071 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** | **Oil, Gas & Consumable Fuels-(continued)** |
| Par Pacific Holdings, Inc.<sup>(b)(c)</sup> | 60461 | &nbsp;&nbsp; $2579871 |
| Peabody Energy Corp. | 146190 | &nbsp;&nbsp; 4610833 |
| REX American Resources Corp.<sup>(b)(c)</sup> | 34179 | &nbsp;&nbsp; 1215405 |
| SM Energy Co. | 272100 | &nbsp;&nbsp; 6293673 |
| Talos Energy, Inc.<sup>(b)(c)</sup> | 151230 | &nbsp;&nbsp; 1852568 |
| World Kinect Corp.<sup>(b)</sup> | 66794 | &nbsp;&nbsp; 1666510 |
|  |  | &nbsp;&nbsp; 52111270 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $94,140,647) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $94,140,647) | &nbsp;&nbsp; 104878558 |
| **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-25.45%** | **Money Market Funds-25.45%** | **Money Market Funds-25.45%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 7571103 | &nbsp;&nbsp; 7571103 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 19115481 | &nbsp;&nbsp; 19121216 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $26,692,319) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $26,692,319) | &nbsp;&nbsp; 26692319 |
| TOTAL INVESTMENTS IN SECURITIES-125.46% <br>(Cost $120,832,966) | TOTAL INVESTMENTS IN SECURITIES-125.46% <br>(Cost $120,832,966) | &nbsp;&nbsp; 131570877 |
| OTHER ASSETS LESS LIABILITIES-(25.46)% | OTHER ASSETS LESS LIABILITIES-(25.46)% | &nbsp;&nbsp; (26696481)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $104874396 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(c)</sup> | Non-income producing security. |
| <sup>(d)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $49958 | &nbsp;&nbsp; $1459235 | &nbsp;&nbsp; $(1509193)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $922 |

---

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

------

**10**

------

**Invesco S&P SmallCap Energy ETF (PSCE)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $5157496 | &nbsp;&nbsp; $33888159 | &nbsp;&nbsp; $(31474552)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7571103 | &nbsp;&nbsp; $109,903<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 13948386 | &nbsp;&nbsp; 58793006 | &nbsp;&nbsp; (53620295)<br>| &nbsp;&nbsp; (1135)<br>| &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 19121216 | &nbsp;&nbsp; 297,364<br> \*<br>|
| Total | &nbsp;&nbsp; $19155840 | &nbsp;&nbsp; $94140400 | &nbsp;&nbsp; $(86604040)<br>| &nbsp;&nbsp; $(1135)<br>| &nbsp;&nbsp; $1254 | &nbsp;&nbsp; $26692319 | &nbsp;&nbsp; $408189 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**11**

------

**Invesco S&P SmallCap Financials ETF (PSCF)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.79%** | **Common Stocks & Other Equity Interests-99.79%** | **Common Stocks & Other Equity Interests-99.79%** |
| **Banks-34.05%** | **Banks-34.05%** | **Banks-34.05%** |
| Ameris Bancorp | 3889 | &nbsp;&nbsp; $302020 |
| Atlantic Union Bankshares Corp., Class B | 8667 | &nbsp;&nbsp; 321199 |
| Axos Financial, Inc.<sup>(b)</sup> | 3444 | &nbsp;&nbsp; 299008 |
| Banc of California, Inc. | 8164 | &nbsp;&nbsp; 150789 |
| BancFirst Corp. | 1256 | &nbsp;&nbsp; 138160 |
| Bancorp, Inc. (The)<sup>(b)</sup> | 2671 | &nbsp;&nbsp; 140201 |
| Bank of Hawaii Corp. | 2418 | &nbsp;&nbsp; 183212 |
| BankUnited, Inc. | 4570 | &nbsp;&nbsp; 213419 |
| Banner Corp. | 2073 | &nbsp;&nbsp; 121996 |
| Beacon Financial Corp.<sup>(c)</sup> | 5103 | &nbsp;&nbsp; 151763 |
| Capitol Federal Financial, Inc. | 7397 | &nbsp;&nbsp; 53110 |
| Cathay General Bancorp | 4137 | &nbsp;&nbsp; 205650 |
| Central Pacific Financial Corp. | 1631 | &nbsp;&nbsp; 51947 |
| City Holding Co.<sup>(c)</sup> | 876 | &nbsp;&nbsp; 105094 |
| Community Financial System, Inc. | 3202 | &nbsp;&nbsp; 193881 |
| Customers Bancorp, Inc.<sup>(b)</sup> | 1931 | &nbsp;&nbsp; 130227 |
| CVB Financial Corp.<sup>(c)</sup> | 7821 | &nbsp;&nbsp; 150398 |
| Dime Community Bancshares, Inc., Class B | 2482 | &nbsp;&nbsp; 80293 |
| Eagle Bancorp, Inc.<sup>(c)</sup> | 1680 | &nbsp;&nbsp; 42756 |
| FB Financial Corp.<sup>(c)</sup> | 2454 | &nbsp;&nbsp; 134209 |
| First Bancorp (Puerto Rico) | 9542 | &nbsp;&nbsp; 201622 |
| First Bancorp/Southern Pines NC<sup>(c)</sup> | 2521 | &nbsp;&nbsp; 143168 |
| First Commonwealth Financial Corp. | 6289 | &nbsp;&nbsp; 110246 |
| First Financial Bancorp | 6291 | &nbsp;&nbsp; 176588 |
| First Hawaiian, Inc. | 7524 | &nbsp;&nbsp; 186294 |
| First Interstate BancSystem, Inc., Class A<sup>(c)</sup> | 5444 | &nbsp;&nbsp; 188417 |
| Fulton Financial Corp.<sup>(c)</sup> | 10983 | &nbsp;&nbsp; 224602 |
| Hanmi Financial Corp.<sup>(c)</sup> | 1806 | &nbsp;&nbsp; 47155 |
| Heritage Financial Corp. | 2065 | &nbsp;&nbsp; 54537 |
| Hilltop Holdings, Inc. | 2611 | &nbsp;&nbsp; 97730 |
| Hope Bancorp, Inc. | 7796 | &nbsp;&nbsp; 87783 |
| Independent Bank Corp.<sup>(c)</sup> | 3014 | &nbsp;&nbsp; 235303 |
| Lakeland Financial Corp. | 1552 | &nbsp;&nbsp; 90156 |
| National Bank Holdings Corp., Class A | 2299 | &nbsp;&nbsp; 91937 |
| NBT Bancorp, Inc. | 3181 | &nbsp;&nbsp; 135892 |
| Northwest Bancshares, Inc. | 8884 | &nbsp;&nbsp; 110606 |
| OFG Bancorp (Puerto Rico) | 2673 | &nbsp;&nbsp; 107134 |
| Park National Corp. | 870 | &nbsp;&nbsp; 143141 |
| Pathward Financial, Inc.<sup>(c)</sup> | 1385 | &nbsp;&nbsp; 125744 |
| Preferred Bank | 689 | &nbsp;&nbsp; 60439 |
| Provident Financial Services, Inc. | 7944 | &nbsp;&nbsp; 167142 |
| Renasant Corp. | 5778 | &nbsp;&nbsp; 217542 |
| S&T Bancorp, Inc.<sup>(c)</sup> | 2324 | &nbsp;&nbsp; 97166 |
| Seacoast Banking Corp. of Florida | 5890 | &nbsp;&nbsp; 183297 |
| ServisFirst Bancshares, Inc. | 3055 | &nbsp;&nbsp; 247486 |
| Simmons First National Corp., Class A | 8801 | &nbsp;&nbsp; 175228 |
| Southside Bancshares, Inc. | 1718 | &nbsp;&nbsp; 53808 |
| Stellar Bancorp, Inc. | 2801 | &nbsp;&nbsp; 105486 |
| Tompkins Financial Corp.<sup>(c)</sup> | 771 | &nbsp;&nbsp; 59143 |
| Triumph Financial, Inc.<sup>(b)(c)</sup> | 1373 | &nbsp;&nbsp; 76696 |
| TrustCo Bank Corp. | 1120 | &nbsp;&nbsp; 48574 |
| Trustmark Corp. | 3646 | &nbsp;&nbsp; 155283 |
| United Community Banks, Inc. | 7392 | &nbsp;&nbsp; 237801 |
| WaFd, Inc. | 4792 | &nbsp;&nbsp; 149319 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks-(continued)** | **Banks-(continued)** | **Banks-(continued)** |
| Westamerica Bancorporation | 1516 | &nbsp;&nbsp; $76785 |
| WSFS Financial Corp. | 3324 | &nbsp;&nbsp; 211107 |
|  |  | &nbsp;&nbsp; 8049689 |
| **Capital Markets-12.71%** | **Capital Markets-12.71%** | **Capital Markets-12.71%** |
| Acadian Asset Management, Inc. | 1607 | &nbsp;&nbsp; 86553 |
| Artisan Partners Asset Management, Inc., <br> Class A<sup>(c)</sup><br>| 4285 | &nbsp;&nbsp; 172600 |
| BGC Group, Inc., Class A | 21851 | &nbsp;&nbsp; 208021 |
| Cohen & Steers, Inc. | 1675 | &nbsp;&nbsp; 112007 |
| Donnelley Financial Solutions, Inc.<sup>(b)(c)</sup> | 1614 | &nbsp;&nbsp; 80313 |
| MarketAxess Holdings, Inc. | 2259 | &nbsp;&nbsp; 433728 |
| Moelis & Co., Class A | 4499 | &nbsp;&nbsp; 267061 |
| Piper Sandler Cos. | 1011 | &nbsp;&nbsp; 298801 |
| PJT Partners, Inc., Class A | 1478 | &nbsp;&nbsp; 218271 |
| StepStone Group, Inc., Class A | 4427 | &nbsp;&nbsp; 190981 |
| StoneX Group, Inc.<sup>(b)</sup> | 2824 | &nbsp;&nbsp; 360060 |
| Victory Capital Holdings, Inc., Class A | 2922 | &nbsp;&nbsp; 202144 |
| Virtu Financial, Inc., Class A | 4853 | &nbsp;&nbsp; 200963 |
| Virtus Investment Partners, Inc. | 386 | &nbsp;&nbsp; 53407 |
| WisdomTree, Inc.<sup>(c)</sup> | 6987 | &nbsp;&nbsp; 119547 |
|  |  | &nbsp;&nbsp; 3004457 |
| **Consumer Finance-3.27%** | **Consumer Finance-3.27%** | **Consumer Finance-3.27%** |
| Bread Financial Holdings, Inc. | 2776 | &nbsp;&nbsp; 196707 |
| Encore Capital Group, Inc.<sup>(b)(c)</sup> | 1356 | &nbsp;&nbsp; 92601 |
| Enova International, Inc.<sup>(b)</sup> | 1508 | &nbsp;&nbsp; 209688 |
| EZCORP, Inc., Class A<sup>(b)(c)</sup> | 3522 | &nbsp;&nbsp; 93439 |
| Navient Corp. | 4092 | &nbsp;&nbsp; 35969 |
| PRA Group, Inc.<sup>(b)</sup> | 2372 | &nbsp;&nbsp; 37359 |
| PROG Holdings, Inc. | 2405 | &nbsp;&nbsp; 84680 |
| World Acceptance Corp.<sup>(b)</sup> | 173 | &nbsp;&nbsp; 23334 |
|  |  | &nbsp;&nbsp; 773777 |
| **Diversified REITs-2.96%** | **Diversified REITs-2.96%** | **Diversified REITs-2.96%** |
| Alexander & Baldwin, Inc. | 4425 | &nbsp;&nbsp; 91996 |
| American Assets Trust, Inc. | 2872 | &nbsp;&nbsp; 56061 |
| Armada Hoffler Properties, Inc. | 4874 | &nbsp;&nbsp; 30463 |
| Essential Properties Realty Trust, Inc.<sup>(c)</sup> | 12049 | &nbsp;&nbsp; 408943 |
| Global Net Lease, Inc. | 11991 | &nbsp;&nbsp; 112955 |
|  |  | &nbsp;&nbsp; 700418 |
| **Financial Services-8.85%** | **Financial Services-8.85%** | **Financial Services-8.85%** |
| Enact Holdings, Inc. | 1756 | &nbsp;&nbsp; 73471 |
| EVERTEC, Inc. (Puerto Rico) | 3891 | &nbsp;&nbsp; 110154 |
| HA Sustainable Infrastructure Capital, Inc. | 7667 | &nbsp;&nbsp; 279999 |
| Jackson Financial, Inc., Class A | 4132 | &nbsp;&nbsp; 452371 |
| Merchants Bancorp | 1832 | &nbsp;&nbsp; 77457 |
| NCR Atleos Corp.<sup>(b)</sup> | 4493 | &nbsp;&nbsp; 198950 |
| NMI Holdings, Inc., Class A<sup>(b)</sup> | 4675 | &nbsp;&nbsp; 183774 |
| Payoneer Global, Inc.<sup>(b)</sup> | 17558 | &nbsp;&nbsp; 75851 |
| Radian Group, Inc. | 8239 | &nbsp;&nbsp; 284410 |
| Sezzle, Inc.<sup>(b)(c)</sup> | 1038 | &nbsp;&nbsp; 75722 |
| Walker & Dunlop, Inc. | 2071 | &nbsp;&nbsp; 95287 |
| Western Union Co. (The)<sup>(c)</sup> | 19330 | &nbsp;&nbsp; 186148 |
|  |  | &nbsp;&nbsp; 2093594 |
| **Health Care REITs-3.69%** | **Health Care REITs-3.69%** | **Health Care REITs-3.69%** |
| CareTrust REIT, Inc.<sup>(c)</sup> | 13579 | &nbsp;&nbsp; 551579 |
| LTC Properties, Inc.<sup>(c)</sup> | 2894 | &nbsp;&nbsp; 114834 |

---

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

------

**12**

------

**Invesco S&P SmallCap Financials ETF (PSCF)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care REITs-(continued)** | **Health Care REITs-(continued)** | **Health Care REITs-(continued)** |
| Medical Properties Trust, Inc.<sup>(c)</sup> | 29997 | &nbsp;&nbsp; $172783 |
| Universal Health Realty Income Trust | 776 | &nbsp;&nbsp; 33849 |
|  |  | &nbsp;&nbsp; 873045 |
| **Hotel & Resort REITs-4.14%** | **Hotel & Resort REITs-4.14%** | **Hotel & Resort REITs-4.14%** |
| Apple Hospitality REIT, Inc. | 13381 | &nbsp;&nbsp; 164051 |
| DiamondRock Hospitality Co. | 12389 | &nbsp;&nbsp; 124386 |
| Pebblebrook Hotel Trust<sup>(c)</sup> | 6909 | &nbsp;&nbsp; 88642 |
| Ryman Hospitality Properties, Inc. | 3831 | &nbsp;&nbsp; 378311 |
| Summit Hotel Properties, Inc. | 6441 | &nbsp;&nbsp; 29049 |
| Sunstone Hotel Investors, Inc.<sup>(c)</sup> | 11550 | &nbsp;&nbsp; 107184 |
| Xenia Hotels & Resorts, Inc. | 5764 | &nbsp;&nbsp; 88074 |
|  |  | &nbsp;&nbsp; 979697 |
| **Industrial REITs-2.89%** | **Industrial REITs-2.89%** | **Industrial REITs-2.89%** |
| Innovative Industrial Properties, Inc.<sup>(c)</sup> | 1704 | &nbsp;&nbsp; 90244 |
| LXP Industrial Trust | 3598 | &nbsp;&nbsp; 178317 |
| Terreno Realty Corp.<sup>(c)</sup> | 6287 | &nbsp;&nbsp; 415319 |
|  |  | &nbsp;&nbsp; 683880 |
| **Insurance-8.62%** | **Insurance-8.62%** | **Insurance-8.62%** |
| AMERISAFE, Inc. | 1150 | &nbsp;&nbsp; 37410 |
| Assured Guaranty Ltd. | 2634 | &nbsp;&nbsp; 227077 |
| Employers Holdings, Inc. | 1366 | &nbsp;&nbsp; 56484 |
| Genworth Financial, Inc., Class A<sup>(b)</sup> | 24289 | &nbsp;&nbsp; 204999 |
| Goosehead Insurance, Inc., Class A<sup>(b)(c)</sup> | 1514 | &nbsp;&nbsp; 82059 |
| HCI Group, Inc. | 653 | &nbsp;&nbsp; 115202 |
| Horace Mann Educators Corp. | 2474 | &nbsp;&nbsp; 107644 |
| Lincoln National Corp. | 10280 | &nbsp;&nbsp; 352604 |
| Mercury General Corp. | 1616 | &nbsp;&nbsp; 146377 |
| Palomar Holdings, Inc.<sup>(b)</sup> | 1610 | &nbsp;&nbsp; 199173 |
| ProAssurance Corp.<sup>(b)</sup> | 3126 | &nbsp;&nbsp; 76744 |
| Safety Insurance Group, Inc.<sup>(c)</sup> | 905 | &nbsp;&nbsp; 70255 |
| SiriusPoint Ltd.<sup>(b)</sup> | 6323 | &nbsp;&nbsp; 133668 |
| Stewart Information Services Corp. | 1704 | &nbsp;&nbsp; 120967 |
| Trupanion, Inc.<sup>(b)(c)</sup> | 2048 | &nbsp;&nbsp; 54354 |
| United Fire Group, Inc. | 1334 | &nbsp;&nbsp; 51839 |
|  |  | &nbsp;&nbsp; 2036856 |
| **Mortgage REITs-3.61%** | **Mortgage REITs-3.61%** | **Mortgage REITs-3.61%** |
| Adamas Trust, Inc. | 5108 | &nbsp;&nbsp; 42090 |
| Apollo Commercial Real Estate Finance, Inc.<sup>(c)</sup> | 7943 | &nbsp;&nbsp; 84196 |
| Arbor Realty Trust, Inc.<sup>(c)</sup> | 11903 | &nbsp;&nbsp; 94391 |
| ARMOUR Residential REIT, Inc.<sup>(c)</sup> | 6805 | &nbsp;&nbsp; 122150 |
| Blackstone Mortgage Trust, Inc., Class A<sup>(c)</sup> | 9589 | &nbsp;&nbsp; 184205 |
| Ellington Financial, Inc. | 6527 | &nbsp;&nbsp; 81065 |
| Franklin BSP Realty Trust, Inc. | 4963 | &nbsp;&nbsp; 45312 |
| KKR Real Estate Finance Trust, Inc.<sup>(c)</sup> | 3305 | &nbsp;&nbsp; 22970 |
| PennyMac Mortgage Investment Trust<sup>(c)</sup> | 5290 | &nbsp;&nbsp; 64855 |
| Redwood Trust, Inc.<sup>(c)</sup> | 7704 | &nbsp;&nbsp; 46609 |
| Two Harbors Investment Corp.<sup>(c)</sup> | 6333 | &nbsp;&nbsp; 65420 |
|  |  | &nbsp;&nbsp; 853263 |
| **Office REITs-2.23%** | **Office REITs-2.23%** | **Office REITs-2.23%** |
| Douglas Emmett, Inc.<sup>(c)</sup> | 10185 | &nbsp;&nbsp; 100729 |
| Easterly Government Properties, Inc. | 2661 | &nbsp;&nbsp; 61948 |
| Highwoods Properties, Inc. | 6683 | &nbsp;&nbsp; 150301 |
| JBG SMITH Properties, (Acquired 03/17/2023 - <br> 02/17/2026; Cost $52,975)<sup>(d)</sup><br>| 3599 | &nbsp;&nbsp; 54741 |
| SL Green Realty Corp.<sup>(c)</sup> | 4319 | &nbsp;&nbsp; 159155 |
|  |  | &nbsp;&nbsp; 526874 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate Management & Development-2.20%** | **Real Estate Management & Development-2.20%** | **Real Estate Management & Development-2.20%** |
| Cushman & Wakefield Ltd.<sup>(b)</sup> | 14085 | &nbsp;&nbsp; $188880 |
| eXp World Holdings, Inc.<sup>(c)</sup> | 5506 | &nbsp;&nbsp; 38377 |
| Kennedy-Wilson Holdings, Inc. | 7294 | &nbsp;&nbsp; 79359 |
| Marcus & Millichap, Inc. | 1467 | &nbsp;&nbsp; 38743 |
| St. Joe Co. (The) | 2423 | &nbsp;&nbsp; 174868 |
|  |  | &nbsp;&nbsp; 520227 |
| **Residential REITs-0.82%** | **Residential REITs-0.82%** | **Residential REITs-0.82%** |
| Centerspace | 1014 | &nbsp;&nbsp; 63781 |
| NexPoint Residential Trust, Inc. | 1326 | &nbsp;&nbsp; 37380 |
| Veris Residential, Inc. | 4937 | &nbsp;&nbsp; 93062 |
|  |  | &nbsp;&nbsp; 194223 |
| **Retail REITs-6.54%** | **Retail REITs-6.54%** | **Retail REITs-6.54%** |
| Acadia Realty Trust<sup>(c)</sup> | 7968 | &nbsp;&nbsp; 166691 |
| Curbline Properties Corp.<sup>(c)</sup> | 5894 | &nbsp;&nbsp; 163912 |
| Getty Realty Corp.<sup>(c)</sup> | 3231 | &nbsp;&nbsp; 106041 |
| Macerich Co. (The) | 15574 | &nbsp;&nbsp; 318800 |
| Phillips Edison & Co., Inc. | 7650 | &nbsp;&nbsp; 300492 |
| Saul Centers, Inc.<sup>(c)</sup> | 755 | &nbsp;&nbsp; 25730 |
| Tanger, Inc.<sup>(c)</sup> | 7001 | &nbsp;&nbsp; 259457 |
| Urban Edge Properties | 7653 | &nbsp;&nbsp; 162626 |
| Whitestone REIT | 2730 | &nbsp;&nbsp; 41469 |
|  |  | &nbsp;&nbsp; 1545218 |
| **Specialized REITs-3.21%** | **Specialized REITs-3.21%** | **Specialized REITs-3.21%** |
| Four Corners Property Trust, Inc. | 6451 | &nbsp;&nbsp; 164629 |
| Millrose Properties, Inc. | 9375 | &nbsp;&nbsp; 294000 |
| Outfront Media, Inc. | 8848 | &nbsp;&nbsp; 254911 |
| Safehold, Inc. | 2793 | &nbsp;&nbsp; 45079 |
|  |  | &nbsp;&nbsp; 758619 |
| Total Common Stocks & Other Equity Interests <br>(Cost $22,755,446) | Total Common Stocks & Other Equity Interests <br>(Cost $22,755,446) | &nbsp;&nbsp; 23593837 |
| **Money Market Funds-0.12%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $29,319)<br>| 29319 | &nbsp;&nbsp; 29319 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.91% <br>(Cost $22,784,765) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.91% <br>(Cost $22,784,765) | &nbsp;&nbsp; 23623156 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-23.27%** | **Money Market Funds-23.27%** | **Money Market Funds-23.27%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup><br>| 1530485 | &nbsp;&nbsp; 1530485 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup> | 3969819 | &nbsp;&nbsp; 3971010 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,501,495) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $5,501,495) | &nbsp;&nbsp; 5501495 |
| TOTAL INVESTMENTS IN SECURITIES-123.18% <br>(Cost $28,286,260) | TOTAL INVESTMENTS IN SECURITIES-123.18% <br>(Cost $28,286,260) | &nbsp;&nbsp; 29124651 |
| OTHER ASSETS LESS LIABILITIES-(23.18)% | OTHER ASSETS LESS LIABILITIES-(23.18)% | &nbsp;&nbsp; (5481004)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $23643647 |

---

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

------

**13**

------

**Invesco S&P SmallCap Financials ETF (PSCF)—(continued)**

February 28, 2026

*(Unaudited)*

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <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 February 28, 2026. |
| <sup>(d)</sup> | Restricted security. The value of this security at February 28, 2026 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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $35918 | &nbsp;&nbsp; $492847 | &nbsp;&nbsp; $(499446)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $29319 | &nbsp;&nbsp; $312 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 721674 | &nbsp;&nbsp; 5142281 | &nbsp;&nbsp; (4333470)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1530485 | &nbsp;&nbsp; 13,461<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 1877453 | &nbsp;&nbsp; 11321043 | &nbsp;&nbsp; (9227473)<br>| &nbsp;&nbsp; (132)<br>| &nbsp;&nbsp; 119 | &nbsp;&nbsp; 3971010 | &nbsp;&nbsp; 36,500<br> \*<br>|
| Total | &nbsp;&nbsp; $2635045 | &nbsp;&nbsp; $16956171 | &nbsp;&nbsp; $(14060389)<br>| &nbsp;&nbsp; $(132)<br>| &nbsp;&nbsp; $119 | &nbsp;&nbsp; $5530814 | &nbsp;&nbsp; $50273 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**14**

------

**Invesco S&P SmallCap Health Care ETF (PSCH)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Biotechnology-28.59%** | **Biotechnology-28.59%** | **Biotechnology-28.59%** |
| Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 101996 | &nbsp;&nbsp; $2505022 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 193902 | &nbsp;&nbsp; 3019054 |
| Alkermes PLC<sup>(b)(c)</sup> | 134522 | &nbsp;&nbsp; 4049112 |
| Apellis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 83499 | &nbsp;&nbsp; 1750139 |
| Arcus Biosciences, Inc.<sup>(b)(c)</sup> | 69555 | &nbsp;&nbsp; 1416835 |
| Catalyst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 94132 | &nbsp;&nbsp; 2172567 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 21029 | &nbsp;&nbsp; 5796434 |
| Myriad Genetics, Inc.<sup>(b)(c)</sup> | 75942 | &nbsp;&nbsp; 350093 |
| Protagonist Therapeutics, Inc.<sup>(b)</sup> | 47874 | &nbsp;&nbsp; 4408238 |
| PTC Therapeutics, Inc.<sup>(b)</sup> | 65413 | &nbsp;&nbsp; 4460512 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 85372 | &nbsp;&nbsp; 1430835 |
| TG Therapeutics, Inc.<sup>(b)(c)</sup> | 110772 | &nbsp;&nbsp; 3333129 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 64402 | &nbsp;&nbsp; 2356469 |
| Vericel Corp.<sup>(b)(c)</sup> | 41203 | &nbsp;&nbsp; 1470123 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 77079 | &nbsp;&nbsp; 700648 |
| Xencor, Inc.<sup>(b)(c)</sup> | 58176 | &nbsp;&nbsp; 742907 |
|  |  | &nbsp;&nbsp; 39962117 |
| **Health Care Equipment & Supplies-28.70%** | **Health Care Equipment & Supplies-28.70%** | **Health Care Equipment & Supplies-28.70%** |
| Artivion, Inc.<sup>(b)</sup> | 33969 | &nbsp;&nbsp; 1307807 |
| Avanos Medical, Inc.<sup>(b)</sup> | 37822 | &nbsp;&nbsp; 533290 |
| CONMED Corp.<sup>(c)</sup> | 25233 | &nbsp;&nbsp; 1160718 |
| Embecta Corp. | 47648 | &nbsp;&nbsp; 488868 |
| Enovis Corp.<sup>(b)(c)</sup> | 46590 | &nbsp;&nbsp; 1186647 |
| Glaukos Corp.<sup>(b)</sup> | 46796 | &nbsp;&nbsp; 5634238 |
| ICU Medical, Inc.<sup>(b)(c)</sup> | 20117 | &nbsp;&nbsp; 3029218 |
| Inspire Medical Systems, Inc.<sup>(b)(c)</sup> | 21541 | &nbsp;&nbsp; 1389610 |
| Integer Holdings Corp.<sup>(b)</sup> | 28543 | &nbsp;&nbsp; 2474107 |
| Integra LifeSciences Holdings Corp.<sup>(b)(c)</sup> | 54579 | &nbsp;&nbsp; 621109 |
| LeMaitre Vascular, Inc.<sup>(c)</sup> | 17002 | &nbsp;&nbsp; 1839276 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 48304 | &nbsp;&nbsp; 3728103 |
| Neogen Corp.<sup>(b)</sup> | 177035 | &nbsp;&nbsp; 1988103 |
| Omnicell, Inc.<sup>(b)</sup> | 36558 | &nbsp;&nbsp; 1502534 |
| QuidelOrtho Corp.<sup>(b)(c)</sup> | 55344 | &nbsp;&nbsp; 1258523 |
| STAAR Surgical Co., (Acquired 08/21/2023 - <br> 02/06/2026; Cost $1,671,176)<sup>(b)(c)(d)</sup><br>| 40524 | &nbsp;&nbsp; 806428 |
| Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 55236 | &nbsp;&nbsp; 1397471 |
| Teleflex, Inc. | 36004 | &nbsp;&nbsp; 4394648 |
| TransMedics Group, Inc.<sup>(b)(c)</sup> | 27846 | &nbsp;&nbsp; 4044910 |
| UFP Technologies, Inc.<sup>(b)(c)</sup> | 6279 | &nbsp;&nbsp; 1322232 |
|  |  | &nbsp;&nbsp; 40107840 |
| **Health Care Providers & Services-19.08%** | **Health Care Providers & Services-19.08%** | **Health Care Providers & Services-19.08%** |
| Acadia Healthcare Co., Inc.<sup>(b)(c)</sup> | 75167 | &nbsp;&nbsp; 1761914 |
| AdaptHealth Corp.<sup>(b)</sup> | 87428 | &nbsp;&nbsp; 799966 |
| Addus HomeCare Corp.<sup>(b)(c)</sup> | 14861 | &nbsp;&nbsp; 1538559 |
| AMN Healthcare Services, Inc.<sup>(b)</sup> | 31298 | &nbsp;&nbsp; 609685 |
| Astrana Health, Inc.<sup>(b)(c)</sup> | 35151 | &nbsp;&nbsp; 714620 |
| BrightSpring Health Services, Inc.<sup>(b)</sup> | 92573 | &nbsp;&nbsp; 3835299 |
| Concentra Group Holdings Parent, Inc. | 97109 | &nbsp;&nbsp; 2326732 |
| CorVel Corp.<sup>(b)</sup> | 25469 | &nbsp;&nbsp; 1313691 |
| National HealthCare Corp.<sup>(c)</sup> | 10115 | &nbsp;&nbsp; 1653803 |
| NeoGenomics, Inc.<sup>(b)(c)</sup> | 105417 | &nbsp;&nbsp; 1036249 |
| Pediatrix Medical Group, Inc.<sup>(b)</sup> | 68583 | &nbsp;&nbsp; 1361373 |
| Privia Health Group, Inc.<sup>(b)(c)</sup> | 94195 | &nbsp;&nbsp; 2237131 |
| Progyny, Inc.<sup>(b)</sup> | 65320 | &nbsp;&nbsp; 1155511 |
| RadNet, Inc.<sup>(b)</sup> | 56564 | &nbsp;&nbsp; 3948733 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** | **Health Care Providers & Services-(continued)** |
| Select Medical Holdings Corp. | 89778 | &nbsp;&nbsp; $1343977 |
| U.S. Physical Therapy, Inc.<sup>(c)</sup> | 12391 | &nbsp;&nbsp; 1027957 |
|  |  | &nbsp;&nbsp; 26665200 |
| **Health Care Technology-2.90%** | **Health Care Technology-2.90%** | **Health Care Technology-2.90%** |
| Certara, Inc.<sup>(b)(c)</sup> | 97323 | &nbsp;&nbsp; 689047 |
| HealthStream, Inc. | 19337 | &nbsp;&nbsp; 410525 |
| Schrodinger, Inc.<sup>(b)(c)</sup> | 45718 | &nbsp;&nbsp; 551359 |
| Waystar Holding Corp.<sup>(b)(c)</sup> | 93525 | &nbsp;&nbsp; 2398916 |
|  |  | &nbsp;&nbsp; 4049847 |
| **Life Sciences Tools & Services-2.05%** | **Life Sciences Tools & Services-2.05%** | **Life Sciences Tools & Services-2.05%** |
| Azenta, Inc.<sup>(b)(c)</sup> | 33240 | &nbsp;&nbsp; 896815 |
| BioLife Solutions, Inc.<sup>(b)(c)</sup> | 31771 | &nbsp;&nbsp; 768858 |
| Cytek Biosciences, Inc.<sup>(b)(c)</sup> | 89591 | &nbsp;&nbsp; 401368 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 75278 | &nbsp;&nbsp; 806980 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 20053 | &nbsp;&nbsp; 0 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(e)</sup><br>| 20053 | &nbsp;&nbsp; 0 |
|  |  | &nbsp;&nbsp; 2874021 |
| **Pharmaceuticals-18.68%** | **Pharmaceuticals-18.68%** | **Pharmaceuticals-18.68%** |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 138299 | &nbsp;&nbsp; 1909909 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 28823 | &nbsp;&nbsp; 583089 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 14650 | &nbsp;&nbsp; 1082635 |
| Collegium Pharmaceutical, Inc.<sup>(b)</sup> | 25754 | &nbsp;&nbsp; 1073169 |
| Corcept Therapeutics, Inc.<sup>(b)</sup> | 76270 | &nbsp;&nbsp; 2722839 |
| Harmony Biosciences Holdings, Inc.<sup>(b)(c)</sup> | 32374 | &nbsp;&nbsp; 923954 |
| Indivior Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 101720 | &nbsp;&nbsp; 3328278 |
| Innoviva, Inc.<sup>(b)</sup> | 57867 | &nbsp;&nbsp; 1328626 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 16034 | &nbsp;&nbsp; 3179702 |
| Organon & Co. | 211810 | &nbsp;&nbsp; 1544095 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 35049 | &nbsp;&nbsp; 767924 |
| Perrigo Co. PLC | 112126 | &nbsp;&nbsp; 1482306 |
| Phibro Animal Health Corp., Class A | 16657 | &nbsp;&nbsp; 909306 |
| Prestige Consumer Healthcare, Inc.<sup>(b)</sup> | 39172 | &nbsp;&nbsp; 2714620 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 46716 | &nbsp;&nbsp; 2556767 |
|  |  | &nbsp;&nbsp; 26107219 |
| Total Common Stocks & Other Equity Interests <br>(Cost $151,579,362) | Total Common Stocks & Other Equity Interests <br>(Cost $151,579,362) | &nbsp;&nbsp; 139766244 |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(f)(g)</sup> <br>(Cost $13,490)<br>| 13490 | &nbsp;&nbsp; 13490 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $151,592,852) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.01% <br>(Cost $151,592,852) | &nbsp;&nbsp; 139779734 |
| **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-29.31%** | **Money Market Funds-29.31%** | **Money Market Funds-29.31%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(f)(g)(h)</sup><br>| 11152021 | &nbsp;&nbsp; 11152021 |

---

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

------

**15**

------

**Invesco S&P SmallCap Health Care ETF (PSCH)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(f)(g)(h)</sup> | 29799309 | &nbsp;&nbsp; $29808249 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $40,960,270) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $40,960,270) | &nbsp;&nbsp; 40960270 |
| TOTAL INVESTMENTS IN SECURITIES-129.32% <br>(Cost $192,553,122) | TOTAL INVESTMENTS IN SECURITIES-129.32% <br>(Cost $192,553,122) | &nbsp;&nbsp; 180740004 |
| OTHER ASSETS LESS LIABILITIES-(29.32)% | OTHER ASSETS LESS LIABILITIES-(29.32)% | &nbsp;&nbsp; (40976867)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $139763137 |

---

Investment Abbreviations: <br> Rts. -Rights

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <sup>(d)</sup> | Restricted security. The value of this security at February 28, 2026 represented less than 1% of the Fund's Net Assets. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $19829 | &nbsp;&nbsp; $2378213 | &nbsp;&nbsp; $(2384552)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13490 | &nbsp;&nbsp; $1295 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 11271213 | &nbsp;&nbsp; 34188287 | &nbsp;&nbsp; (34307479)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 11152021 | &nbsp;&nbsp; 230,401<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 29323616 | &nbsp;&nbsp; 80393022 | &nbsp;&nbsp; (79908094)<br>| &nbsp;&nbsp; (1921)<br>| &nbsp;&nbsp; 1626 | &nbsp;&nbsp; 29808249 | &nbsp;&nbsp; 621,025<br> \*<br>|
| Total | &nbsp;&nbsp; $40614658 | &nbsp;&nbsp; $116959522 | &nbsp;&nbsp; $(116600125)<br>| &nbsp;&nbsp; $(1921)<br>| &nbsp;&nbsp; $1626 | &nbsp;&nbsp; $40973760 | &nbsp;&nbsp; $852721 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**16**

------

**Invesco S&P SmallCap Industrials ETF (PSCI)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** | **Common Stocks & Other Equity Interests-99.96%** |
| **Aerospace & Defense-6.96%** | **Aerospace & Defense-6.96%** | **Aerospace & Defense-6.96%** |
| AAR Corp.<sup>(b)</sup> | 25064 | &nbsp;&nbsp; $2936749 |
| Mercury Systems, Inc.<sup>(b)(c)</sup> | 33966 | &nbsp;&nbsp; 3023993 |
| Moog, Inc., Class A | 18256 | &nbsp;&nbsp; 6160122 |
| National Presto Industries, Inc. | 3399 | &nbsp;&nbsp; 448464 |
|  |  | &nbsp;&nbsp; 12569328 |
| **Air Freight & Logistics-1.13%** | **Air Freight & Logistics-1.13%** | **Air Freight & Logistics-1.13%** |
| Forward Air Corp.<sup>(b)(c)</sup> | 14248 | &nbsp;&nbsp; 360332 |
| Hub Group, Inc., Class A | 38907 | &nbsp;&nbsp; 1675724 |
|  |  | &nbsp;&nbsp; 2036056 |
| **Building Products-14.88%** | **Building Products-14.88%** | **Building Products-14.88%** |
| American Woodmark Corp.<sup>(b)</sup> | 9356 | &nbsp;&nbsp; 468736 |
| Apogee Enterprises, Inc. | 13815 | &nbsp;&nbsp; 550113 |
| Armstrong World Industries, Inc. | 27699 | &nbsp;&nbsp; 4805777 |
| AZZ, Inc.<sup>(c)</sup> | 19303 | &nbsp;&nbsp; 2624822 |
| CSW Industrials, Inc.<sup>(c)</sup> | 10716 | &nbsp;&nbsp; 3154040 |
| Gibraltar Industries, Inc.<sup>(b)(c)</sup> | 18973 | &nbsp;&nbsp; 862892 |
| Griffon Corp. | 25118 | &nbsp;&nbsp; 2141058 |
| Hayward Holdings, Inc.<sup>(b)</sup> | 128139 | &nbsp;&nbsp; 2050224 |
| Insteel Industries, Inc. | 12470 | &nbsp;&nbsp; 464882 |
| MasterBrand, Inc.<sup>(b)(c)</sup> | 81424 | &nbsp;&nbsp; 824011 |
| Quanex Building Products Corp.<sup>(c)</sup> | 29297 | &nbsp;&nbsp; 601467 |
| Resideo Technologies, Inc.<sup>(b)</sup> | 88463 | &nbsp;&nbsp; 3423518 |
| Zurn Elkay Water Solutions Corp. | 95659 | &nbsp;&nbsp; 4876696 |
|  |  | &nbsp;&nbsp; 26848236 |
| **Commercial Services & Supplies-13.09%** | **Commercial Services & Supplies-13.09%** | **Commercial Services & Supplies-13.09%** |
| ABM Industries, Inc. | 39328 | &nbsp;&nbsp; 1750096 |
| Brady Corp., Class A | 27973 | &nbsp;&nbsp; 2583027 |
| Casella Waste Systems, Inc., Class A<sup>(b)(c)</sup> | 40143 | &nbsp;&nbsp; 3739722 |
| CoreCivic, Inc.<sup>(b)</sup> | 67170 | &nbsp;&nbsp; 1187566 |
| Deluxe Corp. | 28906 | &nbsp;&nbsp; 802142 |
| Enviri Corp.<sup>(b)</sup> | 51799 | &nbsp;&nbsp; 980555 |
| GEO Group, Inc. (The)<sup>(b)</sup> | 87811 | &nbsp;&nbsp; 1320677 |
| Healthcare Services Group, Inc.<sup>(b)</sup> | 45250 | &nbsp;&nbsp; 985093 |
| HNI Corp. | 44225 | &nbsp;&nbsp; 1988356 |
| Interface, Inc. | 37500 | &nbsp;&nbsp; 1180875 |
| Liquidity Services, Inc.<sup>(b)(c)</sup> | 15246 | &nbsp;&nbsp; 481926 |
| MillerKnoll, Inc. | 44003 | &nbsp;&nbsp; 886220 |
| OPENLANE, Inc.<sup>(b)</sup> | 68248 | &nbsp;&nbsp; 1945750 |
| Pitney Bowes, Inc. | 95083 | &nbsp;&nbsp; 1020241 |
| UniFirst Corp. | 9354 | &nbsp;&nbsp; 2196506 |
| Vestis Corp. | 71974 | &nbsp;&nbsp; 566435 |
|  |  | &nbsp;&nbsp; 23615187 |
| **Construction & Engineering-11.95%** | **Construction & Engineering-11.95%** | **Construction & Engineering-11.95%** |
| Arcosa, Inc. | 31498 | &nbsp;&nbsp; 3385405 |
| Everus Construction Group, Inc.<sup>(b)</sup> | 32759 | &nbsp;&nbsp; 3959580 |
| Granite Construction, Inc.<sup>(c)</sup> | 28034 | &nbsp;&nbsp; 3769452 |
| MYR Group, Inc.<sup>(b)</sup> | 9969 | &nbsp;&nbsp; 2691231 |
| Primoris Services Corp. | 34701 | &nbsp;&nbsp; 5230135 |
| WillScot Holdings Corp. | 116855 | &nbsp;&nbsp; 2525236 |
|  |  | &nbsp;&nbsp; 21561039 |
| **Electrical Equipment-4.48%** | **Electrical Equipment-4.48%** | **Electrical Equipment-4.48%** |
| Powell Industries, Inc. | 6047 | &nbsp;&nbsp; 3166209 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** | **Electrical Equipment-(continued)** |
| Sunrun, Inc.<sup>(b)</sup> | 149030 | &nbsp;&nbsp; $1974648 |
| Vicor Corp.<sup>(b)</sup> | 14590 | &nbsp;&nbsp; 2938426 |
|  |  | &nbsp;&nbsp; 8079283 |
| **Ground Transportation-3.66%** | **Ground Transportation-3.66%** | **Ground Transportation-3.66%** |
| ArcBest Corp. | 14457 | &nbsp;&nbsp; 1484156 |
| Heartland Express, Inc.<sup>(c)</sup> | 29346 | &nbsp;&nbsp; 323686 |
| Hertz Global Holdings, Inc.<sup>(b)(c)</sup> | 80048 | &nbsp;&nbsp; 363418 |
| Marten Transport Ltd. | 37172 | &nbsp;&nbsp; 505168 |
| RXO, Inc.<sup>(b)(c)</sup> | 105401 | &nbsp;&nbsp; 1682200 |
| Schneider National, Inc., Class B | 32000 | &nbsp;&nbsp; 908160 |
| Werner Enterprises, Inc.<sup>(c)</sup> | 38425 | &nbsp;&nbsp; 1348333 |
|  |  | &nbsp;&nbsp; 6615121 |
| **Machinery-25.56%** | **Machinery-25.56%** | **Machinery-25.56%** |
| Alamo Group, Inc. | 6925 | &nbsp;&nbsp; 1478695 |
| Albany International Corp., Class A | 18432 | &nbsp;&nbsp; 1062605 |
| Astec Industries, Inc. | 14691 | &nbsp;&nbsp; 912164 |
| Enerpac Tool Group Corp.<sup>(c)</sup> | 34027 | &nbsp;&nbsp; 1388302 |
| Enpro, Inc. | 13528 | &nbsp;&nbsp; 3499017 |
| ESCO Technologies, Inc. | 16586 | &nbsp;&nbsp; 4599132 |
| Federal Signal Corp.<sup>(c)</sup> | 39054 | &nbsp;&nbsp; 4547057 |
| Franklin Electric Co., Inc. | 24585 | &nbsp;&nbsp; 2449158 |
| Gates Industrial Corp. PLC<sup>(b)</sup> | 165881 | &nbsp;&nbsp; 4573339 |
| Greenbrier Cos., Inc. (The)<sup>(c)</sup> | 19885 | &nbsp;&nbsp; 1121912 |
| JBT Marel Corp. | 33378 | &nbsp;&nbsp; 5140212 |
| Kadant, Inc.<sup>(c)</sup> | 7565 | &nbsp;&nbsp; 2565821 |
| Kennametal, Inc. | 48871 | &nbsp;&nbsp; 1968524 |
| Lindsay Corp. | 6939 | &nbsp;&nbsp; 934683 |
| Mueller Water Products, Inc., Class A | 100403 | &nbsp;&nbsp; 3005062 |
| Proto Labs, Inc.<sup>(b)</sup> | 15207 | &nbsp;&nbsp; 944051 |
| Standex International Corp. | 7782 | &nbsp;&nbsp; 2038884 |
| Tennant Co. | 11641 | &nbsp;&nbsp; 710450 |
| Titan International, Inc.<sup>(b)(c)</sup> | 30804 | &nbsp;&nbsp; 299723 |
| Trinity Industries, Inc. | 51496 | &nbsp;&nbsp; 1760133 |
| Worthington Enterprises, Inc. | 20095 | &nbsp;&nbsp; 1125521 |
|  |  | &nbsp;&nbsp; 46124445 |
| **Marine Transportation-1.84%** | **Marine Transportation-1.84%** | **Marine Transportation-1.84%** |
| Matson, Inc. | 20025 | &nbsp;&nbsp; 3326753 |
| **Passenger Airlines-2.92%** | **Passenger Airlines-2.92%** | **Passenger Airlines-2.92%** |
| Allegiant Travel Co.<sup>(b)(c)</sup> | 8643 | &nbsp;&nbsp; 882882 |
| JetBlue Airways Corp.<sup>(b)(c)</sup> | 186877 | &nbsp;&nbsp; 1035299 |
| SkyWest, Inc.<sup>(b)</sup> | 25757 | &nbsp;&nbsp; 2680789 |
| Sun Country Airlines Holdings, Inc.<sup>(b)</sup> | 33855 | &nbsp;&nbsp; 666266 |
|  |  | &nbsp;&nbsp; 5265236 |
| **Professional Services-7.04%** | **Professional Services-7.04%** | **Professional Services-7.04%** |
| Amentum Holdings, Inc.<sup>(b)</sup> | 98455 | &nbsp;&nbsp; 2940851 |
| CSG Systems International, Inc. | 17446 | &nbsp;&nbsp; 1393935 |
| Insperity, Inc. | 23004 | &nbsp;&nbsp; 510919 |
| Korn Ferry | 33647 | &nbsp;&nbsp; 2108658 |
| Legalzoom.com, Inc.<sup>(b)(c)</sup> | 74004 | &nbsp;&nbsp; 520248 |
| ManpowerGroup, Inc. | 29734 | &nbsp;&nbsp; 831660 |
| Robert Half, Inc. | 63926 | &nbsp;&nbsp; 1561073 |
| Upwork, Inc.<sup>(b)(c)</sup> | 83913 | &nbsp;&nbsp; 1126112 |
| Verra Mobility Corp., Class A<sup>(b)</sup> | 102481 | &nbsp;&nbsp; 1712458 |
|  |  | &nbsp;&nbsp; 12705914 |

---

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

------

**17**

------

**Invesco S&P SmallCap Industrials ETF (PSCI)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Trading Companies & Distributors-6.45%** | **Trading Companies & Distributors-6.45%** | **Trading Companies & Distributors-6.45%** |
| Air Lease Corp., Class A | 67475 | &nbsp;&nbsp; $4375079 |
| Boise Cascade Co. | 23790 | &nbsp;&nbsp; 1968385 |
| DNOW, Inc.<sup>(b)</sup> | 119241 | &nbsp;&nbsp; 1404659 |
| DXP Enterprises, Inc.<sup>(b)(c)</sup> | 8156 | &nbsp;&nbsp; 1129361 |
| Rush Enterprises, Inc., Class A | 38948 | &nbsp;&nbsp; 2764139 |
|  |  | &nbsp;&nbsp; 11641623 |
| Total Common Stocks & Other Equity Interests <br>(Cost $147,403,783) | Total Common Stocks & Other Equity Interests <br>(Cost $147,403,783) | &nbsp;&nbsp; 180388221 |
| **Money Market Funds-0.01%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $24,300)<br>| 24300 | &nbsp;&nbsp; 24300 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $147,428,083) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $147,428,083) | &nbsp;&nbsp; 180412521 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-10.06%** | **Money Market Funds-10.06%** | **Money Market Funds-10.06%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 5050293 | &nbsp;&nbsp; $5050293 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 13103015 | &nbsp;&nbsp; 13106946 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,157,239) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,157,239) | &nbsp;&nbsp; 18157239 |
| TOTAL INVESTMENTS IN SECURITIES-110.03% <br>(Cost $165,585,322) | TOTAL INVESTMENTS IN SECURITIES-110.03% <br>(Cost $165,585,322) | &nbsp;&nbsp; 198569760 |
| OTHER ASSETS LESS LIABILITIES-(10.03)% | OTHER ASSETS LESS LIABILITIES-(10.03)% | &nbsp;&nbsp; (18107211)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $180462549 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $54418 | &nbsp;&nbsp; $6381375 | &nbsp;&nbsp; $(6411493)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $24300 | &nbsp;&nbsp; $2460 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 4335262 | &nbsp;&nbsp; 27097200 | &nbsp;&nbsp; (26382169)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 5050293 | &nbsp;&nbsp; 82,020<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 11275322 | &nbsp;&nbsp; 62284391 | &nbsp;&nbsp; (60452674)<br>| &nbsp;&nbsp; (712)<br>| &nbsp;&nbsp; 619 | &nbsp;&nbsp; 13106946 | &nbsp;&nbsp; 224,242<br> \*<br>|
| Total | &nbsp;&nbsp; $15665002 | &nbsp;&nbsp; $95762966 | &nbsp;&nbsp; $(93246336)<br>| &nbsp;&nbsp; $(712)<br>| &nbsp;&nbsp; $619 | &nbsp;&nbsp; $18181539 | &nbsp;&nbsp; $308722 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**18**

------

**Invesco S&P SmallCap Information Technology ETF (PSCT)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** | **Common Stocks & Other Equity Interests-100.02%** |
| **Communications Equipment-10.90%** | **Communications Equipment-10.90%** | **Communications Equipment-10.90%** |
| Calix, Inc.<sup>(b)(c)</sup> | 104867 | &nbsp;&nbsp; $5428965 |
| Digi International, Inc.<sup>(b)</sup> | 64548 | &nbsp;&nbsp; 3151233 |
| Extreme Networks, Inc.<sup>(b)</sup> | 232497 | &nbsp;&nbsp; 3250308 |
| Harmonic, Inc.<sup>(b)(c)</sup> | 195140 | &nbsp;&nbsp; 2074338 |
| NetScout Systems, Inc.<sup>(b)</sup> | 119247 | &nbsp;&nbsp; 3483205 |
| Viasat, Inc.<sup>(b)(c)</sup> | 235188 | &nbsp;&nbsp; 10766907 |
| Viavi Solutions, Inc.<sup>(b)</sup> | 388083 | &nbsp;&nbsp; 11529946 |
|  |  | &nbsp;&nbsp; 39684902 |
| **Electronic Equipment, Instruments & Components-26.45%** | **Electronic Equipment, Instruments & Components-26.45%** | **Electronic Equipment, Instruments & Components-26.45%** |
| Arlo Technologies, Inc.<sup>(b)(c)</sup> | 184293 | &nbsp;&nbsp; 2891557 |
| Badger Meter, Inc. | 51241 | &nbsp;&nbsp; 7810666 |
| Benchmark Electronics, Inc.<sup>(c)</sup> | 62034 | &nbsp;&nbsp; 3586186 |
| CTS Corp.<sup>(c)</sup> | 50509 | &nbsp;&nbsp; 2659804 |
| ePlus, Inc. | 45540 | &nbsp;&nbsp; 3673256 |
| Insight Enterprises, Inc.<sup>(b)(c)</sup> | 53863 | &nbsp;&nbsp; 4500792 |
| Itron, Inc.<sup>(b)</sup> | 79632 | &nbsp;&nbsp; 7481426 |
| Knowles Corp.<sup>(b)(c)</sup> | 148058 | &nbsp;&nbsp; 4022736 |
| Mirion Technologies, Inc.<sup>(b)(c)</sup> | 430894 | &nbsp;&nbsp; 9311619 |
| OSI Systems, Inc.<sup>(b)(c)</sup> | 27752 | &nbsp;&nbsp; 7914871 |
| PC Connection, Inc.<sup>(c)</sup> | 19753 | &nbsp;&nbsp; 1203945 |
| Plexus Corp.<sup>(b)(c)</sup> | 46920 | &nbsp;&nbsp; 9108580 |
| Ralliant Corp. | 196139 | &nbsp;&nbsp; 9000819 |
| Rogers Corp.<sup>(b)</sup> | 29081 | &nbsp;&nbsp; 3135804 |
| Sanmina Corp.<sup>(b)</sup> | 94868 | &nbsp;&nbsp; 14729206 |
| ScanSource, Inc.<sup>(b)(c)</sup> | 35099 | &nbsp;&nbsp; 1290941 |
| Vishay Intertechnology, Inc.<sup>(c)</sup> | 214718 | &nbsp;&nbsp; 4019521 |
|  |  | &nbsp;&nbsp; 96341729 |
| **IT Services-3.10%** | **IT Services-3.10%** | **IT Services-3.10%** |
| DigitalOcean Holdings, Inc.<sup>(b)(c)</sup> | 119307 | &nbsp;&nbsp; 6688350 |
| DXC Technology Co.<sup>(b)(c)</sup> | 302767 | &nbsp;&nbsp; 3811837 |
| Grid Dynamics Holdings, Inc.<sup>(b)(c)</sup> | 115013 | &nbsp;&nbsp; 776338 |
|  |  | &nbsp;&nbsp; 11276525 |
| **Semiconductors & Semiconductor Equipment-33.89%** | **Semiconductors & Semiconductor Equipment-33.89%** | **Semiconductors & Semiconductor Equipment-33.89%** |
| ACM Research, Inc., Class A<sup>(b)(c)</sup> | 92626 | &nbsp;&nbsp; 5157416 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)(c)</sup> | 43380 | &nbsp;&nbsp; 911414 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 53896 | &nbsp;&nbsp; 4452349 |
| Cohu, Inc.<sup>(b)(c)</sup> | 81185 | &nbsp;&nbsp; 2451787 |
| Diodes, Inc.<sup>(b)(c)</sup> | 80649 | &nbsp;&nbsp; 5502681 |
| Enphase Energy, Inc.<sup>(b)(c)</sup> | 227531 | &nbsp;&nbsp; 9617735 |
| FormFactor, Inc.<sup>(b)(c)</sup> | 134781 | &nbsp;&nbsp; 13327145 |
| Ichor Holdings Ltd.<sup>(b)</sup> | 59781 | &nbsp;&nbsp; 2842586 |
| Impinj, Inc.<sup>(b)(c)</sup> | 46594 | &nbsp;&nbsp; 5715220 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 90665 | &nbsp;&nbsp; 6321164 |
| MaxLinear, Inc.<sup>(b)(c)</sup> | 142805 | &nbsp;&nbsp; 2489091 |
| PDF Solutions, Inc.<sup>(b)(c)</sup> | 55646 | &nbsp;&nbsp; 1879722 |
| Penguin Solutions, Inc.<sup>(b)(c)</sup> | 83633 | &nbsp;&nbsp; 1737894 |
| Photronics, Inc.<sup>(b)(c)</sup> | 102595 | &nbsp;&nbsp; 3840131 |
| Power Integrations, Inc. | 96215 | &nbsp;&nbsp; 4610623 |
| Qorvo, Inc.<sup>(b)</sup> | 146191 | &nbsp;&nbsp; 12119234 |
| Semtech Corp.<sup>(b)</sup> | 150873 | &nbsp;&nbsp; 13611762 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| SiTime Corp.<sup>(b)</sup> | 38119 | &nbsp;&nbsp; $15166788 |
| SolarEdge Technologies, Inc.<sup>(b)</sup> | 103975 | &nbsp;&nbsp; 3680715 |
| Ultra Clean Holdings, Inc.<sup>(b)(c)</sup> | 78914 | &nbsp;&nbsp; 4788501 |
| Veeco Instruments, Inc.<sup>(b)(c)</sup> | 104605 | &nbsp;&nbsp; 3196729 |
|  |  | &nbsp;&nbsp; 123420687 |
| **Software-25.56%** | **Software-25.56%** | **Software-25.56%** |
| A10 Networks, Inc. | 124714 | &nbsp;&nbsp; 2401992 |
| ACI Worldwide, Inc.<sup>(b)(c)</sup> | 179241 | &nbsp;&nbsp; 7112283 |
| Adeia, Inc. | 190406 | &nbsp;&nbsp; 3939500 |
| Agilysys, Inc.<sup>(b)(c)</sup> | 44125 | &nbsp;&nbsp; 3184501 |
| Alarm.com Holdings, Inc.<sup>(b)(c)</sup> | 86730 | &nbsp;&nbsp; 4150031 |
| BlackLine, Inc.<sup>(b)(c)</sup> | 86883 | &nbsp;&nbsp; 3062626 |
| Box, Inc., Class A<sup>(b)(c)</sup> | 251913 | &nbsp;&nbsp; 5932551 |
| CleanSpark, Inc.<sup>(b)(c)</sup> | 488725 | &nbsp;&nbsp; 4862814 |
| Clear Secure, Inc., Class A | 154160 | &nbsp;&nbsp; 7498342 |
| InterDigital, Inc.<sup>(c)</sup> | 44765 | &nbsp;&nbsp; 16407715 |
| LiveRamp Holdings, Inc.<sup>(b)(c)</sup> | 110664 | &nbsp;&nbsp; 3006741 |
| MARA Holdings, Inc.<sup>(b)(c)</sup> | 657556 | &nbsp;&nbsp; 5878551 |
| N-able, Inc.<sup>(b)(c)</sup> | 129590 | &nbsp;&nbsp; 570196 |
| NCR Voyix Corp.<sup>(b)(c)</sup> | 240806 | &nbsp;&nbsp; 1839758 |
| Progress Software Corp.<sup>(b)(c)</sup> | 74606 | &nbsp;&nbsp; 3124499 |
| Q2 Holdings, Inc.<sup>(b)(c)</sup> | 108720 | &nbsp;&nbsp; 5231606 |
| RingCentral, Inc., Class A<sup>(b)</sup> | 133467 | &nbsp;&nbsp; 4864872 |
| Sprinklr, Inc., Class A<sup>(b)(c)</sup> | 210484 | &nbsp;&nbsp; 1225017 |
| SPS Commerce, Inc.<sup>(b)(c)</sup> | 65563 | &nbsp;&nbsp; 3704965 |
| Teradata Corp.<sup>(b)(c)</sup> | 162045 | &nbsp;&nbsp; 5102797 |
|  |  | &nbsp;&nbsp; 93101357 |
| **Technology Hardware, Storage & Peripherals-0.12%** | **Technology Hardware, Storage & Peripherals-0.12%** | **Technology Hardware, Storage & Peripherals-0.12%** |
| Corsair Gaming, Inc.<sup>(b)(c)</sup> | 81536 | &nbsp;&nbsp; 447632 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $296,979,197) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.02% <br>(Cost $296,979,197) | &nbsp;&nbsp; 364272832 |
| **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-26.29%** | **Money Market Funds-26.29%** | **Money Market Funds-26.29%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 26633749 | &nbsp;&nbsp; 26633749 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 69097519 | &nbsp;&nbsp; 69118248 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $95,751,997) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $95,751,997) | &nbsp;&nbsp; 95751997 |
| TOTAL INVESTMENTS IN SECURITIES-126.31% <br>(Cost $392,731,194) | TOTAL INVESTMENTS IN SECURITIES-126.31% <br>(Cost $392,731,194) | &nbsp;&nbsp; 460024829 |
| OTHER ASSETS LESS LIABILITIES-(26.31)% | OTHER ASSETS LESS LIABILITIES-(26.31)% | &nbsp;&nbsp; (95834522)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $364190307 |

---

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

------

**19**

------

**Invesco S&P SmallCap Information Technology ETF (PSCT)—(continued)**

February 28, 2026

*(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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $1707566 | &nbsp;&nbsp; $(1707566)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2603 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 21374609 | &nbsp;&nbsp; 95815624 | &nbsp;&nbsp; (90556484)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 26633749 | &nbsp;&nbsp; 468,546<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 55839807 | &nbsp;&nbsp; 198767591 | &nbsp;&nbsp; (185488903)<br>| &nbsp;&nbsp; (3191)<br>| &nbsp;&nbsp; 2944 | &nbsp;&nbsp; 69118248 | &nbsp;&nbsp; 1,267,903<br> \*<br>|
| Total | &nbsp;&nbsp; $77214416 | &nbsp;&nbsp; $296290781 | &nbsp;&nbsp; $(277752953)<br>| &nbsp;&nbsp; $(3191)<br>| &nbsp;&nbsp; $2944 | &nbsp;&nbsp; $95751997 | &nbsp;&nbsp; $1739052 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**20**

------

**Invesco S&P SmallCap Materials ETF (PSCM)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** | **Common Stocks & Other Equity Interests-99.88%** |
| **Chemicals-70.96%** | **Chemicals-70.96%** | **Chemicals-70.96%** |
| Balchem Corp. | 6555 | &nbsp;&nbsp; $1189274 |
| Celanese Corp. | 16624 | &nbsp;&nbsp; 830203 |
| Chemours Co. (The) | 32433 | &nbsp;&nbsp; 591578 |
| Eastman Chemical Co. | 23086 | &nbsp;&nbsp; 1743224 |
| Element Solutions, Inc. | 46039 | &nbsp;&nbsp; 1615508 |
| FMC Corp. | 27032 | &nbsp;&nbsp; 398452 |
| H.B. Fuller Co. | 11704 | &nbsp;&nbsp; 769187 |
| Hawkins, Inc. | 4521 | &nbsp;&nbsp; 674081 |
| Ingevity Corp.<sup>(b)</sup> | 7784 | &nbsp;&nbsp; 560681 |
| Innospec, Inc. | 5360 | &nbsp;&nbsp; 410469 |
| Koppers Holdings, Inc. | 4242 | &nbsp;&nbsp; 160348 |
| Minerals Technologies, Inc.<sup>(c)</sup> | 6739 | &nbsp;&nbsp; 475908 |
| Quaker Chemical Corp.<sup>(c)</sup> | 2964 | &nbsp;&nbsp; 435797 |
| Sensient Technologies Corp. | 7604 | &nbsp;&nbsp; 772034 |
| Solstice Advanced Materials, Inc. | 32126 | &nbsp;&nbsp; 2522212 |
| Stepan Co. | 4651 | &nbsp;&nbsp; 236689 |
|  |  | &nbsp;&nbsp; 13385645 |
| **Containers & Packaging-8.97%** | **Containers & Packaging-8.97%** | **Containers & Packaging-8.97%** |
| O-I Glass, Inc.<sup>(b)</sup> | 33234 | &nbsp;&nbsp; 445336 |
| Sealed Air Corp. | 29775 | &nbsp;&nbsp; 1246977 |
|  |  | &nbsp;&nbsp; 1692313 |
| **Metals & Mining-18.19%** | **Metals & Mining-18.19%** | **Metals & Mining-18.19%** |
| Alpha Metallurgical Resources, Inc.<sup>(b)(c)</sup> | 2337 | &nbsp;&nbsp; 380113 |
| Century Aluminum Co.<sup>(b)(c)</sup> | 11513 | &nbsp;&nbsp; 593610 |
| Kaiser Aluminum Corp.<sup>(c)</sup> | 3475 | &nbsp;&nbsp; 452237 |
| Materion Corp. | 4486 | &nbsp;&nbsp; 731487 |
| Metallus, Inc.<sup>(b)</sup> | 7751 | &nbsp;&nbsp; 131767 |
| SunCoke Energy, Inc. | 18319 | &nbsp;&nbsp; 104418 |
| Warrior Met Coal, Inc. | 8954 | &nbsp;&nbsp; 745331 |
| Worthington Steel, Inc. | 7043 | &nbsp;&nbsp; 292707 |
|  |  | &nbsp;&nbsp; 3431670 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Paper & Forest Products-1.76%** | **Paper & Forest Products-1.76%** | **Paper & Forest Products-1.76%** |
| Sylvamo Corp. | 7167 | &nbsp;&nbsp; $331832 |
| Total Common Stocks & Other Equity Interests <br>(Cost $17,365,726) | Total Common Stocks & Other Equity Interests <br>(Cost $17,365,726) | &nbsp;&nbsp; 18841460 |
| **Money Market Funds-0.07%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $13,428)<br>| 13428 | &nbsp;&nbsp; 13428 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.95% <br>(Cost $17,379,154) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.95% <br>(Cost $17,379,154) | &nbsp;&nbsp; 18854888 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-8.35%** | **Money Market Funds-8.35%** | **Money Market Funds-8.35%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 439306 | &nbsp;&nbsp; 439306 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 1134580 | &nbsp;&nbsp; 1134920 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,574,226) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,574,226) | &nbsp;&nbsp; 1574226 |
| TOTAL INVESTMENTS IN SECURITIES-108.30% <br>(Cost $18,953,380) | TOTAL INVESTMENTS IN SECURITIES-108.30% <br>(Cost $18,953,380) | &nbsp;&nbsp; 20429114 |
| OTHER ASSETS LESS LIABILITIES-(8.30)% | OTHER ASSETS LESS LIABILITIES-(8.30)% | &nbsp;&nbsp; (1564973)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $18864141 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $6447 | &nbsp;&nbsp; $162768 | &nbsp;&nbsp; $(155787)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13428 | &nbsp;&nbsp; $172 |

---

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

------

**21**

------

**Invesco S&P SmallCap Materials ETF (PSCM)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $612267 | &nbsp;&nbsp; $4954024 | &nbsp;&nbsp; $(5126985)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $439306 | &nbsp;&nbsp; $7,312<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 1880084 | &nbsp;&nbsp; 12538474 | &nbsp;&nbsp; (13283709)<br>| &nbsp;&nbsp; (114)<br>| &nbsp;&nbsp; 185 | &nbsp;&nbsp; 1134920 | &nbsp;&nbsp; 19,700<br> \*<br>|
| Total | &nbsp;&nbsp; $2498798 | &nbsp;&nbsp; $17655266 | &nbsp;&nbsp; $(18566481)<br>| &nbsp;&nbsp; $(114)<br>| &nbsp;&nbsp; $185 | &nbsp;&nbsp; $1587654 | &nbsp;&nbsp; $27184 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**22**

------

**Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** | **Common Stocks & Other Equity Interests-99.80%** |
| **Diversified Telecommunication Services-12.73%** | **Diversified Telecommunication Services-12.73%** | **Diversified Telecommunication Services-12.73%** |
| Cogent Communications Holdings, Inc. | 7941 | &nbsp;&nbsp; $148973 |
| Iridium Communications, Inc. | 17524 | &nbsp;&nbsp; 419700 |
| Lumen Technologies, Inc.<sup>(b)</sup> | 157878 | &nbsp;&nbsp; 1122512 |
| Shenandoah Telecommunications Co.<sup>(c)</sup> | 7633 | &nbsp;&nbsp; 104038 |
|  |  | &nbsp;&nbsp; 1795223 |
| **Electric Utilities-10.96%** | **Electric Utilities-10.96%** | **Electric Utilities-10.96%** |
| Hawaiian Electric Industries, Inc.<sup>(b)(c)</sup> | 28879 | &nbsp;&nbsp; 447336 |
| MGE Energy, Inc. | 6114 | &nbsp;&nbsp; 501470 |
| Otter Tail Corp.<sup>(c)</sup> | 7010 | &nbsp;&nbsp; 596551 |
|  |  | &nbsp;&nbsp; 1545357 |
| **Entertainment-10.53%** | **Entertainment-10.53%** | **Entertainment-10.53%** |
| Cinemark Holdings, Inc. | 17264 | &nbsp;&nbsp; 487535 |
| Madison Square Garden Sports Corp., Class A<sup>(b)</sup> | 3006 | &nbsp;&nbsp; 996970 |
|  |  | &nbsp;&nbsp; 1484505 |
| **Gas Utilities-11.44%** | **Gas Utilities-11.44%** | **Gas Utilities-11.44%** |
| Chesapeake Utilities Corp.<sup>(c)</sup> | 3957 | &nbsp;&nbsp; 538033 |
| MDU Resources Group, Inc.<sup>(c)</sup> | 34184 | &nbsp;&nbsp; 706925 |
| Northwest Natural Holding Co. | 6943 | &nbsp;&nbsp; 368257 |
|  |  | &nbsp;&nbsp; 1613215 |
| **Independent Power and Renewable Electricity Producers-5.34%** | **Independent Power and Renewable Electricity Producers-5.34%** | **Independent Power and Renewable Electricity Producers-5.34%** |
| Clearway Energy, Inc., Class A | 5797 | &nbsp;&nbsp; 208808 |
| Clearway Energy, Inc., Class C | 14194 | &nbsp;&nbsp; 543772 |
|  |  | &nbsp;&nbsp; 752580 |
| **Interactive Media & Services-12.30%** | **Interactive Media & Services-12.30%** | **Interactive Media & Services-12.30%** |
| Angi, Inc.<sup>(b)(c)</sup> | 5998 | &nbsp;&nbsp; 46665 |
| CarGurus, Inc.<sup>(b)</sup> | 13590 | &nbsp;&nbsp; 417213 |
| Cars.com, Inc.<sup>(b)(c)</sup> | 9315 | &nbsp;&nbsp; 79550 |
| IAC, Inc.<sup>(b)(c)</sup> | 10907 | &nbsp;&nbsp; 417956 |
| QuinStreet, Inc.<sup>(b)</sup> | 9504 | &nbsp;&nbsp; 111387 |
| Shutterstock, Inc. | 4043 | &nbsp;&nbsp; 67922 |
| TripAdvisor, Inc.<sup>(b)(c)</sup> | 19558 | &nbsp;&nbsp; 197731 |
| Yelp, Inc.<sup>(b)</sup> | 9772 | &nbsp;&nbsp; 217818 |
| Ziff Davis, Inc.<sup>(b)(c)</sup> | 6609 | &nbsp;&nbsp; 178972 |
|  |  | &nbsp;&nbsp; 1735214 |
| **Media-12.72%** | **Media-12.72%** | **Media-12.72%** |
| Cable One, Inc.<sup>(c)</sup> | 774 | &nbsp;&nbsp; 74265 |
| John Wiley & Sons, Inc., Class A | 6846 | &nbsp;&nbsp; 212363 |
| Scholastic Corp.<sup>(c)</sup> | 3786 | &nbsp;&nbsp; 131639 |
| TEGNA, Inc. | 26944 | &nbsp;&nbsp; 564477 |
| Versant Media Group, Inc.<sup>(b)</sup> | 24321 | &nbsp;&nbsp; 810376 |
|  |  | &nbsp;&nbsp; 1793120 |
| **Multi-Utilities-5.03%** | **Multi-Utilities-5.03%** | **Multi-Utilities-5.03%** |
| Avista Corp. | 13613 | &nbsp;&nbsp; 552960 |
| Unitil Corp. | 2997 | &nbsp;&nbsp; 156773 |
|  |  | &nbsp;&nbsp; 709733 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software-1.67%** | **Software-1.67%** | **Software-1.67%** |
| DoubleVerify Holdings, Inc.<sup>(b)</sup> | 22371 | &nbsp;&nbsp; $235791 |
| **Specialized REITs-1.56%** | **Specialized REITs-1.56%** | **Specialized REITs-1.56%** |
| Uniti Group, Inc.<sup>(b)(c)</sup> | 29993 | &nbsp;&nbsp; 219549 |
| **Water Utilities-9.91%** | **Water Utilities-9.91%** | **Water Utilities-9.91%** |
| American States Water Co. | 6477 | &nbsp;&nbsp; 482731 |
| California Water Service Group | 9969 | &nbsp;&nbsp; 449403 |
| H2O America | 5571 | &nbsp;&nbsp; 299664 |
| Middlesex Water Co. | 3068 | &nbsp;&nbsp; 165672 |
|  |  | &nbsp;&nbsp; 1397470 |
| **Wireless Telecommunication Services-5.61%** | **Wireless Telecommunication Services-5.61%** | **Wireless Telecommunication Services-5.61%** |
| Gogo, Inc.<sup>(b)(c)</sup> | 13003 | &nbsp;&nbsp; 55003 |
| Telephone and Data Systems, Inc. | 16442 | &nbsp;&nbsp; 735779 |
|  |  | &nbsp;&nbsp; 790782 |
| Total Common Stocks & Other Equity Interests <br>(Cost $13,666,461) | Total Common Stocks & Other Equity Interests <br>(Cost $13,666,461) | &nbsp;&nbsp; 14072539 |
| **Money Market Funds-0.07%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $9,931)<br>| 9931 | &nbsp;&nbsp; 9931 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.87% <br>(Cost $13,676,392) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.87% <br>(Cost $13,676,392) | &nbsp;&nbsp; 14082470 |
| **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-18.33%** | **Money Market Funds-18.33%** | **Money Market Funds-18.33%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 718209 | &nbsp;&nbsp; 718209 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 1866158 | &nbsp;&nbsp; 1866718 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,584,927) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $2,584,927) | &nbsp;&nbsp; 2584927 |
| TOTAL INVESTMENTS IN SECURITIES-118.20% <br>(Cost $16,261,319) | TOTAL INVESTMENTS IN SECURITIES-118.20% <br>(Cost $16,261,319) | &nbsp;&nbsp; 16667397 |
| OTHER ASSETS LESS LIABILITIES-(18.20)% | OTHER ASSETS LESS LIABILITIES-(18.20)% | &nbsp;&nbsp; (2566534)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $14100863 |

---

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

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

------

**23**

------

**Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)—(continued)**

February 28, 2026

*(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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $3286 | &nbsp;&nbsp; $134666 | &nbsp;&nbsp; $(128021)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9931 | &nbsp;&nbsp; $251 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 742607 | &nbsp;&nbsp; 5427811 | &nbsp;&nbsp; (5452209)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 718209 | &nbsp;&nbsp; 14,167<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 1930164 | &nbsp;&nbsp; 10554356 | &nbsp;&nbsp; (10617790)<br>| &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1866718 | &nbsp;&nbsp; 38,671<br> \*<br>|
| Total | &nbsp;&nbsp; $2676057 | &nbsp;&nbsp; $16116833 | &nbsp;&nbsp; $(16198020)<br>| &nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp; $13 | &nbsp;&nbsp; $2594858 | &nbsp;&nbsp; $53089 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**24**

------

**25**

------

**Statements of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Dorsey Wright** <br>**SmallCap Momentum** <br>**ETF (DWAS)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Consumer** <br>**Discretionary** <br>**ETF (PSCD)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Consumer** <br>**Staples** <br>**ETF (PSCC)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Energy** <br>**ETF (PSCE)**<br>|
| **Assets:** |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $386180706 | &nbsp;&nbsp;&nbsp; $26126627 | &nbsp;&nbsp;&nbsp; $35600195 | &nbsp;&nbsp;&nbsp; $104878558 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 129754299 | &nbsp;&nbsp;&nbsp; 8600177 | &nbsp;&nbsp;&nbsp; 8146463 | &nbsp;&nbsp;&nbsp; 26692319 |
| Due from broker | &nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |
| Dividends | &nbsp;&nbsp; 42055 | &nbsp;&nbsp;&nbsp; 10247 | &nbsp;&nbsp;&nbsp; 17409 | &nbsp;&nbsp;&nbsp; 49853 |
| Securities lending | &nbsp;&nbsp; 19106 | &nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; 6109 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 394747 | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 515997052 | &nbsp;&nbsp;&nbsp; 34738257 | &nbsp;&nbsp;&nbsp; 44159642 | &nbsp;&nbsp;&nbsp; 131626839 |
| **Liabilities:** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 38654 |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 129753539 | &nbsp;&nbsp;&nbsp; 8600177 | &nbsp;&nbsp;&nbsp; 8115571 | &nbsp;&nbsp;&nbsp; 26692319 |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 181793 | &nbsp;&nbsp;&nbsp; 6618 | &nbsp;&nbsp;&nbsp; 7868 | &nbsp;&nbsp;&nbsp; 21470 |
| **Total liabilities** | &nbsp;&nbsp; 129935332 | &nbsp;&nbsp;&nbsp; 8608307 | &nbsp;&nbsp;&nbsp; 8123439 | &nbsp;&nbsp;&nbsp; 26752443 |
| **Net Assets** | &nbsp;&nbsp; $386061720 | &nbsp;&nbsp;&nbsp; $26129950 | &nbsp;&nbsp;&nbsp; $36036203 | &nbsp;&nbsp;&nbsp; $104874396 |
| **Net assets consist of:** |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $705657506 | &nbsp;&nbsp;&nbsp; $43258326 | &nbsp;&nbsp;&nbsp; $61062187 | &nbsp;&nbsp;&nbsp; $174300801 |
| Distributable earnings (loss) | &nbsp;&nbsp; (319595786)<br>| &nbsp;&nbsp;&nbsp; (17128376)<br>| &nbsp;&nbsp;&nbsp; (25025984)<br>| &nbsp;&nbsp;&nbsp; (69426405)<br>|
| **Net Assets** | &nbsp;&nbsp; $386061720 | &nbsp;&nbsp;&nbsp; $26129950 | &nbsp;&nbsp;&nbsp; $36036203 | &nbsp;&nbsp;&nbsp; $104874396 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 3760000 | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp; 1893970 |
| Net asset value | &nbsp;&nbsp; $102.68 | &nbsp;&nbsp;&nbsp; $113.61 | &nbsp;&nbsp;&nbsp; $35.33 | &nbsp;&nbsp;&nbsp; $55.37 |
| Market price | &nbsp;&nbsp; $102.57 | &nbsp;&nbsp;&nbsp; $113.45 | &nbsp;&nbsp;&nbsp; $35.33 | &nbsp;&nbsp;&nbsp; $55.37 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $316545836 | &nbsp;&nbsp;&nbsp; $27474377 | &nbsp;&nbsp;&nbsp; $37463686 | &nbsp;&nbsp;&nbsp; $94140647 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $129754299 | &nbsp;&nbsp;&nbsp; $8600177 | &nbsp;&nbsp;&nbsp; $8146463 | &nbsp;&nbsp;&nbsp; $26692319 |
| <sup>(a)</sup>Includes securities on loan with an aggregate value of: | &nbsp;&nbsp; $124089733 | &nbsp;&nbsp;&nbsp; $8322349 | &nbsp;&nbsp;&nbsp; $8117926 | &nbsp;&nbsp;&nbsp; $26603615 |

---

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

------

**26**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**S&P SmallCap** <br>**Financials** <br>**ETF (PSCF)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Health Care** <br>**ETF (PSCH)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Industrials** <br>**ETF (PSCI)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Information** <br>**Technology** <br>**ETF (PSCT)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Materials** <br>**ETF (PSCM)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Utilities &** <br>**Communication** <br>**Services** <br>**ETF (PSCU)**<br>|
| $23593837 | &nbsp;&nbsp;&nbsp; $139766244 | &nbsp;&nbsp;&nbsp; $180388221 | &nbsp;&nbsp;&nbsp; $364272832 | &nbsp;&nbsp;&nbsp; $18841460 | &nbsp;&nbsp;&nbsp; $14072539 |
| 5530814 | &nbsp;&nbsp;&nbsp; 40973760 | &nbsp;&nbsp;&nbsp; 18181539 | &nbsp;&nbsp;&nbsp; 95751997 | &nbsp;&nbsp;&nbsp; 1587654 | &nbsp;&nbsp;&nbsp; 2594858 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 25421 | &nbsp;&nbsp;&nbsp; 11757 | &nbsp;&nbsp;&nbsp; 86927 | &nbsp;&nbsp;&nbsp; 63922 | &nbsp;&nbsp;&nbsp; 11541 | &nbsp;&nbsp;&nbsp; 21219 |
| 551 | &nbsp;&nbsp;&nbsp; 4048 | &nbsp;&nbsp;&nbsp; 2651 | &nbsp;&nbsp;&nbsp; 10751 | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 264 |
| - | &nbsp;&nbsp;&nbsp; 3037659 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 992857 | &nbsp;&nbsp;&nbsp; - |
| 29150623 | &nbsp;&nbsp;&nbsp; 183793468 | &nbsp;&nbsp;&nbsp; 198659338 | &nbsp;&nbsp;&nbsp; 460099502 | &nbsp;&nbsp;&nbsp; 21433602 | &nbsp;&nbsp;&nbsp; 16688880 |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 77598 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 231 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 991665 | &nbsp;&nbsp;&nbsp; - |
| 5501495 | &nbsp;&nbsp;&nbsp; 40960270 | &nbsp;&nbsp;&nbsp; 18157239 | &nbsp;&nbsp;&nbsp; 95751997 | &nbsp;&nbsp;&nbsp; 1574226 | &nbsp;&nbsp;&nbsp; 2584927 |
| - | &nbsp;&nbsp;&nbsp; 3038353 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 5250 | &nbsp;&nbsp;&nbsp; 31708 | &nbsp;&nbsp;&nbsp; 39550 | &nbsp;&nbsp;&nbsp; 79600 | &nbsp;&nbsp;&nbsp; 3570 | &nbsp;&nbsp;&nbsp; 3090 |
| 5506976 | &nbsp;&nbsp;&nbsp; 44030331 | &nbsp;&nbsp;&nbsp; 18196789 | &nbsp;&nbsp;&nbsp; 95909195 | &nbsp;&nbsp;&nbsp; 2569461 | &nbsp;&nbsp;&nbsp; 2588017 |
| $23643647 | &nbsp;&nbsp;&nbsp; $139763137 | &nbsp;&nbsp;&nbsp; $180462549 | &nbsp;&nbsp;&nbsp; $364190307 | &nbsp;&nbsp;&nbsp; $18864141 | &nbsp;&nbsp;&nbsp; $14100863 |
| $32829887 | &nbsp;&nbsp;&nbsp; $329053383 | &nbsp;&nbsp;&nbsp; $140088132 | &nbsp;&nbsp;&nbsp; $301642129 | &nbsp;&nbsp;&nbsp; $22698284 | &nbsp;&nbsp;&nbsp; $26169211 |
| (9186240)<br>| &nbsp;&nbsp;&nbsp; (189290246)<br>| &nbsp;&nbsp;&nbsp; 40374417 | &nbsp;&nbsp;&nbsp; 62548178 | &nbsp;&nbsp;&nbsp; (3834143)<br>| &nbsp;&nbsp;&nbsp; (12068348)<br>|
| $23643647 | &nbsp;&nbsp;&nbsp; $139763137 | &nbsp;&nbsp;&nbsp; $180462549 | &nbsp;&nbsp;&nbsp; $364190307 | &nbsp;&nbsp;&nbsp; $18864141 | &nbsp;&nbsp;&nbsp; $14100863 |
| 400000 | &nbsp;&nbsp;&nbsp; 3220000 | &nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 5840000 | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 240000 |
| $59.11 | &nbsp;&nbsp;&nbsp; $43.40 | &nbsp;&nbsp;&nbsp; $168.66 | &nbsp;&nbsp;&nbsp; $62.36 | &nbsp;&nbsp;&nbsp; $99.28 | &nbsp;&nbsp;&nbsp; $58.75 |
| $59.11 | &nbsp;&nbsp;&nbsp; $43.36 | &nbsp;&nbsp;&nbsp; $168.68 | &nbsp;&nbsp;&nbsp; $62.38 | &nbsp;&nbsp;&nbsp; $99.33 | &nbsp;&nbsp;&nbsp; $58.73 |
| $22755446 | &nbsp;&nbsp;&nbsp; $151579362 | &nbsp;&nbsp;&nbsp; $147403783 | &nbsp;&nbsp;&nbsp; $296979197 | &nbsp;&nbsp;&nbsp; $17365726 | &nbsp;&nbsp;&nbsp; $13666461 |
| $5530814 | &nbsp;&nbsp;&nbsp; $40973760 | &nbsp;&nbsp;&nbsp; $18181539 | &nbsp;&nbsp;&nbsp; $95751997 | &nbsp;&nbsp;&nbsp; $1587654 | &nbsp;&nbsp;&nbsp; $2594858 |
| $5308965 | &nbsp;&nbsp;&nbsp; $39867254 | &nbsp;&nbsp;&nbsp; $17430548 | &nbsp;&nbsp;&nbsp; $93005999 | &nbsp;&nbsp;&nbsp; $1516021 | &nbsp;&nbsp;&nbsp; $2504610 |

---

------

**27**

------

**Statements of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco** <br>**Dorsey Wright** <br>**SmallCap Momentum** <br>**ETF (DWAS)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Consumer** <br>**Discretionary** <br>**ETF (PSCD)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Consumer** <br>**Staples** <br>**ETF (PSCC)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Energy** <br>**ETF (PSCE)**<br>|
| **Investment income:** |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $1014001 | &nbsp;&nbsp;&nbsp; $119943 | &nbsp;&nbsp;&nbsp; $337575 | &nbsp;&nbsp;&nbsp; $830595 |
| Affiliated dividend income | &nbsp;&nbsp; 10689 | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 922 |
| Securities lending income, net | &nbsp;&nbsp; 318363 | &nbsp;&nbsp;&nbsp; 15543 | &nbsp;&nbsp;&nbsp; 4296 | &nbsp;&nbsp;&nbsp; 26883 |
| Foreign withholding tax | &nbsp;&nbsp; (9316)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total investment income | &nbsp;&nbsp; 1333737 | &nbsp;&nbsp;&nbsp; 135688 | &nbsp;&nbsp;&nbsp; 342223 | &nbsp;&nbsp;&nbsp; 858400 |
| **Expenses:** |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 1988499 | &nbsp;&nbsp;&nbsp; 31537 | &nbsp;&nbsp;&nbsp; 50782 | &nbsp;&nbsp;&nbsp; 97862 |
| Less: Waivers | &nbsp;&nbsp; (276)<br>| &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (25)<br>|
| Net expenses | &nbsp;&nbsp; 1988223 | &nbsp;&nbsp;&nbsp; 31532 | &nbsp;&nbsp;&nbsp; 50773 | &nbsp;&nbsp;&nbsp; 97837 |
| Net investment income (loss) | &nbsp;&nbsp; (654486)<br>| &nbsp;&nbsp;&nbsp; 104156 | &nbsp;&nbsp;&nbsp; 291450 | &nbsp;&nbsp;&nbsp; 760563 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (28763268)<br>| &nbsp;&nbsp;&nbsp; (385316)<br>| &nbsp;&nbsp;&nbsp; (4067802)<br>| &nbsp;&nbsp;&nbsp; (3517684)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 10550 | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp; 1254 |
| In-kind redemptions | &nbsp;&nbsp; 173568117 | &nbsp;&nbsp;&nbsp; 2835214 | &nbsp;&nbsp;&nbsp; 386733 | &nbsp;&nbsp;&nbsp; 526808 |
| Net realized gain (loss) | &nbsp;&nbsp; 144815399 | &nbsp;&nbsp;&nbsp; 2450198 | &nbsp;&nbsp;&nbsp; (3680710)<br>| &nbsp;&nbsp;&nbsp; (2989622)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (39109711)<br>| &nbsp;&nbsp;&nbsp; (1905239)<br>| &nbsp;&nbsp;&nbsp; 3871805 | &nbsp;&nbsp;&nbsp; 24753453 |
| Affiliated investment securities | &nbsp;&nbsp; (10189)<br>| &nbsp;&nbsp;&nbsp; (324)<br>| &nbsp;&nbsp;&nbsp; (340)<br>| &nbsp;&nbsp;&nbsp; (1135)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (39119900)<br>| &nbsp;&nbsp;&nbsp; (1905563)<br>| &nbsp;&nbsp;&nbsp; 3871465 | &nbsp;&nbsp;&nbsp; 24752318 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 105695499 | &nbsp;&nbsp;&nbsp; 544635 | &nbsp;&nbsp;&nbsp; 190755 | &nbsp;&nbsp;&nbsp; 21762696 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $105041013 | &nbsp;&nbsp;&nbsp; $648791 | &nbsp;&nbsp;&nbsp; $482205 | &nbsp;&nbsp;&nbsp; $22523259 |

---

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

------

**28**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco** <br>**S&P SmallCap** <br>**Financials** <br>**ETF (PSCF)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Health Care** <br>**ETF (PSCH)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Industrials** <br>**ETF (PSCI)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Information** <br>**Technology** <br>**ETF (PSCT)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Materials** <br>**ETF (PSCM)**<br>| **Invesco** <br>**S&P SmallCap** <br>**Utilities &** <br>**Communication** <br>**Services** <br>**ETF (PSCU)**<br>|
| $354763 | &nbsp;&nbsp;&nbsp; $83536 | &nbsp;&nbsp;&nbsp; $575804 | &nbsp;&nbsp;&nbsp; $303363 | &nbsp;&nbsp;&nbsp; $86351 | &nbsp;&nbsp;&nbsp; $114609 |
| 312 | &nbsp;&nbsp;&nbsp; 1295 | &nbsp;&nbsp;&nbsp; 2460 | &nbsp;&nbsp;&nbsp; 2603 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 251 |
| 3101 | &nbsp;&nbsp;&nbsp; 35431 | &nbsp;&nbsp;&nbsp; 13565 | &nbsp;&nbsp;&nbsp; 77714 | &nbsp;&nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp; 2378 |
| (664)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| 357512 | &nbsp;&nbsp;&nbsp; 120262 | &nbsp;&nbsp;&nbsp; 591829 | &nbsp;&nbsp;&nbsp; 383680 | &nbsp;&nbsp;&nbsp; 87534 | &nbsp;&nbsp;&nbsp; 117238 |
| 28698 | &nbsp;&nbsp;&nbsp; 209590 | &nbsp;&nbsp;&nbsp; 215065 | &nbsp;&nbsp;&nbsp; 468451 | &nbsp;&nbsp;&nbsp; 18105 | &nbsp;&nbsp;&nbsp; 19316 |
| (8)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (6)<br>|
| 28690 | &nbsp;&nbsp;&nbsp; 209556 | &nbsp;&nbsp;&nbsp; 215003 | &nbsp;&nbsp;&nbsp; 468383 | &nbsp;&nbsp;&nbsp; 18101 | &nbsp;&nbsp;&nbsp; 19310 |
| 328822 | &nbsp;&nbsp;&nbsp; (89294)<br>| &nbsp;&nbsp;&nbsp; 376826 | &nbsp;&nbsp;&nbsp; (84703)<br>| &nbsp;&nbsp;&nbsp; 69433 | &nbsp;&nbsp;&nbsp; 97928 |
| 213775 | &nbsp;&nbsp;&nbsp; (980732)<br>| &nbsp;&nbsp;&nbsp; (1482011)<br>| &nbsp;&nbsp;&nbsp; 43674904 | &nbsp;&nbsp;&nbsp; 1531456 | &nbsp;&nbsp;&nbsp; (366480)<br>|
| 119 | &nbsp;&nbsp;&nbsp; 1626 | &nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 13 |
| 344604 | &nbsp;&nbsp;&nbsp; 3217343 | &nbsp;&nbsp;&nbsp; 13886154 | &nbsp;&nbsp;&nbsp; 11062908 | &nbsp;&nbsp;&nbsp; 284797 | &nbsp;&nbsp;&nbsp; - |
| 558498 | &nbsp;&nbsp;&nbsp; 2238237 | &nbsp;&nbsp;&nbsp; 12404762 | &nbsp;&nbsp;&nbsp; 54740756 | &nbsp;&nbsp;&nbsp; 1816438 | &nbsp;&nbsp;&nbsp; (366467)<br>|
| (661392)<br>| &nbsp;&nbsp;&nbsp; 4693679 | &nbsp;&nbsp;&nbsp; 8543516 | &nbsp;&nbsp;&nbsp; 23483669 | &nbsp;&nbsp;&nbsp; 924160 | &nbsp;&nbsp;&nbsp; 862894 |
| (132)<br>| &nbsp;&nbsp;&nbsp; (1921)<br>| &nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp; (3191)<br>| &nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp; (25)<br>|
| (661524)<br>| &nbsp;&nbsp;&nbsp; 4691758 | &nbsp;&nbsp;&nbsp; 8542804 | &nbsp;&nbsp;&nbsp; 23480478 | &nbsp;&nbsp;&nbsp; 924046 | &nbsp;&nbsp;&nbsp; 862869 |
| (103026)<br>| &nbsp;&nbsp;&nbsp; 6929995 | &nbsp;&nbsp;&nbsp; 20947566 | &nbsp;&nbsp;&nbsp; 78221234 | &nbsp;&nbsp;&nbsp; 2740484 | &nbsp;&nbsp;&nbsp; 496402 |
| $225796 | &nbsp;&nbsp;&nbsp; $6840701 | &nbsp;&nbsp;&nbsp; $21324392 | &nbsp;&nbsp;&nbsp; $78136531 | &nbsp;&nbsp;&nbsp; $2809917 | &nbsp;&nbsp;&nbsp; $594330 |

---

------

**29**

------

**Statements of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Dorsey Wright SmallCap** <br>**Momentum ETF (DWAS)** | **Invesco Dorsey Wright SmallCap** <br>**Momentum ETF (DWAS)** | **Invesco S&P SmallCap** <br>**Consumer Discretionary ETF (PSCD)** | **Invesco S&P SmallCap** <br>**Consumer Discretionary ETF (PSCD)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(654486)<br>| &nbsp;&nbsp;&nbsp; $1201993 | &nbsp;&nbsp;&nbsp; $104156 | &nbsp;&nbsp;&nbsp; $221923 |
| Net realized gain (loss) | &nbsp;&nbsp; 144815399 | &nbsp;&nbsp;&nbsp; 32861097 | &nbsp;&nbsp;&nbsp; 2450198 | &nbsp;&nbsp;&nbsp; (926545)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (39119900)<br>| &nbsp;&nbsp;&nbsp; (69760452)<br>| &nbsp;&nbsp;&nbsp; (1905563)<br>| &nbsp;&nbsp;&nbsp; 1625195 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 105041013 | &nbsp;&nbsp;&nbsp; (35697362)<br>| &nbsp;&nbsp;&nbsp; 648791 | &nbsp;&nbsp;&nbsp; 920573 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (40774)<br>| &nbsp;&nbsp;&nbsp; (6747836)<br>| &nbsp;&nbsp;&nbsp; (98985)<br>| &nbsp;&nbsp;&nbsp; (274797)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 253043419 | &nbsp;&nbsp;&nbsp; 91071416 | &nbsp;&nbsp;&nbsp; 16692786 | &nbsp;&nbsp;&nbsp; - |
| Value of shares repurchased | &nbsp;&nbsp; (659824724)<br>| &nbsp;&nbsp;&nbsp; (326182115)<br>| &nbsp;&nbsp;&nbsp; (12406381)<br>| &nbsp;&nbsp;&nbsp; (5037019)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (406781305)<br>| &nbsp;&nbsp;&nbsp; (235110699)<br>| &nbsp;&nbsp;&nbsp; 4286405 | &nbsp;&nbsp;&nbsp; (5037019)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (301781066)<br>| &nbsp;&nbsp;&nbsp; (277555897)<br>| &nbsp;&nbsp;&nbsp; 4836211 | &nbsp;&nbsp;&nbsp; (4391243)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 687842786 | &nbsp;&nbsp;&nbsp; 965398683 | &nbsp;&nbsp;&nbsp; 21293739 | &nbsp;&nbsp;&nbsp; 25684982 |
| End of period | &nbsp;&nbsp; $386061720 | &nbsp;&nbsp;&nbsp; $687842786 | &nbsp;&nbsp;&nbsp; $26129950 | &nbsp;&nbsp;&nbsp; $21293739 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2720000 | &nbsp;&nbsp;&nbsp; 1010000 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; - |
| Shares repurchased | &nbsp;&nbsp; (6670000)<br>| &nbsp;&nbsp;&nbsp; (3760000)<br>| &nbsp;&nbsp;&nbsp; (110000)<br>| &nbsp;&nbsp;&nbsp; (50000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 7710000 | &nbsp;&nbsp;&nbsp; 10460000 | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 240000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 3760000 | &nbsp;&nbsp;&nbsp; 7710000 | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 190000 |

---

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

------

**30**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P SmallCap** <br>**Consumer Staples ETF (PSCC)** | **Invesco S&P SmallCap** <br>**Consumer Staples ETF (PSCC)** | **Invesco S&P SmallCap** <br>**Energy ETF (PSCE)** | **Invesco S&P SmallCap** <br>**Energy ETF (PSCE)** | **Invesco S&P SmallCap** <br>**Financials ETF (PSCF)** | **Invesco S&P SmallCap** <br>**Financials ETF (PSCF)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $291450 | &nbsp;&nbsp;&nbsp; $919782 | &nbsp;&nbsp;&nbsp; $760563 | &nbsp;&nbsp;&nbsp; $1445087 | &nbsp;&nbsp;&nbsp; $328822 | &nbsp;&nbsp;&nbsp; $368405 |
| (3680710)<br>| &nbsp;&nbsp;&nbsp; (4961038)<br>| &nbsp;&nbsp;&nbsp; (2989622)<br>| &nbsp;&nbsp;&nbsp; (9426684)<br>| &nbsp;&nbsp;&nbsp; 558498 | &nbsp;&nbsp;&nbsp; 1166463 |
| 3871465 | &nbsp;&nbsp;&nbsp; 799409 | &nbsp;&nbsp;&nbsp; 24752318 | &nbsp;&nbsp;&nbsp; (12204397)<br>| &nbsp;&nbsp;&nbsp; (661524)<br>| &nbsp;&nbsp;&nbsp; 366865 |
| 482205 | &nbsp;&nbsp;&nbsp; (3241847)<br>| &nbsp;&nbsp;&nbsp; 22523259 | &nbsp;&nbsp;&nbsp; (20185994)<br>| &nbsp;&nbsp;&nbsp; 225796 | &nbsp;&nbsp;&nbsp; 1901733 |
| (394758)<br>| &nbsp;&nbsp;&nbsp; (1030130)<br>| &nbsp;&nbsp;&nbsp; (760901)<br>| &nbsp;&nbsp;&nbsp; (1621574)<br>| &nbsp;&nbsp;&nbsp; (237934)<br>| &nbsp;&nbsp;&nbsp; (497623)<br>|
| 971804 | &nbsp;&nbsp;&nbsp; 1186090 | &nbsp;&nbsp;&nbsp; 27946809 | &nbsp;&nbsp;&nbsp; 24953247 | &nbsp;&nbsp;&nbsp; 5440832 | &nbsp;&nbsp;&nbsp; 5920849 |
| (4515721)<br>| &nbsp;&nbsp;&nbsp; (12439188)<br>| &nbsp;&nbsp;&nbsp; (4033424)<br>| &nbsp;&nbsp;&nbsp; (38196733)<br>| &nbsp;&nbsp;&nbsp; (1224381)<br>| &nbsp;&nbsp;&nbsp; (8412364)<br>|
| (3543917)<br>| &nbsp;&nbsp;&nbsp; (11253098)<br>| &nbsp;&nbsp;&nbsp; 23913385 | &nbsp;&nbsp;&nbsp; (13243486)<br>| &nbsp;&nbsp;&nbsp; 4216451 | &nbsp;&nbsp;&nbsp; (2491515)<br>|
| (3456470)<br>| &nbsp;&nbsp;&nbsp; (15525075)<br>| &nbsp;&nbsp;&nbsp; 45675743 | &nbsp;&nbsp;&nbsp; (35051054)<br>| &nbsp;&nbsp;&nbsp; 4204313 | &nbsp;&nbsp;&nbsp; (1087405)<br>|
| 39492673 | &nbsp;&nbsp;&nbsp; 55017748 | &nbsp;&nbsp;&nbsp; 59198653 | &nbsp;&nbsp;&nbsp; 94249707 | &nbsp;&nbsp;&nbsp; 19439334 | &nbsp;&nbsp;&nbsp; 20526739 |
| $36036203 | &nbsp;&nbsp;&nbsp; $39492673 | &nbsp;&nbsp;&nbsp; $104874396 | &nbsp;&nbsp;&nbsp; $59198653 | &nbsp;&nbsp;&nbsp; $23643647 | &nbsp;&nbsp;&nbsp; $19439334 |
| 30000 | &nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 110000 |
| (140000)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (90000)<br>| &nbsp;&nbsp;&nbsp; (870000)<br>| &nbsp;&nbsp;&nbsp; (20000)<br>| &nbsp;&nbsp;&nbsp; (150000)<br>|
| 1130000 | &nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp; 1413970 | &nbsp;&nbsp;&nbsp; 1793970 | &nbsp;&nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp; 370000 |
| 1020000 | &nbsp;&nbsp;&nbsp; 1130000 | &nbsp;&nbsp;&nbsp; 1893970 | &nbsp;&nbsp;&nbsp; 1413970 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 330000 |

---

------

**31**

------

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

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco S&P SmallCap** <br>**Health Care ETF (PSCH)** | **Invesco S&P SmallCap** <br>**Health Care ETF (PSCH)** | **Invesco S&P SmallCap** <br>**Industrials ETF (PSCI)** | **Invesco S&P SmallCap** <br>**Industrials ETF (PSCI)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(89294)<br>| &nbsp;&nbsp;&nbsp; $132659 | &nbsp;&nbsp;&nbsp; $376826 | &nbsp;&nbsp;&nbsp; $1097162 |
| Net realized gain (loss) | &nbsp;&nbsp; 2238237 | &nbsp;&nbsp;&nbsp; 2580004 | &nbsp;&nbsp;&nbsp; 12404762 | &nbsp;&nbsp;&nbsp; 12211625 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 4691758 | &nbsp;&nbsp;&nbsp; (25876600)<br>| &nbsp;&nbsp;&nbsp; 8542804 | &nbsp;&nbsp;&nbsp; (10207602)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 6840701 | &nbsp;&nbsp;&nbsp; (23163937)<br>| &nbsp;&nbsp;&nbsp; 21324392 | &nbsp;&nbsp;&nbsp; 3101185 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (8884)<br>| &nbsp;&nbsp;&nbsp; (133341)<br>| &nbsp;&nbsp;&nbsp; (1842331)<br>| &nbsp;&nbsp;&nbsp; (1352006)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 5290640 | &nbsp;&nbsp;&nbsp; 8292426 | &nbsp;&nbsp;&nbsp; 50495825 | &nbsp;&nbsp;&nbsp; 45497385 |
| Value of shares repurchased | &nbsp;&nbsp; (15872766)<br>| &nbsp;&nbsp;&nbsp; (46576951)<br>| &nbsp;&nbsp;&nbsp; (25625998)<br>| &nbsp;&nbsp;&nbsp; (107058770)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; (10582126)<br>| &nbsp;&nbsp;&nbsp; (38284525)<br>| &nbsp;&nbsp;&nbsp; 24869827 | &nbsp;&nbsp;&nbsp; (61561385)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; (3750309)<br>| &nbsp;&nbsp;&nbsp; (61581803)<br>| &nbsp;&nbsp;&nbsp; 44351888 | &nbsp;&nbsp;&nbsp; (59812206)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 143513446 | &nbsp;&nbsp;&nbsp; 205095249 | &nbsp;&nbsp;&nbsp; 136110661 | &nbsp;&nbsp;&nbsp; 195922867 |
| End of period | &nbsp;&nbsp; $139763137 | &nbsp;&nbsp;&nbsp; $143513446 | &nbsp;&nbsp;&nbsp; $180462549 | &nbsp;&nbsp;&nbsp; $136110661 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; 330000 |
| Shares repurchased | &nbsp;&nbsp; (370000)<br>| &nbsp;&nbsp;&nbsp; (1080000)<br>| &nbsp;&nbsp;&nbsp; (170000)<br>| &nbsp;&nbsp;&nbsp; (920000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 3470000 | &nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp; 1510000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 3220000 | &nbsp;&nbsp;&nbsp; 3470000 | &nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp; 920000 |

---

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

------

**32**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco S&P SmallCap** <br>**Information Technology ETF (PSCT)** | **Invesco S&P SmallCap** <br>**Information Technology ETF (PSCT)** | **Invesco S&P SmallCap** <br>**Materials ETF (PSCM)** | **Invesco S&P SmallCap** <br>**Materials ETF (PSCM)** | **Invesco S&P SmallCap** <br>**Utilities & Communication** <br>**Services ETF (PSCU)** | **Invesco S&P SmallCap** <br>**Utilities & Communication** <br>**Services ETF (PSCU)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $(84703)<br>| &nbsp;&nbsp;&nbsp; $37744 | &nbsp;&nbsp;&nbsp; $69433 | &nbsp;&nbsp;&nbsp; $146751 | &nbsp;&nbsp;&nbsp; $97928 | &nbsp;&nbsp;&nbsp; $160936 |
| 54740756 | &nbsp;&nbsp;&nbsp; 17906105 | &nbsp;&nbsp;&nbsp; 1816438 | &nbsp;&nbsp;&nbsp; 757891 | &nbsp;&nbsp;&nbsp; (366467)<br>| &nbsp;&nbsp;&nbsp; 1534371 |
| 23480478 | &nbsp;&nbsp;&nbsp; (19032113)<br>| &nbsp;&nbsp;&nbsp; 924046 | &nbsp;&nbsp;&nbsp; (1541758)<br>| &nbsp;&nbsp;&nbsp; 862869 | &nbsp;&nbsp;&nbsp; (1388628)<br>|
| 78136531 | &nbsp;&nbsp;&nbsp; (1088264)<br>| &nbsp;&nbsp;&nbsp; 2809917 | &nbsp;&nbsp;&nbsp; (637116)<br>| &nbsp;&nbsp;&nbsp; 594330 | &nbsp;&nbsp;&nbsp; 306679 |
| (22056)<br>| &nbsp;&nbsp;&nbsp; (58475)<br>| &nbsp;&nbsp;&nbsp; (72898)<br>| &nbsp;&nbsp;&nbsp; (150818)<br>| &nbsp;&nbsp;&nbsp; (113406)<br>| &nbsp;&nbsp;&nbsp; (171505)<br>|
| 32950324 | &nbsp;&nbsp;&nbsp; 24127305 | &nbsp;&nbsp;&nbsp; 6806813 | &nbsp;&nbsp;&nbsp; 4655248 | &nbsp;&nbsp;&nbsp; 564569 | &nbsp;&nbsp;&nbsp; 4631851 |
| (20683994)<br>| &nbsp;&nbsp;&nbsp; (72145060)<br>| &nbsp;&nbsp;&nbsp; (3236689)<br>| &nbsp;&nbsp;&nbsp; (9441473)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (10869004)<br>|
| 12266330 | &nbsp;&nbsp;&nbsp; (48017755)<br>| &nbsp;&nbsp;&nbsp; 3570124 | &nbsp;&nbsp;&nbsp; (4786225)<br>| &nbsp;&nbsp;&nbsp; 564569 | &nbsp;&nbsp;&nbsp; (6237153)<br>|
| 90380805 | &nbsp;&nbsp;&nbsp; (49164494)<br>| &nbsp;&nbsp;&nbsp; 6307143 | &nbsp;&nbsp;&nbsp; (5574159)<br>| &nbsp;&nbsp;&nbsp; 1045493 | &nbsp;&nbsp;&nbsp; (6101979)<br>|
| 273809502 | &nbsp;&nbsp;&nbsp; 322973996 | &nbsp;&nbsp;&nbsp; 12556998 | &nbsp;&nbsp;&nbsp; 18131157 | &nbsp;&nbsp;&nbsp; 13055370 | &nbsp;&nbsp;&nbsp; 19157349 |
| $364190307 | &nbsp;&nbsp;&nbsp; $273809502 | &nbsp;&nbsp;&nbsp; $18864141 | &nbsp;&nbsp;&nbsp; $12556998 | &nbsp;&nbsp;&nbsp; $14100863 | &nbsp;&nbsp;&nbsp; $13055370 |
| 550000 | &nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 80000 |
| (360000)<br>| &nbsp;&nbsp;&nbsp; (1610000)<br>| &nbsp;&nbsp;&nbsp; (40000)<br>| &nbsp;&nbsp;&nbsp; (130000)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (180000)<br>|
| 5650000 | &nbsp;&nbsp;&nbsp; 6740000 | &nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 330000 |
| 5840000 | &nbsp;&nbsp;&nbsp; 5650000 | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 230000 |

---

------

**33**

------

**Financial Highlights**

Invesco Dorsey Wright SmallCap Momentum ETF (DWAS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $89.21 | &nbsp;&nbsp;&nbsp; $92.29 | &nbsp;&nbsp;&nbsp; $80.24 | &nbsp;&nbsp;&nbsp; $76.19 | &nbsp;&nbsp;&nbsp; $87.15 | &nbsp;&nbsp;&nbsp; $59.33 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;13.57 | &nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp; (11.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.88 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp; (10.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;27.91 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $102.68 | &nbsp;&nbsp;&nbsp; $89.21 | &nbsp;&nbsp;&nbsp; $92.29 | &nbsp;&nbsp;&nbsp; $80.24 | &nbsp;&nbsp;&nbsp; $76.19 | &nbsp;&nbsp;&nbsp; $87.15 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $102.57 | &nbsp;&nbsp;&nbsp; $89.13 | &nbsp;&nbsp;&nbsp; $92.24 | &nbsp;&nbsp;&nbsp; $80.24 | &nbsp;&nbsp;&nbsp; $76.21 | &nbsp;&nbsp;&nbsp; $87.07 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.11<br> %<br>| &nbsp;&nbsp;&nbsp; (2.65)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.21<br> %<br>| &nbsp;&nbsp;&nbsp; (12.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.07<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.09<br> %<br>| &nbsp;&nbsp;&nbsp; (2.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.19<br> %<br>| &nbsp;&nbsp;&nbsp; (12.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 46.79<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $386062 | &nbsp;&nbsp;&nbsp; $687843 | &nbsp;&nbsp;&nbsp; $965399 | &nbsp;&nbsp;&nbsp; $716583 | &nbsp;&nbsp;&nbsp; $390080 | &nbsp;&nbsp;&nbsp; $455814 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.20 )%<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 111<br> %<br>| &nbsp;&nbsp;&nbsp; 186<br> %<br>| &nbsp;&nbsp;&nbsp; 178<br> %<br>| &nbsp;&nbsp;&nbsp; 181<br> %<br>| &nbsp;&nbsp;&nbsp; 175<br> %<br>| &nbsp;&nbsp;&nbsp; 198<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.

------

**34**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Consumer Discretionary ETF (PSCD)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $112.07 | &nbsp;&nbsp;&nbsp; $107.02 | &nbsp;&nbsp;&nbsp; $92.14 | &nbsp;&nbsp;&nbsp; $80.87 | &nbsp;&nbsp;&nbsp; $113.63 | &nbsp;&nbsp;&nbsp; $64.90 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;14.81 | &nbsp;&nbsp;&nbsp;&nbsp; 11.25 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (32.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;48.59 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;16.15 | &nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp; (31.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;49.06 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $113.61 | &nbsp;&nbsp;&nbsp; $112.07 | &nbsp;&nbsp;&nbsp; $107.02 | &nbsp;&nbsp;&nbsp; $92.14 | &nbsp;&nbsp;&nbsp; $80.87 | &nbsp;&nbsp;&nbsp; $113.63 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $113.45 | &nbsp;&nbsp;&nbsp; $112.03 | &nbsp;&nbsp;&nbsp; $106.85 | &nbsp;&nbsp;&nbsp; $92.11 | &nbsp;&nbsp;&nbsp; $80.85 | &nbsp;&nbsp;&nbsp; $113.46 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.57 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (28.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75.74<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.56 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (27.91)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 75.42<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $26130 | &nbsp;&nbsp;&nbsp; $21294 | &nbsp;&nbsp;&nbsp; $25685 | &nbsp;&nbsp;&nbsp; $26721 | &nbsp;&nbsp;&nbsp; $25071 | &nbsp;&nbsp;&nbsp; $65907 |
| 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; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.96 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 33<br> %<br>|

---

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

<sup>(b)</sup> Includes litigation proceeds received during the period. Had these litigation proceeds not been received, Net realized and unrealized gain (loss) on investments per share would have been $10.76. Total returns would have been lower. 

<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.

------

**35**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Consumer Staples ETF (PSCC)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $34.95 | &nbsp;&nbsp;&nbsp; $37.94 | &nbsp;&nbsp;&nbsp; $37.26 | &nbsp;&nbsp;&nbsp; $34.14 | &nbsp;&nbsp;&nbsp; $34.05 | &nbsp;&nbsp;&nbsp; $26.12 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp; 0.07 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;7.95 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.47 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.54)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $35.33 | &nbsp;&nbsp;&nbsp; $34.95 | &nbsp;&nbsp;&nbsp; $37.94 | &nbsp;&nbsp;&nbsp; $37.26 | &nbsp;&nbsp;&nbsp; $34.14 | &nbsp;&nbsp;&nbsp; $34.05 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $35.33 | &nbsp;&nbsp;&nbsp; $34.95 | &nbsp;&nbsp;&nbsp; $37.92 | &nbsp;&nbsp;&nbsp; $37.24 | &nbsp;&nbsp;&nbsp; $34.14 | &nbsp;&nbsp;&nbsp; $34.01 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp; (5.90)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.77<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp; (5.86)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.27<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $36036 | &nbsp;&nbsp;&nbsp; $39493 | &nbsp;&nbsp;&nbsp; $55018 | &nbsp;&nbsp;&nbsp; $88683 | &nbsp;&nbsp;&nbsp; $61448 | &nbsp;&nbsp;&nbsp; $46982 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(f)</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; 1.66 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023.

<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> 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.

------

**36**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Energy ETF (PSCE)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $41.87 | &nbsp;&nbsp;&nbsp; $52.54 | &nbsp;&nbsp;&nbsp; $56.14 | &nbsp;&nbsp;&nbsp; $49.50 | &nbsp;&nbsp;&nbsp; $32.55 | &nbsp;&nbsp;&nbsp; $17.50 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;13.53 | &nbsp;&nbsp;&nbsp; (10.57)<br>| &nbsp;&nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.62 | &nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;15.00 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;17.30 | &nbsp;&nbsp;&nbsp;&nbsp;15.15 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $55.37 | &nbsp;&nbsp;&nbsp; $41.87 | &nbsp;&nbsp;&nbsp; $52.54 | &nbsp;&nbsp;&nbsp; $56.14 | &nbsp;&nbsp;&nbsp; $49.50 | &nbsp;&nbsp;&nbsp; $32.55 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $55.37 | &nbsp;&nbsp;&nbsp; $41.90 | &nbsp;&nbsp;&nbsp; $52.51 | &nbsp;&nbsp;&nbsp; $56.11 | &nbsp;&nbsp;&nbsp; $49.50 | &nbsp;&nbsp;&nbsp; $32.60 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33.92<br> %<br>| &nbsp;&nbsp;&nbsp; (18.60)%<br>| &nbsp;&nbsp;&nbsp; (4.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 87.13<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 33.83<br> %<br>| &nbsp;&nbsp;&nbsp; (18.49)%<br>| &nbsp;&nbsp;&nbsp; (4.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86.35<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $104874 | &nbsp;&nbsp;&nbsp; $59199 | &nbsp;&nbsp;&nbsp; $94250 | &nbsp;&nbsp;&nbsp; $246659 | &nbsp;&nbsp;&nbsp; $138193 | &nbsp;&nbsp;&nbsp; $105589 |
| 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; 2.25 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a one-for-five reverse stock split effective after the close of business on July 17, 2023.

<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> 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.

------

**37**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Financials ETF (PSCF)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $58.91 | &nbsp;&nbsp;&nbsp; $55.48 | &nbsp;&nbsp;&nbsp; $44.39 | &nbsp;&nbsp;&nbsp; $50.37 | &nbsp;&nbsp;&nbsp; $58.47 | &nbsp;&nbsp;&nbsp; $40.46 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp; (8.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.07 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;12.39 | &nbsp;&nbsp;&nbsp; (4.59)<br>| &nbsp;&nbsp;&nbsp; (6.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.13 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.12)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $59.11 | &nbsp;&nbsp;&nbsp; $58.91 | &nbsp;&nbsp;&nbsp; $55.48 | &nbsp;&nbsp;&nbsp; $44.39 | &nbsp;&nbsp;&nbsp; $50.37 | &nbsp;&nbsp;&nbsp; $58.47 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $59.11 | &nbsp;&nbsp;&nbsp; $58.91 | &nbsp;&nbsp;&nbsp; $55.45 | &nbsp;&nbsp;&nbsp; $44.36 | &nbsp;&nbsp;&nbsp; $50.38 | &nbsp;&nbsp;&nbsp; $58.39 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.61<br> %<br>| &nbsp;&nbsp;&nbsp; (9.13)%<br>| &nbsp;&nbsp;&nbsp; (11.81)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.97<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.62<br> %<br>| &nbsp;&nbsp;&nbsp; (9.21)%<br>| &nbsp;&nbsp;&nbsp; (11.67)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.48<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $23644 | &nbsp;&nbsp;&nbsp; $19439 | &nbsp;&nbsp;&nbsp; $20527 | &nbsp;&nbsp;&nbsp; $22193 | &nbsp;&nbsp;&nbsp; $37775 | &nbsp;&nbsp;&nbsp; $50288 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &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>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 3.32 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 19<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.

------

**38**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Health Care ETF (PSCH)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $41.36 | &nbsp;&nbsp;&nbsp; $47.15 | &nbsp;&nbsp;&nbsp; $41.40 | &nbsp;&nbsp;&nbsp; $46.93 | &nbsp;&nbsp;&nbsp; $63.77 | &nbsp;&nbsp;&nbsp; $44.25 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp; (5.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp; (16.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.61 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp; (5.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp; (5.53)<br>| &nbsp;&nbsp;&nbsp; (16.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.52 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $43.40 | &nbsp;&nbsp;&nbsp; $41.36 | &nbsp;&nbsp;&nbsp; $47.15 | &nbsp;&nbsp;&nbsp; $41.40 | &nbsp;&nbsp;&nbsp; $46.93 | &nbsp;&nbsp;&nbsp; $63.77 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $43.36 | &nbsp;&nbsp;&nbsp; $41.35 | &nbsp;&nbsp;&nbsp; $47.11 | &nbsp;&nbsp;&nbsp; $41.35 | &nbsp;&nbsp;&nbsp; $46.94 | &nbsp;&nbsp;&nbsp; $63.64 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.94<br> %<br>| &nbsp;&nbsp;&nbsp; (12.21)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.19<br> %<br>| &nbsp;&nbsp;&nbsp; (11.79)%<br>| &nbsp;&nbsp;&nbsp; (26.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.13<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.87<br> %<br>| &nbsp;&nbsp;&nbsp; (12.16)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.22<br> %<br>| &nbsp;&nbsp;&nbsp; (11.91)%<br>| &nbsp;&nbsp;&nbsp; (26.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.72<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $139763 | &nbsp;&nbsp;&nbsp; $143513 | &nbsp;&nbsp;&nbsp; $205095 | &nbsp;&nbsp;&nbsp; $256237 | &nbsp;&nbsp;&nbsp; $336501 | &nbsp;&nbsp;&nbsp; $526104 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(f)</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 (loss) | &nbsp;&nbsp;&nbsp; (0.12 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp; (0.07)%<br>| &nbsp;&nbsp;&nbsp; (0.15)%<br>| &nbsp;&nbsp;&nbsp; (0.16)%<br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023.

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

<sup>(c)</sup> Amount represents less than $(0.005) per share.

<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 and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. 

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

------

**39**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Industrials ETF (PSCI)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $147.95 | &nbsp;&nbsp;&nbsp; $129.75 | &nbsp;&nbsp;&nbsp; $103.82 | &nbsp;&nbsp;&nbsp; $86.84 | &nbsp;&nbsp;&nbsp; $94.57 | &nbsp;&nbsp;&nbsp; $65.95 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;22.28 | &nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;25.92 | &nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;&nbsp; (7.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.53 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;22.67 | &nbsp;&nbsp;&nbsp;&nbsp;19.15 | &nbsp;&nbsp;&nbsp;&nbsp;26.72 | &nbsp;&nbsp;&nbsp;&nbsp;17.83 | &nbsp;&nbsp;&nbsp; (7.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.17 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $168.66 | &nbsp;&nbsp;&nbsp; $147.95 | &nbsp;&nbsp;&nbsp; $129.75 | &nbsp;&nbsp;&nbsp; $103.82 | &nbsp;&nbsp;&nbsp; $86.84 | &nbsp;&nbsp;&nbsp; $94.57 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $168.68 | &nbsp;&nbsp;&nbsp; $147.88 | &nbsp;&nbsp;&nbsp; $129.71 | &nbsp;&nbsp;&nbsp; $103.81 | &nbsp;&nbsp;&nbsp; $86.84 | &nbsp;&nbsp;&nbsp; $94.49 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.67<br> %<br>| &nbsp;&nbsp;&nbsp; (7.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.37<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 15.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.66<br> %<br>| &nbsp;&nbsp;&nbsp; (7.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.03<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $180463 | &nbsp;&nbsp;&nbsp; $136111 | &nbsp;&nbsp;&nbsp; $195923 | &nbsp;&nbsp;&nbsp; $133923 | &nbsp;&nbsp;&nbsp; $68607 | &nbsp;&nbsp;&nbsp; $124836 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &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>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.51 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 9<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.

------

**40**

------

**Financial Highlights—(continued)**

Invesco S&P SmallCap Information Technology ETF (PSCT)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022**<sup>(a)</sup> <br>| **2021**<sup>(a)</sup> <br>|
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $48.46 | &nbsp;&nbsp;&nbsp; $47.92 | &nbsp;&nbsp;&nbsp; $47.99 | &nbsp;&nbsp;&nbsp; $40.81 | &nbsp;&nbsp;&nbsp; $49.09 | &nbsp;&nbsp;&nbsp; $30.19 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;13.91 | &nbsp;&nbsp;&nbsp;&nbsp; 0.54 <br><sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.17 | &nbsp;&nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.91 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;13.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp; (8.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.92 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $62.36 | &nbsp;&nbsp;&nbsp; $48.46 | &nbsp;&nbsp;&nbsp; $47.92 | &nbsp;&nbsp;&nbsp; $47.99 | &nbsp;&nbsp;&nbsp; $40.81 | &nbsp;&nbsp;&nbsp; $49.09 |
| Market price at end of period<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; $62.38 | &nbsp;&nbsp;&nbsp; $48.45 | &nbsp;&nbsp;&nbsp; $47.90 | &nbsp;&nbsp;&nbsp; $48.01 | &nbsp;&nbsp;&nbsp; $40.85 | &nbsp;&nbsp;&nbsp; $49.09 |
| **Net Asset Value Total Return**<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp; (0.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.59<br> %<br>| &nbsp;&nbsp;&nbsp; (16.87)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62.70<br> %<br>|
| **Market Price Total Return**<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 28.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> %<br>| &nbsp;&nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.53<br> %<br>| &nbsp;&nbsp;&nbsp; (16.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62.54<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $364190 | &nbsp;&nbsp;&nbsp; $273810 | &nbsp;&nbsp;&nbsp; $322974 | &nbsp;&nbsp;&nbsp; $338296 | &nbsp;&nbsp;&nbsp; $383204 | &nbsp;&nbsp;&nbsp; $477157 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(h)</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 (loss) | &nbsp;&nbsp;&nbsp; (0.05 )%<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp; (0.00)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>|
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>|

---

<sup>(a)</sup> Per share amounts have been adjusted to reflect a three-for-one stock split effective at the open of business on July 17, 2023.

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

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

<sup>(d)</sup> Amount represents less than $(0.005) per share.

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

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

<sup>(i)</sup> Amount represents less than 0.005%.

<sup>(j)</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.

------

**41**

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**Financial Highlights—(continued)**

Invesco S&P SmallCap Materials ETF (PSCM)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $78.48 | &nbsp;&nbsp;&nbsp; $78.83 | &nbsp;&nbsp;&nbsp; $68.52 | &nbsp;&nbsp;&nbsp; $63.09 | &nbsp;&nbsp;&nbsp; $65.98 | &nbsp;&nbsp;&nbsp; $42.14 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;20.85 | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23.97 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;21.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.58 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $99.28 | &nbsp;&nbsp;&nbsp; $78.48 | &nbsp;&nbsp;&nbsp; $78.83 | &nbsp;&nbsp;&nbsp; $68.52 | &nbsp;&nbsp;&nbsp; $63.09 | &nbsp;&nbsp;&nbsp; $65.98 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $99.33 | &nbsp;&nbsp;&nbsp; $78.48 | &nbsp;&nbsp;&nbsp; $78.77 | &nbsp;&nbsp;&nbsp; $68.51 | &nbsp;&nbsp;&nbsp; $63.05 | &nbsp;&nbsp;&nbsp; $65.88 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.69<br> %<br>| &nbsp;&nbsp;&nbsp; (3.69)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.70<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.74<br> %<br>| &nbsp;&nbsp;&nbsp; (3.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 59.03<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $18864 | &nbsp;&nbsp;&nbsp; $12557 | &nbsp;&nbsp;&nbsp; $18131 | &nbsp;&nbsp;&nbsp; $18499 | &nbsp;&nbsp;&nbsp; $18927 | &nbsp;&nbsp;&nbsp; $27711 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &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>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|

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

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

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

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

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

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

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**Financial Highlights—(continued)**

Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $56.76 | &nbsp;&nbsp;&nbsp; $58.05 | &nbsp;&nbsp;&nbsp; $52.79 | &nbsp;&nbsp;&nbsp; $58.08 | &nbsp;&nbsp;&nbsp; $67.58 | &nbsp;&nbsp;&nbsp; $48.85 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp; 1.75 <br><sup>(b)</sup><br>|
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp; (1.29 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp; (5.42)<br>| &nbsp;&nbsp;&nbsp; (8.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;17.63 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp;&nbsp; (7.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.38 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $58.75 | &nbsp;&nbsp;&nbsp; $56.76 | &nbsp;&nbsp;&nbsp; $58.05 | &nbsp;&nbsp;&nbsp; $52.79 | &nbsp;&nbsp;&nbsp; $58.08 | &nbsp;&nbsp;&nbsp; $67.58 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $58.73 | &nbsp;&nbsp;&nbsp; $56.77 | &nbsp;&nbsp;&nbsp; $58.07 | &nbsp;&nbsp;&nbsp; $52.78 | &nbsp;&nbsp;&nbsp; $58.08 | &nbsp;&nbsp;&nbsp; $67.44 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.39<br> %<br>| &nbsp;&nbsp;&nbsp; (1.26)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.65<br> %<br>| &nbsp;&nbsp;&nbsp; (7.87)%<br>| &nbsp;&nbsp;&nbsp; (11.42)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.03<br> %<br>|
| **Market Price Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| &nbsp;&nbsp;&nbsp; (1.28)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.71<br> %<br>| &nbsp;&nbsp;&nbsp; (7.88)%<br>| &nbsp;&nbsp;&nbsp; (11.23)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.57<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $14101 | &nbsp;&nbsp;&nbsp; $13055 | &nbsp;&nbsp;&nbsp; $19157 | &nbsp;&nbsp;&nbsp; $19005 | &nbsp;&nbsp;&nbsp; $22653 | &nbsp;&nbsp;&nbsp; $27034 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.29 %<sup>(f)</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; 1.47 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.98 %<sup>(b)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 70<br> %<br>|

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<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 $0.69 and 1.17%, respectively. 

<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> 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.

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

February 28, 2026

*(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 Dorsey Wright SmallCap Momentum ETF (DWAS) | "Dorsey Wright SmallCap Momentum ETF" |
| Invesco S&P SmallCap Consumer Discretionary ETF (PSCD) | "S&P SmallCap Consumer Discretionary ETF" |
| Invesco S&P SmallCap Consumer Staples ETF (PSCC) | "S&P SmallCap Consumer Staples ETF" |
| Invesco S&P SmallCap Energy ETF (PSCE) | "S&P SmallCap Energy ETF" |
| Invesco S&P SmallCap Financials ETF (PSCF) | "S&P SmallCap Financials ETF" |
| Invesco S&P SmallCap Health Care ETF (PSCH) | "S&P SmallCap Health Care ETF" |
| Invesco S&P SmallCap Industrials ETF (PSCI) | "S&P SmallCap Industrials ETF" |
| Invesco S&P SmallCap Information Technology ETF (PSCT) | "S&P SmallCap Information Technology ETF" |
| Invesco S&P SmallCap Materials ETF (PSCM) | "S&P SmallCap Materials ETF" |
| Invesco S&P SmallCap Utilities & Communication Services ETF (PSCU) | "S&P SmallCap Utilities & Communication Services 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 Nasdaq Stock Market LLC.

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 the deposit or delivery of 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** |
| Dorsey Wright SmallCap Momentum ETF | Dorsey Wright SmallCap Tech Leaders<sup>TM</sup> Index |
| S&P SmallCap Consumer Discretionary ETF | S&P SmallCap 600<sup>®</sup> Capped Consumer Discretionary Index |
| S&P SmallCap Consumer Staples ETF | S&P SmallCap 600<sup>®</sup> Capped Consumer Staples Index |
| S&P SmallCap Energy ETF | S&P SmallCap 600<sup>®</sup> Capped Energy Index |
| S&P SmallCap Financials ETF | S&P SmallCap 600<sup>®</sup> Capped Financials & Real Estate Index |
| S&P SmallCap Health Care ETF | S&P SmallCap 600<sup>®</sup> Capped Health Care Index |
| S&P SmallCap Industrials ETF | S&P SmallCap 600<sup>®</sup> Capped Industrials Index |
| S&P SmallCap Information Technology ETF | S&P SmallCap 600<sup>®</sup> Capped Information Technology Index |
| S&P SmallCap Materials ETF | S&P SmallCap 600<sup>®</sup> Capped Materials Index |
| S&P SmallCap Utilities & Communication Services ETF | S&P SmallCap 600<sup>®</sup> Capped Utilities & Communication Services 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 market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued using

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**44**

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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, as of the approximate official closing time of that exchange. 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 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.

Private 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

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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 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.

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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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

**F.** **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.

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

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

**I.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act 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.

**J.** **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 ("BNY") 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 February 28, 2026, 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** |
| Dorsey Wright SmallCap Momentum ETF | $17811 |
| S&P SmallCap Consumer Discretionary ETF | 1590 |
| S&P SmallCap Consumer Staples ETF | 115 |
| S&P SmallCap Energy ETF | 1903 |
| S&P SmallCap Financials ETF | 190 |
| S&P SmallCap Health Care ETF | 2303 |
| S&P SmallCap Industrials ETF | 632 |
| S&P SmallCap Information Technology ETF | 5048 |
| S&P SmallCap Materials ETF | 60 |
| S&P SmallCap Utilities & Communication Services ETF | 93 |

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**K.** **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.

*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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

*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

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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 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.

*Non-Diversified Fund Risk*. S&P SmallCap Consumer Staples ETF, S&P SmallCap Energy ETF, S&P SmallCap Materials ETF and S&P SmallCap Utilities & Communication Services ETF are non-diversified, and, to the extent Dorsey Wright SmallCap Momentum ETF becomes non-diversified, all such Funds can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. 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 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*. Dorsey Wright SmallCap Momentum ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund's shareholders, the 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.

*Small-Capitalization Companies 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 than those of more established companies. Stocks of small-capitalization companies tend to be more vulnerable to

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changing market conditions, may have little or no operating history or track record of success, may have more limited product lines and markets, may have less experienced management, may depend on a small number of essential personnel and may have fewer financial resources than larger companies. Securities of small-capitalization companies may be more thinly traded (that is, less liquid) than those of more established companies, making it more difficult for a Fund to buy and sell them at an acceptable price and a desirable time. 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.

**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>|
| Dorsey Wright SmallCap Momentum ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| S&P SmallCap Consumer Discretionary ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P SmallCap Consumer Staples ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P SmallCap Energy ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P SmallCap Financials ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P SmallCap Health Care ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P SmallCap Industrials ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P SmallCap Information Technology ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P SmallCap Materials ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.29<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 February 28, 2026, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| Dorsey Wright SmallCap Momentum ETF | &nbsp;&nbsp;&nbsp; $276 |
| S&P SmallCap Consumer Discretionary ETF | &nbsp;&nbsp;&nbsp; 5 |
| S&P SmallCap Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 9 |
| S&P SmallCap Energy ETF | &nbsp;&nbsp;&nbsp; 25 |
| S&P SmallCap Financials ETF | &nbsp;&nbsp;&nbsp; 8 |
| S&P SmallCap Health Care ETF | &nbsp;&nbsp;&nbsp; 34 |
| S&P SmallCap Industrials ETF | &nbsp;&nbsp;&nbsp; 62 |
| S&P SmallCap Information Technology ETF | &nbsp;&nbsp;&nbsp; 68 |
| S&P SmallCap Materials ETF | &nbsp;&nbsp;&nbsp; 4 |
| S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp;&nbsp; 6 |

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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.

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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** |
| Dorsey Wright SmallCap Momentum ETF | Dorsey, Wright & Associates, LLC |
| S&P SmallCap Consumer Discretionary ETF | S&P Dow Jones Indices, LLC |
| S&P SmallCap Consumer Staples ETF | S&P Dow Jones Indices, LLC |
| S&P SmallCap Energy ETF | S&P Dow Jones Indices, LLC |
| S&P SmallCap Financials ETF | S&P Dow Jones Indices, LLC |
| S&P SmallCap Health Care ETF | S&P Dow Jones Indices, LLC |
| S&P SmallCap Industrials ETF | S&P Dow Jones Indices, LLC |
| S&P SmallCap Information Technology ETF | S&P Dow Jones Indices, LLC |
| S&P SmallCap Materials ETF | S&P Dow Jones Indices, LLC |
| S&P SmallCap Utilities & Communication Services 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 BNY, 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 February 28, 2026, 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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| | |
|:---|:---|
| Dorsey Wright SmallCap Momentum ETF | &nbsp;&nbsp;&nbsp; $200920 |
| S&P SmallCap Consumer Discretionary ETF | &nbsp;&nbsp;&nbsp; 2213 |
| S&P SmallCap Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 1249 |
| S&P SmallCap Energy ETF | &nbsp;&nbsp;&nbsp; 4163 |
| S&P SmallCap Financials ETF | &nbsp;&nbsp;&nbsp; 588 |
| S&P SmallCap Health Care ETF | &nbsp;&nbsp;&nbsp; 10043 |
| S&P SmallCap Industrials ETF | &nbsp;&nbsp;&nbsp; 1484 |
| S&P SmallCap Information Technology ETF | &nbsp;&nbsp;&nbsp; 20360 |
| S&P SmallCap Materials ETF | &nbsp;&nbsp;&nbsp; 2269 |
| S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp;&nbsp; 986 |

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

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Dorsey Wright SmallCap Momentum ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $386180706 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $386180706 |
| Money Market Funds | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 129753539 | &nbsp;&nbsp; - | &nbsp;&nbsp; 129754299 |
| **Total Investments** | &nbsp;&nbsp; $386181466 | &nbsp;&nbsp; $129753539 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $515935005 |
| S&P SmallCap Consumer Discretionary ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $26126627 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $26126627 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 8600177 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8600177 |
| **Total Investments** | &nbsp;&nbsp; $26126627 | &nbsp;&nbsp; $8600177 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $34726804 |
| S&P SmallCap Consumer Staples ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $35600195 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $35600195 |
| Money Market Funds | &nbsp;&nbsp; 30892 | &nbsp;&nbsp; 8115571 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8146463 |
| **Total Investments** | &nbsp;&nbsp; $35631087 | &nbsp;&nbsp; $8115571 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $43746658 |
| S&P SmallCap Energy ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $104878558 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $104878558 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 26692319 | &nbsp;&nbsp; - | &nbsp;&nbsp; 26692319 |
| **Total Investments** | &nbsp;&nbsp; $104878558 | &nbsp;&nbsp; $26692319 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $131570877 |
| S&P SmallCap Financials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $23593837 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $23593837 |
| Money Market Funds | &nbsp;&nbsp; 29319 | &nbsp;&nbsp; 5501495 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5530814 |
| **Total Investments** | &nbsp;&nbsp; $23623156 | &nbsp;&nbsp; $5501495 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $29124651 |
| S&P SmallCap Health Care ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $139766244 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $139766244 |
| Money Market Funds | &nbsp;&nbsp; 13490 | &nbsp;&nbsp; 40960270 | &nbsp;&nbsp; - | &nbsp;&nbsp; 40973760 |
| **Total Investments** | &nbsp;&nbsp; $139779734 | &nbsp;&nbsp; $40960270 | &nbsp;&nbsp; $0 | &nbsp;&nbsp; $180740004 |
| S&P SmallCap Industrials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $180388221 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $180388221 |
| Money Market Funds | &nbsp;&nbsp; 24300 | &nbsp;&nbsp; 18157239 | &nbsp;&nbsp; - | &nbsp;&nbsp; 18181539 |
| **Total Investments** | &nbsp;&nbsp; $180412521 | &nbsp;&nbsp; $18157239 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $198569760 |
| S&P SmallCap Information Technology ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $364272832 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $364272832 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 95751997 | &nbsp;&nbsp; - | &nbsp;&nbsp; 95751997 |
| **Total Investments** | &nbsp;&nbsp; $364272832 | &nbsp;&nbsp; $95751997 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $460024829 |
| S&P SmallCap Materials ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $18841460 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $18841460 |
| Money Market Funds | &nbsp;&nbsp; 13428 | &nbsp;&nbsp; 1574226 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1587654 |
| **Total Investments** | &nbsp;&nbsp; $18854888 | &nbsp;&nbsp; $1574226 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $20429114 |
| S&P SmallCap Utilities & Communication Services ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $14072539 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $14072539 |
| Money Market Funds | &nbsp;&nbsp; 9931 | &nbsp;&nbsp; 2584927 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2594858 |
| **Total Investments** | &nbsp;&nbsp; $14082470 | &nbsp;&nbsp; $2584927 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $16667397 |

---

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**52**

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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 August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Dorsey Wright SmallCap Momentum ETF | &nbsp;&nbsp; $533143671 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $533143671 |
| S&P SmallCap Consumer Discretionary ETF | &nbsp;&nbsp; 2045902 | &nbsp;&nbsp; 16039722 | &nbsp;&nbsp; 18085624 |
| S&P SmallCap Consumer Staples ETF | &nbsp;&nbsp; 4634657 | &nbsp;&nbsp; 14428909 | &nbsp;&nbsp; 19063566 |
| S&P SmallCap Energy ETF | &nbsp;&nbsp; 11112870 | &nbsp;&nbsp; 64574657 | &nbsp;&nbsp; 75687527 |
| S&P SmallCap Financials ETF | &nbsp;&nbsp; 689208 | &nbsp;&nbsp; 9606122 | &nbsp;&nbsp; 10295330 |
| S&P SmallCap Health Care ETF | &nbsp;&nbsp; 24237168 | &nbsp;&nbsp; 152775583 | &nbsp;&nbsp; 177012751 |
| S&P SmallCap Industrials ETF | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| S&P SmallCap Information Technology ETF | &nbsp;&nbsp; 6747371 | &nbsp;&nbsp; 46009129 | &nbsp;&nbsp; 52756500 |
| S&P SmallCap Materials ETF | &nbsp;&nbsp; 683589 | &nbsp;&nbsp; 6251736 | &nbsp;&nbsp; 6935325 |
| S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp; 2964848 | &nbsp;&nbsp; 9024735 | &nbsp;&nbsp; 11989583 |

---

\* 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 February 28, 2026, 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** |
| Dorsey Wright SmallCap Momentum ETF | &nbsp;&nbsp; $728718918 | &nbsp;&nbsp; $731016015 |
| S&P SmallCap Consumer Discretionary ETF | &nbsp;&nbsp; 4858177 | &nbsp;&nbsp; 4828385 |
| S&P SmallCap Consumer Staples ETF | &nbsp;&nbsp; 7167039 | &nbsp;&nbsp; 7643197 |
| S&P SmallCap Energy ETF | &nbsp;&nbsp; 8343871 | &nbsp;&nbsp; 8248659 |
| S&P SmallCap Financials ETF | &nbsp;&nbsp; 1847037 | &nbsp;&nbsp; 1697574 |
| S&P SmallCap Health Care ETF | &nbsp;&nbsp; 33117036 | &nbsp;&nbsp; 45822098 |
| S&P SmallCap Industrials ETF | &nbsp;&nbsp; 19576146 | &nbsp;&nbsp; 20897239 |
| S&P SmallCap Information Technology ETF | &nbsp;&nbsp; 92822431 | &nbsp;&nbsp; 93285319 |
| S&P SmallCap Materials ETF | &nbsp;&nbsp; 4771051 | &nbsp;&nbsp; 4782067 |
| S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp; 1790617 | &nbsp;&nbsp; 1799913 |

---

For the six months ended February 28, 2026, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| Dorsey Wright SmallCap Momentum ETF | &nbsp;&nbsp; $252733409 | &nbsp;&nbsp; $657658301 |
| S&P SmallCap Consumer Discretionary ETF | &nbsp;&nbsp; 16683305 | &nbsp;&nbsp; 12403184 |
| S&P SmallCap Consumer Staples ETF | &nbsp;&nbsp; 972302 | &nbsp;&nbsp; 4514214 |
| S&P SmallCap Energy ETF | &nbsp;&nbsp; 27918140 | &nbsp;&nbsp; 4027629 |
| S&P SmallCap Financials ETF | &nbsp;&nbsp; 5431842 | &nbsp;&nbsp; 1222889 |
| S&P SmallCap Health Care ETF | &nbsp;&nbsp; 5292590 | &nbsp;&nbsp; 3217343 |
| S&P SmallCap Industrials ETF | &nbsp;&nbsp; 50445850 | &nbsp;&nbsp; 25682688 |
| S&P SmallCap Information Technology ETF | &nbsp;&nbsp; 32941732 | &nbsp;&nbsp; 20267534 |
| S&P SmallCap Materials ETF | &nbsp;&nbsp; 6801386 | &nbsp;&nbsp; 3232954 |
| S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp; 564183 | &nbsp;&nbsp; - |

---

------

**53**

------

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

As of February 28, 2026, 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** |
| Dorsey Wright SmallCap Momentum ETF | &nbsp;&nbsp; $87106966 | &nbsp;&nbsp; $(17679220)<br>| &nbsp;&nbsp; $69427746 | &nbsp;&nbsp; $446507259 |
| S&P SmallCap Consumer Discretionary ETF | &nbsp;&nbsp; 2216627 | &nbsp;&nbsp; (3738838)<br>| &nbsp;&nbsp; (1522211)<br>| &nbsp;&nbsp; 36249015 |
| S&P SmallCap Consumer Staples ETF | &nbsp;&nbsp; 4753113 | &nbsp;&nbsp; (7131234)<br>| &nbsp;&nbsp; (2378121)<br>| &nbsp;&nbsp; 46124779 |
| S&P SmallCap Energy ETF | &nbsp;&nbsp; 17172625 | &nbsp;&nbsp; (8149000)<br>| &nbsp;&nbsp; 9023625 | &nbsp;&nbsp; 122547252 |
| S&P SmallCap Financials ETF | &nbsp;&nbsp; 3121171 | &nbsp;&nbsp; (2730085)<br>| &nbsp;&nbsp; 391086 | &nbsp;&nbsp; 28733565 |
| S&P SmallCap Health Care ETF | &nbsp;&nbsp; 26997977 | &nbsp;&nbsp; (41424507)<br>| &nbsp;&nbsp; (14426530)<br>| &nbsp;&nbsp; 195166534 |
| S&P SmallCap Industrials ETF | &nbsp;&nbsp; 41838962 | &nbsp;&nbsp; (13272622)<br>| &nbsp;&nbsp; 28566340 | &nbsp;&nbsp; 170003420 |
| S&P SmallCap Information Technology ETF | &nbsp;&nbsp; 104493240 | &nbsp;&nbsp; (43822559)<br>| &nbsp;&nbsp; 60670681 | &nbsp;&nbsp; 399354148 |
| S&P SmallCap Materials ETF | &nbsp;&nbsp; 2735618 | &nbsp;&nbsp; (1462985)<br>| &nbsp;&nbsp; 1272633 | &nbsp;&nbsp; 19156481 |
| S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp; 2553118 | &nbsp;&nbsp; (2288660)<br>| &nbsp;&nbsp; 264458 | &nbsp;&nbsp; 16402939 |

---

**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.

------

**54**

------

**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>**

Not applicable.

------

**55**

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**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SPSCS-NCSRS

invesco.com/ETFs

------

![](img6262acb71.jpg)

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

February 28, 2026

---

| | |
|:---|:---|
| **BKLN** | Invesco Senior Loan ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#xx_bbb48d82-70a5-47a7-9acf-414a9ca508bd_SOI-Continued-4_1) | **3** |
| [Statement of Assets and Liabilities](#xx_bbb48d82-70a5-47a7-9acf-414a9ca508bd_FS-Continued-4_1) | **9** |
| [Statement of Operations](#xx_bbb48d82-70a5-47a7-9acf-414a9ca508bd_FS-Continued-4_2) | **10** |
| [Statement of Changes in Net Assets](#xx_bbb48d82-70a5-47a7-9acf-414a9ca508bd_FS-Continued-4_3) | **11** |
| [Financial Highlights](#xx_bbb48d82-70a5-47a7-9acf-414a9ca508bd_FIHI-Continued-4_1) | **12** |
| [Notes to Financial Statements](#xx_bbb48d82-70a5-47a7-9acf-414a9ca508bd_NTF-Continued-4_1) | **13** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_bbb48d82-70a5-47a7-9acf-414a9ca508bd_OIRSR-Continued_1) | **23** |

---

------

**2**

------

**Invesco Senior Loan ETF (BKLN)**

February 28, 2026

*(Unaudited)*

Schedule of Investments

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Variable Rate Senior Loan Interests-93.40%**<sup>(a)(b)</sup> <br>|  |  |  |  |
| **Aerospace & Defense-5.51%** |  |  |  |  |
| Amentum Government Services Holdings LLC, Term Loan B (1 mo. SOFR + 2.00%) | 5.67% | 09/29/2031 | $52032 | &nbsp;&nbsp; $52018566 |
| Arxis |  |  |  |  |
| Delayed Draw Term Loan<sup>(c)</sup> | 0.00% | 02/26/2032 | 4022 | &nbsp;&nbsp; 4021938 |
| Term Loan (3 mo. SOFR + 2.75%) | 7.08% | 02/26/2032 | 42443 | &nbsp;&nbsp; 42440510 |
| KKR Apple Bidco LLC, Term Loan B (1 mo. SOFR + 2.50%) | 6.17% | 09/23/2031 | 57754 | &nbsp;&nbsp; 57856643 |
| Peraton Corp., First Lien Term Loan B (3 mo. SOFR + 3.85%) | 7.52% | 02/01/2028 | 103764 | &nbsp;&nbsp; 89237380 |
| TransDigm, Inc. |  |  |  |  |
| Term Loan J (1 mo. SOFR + 2.50%) | 6.17% | 02/28/2031 | 32959 | &nbsp;&nbsp; 32996361 |
| Term Loan K (1 mo. SOFR + 2.25%) | 5.92% | 03/22/2030 | 72400 | &nbsp;&nbsp; 72416583 |
|  |  |  |  | &nbsp;&nbsp; 350987981 |
| **Automotive-3.99%** |  |  |  |  |
| Belron Group S.A., Term Loan B (United Kingdom) (6 mo. SOFR + 2.00%) | 5.66% | 10/16/2031 | 80090 | &nbsp;&nbsp; 80223748 |
| Mavis Tire Express Services Topco Corp., Term Loan B (1 mo. SOFR + 3.00%) | 6.67% | 05/04/2028 | 65144 | &nbsp;&nbsp; 65089823 |
| Panther BF Aggregator 2 L.P. (Power Solutions, Clarios POWSOL) |  |  |  |  |
| Term Loan (1 mo. SOFR + 2.50%) | 6.17% | 05/06/2030 | 47183 | &nbsp;&nbsp; 47138678 |
| Term Loan B (1 mo. SOFR + 2.75%) | 6.42% | 01/28/2032 | 61660 | &nbsp;&nbsp; 61596371 |
|  |  |  |  | &nbsp;&nbsp; 254048620 |
| **Beverage & Tobacco-2.30%** |  |  |  |  |
| AI Aqua Merger Sub, Inc., Term Loan B (1 mo. SOFR + 2.75%) | 6.42% | 07/31/2028 | 92081 | &nbsp;&nbsp; 91793132 |
| Triton Water Holdings, Inc., Term Loan B (3 mo. SOFR + 2.25%) | 5.92% | 03/31/2028 | 54865 | &nbsp;&nbsp; 54911573 |
|  |  |  |  | &nbsp;&nbsp; 146704705 |
| **Brokers, Dealers & Investment Houses-1.86%** |  |  |  |  |
| Ascensus Group Holdings, Inc., Term Loan B (1 mo. SOFR + 3.00%) | 6.67% | 11/24/2032 | 51687 | &nbsp;&nbsp; 50566956 |
| Creative Planning (CPI Holdco B LLC), Incremental Term Loan (1 mo. SOFR + 2.00%) | 5.67% | 05/17/2031 | 68229 | &nbsp;&nbsp; 67680804 |
|  |  |  |  | &nbsp;&nbsp; 118247760 |
| **Building & Development-3.15%** |  |  |  |  |
| Chariot Buyer LLC, Term Loan B (1 mo. SOFR + 2.75%) | 6.42% | 09/08/2032 | 58250 | &nbsp;&nbsp; 58133591 |
| Quikrete Holdings, Inc., Term Loan B (1 mo. SOFR + 2.25%) | 5.92% | 02/15/2032 | 69178 | &nbsp;&nbsp; 69221559 |
| White Cap Buyer LLC, Term Loan B (1 mo. SOFR + 3.25%) | 6.92% | 10/19/2029 | 74057 | &nbsp;&nbsp; 73362908 |
|  |  |  |  | &nbsp;&nbsp; 200718058 |
| **Business Equipment & Services-5.30%** |  |  |  |  |
| AlixPartners LLP, Term Loan B (1 mo. SOFR + 2.00%) | 5.67% | 08/12/2032 | 10665 | &nbsp;&nbsp; 10536436 |
| Allied Universal Holdco LLC, Term Loan B (1 mo. SOFR + 3.25%) | 6.92% | 08/20/2032 | 61276 | &nbsp;&nbsp; 61377522 |
| Asurion LLC (Asurion Corp.), Second Lien Term Loan B-4 (1 mo. SOFR + 5.36%) | 9.68% | 01/20/2029 | 8107 | &nbsp;&nbsp; 8125031 |
| Cloud Software Group, Inc. |  |  |  |  |
| Term Loan B (3 mo. SOFR + 3.25%) | 6.92% | 08/09/2032 | 50164 | &nbsp;&nbsp; 46702238 |
| Term Loan B-2 (3 mo. SOFR + 3.25%) | 6.92% | 03/21/2031 | 51290 | &nbsp;&nbsp; 47802604 |
| Corpay Technologies Operating Co. LLC |  |  |  |  |
| Term Loan B (1 mo. SOFR + 1.75%) | 5.42% | 04/28/2028 | 42628 | &nbsp;&nbsp; 42631531 |
| Term Loan B (1 mo. SOFR + 1.75%) | 5.42% | 10/01/2032 | 10861 | &nbsp;&nbsp; 10847416 |
| Mitchell International, Inc., Term Loan B (1 mo. SOFR + 3.00%) | 6.68% | 06/17/2031 | 54756 | &nbsp;&nbsp; 50821064 |
| Nuvei Tech Corp, Pivotal Refi L.P., Nuvei Tech, Inc., Term Loan B (1 mo. SOFR + 2.50%) | 6.17% | 11/17/2031 | 4923 | &nbsp;&nbsp; 4811090 |
| Solera (Polaris Newco LLC), First Lien Term Loan (3 mo. SOFR + 4.01%) | 7.68% | 06/02/2028 | 62936 | &nbsp;&nbsp; 53922525 |
|  |  |  |  | &nbsp;&nbsp; 337577457 |
| **Cable & Satellite Television-1.21%** |  |  |  |  |
| CSC Holdings LLC, Term Loan (3 mo. PRIME + 2.50%) | 7.71% | 04/15/2027 | 47197 | &nbsp;&nbsp; 40899445 |
| SFR-Numericable (YPSO, Altice France), Term Loan B (France) (3 mo. SOFR + 6.88%) | 10.55% | 05/31/2031 | 35913 | &nbsp;&nbsp; 36083369 |
|  |  |  |  | &nbsp;&nbsp; 76982814 |

---

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

------

**3**

------

**Invesco Senior Loan ETF (BKLN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Chemicals & Plastics-1.61%** |  |  |  |  |
| Nouryon Finance B.V., Term Loan B-1 (6 mo. SOFR + 3.25%) | 7.04% | 04/03/2028 | $54410 | &nbsp;&nbsp; $54495379 |
| Univar, Inc., Term Loan B (1 mo. SOFR + 2.75%) | 6.42% | 08/01/2030 | 48282 | &nbsp;&nbsp; 48289444 |
|  |  |  |  | &nbsp;&nbsp; 102784823 |
| **Clothing & Textiles-1.04%** |  |  |  |  |
| ABG Intermediate Holdings 2 LLC, Term Loan B (1 mo. SOFR + 2.25%) | 5.92% | 12/21/2028 | 66468 | &nbsp;&nbsp; 66361237 |
| **Containers & Glass Products-1.09%** |  |  |  |  |
| BradyPLUS Holdings LLC, Term Loan B (3 mo. SOFR + 3.50%) | 7.19% | 12/13/2032 | 25854 | &nbsp;&nbsp; 25700530 |
| Flex Acquisition Co., Inc., Term Loan B (1 mo. SOFR + 3.25%) | 6.92% | 04/30/2032 | 44187 | &nbsp;&nbsp; 43800137 |
|  |  |  |  | &nbsp;&nbsp; 69500667 |
| **Cosmetics & Toiletries-0.76%** |  |  |  |  |
| Bausch and Lomb, Inc., Term Loan B (1 mo. SOFR + 3.75%) | 7.42% | 01/30/2031 | 48383 | &nbsp;&nbsp; 48491537 |
| **Drugs-0.79%** |  |  |  |  |
| Valeant Pharmaceuticals International, Inc., Term Loan B (Canada) (1 mo. SOFR + 6.25%) | 9.92% | 10/08/2030 | 51718 | &nbsp;&nbsp; 50553875 |
| **Electronics & Electrical-16.50%** |  |  |  |  |
| Applied Systems, Inc., First Lien Term Loan (1 mo. SOFR + 2.25%) | 5.92% | 02/24/2031 | 47762 | &nbsp;&nbsp; 46939445 |
| Boxer Parent Co., Inc., Term Loan (3 mo. SOFR + 3.00%) | 6.67% | 07/30/2031 | 76521 | &nbsp;&nbsp; 70729968 |
| Central Parent LLC, Term Loan (3 mo. SOFR + 3.25%) | 6.92% | 07/06/2029 | 70233 | &nbsp;&nbsp; 44597790 |
| CoreLogic, Inc., First Lien Term Loan (1 mo. SOFR + 3.61%) | 7.29% | 06/02/2028 | 56463 | &nbsp;&nbsp; 53780720 |
| Dayforce, Inc., Term Loan B (3 mo. SOFR + 3.00%) | 6.66% | 02/04/2033 | 94950 | &nbsp;&nbsp; 87761107 |
| Epicor Software Corp., Term Loan B (1 mo. SOFR + 2.50%) | 6.17% | 05/30/2031 | 54832 | &nbsp;&nbsp; 53323643 |
| Finastra USA, Inc., Term Loan B (United Kingdom) (3 mo. SOFR + 4.00%) | 7.72% | 07/30/2032 | 51498 | &nbsp;&nbsp; 47335159 |
| Gen Digital, Inc. (NortonLifeLock, Inc.), Term Loan A (1 mo. SOFR + 1.48%) | 5.15% | 09/10/2027 | 52311 | &nbsp;&nbsp; 52010687 |
| Kaseya, Inc., Term Loan B (1 mo. SOFR + 3.00%) | 6.67% | 03/20/2032 | 59409 | &nbsp;&nbsp; 54041015 |
| McAfee LLC, Term Loan B (1 mo. SOFR + 3.00%) | 6.67% | 03/01/2029 | 93678 | &nbsp;&nbsp; 82135038 |
| Project Alpha Intermediate Holding, Inc., Term Loan B (3 mo. SOFR + 3.25%) | 6.92% | 10/28/2030 | 63855 | &nbsp;&nbsp; 52387312 |
| Proofpoint, Inc., Term Loan (3 mo. SOFR + 3.00%) | 6.67% | 08/31/2028 | 91178 | &nbsp;&nbsp; 87544905 |
| RealPage, Inc., First Lien Term Loan (3 mo. SOFR + 3.26%) | 6.93% | 04/24/2028 | 56304 | &nbsp;&nbsp; 52210206 |
| Rocket Software, Inc., Term Loan B (1 mo. SOFR + 3.75%) | 7.42% | 11/28/2028 | 47494 | &nbsp;&nbsp; 44307997 |
| SS&C Technologies Holdings, Inc., Term Loan B-8 (1 mo. SOFR + 2.00%) | 5.67% | 05/09/2031 | 67210 | &nbsp;&nbsp; 66761757 |
| Ultimate Software Group, Inc., First Lien Term Loan (3 mo. SOFR + 3.25%) | 7.93% | 02/10/2031 | 113205 | &nbsp;&nbsp; 107459879 |
| Veeam Software (VS Buyer LLC), Term Loan B (3 mo. SOFR + 2.25%) | 5.92% | 04/12/2031 | 49395 | &nbsp;&nbsp; 47933838 |
|  |  |  |  | &nbsp;&nbsp; 1051260466 |
| **Financial Intermediaries-7.13%** |  |  |  |  |
| Advisor Group, Inc., Term Loan B (3 mo. SOFR + 2.50%) | 6.16% | 08/02/2032 | 52965 | &nbsp;&nbsp; 51409497 |
| Apex Group Treasury Ltd., Term Loan B (3 mo. SOFR + 3.50%) | 7.17% | 02/27/2032 | 51825 | &nbsp;&nbsp; 46269737 |
| Broadstreet Partners, Inc., Term Loan B (1 mo. SOFR + 2.50%) | 6.17% | 06/13/2031 | 75853 | &nbsp;&nbsp; 72834492 |
| Citadel Securities L.P., Term Loan B (3 mo. SOFR + 2.00%) | 5.67% | 10/31/2031 | 71274 | &nbsp;&nbsp; 71184671 |
| Focus Financial Partners LLC, Term Loan B-8 (1 mo. SOFR + 2.50%) | 6.17% | 09/15/2031 | 77163 | &nbsp;&nbsp; 73111761 |
| Grant Thornton Advisors LLC, Term Loan B (1 mo. SOFR + 2.75%) | 6.42% | 06/02/2031 | 10290 | &nbsp;&nbsp; 9592139 |
| Hudson River Trading LLC, Term Loan B (1 mo. SOFR + 2.50%) | 6.17% | 03/18/2030 | 31000 | &nbsp;&nbsp; 30722240 |
| Jane Street Group LLC, Term Loan B (3 mo. SOFR + 2.00%) | 5.67% | 12/31/2031 | 73694 | &nbsp;&nbsp; 71574879 |
| Nexus Buyer LLC, Term Loan B (1 mo. SOFR + 3.50%) | 7.17% | 07/31/2031 | 29271 | &nbsp;&nbsp; 27596857 |
|  |  |  |  | &nbsp;&nbsp; 454296273 |
| **Food Products-0.77%** |  |  |  |  |
| Froneri, Term Loan B (Luxembourg) (6 mo. SOFR + 2.25%) | 5.88% | 09/30/2031 | 50304 | &nbsp;&nbsp; 49206536 |
| **Food Service-3.16%** |  |  |  |  |
| BCPE Empire Holdings, Inc. (ImperialDade), Term Loan B (1 mo. SOFR + 3.25%) | 6.92% | 12/11/2030 | 47619 | &nbsp;&nbsp; 47465735 |
| IRB Holding Corp., Term Loan B (1 mo. SOFR + 2.50%) | 6.17% | 12/15/2030 | 73894 | &nbsp;&nbsp; 73724413 |
| New Red Finance, Inc., Term Loan B-6 (1 mo. SOFR + 1.75%) | 5.42% | 09/20/2030 | 49226 | &nbsp;&nbsp; 49246144 |
| Whatabrands LLC, Term Loan B (1 mo. SOFR + 2.50%) | 6.17% | 08/03/2028 | 30909 | &nbsp;&nbsp; 30885459 |
|  |  |  |  | &nbsp;&nbsp; 201321751 |
| **Forest Products-0.68%** |  |  |  |  |
| Proampac PG Borrower LLC, Term Loan B<sup>(d)(e)</sup> | - | 02/18/2033 | 44239 | &nbsp;&nbsp; 43575586 |

---

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

------

**4**

------

**Invesco Senior Loan ETF (BKLN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Health Care-12.35%** |  |  |  |  |
| Ascend Learning LLC, Term Loan B (1 mo. SOFR + 3.00%) | 6.67% | 12/10/2028 | $21088 | &nbsp;&nbsp; $20132642 |
| athenahealth Group, Inc., Term Loan (1 mo. SOFR + 2.75%) | 6.42% | 02/15/2029 | 108561 | &nbsp;&nbsp; 106027401 |
| Ensemble Health Partners, Term Loan B (3 mo. SOFR + 3.00%) | 6.66% | 01/31/2033 | 92000 | &nbsp;&nbsp; 88837500 |
| Gainwell Acquisition Corp., First Lien Term Loan B (3 mo. SOFR + 4.10%) | 7.77% | 10/01/2027 | 72197 | &nbsp;&nbsp; 68677187 |
| Global Medical Response, Inc., Term Loan B (3 mo. SOFR + 3.50%) | 7.17% | 10/01/2032 | 64316 | &nbsp;&nbsp; 64402692 |
| Hologic, Inc., Term Loan B<sup>(d)</sup> | - | 01/14/2033 | 88677 | &nbsp;&nbsp; 87734723 |
| Mozart Debt Merger Sub, Inc. (Medline Industries) |  |  |  |  |
| Term Loan (1 mo. SOFR + 1.75%) | 5.42% | 11/23/2028 | 17938 | &nbsp;&nbsp; 17983467 |
| Term Loan B (1 mo. SOFR + 1.75%) | 5.42% | 10/23/2030 | 24851 | &nbsp;&nbsp; 24922864 |
| Opella, Term Loan (France) (3 mo. SOFR + 3.00%) | 6.69% | 04/28/2032 | 61508 | &nbsp;&nbsp; 61515526 |
| PAREXEL International Corp., Term Loan B (1 mo. SOFR + 2.75%) | 6.42% | 12/09/2031 | 72470 | &nbsp;&nbsp; 71722609 |
| R1 RCM, Inc. |  |  |  |  |
| Delayed Draw Term Loan B<sup>(c)</sup> | 0.00% | 11/19/2031 | 3157 | &nbsp;&nbsp; 3014915 |
| Term Loan B (1 mo. SOFR + 3.00%) | 6.67% | 11/19/2031 | 43866 | &nbsp;&nbsp; 41892250 |
| Southern Veterinary Partners LLC, Term Loan B (1 mo. SOFR + 2.50%) | 6.18% | 12/04/2031 | 54654 | &nbsp;&nbsp; 54606273 |
| Syneos Health, Inc., Term Loan (3 mo. SOFR + 4.00%) | 7.67% | 09/27/2030 | 9475 | &nbsp;&nbsp; 9200708 |
| Verscend Holding Corp., Term Loan B (1 mo. SOFR + 2.75%) | 6.42% | 05/01/2031 | 74256 | &nbsp;&nbsp; 66064359 |
|  |  |  |  | &nbsp;&nbsp; 786735116 |
| **Home Furnishings-0.84%** |  |  |  |  |
| Hunter Douglas Holding B.V., Term Loan B-1 (Netherlands) (3 mo. SOFR + 3.00%) | 6.67% | 01/17/2032 | 53649 | &nbsp;&nbsp; 53721646 |
| **Industrial Equipment-1.02%** |  |  |  |  |
| Thyssenkrupp Elevators (Vertical Midco GmbH), Term Loan B (Germany) (6 mo. SOFR + <br> 2.75%)<br>| 6.38% | 04/30/2030 | 64938 | &nbsp;&nbsp; 65030588 |
| **Insurance-7.38%** |  |  |  |  |
| Acrisure LLC, Term Loan B (1 mo. SOFR + 3.00%) | 6.67% | 11/06/2030 | 62456 | &nbsp;&nbsp; 60660333 |
| Alera Group, Inc., Term Loan B (1 mo. SOFR + 2.75%) | 6.42% | 05/30/2032 | 53917 | &nbsp;&nbsp; 51475651 |
| Alliant Holdings Intermediate LLC, Term Loan B (1 mo. SOFR + 2.50%) | 6.17% | 09/19/2031 | 58606 | &nbsp;&nbsp; 57409600 |
| AmWINS Group LLC, Term Loan B (1 mo. SOFR + 2.00%) | 5.67% | 01/30/2032 | 83380 | &nbsp;&nbsp; 82650743 |
| HUB International Ltd., Term Loan B (1 mo. SOFR + 2.25%) | 5.92% | 06/20/2030 | 67897 | &nbsp;&nbsp; 67263665 |
| Hyperion Insurance Group Ltd., Term Loan B (United Kingdom) (1 mo. SOFR + 2.75%) | 6.42% | 02/15/2031 | 54886 | &nbsp;&nbsp; 52347948 |
| Sedgwick Claims Management Services, Inc., Term Loan (1 mo. SOFR + 2.50%) | 6.17% | 07/31/2031 | 100909 | &nbsp;&nbsp; 98033153 |
|  |  |  |  | &nbsp;&nbsp; 469841093 |
| **Leisure Goods, Activities & Movies-1.97%** |  |  |  |  |
| Nord Anglia Education, Term Loan B (3 mo. SOFR + 2.25%) | 5.92% | 01/09/2032 | 4292 | &nbsp;&nbsp; 4271036 |
| UFC Holdings LLC, Term Loan B (3 mo. SOFR + 2.00%) | 5.66% | 11/21/2031 | 66991 | &nbsp;&nbsp; 67130428 |
| William Morris Endeavor Entertainment LLC, Term Loan C (1 mo. SOFR + 2.75%) | 6.42% | 01/27/2032 | 53830 | &nbsp;&nbsp; 53789776 |
|  |  |  |  | &nbsp;&nbsp; 125191240 |
| **Lodging & Casinos-3.67%** |  |  |  |  |
| Caesars Entertainment, Inc., Term Loan (1 mo. SOFR + 2.25%) | 5.92% | 02/06/2031 | 46795 | &nbsp;&nbsp; 46514612 |
| Fertitta Entertainment LLC (Golden Nugget), Term Loan (1 mo. SOFR + 3.25%) | 6.92% | 01/27/2029 | 61593 | &nbsp;&nbsp; 61367938 |
| Flutter Financing B.V. (Stars Group), Term Loan B (3 mo. SOFR + 1.75%) | 5.42% | 11/30/2030 | 68376 | &nbsp;&nbsp; 67463896 |
| Hilton Worldwide Finance LLC, Term Loan B-4 (1 mo. SOFR + 1.75%) | 5.42% | 11/08/2030 | 57943 | &nbsp;&nbsp; 58250963 |
|  |  |  |  | &nbsp;&nbsp; 233597409 |
| **Oil & Gas-0.80%** |  |  |  |  |
| Colonial Pipeline, Term Loan B (1 mo. SOFR + 1.75%) | 5.41% | 07/30/2032 | 51016 | &nbsp;&nbsp; 50943492 |
| **Publishing-1.84%** |  |  |  |  |
| Micro Holding L.P., First Lien Incremental Term Loan (1 mo. SOFR + 4.25%) | 7.92% | 05/03/2028 | 52851 | &nbsp;&nbsp; 43315973 |
| Nielsen Finance LLC, Term Loan B (3 mo. SOFR + 5.10%) | 8.76% | 01/28/2033 | 78000 | &nbsp;&nbsp; 73768500 |
|  |  |  |  | &nbsp;&nbsp; 117084473 |
| **Rail Industries-0.64%** |  |  |  |  |
| Genesee & Wyoming, Inc., Term Loan (3 mo. SOFR + 1.75%) | 5.42% | 04/10/2031 | 40617 | &nbsp;&nbsp; 40605394 |

---

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

------

**5**

------

**Invesco Senior Loan ETF (BKLN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Retailers (except Food & Drug)-2.13%** |  |  |  |  |
| Bass Pro Group LLC, Term Loan B (1 mo. SOFR + 3.25%) | 6.92% | 01/31/2032 | $88195 | &nbsp;&nbsp; $88209135 |
| Harbor Freight Tools USA, Inc., Term Loan B (1 mo. SOFR + 2.25%) | 5.92% | 06/11/2031 | 48160 | &nbsp;&nbsp; 47512928 |
|  |  |  |  | &nbsp;&nbsp; 135722063 |
| **Telecommunications-2.94%** |  |  |  |  |
| Genesys Cloud Services Holdings I LLC, Term Loan B (1 mo. SOFR + 2.50%) | 6.17% | 01/30/2032 | 71405 | &nbsp;&nbsp; 65942173 |
| Radiate Holdco LLC, Term Loan<sup>(d)</sup> | - | 09/25/2029 | 1000 | &nbsp;&nbsp; 871250 |
| X Corp., Term Loan B (6 mo. SOFR + 6.75%) | 10.45% | 10/27/2029 | 118372 | &nbsp;&nbsp; 118828418 |
| Zayo Group Holdings, Inc., Term Loan (1 mo. SOFR + 3.61%) | 7.29% | 03/11/2030 | 1816 | &nbsp;&nbsp; 1750661 |
|  |  |  |  | &nbsp;&nbsp; 187392502 |
| **Utilities-0.97%** |  |  |  |  |
| Brookfield WEC Holdings, Inc., First Lien Term Loan (1 mo. SOFR + 2.00%) | 5.67% | 01/27/2031 | 61675 | &nbsp;&nbsp; 61569669 |
| Total Variable Rate Senior Loan Interests <br>(Cost $6,104,601,730) | Total Variable Rate Senior Loan Interests <br>(Cost $6,104,601,730) | Total Variable Rate Senior Loan Interests <br>(Cost $6,104,601,730) | Total Variable Rate Senior Loan Interests <br>(Cost $6,104,601,730) | &nbsp;&nbsp; 5950054831 |
| **U.S. Dollar Denominated Bonds & Notes-4.43%** |  |  |  |  |
| **Aerospace & Defense-0.47%** |  |  |  |  |
| Neptune Bidco US, Inc.<sup>(f)</sup> | 10.38% | 05/15/2031 | 5000 | &nbsp;&nbsp; 5050720 |
| TransDigm, Inc.<sup>(f)</sup> | 6.75% | 08/15/2028 | 8000 | &nbsp;&nbsp; 8152440 |
| TransDigm, Inc.<sup>(f)</sup> | 6.38% | 03/01/2029 | 2000 | &nbsp;&nbsp; 2056862 |
| TransDigm, Inc.<sup>(f)</sup> | 6.88% | 12/15/2030 | 3000 | &nbsp;&nbsp; 3124044 |
| TransDigm, Inc.<sup>(f)</sup> | 6.63% | 03/01/2032 | 4000 | &nbsp;&nbsp; 4148968 |
| TransDigm, Inc.<sup>(f)</sup> | 6.00% | 01/15/2033 | 5000 | &nbsp;&nbsp; 5092170 |
| TransDigm, Inc.<sup>(f)</sup> | 6.25% | 01/31/2034 | 2000 | &nbsp;&nbsp; 2070256 |
|  |  |  |  | &nbsp;&nbsp; 29695460 |
| **Automobile Components-0.09%** |  |  |  |  |
| Belron UK Finance PLC (United Kingdom)<sup>(f)</sup> | 5.75% | 10/15/2029 | 3000 | &nbsp;&nbsp; 3068316 |
| Clarios Global L.P./Clarios US Finance Co.<sup>(f)</sup> | 6.75% | 02/15/2030 | 2430 | &nbsp;&nbsp; 2546543 |
|  |  |  |  | &nbsp;&nbsp; 5614859 |
| **Commercial Services & Supplies-0.52%** |  |  |  |  |
| Allied Universal Holdco LLC<sup>(f)</sup> | 7.88% | 02/15/2031 | 17597 | &nbsp;&nbsp; 18601322 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(f)</sup> | 6.88% | 06/15/2030 | 2406 | &nbsp;&nbsp; 2505745 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.<sup>(f)</sup> | 4.63% | 06/01/2028 | 4300 | &nbsp;&nbsp; 4261901 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l.<sup>(f)</sup> | 4.63% | 06/01/2028 | 5000 | &nbsp;&nbsp; 4965839 |
| Raven Acquisition Holdings LLC<sup>(f)</sup> | 6.88% | 11/15/2031 | 3145 | &nbsp;&nbsp; 3030458 |
|  |  |  |  | &nbsp;&nbsp; 33365265 |
| **Construction Materials-0.01%** |  |  |  |  |
| Quikrete Holdings, Inc.<sup>(f)</sup> | 6.38% | 03/01/2032 | 810 | &nbsp;&nbsp; 842358 |
| **Containers & Packaging-0.09%** |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.<sup>(f)</sup> | 6.88% | 01/15/2030 | 5000 | &nbsp;&nbsp; 5082900 |
| Clydesdale Acquisition Holdings, Inc.<sup>(f)</sup> | 6.75% | 04/15/2032 | 738 | &nbsp;&nbsp; 744152 |
|  |  |  |  | &nbsp;&nbsp; 5827052 |
| **Diversified Telecommunication Services-0.03%** |  |  |  |  |
| Altice France S.A. (France)<sup>(f)</sup> | 6.88% | 07/15/2032 | 1982 | &nbsp;&nbsp; 1904756 |
| **Financial Services-0.59%** |  |  |  |  |
| Focus Financial Partners LLC<sup>(f)</sup> | 6.75% | 09/15/2031 | 11132 | &nbsp;&nbsp; 11082168 |
| Jane Street Group/JSG Finance, Inc.<sup>(f)</sup> | 4.50% | 11/15/2029 | 500 | &nbsp;&nbsp; 488277 |
| Jane Street Group/JSG Finance, Inc.<sup>(f)</sup> | 7.13% | 04/30/2031 | 15000 | &nbsp;&nbsp; 15615169 |
| Jane Street Group/JSG Finance, Inc.<sup>(f)</sup> | 6.13% | 11/01/2032 | 7000 | &nbsp;&nbsp; 7047152 |
| Jane Street Group/JSG Finance, Inc.<sup>(f)</sup> | 6.75% | 05/01/2033 | 2500 | &nbsp;&nbsp; 2567373 |
| Osaic Holdings, Inc.<sup>(f)</sup> | 6.75% | 08/01/2032 | 500 | &nbsp;&nbsp; 504933 |
|  |  |  |  | &nbsp;&nbsp; 37305072 |
| **Ground Transportation-0.08%** |  |  |  |  |
| Genesee & Wyoming, Inc.<sup>(f)</sup> | 6.25% | 04/15/2032 | 5000 | &nbsp;&nbsp; 5159930 |

---

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

------

**6**

------

**Invesco Senior Loan ETF (BKLN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest**<br> **Rate**<br>| **Maturity**<br> **Date**<br>| **Principal**<br> **Amount**<br> **(000)** | **Value** |
| **Health Care Equipment & Supplies-0.49%** |  |  |  |  |
| Medline Borrower L.P.<sup>(f)</sup> | 3.88% | 04/01/2029 | $22100 | &nbsp;&nbsp; $21749856 |
| Medline Borrower L.P./Medline Co-Issuer, Inc.<sup>(f)</sup> | 6.25% | 04/01/2029 | 9000 | &nbsp;&nbsp; 9298998 |
|  |  |  |  | &nbsp;&nbsp; 31048854 |
| **Health Care Providers & Services-0.02%** |  |  |  |  |
| Star Parent, Inc.<sup>(f)</sup> | 9.00% | 10/01/2030 | 1600 | &nbsp;&nbsp; 1625944 |
| **Hotels, Restaurants & Leisure-0.53%** |  |  |  |  |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>(f)</sup> | 3.88% | 01/15/2028 | 15000 | &nbsp;&nbsp; 14819766 |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>(f)</sup> | 3.50% | 02/15/2029 | 1000 | &nbsp;&nbsp; 966435 |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>(f)</sup> | 6.13% | 06/15/2029 | 9000 | &nbsp;&nbsp; 9261162 |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>(f)</sup> | 5.63% | 09/15/2029 | 3000 | &nbsp;&nbsp; 3056772 |
| 1011778 BC ULC/New Red Finance, Inc. (Canada)<sup>(f)</sup> | 4.00% | 10/15/2030 | 3000 | &nbsp;&nbsp; 2882825 |
| Caesars Entertainment, Inc.<sup>(f)</sup> | 7.00% | 02/15/2030 | 2000 | &nbsp;&nbsp; 2051508 |
| Caesars Entertainment, Inc.<sup>(f)</sup> | 6.50% | 02/15/2032 | 859 | &nbsp;&nbsp; 873523 |
|  |  |  |  | &nbsp;&nbsp; 33911991 |
| **Insurance-0.74%** |  |  |  |  |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(f)</sup> | 4.25% | 02/15/2029 | 3282 | &nbsp;&nbsp; 3125171 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(f)</sup> | 7.50% | 11/06/2030 | 12833 | &nbsp;&nbsp; 13067279 |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(f)</sup> | 6.75% | 07/01/2032 | 685 | &nbsp;&nbsp; 672364 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(f)</sup> | 6.75% | 04/15/2028 | 1500 | &nbsp;&nbsp; 1518132 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(f)</sup> | 7.00% | 01/15/2031 | 2500 | &nbsp;&nbsp; 2547112 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(f)</sup> | 6.50% | 10/01/2031 | 4811 | &nbsp;&nbsp; 4843420 |
| AmWINS Group, Inc.<sup>(f)</sup> | 6.38% | 02/15/2029 | 1580 | &nbsp;&nbsp; 1608816 |
| HUB International Ltd.<sup>(f)</sup> | 7.25% | 06/15/2030 | 18900 | &nbsp;&nbsp; 19505353 |
|  |  |  |  | &nbsp;&nbsp; 46887647 |
| **Machinery-0.16%** |  |  |  |  |
| TK Elevator U.S. Newco, Inc. (Germany)<sup>(f)</sup> | 5.25% | 07/15/2027 | 10200 | &nbsp;&nbsp; 10212537 |
| **Media-0.02%** |  |  |  |  |
| CSC Holdings LLC<sup>(f)</sup> | 6.50% | 02/01/2029 | 2000 | &nbsp;&nbsp; 1265511 |
| **Personal Care Products-0.10%** |  |  |  |  |
| Opal Bidco SAS (France)<sup>(f)</sup> | 6.50% | 03/31/2032 | 6225 | &nbsp;&nbsp; 6415777 |
| **Professional Services-0.13%** |  |  |  |  |
| CoreLogic, Inc.<sup>(f)</sup> | 4.50% | 05/01/2028 | 9100 | &nbsp;&nbsp; 8519393 |
| **Software-0.36%** |  |  |  |  |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc.<sup>(f)</sup> | 8.00% | 06/15/2029 | 1500 | &nbsp;&nbsp; 959237 |
| Central Parent, Inc./CDK Global, Inc.<sup>(f)</sup> | 7.25% | 06/15/2029 | 2500 | &nbsp;&nbsp; 1581977 |
| Cloud Software Group, Inc.<sup>(f)</sup> | 9.00% | 09/30/2029 | 7750 | &nbsp;&nbsp; 7597667 |
| Cloud Software Group, Inc.<sup>(f)</sup> | 8.25% | 06/30/2032 | 5658 | &nbsp;&nbsp; 5667578 |
| Cloud Software Group, Inc.<sup>(f)</sup> | 6.63% | 08/15/2033 | 1383 | &nbsp;&nbsp; 1305927 |
| SS&C Technologies, Inc.<sup>(f)</sup> | 6.50% | 06/01/2032 | 5500 | &nbsp;&nbsp; 5610753 |
|  |  |  |  | &nbsp;&nbsp; 22723139 |
| Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $279,249,637) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $279,249,637) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $279,249,637) | Total U.S. Dollar Denominated Bonds & Notes <br>(Cost $279,249,637) | &nbsp;&nbsp; 282325545 |
|  |  |  | **Shares** |  |
| **Common Stocks & Other Equity Interests-0.11%** |  |  |  |  |
| **Diversified Telecommunication Services-0.11%** |  |  |  |  |
| Altice France S.A.<sup>(g)</sup> <br>(Cost $6,400,659)<br>|  |  | 366864 | &nbsp;&nbsp; 6872680 |

---

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

------

**7**

------

**Invesco Senior Loan ETF (BKLN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-5.22%** |  |  |
| Invesco Premier U.S. Government Money Portfolio, Institutional Class, 3.58%<sup>(h)(i)</sup> <br>(Cost $332,375,199)<br>| 332375199 | &nbsp;&nbsp; $332375199 |
| TOTAL INVESTMENTS IN SECURITIES-103.16% <br>(Cost $6,722,627,225) | TOTAL INVESTMENTS IN SECURITIES-103.16% <br>(Cost $6,722,627,225) | &nbsp;&nbsp; 6571628255 |
| OTHER ASSETS LESS LIABILITIES-(3.16)% | OTHER ASSETS LESS LIABILITIES-(3.16)% | &nbsp;&nbsp; (201177520)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $6370450735 |

---

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which <br> borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity <br> may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average <br> life of three to five years.<br>|
| <sup>(b)</sup> | Variable rate senior loan interests are, at present, not readily marketable, not registered under the Securities Act of 1933, as amended (the "1933 Act") and <br> may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund's portfolio generally have variable rates which adjust <br> to a base, such as the Secured Overnight Financing Rate ("SOFR"), on set dates, typically every 30 days, but not greater than one year, and/or have interest <br> rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.<br>|
| <sup>(c)</sup> | All or a portion of this holding is subject to unfunded loan commitments. Interest rate will be determined at the time of funding. See Note 9. |
| <sup>(d)</sup> | This variable rate interest will settle after February 28, 2026, at which time the interest rate will be determined. |
| <sup>(e)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 4. |
| <sup>(f)</sup> | Security purchased or received in a transaction exempt from registration under the 1933 Act. The security may be resold pursuant to an exemption from <br> registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2026 was $282,325,545, <br> which represented 4.43% of the Fund's Net Assets.<br>|
| <sup>(g)</sup> | Non-income producing security. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Premier <br> U.S. Government <br> Money Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $608883473 | &nbsp;&nbsp; $4043388606 | &nbsp;&nbsp; $(4319896880)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $332375199 | &nbsp;&nbsp; $10247669 |

---

<sup>(i)</sup> The rate shown is the 7-day SEC standardized yield as of February 28, 2026.

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

------

**8**

------

**Statement of Assets and Liabilities**

February 28, 2026

*(Unaudited)* 

---

| | |
|:---|:---|
|  | **Invesco Senior** <br>**Loan ETF** <br>**(BKLN)**<br>|
| **Assets:** |  |
| Unaffiliated investments in securities, at value | &nbsp;&nbsp; $6239253056 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 332375199 |
| Cash | &nbsp;&nbsp; 7657185 |
| Due from broker | &nbsp;&nbsp; 61643 |
| Foreign currencies, at value | &nbsp;&nbsp; 7747 |
| Receivable for: |  |
| Dividends and interest | &nbsp;&nbsp; 28613167 |
| Investments sold | &nbsp;&nbsp; 682096610 |
| Fund shares sold | &nbsp;&nbsp; 40702002 |
| Expenses absorbed | &nbsp;&nbsp; 102737 |
| **Total assets** | &nbsp;&nbsp; 7330869346 |
| **Liabilities:** |  |
| Due to broker | &nbsp;&nbsp; 6502849 |
| Payable for: |  |
| Investments purchased | &nbsp;&nbsp; 772564643 |
| Fund shares repurchased | &nbsp;&nbsp; 170948407 |
| Accrued unitary management fees | &nbsp;&nbsp; 3554363 |
| Unfunded loan commitments | &nbsp;&nbsp; 6848349 |
| **Total liabilities** | &nbsp;&nbsp; 960418611 |
| **Net Assets** | &nbsp;&nbsp; $6370450735 |
| **Net assets consist of:** |  |
| Shares of beneficial interest | &nbsp;&nbsp; $7874707601 |
| Distributable earnings (loss) | &nbsp;&nbsp; (1504256866)<br>|
| **Net Assets** | &nbsp;&nbsp; $6370450735 |
| Shares outstanding (unlimited amount authorized, $0.01 par value) | &nbsp;&nbsp; 313000000 |
| Net asset value | &nbsp;&nbsp; $20.35 |
| Market price | &nbsp;&nbsp; $20.21 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $6390252026 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $332375199 |
| Foreign currencies, at cost | &nbsp;&nbsp; $7739 |

---

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

------

**9**

------

**Statement of Operations**

For the six months ended February 28, 2026

*(Unaudited)* 

---

| | |
|:---|:---|
|  | **Invesco Senior** <br>**Loan ETF** <br>**(BKLN)**<br>|
| **Investment income:** |  |
| Interest income | &nbsp;&nbsp; $228272040 |
| Affiliated dividend income | &nbsp;&nbsp; 10247669 |
| Total investment income | &nbsp;&nbsp; 238519709 |
| **Expenses:** |  |
| Unitary management fees | &nbsp;&nbsp; 21820824 |
| Less: Waivers | &nbsp;&nbsp; (495844)<br>|
| Net expenses | &nbsp;&nbsp; 21324980 |
| Net investment income | &nbsp;&nbsp; 217194729 |
| **Realized and unrealized gain (loss) from:** |  |
| Net realized gain (loss) from: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (26559150)<br>|
| Foreign currencies | &nbsp;&nbsp; 76992 |
| Net realized gain (loss) | &nbsp;&nbsp; (26482158)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (187721275)<br>|
| Foreign currencies | &nbsp;&nbsp; (610)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (187721885)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (214204043)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $2990686 |

---

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

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**10**

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**Statement of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)* 

---

| | | |
|:---|:---|:---|
|  | **Invesco Senior Loan ETF (BKLN)** | **Invesco Senior Loan ETF (BKLN)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |
| Net investment income | &nbsp;&nbsp; $217194729 | &nbsp;&nbsp;&nbsp; $544920638 |
| Net realized gain (loss) | &nbsp;&nbsp; (26482158)<br>| &nbsp;&nbsp;&nbsp; (83142908)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (187721885)<br>| &nbsp;&nbsp;&nbsp; (4615243)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 2990686 | &nbsp;&nbsp;&nbsp; 457162487 |
| **Distributions to Shareholders from:** |  |  |
| Distributable earnings | &nbsp;&nbsp; (217967792)<br>| &nbsp;&nbsp;&nbsp; (565669948)<br>|
| Return of capital | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (15486803)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (217967792)<br>| &nbsp;&nbsp;&nbsp; (581156751)<br>|
| **Shareholder Transactions:** |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 2282381040 | &nbsp;&nbsp;&nbsp; 6263842400 |
| Value of shares repurchased | &nbsp;&nbsp; (2583551246)<br>| &nbsp;&nbsp;&nbsp; (6042022242)<br>|
| Transaction fees | &nbsp;&nbsp; 5308481 | &nbsp;&nbsp;&nbsp; 16528029 |
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (295861725)<br>| &nbsp;&nbsp;&nbsp; 238348187 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; (510838831)<br>| &nbsp;&nbsp;&nbsp; 114353923 |
| **Net assets:** |  |  |
| Beginning of period | &nbsp;&nbsp; 6881289566 | &nbsp;&nbsp;&nbsp; 6766935643 |
| End of period | &nbsp;&nbsp; $6370450735 | &nbsp;&nbsp;&nbsp; $6881289566 |
| **Changes in Shares Outstanding:** |  |  |
| Shares sold | &nbsp;&nbsp; 109100000 | &nbsp;&nbsp;&nbsp; 298000000 |
| Shares repurchased | &nbsp;&nbsp; (124600000)<br>| &nbsp;&nbsp;&nbsp; (290800000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 328500000 | &nbsp;&nbsp;&nbsp; 321300000 |
| Shares outstanding, end of period | &nbsp;&nbsp; 313000000 | &nbsp;&nbsp;&nbsp; 328500000 |

---

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

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**11**

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**Financial Highlights**

Invesco Senior Loan ETF (BKLN)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $20.95 | &nbsp;&nbsp;&nbsp; $21.06 | &nbsp;&nbsp;&nbsp; $21.06 | &nbsp;&nbsp;&nbsp; $21.08 | &nbsp;&nbsp;&nbsp; $22.13 | &nbsp;&nbsp;&nbsp; $21.82 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>|
| Return of capital | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.02)<br>|
| Total distributions | &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| Transaction fees<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $20.35 | &nbsp;&nbsp;&nbsp; $20.95 | &nbsp;&nbsp;&nbsp; $21.06 | &nbsp;&nbsp;&nbsp; $21.06 | &nbsp;&nbsp;&nbsp; $21.08 | &nbsp;&nbsp;&nbsp; $22.13 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $20.21 | &nbsp;&nbsp;&nbsp; $20.92 | &nbsp;&nbsp;&nbsp; $21.08 | &nbsp;&nbsp;&nbsp; $21.09 | &nbsp;&nbsp;&nbsp; $20.98 | &nbsp;&nbsp;&nbsp; $22.15 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.34<br> %<br>| &nbsp;&nbsp;&nbsp; (1.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.72<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.22)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.04<br> %<br>| &nbsp;&nbsp;&nbsp; (1.99)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.38<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $6370451 | &nbsp;&nbsp;&nbsp; $6881290 | &nbsp;&nbsp;&nbsp; $6766936 | &nbsp;&nbsp;&nbsp; $4076721 | &nbsp;&nbsp;&nbsp; $4109841 | &nbsp;&nbsp;&nbsp; $6289247 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.64 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 6.47 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 127<br> %<br>| &nbsp;&nbsp;&nbsp; 199<br> %<br>| &nbsp;&nbsp;&nbsp; 129<br> %<br>| &nbsp;&nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp;&nbsp; 109<br> %<br>|

---

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

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

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

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

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

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

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**12**

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

February 28, 2026

*(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 portfolio:

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| | |
|:---|:---|
| **Full Name** | **Short Name** |
| Invesco Senior Loan ETF (BKLN) | "Senior Loan ETF" |

---

The portfolio (the "Fund") represents a separate series of the Trust. The shares of the Fund are referred to herein as "Shares" or "Fund's Shares." The Fund's Shares are listed and traded on the NYSE Arca, Inc.

The market price of a Share may differ to some degree from the Fund's net asset value ("NAV"). Unlike conventional mutual funds, the Fund issues and redeems Shares on a continuous basis, at NAV, only in a large specified number of Shares, each called a "Creation Unit", as set forth in the Fund's prospectus. Creation Units are issued and redeemed principally in exchange for the deposit or delivery of cash, though the Fund reserves the right to issue and redeem Creation Units in exchange for 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 Fund.

The investment objective of the Fund is to seek to track the investment results (before fees and expenses) of the Morningstar LSTA US Leveraged Loan 100 Index (the "Underlying Index").

**NOTE 2—Significant Accounting Policies**

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

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

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

Variable rate senior loan interests are fair valued using quotes provided by an independent pricing service. Quotes provided by the pricing service may reflect appropriate factors such as ratings, tranche type, industry, company performance, spread, individual trading characteristics, institution-size trading in similar groups of securities and other market data.

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, as of the approximate official closing time of that exchange. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.

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

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

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

Foreign securities' (including foreign exchange contracts') prices are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the London world markets. If market quotations are available and reliable for foreign

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**13**

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

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

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

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

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

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

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

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

**B.** **Investment Transactions and Investment Income** - Investment transactions are accounted for on a trade date basis. Realized gains and losses from the sale or disposition of securities are computed on the specific identified cost basis. Interest income is recorded on an accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Pay-in-kind interest income and non-cash dividend income received in the form of securities in lieu of cash are recorded at the fair value of the securities received. Dividend income (net of

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**14**

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withholding tax, if any) is recorded on the ex-dividend date. Realized gains, dividends and interest received by the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

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

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

**C.** **Country Determination** - For the purposes of presentation in the Schedule of Investments, the Adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include whether the 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** - The Fund declares and pays dividends from net investment income, if any, to its shareholders monthly and records such dividends on the ex-dividend date. Generally, the Fund distributes net realized taxable capital gains, if any, annually in cash and records them on the ex-dividend date. Such distributions on a tax basis are determined in conformity with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). Distributions in excess of tax basis earnings and profits, if any, are reported in the Fund's financial statements as a tax return of capital at fiscal year-end.

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

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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

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

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Fund's financial statements.

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

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

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**15**

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

**G.** **Accounting Estimates** - The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements, including estimates and assumptions related to taxation. Actual results could differ from these estimates. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

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

**I.** **Segment Reporting** — The Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act as the Fund's chief operating decision maker ("CODM"), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**J.** **Securities Purchased on a When-Issued and Delayed Delivery Basis -** The Fund may purchase and sell interests in corporate loans and corporate debt securities and other portfolio securities on a when-issued and delayed delivery basis, with payment and delivery scheduled for a future date. No income accrues to the Fund on such interests or securities in connection with such transactions prior to the date the Fund actually takes delivery of such interests or securities. These transactions are subject to market fluctuations and are subject to the risk that the value of the interests or securities at delivery may be more or less than the trade date purchase price. Although the Fund will generally purchase these securities with the intention of acquiring such securities, it may sell such securities prior to the settlement date.

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

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

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

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

**L.** **Other Risks**

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

*Cash Transaction Risk*. Most exchange-traded funds ("ETFs") generally make in-kind redemptions to avoid being taxed on gains on the distributed portfolio securities at the fund level. However, unlike most ETFs, the Fund currently intends to effect creations and redemptions principally for cash, rather than principally in-kind, due to the nature of the Fund's investments. As such, the Fund may be required to sell portfolio securities to obtain the cash needed to distribute redemption proceeds. Therefore, the Fund may recognize a capital gain on these sales and/or incur brokerage fees that might not have been incurred if the Fund had made a redemption in-kind, which may decrease the tax efficiency of the Fund compared to ETFs that utilize an in-kind redemption process and there may be a substantial difference in the after-tax rate of return between the Fund and conventional ETFs. Also, to the extent any transaction costs are not offset by transaction fees imposed on APs, such costs will decrease the Fund's NAV.

*Changing Fixed-Income Market Conditions Risk*. Increases in the federal funds and equivalent foreign 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. Such changes and resulting increased volatility may adversely impact the Fund, including its operations and return potential. It is difficult to predict the impact of interest rate changes on various markets. In addition, decreases in fixed-income dealer market-making capacity may also potentially lead to heightened volatility and reduced liquidity in the fixed-income markets. As a result, the value of the Fund's investments and share price may decline. Changes in central bank policies and other governmental actions and political events within the U.S. and abroad may also, among other things, affect investor and consumer expectations and confidence in the financial markets, which could result in higher than normal redemptions by APs, which could potentially increase the Fund's portfolio turnover rate and transaction costs.

*Fixed-Income Securities Risk*. Fixed-income securities are subject to interest rate risk and credit risk. Interest rate risk refers to fluctuations in the value of a fixed-income security resulting from changes in the general level of interest rates. When the general level of interest rates goes up, the prices of most fixed-income securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up. Fixed-income securities with longer maturities typically are more sensitive to changes in interest rates, making them more volatile than securities with shorter maturities. Credit risk refers to the possibility that the issuer of a security will be unable and/or unwilling to make timely interest payments and/or repay the principal on its debt. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. There is a possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may occur quickly and without advance warning following sudden market downturns or unexpected developments involving an issuer, and which may adversely affect the liquidity and value of the security.

*Index Risk*. Unlike many investment companies that are "actively managed", the Fund is a "passive" investor and therefore does not utilize an investing strategy that seeks returns in excess of its Underlying Index. Therefore, the 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 the Underlying Index, the Fund may be forced to sell such security at an inopportune time or for a price lower than the security's current market value. The Underlying Index may not contain the appropriate mix of securities for any particular economic cycle. Additionally, the 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 the 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, the 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, the 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 the Underlying Index concentrates in the securities of issuers in a particular industry or industry group, the Fund will also concentrate its investments to approximately the same extent. By concentrating its investments in an industry or industry

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group, the 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 the Fund invests, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry; competition for resources; adverse labor relations; political or world events; obsolescence of technologies; and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. In addition, at times, such industry or industry group may be out of favor and underperform other industries or the market as a whole.

*Liquidity Risk*. Liquidity risk exists when a particular investment is difficult to purchase or sell. If the Fund invests in illiquid securities or current portfolio securities become illiquid, it may reduce the returns of the Fund because the Fund may be unable to sell the illiquid securities at an advantageous time or price.

*Market Risk*. Securities in the 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 the 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 the Fund's NAV. Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which the Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers.

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

*Non-Correlation Risk*. The Fund's return may not match the return of its Underlying Index for a number of reasons. For example, the 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 its Underlying Index. Because the Fund issues and redeems Creation Units principally for cash, the Fund will incur higher costs in buying and selling securities than if it issued and redeemed Creation Units in-kind. Additionally, the Fund's use of a representative sampling methodology may cause the Fund not to be as well-correlated with the return of its Underlying Index as would be the case if the Fund purchased all of the securities in its Underlying Index in the proportions represented in the Underlying Index. In addition, the performance of the Fund and its Underlying Index may vary due to asset valuation differences and differences between the Fund's portfolio and its Underlying Index resulting from legal restrictions, costs or liquidity constraints.

*Non-Investment Grade Securities Risk*. All or a significant portion of the loans in which the Fund will invest may be determined to be non-investment grade loans that are considered speculative. The Fund also may invest in junk bonds. Non-investment grade loans and bonds, and unrated loans and bonds of comparable credit quality are subject to the increased risk of a borrower's or 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 borrower of lower-rated loans or issuer of lower-rated bonds defaults, the Fund may incur additional expenses to seek recovery.

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

*Risk of Investing in Loans*. Investments in loans are subject to interest rate risk and credit risk. Default in the payment of interest or principal on a loan will result in a reduction in its value. Although the loans in which the Fund will invest generally are secured by specific collateral, there can be no assurance that such collateral will satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund's access to the collateral may be limited by bankruptcy or other insolvency laws and, therefore, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan.

*Risks of Loan Assignments and Participations*. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment, a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no right to enforce

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compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

*Sampling Risk*. The Fund's use of a representative sampling methodology may result in the Fund holding a smaller number of securities than are in its 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.

*Senior Loans Risk*. Risks associated with an investment in senior loans include credit risk, interest rate risk, liquidity risk, valuation risk and prepayment risk. These risks are typically associated with debt securities but may be heightened in part because of the limited public information regarding senior loans. Senior loans generally are floating rate loans, which are subject to interest rate risk as the interest paid on the floating rate loans adjusts periodically based on changes in widely accepted reference rates. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund's ability to sell senior loans within its desired time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations. The risk of holding senior loans is also directly tied to the risk of insolvency or bankruptcy of the issuing banks. The value of senior loans can be affected by, and sensitive to, changes in government regulation and to economic downturns in the United States and abroad. Senior loans are also subject to the risk that a court could subordinate a senior loan or take other action detrimental to the holders of senior loans. Loans are subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate or take possession of. Loan investments are often issued in connection with highly leveraged transactions that are subject to greater credit risks than other investments, including a greater possibility that the borrower may default or enter bankruptcy. Highly leveraged loans also may be less liquid than other loans. These risks could cause the Fund to lose income or principal on a particular investment, which in turn could affect the Fund's returns. Newly originated loans (including reissuances and restructured loans) may possess lower levels of credit document protections than has historically been the case. Accordingly, in the event of default, the Fund may experience lower levels of recoveries than has historically been the norm.

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

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

Pursuant to the Investment Advisory Agreement, the Fund accrues daily and pays monthly to the Adviser an annual unitary management fee of 0.65% of the Fund's average daily net assets. Out of the unitary management fee, the Adviser pays for substantially all expenses of the Fund, including the payments to the Sub-Adviser, set-up fees and commitment fees associated with the line of credit, the costs of transfer agency, custody, fund administration, legal, audit and other services, except for distribution fees, if any, brokerage expenses, taxes, interest (including interest expenses associated with the line of credit), acquired fund fees and expenses, if any, litigation expenses and other extraordinary expenses, including proxy expenses (except for such proxies related to: (i) changes to the Investment Advisory Agreement, (ii) the election of an Interested Trustee, or (iii) any other matters that directly benefit the Adviser). The Adviser has entered into a sub-advisory agreement with the Sub-Adviser. The sub-advisory fee is paid by the Adviser to the Sub-Adviser at the annual rate of 40% of compensation paid to the Adviser from the Fund.

Through at least August 31, 2027, the Adviser has contractually agreed to waive the management fee payable by the Fund in an amount equal to the lesser of: (i) 100% of the net advisory fees earned by the Adviser or an affiliate of the Adviser that are attributable to the Fund's investments in money market funds that are managed by affiliates of the Adviser and other funds (including ETFs) managed by the Adviser or affiliates of the Adviser or (ii) the management fee available to be waived. There is no guarantee that the Adviser will extend the waiver of these fees past that date.

For the six months ended February 28, 2026, the Adviser waived fees of $495,844.

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

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

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

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

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** |  |  |  |  |
| Variable Rate Senior Loan Interests | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5906479245 | &nbsp;&nbsp; $43575586 | &nbsp;&nbsp; $5950054831 |
| U.S. Dollar Denominated Bonds & Notes | &nbsp;&nbsp; - | &nbsp;&nbsp; 282325545 | &nbsp;&nbsp; - | &nbsp;&nbsp; 282325545 |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; - | &nbsp;&nbsp; 6872680 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6872680 |
| Money Market Funds | &nbsp;&nbsp; 332375199 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 332375199 |
| **Total Investments** | &nbsp;&nbsp; $332375199 | &nbsp;&nbsp; $6195677470 | &nbsp;&nbsp; $43575586 | &nbsp;&nbsp; $6571628255 |

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**NOTE 5—Tax Information**

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

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

The Fund had a capital loss carryforward as of August 31, 2025, as follows:

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| | | |
|:---|:---|:---|
| **No expiration** | **No expiration** |  |
| **Short-Term** | **Long-Term** | **Total\*** |
| &nbsp;&nbsp; $365527417 | &nbsp;&nbsp; $901154024 | &nbsp;&nbsp; $1266681441 |

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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 February 28, 2026, 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 $3,239,026,438 and $3,394,427,994, respectively.

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As of February 28, 2026, the aggregate cost of investments, including any derivatives, on a tax basis listed below includes adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end:

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| | |
|:---|:---|
| Aggregate unrealized appreciation of investments | &nbsp;&nbsp; $19229924 |
| Aggregate unrealized (depreciation) of investments | &nbsp;&nbsp; (229550136)<br>|
| Net unrealized appreciation (depreciation) of investments | &nbsp;&nbsp; $(210320212)<br>|

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Cost of investments for tax purposes is $6,781,948,467.

**NOTE 7—Trustees' and Officer's Fees**

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

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

**NOTE 8—Borrowing**

The Fund is a party to a committed line of credit facility with a syndicate administered by State Street Bank and Trust Company, which will expire on April 6, 2027. The Fund currently participates in this line of credit with another Invesco ETF on a several and not joint basis. The Fund may borrow up to the lesser of (1) $725,000,000 or (2) the limits set by its prospectus for borrowings. The Adviser, on behalf of the Fund, pays an upfront fee of 0.10% on the commitment amount and a commitment fee of 0.15% on the amount of the commitment that has not been utilized. In case of borrowings from the line of credit, the Fund pays the associated interest expenses.

During the six months ended February 28, 2026, there were no borrowings from the line of credit.

**NOTE 9—Unfunded Loan Commitments**

Pursuant to the terms of certain Senior Loan agreements, the Fund held the following unfunded loan commitment as of February 28, 2026. The Fund intends to reserve against such contingent obligations by designating cash, liquid securities and liquid Senior Loans as a reserve. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

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| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Type** | **Unfunded Loan** <br>**Commitment** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Arxis | Delayed Draw Term Loan | &nbsp;&nbsp; $3355687 | &nbsp;&nbsp; $666251 |
| R1 RCM, Inc. | Delayed Draw Term Loan B | &nbsp;&nbsp; 3492662 | &nbsp;&nbsp; (477747)<br>|
|  |  | &nbsp;&nbsp; $6848349 | &nbsp;&nbsp; $188504 |

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**NOTE 10—Senior Loan Participation Commitments**

The Fund may invest in participations, assignments, or act as a party to the primary lending syndicate of a senior loan interest to corporations, partnerships, and other entities. When the Fund purchases a participation of a senior loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation, but not with the borrower directly. As such, the Fund assumes the credit risk of the borrower, selling participant or other persons interpositioned between the Fund and the borrower.

During the six months ended February 28, 2026, there were no interests in senior loans purchased by the Fund on a participation basis.

**NOTE 11—Capital**

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

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

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immediately available funds having a value (marked-to-market daily) at least equal to 105%, which the Adviser may change from time to time, of the value of the missing Deposit Securities.

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

Transactions in the Fund's Shares are disclosed in detail in the Statement of Changes in Net Assets.

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

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-SL-NCSRS

invesco.com/ETFs

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![](imgcdb0a7681.jpg)

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

February 28, 2026

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| | |
|:---|:---|
| **FDIQ** | Invesco Bloomberg Financial Data Providers ETF (formerly, Invesco KBW Regional Banking <br> ETF)<br>|
| **IBBQ** | Invesco Nasdaq Biotechnology ETF |
| **QOWZ** | Invesco Nasdaq Free Cash Flow Achievers ETF |
| **SOXQ** | Invesco PHLX Semiconductor ETF |
| **TAN** | Invesco Solar ETF |

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**Table of Contents**

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| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco Bloomberg Financial Data Providers ETF (FDIQ)](#xx_c9e12845-d097-489e-b75d-7215d6282e01_SOI-Continued-834_1) | **3** |
| [Invesco Nasdaq Biotechnology ETF (IBBQ)](#xx_c9e12845-d097-489e-b75d-7215d6282e01_SOI-Continued-834_3) | **5** |
| [Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)](#xx_c9e12845-d097-489e-b75d-7215d6282e01_SOI-Continued-834_7) | **9** |
| [Invesco PHLX Semiconductor ETF (SOXQ)](#xx_c9e12845-d097-489e-b75d-7215d6282e01_SOI-Continued-834_9) | **11** |
| [Invesco Solar ETF (TAN)](#xx_c9e12845-d097-489e-b75d-7215d6282e01_SOI-Continued-834_11) | **13** |
| [Statements of Assets and Liabilities](#xx_c9e12845-d097-489e-b75d-7215d6282e01_FS-Continued-834_1) | **15** |
| [Statements of Operations](#xx_c9e12845-d097-489e-b75d-7215d6282e01_FS-Continued-834_2) | **16** |
| [Statements of Changes in Net Assets](#xx_c9e12845-d097-489e-b75d-7215d6282e01_FS-Continued-834_4) | **18** |
| [Financial Highlights](#xx_c9e12845-d097-489e-b75d-7215d6282e01_FIHI-Continued-834_1) | **20** |
| [Notes to Financial Statements](#xx_c9e12845-d097-489e-b75d-7215d6282e01_NTF-Continued-834_1) | **25** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_c9e12845-d097-489e-b75d-7215d6282e01_OIRSR-Continued-558_1) | **38** |

---

------

**2**

------

**Invesco Bloomberg Financial Data Providers ETF (FDIQ)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** | **Common Stocks & Other Equity Interests-99.90%** |
| **Application Software-4.00%** | **Application Software-4.00%** | **Application Software-4.00%** |
| Fair Isaac Corp.<sup>(b)</sup> | 1555 | &nbsp;&nbsp; $2191555 |
| **Data Processing & Outsourced Services-6.41%** | **Data Processing & Outsourced Services-6.41%** | **Data Processing & Outsourced Services-6.41%** |
| Broadridge Financial Solutions, Inc. | 10886 | &nbsp;&nbsp; 2023381 |
| SS&C Technologies Holdings, Inc. | 19773 | &nbsp;&nbsp; 1488709 |
|  |  | &nbsp;&nbsp; 3512090 |
| **Financial Exchanges & Data-67.29%** | **Financial Exchanges & Data-67.29%** | **Financial Exchanges & Data-67.29%** |
| ASX Ltd. (Australia) | 18135 | &nbsp;&nbsp; 684370 |
| Cboe Global Markets, Inc. | 9778 | &nbsp;&nbsp; 2930662 |
| CME Group, Inc., Class A | 9474 | &nbsp;&nbsp; 3026943 |
| Coinbase Global, Inc., Class A<sup>(b)(c)</sup> | 10804 | &nbsp;&nbsp; 1899883 |
| Deutsche Boerse AG (Germany) | 9932 | &nbsp;&nbsp; 2712282 |
| Euronext N.V. (Netherlands)<sup>(d)</sup> | 7106 | &nbsp;&nbsp; 1173138 |
| FactSet Research Systems, Inc. | 3487 | &nbsp;&nbsp; 756016 |
| Hong Kong Exchanges & Clearing Ltd. (Hong <br> Kong)<br>| 47877 | &nbsp;&nbsp; 2558235 |
| Intercontinental Exchange, Inc. | 15972 | &nbsp;&nbsp; 2621484 |
| Japan Exchange Group, Inc. (Japan) | 95697 | &nbsp;&nbsp; 1302668 |
| London Stock Exchange Group PLC (United <br> Kingdom)<br>| 21497 | &nbsp;&nbsp; 2555147 |
| MarketAxess Holdings, Inc. | 3379 | &nbsp;&nbsp; 648768 |
| Moody's Corp. | 5121 | &nbsp;&nbsp; 2445738 |
| Morningstar, Inc. | 2310 | &nbsp;&nbsp; 423053 |
| MSCI, Inc. | 4520 | &nbsp;&nbsp; 2584672 |
| Nasdaq, Inc. | 26429 | &nbsp;&nbsp; 2314652 |
| S&P Global, Inc. | 4983 | &nbsp;&nbsp; 2201888 |
| Singapore Exchange Ltd. (Singapore) | 100202 | &nbsp;&nbsp; 1439021 |
| Tel Aviv Stock Exchange Ltd. (The) (Israel) | 8342 | &nbsp;&nbsp; 406518 |
| TMX Group Ltd. (Canada) | 25718 | &nbsp;&nbsp; 867607 |
| Tradeweb Markets, Inc., Class A | 10861 | &nbsp;&nbsp; 1338673 |
|  |  | &nbsp;&nbsp; 36891418 |
| **Investment Banking & Brokerage-4.81%** | **Investment Banking & Brokerage-4.81%** | **Investment Banking & Brokerage-4.81%** |
| HUB24 Ltd. (Australia) | 7377 | &nbsp;&nbsp; 513248 |
| LPL Financial Holdings, Inc. | 7066 | &nbsp;&nbsp; 2122485 |
|  |  | &nbsp;&nbsp; 2635733 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Research & Consulting Services-17.39%** | **Research & Consulting Services-17.39%** | **Research & Consulting Services-17.39%** |
| Equifax, Inc. | 11363 | &nbsp;&nbsp; $2374412 |
| Experian PLC (Ireland) | 56802 | &nbsp;&nbsp; 2132907 |
| Thomson Reuters Corp. (Canada)<sup>(c)</sup> | 12520 | &nbsp;&nbsp; 1205596 |
| TransUnion | 18086 | &nbsp;&nbsp; 1420655 |
| Verisk Analytics, Inc. | 11559 | &nbsp;&nbsp; 2399302 |
|  |  | &nbsp;&nbsp; 9532872 |
| Total Common Stocks & Other Equity Interests <br>(Cost $51,977,820) | Total Common Stocks & Other Equity Interests <br>(Cost $51,977,820) | &nbsp;&nbsp; 54763668 |
| **Money Market Funds-30.22%** | **Money Market Funds-30.22%** | **Money Market Funds-30.22%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $16,568,414)<br>| 16568414 | &nbsp;&nbsp; 16568414 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-130.12% <br>(Cost $68,546,234) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-130.12% <br>(Cost $68,546,234) | &nbsp;&nbsp; 71332082 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-5.98%** | **Money Market Funds-5.98%** | **Money Market Funds-5.98%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup><br>| 916122 | &nbsp;&nbsp; 916122 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup> | 2363542 | &nbsp;&nbsp; 2364251 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,280,373) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $3,280,373) | &nbsp;&nbsp; 3280373 |
| TOTAL INVESTMENTS IN SECURITIES-136.10% <br>(Cost $71,826,607) | TOTAL INVESTMENTS IN SECURITIES-136.10% <br>(Cost $71,826,607) | &nbsp;&nbsp; 74612455 |
| OTHER ASSETS LESS LIABILITIES-(36.10)% | OTHER ASSETS LESS LIABILITIES-(36.10)% | &nbsp;&nbsp; (19791001)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $54821454 |

---

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, <br> 2026 represented 2.14% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

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

------

**3**

------

**Invesco Bloomberg Financial Data Providers ETF (FDIQ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $29546 | &nbsp;&nbsp; $17673310 | &nbsp;&nbsp; $(1134442)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $16568414 | &nbsp;&nbsp; $10514 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 1664981 | &nbsp;&nbsp; 12610375 | &nbsp;&nbsp; (13359234)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 916122 | &nbsp;&nbsp; 28,545<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 4333803 | &nbsp;&nbsp; 31609516 | &nbsp;&nbsp; (33579006)<br>| &nbsp;&nbsp; (89)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 2364251 | &nbsp;&nbsp; 77,255<br> \*<br>|
| Total | &nbsp;&nbsp; $6028330 | &nbsp;&nbsp; $61893201 | &nbsp;&nbsp; $(48072682)<br>| &nbsp;&nbsp; $(89)<br>| &nbsp;&nbsp; $27 | &nbsp;&nbsp; $19848787 | &nbsp;&nbsp; $116314 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**4**

------

**Invesco Nasdaq Biotechnology ETF (IBBQ)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** | **Common Stocks & Other Equity Interests-99.87%** |
| **Biotechnology-83.80%** | **Biotechnology-83.80%** | **Biotechnology-83.80%** |
| 4D Molecular Therapeutics, Inc.<sup>(b)(c)</sup> | 3185 | &nbsp;&nbsp; $30767 |
| Abivax S.A., ADR (France)<sup>(b)</sup> | 3337 | &nbsp;&nbsp; 404711 |
| Absci Corp.<sup>(b)(c)</sup> | 8394 | &nbsp;&nbsp; 23000 |
| AC Immune S.A. (Switzerland)<sup>(b)(c)</sup> | 5590 | &nbsp;&nbsp; 16379 |
| Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 9567 | &nbsp;&nbsp; 234966 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 13305 | &nbsp;&nbsp; 207159 |
| Agios Pharmaceuticals, Inc.<sup>(b)</sup> | 3239 | &nbsp;&nbsp; 97915 |
| Alkermes PLC<sup>(b)(c)</sup> | 9274 | &nbsp;&nbsp; 279147 |
| Allogene Therapeutics, Inc.<sup>(b)</sup> | 12556 | &nbsp;&nbsp; 34906 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 7470 | &nbsp;&nbsp; 2486912 |
| Altimmune, Inc.<sup>(b)(c)</sup> | 5817 | &nbsp;&nbsp; 25071 |
| Alvotech S.A. (Luxembourg)<sup>(b)(c)</sup> | 17492 | &nbsp;&nbsp; 69793 |
| Amgen, Inc. | 17796 | &nbsp;&nbsp; 6907695 |
| Amicus Therapeutics, Inc.<sup>(b)</sup> | 17240 | &nbsp;&nbsp; 247739 |
| AnaptysBio, Inc.<sup>(b)</sup> | 1550 | &nbsp;&nbsp; 85328 |
| Anavex Life Sciences Corp.<sup>(b)(c)</sup> | 4989 | &nbsp;&nbsp; 22101 |
| Annexon, Inc.<sup>(b)</sup> | 8089 | &nbsp;&nbsp; 45298 |
| Apellis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 7068 | &nbsp;&nbsp; 148145 |
| Apogee Therapeutics, Inc.<sup>(b)(c)</sup> | 3075 | &nbsp;&nbsp; 215250 |
| Arbutus Biopharma Corp.<sup>(b)</sup> | 10743 | &nbsp;&nbsp; 50062 |
| Arcellx, Inc.<sup>(b)</sup> | 3276 | &nbsp;&nbsp; 372776 |
| Arcturus Therapeutics Holdings, Inc.<sup>(b)(c)</sup> | 1610 | &nbsp;&nbsp; 13250 |
| Arcutis Biotherapeutics, Inc.<sup>(b)(c)</sup> | 6836 | &nbsp;&nbsp; 184367 |
| Ardelyx, Inc.<sup>(b)</sup> | 13580 | &nbsp;&nbsp; 88949 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup> | 1648 | &nbsp;&nbsp; 1263884 |
| ArriVent Biopharma, Inc.<sup>(b)(c)</sup> | 2313 | &nbsp;&nbsp; 53130 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)</sup> | 7676 | &nbsp;&nbsp; 485661 |
| ARS Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5518 | &nbsp;&nbsp; 51207 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup> | 3474 | &nbsp;&nbsp; 811179 |
| Aura Biosciences, Inc.<sup>(b)</sup> | 3566 | &nbsp;&nbsp; 21004 |
| Aurinia Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 7358 | &nbsp;&nbsp; 104263 |
| Autolus Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 11218 | &nbsp;&nbsp; 19183 |
| Beam Therapeutics, Inc.<sup>(b)(c)</sup> | 5686 | &nbsp;&nbsp; 161824 |
| BeOne Medicines Ltd., ADR<sup>(b)</sup> | 1784 | &nbsp;&nbsp; 565510 |
| Bicara Therapeutics, Inc.<sup>(b)(c)</sup> | 3072 | &nbsp;&nbsp; 51548 |
| Bicycle Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 2589 | &nbsp;&nbsp; 14835 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 11766 | &nbsp;&nbsp; 102953 |
| Biogen, Inc.<sup>(b)</sup> | 8295 | &nbsp;&nbsp; 1591147 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 10885 | &nbsp;&nbsp; 671931 |
| BioNTech SE, ADR (Germany)<sup>(b)</sup> | 5726 | &nbsp;&nbsp; 631177 |
| Black Diamond Therapeutics, Inc.<sup>(b)</sup> | 3178 | &nbsp;&nbsp; 7850 |
| BridgeBio Pharma, Inc.<sup>(b)</sup> | 10918 | &nbsp;&nbsp; 725829 |
| C4 Therapeutics, Inc.<sup>(b)</sup> | 5430 | &nbsp;&nbsp; 14661 |
| Cabaletta Bio, Inc.<sup>(b)(c)</sup> | 5395 | &nbsp;&nbsp; 17911 |
| Candel Therapeutics, Inc.<sup>(b)(c)</sup> | 3078 | &nbsp;&nbsp; 16160 |
| Caribou Biosciences, Inc.<sup>(b)</sup> | 5225 | &nbsp;&nbsp; 9928 |
| Caris Life Sciences, Inc.<sup>(b)(c)</sup> | 15855 | &nbsp;&nbsp; 319320 |
| Cartesian Therapeutics, Inc., Rts., expiring <br> 12/31/2049<sup>(b)(d)</sup><br>| 2633 | &nbsp;&nbsp; 359 |
| Centessa Pharmaceuticals PLC, ADR<sup>(b)(c)</sup> | 5405 | &nbsp;&nbsp; 145178 |
| CG Oncology, Inc.<sup>(b)(c)</sup> | 4605 | &nbsp;&nbsp; 270774 |
| Cogent Biosciences, Inc.<sup>(b)(c)</sup> | 8738 | &nbsp;&nbsp; 339471 |
| Coherus Oncology, Inc.<sup>(b)(c)</sup> | 6762 | &nbsp;&nbsp; 11293 |
| Compass Pathways PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 5259 | &nbsp;&nbsp; 36287 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Corvus Pharmaceuticals, Inc.<sup>(b)</sup> | 4177 | &nbsp;&nbsp; $76272 |
| Crinetics Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5407 | &nbsp;&nbsp; 222228 |
| CRISPR Therapeutics AG (Switzerland)<sup>(b)(c)</sup> | 5417 | &nbsp;&nbsp; 325778 |
| Cullinan Therapeutics, Inc.<sup>(b)(c)</sup> | 3316 | &nbsp;&nbsp; 51398 |
| Cytokinetics, Inc.<sup>(b)(c)</sup> | 6884 | &nbsp;&nbsp; 428322 |
| CytomX Therapeutics, Inc.<sup>(b)</sup> | 9460 | &nbsp;&nbsp; 50800 |
| Day One Biopharmaceuticals, Inc.<sup>(b)(c)</sup> | 5740 | &nbsp;&nbsp; 60844 |
| Denali Therapeutics, Inc.<sup>(b)(c)</sup> | 8178 | &nbsp;&nbsp; 173210 |
| Design Therapeutics, Inc.<sup>(b)</sup> | 3177 | &nbsp;&nbsp; 33168 |
| Disc Medicine, Inc.<sup>(b)(c)</sup> | 2105 | &nbsp;&nbsp; 140235 |
| Dyne Therapeutics, Inc.<sup>(b)(c)</sup> | 7965 | &nbsp;&nbsp; 124413 |
| Editas Medicine, Inc.<sup>(b)(c)</sup> | 5197 | &nbsp;&nbsp; 11433 |
| Enanta Pharmaceuticals, Inc.<sup>(b)</sup> | 1604 | &nbsp;&nbsp; 22937 |
| Entrada Therapeutics, Inc.<sup>(b)(c)</sup> | 2126 | &nbsp;&nbsp; 25363 |
| Erasca, Inc.<sup>(b)(c)</sup> | 15831 | &nbsp;&nbsp; 216251 |
| Exelixis, Inc.<sup>(b)</sup> | 15175 | &nbsp;&nbsp; 668610 |
| Foghorn Therapeutics, Inc.<sup>(b)(c)</sup> | 3158 | &nbsp;&nbsp; 17937 |
| Galapagos N.V., ADR (Belgium)<sup>(b)</sup> | 803 | &nbsp;&nbsp; 27029 |
| Genmab A/S, ADR (Denmark)<sup>(b)(c)</sup> | 3245 | &nbsp;&nbsp; 95533 |
| Geron Corp.<sup>(b)</sup> | 35647 | &nbsp;&nbsp; 59887 |
| Gilead Sciences, Inc. | 48865 | &nbsp;&nbsp; 7278442 |
| Gossamer Bio., Inc.<sup>(b)</sup> | 12911 | &nbsp;&nbsp; 5486 |
| GRAIL, Inc.<sup>(b)(c)</sup> | 2176 | &nbsp;&nbsp; 115828 |
| Grifols S.A., ADR (Spain) | 6813 | &nbsp;&nbsp; 61998 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 6671 | &nbsp;&nbsp; 463835 |
| Humacyte, Inc.<sup>(b)(c)</sup> | 10465 | &nbsp;&nbsp; 11668 |
| Ideaya Biosciences, Inc.<sup>(b)(c)</sup> | 4907 | &nbsp;&nbsp; 158005 |
| Immuneering Corp., Class A<sup>(b)(c)</sup> | 3615 | &nbsp;&nbsp; 18039 |
| ImmunityBio, Inc.<sup>(b)(c)</sup> | 55881 | &nbsp;&nbsp; 546516 |
| Immunocore Holdings PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 2432 | &nbsp;&nbsp; 78554 |
| Immunovant, Inc.<sup>(b)(c)</sup> | 9812 | &nbsp;&nbsp; 272087 |
| Incyte Corp.<sup>(b)</sup> | 11115 | &nbsp;&nbsp; 1125616 |
| Inhibrx Biosciences, Inc.<sup>(b)(c)</sup> | 807 | &nbsp;&nbsp; 59823 |
| Insmed, Inc.<sup>(b)</sup> | 12065 | &nbsp;&nbsp; 1801666 |
| Intellia Therapeutics, Inc.<sup>(b)(c)</sup> | 6453 | &nbsp;&nbsp; 88922 |
| Invivyd, Inc.<sup>(b)</sup> | 15472 | &nbsp;&nbsp; 26148 |
| Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 9163 | &nbsp;&nbsp; 743577 |
| Iovance Biotherapeutics, Inc.<sup>(b)(c)</sup> | 22091 | &nbsp;&nbsp; 85271 |
| Ironwood Pharmaceuticals, Inc.<sup>(b)</sup> | 9099 | &nbsp;&nbsp; 31119 |
| Janux Therapeutics, Inc.<sup>(b)(c)</sup> | 3365 | &nbsp;&nbsp; 45798 |
| Jyong Biotech Ltd. (Taiwan)<sup>(b)</sup> | 4238 | &nbsp;&nbsp; 9069 |
| KalVista Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2831 | &nbsp;&nbsp; 46089 |
| Kamada Ltd. (Israel)<sup>(b)</sup> | 3210 | &nbsp;&nbsp; 27927 |
| Keros Therapeutics, Inc.<sup>(b)</sup> | 1724 | &nbsp;&nbsp; 24464 |
| Kiniksa Pharmaceuticals International PLC<sup>(b)</sup> | 2538 | &nbsp;&nbsp; 112916 |
| Kodiak Sciences, Inc.<sup>(b)</sup> | 2951 | &nbsp;&nbsp; 79087 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 1646 | &nbsp;&nbsp; 453703 |
| Kura Oncology, Inc.<sup>(b)(c)</sup> | 4878 | &nbsp;&nbsp; 42585 |
| Kymera Therapeutics, Inc.<sup>(b)(c)</sup> | 4067 | &nbsp;&nbsp; 371520 |
| Kyverna Therapeutics, Inc.<sup>(b)</sup> | 2433 | &nbsp;&nbsp; 19975 |
| Larimar Therapeutics, Inc.<sup>(b)</sup> | 4770 | &nbsp;&nbsp; 25329 |
| Legend Biotech Corp., ADR<sup>(b)(c)</sup> | 4707 | &nbsp;&nbsp; 89433 |
| LENZ Therapeutics, Inc.<sup>(b)(c)</sup> | 1768 | &nbsp;&nbsp; 23850 |
| Lexeo Therapeutics, Inc.<sup>(b)(c)</sup> | 4094 | &nbsp;&nbsp; 29395 |
| Lyell Immunopharma, Inc.<sup>(b)(c)</sup> | 1207 | &nbsp;&nbsp; 28968 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1287 | &nbsp;&nbsp; 555984 |
| MannKind Corp.<sup>(b)(c)</sup> | 17136 | &nbsp;&nbsp; 56206 |

---

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

------

**5**

------

**Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| MeiraGTx Holdings PLC<sup>(b)(c)</sup> | 4490 | &nbsp;&nbsp; $33944 |
| Mesoblast Ltd., ADR (Australia)<sup>(b)(c)</sup> | 2721 | &nbsp;&nbsp; 43128 |
| Mineralys Therapeutics, Inc.<sup>(b)(c)</sup> | 4428 | &nbsp;&nbsp; 129563 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2923 | &nbsp;&nbsp; 269764 |
| Moderna, Inc.<sup>(b)(c)</sup> | 22109 | &nbsp;&nbsp; 1184379 |
| Monte Rosa Therapeutics, Inc.<sup>(b)</sup> | 3640 | &nbsp;&nbsp; 64610 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 5641 | &nbsp;&nbsp; 746022 |
| Neurogene, Inc.<sup>(b)</sup> | 848 | &nbsp;&nbsp; 19920 |
| NewAmsterdam Pharma Co. N.V. <br> (Netherlands)<sup>(b)</sup><br>| 6442 | &nbsp;&nbsp; 228433 |
| NovaBridge Biosciences, ADR (China)<sup>(b)(c)</sup> | 5799 | &nbsp;&nbsp; 19021 |
| Novavax, Inc.<sup>(b)(c)</sup> | 9091 | &nbsp;&nbsp; 92183 |
| Nurix Therapeutics, Inc.<sup>(b)(c)</sup> | 5681 | &nbsp;&nbsp; 90726 |
| Nuvalent, Inc., Class A<sup>(b)</sup> | 4101 | &nbsp;&nbsp; 418097 |
| Olema Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4401 | &nbsp;&nbsp; 106504 |
| ORIC Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 5451 | &nbsp;&nbsp; 73316 |
| Oruka Therapeutics, Inc.<sup>(b)(c)</sup> | 2692 | &nbsp;&nbsp; 92632 |
| PepGen, Inc.<sup>(b)</sup> | 3853 | &nbsp;&nbsp; 23966 |
| Praxis Precision Medicines, Inc.<sup>(b)(c)</sup> | 1420 | &nbsp;&nbsp; 478185 |
| Precigen, Inc.<sup>(b)(c)</sup> | 19747 | &nbsp;&nbsp; 74841 |
| Prime Medicine, Inc.<sup>(b)(c)</sup> | 10067 | &nbsp;&nbsp; 46510 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 3560 | &nbsp;&nbsp; 327805 |
| Prothena Corp. PLC (Ireland)<sup>(b)(c)</sup> | 2992 | &nbsp;&nbsp; 25941 |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 4553 | &nbsp;&nbsp; 310469 |
| Puma Biotechnology, Inc.<sup>(b)(c)</sup> | 2824 | &nbsp;&nbsp; 16097 |
| Pyxis Oncology, Inc.<sup>(b)</sup> | 3526 | &nbsp;&nbsp; 5183 |
| RAPT Therapeutics, Inc.<sup>(b)</sup> | 1551 | &nbsp;&nbsp; 89927 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(b)(c)</sup> | 28735 | &nbsp;&nbsp; 105457 |
| Regeneron Pharmaceuticals, Inc. | 5839 | &nbsp;&nbsp; 4564171 |
| REGENXBIO, Inc.<sup>(b)(c)</sup> | 2835 | &nbsp;&nbsp; 25628 |
| Relay Therapeutics, Inc.<sup>(b)(c)</sup> | 9680 | &nbsp;&nbsp; 99317 |
| Replimune Group, Inc.<sup>(b)(c)</sup> | 4391 | &nbsp;&nbsp; 33591 |
| Revolution Medicines, Inc.<sup>(b)</sup> | 10938 | &nbsp;&nbsp; 1115895 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)</sup> | 3774 | &nbsp;&nbsp; 349963 |
| Rigel Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1019 | &nbsp;&nbsp; 35400 |
| Rocket Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 6041 | &nbsp;&nbsp; 30265 |
| Roivant Sciences Ltd.<sup>(b)</sup> | 39369 | &nbsp;&nbsp; 1139339 |
| Sagimet Biosciences, Inc., Class A<sup>(b)</sup> | 1749 | &nbsp;&nbsp; 9987 |
| Sana Biotechnology, Inc.<sup>(b)(c)</sup> | 14886 | &nbsp;&nbsp; 62670 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 5837 | &nbsp;&nbsp; 97828 |
| Savara, Inc.<sup>(b)(c)</sup> | 11348 | &nbsp;&nbsp; 68315 |
| Scholar Rock Holding Corp.<sup>(b)(c)</sup> | 5710 | &nbsp;&nbsp; 252782 |
| Silence Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 2621 | &nbsp;&nbsp; 14258 |
| Sionna Therapeutics, Inc.<sup>(b)(c)</sup> | 2514 | &nbsp;&nbsp; 91862 |
| Solid Biosciences, Inc.<sup>(b)(c)</sup> | 4366 | &nbsp;&nbsp; 27113 |
| Spyre Therapeutics, Inc.<sup>(b)(c)</sup> | 4352 | &nbsp;&nbsp; 187180 |
| Stoke Therapeutics, Inc.<sup>(b)(c)</sup> | 3184 | &nbsp;&nbsp; 115929 |
| Summit Therapeutics, Inc.<sup>(b)(c)</sup> | 42174 | &nbsp;&nbsp; 699667 |
| Syndax Pharmaceuticals, Inc.<sup>(b)</sup> | 4873 | &nbsp;&nbsp; 105793 |
| Tango Therapeutics, Inc.<sup>(b)(c)</sup> | 7535 | &nbsp;&nbsp; 83940 |
| Taysha Gene Therapies, Inc.<sup>(b)(c)</sup> | 15289 | &nbsp;&nbsp; 69259 |
| Tectonic Therapeutic, Inc.<sup>(b)(c)</sup> | 1045 | &nbsp;&nbsp; 24505 |
| Tenaya Therapeutics, Inc.<sup>(b)</sup> | 9284 | &nbsp;&nbsp; 5216 |
| Travere Therapeutics, Inc.<sup>(b)</sup> | 4995 | &nbsp;&nbsp; 148801 |
| Twist Bioscience Corp.<sup>(b)(c)</sup> | 3416 | &nbsp;&nbsp; 160279 |
| Tyra Biosciences, Inc.<sup>(b)(c)</sup> | 2966 | &nbsp;&nbsp; 98797 |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | 5405 | &nbsp;&nbsp; 126423 |
| uniQure N.V. (Netherlands)<sup>(b)</sup> | 3468 | &nbsp;&nbsp; 54205 |
| United Therapeutics Corp.<sup>(b)</sup> | 2437 | &nbsp;&nbsp; 1228004 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Upstream Bio, Inc.<sup>(b)(c)</sup> | 3038 | &nbsp;&nbsp; $23332 |
| UroGen Pharma Ltd.<sup>(b)(c)</sup> | 2613 | &nbsp;&nbsp; 56702 |
| Vanda Pharmaceuticals, Inc.<sup>(b)</sup> | 3317 | &nbsp;&nbsp; 29554 |
| Vaxcyte, Inc.<sup>(b)(c)</sup> | 7425 | &nbsp;&nbsp; 458420 |
| Vera Therapeutics, Inc.<sup>(b)</sup> | 3585 | &nbsp;&nbsp; 146232 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 4424 | &nbsp;&nbsp; 161874 |
| Vericel Corp.<sup>(b)(c)</sup> | 2833 | &nbsp;&nbsp; 101081 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 14178 | &nbsp;&nbsp; 7044056 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 7785 | &nbsp;&nbsp; 70766 |
| Vor BioPharma, Inc.<sup>(b)</sup> | 960 | &nbsp;&nbsp; 14822 |
| Voyager Therapeutics, Inc.<sup>(b)</sup> | 3162 | &nbsp;&nbsp; 12964 |
| Xencor, Inc.<sup>(b)(c)</sup> | 3980 | &nbsp;&nbsp; 50825 |
| Xenon Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 4390 | &nbsp;&nbsp; 189780 |
| Zai Lab Ltd., ADR (China)<sup>(b)(c)</sup> | 2174 | &nbsp;&nbsp; 41784 |
| Zenas Biopharma, Inc.<sup>(b)(c)</sup> | 2980 | &nbsp;&nbsp; 78523 |
| Zymeworks, Inc.<sup>(b)(c)</sup> | 4184 | &nbsp;&nbsp; 97445 |
|  |  | &nbsp;&nbsp; 63474854 |
| **Health Care Equipment & Supplies-0.13%** | **Health Care Equipment & Supplies-0.13%** | **Health Care Equipment & Supplies-0.13%** |
| Novocure Ltd.<sup>(b)(c)</sup> | 6261 | &nbsp;&nbsp; 85588 |
| Orchestra Biomed Holdings, Inc.<sup>(b)</sup> | 3155 | &nbsp;&nbsp; 13819 |
|  |  | &nbsp;&nbsp; 99407 |
| **Health Care Providers & Services-0.97%** | **Health Care Providers & Services-0.97%** | **Health Care Providers & Services-0.97%** |
| Castle Biosciences, Inc.<sup>(b)</sup> | 1619 | &nbsp;&nbsp; 47874 |
| Guardant Health, Inc.<sup>(b)</sup> | 7319 | &nbsp;&nbsp; 687254 |
|  |  | &nbsp;&nbsp; 735128 |
| **Life Sciences Tools & Services-3.91%** | **Life Sciences Tools & Services-3.91%** | **Life Sciences Tools & Services-3.91%** |
| 10X Genomics, Inc., Class A<sup>(b)</sup> | 6513 | &nbsp;&nbsp; 150125 |
| AbCellera Biologics, Inc. (Canada)<sup>(b)(c)</sup> | 16724 | &nbsp;&nbsp; 60373 |
| Adaptive Biotechnologies Corp.<sup>(b)</sup> | 8546 | &nbsp;&nbsp; 136907 |
| Alpha Teknova, Inc.<sup>(b)(c)</sup> | 2973 | &nbsp;&nbsp; 7670 |
| Codexis, Inc.<sup>(b)</sup> | 5176 | &nbsp;&nbsp; 5228 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 5176 | &nbsp;&nbsp; 55487 |
| Illumina, Inc.<sup>(b)</sup> | 8646 | &nbsp;&nbsp; 1162541 |
| Lifecore Biomedical, Inc.<sup>(b)(c)</sup> | 2092 | &nbsp;&nbsp; 15062 |
| Maravai LifeSciences Holdings, Inc., <br> Class A<sup>(b)(c)</sup><br>| 8103 | &nbsp;&nbsp; 28847 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 1593 | &nbsp;&nbsp; 719654 |
| OmniAb, Inc.<sup>(b)</sup> | 8054 | &nbsp;&nbsp; 13853 |
| OmniAb, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(d)</sup><br>| 125 | &nbsp;&nbsp; 0 |
| OmniAb, Inc., Rts., expiring 11/02/2027<sup>(b)(d)</sup> | 125 | &nbsp;&nbsp; 0 |
| Pacific Biosciences of California, Inc.<sup>(b)(c)</sup> | 16852 | &nbsp;&nbsp; 28311 |
| Personalis, Inc.<sup>(b)(c)</sup> | 4964 | &nbsp;&nbsp; 44974 |
| Quantum-Si, Inc.<sup>(b)</sup> | 10933 | &nbsp;&nbsp; 10456 |
| Tempus AI, Inc.<sup>(b)(c)</sup> | 9809 | &nbsp;&nbsp; 522329 |
|  |  | &nbsp;&nbsp; 2961817 |
| **Pharmaceuticals-11.06%** | **Pharmaceuticals-11.06%** | **Pharmaceuticals-11.06%** |
| Aardvark Therapeutics, Inc.<sup>(b)(c)</sup> | 1232 | &nbsp;&nbsp; 15388 |
| Aclaris Therapeutics, Inc.<sup>(b)(c)</sup> | 6047 | &nbsp;&nbsp; 17355 |
| Alumis, Inc.<sup>(b)</sup> | 5443 | &nbsp;&nbsp; 161603 |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 17835 | &nbsp;&nbsp; 246301 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2574 | &nbsp;&nbsp; 52072 |
| Amylyx Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 6115 | &nbsp;&nbsp; 92765 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1263 | &nbsp;&nbsp; 93336 |
| Aquestive Therapeutics, Inc.<sup>(b)(c)</sup> | 6813 | &nbsp;&nbsp; 27252 |
| Arvinas, Inc.<sup>(b)</sup> | 3599 | &nbsp;&nbsp; 47759 |
| AtaiBeckley, Inc. (Germany)<sup>(b)(c)</sup> | 20269 | &nbsp;&nbsp; 73576 |

---

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

------

**6**

------

**Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Atea Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4376 | &nbsp;&nbsp; $20480 |
| Axsome Therapeutics, Inc.<sup>(b)</sup> | 2849 | &nbsp;&nbsp; 466923 |
| BioAge Labs, Inc.<sup>(b)</sup> | 2018 | &nbsp;&nbsp; 44941 |
| Collegium Pharmaceutical, Inc.<sup>(b)</sup> | 1776 | &nbsp;&nbsp; 74006 |
| Contineum Therapeutics, Inc., Class A<sup>(b)</sup> | 1293 | &nbsp;&nbsp; 19835 |
| CorMedix, Inc.<sup>(b)(c)</sup> | 4414 | &nbsp;&nbsp; 31472 |
| Definium Therapeutics, Inc.<sup>(b)</sup> | 5503 | &nbsp;&nbsp; 96027 |
| Edgewise Therapeutics, Inc.<sup>(b)(c)</sup> | 5934 | &nbsp;&nbsp; 180631 |
| Enliven Therapeutics, Inc.<sup>(b)(c)</sup> | 3328 | &nbsp;&nbsp; 98808 |
| Esperion Therapeutics, Inc.<sup>(b)</sup> | 13354 | &nbsp;&nbsp; 44736 |
| Eton Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1510 | &nbsp;&nbsp; 25655 |
| Evolus, Inc.<sup>(b)(c)</sup> | 3626 | &nbsp;&nbsp; 15592 |
| EyePoint, Inc.<sup>(b)(c)</sup> | 4637 | &nbsp;&nbsp; 81426 |
| Fulcrum Therapeutics, Inc.<sup>(b)(c)</sup> | 3042 | &nbsp;&nbsp; 25492 |
| GH Research PLC (Ireland)<sup>(b)(c)</sup> | 3456 | &nbsp;&nbsp; 51322 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 3206 | &nbsp;&nbsp; 91499 |
| Harrow, Inc.<sup>(b)(c)</sup> | 2072 | &nbsp;&nbsp; 112261 |
| Indivior Pharmaceuticals, Inc.<sup>(b)</sup> | 6991 | &nbsp;&nbsp; 228745 |
| Innoviva, Inc.<sup>(b)</sup> | 4181 | &nbsp;&nbsp; 95996 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 3442 | &nbsp;&nbsp; 654049 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 1101 | &nbsp;&nbsp; 218339 |
| Maze Therapeutics, Inc.<sup>(b)</sup> | 2678 | &nbsp;&nbsp; 122090 |
| MBX Biosciences, Inc.<sup>(b)</sup> | 2526 | &nbsp;&nbsp; 82221 |
| Neumora Therapeutics, Inc.<sup>(b)</sup> | 9348 | &nbsp;&nbsp; 32625 |
| Novo Nordisk A/S (Denmark)<sup>(b)(d)</sup> | 3794 | &nbsp;&nbsp; 0 |
| Ocular Therapeutix, Inc.<sup>(b)(c)</sup> | 11885 | &nbsp;&nbsp; 106252 |
| Omeros Corp.<sup>(b)(c)</sup> | 3957 | &nbsp;&nbsp; 47682 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 2398 | &nbsp;&nbsp; 52540 |
| Pharvaris N.V. (Netherlands)<sup>(b)</sup> | 3591 | &nbsp;&nbsp; 101948 |
| Phathom Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3967 | &nbsp;&nbsp; 49825 |
| Phibro Animal Health Corp., Class A | 1124 | &nbsp;&nbsp; 61359 |
| Rani Therapeutics Holdings, Inc., Class A<sup>(b)</sup> | 5458 | &nbsp;&nbsp; 7477 |
| Rapport Therapeutics, Inc.<sup>(b)(c)</sup> | 2657 | &nbsp;&nbsp; 77133 |
| Royalty Pharma PLC, Class A | 24171 | &nbsp;&nbsp; 1116942 |
| Sanofi S.A., ADR | 14988 | &nbsp;&nbsp; 729316 |
| Septerna, Inc.<sup>(b)</sup> | 2520 | &nbsp;&nbsp; 73130 |
| SIGA Technologies, Inc.<sup>(c)</sup> | 3989 | &nbsp;&nbsp; 25809 |
| Structure Therapeutics, Inc., ADR<sup>(b)(c)</sup> | 3736 | &nbsp;&nbsp; 235293 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 3195 | &nbsp;&nbsp; 174862 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup> | 2367 | &nbsp;&nbsp; 178756 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Terns Pharmaceuticals, Inc.<sup>(b)</sup> | 5023 | &nbsp;&nbsp; $211569 |
| Theravance Biopharma, Inc.<sup>(b)(c)</sup> | 2837 | &nbsp;&nbsp; 51775 |
| Third Harmonic Bio, Inc., Class B<sup>(b)(d)</sup> | 1661 | &nbsp;&nbsp; 50 |
| Trevi Therapeutics, Inc.<sup>(b)(c)</sup> | 7146 | &nbsp;&nbsp; 85180 |
| Ventyx Biosciences, Inc.<sup>(b)(c)</sup> | 3977 | &nbsp;&nbsp; 55559 |
| Viatris, Inc. | 65178 | &nbsp;&nbsp; 973108 |
| WaVe Life Sciences Ltd.<sup>(b)</sup> | 9352 | &nbsp;&nbsp; 130273 |
| Xeris Biopharma Holdings, Inc.<sup>(b)(c)</sup> | 9253 | &nbsp;&nbsp; 56628 |
| Zevra Therapeutics, Inc.<sup>(b)(c)</sup> | 3142 | &nbsp;&nbsp; 28058 |
|  |  | &nbsp;&nbsp; 8373102 |
| Total Common Stocks & Other Equity Interests <br>(Cost $66,452,493) | Total Common Stocks & Other Equity Interests <br>(Cost $66,452,493) | &nbsp;&nbsp; 75644308 |
| **Money Market Funds-0.05%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $39,488)<br>| 39488 | &nbsp;&nbsp; 39488 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $66,491,981) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.92% <br>(Cost $66,491,981) | &nbsp;&nbsp; 75683796 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-19.84%** | **Money Market Funds-19.84%** | **Money Market Funds-19.84%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup><br>| 4201477 | &nbsp;&nbsp; 4201477 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup> | 10822470 | &nbsp;&nbsp; 10825717 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $15,027,194) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $15,027,194) | &nbsp;&nbsp; 15027194 |
| TOTAL INVESTMENTS IN SECURITIES-119.76% <br>(Cost $81,519,175) | TOTAL INVESTMENTS IN SECURITIES-119.76% <br>(Cost $81,519,175) | &nbsp;&nbsp; 90710990 |
| OTHER ASSETS LESS LIABILITIES-(19.76)% | OTHER ASSETS LESS LIABILITIES-(19.76)% | &nbsp;&nbsp; (14968346)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $75742644 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt <br> Rts. -Rights

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

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

------

**7**

------

**Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $18857 | &nbsp;&nbsp; $392145 | &nbsp;&nbsp; $(371514)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $39488 | &nbsp;&nbsp; $751 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 1910357 | &nbsp;&nbsp; 9469143 | &nbsp;&nbsp; (7178023)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 4201477 | &nbsp;&nbsp; 57,457<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 4966542 | &nbsp;&nbsp; 20769921 | &nbsp;&nbsp; (14910782)<br>| &nbsp;&nbsp; (303)<br>| &nbsp;&nbsp; 339 | &nbsp;&nbsp; 10825717 | &nbsp;&nbsp; 153,975<br> \*<br>|
| Total | &nbsp;&nbsp; $6895756 | &nbsp;&nbsp; $30631209 | &nbsp;&nbsp; $(22460319)<br>| &nbsp;&nbsp; $(303)<br>| &nbsp;&nbsp; $339 | &nbsp;&nbsp; $15066682 | &nbsp;&nbsp; $212183 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**8**

------

**Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
| **Building Products-1.16%** | **Building Products-1.16%** | **Building Products-1.16%** |
| Owens Corning | 1279 | &nbsp;&nbsp; $156127 |
| **Commercial Services & Supplies-8.10%** | **Commercial Services & Supplies-8.10%** | **Commercial Services & Supplies-8.10%** |
| Cintas Corp. | 1695 | &nbsp;&nbsp; 340915 |
| Clean Harbors, Inc.<sup>(b)</sup> | 703 | &nbsp;&nbsp; 206120 |
| Republic Services, Inc. | 1396 | &nbsp;&nbsp; 319684 |
| Rollins, Inc. | 3629 | &nbsp;&nbsp; 220970 |
|  |  | &nbsp;&nbsp; 1087689 |
| **Electronic Equipment, Instruments & Components-2.08%** | **Electronic Equipment, Instruments & Components-2.08%** | **Electronic Equipment, Instruments & Components-2.08%** |
| Teledyne Technologies, Inc.<sup>(b)</sup> | 410 | &nbsp;&nbsp; 279251 |
| **Entertainment-2.53%** | **Entertainment-2.53%** | **Entertainment-2.53%** |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 12066 | &nbsp;&nbsp; 339899 |
| **Financial Services-4.45%** | **Financial Services-4.45%** | **Financial Services-4.45%** |
| Mastercard, Inc., Class A | 1156 | &nbsp;&nbsp; 597895 |
| **Food Products-0.81%** | **Food Products-0.81%** | **Food Products-0.81%** |
| Marzetti Co. (The) | 666 | &nbsp;&nbsp; 109450 |
| **Ground Transportation-2.45%** | **Ground Transportation-2.45%** | **Ground Transportation-2.45%** |
| Old Dominion Freight Line, Inc. | 1622 | &nbsp;&nbsp; 329347 |
| **Health Care Equipment & Supplies-3.71%** | **Health Care Equipment & Supplies-3.71%** | **Health Care Equipment & Supplies-3.71%** |
| Becton, Dickinson and Co. | 1453 | &nbsp;&nbsp; 256426 |
| Dexcom, Inc.<sup>(b)</sup> | 3289 | &nbsp;&nbsp; 241511 |
|  |  | &nbsp;&nbsp; 497937 |
| **Health Care Providers & Services-1.41%** | **Health Care Providers & Services-1.41%** | **Health Care Providers & Services-1.41%** |
| Chemed Corp. | 284 | &nbsp;&nbsp; 116443 |
| CorVel Corp.<sup>(b)</sup> | 1410 | &nbsp;&nbsp; 72728 |
|  |  | &nbsp;&nbsp; 189171 |
| **Health Care Technology-1.40%** | **Health Care Technology-1.40%** | **Health Care Technology-1.40%** |
| Veeva Systems, Inc., Class A<sup>(b)</sup> | 1034 | &nbsp;&nbsp; 188198 |
| **Hotels, Restaurants & Leisure-1.56%** | **Hotels, Restaurants & Leisure-1.56%** | **Hotels, Restaurants & Leisure-1.56%** |
| Domino's Pizza, Inc. | 404 | &nbsp;&nbsp; 162614 |
| Nathan's Famous, Inc. | 473 | &nbsp;&nbsp; 47574 |
|  |  | &nbsp;&nbsp; 210188 |
| **Household Durables-1.46%** | **Household Durables-1.46%** | **Household Durables-1.46%** |
| NVR, Inc.<sup>(b)</sup> | 26 | &nbsp;&nbsp; 195463 |
| **Household Products-1.78%** | **Household Products-1.78%** | **Household Products-1.78%** |
| Church & Dwight Co., Inc. | 2283 | &nbsp;&nbsp; 239395 |
| **Interactive Media & Services-7.03%** | **Interactive Media & Services-7.03%** | **Interactive Media & Services-7.03%** |
| Meta Platforms, Inc., Class A | 1457 | &nbsp;&nbsp; 944398 |
| **IT Services-1.95%** | **IT Services-1.95%** | **IT Services-1.95%** |
| ASGN, Inc.<sup>(b)</sup> | 1787 | &nbsp;&nbsp; 76662 |
| VeriSign, Inc. | 810 | &nbsp;&nbsp; 184632 |
|  |  | &nbsp;&nbsp; 261294 |
| **Life Sciences Tools & Services-4.65%** | **Life Sciences Tools & Services-4.65%** | **Life Sciences Tools & Services-4.65%** |
| Mettler-Toledo International, Inc.<sup>(b)</sup> | 152 | &nbsp;&nbsp; 207737 |
| Thermo Fisher Scientific, Inc. | 801 | &nbsp;&nbsp; 417409 |
|  |  | &nbsp;&nbsp; 625146 |
| **Machinery-3.42%** | **Machinery-3.42%** | **Machinery-3.42%** |
| Proto Labs, Inc.<sup>(b)</sup> | 1329 | &nbsp;&nbsp; 82504 |
| Watts Water Technologies, Inc., Class A | 486 | &nbsp;&nbsp; 159768 |
| Xylem, Inc. | 1675 | &nbsp;&nbsp; 217013 |
|  |  | &nbsp;&nbsp; 459285 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Professional Services-6.79%** | **Professional Services-6.79%** | **Professional Services-6.79%** |
| Automatic Data Processing, Inc. | 1393 | &nbsp;&nbsp; $298604 |
| Exponent, Inc. | 1407 | &nbsp;&nbsp; 102401 |
| Leidos Holdings, Inc. | 1087 | &nbsp;&nbsp; 190334 |
| Paychex, Inc. | 2240 | &nbsp;&nbsp; 209776 |
| Paycom Software, Inc. | 882 | &nbsp;&nbsp; 110982 |
|  |  | &nbsp;&nbsp; 912097 |
| **Semiconductors & Semiconductor Equipment-20.89%** | **Semiconductors & Semiconductor Equipment-20.89%** | **Semiconductors & Semiconductor Equipment-20.89%** |
| Broadcom, Inc. | 2620 | &nbsp;&nbsp; 837221 |
| KLA Corp. | 352 | &nbsp;&nbsp; 536642 |
| NVIDIA Corp. | 8085 | &nbsp;&nbsp; 1432581 |
|  |  | &nbsp;&nbsp; 2806444 |
| **Software-22.30%** | **Software-22.30%** | **Software-22.30%** |
| Adobe, Inc.<sup>(b)</sup> | 1225 | &nbsp;&nbsp; 321452 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 1060 | &nbsp;&nbsp; 319484 |
| Fair Isaac Corp.<sup>(b)</sup> | 142 | &nbsp;&nbsp; 200129 |
| Fortinet, Inc.<sup>(b)</sup> | 3588 | &nbsp;&nbsp; 283560 |
| Intuit, Inc. | 685 | &nbsp;&nbsp; 280186 |
| Manhattan Associates, Inc.<sup>(b)</sup> | 863 | &nbsp;&nbsp; 116876 |
| Progress Software Corp.<sup>(b)(c)</sup> | 1886 | &nbsp;&nbsp; 78986 |
| PTC, Inc.<sup>(b)</sup> | 1118 | &nbsp;&nbsp; 175068 |
| Qualys, Inc.<sup>(b)</sup> | 819 | &nbsp;&nbsp; 75733 |
| ReposiTrak, Inc. | 2773 | &nbsp;&nbsp; 24125 |
| Roper Technologies, Inc. | 599 | &nbsp;&nbsp; 209488 |
| Salesforce, Inc. | 2044 | &nbsp;&nbsp; 398151 |
| ServiceNow, Inc.<sup>(b)</sup> | 2629 | &nbsp;&nbsp; 283958 |
| SPS Commerce, Inc.<sup>(b)</sup> | 1159 | &nbsp;&nbsp; 65495 |
| Workday, Inc., Class A<sup>(b)</sup> | 1219 | &nbsp;&nbsp; 163053 |
|  |  | &nbsp;&nbsp; 2995744 |
| Total Common Stocks & Other Equity Interests <br>(Cost $13,428,672) | Total Common Stocks & Other Equity Interests <br>(Cost $13,428,672) | &nbsp;&nbsp; 13424418 |
| **Money Market Funds-0.07%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $9,684)<br>| 9684 | &nbsp;&nbsp; 9684 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.00% <br>(Cost $13,438,356) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-100.00% <br>(Cost $13,438,356) | &nbsp;&nbsp; 13434102 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-0.60%** | **Money Market Funds-0.60%** | **Money Market Funds-0.60%** |
| Invesco Private Government Fund, 3.64%<sup>(d)(e)(f)</sup> | 22479 | &nbsp;&nbsp; 22479 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 57785 | &nbsp;&nbsp; 57802 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $80,281) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $80,281) | &nbsp;&nbsp; 80281 |
| TOTAL INVESTMENTS IN SECURITIES-100.60% <br>(Cost $13,518,637) | TOTAL INVESTMENTS IN SECURITIES-100.60% <br>(Cost $13,518,637) | &nbsp;&nbsp; 13514383 |
| OTHER ASSETS LESS LIABILITIES-(0.60)% | OTHER ASSETS LESS LIABILITIES-(0.60)% | &nbsp;&nbsp; (81043)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $13433340 |

---

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

------

**9**

------

**Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)—(continued)**

February 28, 2026

*(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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $1107 | &nbsp;&nbsp; $67872 | &nbsp;&nbsp; $(59295)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $9684 | &nbsp;&nbsp; $59 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 172276 | &nbsp;&nbsp; 1119942 | &nbsp;&nbsp; (1269739)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 22479 | &nbsp;&nbsp; 1,004<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 449254 | &nbsp;&nbsp; 2547019 | &nbsp;&nbsp; (2938457)<br>| &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 57802 | &nbsp;&nbsp; 2,565<br> \*<br>|
| Total | &nbsp;&nbsp; $622637 | &nbsp;&nbsp; $3734833 | &nbsp;&nbsp; $(4267491)<br>| &nbsp;&nbsp; $(35)<br>| &nbsp;&nbsp; $21 | &nbsp;&nbsp; $89965 | &nbsp;&nbsp; $3628 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**10**

------

**Invesco PHLX Semiconductor ETF (SOXQ)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** | **Common Stocks & Other Equity Interests-99.93%** |
| **Electronic Equipment, Instruments & Components-2.58%** | **Electronic Equipment, Instruments & Components-2.58%** | **Electronic Equipment, Instruments & Components-2.58%** |
| Coherent Corp.<sup>(b)</sup> | 102930 | &nbsp;&nbsp; $26651665 |
| **Semiconductors & Semiconductor Equipment-97.35%** | **Semiconductors & Semiconductor Equipment-97.35%** | **Semiconductors & Semiconductor Equipment-97.35%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 328777 | &nbsp;&nbsp; 65824443 |
| Analog Devices, Inc. | 134766 | &nbsp;&nbsp; 47948395 |
| Applied Materials, Inc. | 141803 | &nbsp;&nbsp; 52793257 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 90635 | &nbsp;&nbsp; 11551431 |
| ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 33785 | &nbsp;&nbsp; 49007170 |
| Astera Labs, Inc.<sup>(b)</sup> | 110570 | &nbsp;&nbsp; 13139033 |
| Broadcom, Inc. | 221932 | &nbsp;&nbsp; 70918370 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 113326 | &nbsp;&nbsp; 12723110 |
| Entegris, Inc. | 99235 | &nbsp;&nbsp; 13143676 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 363429 | &nbsp;&nbsp; 17281049 |
| Intel Corp.<sup>(b)</sup> | 881746 | &nbsp;&nbsp; 40216435 |
| KLA Corp. | 30480 | &nbsp;&nbsp; 46468284 |
| Lam Research Corp. | 229295 | &nbsp;&nbsp; 53629807 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 49130 | &nbsp;&nbsp; 12190136 |
| Marvell Technology, Inc. | 400024 | &nbsp;&nbsp; 32677960 |
| Microchip Technology, Inc. | 353884 | &nbsp;&nbsp; 26413902 |
| Micron Technology, Inc. | 151184 | &nbsp;&nbsp; 62343746 |
| Monolithic Power Systems, Inc. | 31409 | &nbsp;&nbsp; 35892321 |
| Nova Ltd. (Israel)<sup>(b)</sup> | 19214 | &nbsp;&nbsp; 8432256 |
| NVIDIA Corp. | 606133 | &nbsp;&nbsp; 107400706 |
| NXP Semiconductors N.V. (Netherlands) | 164793 | &nbsp;&nbsp; 37409659 |
| ON Semiconductor Corp.<sup>(b)</sup> | 263522 | &nbsp;&nbsp; 17518942 |
| Qorvo, Inc.<sup>(b)</sup> | 60553 | &nbsp;&nbsp; 5019844 |
| QUALCOMM, Inc. | 212733 | &nbsp;&nbsp; 30284670 |
| Rambus, Inc.<sup>(b)</sup> | 70507 | &nbsp;&nbsp; 7026728 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 97362 | &nbsp;&nbsp; 5800828 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan)<br>| 122658 | &nbsp;&nbsp; 45945234 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Teradyne, Inc. | 102511 | &nbsp;&nbsp; $32806595 |
| Texas Instruments, Inc. | 212535 | &nbsp;&nbsp; 45080799 |
|  |  | &nbsp;&nbsp; 1006888786 |
| Total Common Stocks & Other Equity Interests <br>(Cost $823,685,746) | Total Common Stocks & Other Equity Interests <br>(Cost $823,685,746) | &nbsp;&nbsp; 1033540451 |
| **Money Market Funds-0.05%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $560,752)<br>| 560752 | &nbsp;&nbsp; 560752 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $824,246,498) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.98% <br>(Cost $824,246,498) | &nbsp;&nbsp; 1034101203 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-1.79%** | **Money Market Funds-1.79%** | **Money Market Funds-1.79%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 5162430 | &nbsp;&nbsp; 5162430 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 13344457 | &nbsp;&nbsp; 13348460 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,510,890) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $18,510,890) | &nbsp;&nbsp; 18510890 |
| TOTAL INVESTMENTS IN SECURITIES-101.77% <br>(Cost $842,757,388) | TOTAL INVESTMENTS IN SECURITIES-101.77% <br>(Cost $842,757,388) | &nbsp;&nbsp; 1052612093 |
| OTHER ASSETS LESS LIABILITIES-(1.77)% | OTHER ASSETS LESS LIABILITIES-(1.77)% | &nbsp;&nbsp; (18295476)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1034316617 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<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>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $494476 | &nbsp;&nbsp; $4053158 | &nbsp;&nbsp; $(3986882)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $560752 | &nbsp;&nbsp; $9476 |

---

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

------

**11**

------

**Invesco PHLX Semiconductor ETF (SOXQ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<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> **February 28, 2026**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $52246 | &nbsp;&nbsp; $83207727 | &nbsp;&nbsp; $(78097543)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $5162430 | &nbsp;&nbsp; $59,687<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 214645 | &nbsp;&nbsp; 173498146 | &nbsp;&nbsp; (160362678)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (1653)<br>| &nbsp;&nbsp; 13348460 | &nbsp;&nbsp; 152,675<br> \*<br>|
| Total | &nbsp;&nbsp; $761367 | &nbsp;&nbsp; $260759031 | &nbsp;&nbsp; $(242447103)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $(1653)<br>| &nbsp;&nbsp; $19071642 | &nbsp;&nbsp; $221838 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**12**

------

**Invesco Solar ETF (TAN)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** | **Common Stocks & Other Equity Interests-99.98%** |
| **Construction & Engineering-1.09%** | **Construction & Engineering-1.09%** | **Construction & Engineering-1.09%** |
| West Holdings Corp. (Japan)<sup>(b)</sup> | 1536848 | &nbsp;&nbsp; $17085516 |
| **Electrical Equipment-18.91%** | **Electrical Equipment-18.91%** | **Electrical Equipment-18.91%** |
| Array Technologies, Inc.<sup>(b)(c)</sup> | 4634089 | &nbsp;&nbsp; 35126395 |
| Nextpower, Inc., Class A<sup>(b)(c)</sup> | 1568505 | &nbsp;&nbsp; 164849875 |
| Shoals Technologies Group, Inc., <br> Class A<sup>(b)(c)</sup><br>| 4881166 | &nbsp;&nbsp; 28945314 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 5139763 | &nbsp;&nbsp; 68101860 |
|  |  | &nbsp;&nbsp; 297023444 |
| **Financial Services-4.16%** | **Financial Services-4.16%** | **Financial Services-4.16%** |
| HA Sustainable Infrastructure Capital, <br> Inc.<sup>(b)</sup><br>| 1788167 | &nbsp;&nbsp; 65303859 |
| **Independent Power and Renewable Electricity Producers-31.85%** | **Independent Power and Renewable Electricity Producers-31.85%** | **Independent Power and Renewable Electricity Producers-31.85%** |
| Clearway Energy, Inc., Class C | 1432524 | &nbsp;&nbsp; 54879995 |
| Doral Group Renewable Energy Resources <br> Ltd. (Israel)<sup>(b)(c)</sup><br>| 3596695 | &nbsp;&nbsp; 69091138 |
| Energix-Renewable Energies Ltd. <br> (Israel)<sup>(b)</sup><br>| 5211213 | &nbsp;&nbsp; 33178089 |
| Enlight Renewable Energy Ltd. (Israel)<sup>(c)</sup> | 1701579 | &nbsp;&nbsp; 116616556 |
| Grenergy Renovables S.A. (Spain)<sup>(c)</sup> | 348431 | &nbsp;&nbsp; 45099948 |
| OY Nofar Energy Ltd. (Israel)<sup>(c)</sup> | 909712 | &nbsp;&nbsp; 48129587 |
| ReNew Energy Global PLC, Class A <br> (India)<sup>(b)(c)</sup><br>| 3102543 | &nbsp;&nbsp; 17126037 |
| Scatec ASA (South Africa)<sup>(c)(d)</sup> | 2651764 | &nbsp;&nbsp; 34157875 |
| Solaria Energia y Medio Ambiente S.A. <br> (Spain)<sup>(b)(c)</sup><br>| 2412309 | &nbsp;&nbsp; 62490833 |
| Xinyi Energy Holdings Ltd. (China)<sup>(b)</sup> | 120747282 | &nbsp;&nbsp; 19560978 |
|  |  | &nbsp;&nbsp; 500331036 |
| **Semiconductors & Semiconductor Equipment-43.97%** | **Semiconductors & Semiconductor Equipment-43.97%** | **Semiconductors & Semiconductor Equipment-43.97%** |
| Canadian Solar, Inc. (Canada)<sup>(b)(c)</sup> | 1853730 | &nbsp;&nbsp; 32829558 |
| Daqo New Energy Corp., ADR (China)<sup>(c)</sup> | 1587683 | &nbsp;&nbsp; 38294914 |
| Enphase Energy, Inc.<sup>(b)(c)</sup> | 2624617 | &nbsp;&nbsp; 110942561 |
| First Solar, Inc.<sup>(c)</sup> | 534037 | &nbsp;&nbsp; 105312096 |
| Flat Glass Group Co. Ltd., H Shares <br> (China)<sup>(b)(c)</sup><br>| 19930758 | &nbsp;&nbsp; 27609991 |
| GCL Technology Holdings Ltd. <br> (China)<sup>(b)(c)</sup><br>| 575851222 | &nbsp;&nbsp; 88061438 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| JinkoSolar Holding Co. Ltd., ADR <br> (China)<sup>(b)</sup><br>| 1223360 | &nbsp;&nbsp; $30938774 |
| Motech Industries, Inc. (Taiwan) | 22458000 | &nbsp;&nbsp; 23490829 |
| SMA Solar Technology AG (Germany)<sup>(c)</sup> | 600715 | &nbsp;&nbsp; 22608331 |
| SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 1894863 | &nbsp;&nbsp; 67078150 |
| TSEC Corp. (Taiwan)<sup>(c)</sup> | 22155000 | &nbsp;&nbsp; 31700492 |
| United Renewable Energy Co. Ltd. <br> (Taiwan)<sup>(c)</sup><br>| 71797458 | &nbsp;&nbsp; 50164342 |
| Xinyi Solar Holdings Ltd. (China)<sup>(b)</sup> | 140161063 | &nbsp;&nbsp; 61762377 |
|  |  | &nbsp;&nbsp; 690793853 |
| Total Common Stocks & Other Equity Interests <br>(Cost $1,548,378,772) | Total Common Stocks & Other Equity Interests <br>(Cost $1,548,378,772) | &nbsp;&nbsp; 1570537708 |
| **Money Market Funds-0.13%** |  |  |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(e)(f)</sup> <br>(Cost $2,058,218)<br>| 2058218 | &nbsp;&nbsp; 2058218 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $1,550,436,990) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.11% <br>(Cost $1,550,436,990) | &nbsp;&nbsp; 1572595926 |
| **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-20.90%** | **Money Market Funds-20.90%** | **Money Market Funds-20.90%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup><br>| 92155460 | &nbsp;&nbsp; 92155460 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup> | 236105568 | &nbsp;&nbsp; 236176400 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $328,331,860) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $328,331,860) | &nbsp;&nbsp; 328331860 |
| TOTAL INVESTMENTS IN SECURITIES-121.01% <br>(Cost $1,878,768,850) | TOTAL INVESTMENTS IN SECURITIES-121.01% <br>(Cost $1,878,768,850) | &nbsp;&nbsp; 1900927786 |
| OTHER ASSETS LESS LIABILITIES-(21.01)% | OTHER ASSETS LESS LIABILITIES-(21.01)% | &nbsp;&nbsp; (330094655)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $1570833131 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <sup>(c)</sup> | Non-income producing security. |
| <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 February 28, <br> 2026 represented 2.17% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

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

------

**13**

------

**Invesco Solar ETF (TAN)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $68121675 | &nbsp;&nbsp; $(66063457)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $2058218 | &nbsp;&nbsp; $26729 |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 50910793 | &nbsp;&nbsp; 282142716 | &nbsp;&nbsp; (240898049)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 92155460 | &nbsp;&nbsp; 1,056,855<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 132364120 | &nbsp;&nbsp; 601324988 | &nbsp;&nbsp; (497511492)<br>| &nbsp;&nbsp; (9886)<br>| &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 236176400 | &nbsp;&nbsp; 2,858,583<br> \*<br>|
| Total | &nbsp;&nbsp; $183274913 | &nbsp;&nbsp; $951589379 | &nbsp;&nbsp; $(804472998)<br>| &nbsp;&nbsp; $(9886)<br>| &nbsp;&nbsp; $8670 | &nbsp;&nbsp; $330390078 | &nbsp;&nbsp; $3942167 |

---

\* 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 February 28, 2026.

<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 2J. 

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: |  |
| Israel | 17.00% |
| China | 16.95% |

---

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

------

**14**

------

**Statements of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco Bloomberg** <br>**Financial Data Providers** <br>**ETF (FDIQ)**<br>| **Invesco Nasdaq** <br>**Biotechnology** <br>**ETF (IBBQ)**<br>| **Invesco Nasdaq** <br>**Free Cash Flow** <br>**Achievers** <br>**ETF (QOWZ)**<br>| **Invesco PHLX** <br>**Semiconductor** <br>**ETF (SOXQ)**<br>| **Invesco Solar** <br>**ETF (TAN)**<br>|
| **Assets:** |  |  |  |  |  |
| Unaffiliated investments in securities, at <br> value<sup>(a)</sup><br>| &nbsp;&nbsp; $54763668 | &nbsp;&nbsp;&nbsp; $75644308 | &nbsp;&nbsp;&nbsp; $13424418 | &nbsp;&nbsp;&nbsp; $1033540451 | &nbsp;&nbsp;&nbsp; $1570537708 |
| Affiliated investments in securities, at <br> value<br>| &nbsp;&nbsp; 19848787 | &nbsp;&nbsp;&nbsp; 15066682 | &nbsp;&nbsp;&nbsp; 89965 | &nbsp;&nbsp;&nbsp; 19071642 | &nbsp;&nbsp;&nbsp; 330390078 |
| Due from broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 8617 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 258 |
| Foreign currencies, at value | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 2326744 |
| Deposits with brokers: |  |  |  |  |  |
| Cash segregated as collateral | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3964667 |
| Receivable for: |  |  |  |  |  |
| Dividends | &nbsp;&nbsp; 41609 | &nbsp;&nbsp;&nbsp; 55643 | &nbsp;&nbsp;&nbsp; 3950 | &nbsp;&nbsp;&nbsp; 361796 | &nbsp;&nbsp;&nbsp; 316183 |
| Securities lending | &nbsp;&nbsp; 703 | &nbsp;&nbsp;&nbsp; 4826 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1589 | &nbsp;&nbsp;&nbsp; 101091 |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3794236 |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 537 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 217002 |
| Other assets | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1903 |
| **Total assets** | &nbsp;&nbsp; 74654767 | &nbsp;&nbsp;&nbsp; 90780613 | &nbsp;&nbsp;&nbsp; 13518337 | &nbsp;&nbsp;&nbsp; 1052975478 | &nbsp;&nbsp;&nbsp; 1911649870 |
| **Liabilities:** |  |  |  |  |  |
| Due to foreign custodian | &nbsp;&nbsp; 8597137 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to broker | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 3676000 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 7045619 |
| Investments purchased - affiliated <br> broker<br>| &nbsp;&nbsp; 4265318 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities <br> loaned<br>| &nbsp;&nbsp; 3280373 | &nbsp;&nbsp;&nbsp; 15027194 | &nbsp;&nbsp;&nbsp; 80281 | &nbsp;&nbsp;&nbsp; 18510890 | &nbsp;&nbsp;&nbsp; 328331860 |
| Collateral upon receipt of securities <br> in-kind<br>| &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 3964667 |
| Accrued unitary management fees | &nbsp;&nbsp; 14485 | &nbsp;&nbsp;&nbsp; 10775 | &nbsp;&nbsp;&nbsp; 4053 | &nbsp;&nbsp;&nbsp; 147971 | &nbsp;&nbsp;&nbsp; - |
| Accrued advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 598939 |
| Accrued trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 37878 |
| Accrued expenses | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 837776 |
| **Total liabilities** | &nbsp;&nbsp; 19833313 | &nbsp;&nbsp;&nbsp; 15037969 | &nbsp;&nbsp;&nbsp; 84997 | &nbsp;&nbsp;&nbsp; 18658861 | &nbsp;&nbsp;&nbsp; 340816739 |
| **Net Assets** | &nbsp;&nbsp; $54821454 | &nbsp;&nbsp;&nbsp; $75742644 | &nbsp;&nbsp;&nbsp; $13433340 | &nbsp;&nbsp;&nbsp; $1034316617 | &nbsp;&nbsp;&nbsp; $1570833131 |
| **Net assets consist of:** |  |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $62202874 | &nbsp;&nbsp;&nbsp; $70548455 | &nbsp;&nbsp;&nbsp; $13071883 | &nbsp;&nbsp;&nbsp; $779326298 | &nbsp;&nbsp;&nbsp; $3229217966 |
| Distributable earnings (loss) | &nbsp;&nbsp; (7381420)<br>| &nbsp;&nbsp;&nbsp; 5194189 | &nbsp;&nbsp;&nbsp; 361457 | &nbsp;&nbsp;&nbsp; 254990319 | &nbsp;&nbsp;&nbsp; (1658384835)<br>|
| **Net Assets** | &nbsp;&nbsp; $54821454 | &nbsp;&nbsp;&nbsp; $75742644 | &nbsp;&nbsp;&nbsp; $13433340 | &nbsp;&nbsp;&nbsp; $1034316617 | &nbsp;&nbsp;&nbsp; $1570833131 |
| Shares outstanding (unlimited amount <br> authorized, $0.01 par value)<br>| &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 2520001 | &nbsp;&nbsp;&nbsp; 400001 | &nbsp;&nbsp;&nbsp; 16220001 | &nbsp;&nbsp;&nbsp; 28408000 |
| Net asset value | &nbsp;&nbsp; $73.10 | &nbsp;&nbsp;&nbsp; $30.06 | &nbsp;&nbsp;&nbsp; $33.58 | &nbsp;&nbsp;&nbsp; $63.77 | &nbsp;&nbsp;&nbsp; $55.30 |
| Market price | &nbsp;&nbsp; $72.94 | &nbsp;&nbsp;&nbsp; $30.06 | &nbsp;&nbsp;&nbsp; $33.59 | &nbsp;&nbsp;&nbsp; $63.77 | &nbsp;&nbsp;&nbsp; $55.02 |
| Unaffiliated investments in securities, at <br> cost<br>| &nbsp;&nbsp; $51977820 | &nbsp;&nbsp;&nbsp; $66452493 | &nbsp;&nbsp;&nbsp; $13428672 | &nbsp;&nbsp;&nbsp; $823685746 | &nbsp;&nbsp;&nbsp; $1548378772 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $19848787 | &nbsp;&nbsp;&nbsp; $15066682 | &nbsp;&nbsp;&nbsp; $89965 | &nbsp;&nbsp;&nbsp; $19071642 | &nbsp;&nbsp;&nbsp; $330390078 |
| Foreign currencies, at cost | &nbsp;&nbsp; $(8589555)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2325021 |
| <sup>(a)</sup>Includes securities on loan with an <br> aggregate value of:<br>| &nbsp;&nbsp; $3074179 | &nbsp;&nbsp;&nbsp; $14618448 | &nbsp;&nbsp;&nbsp; $78190 | &nbsp;&nbsp;&nbsp; $18058452 | &nbsp;&nbsp;&nbsp; $295707600 |

---

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

------

**15**

------

**Statements of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco Bloomberg** <br>**Financial Data Providers** <br>**ETF (FDIQ)**<br>| **Invesco Nasdaq** <br>**Biotechnology** <br>**ETF (IBBQ)**<br>| **Invesco Nasdaq** <br>**Free Cash Flow** <br>**Achievers** <br>**ETF (QOWZ)**<br>| **Invesco PHLX** <br>**Semiconductor** <br>**ETF (SOXQ)**<br>| **Invesco Solar** <br>**ETF (TAN)**<br>|
| **Investment income:** |  |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $698422 | &nbsp;&nbsp; $146010 | &nbsp;&nbsp; $43891 | &nbsp;&nbsp; $2575883 | &nbsp;&nbsp; $2218485 |
| Affiliated dividend income | &nbsp;&nbsp; 10514 | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 9476 | &nbsp;&nbsp; 26729 |
| Securities lending income, net | &nbsp;&nbsp; 4299 | &nbsp;&nbsp; 29816 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 11539 | &nbsp;&nbsp; 892465 |
| Foreign withholding tax | &nbsp;&nbsp; (3629)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (94726)<br>| &nbsp;&nbsp; (62315)<br>|
| Total investment income | &nbsp;&nbsp; 709606 | &nbsp;&nbsp; 176577 | &nbsp;&nbsp; 44080 | &nbsp;&nbsp; 2502172 | &nbsp;&nbsp; 3075364 |
| **Expenses:** |  |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 89542 | &nbsp;&nbsp; 52071 | &nbsp;&nbsp; 28194 | &nbsp;&nbsp; 713755 | &nbsp;&nbsp; - |
| Advisory fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 2578920 |
| Sub-licensing fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 761283 |
| Accounting & administration fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 35440 |
| Custodian & transfer agent fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 48151 |
| Trustees' and officer's fees | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 8293 |
| Other expenses | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 81111 |
| Total expenses | &nbsp;&nbsp; 89542 | &nbsp;&nbsp; 52071 | &nbsp;&nbsp; 28194 | &nbsp;&nbsp; 713755 | &nbsp;&nbsp; 3513198 |
| Less: Waivers | &nbsp;&nbsp; (244)<br>| &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (244)<br>| &nbsp;&nbsp; (719)<br>|
| Net expenses | &nbsp;&nbsp; 89298 | &nbsp;&nbsp; 52052 | &nbsp;&nbsp; 28192 | &nbsp;&nbsp; 713511 | &nbsp;&nbsp; 3512479 |
| Net investment income (loss) | &nbsp;&nbsp; 620308 | &nbsp;&nbsp; 124525 | &nbsp;&nbsp; 15888 | &nbsp;&nbsp; 1788661 | &nbsp;&nbsp; (437115)<br>|
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 1475501 | &nbsp;&nbsp; (2112978)<br>| &nbsp;&nbsp; (10729)<br>| &nbsp;&nbsp; (2591850)<br>| &nbsp;&nbsp; (38526652)<br>|
| Affiliated investment securities | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; (1653)<br>| &nbsp;&nbsp; 8670 |
| In-kind redemptions | &nbsp;&nbsp; 5537112 | &nbsp;&nbsp; 3219837 | &nbsp;&nbsp; 781451 | &nbsp;&nbsp; 79718033 | &nbsp;&nbsp; 9210213 |
| Foreign currencies | &nbsp;&nbsp; 18165 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (11182)<br>|
| Net realized gain (loss) | &nbsp;&nbsp; 7030805 | &nbsp;&nbsp; 1107198 | &nbsp;&nbsp; 770743 | &nbsp;&nbsp; 77124530 | &nbsp;&nbsp; (29318951)<br>|
| Change in net unrealized appreciation (depreciation) <br> of:<br>|  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; 961960 | &nbsp;&nbsp; 11371300 | &nbsp;&nbsp; (1639296)<br>| &nbsp;&nbsp; 171938799 | &nbsp;&nbsp; 296087997 |
| Affiliated investment securities | &nbsp;&nbsp; (89)<br>| &nbsp;&nbsp; (303)<br>| &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; (9886)<br>|
| Foreign currencies | &nbsp;&nbsp; (7582)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (7691)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 954289 | &nbsp;&nbsp; 11370997 | &nbsp;&nbsp; (1639331)<br>| &nbsp;&nbsp; 171938799 | &nbsp;&nbsp; 296070420 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 7985094 | &nbsp;&nbsp; 12478195 | &nbsp;&nbsp; (868588)<br>| &nbsp;&nbsp; 249063329 | &nbsp;&nbsp; 266751469 |
| Net increase (decrease) in net assets resulting from <br> operations<br>| &nbsp;&nbsp; $8605402 | &nbsp;&nbsp; $12602720 | &nbsp;&nbsp; $(852700)<br>| &nbsp;&nbsp; $250851990 | &nbsp;&nbsp; $266314354 |

---

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

------

**16**

------

**17**

------

**Statements of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco Bloomberg** <br>**Financial Data Providers ETF (FDIQ)** | **Invesco Bloomberg** <br>**Financial Data Providers ETF (FDIQ)** | **Invesco Nasdaq** <br>**Biotechnology ETF (IBBQ)** | **Invesco Nasdaq** <br>**Biotechnology ETF (IBBQ)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $620308 | &nbsp;&nbsp;&nbsp; $1398258 | &nbsp;&nbsp;&nbsp; $124525 | &nbsp;&nbsp;&nbsp; $306789 |
| Net realized gain (loss) | &nbsp;&nbsp; 7030805 | &nbsp;&nbsp;&nbsp; (986917)<br>| &nbsp;&nbsp;&nbsp; 1107198 | &nbsp;&nbsp;&nbsp; (152832)<br>|
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 954289 | &nbsp;&nbsp;&nbsp; 4598233 | &nbsp;&nbsp;&nbsp; 11370997 | &nbsp;&nbsp;&nbsp; (2089178)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 8605402 | &nbsp;&nbsp;&nbsp; 5009574 | &nbsp;&nbsp;&nbsp; 12602720 | &nbsp;&nbsp;&nbsp; (1935221)<br>|
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (700831)<br>| &nbsp;&nbsp;&nbsp; (1428922)<br>| &nbsp;&nbsp;&nbsp; (348706)<br>| &nbsp;&nbsp;&nbsp; (374971)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 16396667 | &nbsp;&nbsp;&nbsp; 9354574 | &nbsp;&nbsp;&nbsp; 37006025 | &nbsp;&nbsp;&nbsp; 8543103 |
| Value of shares repurchased | &nbsp;&nbsp; (22980957)<br>| &nbsp;&nbsp;&nbsp; (14016055)<br>| &nbsp;&nbsp;&nbsp; (9296208)<br>| &nbsp;&nbsp;&nbsp; (8840306)<br>|
| Net increase (decrease) in net assets resulting from share transactions | &nbsp;&nbsp; (6584290)<br>| &nbsp;&nbsp;&nbsp; (4661481)<br>| &nbsp;&nbsp;&nbsp; 27709817 | &nbsp;&nbsp;&nbsp; (297203)<br>|
| Net increase (decrease) in net assets | &nbsp;&nbsp; 1320281 | &nbsp;&nbsp;&nbsp; (1080829)<br>| &nbsp;&nbsp;&nbsp; 39963831 | &nbsp;&nbsp;&nbsp; (2607395)<br>|
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 53501173 | &nbsp;&nbsp;&nbsp; 54582002 | &nbsp;&nbsp;&nbsp; 35778813 | &nbsp;&nbsp;&nbsp; 38386208 |
| End of period | &nbsp;&nbsp; $54821454 | &nbsp;&nbsp;&nbsp; $53501173 | &nbsp;&nbsp;&nbsp; $75742644 | &nbsp;&nbsp;&nbsp; $35778813 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp; 370000 |
| Shares repurchased | &nbsp;&nbsp; (340000)<br>| &nbsp;&nbsp;&nbsp; (240000)<br>| &nbsp;&nbsp;&nbsp; (320000)<br>| &nbsp;&nbsp;&nbsp; (410000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp; 1530001 | &nbsp;&nbsp;&nbsp; 1570001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 2520001 | &nbsp;&nbsp;&nbsp; 1530001 |

---

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

------

**18**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco Nasdaq** <br>**Free Cash Flow** <br>**Achievers ETF (QOWZ)** | **Invesco Nasdaq** <br>**Free Cash Flow** <br>**Achievers ETF (QOWZ)** | **Invesco PHLX** <br>**Semiconductor ETF (SOXQ)** | **Invesco PHLX** <br>**Semiconductor ETF (SOXQ)** | **Invesco Solar** <br>**ETF (TAN)** | **Invesco Solar** <br>**ETF (TAN)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| $15888 | &nbsp;&nbsp;&nbsp; $44269 | &nbsp;&nbsp;&nbsp; $1788661 | &nbsp;&nbsp;&nbsp; $3342007 | &nbsp;&nbsp;&nbsp; $(437115)<br>| &nbsp;&nbsp;&nbsp; $(3161728)<br>|
| 770743 | &nbsp;&nbsp;&nbsp; 366453 | &nbsp;&nbsp;&nbsp; 77124530 | &nbsp;&nbsp;&nbsp; 60302745 | &nbsp;&nbsp;&nbsp; (29318951)<br>| &nbsp;&nbsp;&nbsp; (499285529)<br>|
| (1639331)<br>| &nbsp;&nbsp;&nbsp; 945828 | &nbsp;&nbsp;&nbsp; 171938799 | &nbsp;&nbsp;&nbsp; (14822383)<br>| &nbsp;&nbsp;&nbsp; 296070420 | &nbsp;&nbsp;&nbsp; 440069286 |
| (852700)<br>| &nbsp;&nbsp;&nbsp; 1356550 | &nbsp;&nbsp;&nbsp; 250851990 | &nbsp;&nbsp;&nbsp; 48822369 | &nbsp;&nbsp;&nbsp; 266314354 | &nbsp;&nbsp;&nbsp; (62377971)<br>|
| (13763)<br>| &nbsp;&nbsp;&nbsp; (79023)<br>| &nbsp;&nbsp;&nbsp; (1675997)<br>| &nbsp;&nbsp;&nbsp; (3344068)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (3947881)<br>|
| 1436648 | &nbsp;&nbsp;&nbsp; 10803935 | &nbsp;&nbsp;&nbsp; 477690235 | &nbsp;&nbsp;&nbsp; 229326764 | &nbsp;&nbsp;&nbsp; 606150451 | &nbsp;&nbsp;&nbsp; 147643766 |
| (2172885)<br>| &nbsp;&nbsp;&nbsp; (4615472)<br>| &nbsp;&nbsp;&nbsp; (202542529)<br>| &nbsp;&nbsp;&nbsp; (276204584)<br>| &nbsp;&nbsp;&nbsp; (24953497)<br>| &nbsp;&nbsp;&nbsp; (371266594)<br>|
| (736237)<br>| &nbsp;&nbsp;&nbsp; 6188463 | &nbsp;&nbsp;&nbsp; 275147706 | &nbsp;&nbsp;&nbsp; (46877820)<br>| &nbsp;&nbsp;&nbsp; 581196954 | &nbsp;&nbsp;&nbsp; (223622828)<br>|
| (1602700)<br>| &nbsp;&nbsp;&nbsp; 7465990 | &nbsp;&nbsp;&nbsp; 524323699 | &nbsp;&nbsp;&nbsp; (1399519)<br>| &nbsp;&nbsp;&nbsp; 847511308 | &nbsp;&nbsp;&nbsp; (289948680)<br>|
| 15036040 | &nbsp;&nbsp;&nbsp; 7570050 | &nbsp;&nbsp;&nbsp; 509992918 | &nbsp;&nbsp;&nbsp; 511392437 | &nbsp;&nbsp;&nbsp; 723321823 | &nbsp;&nbsp;&nbsp; 1013270503 |
| $13433340 | &nbsp;&nbsp;&nbsp; $15036040 | &nbsp;&nbsp;&nbsp; $1034316617 | &nbsp;&nbsp;&nbsp; $509992918 | &nbsp;&nbsp;&nbsp; $1570833131 | &nbsp;&nbsp;&nbsp; $723321823 |
| 40000 | &nbsp;&nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp; 8480000 | &nbsp;&nbsp;&nbsp; 5760000 | &nbsp;&nbsp;&nbsp; 11520000 | &nbsp;&nbsp;&nbsp; 3840000 |
| (60000)<br>| &nbsp;&nbsp;&nbsp; (140000)<br>| &nbsp;&nbsp;&nbsp; (3680000)<br>| &nbsp;&nbsp;&nbsp; (6920000)<br>| &nbsp;&nbsp;&nbsp; (480000)<br>| &nbsp;&nbsp;&nbsp; (10960000)<br>|
| 420001 | &nbsp;&nbsp;&nbsp; 240001 | &nbsp;&nbsp;&nbsp; 11420001 | &nbsp;&nbsp;&nbsp; 12580001 | &nbsp;&nbsp;&nbsp; 17368000 | &nbsp;&nbsp;&nbsp; 24488000 |
| 400001 | &nbsp;&nbsp;&nbsp; 420001 | &nbsp;&nbsp;&nbsp; 16220001 | &nbsp;&nbsp;&nbsp; 11420001 | &nbsp;&nbsp;&nbsp; 28408000 | &nbsp;&nbsp;&nbsp; 17368000 |

---

------

**19**

------

**Financial Highlights**

Invesco Bloomberg Financial Data Providers ETF (FDIQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $62.94 | &nbsp;&nbsp;&nbsp; $58.07 | &nbsp;&nbsp;&nbsp; $46.84 | &nbsp;&nbsp;&nbsp; $57.90 | &nbsp;&nbsp;&nbsp; $59.78 | &nbsp;&nbsp;&nbsp; $35.41 |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp; (11.12)<br>| &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.29 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;12.85 | &nbsp;&nbsp;&nbsp; (9.54)<br>| &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.61 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $73.10 | &nbsp;&nbsp;&nbsp; $62.94 | &nbsp;&nbsp;&nbsp; $58.07 | &nbsp;&nbsp;&nbsp; $46.84 | &nbsp;&nbsp;&nbsp; $57.90 | &nbsp;&nbsp;&nbsp; $59.78 |
| Market price at end of period<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $72.94 | &nbsp;&nbsp;&nbsp; $62.83 | &nbsp;&nbsp;&nbsp; $58.13 | &nbsp;&nbsp;&nbsp; $46.80 | &nbsp;&nbsp;&nbsp; $57.95 | &nbsp;&nbsp;&nbsp; $59.66 |
| **Net Asset Value Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.18<br> %<br>| &nbsp;&nbsp;&nbsp; (16.65)%<br>| &nbsp;&nbsp;&nbsp; (0.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73.45<br> %<br>|
| **Market Price Total Return**<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 17.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.42<br> %<br>| &nbsp;&nbsp;&nbsp; (16.79)%<br>| &nbsp;&nbsp;&nbsp; (0.49)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.96<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $54821 | &nbsp;&nbsp;&nbsp; $53501 | &nbsp;&nbsp;&nbsp; $54582 | &nbsp;&nbsp;&nbsp; $59014 | &nbsp;&nbsp;&nbsp; $75268 | &nbsp;&nbsp;&nbsp; $73528 |
| 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; 2.42 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 117<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 20<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.

------

**20**

------

**Financial Highlights—(continued)**

Invesco Nasdaq Biotechnology ETF (IBBQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**June 9, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**June 9, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $23.38 | &nbsp;&nbsp;&nbsp; $24.45 | &nbsp;&nbsp;&nbsp; $20.63 | &nbsp;&nbsp;&nbsp; $19.38 | &nbsp;&nbsp;&nbsp; $26.91 | &nbsp;&nbsp;&nbsp; $25.34 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp; (7.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.57 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $30.06 | &nbsp;&nbsp;&nbsp; $23.38 | &nbsp;&nbsp;&nbsp; $24.45 | &nbsp;&nbsp;&nbsp; $20.63 | &nbsp;&nbsp;&nbsp; $19.38 | &nbsp;&nbsp;&nbsp; $26.91 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $30.06 | &nbsp;&nbsp;&nbsp; $23.40 | &nbsp;&nbsp;&nbsp; $24.45 | &nbsp;&nbsp;&nbsp; $20.64 | &nbsp;&nbsp;&nbsp; $19.40 | &nbsp;&nbsp;&nbsp; $26.87 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.49<br> %<br>| &nbsp;&nbsp;&nbsp; (3.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.30<br> %<br>| &nbsp;&nbsp;&nbsp; (27.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.19 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29.38<br> %<br>| &nbsp;&nbsp;&nbsp; (3.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.24<br> %<br>| &nbsp;&nbsp;&nbsp; (27.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $75743 | &nbsp;&nbsp;&nbsp; $35779 | &nbsp;&nbsp;&nbsp; $38386 | &nbsp;&nbsp;&nbsp; $17331 | &nbsp;&nbsp;&nbsp; $20354 | &nbsp;&nbsp;&nbsp; $51669 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp; - %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 8<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 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 5.16%. The market price total return from Fund Inception to August 31, 2021 was 5.00%.

<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.

------

**21**

------

**Financial Highlights—(continued)**

Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended August 31,** <br>**2025**<br>| **For the Period** <br>**December 4, 2023**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2024**<br>|
| **Per Share Operating Performance:** |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $35.80 | &nbsp;&nbsp;&nbsp; $31.54 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 |
| Total from investment operations | &nbsp;&nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 |
| **Distributions to shareholders from:** |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $33.58 | &nbsp;&nbsp;&nbsp; $35.80 | &nbsp;&nbsp;&nbsp; $31.54 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $33.59 | &nbsp;&nbsp;&nbsp; $35.80 | &nbsp;&nbsp;&nbsp; $31.54 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (6.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.43 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (6.09)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.43 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $13433 | &nbsp;&nbsp;&nbsp; $15036 | &nbsp;&nbsp;&nbsp; $7570 |
| Ratio to average net assets of: |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>|

---

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

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

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

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

<sup>(e)</sup> The net asset value total return from Fund Inception (December 6, 2023, the first day of trading on the exchange) to August 31, 2024 was 33.20%. The market price total return from Fund Inception to August 31, 2024 was 33.09%.

<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.

------

**22**

------

**Financial Highlights—(continued)**

Invesco PHLX Semiconductor ETF (SOXQ)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**June 9, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**June 9, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $44.66 | &nbsp;&nbsp;&nbsp; $40.65 | &nbsp;&nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp; $21.11 | &nbsp;&nbsp;&nbsp; $26.99 | &nbsp;&nbsp;&nbsp; $24.88 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;7.83 | &nbsp;&nbsp;&nbsp; (5.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;11.98 | &nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp; (5.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.11 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; - |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $63.77 | &nbsp;&nbsp;&nbsp; $44.66 | &nbsp;&nbsp;&nbsp; $40.65 | &nbsp;&nbsp;&nbsp; $28.94 | &nbsp;&nbsp;&nbsp; $21.11 | &nbsp;&nbsp;&nbsp; $26.99 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $63.77 | &nbsp;&nbsp;&nbsp; $44.67 | &nbsp;&nbsp;&nbsp; $40.66 | &nbsp;&nbsp;&nbsp; $28.95 | &nbsp;&nbsp;&nbsp; $21.15 | &nbsp;&nbsp;&nbsp; $27.06 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 43.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.78<br> %<br>| &nbsp;&nbsp;&nbsp; (20.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.48 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 43.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.56<br> %<br>| &nbsp;&nbsp;&nbsp; (20.76)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.76 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1034317 | &nbsp;&nbsp;&nbsp; $509993 | &nbsp;&nbsp;&nbsp; $511392 | &nbsp;&nbsp;&nbsp; $149324 | &nbsp;&nbsp;&nbsp; $60386 | &nbsp;&nbsp;&nbsp; $63163 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses, after Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp; - %<sup>(f)</sup><br>|
| Expenses, prior to Waivers | &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 4<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 11, 2021, the first day of trading on the exchange) to August 31, 2021 was 6.72%. The market price total return from Fund Inception to August 31, 2021 was 7.08%.

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

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

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

------

**23**

------

**Financial Highlights—(continued)**

Invesco Solar ETF (TAN)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $41.65 | &nbsp;&nbsp;&nbsp; $41.38 | &nbsp;&nbsp;&nbsp; $58.17 | &nbsp;&nbsp;&nbsp; $84.32 | &nbsp;&nbsp;&nbsp; $86.14 | &nbsp;&nbsp;&nbsp; $56.75 |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (16.89)<br>| &nbsp;&nbsp;&nbsp; (26.06)<br>| &nbsp;&nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.53 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; (16.74)<br>| &nbsp;&nbsp;&nbsp; (26.15)<br>| &nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;29.48 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $55.30 | &nbsp;&nbsp;&nbsp; $41.65 | &nbsp;&nbsp;&nbsp; $41.38 | &nbsp;&nbsp;&nbsp; $58.17 | &nbsp;&nbsp;&nbsp; $84.32 | &nbsp;&nbsp;&nbsp; $86.14 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $55.02 | &nbsp;&nbsp;&nbsp; $41.60 | &nbsp;&nbsp;&nbsp; $41.35 | &nbsp;&nbsp;&nbsp; $58.27 | &nbsp;&nbsp;&nbsp; $84.34 | &nbsp;&nbsp;&nbsp; $85.59 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp; (28.80)%<br>| &nbsp;&nbsp;&nbsp; (31.01)%<br>| &nbsp;&nbsp;&nbsp; (2.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.93<br> %<br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp; (28.97)%<br>| &nbsp;&nbsp;&nbsp; (30.91)%<br>| &nbsp;&nbsp;&nbsp; (1.46)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.72<br> %<br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $1570833 | &nbsp;&nbsp;&nbsp; $723322 | &nbsp;&nbsp;&nbsp; $1013271 | &nbsp;&nbsp;&nbsp; $1633887 | &nbsp;&nbsp;&nbsp; $2975483 | &nbsp;&nbsp;&nbsp; $3218748 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.68 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; (0.08 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; (0.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp;&nbsp; (0.24)%<br>| &nbsp;&nbsp;&nbsp; (0.05)%<br>|
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 55<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

February 28, 2026

*(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 Bloomberg Financial Data Providers ETF (FDIQ)<sup>(a)</sup> <br>| "Bloomberg Financial Data Providers ETF" |
| Invesco Nasdaq Biotechnology ETF (IBBQ) | "Nasdaq Biotechnology ETF" |
| Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ) | "Nasdaq Free Cash Flow Achievers ETF" |
| Invesco PHLX Semiconductor ETF (SOXQ) | "PHLX Semiconductor ETF" |
| Invesco Solar ETF (TAN) | "Solar ETF" |

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<sup>(a)</sup> Effective February 23, 2026, the Fund's name changed from Invesco KBW Regional Banking ETF to Invesco Bloomberg Financial Data Providers 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 Nasdaq Stock Market LLC, except for Shares of Solar ETF, which are listed and traded on the 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 the deposit or delivery of 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** |
| Bloomberg Financial Data Providers ETF | Bloomberg Financial Data Providers Index |
| Nasdaq Biotechnology ETF | Nasdaq Biotechnology Index<sup>®</sup> |
| Nasdaq Free Cash Flow Achievers ETF | Nasdaq US Free Cash Flow Achievers<sup>TM</sup> Index |
| PHLX Semiconductor ETF | PHLX Semiconductor Sector Index<sup>®</sup> |
| Solar ETF | MAC Global Solar Energy 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 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, as of the approximate official closing time of that exchange. 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.

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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.

Private 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

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

**F.** **Expenses** - Each Fund (except for Solar 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,

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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).

Solar ETF is responsible for all of its 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, sub-licensing fees related to its 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.

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

**H.** **Indemnifications** - Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Each Independent Trustee is also indemnified against certain liabilities arising out of the performance of their duties to the Trust pursuant to an Indemnification Agreement between such trustee and the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

**I.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act 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.

**J.** **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

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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 ("BNY") 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 February 28, 2026, 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** |
| Bloomberg Financial Data Providers ETF | $169 |
| NASDAQ Biotechnology ETF | 2054 |
| Nasdaq Free Cash Flow Achievers ETF | 12 |
| PHLX Semiconductor ETF | 685 |
| Solar ETF | 29402 |

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**K.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. 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.

**L.** **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.

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*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 audits of, investigations into and/or litigation against Chinese companies, as well as in obtaining and/or enforcing judgments; limited legal remedies for shareholders; alteration or discontinuation of economic reforms; complex geopolitical tensions; military conflicts and the risk of war, either internal or with other countries; assertions of human rights violations by certain nations; 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 or region within Greater China may impact the other countries or regions 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, the Public Company Accounting Oversight Board ("PCAOB") has historically had difficulties in inspecting audit work papers and practices of PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies. These difficulties may impose significant additional risks concerning the reliability of the audits and of the information about the Chinese securities or the potential delisting of a U.S.-listed Chinese issuer due to an inability to inspect the issuer's accounting firm.

*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

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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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

*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, certain Funds 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.

*Financial Data Providers Industry Risk*. The financial data providers industry is driven by advancements in digital infrastructure, evolving consumer preferences, and a shifting regulatory landscape. Financial data providers have undergone significant transformation in recent decades with increased development and adoption of financial services software and applications. Companies that provide software for capital markets, including trading, data and reporting, as well as financial information services and security and commodity exchanges, may be impacted by factors affecting the financial sector, such as extensive government regulation, changes in interest rates, availability and cost of capital, technological developments, cybersecurity incidents, increased competition and product obsolescence, which could adversely affect the profitability or viability of such companies.

*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 possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investment in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. 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. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. 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 is subject to sanctions.

*Free Cash Flow Investing Risk*. Generally speaking, free cash flow is the cash a company generates after accounting for operating expenses and capital expenditures. While free cash flow yield can be a useful metric for evaluating a company, there is no guarantee that companies with high free cash flow yields will continue to maintain high free cash flow yields in the future, or that these companies will outperform companies with lower free cash flow yields. Investing in companies with high free cash flows may lead to underperformance during periods when such investments are unpopular, and/or when fluctuations in market conditions, industry disruptions, or company-specific factors may jeopardize a company's ability to generate free cash flow.

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*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.

*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 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.

*Non-Diversified Fund Risk*. Each Fund (except Bloomberg Financial Data Providers ETF) is non-diversified and can invest a greater portion of its assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. 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 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*. Bloomberg Financial Data Providers ETF may engage in frequent trading of its portfolio securities in connection with the rebalancing or adjustment of its Underlying Index. A portfolio turnover rate of 200%, for example, is equivalent to the Fund buying and selling all of its securities two times during the course of a year. A high portfolio turnover rate (such as 100% or more) could result in high brokerage costs for the Fund. While a high portfolio turnover rate can result in an increase in taxable capital gains distributions to the Fund's shareholders, the Fund will seek to utilize the in-kind creation and redemption mechanism to minimize the realization of capital gains to the extent possible.

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*Small- and Mid-Capitalization Companies Risk*. Investing in securities of small- and mid-capitalization companies involves greater risk than customarily is associated with investing in larger, more established companies. Stocks of small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies. They may be more sensitive to changes in a company's earnings expectations and may experience more abrupt and erratic price movements. Smaller companies' securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider price fluctuations and it might be harder for a Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-capitalization companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-capitalization company, if any gain is realized at all.

**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 each Fund's investments, managing each Fund's business affairs and providing certain clerical, bookkeeping and other administrative services.

Pursuant to an Investment Advisory Agreement, Solar ETF accrues daily and pays monthly to the Adviser an annual fee equal to 0.50% of the Fund's average daily net assets. The Trust also has entered into an Amended and Restated Excess Expense Agreement (the "Expense Agreement"), pursuant to which the Adviser has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of Solar ETF (excluding interest expenses, brokerage commissions and other trading expenses, sub-licensing fees, offering costs, taxes, acquired fund fees and expenses, if applicable, and extraordinary expenses) from exceeding 0.65% of the Fund's average daily net assets per year through August 31, 2027 (the "Expense Cap"). 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 the Expense Cap.

Pursuant to another 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 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>|
| Bloomberg Financial Data Providers ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| Nasdaq Biotechnology ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Nasdaq Free Cash Flow Achievers ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>|
| PHLX Semiconductor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|

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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 February 28, 2026, the Adviser waived fees and/or paid Fund expenses for each Fund in the following amounts:

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| | |
|:---|:---|
| Bloomberg Financial Data Providers ETF | &nbsp;&nbsp;&nbsp; $244 |
| Nasdaq Biotechnology ETF | &nbsp;&nbsp;&nbsp; 19 |
| Nasdaq Free Cash Flow Achievers ETF | &nbsp;&nbsp;&nbsp; 2 |
| PHLX Semiconductor ETF | &nbsp;&nbsp;&nbsp; 244 |
| Solar ETF | &nbsp;&nbsp;&nbsp; 719 |

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The fees waived and/or expenses borne by the Adviser, pursuant to the Expense Cap, for Solar ETF are subject to recapture by the Adviser for up to three years from the date the fees were waived or the expenses were incurred, but no recapture payment will be made by the Fund if it would result in the Fund exceeding (i) the Expense Cap or (ii) the expense cap in effect at the time the fees and/or expenses subject to recapture were waived and/or borne by the Adviser.

There are no amounts available for potential recapture by the Adviser as of February 28, 2026.

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** |
| Bloomberg Financial Data Providers ETF | Bloomberg Index Services Limited |
| Nasdaq Biotechnology ETF | Nasdaq, Inc. |
| Nasdaq Free Cash Flow Achievers ETF | Nasdaq, Inc. |
| PHLX Semiconductor ETF | Nasdaq, Inc. |
| Solar ETF | MAC Indexing 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 BNY, 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 February 28, 2026, 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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| | |
|:---|:---|
| Bloomberg Financial Data Providers ETF | &nbsp;&nbsp;&nbsp; $12788 |
| Nasdaq Biotechnology ETF | &nbsp;&nbsp;&nbsp; 3058 |
| Nasdaq Free Cash Flow Achievers ETF | &nbsp;&nbsp;&nbsp; 36 |
| PHLX Semiconductor ETF | &nbsp;&nbsp;&nbsp; 53 |
| Solar ETF | &nbsp;&nbsp;&nbsp; 13335 |

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

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Bloomberg Financial Data Providers ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $39286134 | &nbsp;&nbsp; $15477534 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $54763668 |
| Money Market Funds | &nbsp;&nbsp; 16568414 | &nbsp;&nbsp; 3280373 | &nbsp;&nbsp; - | &nbsp;&nbsp; 19848787 |
| **Total Investments** | &nbsp;&nbsp; $55854548 | &nbsp;&nbsp; $18757907 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $74612455 |
| Nasdaq Biotechnology ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $75643899 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $409 | &nbsp;&nbsp; $75644308 |
| Money Market Funds | &nbsp;&nbsp; 39488 | &nbsp;&nbsp; 15027194 | &nbsp;&nbsp; - | &nbsp;&nbsp; 15066682 |
| **Total Investments** | &nbsp;&nbsp; $75683387 | &nbsp;&nbsp; $15027194 | &nbsp;&nbsp; $409 | &nbsp;&nbsp; $90710990 |
| Nasdaq Free Cash Flow Achievers ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $13424418 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13424418 |
| Money Market Funds | &nbsp;&nbsp; 9684 | &nbsp;&nbsp; 80281 | &nbsp;&nbsp; - | &nbsp;&nbsp; 89965 |
| **Total Investments** | &nbsp;&nbsp; $13434102 | &nbsp;&nbsp; $80281 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $13514383 |
| PHLX Semiconductor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $1033540451 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1033540451 |
| Money Market Funds | &nbsp;&nbsp; 560752 | &nbsp;&nbsp; 18510890 | &nbsp;&nbsp; - | &nbsp;&nbsp; 19071642 |
| **Total Investments** | &nbsp;&nbsp; $1034101203 | &nbsp;&nbsp; $18510890 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1052612093 |
| Solar ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $819729388 | &nbsp;&nbsp; $750808320 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1570537708 |
| Money Market Funds | &nbsp;&nbsp; 2058218 | &nbsp;&nbsp; 328331860 | &nbsp;&nbsp; - | &nbsp;&nbsp; 330390078 |
| **Total Investments** | &nbsp;&nbsp; $821787606 | &nbsp;&nbsp; $1079140180 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1900927786 |

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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 August 31, 2025, as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| Bloomberg Financial Data Providers ETF | &nbsp;&nbsp; $3567551 | &nbsp;&nbsp; $12677679 | &nbsp;&nbsp; $16245230 |
| Nasdaq Biotechnology ETF | &nbsp;&nbsp; 901509 | &nbsp;&nbsp; 3799632 | &nbsp;&nbsp; 4701141 |
| Nasdaq Free Cash Flow Achievers ETF | &nbsp;&nbsp; 315093 | &nbsp;&nbsp; 13878 | &nbsp;&nbsp; 328971 |
| PHLX Semiconductor ETF | &nbsp;&nbsp; 20898818 | &nbsp;&nbsp; 11433986 | &nbsp;&nbsp; 32332804 |
| Solar ETF | &nbsp;&nbsp; 253533127 | &nbsp;&nbsp; 1238372983 | &nbsp;&nbsp; 1491906110 |

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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 6—Investment Transactions**

For the six months ended February 28, 2026, 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** |
| Bloomberg Financial Data Providers ETF | &nbsp;&nbsp; $60208976 | &nbsp;&nbsp; $60231785 |
| Nasdaq Biotechnology ETF | &nbsp;&nbsp; 6695027 | &nbsp;&nbsp; 6741743 |
| Nasdaq Free Cash Flow Achievers ETF | &nbsp;&nbsp; 808732 | &nbsp;&nbsp; 914384 |
| PHLX Semiconductor ETF | &nbsp;&nbsp; 117175956 | &nbsp;&nbsp; 116578525 |
| Solar ETF | &nbsp;&nbsp; 190064635 | &nbsp;&nbsp; 93850587 |

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For the six months ended February 28, 2026, 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>|
| Bloomberg Financial Data Providers ETF | &nbsp;&nbsp; $16366420 | &nbsp;&nbsp; $23015014 |
| Nasdaq Biotechnology ETF | &nbsp;&nbsp; 36950808 | &nbsp;&nbsp; 9436108 |
| Nasdaq Free Cash Flow Achievers ETF | &nbsp;&nbsp; 1430552 | &nbsp;&nbsp; 2067348 |
| PHLX Semiconductor ETF | &nbsp;&nbsp; 477735241 | &nbsp;&nbsp; 203171893 |
| Solar ETF | &nbsp;&nbsp; 505686729 | &nbsp;&nbsp; 20952072 |

---

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

As of February 28, 2026, 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** |
| Bloomberg Financial Data Providers ETF | &nbsp;&nbsp; $2935531 | &nbsp;&nbsp; $(1212758)<br>| &nbsp;&nbsp; $1722773 | &nbsp;&nbsp; $72889682 |
| Nasdaq Biotechnology ETF | &nbsp;&nbsp; 12792903 | &nbsp;&nbsp; (3906172)<br>| &nbsp;&nbsp; 8886731 | &nbsp;&nbsp; 81824259 |
| Nasdaq Free Cash Flow Achievers ETF | &nbsp;&nbsp; 1836369 | &nbsp;&nbsp; (1918809)<br>| &nbsp;&nbsp; (82440)<br>| &nbsp;&nbsp; 13596823 |
| PHLX Semiconductor ETF | &nbsp;&nbsp; 237478627 | &nbsp;&nbsp; (27724184)<br>| &nbsp;&nbsp; 209754443 | &nbsp;&nbsp; 842857650 |
| Solar ETF | &nbsp;&nbsp; 315518258 | &nbsp;&nbsp; (452204196)<br>| &nbsp;&nbsp; (136685938)<br>| &nbsp;&nbsp; 2037613724 |

---

**NOTE 7—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 Bloomberg Financial Data Providers ETF, Nasdaq Biotechnology ETF, Nasdaq Free Cash Flow Achievers ETF and PHLX Semiconductor 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 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.

------

**36**

------

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

------

**37**

------

**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>**

Not applicable.

------

**38**

------

**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-TII-NCSRS

invesco.com/ETFs

------

![](img0345a11f1.jpg)

------

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

February 28, 2026

---

| | |
|:---|:---|
| **QQMG** | Invesco ESG NASDAQ 100 ETF |
| **QQQM** | Invesco NASDAQ 100 ETF |
| **QQQS** | Invesco NASDAQ Future Gen 200 ETF |
| **QQQJ** | Invesco NASDAQ Next Gen 100 ETF |
| **QQLV** | Invesco QQQ Low Volatility ETF |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| [Invesco ESG NASDAQ 100 ETF (QQMG)](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_SOI-Continued-774_1) | **3** |
| [Invesco NASDAQ 100 ETF (QQQM)](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_SOI-Continued-774_3) | **5** |
| [Invesco NASDAQ Future Gen 200 ETF (QQQS)](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_SOI-Continued-774_6) | **8** |
| [Invesco NASDAQ Next Gen 100 ETF (QQQJ)](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_SOI-Continued-774_9) | **11** |
| [Invesco QQQ Low Volatility ETF (QQLV)](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_SOI-Continued-774_12) | **14** |
| [Statements of Assets and Liabilities](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_FS-Continued-774_1) | **15** |
| [Statements of Operations](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_FS-Continued-774_2) | **16** |
| [Statements of Changes in Net Assets](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_FS-Continued-774_4) | **18** |
| [Financial Highlights](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_FIHI-Continued-774_1) | **20** |
| [Notes to Financial Statements](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_NTF-Continued-774_1) | **25** |
| [Other Information Required in Form N-CSR (Items 8-11)](#xx_fd89ab27-5a76-43a0-89c8-04f66f8b3e04_OIRSR-Continued_1) | **37** |

---

------

**2**

------

**Invesco ESG NASDAQ 100 ETF (QQMG)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** | **Common Stocks & Other Equity Interests-99.92%** |
| **Communication Services-14.91%** | **Communication Services-14.91%** | **Communication Services-14.91%** |
| Alphabet, Inc., Class A | 17609 | &nbsp;&nbsp; $5489782 |
| Alphabet, Inc., Class C | 16358 | &nbsp;&nbsp; 5094372 |
| Charter Communications, Inc., Class A<sup>(b)</sup> | 975 | &nbsp;&nbsp; 228764 |
| Comcast Corp., Class A | 28939 | &nbsp;&nbsp; 895952 |
| Electronic Arts, Inc. | 2942 | &nbsp;&nbsp; 590077 |
| Meta Platforms, Inc., Class A | 6811 | &nbsp;&nbsp; 4414754 |
| Netflix, Inc.<sup>(b)</sup> | 49313 | &nbsp;&nbsp; 4745883 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 1970 | &nbsp;&nbsp; 416616 |
| T-Mobile US, Inc. | 9282 | &nbsp;&nbsp; 2015029 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 28667 | &nbsp;&nbsp; 807549 |
|  |  | &nbsp;&nbsp; 24698778 |
| **Consumer Discretionary-13.00%** | **Consumer Discretionary-13.00%** | **Consumer Discretionary-13.00%** |
| Airbnb, Inc., Class A<sup>(b)</sup> | 4268 | &nbsp;&nbsp; 576649 |
| Amazon.com, Inc.<sup>(b)</sup> | 37761 | &nbsp;&nbsp; 7929810 |
| Booking Holdings, Inc. | 361 | &nbsp;&nbsp; 1530405 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 2912 | &nbsp;&nbsp; 513881 |
| Marriott International, Inc., Class A | 2422 | &nbsp;&nbsp; 827670 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 472 | &nbsp;&nbsp; 829578 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 10017 | &nbsp;&nbsp; 940396 |
| PDD Holdings, Inc., ADR (China)<sup>(b)</sup> | 4352 | &nbsp;&nbsp; 451433 |
| Ross Stores, Inc. | 2754 | &nbsp;&nbsp; 566333 |
| Starbucks Corp. | 9515 | &nbsp;&nbsp; 932660 |
| Tesla, Inc.<sup>(b)</sup> | 15969 | &nbsp;&nbsp; 6427682 |
|  |  | &nbsp;&nbsp; 21526497 |
| **Consumer Staples-4.39%** | **Consumer Staples-4.39%** | **Consumer Staples-4.39%** |
| Coca-Cola Europacific Partners PLC (United <br> Kingdom)<br>| 4579 | &nbsp;&nbsp; 505659 |
| Costco Wholesale Corp. | 2845 | &nbsp;&nbsp; 2875698 |
| Keurig Dr Pepper, Inc. | 10129 | &nbsp;&nbsp; 306706 |
| Kraft Heinz Co. (The) | 7199 | &nbsp;&nbsp; 177167 |
| Mondelez International, Inc., Class A | 10963 | &nbsp;&nbsp; 675102 |
| Monster Beverage Corp.<sup>(b)</sup> | 4505 | &nbsp;&nbsp; 384276 |
| PepsiCo, Inc. | 13833 | &nbsp;&nbsp; 2348013 |
|  |  | &nbsp;&nbsp; 7272621 |
| **Financials-0.24%** | **Financials-0.24%** | **Financials-0.24%** |
| PayPal Holdings, Inc. | 8655 | &nbsp;&nbsp; 399947 |
| **Health Care-5.03%** | **Health Care-5.03%** | **Health Care-5.03%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 841 | &nbsp;&nbsp; 279986 |
| Amgen, Inc. | 4410 | &nbsp;&nbsp; 1711786 |
| Dexcom, Inc.<sup>(b)</sup> | 3279 | &nbsp;&nbsp; 240777 |
| GE HealthCare Technologies, Inc. | 4392 | &nbsp;&nbsp; 370114 |
| Gilead Sciences, Inc. | 9995 | &nbsp;&nbsp; 1488755 |
| IDEXX Laboratories, Inc.<sup>(b)</sup> | 852 | &nbsp;&nbsp; 559534 |
| Insmed, Inc.<sup>(b)</sup> | 1251 | &nbsp;&nbsp; 186812 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 3371 | &nbsp;&nbsp; 1697332 |
| Regeneron Pharmaceuticals, Inc. | 968 | &nbsp;&nbsp; 756656 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 2084 | &nbsp;&nbsp; 1035394 |
|  |  | &nbsp;&nbsp; 8327146 |
| **Industrials-2.94%** | **Industrials-2.94%** | **Industrials-2.94%** |
| Automatic Data Processing, Inc. | 4283 | &nbsp;&nbsp; 918104 |
| Cintas Corp. | 4005 | &nbsp;&nbsp; 805526 |
| Copart, Inc.<sup>(b)</sup> | 9384 | &nbsp;&nbsp; 357436 |
| Fastenal Co. | 10260 | &nbsp;&nbsp; 472370 |
| Ferrovial SE<sup>(c)</sup> | 6776 | &nbsp;&nbsp; 503999 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-(continued)** | **Industrials-(continued)** | **Industrials-(continued)** |
| Old Dominion Freight Line, Inc. | 2133 | &nbsp;&nbsp; $433106 |
| PACCAR, Inc. | 1950 | &nbsp;&nbsp; 245875 |
| Paychex, Inc. | 3344 | &nbsp;&nbsp; 313166 |
| Thomson Reuters Corp. (Canada)<sup>(c)</sup> | 5685 | &nbsp;&nbsp; 548091 |
| Verisk Analytics, Inc. | 1317 | &nbsp;&nbsp; 273370 |
|  |  | &nbsp;&nbsp; 4871043 |
| **Information Technology-57.36%** | **Information Technology-57.36%** | **Information Technology-57.36%** |
| Adobe, Inc.<sup>(b)</sup> | 4670 | &nbsp;&nbsp; 1225455 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 19290 | &nbsp;&nbsp; 3862051 |
| Apple, Inc. | 55369 | &nbsp;&nbsp; 14627382 |
| Applied Materials, Inc. | 9111 | &nbsp;&nbsp; 3392025 |
| AppLovin Corp., Class A<sup>(b)</sup> | 3140 | &nbsp;&nbsp; 1365178 |
| ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 1139 | &nbsp;&nbsp; 1652188 |
| Atlassian Corp., Class A<sup>(b)</sup> | 1603 | &nbsp;&nbsp; 120433 |
| Autodesk, Inc.<sup>(b)</sup> | 2164 | &nbsp;&nbsp; 532063 |
| Broadcom, Inc. | 14295 | &nbsp;&nbsp; 4567967 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 2898 | &nbsp;&nbsp; 873457 |
| Cisco Systems, Inc. | 49169 | &nbsp;&nbsp; 3906969 |
| Cognizant Technology Solutions Corp., Class A | 4892 | &nbsp;&nbsp; 315192 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 2282 | &nbsp;&nbsp; 848858 |
| Datadog, Inc., Class A<sup>(b)</sup> | 3226 | &nbsp;&nbsp; 361183 |
| Fortinet, Inc.<sup>(b)</sup> | 7565 | &nbsp;&nbsp; 597862 |
| Intel Corp.<sup>(b)</sup> | 46278 | &nbsp;&nbsp; 2110740 |
| Intuit, Inc. | 3184 | &nbsp;&nbsp; 1302352 |
| KLA Corp. | 1485 | &nbsp;&nbsp; 2263957 |
| Lam Research Corp. | 14169 | &nbsp;&nbsp; 3313987 |
| Marvell Technology, Inc. | 9385 | &nbsp;&nbsp; 766661 |
| Microchip Technology, Inc. | 3777 | &nbsp;&nbsp; 281915 |
| Micron Technology, Inc. | 10053 | &nbsp;&nbsp; 4145556 |
| Microsoft Corp. | 28818 | &nbsp;&nbsp; 11317981 |
| Monolithic Power Systems, Inc. | 456 | &nbsp;&nbsp; 521089 |
| NVIDIA Corp. | 101250 | &nbsp;&nbsp; 17940487 |
| NXP Semiconductors N.V. (Netherlands) | 2518 | &nbsp;&nbsp; 571611 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 17966 | &nbsp;&nbsp; 2464756 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 9641 | &nbsp;&nbsp; 1435738 |
| QUALCOMM, Inc. | 12490 | &nbsp;&nbsp; 1778076 |
| Roper Technologies, Inc. | 821 | &nbsp;&nbsp; 287128 |
| Seagate Technology Holdings PLC | 2428 | &nbsp;&nbsp; 990236 |
| Shopify, Inc., Class A (Canada)<sup>(b)</sup> | 7954 | &nbsp;&nbsp; 960286 |
| Strategy, Inc., Class A<sup>(b)(c)</sup> | 1941 | &nbsp;&nbsp; 251359 |
| Synopsys, Inc.<sup>(b)</sup> | 1806 | &nbsp;&nbsp; 747684 |
| Texas Instruments, Inc. | 7816 | &nbsp;&nbsp; 1657852 |
| Western Digital Corp. | 4033 | &nbsp;&nbsp; 1128030 |
| Workday, Inc., Class A<sup>(b)</sup> | 2272 | &nbsp;&nbsp; 303903 |
| Zscaler, Inc.<sup>(b)</sup> | 1432 | &nbsp;&nbsp; 210490 |
|  |  | &nbsp;&nbsp; 95000137 |
| **Materials-1.70%** | **Materials-1.70%** | **Materials-1.70%** |
| Linde PLC | 5532 | &nbsp;&nbsp; 2810699 |
| **Real Estate-0.08%** | **Real Estate-0.08%** | **Real Estate-0.08%** |
| CoStar Group, Inc.<sup>(b)</sup> | 2884 | &nbsp;&nbsp; 128713 |
| **Utilities-0.27%** | **Utilities-0.27%** | **Utilities-0.27%** |
| Exelon Corp. | 8901 | &nbsp;&nbsp; 440332 |
| Total Common Stocks & Other Equity Interests <br>(Cost $149,214,936) | Total Common Stocks & Other Equity Interests <br>(Cost $149,214,936) | &nbsp;&nbsp; 165475913 |

---

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

------

**3**

------

**Invesco ESG NASDAQ 100 ETF (QQMG)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.05%** | **Money Market Funds-0.05%** | **Money Market Funds-0.05%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $87,908)<br>| 87908 | &nbsp;&nbsp; $87908 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $149,302,844) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $149,302,844) | &nbsp;&nbsp; 165563821 |
| **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-0.81%** | **Money Market Funds-0.81%** | **Money Market Funds-0.81%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 369956 | &nbsp;&nbsp; 369956 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-(continued)** | **Money Market Funds-(continued)** | **Money Market Funds-(continued)** |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 959786 | &nbsp;&nbsp; $960074 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,330,030) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $1,330,030) | &nbsp;&nbsp; 1330030 |
| TOTAL INVESTMENTS IN SECURITIES-100.78% <br>(Cost $150,632,874) | TOTAL INVESTMENTS IN SECURITIES-100.78% <br>(Cost $150,632,874) | &nbsp;&nbsp; 166893851 |
| OTHER ASSETS LESS LIABILITIES-(0.78)% | OTHER ASSETS LESS LIABILITIES-(0.78)% | &nbsp;&nbsp; (1288273)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $165605578 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money Market** <br> **Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $18764 | &nbsp;&nbsp; $650873 | &nbsp;&nbsp; $(581729)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $87908 | &nbsp;&nbsp; $1408 |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on** <br> **Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 34252 | &nbsp;&nbsp; 4440460 | &nbsp;&nbsp; (4104756)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 369956 | &nbsp;&nbsp; 2,333<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 89034 | &nbsp;&nbsp; 8239390 | &nbsp;&nbsp; (7368453)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 106 | &nbsp;&nbsp; 960074 | &nbsp;&nbsp; 6,238<br> \*<br>|
| Total | &nbsp;&nbsp; $142050 | &nbsp;&nbsp; $13330723 | &nbsp;&nbsp; $(12054938)<br>| &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $106 | &nbsp;&nbsp; $1417938 | &nbsp;&nbsp; $9979 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**4**

------

**Invesco NASDAQ 100 ETF (QQQM)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** | **Common Stocks & Other Equity Interests-99.85%** |
| **Communication Services-15.65%** | **Communication Services-15.65%** | **Communication Services-15.65%** |
| Alphabet, Inc., Class A | 8037237 | &nbsp;&nbsp; $2505689007 |
| Alphabet, Inc., Class C | 7469460 | &nbsp;&nbsp; 2326213928 |
| Charter Communications, Inc., <br> Class A<sup>(b)(c)</sup><br>| 493339 | &nbsp;&nbsp; 115752130 |
| Comcast Corp., Class A | 13860044 | &nbsp;&nbsp; 429106962 |
| Electronic Arts, Inc. | 953769 | &nbsp;&nbsp; 191297448 |
| Meta Platforms, Inc., Class A | 4057094 | &nbsp;&nbsp; 2629727189 |
| Netflix, Inc.<sup>(b)</sup> | 16160114 | &nbsp;&nbsp; 1555249371 |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 704565 | &nbsp;&nbsp; 149001406 |
| T-Mobile US, Inc. | 4265674 | &nbsp;&nbsp; 926035169 |
| Warner Bros. Discovery, Inc.<sup>(b)</sup> | 9450418 | &nbsp;&nbsp; 266218275 |
|  |  | &nbsp;&nbsp; 11094290885 |
| **Consumer Discretionary-12.45%** | **Consumer Discretionary-12.45%** | **Consumer Discretionary-12.45%** |
| Airbnb, Inc., Class A<sup>(b)(c)</sup> | 1621976 | &nbsp;&nbsp; 219145177 |
| Amazon.com, Inc.<sup>(b)</sup> | 14768001 | &nbsp;&nbsp; 3101280210 |
| Booking Holdings, Inc. | 122950 | &nbsp;&nbsp; 521228082 |
| DoorDash, Inc., Class A<sup>(b)</sup> | 1549370 | &nbsp;&nbsp; 273417324 |
| Marriott International, Inc., Class A<sup>(c)</sup> | 1023305 | &nbsp;&nbsp; 349694018 |
| MercadoLibre, Inc. (Brazil)<sup>(b)</sup> | 193332 | &nbsp;&nbsp; 339796457 |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 3219176 | &nbsp;&nbsp; 302216243 |
| PDD Holdings, Inc., ADR (China)<sup>(b)(c)</sup> | 2546893 | &nbsp;&nbsp; 264189211 |
| Ross Stores, Inc. | 1240208 | &nbsp;&nbsp; 255036373 |
| Starbucks Corp. | 4336611 | &nbsp;&nbsp; 425074610 |
| Tesla, Inc.<sup>(b)</sup> | 6894974 | &nbsp;&nbsp; 2775295985 |
|  |  | &nbsp;&nbsp; 8826373690 |
| **Consumer Staples-8.55%** | **Consumer Staples-8.55%** | **Consumer Staples-8.55%** |
| Coca-Cola Europacific Partners PLC <br> (United Kingdom)<br>| 1747434 | &nbsp;&nbsp; 192969137 |
| Costco Wholesale Corp. | 1690153 | &nbsp;&nbsp; 1708389751 |
| Keurig Dr Pepper, Inc.<sup>(c)</sup> | 5181071 | &nbsp;&nbsp; 156882830 |
| Kraft Heinz Co. (The) | 4512936 | &nbsp;&nbsp; 111063355 |
| Mondelez International, Inc., Class A | 4920613 | &nbsp;&nbsp; 303011348 |
| Monster Beverage Corp.<sup>(b)</sup> | 3726165 | &nbsp;&nbsp; 317841874 |
| PepsiCo, Inc. | 5214688 | &nbsp;&nbsp; 885141141 |
| Walmart, Inc. | 18638688 | &nbsp;&nbsp; 2384820130 |
|  |  | &nbsp;&nbsp; 6060119566 |
| **Energy-0.62%** | **Energy-0.62%** | **Energy-0.62%** |
| Baker Hughes Co., Class A | 3763081 | &nbsp;&nbsp; 245578666 |
| Diamondback Energy, Inc. | 1092626 | &nbsp;&nbsp; 190204334 |
|  |  | &nbsp;&nbsp; 435783000 |
| **Financials-0.23%** | **Financials-0.23%** | **Financials-0.23%** |
| PayPal Holdings, Inc. | 3568140 | &nbsp;&nbsp; 164883750 |
| **Health Care-5.24%** | **Health Care-5.24%** | **Health Care-5.24%** |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 503753 | &nbsp;&nbsp; 167709449 |
| Amgen, Inc.<sup>(c)</sup> | 2053682 | &nbsp;&nbsp; 797157205 |
| Dexcom, Inc.<sup>(b)(c)</sup> | 1482586 | &nbsp;&nbsp; 108866290 |
| GE HealthCare Technologies, Inc. | 1737234 | &nbsp;&nbsp; 146396709 |
| Gilead Sciences, Inc. | 4731634 | &nbsp;&nbsp; 704776884 |
| IDEXX Laboratories, Inc.<sup>(b)(c)</sup> | 304449 | &nbsp;&nbsp; 199940792 |
| Insmed, Inc.<sup>(b)</sup> | 813094 | &nbsp;&nbsp; 121419327 |
| Intuitive Surgical, Inc.<sup>(b)</sup> | 1351855 | &nbsp;&nbsp; 680672511 |
| Regeneron Pharmaceuticals, Inc. | 393887 | &nbsp;&nbsp; 307889651 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 967577 | &nbsp;&nbsp; 480721281 |
|  |  | &nbsp;&nbsp; 3715550099 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials-4.32%** | **Industrials-4.32%** | **Industrials-4.32%** |
| Automatic Data Processing, Inc. | 1542322 | &nbsp;&nbsp; $330612144 |
| Axon Enterprise, Inc.<sup>(b)</sup> | 300727 | &nbsp;&nbsp; 163114325 |
| Cintas Corp. | 1532453 | &nbsp;&nbsp; 308222272 |
| Copart, Inc.<sup>(b)</sup> | 3691222 | &nbsp;&nbsp; 140598646 |
| CSX Corp.<sup>(c)</sup> | 7101694 | &nbsp;&nbsp; 303171317 |
| Fastenal Co. | 4377395 | &nbsp;&nbsp; 201535266 |
| Ferrovial SE<sup>(c)</sup> | 2798342 | &nbsp;&nbsp; 208140678 |
| Honeywell International, Inc. | 2421261 | &nbsp;&nbsp; 589794967 |
| Old Dominion Freight Line, Inc. | 797199 | &nbsp;&nbsp; 161871257 |
| PACCAR, Inc. | 2002848 | &nbsp;&nbsp; 252539104 |
| Paychex, Inc. | 1372380 | &nbsp;&nbsp; 128523387 |
| Thomson Reuters Corp. (Canada)<sup>(c)</sup> | 1696339 | &nbsp;&nbsp; 163544043 |
| Verisk Analytics, Inc. | 531208 | &nbsp;&nbsp; 110262844 |
|  |  | &nbsp;&nbsp; 3061930250 |
| **Information Technology-49.85%** | **Information Technology-49.85%** | **Information Technology-49.85%** |
| Adobe, Inc.<sup>(b)</sup> | 1596323 | &nbsp;&nbsp; 418891118 |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 6208941 | &nbsp;&nbsp; 1243092078 |
| Analog Devices, Inc. | 1867410 | &nbsp;&nbsp; 664405804 |
| Apple, Inc. | 20412792 | &nbsp;&nbsp; 5392651391 |
| Applied Materials, Inc. | 3038203 | &nbsp;&nbsp; 1131122977 |
| AppLovin Corp., Class A<sup>(b)</sup> | 1173055 | &nbsp;&nbsp; 510009122 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 527392 | &nbsp;&nbsp; 67216110 |
| ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 334566 | &nbsp;&nbsp; 485308056 |
| Atlassian Corp., Class A<sup>(b)(c)</sup> | 640241 | &nbsp;&nbsp; 48101306 |
| Autodesk, Inc.<sup>(b)</sup> | 808349 | &nbsp;&nbsp; 198748769 |
| Broadcom, Inc. | 6523707 | &nbsp;&nbsp; 2084650572 |
| Cadence Design Systems, Inc.<sup>(b)</sup> | 1038085 | &nbsp;&nbsp; 312878819 |
| Cisco Systems, Inc. | 15068453 | &nbsp;&nbsp; 1197339275 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| 1840144 | &nbsp;&nbsp; 118560478 |
| CrowdStrike Holdings, Inc., Class A<sup>(b)</sup> | 956962 | &nbsp;&nbsp; 355970725 |
| Datadog, Inc., Class A<sup>(b)</sup> | 1240857 | &nbsp;&nbsp; 138926350 |
| Fortinet, Inc.<sup>(b)</sup> | 2835796 | &nbsp;&nbsp; 224112958 |
| Intel Corp.<sup>(b)</sup> | 18190964 | &nbsp;&nbsp; 829689868 |
| Intuit, Inc. | 1061222 | &nbsp;&nbsp; 434071635 |
| KLA Corp. | 501064 | &nbsp;&nbsp; 763897121 |
| Lam Research Corp. | 4790180 | &nbsp;&nbsp; 1120375200 |
| Marvell Technology, Inc. | 3287274 | &nbsp;&nbsp; 268537413 |
| Microchip Technology, Inc. | 2060979 | &nbsp;&nbsp; 153831473 |
| Micron Technology, Inc. | 4291850 | &nbsp;&nbsp; 1769830184 |
| Microsoft Corp. | 10267480 | &nbsp;&nbsp; 4032450095 |
| Monolithic Power Systems, Inc. | 182729 | &nbsp;&nbsp; 208811737 |
| NVIDIA Corp. | 33569246 | &nbsp;&nbsp; 5948134699 |
| NXP Semiconductors N.V. (Netherlands) | 959815 | &nbsp;&nbsp; 217887603 |
| Palantir Technologies, Inc., Class A<sup>(b)</sup> | 8711920 | &nbsp;&nbsp; 1195188305 |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 3109828 | &nbsp;&nbsp; 463115586 |
| QUALCOMM, Inc. | 4084528 | &nbsp;&nbsp; 581473406 |
| Roper Technologies, Inc. | 410499 | &nbsp;&nbsp; 143563815 |
| Seagate Technology Holdings PLC | 814442 | &nbsp;&nbsp; 332162025 |
| Shopify, Inc., Class A (Canada)<sup>(b)(c)</sup> | 4662663 | &nbsp;&nbsp; 562923304 |
| Strategy, Inc., Class A<sup>(b)(c)</sup> | 1020805 | &nbsp;&nbsp; 132194248 |
| Synopsys, Inc.<sup>(b)</sup> | 708336 | &nbsp;&nbsp; 293251199 |
| Texas Instruments, Inc. | 3465110 | &nbsp;&nbsp; 734984482 |
| Western Digital Corp. | 1303917 | &nbsp;&nbsp; 364705585 |

---

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

------

**5**

------

**Invesco NASDAQ 100 ETF (QQQM)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Workday, Inc., Class A<sup>(b)(c)</sup> | 811918 | &nbsp;&nbsp; $108602152 |
| Zscaler, Inc.<sup>(b)</sup> | 608031 | &nbsp;&nbsp; 89374477 |
|  |  | &nbsp;&nbsp; 35341041520 |
| **Materials-1.28%** | **Materials-1.28%** | **Materials-1.28%** |
| Linde PLC | 1780713 | &nbsp;&nbsp; 904744661 |
| **Real Estate-0.10%** | **Real Estate-0.10%** | **Real Estate-0.10%** |
| CoStar Group, Inc.<sup>(b)</sup> | 1616354 | &nbsp;&nbsp; 72137879 |
| **Utilities-1.56%** | **Utilities-1.56%** | **Utilities-1.56%** |
| American Electric Power Co., Inc. | 2036542 | &nbsp;&nbsp; 272530050 |
| Constellation Energy Corp. | 1381819 | &nbsp;&nbsp; 455834452 |
| Exelon Corp. | 3852061 | &nbsp;&nbsp; 190561458 |
| Xcel Energy, Inc.<sup>(c)</sup> | 2255325 | &nbsp;&nbsp; 188003892 |
|  |  | &nbsp;&nbsp; 1106929852 |
| Total Common Stocks & Other Equity Interests <br>(Cost $60,380,925,211) | Total Common Stocks & Other Equity Interests <br>(Cost $60,380,925,211) | &nbsp;&nbsp; 70783785152 |
| **Money Market Funds-0.08%** | **Money Market Funds-0.08%** | **Money Market Funds-0.08%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $53,394,763)<br>| 53394763 | &nbsp;&nbsp; 53394763 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $60,434,319,974) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.93% <br>(Cost $60,434,319,974) | &nbsp;&nbsp; 70837179915 |

---

---

| | | |
|:---|:---|:---|
|  | **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-0.81%** | **Money Market Funds-0.81%** | **Money Market Funds-0.81%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 161981418 | &nbsp;&nbsp; $161981418 |
| Invesco Private Prime Fund, <br> 3.81%<sup>(d)(e)(f)</sup><br>| 412167147 | &nbsp;&nbsp; 412290797 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $574,272,215) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $574,272,215) | &nbsp;&nbsp; 574272215 |
| TOTAL INVESTMENTS IN SECURITIES-100.74% <br>(Cost $61,008,592,189) | TOTAL INVESTMENTS IN SECURITIES-100.74% <br>(Cost $61,008,592,189) | &nbsp;&nbsp; 71411452130 |
| OTHER ASSETS LESS LIABILITIES-(0.74)% | OTHER ASSETS LESS LIABILITIES-(0.74)% | &nbsp;&nbsp; (523415950)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $70888036180 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco <br> Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $47009174 | &nbsp;&nbsp; $366241160 | &nbsp;&nbsp; $(359855571)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $53394763 | &nbsp;&nbsp; $1329884 |

---

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

------

**6**

------

**Invesco NASDAQ 100 ETF (QQQM)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with** <br> **Cash Collateral** <br> **from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $255981103 | &nbsp;&nbsp; $2217197151 | &nbsp;&nbsp; $(2311196836)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $161981418 | &nbsp;&nbsp; $3,850,020<br> \*<br>|
| Invesco Private <br> Prime Fund<br>| &nbsp;&nbsp; 689509854 | &nbsp;&nbsp; 4097527836 | &nbsp;&nbsp; (4374766657)<br>| &nbsp;&nbsp; (43120)<br>| &nbsp;&nbsp; 62884 | &nbsp;&nbsp; 412290797 | &nbsp;&nbsp; 10,472,422<br> \*<br>|
| Total | &nbsp;&nbsp; $992500131 | &nbsp;&nbsp; $6680966147 | &nbsp;&nbsp; $(7045819064)<br>| &nbsp;&nbsp; $(43120)<br>| &nbsp;&nbsp; $62884 | &nbsp;&nbsp; $627666978 | &nbsp;&nbsp; $15652326 |

---

\* 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 February 28, 2026.

<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 2J. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  | **Open Futures Contracts**<sup>(a)</sup>  |
| **Long Futures Contracts** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Notional**<br> **Value**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| **Equity Risk** |  |  |  |  |  |
| CME E-Mini NASDAQ 100 Index Future | &nbsp;&nbsp; 185 | March-2026 | &nbsp;&nbsp; $92517575 | &nbsp;&nbsp; $(3178656)<br>| &nbsp;&nbsp; $(3178656)<br>|

---

<sup>(a)</sup> Futures contracts collateralized by $26,773,777 cash held with Morgan Stanley & Co. LLC, the futures commission merchant.

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

------

**7**

------

**Invesco NASDAQ Future Gen 200 ETF (QQQS)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** | **Common Stocks & Other Equity Interests-99.83%** |
| **Communication Services-2.69%** | **Communication Services-2.69%** | **Communication Services-2.69%** |
| Bandwidth, Inc., Class A<sup>(b)</sup> | 4638 | &nbsp;&nbsp; $68735 |
| EchoStar Corp., Class A<sup>(b)(c)</sup> | 903 | &nbsp;&nbsp; 104323 |
| Gogo, Inc.<sup>(b)(c)</sup> | 9256 | &nbsp;&nbsp; 39153 |
| iHeartMedia, Inc., Class A<sup>(b)</sup> | 16795 | &nbsp;&nbsp; 54920 |
| iQIYI, Inc., ADR (China)<sup>(b)</sup> | 30222 | &nbsp;&nbsp; 48355 |
| JOYY, Inc., ADR (China) | 1049 | &nbsp;&nbsp; 62594 |
|  |  | &nbsp;&nbsp; 378080 |
| **Consumer Discretionary-8.00%** | **Consumer Discretionary-8.00%** | **Consumer Discretionary-8.00%** |
| BRP, Inc. | 958 | &nbsp;&nbsp; 70255 |
| Fossil Group, Inc.<sup>(b)</sup> | 21989 | &nbsp;&nbsp; 102909 |
| Fox Factory Holding Corp.<sup>(b)</sup> | 4476 | &nbsp;&nbsp; 75376 |
| Garrett Motion, Inc. (Switzerland) | 4000 | &nbsp;&nbsp; 81440 |
| Gentex Corp. | 2893 | &nbsp;&nbsp; 67696 |
| Gentherm, Inc.<sup>(b)(c)</sup> | 1856 | &nbsp;&nbsp; 60821 |
| Goodyear Tire & Rubber Co. (The)<sup>(b)</sup> | 7628 | &nbsp;&nbsp; 62931 |
| GoPro, Inc., Class A<sup>(b)(c)</sup> | 40530 | &nbsp;&nbsp; 39225 |
| Helen of Troy Ltd.<sup>(b)</sup> | 3501 | &nbsp;&nbsp; 61758 |
| Johnson Outdoors, Inc., Class A | 1615 | &nbsp;&nbsp; 78311 |
| Lovesac Co. (The)<sup>(b)(c)</sup> | 4603 | &nbsp;&nbsp; 58826 |
| MasterCraft Boat Holdings, Inc.<sup>(b)</sup> | 3575 | &nbsp;&nbsp; 77595 |
| Matthews International Corp., Class A<sup>(c)</sup> | 2691 | &nbsp;&nbsp; 71123 |
| Newell Brands, Inc. | 18163 | &nbsp;&nbsp; 82642 |
| Sleep Number Corp.<sup>(b)(c)</sup> | 12971 | &nbsp;&nbsp; 80031 |
| Sonos, Inc.<sup>(b)</sup> | 3560 | &nbsp;&nbsp; 54824 |
|  |  | &nbsp;&nbsp; 1125763 |
| **Consumer Staples-0.89%** | **Consumer Staples-0.89%** | **Consumer Staples-0.89%** |
| Central Garden & Pet Co.<sup>(b)</sup> | 1935 | &nbsp;&nbsp; 75833 |
| Niagen Bioscience, Inc.<sup>(b)(c)</sup> | 9756 | &nbsp;&nbsp; 49268 |
|  |  | &nbsp;&nbsp; 125101 |
| **Energy-0.77%** | **Energy-0.77%** | **Energy-0.77%** |
| DMC Global, Inc.<sup>(b)(c)</sup> | 10658 | &nbsp;&nbsp; 62776 |
| Geospace Technologies Corp.<sup>(b)(c)</sup> | 5009 | &nbsp;&nbsp; 45932 |
|  |  | &nbsp;&nbsp; 108708 |
| **Health Care-47.96%** | **Health Care-47.96%** | **Health Care-47.96%** |
| 10X Genomics, Inc., Class A<sup>(b)(c)</sup> | 3514 | &nbsp;&nbsp; 80998 |
| Accuray, Inc.<sup>(b)</sup> | 61359 | &nbsp;&nbsp; 35435 |
| Aclaris Therapeutics, Inc.<sup>(b)(c)</sup> | 23435 | &nbsp;&nbsp; 67258 |
| Agios Pharmaceuticals, Inc.<sup>(b)</sup> | 2262 | &nbsp;&nbsp; 68380 |
| Akebia Therapeutics, Inc.<sup>(b)</sup> | 41785 | &nbsp;&nbsp; 54738 |
| Aldeyra Therapeutics, Inc.<sup>(b)(c)</sup> | 12057 | &nbsp;&nbsp; 65831 |
| Alector, Inc.<sup>(b)</sup> | 49766 | &nbsp;&nbsp; 120931 |
| Align Technology, Inc.<sup>(b)</sup> | 451 | &nbsp;&nbsp; 85735 |
| Alkermes PLC<sup>(b)</sup> | 2242 | &nbsp;&nbsp; 67484 |
| Allogene Therapeutics, Inc.<sup>(b)</sup> | 45405 | &nbsp;&nbsp; 126226 |
| Altimmune, Inc.<sup>(b)(c)</sup> | 12592 | &nbsp;&nbsp; 54272 |
| Amicus Therapeutics, Inc.<sup>(b)</sup> | 6666 | &nbsp;&nbsp; 95790 |
| AngioDynamics, Inc.<sup>(b)</sup> | 5331 | &nbsp;&nbsp; 60987 |
| Anika Therapeutics, Inc.<sup>(b)</sup> | 6686 | &nbsp;&nbsp; 96011 |
| Arbutus Biopharma Corp.<sup>(b)</sup> | 14977 | &nbsp;&nbsp; 69793 |
| Ardelyx, Inc.<sup>(b)(c)</sup> | 11388 | &nbsp;&nbsp; 74591 |
| Arvinas, Inc.<sup>(b)</sup> | 5254 | &nbsp;&nbsp; 69721 |
| AtriCure, Inc.<sup>(b)</sup> | 1827 | &nbsp;&nbsp; 57112 |
| Autolus Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 47044 | &nbsp;&nbsp; 80445 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Axogen, Inc.<sup>(b)</sup> | 2311 | &nbsp;&nbsp; $73328 |
| Azenta, Inc.<sup>(b)(c)</sup> | 1859 | &nbsp;&nbsp; 50156 |
| Bicycle Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 8851 | &nbsp;&nbsp; 50716 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 9198 | &nbsp;&nbsp; 80483 |
| Bioventus, Inc., Class A<sup>(b)(c)</sup> | 8702 | &nbsp;&nbsp; 76404 |
| Bruker Corp.<sup>(c)</sup> | 1354 | &nbsp;&nbsp; 54309 |
| C4 Therapeutics, Inc.<sup>(b)</sup> | 24468 | &nbsp;&nbsp; 66064 |
| Caribou Biosciences, Inc.<sup>(b)</sup> | 34079 | &nbsp;&nbsp; 64750 |
| Cartesian Therapeutics, Inc., Rts., expiring <br> 12/31/2049<sup>(b)(d)</sup><br>| 27325 | &nbsp;&nbsp; 3728 |
| Cassava Sciences, Inc.<sup>(b)(c)</sup> | 20363 | &nbsp;&nbsp; 46428 |
| Cerus Corp.<sup>(b)</sup> | 37608 | &nbsp;&nbsp; 96276 |
| ClearPoint Neuro, Inc.<sup>(b)(c)</sup> | 4567 | &nbsp;&nbsp; 57407 |
| Codexis, Inc.<sup>(b)(c)</sup> | 38185 | &nbsp;&nbsp; 38567 |
| Coherus Oncology, Inc.<sup>(b)(c)</sup> | 48763 | &nbsp;&nbsp; 81434 |
| CryoPort, Inc.<sup>(b)</sup> | 6866 | &nbsp;&nbsp; 57812 |
| CytomX Therapeutics, Inc.<sup>(b)</sup> | 15442 | &nbsp;&nbsp; 82924 |
| DENTSPLY SIRONA, Inc. | 5849 | &nbsp;&nbsp; 85863 |
| Editas Medicine, Inc.<sup>(b)(c)</sup> | 27410 | &nbsp;&nbsp; 60302 |
| Embecta Corp. | 5181 | &nbsp;&nbsp; 53157 |
| Enanta Pharmaceuticals, Inc.<sup>(b)</sup> | 4678 | &nbsp;&nbsp; 66895 |
| Enlivex Ltd. (Israel)<sup>(b)(c)</sup> | 68173 | &nbsp;&nbsp; 78399 |
| Fate Therapeutics, Inc.<sup>(b)</sup> | 57948 | &nbsp;&nbsp; 85763 |
| Galectin Therapeutics, Inc.<sup>(b)(c)</sup> | 11563 | &nbsp;&nbsp; 34458 |
| Geron Corp.<sup>(b)</sup> | 56097 | &nbsp;&nbsp; 94243 |
| Heron Therapeutics, Inc.<sup>(b)(c)</sup> | 57068 | &nbsp;&nbsp; 67911 |
| ICU Medical, Inc.<sup>(b)</sup> | 445 | &nbsp;&nbsp; 67008 |
| Innoviva, Inc.<sup>(b)</sup> | 3042 | &nbsp;&nbsp; 69844 |
| Inogen, Inc.<sup>(b)</sup> | 9356 | &nbsp;&nbsp; 57072 |
| Integra LifeSciences Holdings Corp.<sup>(b)</sup> | 5035 | &nbsp;&nbsp; 57298 |
| Iovance Biotherapeutics, Inc.<sup>(b)(c)</sup> | 26738 | &nbsp;&nbsp; 103209 |
| Ironwood Pharmaceuticals, Inc.<sup>(b)</sup> | 18885 | &nbsp;&nbsp; 64587 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 376 | &nbsp;&nbsp; 71448 |
| Journey Medical Corp.<sup>(b)(c)</sup> | 8187 | &nbsp;&nbsp; 66888 |
| KalVista Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4567 | &nbsp;&nbsp; 74351 |
| Lexicon Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 46275 | &nbsp;&nbsp; 68024 |
| Ligand Pharmaceuticals, Inc.<sup>(b)</sup> | 326 | &nbsp;&nbsp; 64649 |
| LivaNova PLC<sup>(b)</sup> | 1037 | &nbsp;&nbsp; 73212 |
| MannKind Corp.<sup>(b)(c)</sup> | 12352 | &nbsp;&nbsp; 40515 |
| Maravai LifeSciences Holdings, Inc., Class A<sup>(b)(c)</sup> | 18252 | &nbsp;&nbsp; 64977 |
| Masimo Corp.<sup>(b)</sup> | 464 | &nbsp;&nbsp; 81362 |
| MaxCyte, Inc.<sup>(b)</sup> | 37561 | &nbsp;&nbsp; 30473 |
| MediWound Ltd. (Israel)<sup>(b)(c)</sup> | 3694 | &nbsp;&nbsp; 63906 |
| MeiraGTx Holdings PLC<sup>(b)(c)</sup> | 7958 | &nbsp;&nbsp; 60162 |
| Merit Medical Systems, Inc.<sup>(b)</sup> | 764 | &nbsp;&nbsp; 58966 |
| Microbot Medical, Inc.<sup>(b)(c)</sup> | 27312 | &nbsp;&nbsp; 65822 |
| Milestone Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 24586 | &nbsp;&nbsp; 42042 |
| MiMedx Group, Inc.<sup>(b)(c)</sup> | 9598 | &nbsp;&nbsp; 46934 |
| Myriad Genetics, Inc.<sup>(b)</sup> | 8663 | &nbsp;&nbsp; 39936 |
| Neogen Corp.<sup>(b)</sup> | 11063 | &nbsp;&nbsp; 124238 |
| Neuronetics, Inc.<sup>(b)(c)</sup> | 44329 | &nbsp;&nbsp; 59401 |
| NovaBridge Biosciences, ADR (China)<sup>(b)(c)</sup> | 17187 | &nbsp;&nbsp; 56373 |
| Novocure Ltd.<sup>(b)(c)</sup> | 5153 | &nbsp;&nbsp; 70442 |
| Omeros Corp.<sup>(b)(c)</sup> | 6829 | &nbsp;&nbsp; 82289 |
| OmniAb, Inc., Rts., expiring 11/02/2027<sup>(b)(d)</sup> | 83 | &nbsp;&nbsp; 0 |
| OmniAb, Inc., Rts., expiring 11/02/2027<sup>(b)(d)</sup> | 83 | &nbsp;&nbsp; 0 |
| Omnicell, Inc.<sup>(b)</sup> | 1817 | &nbsp;&nbsp; 74679 |

---

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

------

**8**

------

**Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| OPKO Health, Inc.<sup>(b)(c)</sup> | 48582 | &nbsp;&nbsp; $58298 |
| OraSure Technologies, Inc.<sup>(b)</sup> | 27862 | &nbsp;&nbsp; 87765 |
| Orthofix Medical, Inc.<sup>(b)</sup> | 4105 | &nbsp;&nbsp; 55541 |
| OrthoPediatrics Corp.<sup>(b)(c)</sup> | 3575 | &nbsp;&nbsp; 68533 |
| Ovid therapeutics, Inc.<sup>(b)</sup> | 37116 | &nbsp;&nbsp; 60499 |
| Pacific Biosciences of California, Inc.<sup>(b)(c)</sup> | 28473 | &nbsp;&nbsp; 47835 |
| Pacira BioSciences, Inc.<sup>(b)(c)</sup> | 2802 | &nbsp;&nbsp; 61392 |
| Pro-Dex, Inc.<sup>(b)(c)</sup> | 1816 | &nbsp;&nbsp; 80467 |
| ProQR Therapeutics N.V. (Netherlands)<sup>(b)(c)</sup> | 28243 | &nbsp;&nbsp; 44906 |
| Prothena Corp. PLC (Ireland)<sup>(b)(c)</sup> | 6150 | &nbsp;&nbsp; 53321 |
| Quanterix Corp.<sup>(b)</sup> | 9100 | &nbsp;&nbsp; 59605 |
| Sangamo Therapeutics, Inc.<sup>(b)(c)</sup> | 143289 | &nbsp;&nbsp; 61944 |
| Sarepta Therapeutics, Inc.<sup>(b)(c)</sup> | 3094 | &nbsp;&nbsp; 51855 |
| Shattuck Labs, Inc.<sup>(b)</sup> | 31534 | &nbsp;&nbsp; 123613 |
| SI-BONE, Inc.<sup>(b)</sup> | 3401 | &nbsp;&nbsp; 52784 |
| SIGA Technologies, Inc.<sup>(c)</sup> | 10897 | &nbsp;&nbsp; 70504 |
| Spero Therapeutics, Inc.<sup>(b)</sup> | 27529 | &nbsp;&nbsp; 59738 |
| Standard BioTools, Inc.<sup>(b)</sup> | 44053 | &nbsp;&nbsp; 49780 |
| Tactile Systems Technology, Inc.<sup>(b)</sup> | 2572 | &nbsp;&nbsp; 75334 |
| Tandem Diabetes Care, Inc.<sup>(b)(c)</sup> | 3148 | &nbsp;&nbsp; 79644 |
| Theravance Biopharma, Inc.<sup>(b)(c)</sup> | 3264 | &nbsp;&nbsp; 59568 |
| Vanda Pharmaceuticals, Inc.<sup>(b)</sup> | 12352 | &nbsp;&nbsp; 110056 |
| Varex Imaging Corp.<sup>(b)</sup> | 5721 | &nbsp;&nbsp; 75346 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 10292 | &nbsp;&nbsp; 93554 |
| Voyager Therapeutics, Inc.<sup>(b)(c)</sup> | 16148 | &nbsp;&nbsp; 66207 |
| Xencor, Inc.<sup>(b)</sup> | 3816 | &nbsp;&nbsp; 48730 |
| XOMA Royalty Corp.<sup>(b)(c)</sup> | 2063 | &nbsp;&nbsp; 52668 |
|  |  | &nbsp;&nbsp; 6749109 |
| **Industrials-5.15%** | **Industrials-5.15%** | **Industrials-5.15%** |
| Ballard Power Systems, Inc. (Canada)<sup>(b)</sup> | 23253 | &nbsp;&nbsp; 49761 |
| Columbus McKinnon Corp. | 4026 | &nbsp;&nbsp; 76414 |
| Conduent, Inc.<sup>(b)</sup> | 34036 | &nbsp;&nbsp; 49693 |
| Energy Recovery, Inc.<sup>(b)</sup> | 4571 | &nbsp;&nbsp; 47676 |
| Innovative Solutions and Support, Inc.<sup>(b)</sup> | 6793 | &nbsp;&nbsp; 176210 |
| Kornit Digital Ltd. (Israel)<sup>(b)</sup> | 4957 | &nbsp;&nbsp; 75793 |
| Lyft, Inc., Class A<sup>(b)(c)</sup> | 3143 | &nbsp;&nbsp; 43499 |
| MillerKnoll, Inc. | 4181 | &nbsp;&nbsp; 84205 |
| Stratasys Ltd.<sup>(b)(c)</sup> | 7545 | &nbsp;&nbsp; 72658 |
| TTEC Holdings, Inc.<sup>(b)(c)</sup> | 19666 | &nbsp;&nbsp; 49165 |
|  |  | &nbsp;&nbsp; 725074 |
| **Information Technology-32.82%** | **Information Technology-32.82%** | **Information Technology-32.82%** |
| 8x8, Inc.<sup>(b)</sup> | 34119 | &nbsp;&nbsp; 73015 |
| Aehr Test Systems<sup>(b)(c)</sup> | 2877 | &nbsp;&nbsp; 107686 |
| Agora, Inc., ADR (China)<sup>(b)</sup> | 18334 | &nbsp;&nbsp; 85620 |
| Allegro MicroSystems, Inc.<sup>(b)</sup> | 2480 | &nbsp;&nbsp; 90446 |
| Allot Ltd. (Israel)<sup>(b)</sup> | 6897 | &nbsp;&nbsp; 43727 |
| Alpha & Omega Semiconductor Ltd.<sup>(b)</sup> | 3265 | &nbsp;&nbsp; 68598 |
| Amkor Technology, Inc. | 1820 | &nbsp;&nbsp; 87032 |
| Arbe Robotics Ltd. (Israel)<sup>(b)</sup> | 45015 | &nbsp;&nbsp; 37016 |
| AudioEye, Inc.<sup>(b)(c)</sup> | 5348 | &nbsp;&nbsp; 36473 |
| Aurora Innovation, Inc.<sup>(b)(c)</sup> | 15761 | &nbsp;&nbsp; 73761 |
| Aviat Networks, Inc.<sup>(b)</sup> | 2990 | &nbsp;&nbsp; 74870 |
| Axcelis Technologies, Inc.<sup>(b)(c)</sup> | 801 | &nbsp;&nbsp; 66171 |
| AXT, Inc.<sup>(b)(c)</sup> | 6183 | &nbsp;&nbsp; 234336 |
| Canadian Solar, Inc. (Canada)<sup>(b)(c)</sup> | 2436 | &nbsp;&nbsp; 43141 |
| Cirrus Logic, Inc.<sup>(b)</sup> | 550 | &nbsp;&nbsp; 77616 |
| Cognex Corp. | 1737 | &nbsp;&nbsp; 94493 |
| Cohu, Inc.<sup>(b)(c)</sup> | 2717 | &nbsp;&nbsp; 82053 |
| Commvault Systems, Inc.<sup>(b)</sup> | 536 | &nbsp;&nbsp; 45603 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| Digimarc Corp.<sup>(b)(c)</sup> | 8243 | &nbsp;&nbsp; $36310 |
| Diodes, Inc.<sup>(b)</sup> | 1433 | &nbsp;&nbsp; 97774 |
| Dropbox, Inc., Class A<sup>(b)(c)</sup> | 2213 | &nbsp;&nbsp; 55303 |
| Entegris, Inc. | 858 | &nbsp;&nbsp; 113642 |
| Everspin Technologies, Inc.<sup>(b)(c)</sup> | 8252 | &nbsp;&nbsp; 89122 |
| GSI Technology, Inc.<sup>(b)(c)</sup> | 10388 | &nbsp;&nbsp; 84766 |
| Himax Technologies, Inc., ADR (Taiwan)<sup>(c)</sup> | 8733 | &nbsp;&nbsp; 63576 |
| Immersion Corp.<sup>(c)</sup> | 9294 | &nbsp;&nbsp; 56786 |
| Innoviz Technologies Ltd. (Israel)<sup>(b)(c)</sup> | 51642 | &nbsp;&nbsp; 44045 |
| InterDigital, Inc.<sup>(c)</sup> | 185 | &nbsp;&nbsp; 67808 |
| IPG Photonics Corp.<sup>(b)</sup> | 831 | &nbsp;&nbsp; 109335 |
| Itron, Inc.<sup>(b)</sup> | 667 | &nbsp;&nbsp; 62665 |
| Kopin Corp.<sup>(b)</sup> | 27063 | &nbsp;&nbsp; 59809 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 1466 | &nbsp;&nbsp; 102209 |
| Lantronix, Inc.<sup>(b)(c)</sup> | 12907 | &nbsp;&nbsp; 77184 |
| Lattice Semiconductor Corp.<sup>(b)</sup> | 943 | &nbsp;&nbsp; 90170 |
| Littelfuse, Inc. | 259 | &nbsp;&nbsp; 91287 |
| MaxLinear, Inc.<sup>(b)</sup> | 4243 | &nbsp;&nbsp; 73955 |
| MicroVision, Inc.<sup>(b)(c)</sup> | 70122 | &nbsp;&nbsp; 54772 |
| Mitek Systems, Inc.<sup>(b)</sup> | 7470 | &nbsp;&nbsp; 108913 |
| MKS, Inc. | 423 | &nbsp;&nbsp; 103407 |
| NETGEAR, Inc.<sup>(b)</sup> | 2499 | &nbsp;&nbsp; 51529 |
| nLight, Inc.<sup>(b)</sup> | 1879 | &nbsp;&nbsp; 105581 |
| Open Text Corp. (Canada) | 1962 | &nbsp;&nbsp; 48599 |
| Power Integrations, Inc. | 1969 | &nbsp;&nbsp; 94354 |
| Qorvo, Inc.<sup>(b)</sup> | 770 | &nbsp;&nbsp; 63833 |
| Rambus, Inc.<sup>(b)</sup> | 692 | &nbsp;&nbsp; 68965 |
| Rapid7, Inc.<sup>(b)</sup> | 4213 | &nbsp;&nbsp; 26205 |
| Ribbon Communications, Inc.<sup>(b)(c)</sup> | 23092 | &nbsp;&nbsp; 51495 |
| Semtech Corp.<sup>(b)</sup> | 893 | &nbsp;&nbsp; 80566 |
| Silicon Laboratories, Inc.<sup>(b)</sup> | 520 | &nbsp;&nbsp; 106356 |
| Silicon Motion Technology Corp., ADR (Taiwan) | 744 | &nbsp;&nbsp; 96147 |
| Skyworks Solutions, Inc.<sup>(c)</sup> | 1003 | &nbsp;&nbsp; 59759 |
| SolarEdge Technologies, Inc.<sup>(b)</sup> | 1810 | &nbsp;&nbsp; 64074 |
| Synaptics, Inc.<sup>(b)(c)</sup> | 965 | &nbsp;&nbsp; 78609 |
| Turtle Beach Corp.<sup>(b)</sup> | 4760 | &nbsp;&nbsp; 59690 |
| Universal Display Corp. | 556 | &nbsp;&nbsp; 59320 |
| Veeco Instruments, Inc.<sup>(b)(c)</sup> | 2263 | &nbsp;&nbsp; 69157 |
| Viasat, Inc.<sup>(b)</sup> | 1929 | &nbsp;&nbsp; 88310 |
| Viavi Solutions, Inc.<sup>(b)(c)</sup> | 3687 | &nbsp;&nbsp; 109541 |
| Vistance Networks, Inc.<sup>(b)</sup> | 3351 | &nbsp;&nbsp; 58877 |
| Vuzix Corp.<sup>(b)(c)</sup> | 24542 | &nbsp;&nbsp; 70926 |
| Xerox Holdings Corp. | 23764 | &nbsp;&nbsp; 42775 |
|  |  | &nbsp;&nbsp; 4619163 |
| **Materials-1.55%** | **Materials-1.55%** | **Materials-1.55%** |
| Arq, Inc.<sup>(b)(c)</sup> | 17772 | &nbsp;&nbsp; 62380 |
| Bioceres Crop Solutions Corp. (Argentina)<sup>(b)</sup> | 38465 | &nbsp;&nbsp; 21540 |
| Innospec, Inc. | 885 | &nbsp;&nbsp; 67773 |
| Mercer International, Inc. (Germany)<sup>(c)</sup> | 36565 | &nbsp;&nbsp; 65817 |
|  |  | &nbsp;&nbsp; 217510 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.83% <br>(Cost $12,738,500) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.83% <br>(Cost $12,738,500) | &nbsp;&nbsp; 14048508 |

---

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

------

**9**

------

**Invesco NASDAQ Future Gen 200 ETF (QQQS)—(continued)**

February 28, 2026

*(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-31.52%** | **Money Market Funds-31.52%** | **Money Market Funds-31.52%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(e)(f)(g)</sup><br>| 1233351 | &nbsp;&nbsp; $1233351 |
| Invesco Private Prime Fund, 3.81%<sup>(e)(f)(g)</sup> | 3201512 | &nbsp;&nbsp; 3202472 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,435,823) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $4,435,823) | &nbsp;&nbsp; 4435823 |
| TOTAL INVESTMENTS IN SECURITIES-131.35% <br>(Cost $17,174,323) | TOTAL INVESTMENTS IN SECURITIES-131.35% <br>(Cost $17,174,323) | &nbsp;&nbsp; 18484331 |
| OTHER ASSETS LESS LIABILITIES-(31.35)% | OTHER ASSETS LESS LIABILITIES-(31.35)% | &nbsp;&nbsp; (4411281)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $14073050 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt <br> Rts. -Rights

---

| | |
|:---|:---|
| 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 February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $3217 | &nbsp;&nbsp; $480732 | &nbsp;&nbsp; $(483949)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $279 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; 368246 | &nbsp;&nbsp; 3607982 | &nbsp;&nbsp; (2742877)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1233351 | &nbsp;&nbsp; 14,424<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 958237 | &nbsp;&nbsp; 7286205 | &nbsp;&nbsp; (5041916)<br>| &nbsp;&nbsp; (60)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 3202472 | &nbsp;&nbsp; 38,365<br> \*<br>|
| Total | &nbsp;&nbsp; $1329700 | &nbsp;&nbsp; $11374919 | &nbsp;&nbsp; $(8268742)<br>| &nbsp;&nbsp; $(60)<br>| &nbsp;&nbsp; $6 | &nbsp;&nbsp; $4435823 | &nbsp;&nbsp; $53068 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**10**

------

**Invesco NASDAQ Next Gen 100 ETF (QQQJ)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.95%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.95%**<sup>(a)</sup>  | **Common Stocks & Other Equity Interests-99.95%**<sup>(a)</sup>  |
| **Communication Services-6.07%** | **Communication Services-6.07%** | **Communication Services-6.07%** |
| AST SpaceMobile, Inc.<sup>(b)(c)</sup> | 123726 | &nbsp;&nbsp; $9797862 |
| Baidu, Inc., ADR (China)<sup>(b)(c)</sup> | 54467 | &nbsp;&nbsp; 6777873 |
| Fox Corp., Class A | 92856 | &nbsp;&nbsp; 5231507 |
| Fox Corp., Class B | 104983 | &nbsp;&nbsp; 5430771 |
| Liberty Media Corp.-Liberty Formula <br> One<sup>(b)</sup><br>| 99667 | &nbsp;&nbsp; 9128501 |
| Liberty Media Corp.-Liberty Formula <br> One<sup>(b)(c)</sup><br>| 10709 | &nbsp;&nbsp; 903518 |
| News Corp., Class A | 166917 | &nbsp;&nbsp; 4054414 |
| News Corp., Class B<sup>(c)</sup> | 83349 | &nbsp;&nbsp; 2232086 |
| Paramount Skydance Corp.<sup>(c)</sup> | 477635 | &nbsp;&nbsp; 6452849 |
| Trade Desk, Inc. (The), Class A<sup>(b)</sup> | 196248 | &nbsp;&nbsp; 4674627 |
|  |  | &nbsp;&nbsp; 54684008 |
| **Consumer Discretionary-12.03%** | **Consumer Discretionary-12.03%** | **Consumer Discretionary-12.03%** |
| Domino's Pizza, Inc. | 15046 | &nbsp;&nbsp; 6056166 |
| DraftKings, Inc., Class A<sup>(b)</sup> | 221860 | &nbsp;&nbsp; 5289142 |
| eBay, Inc. | 201447 | &nbsp;&nbsp; 18303474 |
| Expedia Group, Inc. | 52148 | &nbsp;&nbsp; 11247802 |
| H World Group Ltd., ADR (China)<sup>(c)</sup> | 62021 | &nbsp;&nbsp; 3398751 |
| JD.com, Inc., ADR (China)<sup>(c)</sup> | 213243 | &nbsp;&nbsp; 5657337 |
| Liberty Live Holdings, Inc., Class A<sup>(b)</sup> | 11404 | &nbsp;&nbsp; 1106644 |
| Liberty Live Holdings, Inc., Class C<sup>(b)(c)</sup> | 28433 | &nbsp;&nbsp; 2833348 |
| lululemon athletica, Inc.<sup>(b)(c)</sup> | 50559 | &nbsp;&nbsp; 9362010 |
| Rivian Automotive, Inc., Class A<sup>(b)(c)</sup> | 544627 | &nbsp;&nbsp; 8349132 |
| Tractor Supply Co.<sup>(c)</sup> | 235520 | &nbsp;&nbsp; 12209357 |
| Trip.com Group Ltd., ADR (China)<sup>(c)</sup> | 110983 | &nbsp;&nbsp; 5839926 |
| Ulta Beauty, Inc.<sup>(b)</sup> | 19969 | &nbsp;&nbsp; 13674572 |
| Wynn Resorts Ltd.<sup>(c)</sup> | 46354 | &nbsp;&nbsp; 5015039 |
|  |  | &nbsp;&nbsp; 108342700 |
| **Consumer Staples-4.40%** | **Consumer Staples-4.40%** | **Consumer Staples-4.40%** |
| Casey's General Stores, Inc. | 16571 | &nbsp;&nbsp; 11360912 |
| Dollar Tree, Inc.<sup>(b)(c)</sup> | 93003 | &nbsp;&nbsp; 11763019 |
| Kimberly-Clark Corp. | 147922 | &nbsp;&nbsp; 16484428 |
|  |  | &nbsp;&nbsp; 39608359 |
| **Energy-1.27%** | **Energy-1.27%** | **Energy-1.27%** |
| Expand Energy Corp. | 106154 | &nbsp;&nbsp; 11456140 |
| **Financials-2.35%** | **Financials-2.35%** | **Financials-2.35%** |
| Affirm Holdings, Inc.<sup>(b)(c)</sup> | 128983 | &nbsp;&nbsp; 6059621 |
| Fiserv, Inc.<sup>(b)(c)</sup> | 242260 | &nbsp;&nbsp; 15090376 |
|  |  | &nbsp;&nbsp; 21149997 |
| **Health Care-19.47%** | **Health Care-19.47%** | **Health Care-19.47%** |
| argenx SE, ADR (Netherlands)<sup>(b)</sup> | 12958 | &nbsp;&nbsp; 9937749 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup> | 27378 | &nbsp;&nbsp; 6392763 |
| Biogen, Inc.<sup>(b)</sup> | 65396 | &nbsp;&nbsp; 12544261 |
| BioNTech SE, ADR (Germany)<sup>(b)(c)</sup> | 45059 | &nbsp;&nbsp; 4966854 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup> | 85878 | &nbsp;&nbsp; 5709169 |
| Cooper Cos., Inc. (The)<sup>(b)</sup> | 88592 | &nbsp;&nbsp; 7412493 |
| Guardant Health, Inc.<sup>(b)</sup> | 57648 | &nbsp;&nbsp; 5413147 |
| Hologic, Inc.<sup>(b)</sup> | 99347 | &nbsp;&nbsp; 7486790 |
| ICON PLC<sup>(b)</sup> | 34020 | &nbsp;&nbsp; 3678923 |
| Illumina, Inc.<sup>(b)</sup> | 68109 | &nbsp;&nbsp; 9157936 |
| Incyte Corp.<sup>(b)</sup> | 87500 | &nbsp;&nbsp; 8861125 |
| Insulet Corp.<sup>(b)</sup> | 31344 | &nbsp;&nbsp; 7729744 |
| Ionis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 72207 | &nbsp;&nbsp; 5859598 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care-(continued)** | **Health Care-(continued)** | **Health Care-(continued)** |
| Madrigal Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 10113 | &nbsp;&nbsp; $4368816 |
| Medpace Holdings, Inc.<sup>(b)</sup> | 12544 | &nbsp;&nbsp; 5666877 |
| Natera, Inc.<sup>(b)</sup> | 61512 | &nbsp;&nbsp; 12796956 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 44445 | &nbsp;&nbsp; 5877851 |
| Revolution Medicines, Inc.<sup>(b)(c)</sup> | 86147 | &nbsp;&nbsp; 8788717 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup> | 309973 | &nbsp;&nbsp; 8970619 |
| Royalty Pharma PLC, Class A | 190437 | &nbsp;&nbsp; 8800094 |
| Sanofi S.A., ADR | 117945 | &nbsp;&nbsp; 5739204 |
| Summit Therapeutics, Inc.<sup>(b)(c)</sup> | 331782 | &nbsp;&nbsp; 5504263 |
| Tempus AI, Inc.<sup>(b)(c)</sup> | 77058 | &nbsp;&nbsp; 4103339 |
| United Therapeutics Corp.<sup>(b)(c)</sup> | 19186 | &nbsp;&nbsp; 9667825 |
|  |  | &nbsp;&nbsp; 175435113 |
| **Industrials-14.52%** | **Industrials-14.52%** | **Industrials-14.52%** |
| AeroVironment, Inc.<sup>(b)(c)</sup> | 22240 | &nbsp;&nbsp; 5610040 |
| C.H. Robinson Worldwide, Inc. | 52644 | &nbsp;&nbsp; 9752301 |
| Elbit Systems Ltd. (Israel) | 20668 | &nbsp;&nbsp; 15894519 |
| FTAI Aviation Ltd. | 45705 | &nbsp;&nbsp; 13976589 |
| Grab Holdings Ltd., Class A <br> (Singapore)<sup>(b)(c)</sup><br>| 1767197 | &nbsp;&nbsp; 7457571 |
| J.B. Hunt Transport Services, Inc. | 42440 | &nbsp;&nbsp; 9905920 |
| Kratos Defense & Security Solutions, <br> Inc.<sup>(b)(c)</sup><br>| 75257 | &nbsp;&nbsp; 6485648 |
| Lincoln Electric Holdings, Inc.<sup>(c)</sup> | 24512 | &nbsp;&nbsp; 7036170 |
| Nextpower, Inc., Class A<sup>(b)(c)</sup> | 66136 | &nbsp;&nbsp; 6950894 |
| Nordson Corp. | 25056 | &nbsp;&nbsp; 7352433 |
| Ryanair Holdings PLC, ADR (Italy)<sup>(c)</sup> | 97250 | &nbsp;&nbsp; 6563402 |
| SS&C Technologies Holdings, Inc.<sup>(c)</sup> | 108762 | &nbsp;&nbsp; 8188691 |
| United Airlines Holdings, Inc.<sup>(b)</sup> | 144287 | &nbsp;&nbsp; 15337708 |
| Woodward, Inc. | 26674 | &nbsp;&nbsp; 10316436 |
|  |  | &nbsp;&nbsp; 130828322 |
| **Information Technology-33.96%** | **Information Technology-33.96%** | **Information Technology-33.96%** |
| Akamai Technologies, Inc.<sup>(b)(c)</sup> | 64116 | &nbsp;&nbsp; 6308373 |
| Astera Labs, Inc.<sup>(b)</sup> | 75285 | &nbsp;&nbsp; 8946117 |
| CDW Corp. | 58042 | &nbsp;&nbsp; 7118271 |
| Check Point Software Technologies Ltd. <br> (Israel)<sup>(b)</sup><br>| 47838 | &nbsp;&nbsp; 7274725 |
| CoreWeave, Inc., Class A<sup>(b)(c)</sup> | 172222 | &nbsp;&nbsp; 13701982 |
| Credo Technology Group Holding Ltd.<sup>(b)</sup> | 77116 | &nbsp;&nbsp; 8657813 |
| DocuSign, Inc.<sup>(b)(c)</sup> | 89634 | &nbsp;&nbsp; 4039804 |
| F5, Inc.<sup>(b)</sup> | 25892 | &nbsp;&nbsp; 7026053 |
| First Solar, Inc.<sup>(b)</sup> | 47819 | &nbsp;&nbsp; 9429907 |
| Flex Ltd.<sup>(b)</sup> | 164823 | &nbsp;&nbsp; 10387145 |
| Gen Digital, Inc.<sup>(c)</sup> | 274858 | &nbsp;&nbsp; 6203545 |
| GLOBALFOUNDRIES, Inc.<sup>(b)(c)</sup> | 247361 | &nbsp;&nbsp; 11762016 |
| IREN Ltd. (Australia)<sup>(b)(c)</sup> | 146344 | &nbsp;&nbsp; 5992787 |
| Logitech International S.A., Class R <br> (Switzerland)<sup>(c)</sup><br>| 65464 | &nbsp;&nbsp; 6019415 |
| Lumentum Holdings, Inc.<sup>(b)(c)</sup> | 31593 | &nbsp;&nbsp; 22143850 |
| MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 33393 | &nbsp;&nbsp; 8285471 |
| MongoDB, Inc.<sup>(b)</sup> | 36249 | &nbsp;&nbsp; 11906709 |
| Nebius Group N.V., Class A <br> (Netherlands)<sup>(b)(c)</sup><br>| 97228 | &nbsp;&nbsp; 8866221 |
| NetApp, Inc. | 88263 | &nbsp;&nbsp; 8740685 |
| Nutanix, Inc., Class A<sup>(b)(c)</sup> | 120686 | &nbsp;&nbsp; 4619860 |
| Okta, Inc.<sup>(b)(c)</sup> | 75090 | &nbsp;&nbsp; 5444025 |
| ON Semiconductor Corp.<sup>(b)</sup> | 179343 | &nbsp;&nbsp; 11922723 |

---

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

------

**11**

------

**Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-(continued)** | **Information Technology-(continued)** | **Information Technology-(continued)** |
| PTC, Inc.<sup>(b)</sup> | 53254 | &nbsp;&nbsp; $8339044 |
| Sandisk Corp.<sup>(b)</sup> | 65331 | &nbsp;&nbsp; 41508704 |
| Super Micro Computer, Inc.<sup>(b)(c)</sup> | 266083 | &nbsp;&nbsp; 8618428 |
| Teradyne, Inc. | 69816 | &nbsp;&nbsp; 22343215 |
| Trimble, Inc.<sup>(b)</sup> | 106045 | &nbsp;&nbsp; 7091229 |
| VeriSign, Inc. | 41300 | &nbsp;&nbsp; 9413922 |
| Zebra Technologies Corp., Class A<sup>(b)</sup> | 22594 | &nbsp;&nbsp; 5060152 |
| Zoom Communications, Inc., Class A<sup>(b)(c)</sup> | 118361 | &nbsp;&nbsp; 8751612 |
|  |  | &nbsp;&nbsp; 305923803 |
| **Materials-2.65%** | **Materials-2.65%** | **Materials-2.65%** |
| Royal Gold, Inc. | 37619 | &nbsp;&nbsp; 11277800 |
| Steel Dynamics, Inc.<sup>(c)</sup> | 65103 | &nbsp;&nbsp; 12573343 |
|  |  | &nbsp;&nbsp; 23851143 |
| **Real Estate-0.52%** | **Real Estate-0.52%** | **Real Estate-0.52%** |
| Zillow Group, Inc., Class A<sup>(b)(c)</sup> | 22109 | &nbsp;&nbsp; 990483 |
| Zillow Group, Inc., Class C<sup>(b)(c)</sup> | 82985 | &nbsp;&nbsp; 3702791 |
|  |  | &nbsp;&nbsp; 4693274 |
| **Utilities-2.71%** | **Utilities-2.71%** | **Utilities-2.71%** |
| Alliant Energy Corp.<sup>(c)</sup> | 114552 | &nbsp;&nbsp; 8286691 |
| Evergy, Inc. | 102592 | &nbsp;&nbsp; 8582847 |
| Talen Energy Corp.<sup>(b)</sup> | 20376 | &nbsp;&nbsp; 7558885 |
|  |  | &nbsp;&nbsp; 24428423 |
| Total Common Stocks & Other Equity Interests <br>(Cost $751,802,781) | Total Common Stocks & Other Equity Interests <br>(Cost $751,802,781) | &nbsp;&nbsp; 900401282 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Funds-0.02%** | **Money Market Funds-0.02%** | **Money Market Funds-0.02%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(d)(e)</sup> <br>(Cost $209,304)<br>| 209304 | &nbsp;&nbsp; $209304 |
| TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $752,012,085) | TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.97% <br>(Cost $752,012,085) | &nbsp;&nbsp; 900610586 |
| **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-18.66%** | **Money Market Funds-18.66%** | **Money Market Funds-18.66%** |
| Invesco Private Government Fund, <br> 3.64%<sup>(d)(e)(f)</sup><br>| 54957028 | &nbsp;&nbsp; 54957028 |
| Invesco Private Prime Fund, 3.81%<sup>(d)(e)(f)</sup> | 113097290 | &nbsp;&nbsp; 113131219 |
| Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $168,088,247) | Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $168,088,247) | &nbsp;&nbsp; 168088247 |
| TOTAL INVESTMENTS IN SECURITIES-118.63% <br>(Cost $920,100,332) | TOTAL INVESTMENTS IN SECURITIES-118.63% <br>(Cost $920,100,332) | &nbsp;&nbsp; 1068698833 |
| OTHER ASSETS LESS LIABILITIES-(18.63)% | OTHER ASSETS LESS LIABILITIES-(18.63)% | &nbsp;&nbsp; (167863816)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $900835017 |

---

Investment Abbreviations: <br> ADR -American Depositary Receipt

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at February 28, 2026. |
| <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 February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in** <br> **Affiliated Money** <br> **Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $5944811 | &nbsp;&nbsp; $(5735507)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $209304 | &nbsp;&nbsp; $7534 |

---

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

------

**12**

------

**Invesco NASDAQ Next Gen 100 ETF (QQQJ)—(continued)**

February 28, 2026

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2025**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br>| **Value**<br> **February 28, 2026**<br>| **Dividend Income** |
| **Investments** <br> **Purchased with Cash** <br> **Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private <br> Government Fund<br>| &nbsp;&nbsp; $24344293 | &nbsp;&nbsp; $214422429 | &nbsp;&nbsp; $(183809694)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $54957028 | &nbsp;&nbsp; $543,156<br> \*<br>|
| Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp; 64666970 | &nbsp;&nbsp; 397606447 | &nbsp;&nbsp; (349140421)<br>| &nbsp;&nbsp; (4165)<br>| &nbsp;&nbsp; 2388 | &nbsp;&nbsp; 113131219 | &nbsp;&nbsp; 1,454,278<br> \*<br>|
| Total | &nbsp;&nbsp; $89011263 | &nbsp;&nbsp; $617973687 | &nbsp;&nbsp; $(538685622)<br>| &nbsp;&nbsp; $(4165)<br>| &nbsp;&nbsp; $2388 | &nbsp;&nbsp; $168297551 | &nbsp;&nbsp; $2004968 |

---

\* 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 February 28, 2026.

<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 2J. 

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

------

**13**

------

**Invesco QQQ Low Volatility ETF (QQLV)**

February 28, 2026

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Consumer Discretionary-8.17%** | **Consumer Discretionary-8.17%** | **Consumer Discretionary-8.17%** |
| O'Reilly Automotive, Inc.<sup>(b)</sup> | 1887 | &nbsp;&nbsp; $177152 |
| Ross Stores, Inc. | 850 | &nbsp;&nbsp; 174794 |
|  |  | &nbsp;&nbsp; 351946 |
| **Consumer Staples-26.71%** | **Consumer Staples-26.71%** | **Consumer Staples-26.71%** |
| Coca-Cola Europacific Partners PLC (United <br> Kingdom)<br>| 1994 | &nbsp;&nbsp; 220197 |
| Costco Wholesale Corp. | 201 | &nbsp;&nbsp; 203169 |
| Kraft Heinz Co. (The) | 6119 | &nbsp;&nbsp; 150589 |
| Mondelez International, Inc., Class A | 3041 | &nbsp;&nbsp; 187265 |
| Monster Beverage Corp.<sup>(b)</sup> | 2241 | &nbsp;&nbsp; 191157 |
| PepsiCo, Inc. | 1164 | &nbsp;&nbsp; 197577 |
|  |  | &nbsp;&nbsp; 1149954 |
| **Industrials-33.93%** | **Industrials-33.93%** | **Industrials-33.93%** |
| Automatic Data Processing, Inc. | 771 | &nbsp;&nbsp; 165272 |
| Cintas Corp. | 839 | &nbsp;&nbsp; 168748 |
| Copart, Inc.<sup>(b)</sup> | 4148 | &nbsp;&nbsp; 157997 |
| CSX Corp. | 4675 | &nbsp;&nbsp; 199576 |
| Fastenal Co. | 3966 | &nbsp;&nbsp; 182595 |
| Honeywell International, Inc. | 811 | &nbsp;&nbsp; 197551 |
| Paychex, Inc. | 1458 | &nbsp;&nbsp; 136542 |
| Thomson Reuters Corp. (Canada) | 1123 | &nbsp;&nbsp; 108268 |
| Verisk Analytics, Inc. | 696 | &nbsp;&nbsp; 144469 |
|  |  | &nbsp;&nbsp; 1461018 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology-10.32%** | **Information Technology-10.32%** | **Information Technology-10.32%** |
| Cisco Systems, Inc. | 2155 | &nbsp;&nbsp; $171236 |
| Microsoft Corp. | 327 | &nbsp;&nbsp; 128426 |
| Roper Technologies, Inc. | 414 | &nbsp;&nbsp; 144788 |
|  |  | &nbsp;&nbsp; 444450 |
| **Materials-6.00%** | **Materials-6.00%** | **Materials-6.00%** |
| Linde PLC | 508 | &nbsp;&nbsp; 258105 |
| **Utilities-14.76%** | **Utilities-14.76%** | **Utilities-14.76%** |
| American Electric Power Co., Inc. | 1643 | &nbsp;&nbsp; 219866 |
| Exelon Corp. | 4387 | &nbsp;&nbsp; 217025 |
| Xcel Energy, Inc. | 2383 | &nbsp;&nbsp; 198647 |
|  |  | &nbsp;&nbsp; 635538 |
| Total Common Stocks & Other Equity Interests <br>(Cost $4,233,865) | Total Common Stocks & Other Equity Interests <br>(Cost $4,233,865) | &nbsp;&nbsp; 4301011 |
| **Money Market Funds-0.03%** | **Money Market Funds-0.03%** | **Money Market Funds-0.03%** |
| Invesco Government & Agency Portfolio, <br> Institutional Class, 3.59%<sup>(c)(d)</sup> <br>(Cost $1,331)<br>| 1331 | &nbsp;&nbsp; 1331 |
| TOTAL INVESTMENTS IN SECURITIES-99.92% <br>(Cost $4,235,196) | TOTAL INVESTMENTS IN SECURITIES-99.92% <br>(Cost $4,235,196) | &nbsp;&nbsp; 4302342 |
| OTHER ASSETS LESS LIABILITIES-0.08% | OTHER ASSETS LESS LIABILITIES-0.08% | &nbsp;&nbsp; 3581 |
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $4305923 |

---

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the six months ended February 28, 2026.<br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2025**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain**<br>| **Value** <br>**February 28, 2026**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $38354 | &nbsp;&nbsp; $(37023)<br>| &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1331 | &nbsp;&nbsp; $54 |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| Invesco Private Government <br> Fund<br>| &nbsp;&nbsp; 94026 | &nbsp;&nbsp; 315610 | &nbsp;&nbsp; (409636)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 117<br> \*<br>|
| Invesco Private Prime Fund | &nbsp;&nbsp; 244597 | &nbsp;&nbsp; 498872 | &nbsp;&nbsp; (743469)<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; - | &nbsp;&nbsp; 303<br> \*<br>|
| Total | &nbsp;&nbsp; $338623 | &nbsp;&nbsp; $852836 | &nbsp;&nbsp; $(1190128)<br>| &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $10 | &nbsp;&nbsp; $1331 | &nbsp;&nbsp; $474 |

---

\* 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 February 28, 2026.

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

------

**14**

------

**Statements of Assets and Liabilities**

February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco ESG** <br>**NASDAQ 100** <br>**ETF (QQMG)**<br>| **Invesco NASDAQ** <br>**100 ETF (QQQM)**<br>| **Invesco NASDAQ** <br>**Future Gen 200** <br>**ETF (QQQS)**<br>| **Invesco NASDAQ** <br>**Next Gen 100** <br>**ETF (QQQJ)**<br>| **Invesco** <br>**QQQ Low** <br>**Volatility ETF** <br>**(QQLV)**<br>|
| **Assets:** |  |  |  |  |  |
| Unaffiliated investments in securities, at value<sup>(a)</sup> | &nbsp;&nbsp; $165475913 | &nbsp;&nbsp;&nbsp; $70783785152 | &nbsp;&nbsp;&nbsp; $14048508 | &nbsp;&nbsp;&nbsp; $900401282 | &nbsp;&nbsp;&nbsp; $4301011 |
| Affiliated investments in securities, at value | &nbsp;&nbsp; 1417938 | &nbsp;&nbsp;&nbsp; 627666978 | &nbsp;&nbsp;&nbsp; 4435823 | &nbsp;&nbsp;&nbsp; 168297551 | &nbsp;&nbsp;&nbsp; 1331 |
| Deposits with brokers: |  |  |  |  |  |
| Cash collateral-futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 26773777 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Receivable for: |  |  |  |  |  |
| Dividends | &nbsp;&nbsp; 68504 | &nbsp;&nbsp;&nbsp; 31896579 | &nbsp;&nbsp;&nbsp; 4421 | &nbsp;&nbsp;&nbsp; 237918 | &nbsp;&nbsp;&nbsp; 4324 |
| Securities lending | &nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp; 122554 | &nbsp;&nbsp;&nbsp; 23291 | &nbsp;&nbsp;&nbsp; 21637 | &nbsp;&nbsp;&nbsp; 14 |
| Investments sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 99893731 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Fund shares sold | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 275206144 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Foreign tax reclaims | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 67409 | &nbsp;&nbsp;&nbsp; - |
| **Total assets** | &nbsp;&nbsp; 166962713 | &nbsp;&nbsp;&nbsp; 71845344915 | &nbsp;&nbsp;&nbsp; 18512043 | &nbsp;&nbsp;&nbsp; 1069025797 | &nbsp;&nbsp;&nbsp; 4306680 |
| **Liabilities:** |  |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 1087 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Due to broker | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 35227 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Payable for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 274707761 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Collateral upon return of securities loaned | &nbsp;&nbsp; 1330030 | &nbsp;&nbsp;&nbsp; 574272215 | &nbsp;&nbsp;&nbsp; 4435823 | &nbsp;&nbsp;&nbsp; 168088247 | &nbsp;&nbsp;&nbsp; - |
| Fund shares repurchased | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 100054088 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Accrued unitary management fees | &nbsp;&nbsp; 27059 | &nbsp;&nbsp;&nbsp; 8239444 | &nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp;&nbsp; 102533 | &nbsp;&nbsp;&nbsp; 757 |
| **Total liabilities** | &nbsp;&nbsp; 1357135 | &nbsp;&nbsp;&nbsp; 957308735 | &nbsp;&nbsp;&nbsp; 4438993 | &nbsp;&nbsp;&nbsp; 168190780 | &nbsp;&nbsp;&nbsp; 757 |
| **Net Assets** | &nbsp;&nbsp; $165605578 | &nbsp;&nbsp;&nbsp; $70888036180 | &nbsp;&nbsp;&nbsp; $14073050 | &nbsp;&nbsp;&nbsp; $900835017 | &nbsp;&nbsp;&nbsp; $4305923 |
| **Net assets consist of:** |  |  |  |  |  |
| Shares of beneficial interest | &nbsp;&nbsp; $143074236 | &nbsp;&nbsp;&nbsp; $57405643936 | &nbsp;&nbsp;&nbsp; $13296971 | &nbsp;&nbsp;&nbsp; $1055934555 | &nbsp;&nbsp;&nbsp; $4284545 |
| Distributable earnings (loss) | &nbsp;&nbsp; 22531342 | &nbsp;&nbsp;&nbsp; 13482392244 | &nbsp;&nbsp;&nbsp; 776079 | &nbsp;&nbsp;&nbsp; (155099538)<br>| &nbsp;&nbsp;&nbsp; 21378 |
| **Net Assets** | &nbsp;&nbsp; $165605578 | &nbsp;&nbsp;&nbsp; $70888036180 | &nbsp;&nbsp;&nbsp; $14073050 | &nbsp;&nbsp;&nbsp; $900835017 | &nbsp;&nbsp;&nbsp; $4305923 |
| Shares outstanding (unlimited amount authorized, <br> $0.01 par value)<br>| &nbsp;&nbsp; 4000001 | &nbsp;&nbsp;&nbsp; 283400001 | &nbsp;&nbsp;&nbsp; 390001 | &nbsp;&nbsp;&nbsp; 23640001 | &nbsp;&nbsp;&nbsp; 170001 |
| Net asset value | &nbsp;&nbsp; $41.40 | &nbsp;&nbsp;&nbsp; $250.13 | &nbsp;&nbsp;&nbsp; $36.08 | &nbsp;&nbsp;&nbsp; $38.11 | &nbsp;&nbsp;&nbsp; $25.33 |
| Market price | &nbsp;&nbsp; $41.41 | &nbsp;&nbsp;&nbsp; $250.11 | &nbsp;&nbsp;&nbsp; $36.09 | &nbsp;&nbsp;&nbsp; $38.11 | &nbsp;&nbsp;&nbsp; $25.33 |
| Unaffiliated investments in securities, at cost | &nbsp;&nbsp; $149214936 | &nbsp;&nbsp;&nbsp; $60380925211 | &nbsp;&nbsp;&nbsp; $12738500 | &nbsp;&nbsp;&nbsp; $751802781 | &nbsp;&nbsp;&nbsp; $4233865 |
| Affiliated investments in securities, at cost | &nbsp;&nbsp; $1417938 | &nbsp;&nbsp;&nbsp; $627666978 | &nbsp;&nbsp;&nbsp; $4435823 | &nbsp;&nbsp;&nbsp; $168297551 | &nbsp;&nbsp;&nbsp; $1331 |
| <sup>(a)</sup>Includes securities on loan with an aggregate <br> value of:<br>| &nbsp;&nbsp; $1277213 | &nbsp;&nbsp;&nbsp; $557123536 | &nbsp;&nbsp;&nbsp; $4207796 | &nbsp;&nbsp;&nbsp; $159417406 | &nbsp;&nbsp;&nbsp; $- |

---

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

------

**15**

------

**Statements of Operations**

For the six months ended February 28, 2026

*(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Invesco ESG** <br>**NASDAQ 100** <br>**ETF (QQMG)**<br>| **Invesco NASDAQ** <br>**100 ETF (QQQM)**<br>| **Invesco NASDAQ** <br>**Future Gen 200** <br>**ETF (QQQS)**<br>| **Invesco NASDAQ** <br>**Next Gen 100** <br>**ETF (QQQJ)**<br>| **Invesco** <br>**QQQ Low** <br>**Volatility ETF** <br>**(QQLV)**<br>|
| **Investment income:** |  |  |  |  |  |
| Unaffiliated dividend income | &nbsp;&nbsp; $420589 | &nbsp;&nbsp; $217474461 | &nbsp;&nbsp; $19911 | &nbsp;&nbsp; $1734111 | &nbsp;&nbsp; $36036 |
| Affiliated dividend income | &nbsp;&nbsp; 1408 | &nbsp;&nbsp; 1329884 | &nbsp;&nbsp; 279 | &nbsp;&nbsp; 7534 | &nbsp;&nbsp; 54 |
| Securities lending income, net | &nbsp;&nbsp; 1463 | &nbsp;&nbsp; 979228 | &nbsp;&nbsp; 52313 | &nbsp;&nbsp; 159217 | &nbsp;&nbsp; 48 |
| Foreign withholding tax | &nbsp;&nbsp; (2215)<br>| &nbsp;&nbsp; (804511)<br>| &nbsp;&nbsp; (160)<br>| &nbsp;&nbsp; (17582)<br>| &nbsp;&nbsp; (181)<br>|
| Total investment income | &nbsp;&nbsp; 421245 | &nbsp;&nbsp; 218979062 | &nbsp;&nbsp; 72343 | &nbsp;&nbsp; 1883280 | &nbsp;&nbsp; 35957 |
| **Expenses:** |  |  |  |  |  |
| Unitary management fees | &nbsp;&nbsp; 137174 | &nbsp;&nbsp; 50583591 | &nbsp;&nbsp; 11720 | &nbsp;&nbsp; 569524 | &nbsp;&nbsp; 4752 |
| Less: Waivers | &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp; (34487)<br>| &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; (194)<br>| &nbsp;&nbsp; (1)<br>|
| Net expenses | &nbsp;&nbsp; 137137 | &nbsp;&nbsp; 50549104 | &nbsp;&nbsp; 11713 | &nbsp;&nbsp; 569330 | &nbsp;&nbsp; 4751 |
| Net investment income | &nbsp;&nbsp; 284108 | &nbsp;&nbsp; 168429958 | &nbsp;&nbsp; 60630 | &nbsp;&nbsp; 1313950 | &nbsp;&nbsp; 31206 |
| **Realized and unrealized gain (loss) from:** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (462009)<br>| &nbsp;&nbsp; (379089755)<br>| &nbsp;&nbsp; (651849)<br>| &nbsp;&nbsp; 23509985 | &nbsp;&nbsp; 33416 |
| Affiliated investment securities | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 62884 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2388 | &nbsp;&nbsp; 10 |
| In-kind redemptions | &nbsp;&nbsp; 9097394 | &nbsp;&nbsp; 4439561145 | &nbsp;&nbsp; 2295228 | &nbsp;&nbsp; 9518222 | &nbsp;&nbsp; - |
| Foreign currencies | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; 10436353 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Net realized gain | &nbsp;&nbsp; 8635491 | &nbsp;&nbsp; 4070970627 | &nbsp;&nbsp; 1643383 | &nbsp;&nbsp; 33030595 | &nbsp;&nbsp; 33426 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |  |
| Unaffiliated investment securities | &nbsp;&nbsp; (5040109)<br>| &nbsp;&nbsp; (295700290)<br>| &nbsp;&nbsp; 414150 | &nbsp;&nbsp; 38473359 | &nbsp;&nbsp; 22767 |
| Affiliated investment securities | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (43120)<br>| &nbsp;&nbsp; (60)<br>| &nbsp;&nbsp; (4165)<br>| &nbsp;&nbsp; (10)<br>|
| Futures contracts | &nbsp;&nbsp; - | &nbsp;&nbsp; (7365813)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (5040112)<br>| &nbsp;&nbsp; (303109223)<br>| &nbsp;&nbsp; 414090 | &nbsp;&nbsp; 38469194 | &nbsp;&nbsp; 22757 |
| Net realized and unrealized gain | &nbsp;&nbsp; 3595379 | &nbsp;&nbsp; 3767861404 | &nbsp;&nbsp; 2057473 | &nbsp;&nbsp; 71499789 | &nbsp;&nbsp; 56183 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $3879487 | &nbsp;&nbsp; $3936291362 | &nbsp;&nbsp; $2118103 | &nbsp;&nbsp; $72813739 | &nbsp;&nbsp; $87389 |

---

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

------

**16**

------

**17**

------

**Statements of Changes in Net Assets**

For the six months ended February 28, 2026 and the year ended August 31, 2025

*(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Invesco ESG** <br>**NASDAQ 100** <br>**ETF (QQMG)** | **Invesco ESG** <br>**NASDAQ 100** <br>**ETF (QQMG)** | **Invesco NASDAQ** <br>**100 ETF (QQQM)** | **Invesco NASDAQ** <br>**100 ETF (QQQM)** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>|
| **Operations:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $284108 | &nbsp;&nbsp;&nbsp; $373037 | &nbsp;&nbsp;&nbsp; $168429958 | &nbsp;&nbsp;&nbsp; $261173154 |
| Net realized gain (loss) | &nbsp;&nbsp; 8635491 | &nbsp;&nbsp;&nbsp; 1503007 | &nbsp;&nbsp;&nbsp; 4070970627 | &nbsp;&nbsp;&nbsp; 2986812072 |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (5040112)<br>| &nbsp;&nbsp;&nbsp; 12322717 | &nbsp;&nbsp;&nbsp; (303109223)<br>| &nbsp;&nbsp;&nbsp; 5260464060 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3879487 | &nbsp;&nbsp;&nbsp; 14198761 | &nbsp;&nbsp;&nbsp; 3936291362 | &nbsp;&nbsp;&nbsp; 8508449286 |
| **Distributions to Shareholders from:** |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (252803)<br>| &nbsp;&nbsp;&nbsp; (349703)<br>| &nbsp;&nbsp;&nbsp; (166637103)<br>| &nbsp;&nbsp;&nbsp; (243720640)<br>|
| **Shareholder Transactions:** |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 83148769 | &nbsp;&nbsp;&nbsp; 41526476 | &nbsp;&nbsp;&nbsp; 18589978234 | &nbsp;&nbsp;&nbsp; 26955835482 |
| Value of shares repurchased | &nbsp;&nbsp; (20762026)<br>| &nbsp;&nbsp;&nbsp; (6785520)<br>| &nbsp;&nbsp;&nbsp; (10268899491)<br>| &nbsp;&nbsp;&nbsp; (8318652626)<br>|
| Net increase (decrease) in net assets resulting from share <br> transactions<br>| &nbsp;&nbsp; 62386743 | &nbsp;&nbsp;&nbsp; 34740956 | &nbsp;&nbsp;&nbsp; 8321078743 | &nbsp;&nbsp;&nbsp; 18637182856 |
| Net increase (decrease) in net assets | &nbsp;&nbsp; 66013427 | &nbsp;&nbsp;&nbsp; 48590014 | &nbsp;&nbsp;&nbsp; 12090733002 | &nbsp;&nbsp;&nbsp; 26901911502 |
| **Net assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 99592151 | &nbsp;&nbsp;&nbsp; 51002137 | &nbsp;&nbsp;&nbsp; 58797303178 | &nbsp;&nbsp;&nbsp; 31895391676 |
| End of period | &nbsp;&nbsp; $165605578 | &nbsp;&nbsp;&nbsp; $99592151 | &nbsp;&nbsp;&nbsp; $70888036180 | &nbsp;&nbsp;&nbsp; $58797303178 |
| **Changes in Shares Outstanding:** |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp; 73720000 | &nbsp;&nbsp;&nbsp; 127640000 |
| Shares repurchased | &nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (40860000)<br>| &nbsp;&nbsp;&nbsp; (39690000)<br>|
| Shares outstanding, beginning of period | &nbsp;&nbsp; 2550001 | &nbsp;&nbsp;&nbsp; 1550001 | &nbsp;&nbsp;&nbsp; 250540001 | &nbsp;&nbsp;&nbsp; 162590001 |
| Shares outstanding, end of period | &nbsp;&nbsp; 4000001 | &nbsp;&nbsp;&nbsp; 2550001 | &nbsp;&nbsp;&nbsp; 283400001 | &nbsp;&nbsp;&nbsp; 250540001 |

---

<sup>(a)</sup> For the period December 2, 2024 (commencement of investment operations) through August 31, 2025.

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

------

**18**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Invesco NASDAQ** <br>**Future Gen 200** <br>**ETF (QQQS)** | **Invesco NASDAQ** <br>**Future Gen 200** <br>**ETF (QQQS)** | **Invesco NASDAQ** <br>**Next Gen 100** <br>**ETF (QQQJ)** | **Invesco NASDAQ** <br>**Next Gen 100** <br>**ETF (QQQJ)** | **Invesco** <br>**QQQ Low** <br>**Volatility ETF (QQLV)** | **Invesco** <br>**QQQ Low** <br>**Volatility ETF (QQLV)** |
| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Year Ended** <br>**August 31,** <br>**2025**<br>| **Six Months Ended** <br>**February 28,** <br>**2026**<br>| **Period Ended** <br>**August 31,** <br>**2025**<sup>(a)</sup> <br>|
| $60630 | &nbsp;&nbsp;&nbsp; $73277 | &nbsp;&nbsp;&nbsp; $1313950 | &nbsp;&nbsp;&nbsp; $4900909 | &nbsp;&nbsp;&nbsp; $31206 | &nbsp;&nbsp;&nbsp; $35810 |
| 1643383 | &nbsp;&nbsp;&nbsp; 367024 | &nbsp;&nbsp;&nbsp; 33030595 | &nbsp;&nbsp;&nbsp; 23537860 | &nbsp;&nbsp;&nbsp; 33426 | &nbsp;&nbsp;&nbsp; (63782)<br>|
| 414090 | &nbsp;&nbsp;&nbsp; 807190 | &nbsp;&nbsp;&nbsp; 38469194 | &nbsp;&nbsp;&nbsp; 83818953 | &nbsp;&nbsp;&nbsp; 22757 | &nbsp;&nbsp;&nbsp; 44389 |
| 2118103 | &nbsp;&nbsp;&nbsp; 1247491 | &nbsp;&nbsp;&nbsp; 72813739 | &nbsp;&nbsp;&nbsp; 112257722 | &nbsp;&nbsp;&nbsp; 87389 | &nbsp;&nbsp;&nbsp; 16417 |
| (337186)<br>| &nbsp;&nbsp;&nbsp; (99691)<br>| &nbsp;&nbsp;&nbsp; (3634238)<br>| &nbsp;&nbsp;&nbsp; (4402283)<br>| &nbsp;&nbsp;&nbsp; (38009)<br>| &nbsp;&nbsp;&nbsp; (32601)<br>|
| 7852767 | &nbsp;&nbsp;&nbsp; 2467741 | &nbsp;&nbsp;&nbsp; 210465817 | &nbsp;&nbsp;&nbsp; 55131485 | &nbsp;&nbsp;&nbsp; 497298 | &nbsp;&nbsp;&nbsp; 5235483 |
| (5024831)<br>| &nbsp;&nbsp;&nbsp; (2862637)<br>| &nbsp;&nbsp;&nbsp; (33442729)<br>| &nbsp;&nbsp;&nbsp; (165977202)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (1460054)<br>|
| 2827936 | &nbsp;&nbsp;&nbsp; (394896)<br>| &nbsp;&nbsp;&nbsp; 177023088 | &nbsp;&nbsp;&nbsp; (110845717)<br>| &nbsp;&nbsp;&nbsp; 497298 | &nbsp;&nbsp;&nbsp; 3775429 |
| 4608853 | &nbsp;&nbsp;&nbsp; 752904 | &nbsp;&nbsp;&nbsp; 246202589 | &nbsp;&nbsp;&nbsp; (2990278)<br>| &nbsp;&nbsp;&nbsp; 546678 | &nbsp;&nbsp;&nbsp; 3759245 |
| 9464197 | &nbsp;&nbsp;&nbsp; 8711293 | &nbsp;&nbsp;&nbsp; 654632428 | &nbsp;&nbsp;&nbsp; 657622706 | &nbsp;&nbsp;&nbsp; 3759245 | &nbsp;&nbsp;&nbsp; - |
| $14073050 | &nbsp;&nbsp;&nbsp; $9464197 | &nbsp;&nbsp;&nbsp; $900835017 | &nbsp;&nbsp;&nbsp; $654632428 | &nbsp;&nbsp;&nbsp; $4305923 | &nbsp;&nbsp;&nbsp; $3759245 |
| 230000 | &nbsp;&nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp; 5620000 | &nbsp;&nbsp;&nbsp; 1770000 | &nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp; 210001 |
| (150000)<br>| &nbsp;&nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (910000)<br>| &nbsp;&nbsp;&nbsp; (5440000)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (60000)<br>|
| 310001 | &nbsp;&nbsp;&nbsp; 320001 | &nbsp;&nbsp;&nbsp; 18930001 | &nbsp;&nbsp;&nbsp; 22600001 | &nbsp;&nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp; - |
| 390001 | &nbsp;&nbsp;&nbsp; 310001 | &nbsp;&nbsp;&nbsp; 23640001 | &nbsp;&nbsp;&nbsp; 18930001 | &nbsp;&nbsp;&nbsp; 170001 | &nbsp;&nbsp;&nbsp; 150001 |

---

------

**19**

------

**Financial Highlights**

Invesco ESG NASDAQ 100 ETF (QQMG)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**October 25, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2022** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **For the Period** <br>**October 25, 2021**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2022** |
| **Per Share Operating Performance:** |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $39.06 | &nbsp;&nbsp;&nbsp; $32.90 | &nbsp;&nbsp;&nbsp; $25.86 | &nbsp;&nbsp;&nbsp; $19.91 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp; (5.13)<br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;7.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp; (5.00)<br>|
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $41.40 | &nbsp;&nbsp;&nbsp; $39.06 | &nbsp;&nbsp;&nbsp; $32.90 | &nbsp;&nbsp;&nbsp; $25.86 | &nbsp;&nbsp;&nbsp; $19.91 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $41.41 | &nbsp;&nbsp;&nbsp; $39.04 | &nbsp;&nbsp;&nbsp; $32.88 | &nbsp;&nbsp;&nbsp; $25.88 | &nbsp;&nbsp;&nbsp; $19.94 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.88<br> %<br>| &nbsp;&nbsp;&nbsp; (20.03 )%<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.78<br> %<br>| &nbsp;&nbsp;&nbsp; (19.91 )%<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $165606 | &nbsp;&nbsp;&nbsp; $99592 | &nbsp;&nbsp;&nbsp; $51002 | &nbsp;&nbsp;&nbsp; $18099 | &nbsp;&nbsp;&nbsp; $9956 |
| Ratio to average net assets of: |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.41 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 14<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 27, 2021, the first day of trading on the exchange) to August 31, 2022 was (20.63)%. The market price total return from Fund Inception to August 31, 2022 was (20.54)%.

<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.

------

**20**

------

**Financial Highlights—(continued)**

Invesco NASDAQ 100 ETF (QQQM)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**October 12, 2020**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**October 12, 2020**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of <br> period<br>| &nbsp;&nbsp;&nbsp; $234.68 | &nbsp;&nbsp;&nbsp; $196.17 | &nbsp;&nbsp;&nbsp; $155.46 | &nbsp;&nbsp;&nbsp; $123.13 | &nbsp;&nbsp;&nbsp; $156.10 | &nbsp;&nbsp;&nbsp; $120.98 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gain <br> (loss) on investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.46 | &nbsp;&nbsp;&nbsp;&nbsp;38.46 | &nbsp;&nbsp;&nbsp;&nbsp;40.68 | &nbsp;&nbsp;&nbsp;&nbsp;32.29 | &nbsp;&nbsp;&nbsp; (33.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.93 |
| Total from investment <br> operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.08 | &nbsp;&nbsp;&nbsp;&nbsp;39.75 | &nbsp;&nbsp;&nbsp;&nbsp;42.00 | &nbsp;&nbsp;&nbsp;&nbsp;33.32 | &nbsp;&nbsp;&nbsp; (32.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;35.67 |
| **Distributions to shareholders** <br> **from:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $250.13 | &nbsp;&nbsp;&nbsp; $234.68 | &nbsp;&nbsp;&nbsp; $196.17 | &nbsp;&nbsp;&nbsp; $155.46 | &nbsp;&nbsp;&nbsp; $123.13 | &nbsp;&nbsp;&nbsp; $156.10 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $250.11 | &nbsp;&nbsp;&nbsp; $234.67 | &nbsp;&nbsp;&nbsp; $196.10 | &nbsp;&nbsp;&nbsp; $155.47 | &nbsp;&nbsp;&nbsp; $123.29 | &nbsp;&nbsp;&nbsp; $156.11 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.26<br> %<br>| &nbsp;&nbsp;&nbsp; (20.72)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.56 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.11<br> %<br>| &nbsp;&nbsp;&nbsp; (20.61)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.57 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's <br> omitted)<br>| &nbsp;&nbsp;&nbsp; $70888036 | &nbsp;&nbsp;&nbsp; $58797303 | &nbsp;&nbsp;&nbsp; $31895392 | &nbsp;&nbsp;&nbsp; $14482908 | &nbsp;&nbsp;&nbsp; $4914013 | &nbsp;&nbsp;&nbsp; $1809161 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<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 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 29.61%. The market price total return from Fund Inception to August 31, 2021 was 29.48%.

<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.

------

**21**

------

**Financial Highlights—(continued)**

Invesco NASDAQ Future Gen 200 ETF (QQQS)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**October 11, 2022**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2023** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **For the Period** <br>**October 11, 2022**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2023** |
| **Per Share Operating Performance:** |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $30.53 | &nbsp;&nbsp;&nbsp; $27.22 | &nbsp;&nbsp;&nbsp; $26.26 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;6.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 |
| **Distributions to shareholders from:** |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $36.08 | &nbsp;&nbsp;&nbsp; $30.53 | &nbsp;&nbsp;&nbsp; $27.22 | &nbsp;&nbsp;&nbsp; $26.26 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $36.09 | &nbsp;&nbsp;&nbsp; $30.51 | &nbsp;&nbsp;&nbsp; $27.21 | &nbsp;&nbsp;&nbsp; $26.26 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.51 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 21.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.51 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $14073 | &nbsp;&nbsp;&nbsp; $9464 | &nbsp;&nbsp;&nbsp; $8711 | &nbsp;&nbsp;&nbsp; $6564 |
| Ratio to average net assets of: |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.20 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.03 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.56 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 72<br> %<br>| &nbsp;&nbsp;&nbsp; 61<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 13, 2022, the first day of trading on the exchange) to August 31, 2023 was 4.09%. The market price total return from Fund Inception to August 31, 2023 was 4.01%.

<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.

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**Financial Highlights—(continued)**

Invesco NASDAQ Next Gen 100 ETF (QQQJ)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **Years Ended August 31,** | **For the Period** <br>**October 12, 2020**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **For the Period** <br>**October 12, 2020**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2021** |
| **Per Share Operating Performance:** |  |  |  |  |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $34.58 | &nbsp;&nbsp;&nbsp; $29.10 | &nbsp;&nbsp;&nbsp; $26.20 | &nbsp;&nbsp;&nbsp; $24.77 | &nbsp;&nbsp;&nbsp; $34.79 | &nbsp;&nbsp;&nbsp; $26.71 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Net realized and unrealized gain (loss) on <br> investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp; (9.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.06 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;5.69 | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp; (9.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.16 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net realized gains | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; - |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $38.11 | &nbsp;&nbsp;&nbsp; $34.58 | &nbsp;&nbsp;&nbsp; $29.10 | &nbsp;&nbsp;&nbsp; $26.20 | &nbsp;&nbsp;&nbsp; $24.77 | &nbsp;&nbsp;&nbsp; $34.79 |
| Market price at end of period<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $38.11 | &nbsp;&nbsp;&nbsp; $34.59 | &nbsp;&nbsp;&nbsp; $29.10 | &nbsp;&nbsp;&nbsp; $26.20 | &nbsp;&nbsp;&nbsp; $24.80 | &nbsp;&nbsp;&nbsp; $34.77 |
| **Net Asset Value Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.70<br> %<br>| &nbsp;&nbsp;&nbsp; (28.06)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.58 %<sup>(e)</sup><br>|
| **Market Price Total Return**<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 10.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> %<br>| &nbsp;&nbsp;&nbsp; (27.93)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.51 %<sup>(e)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $900835 | &nbsp;&nbsp;&nbsp; $654632 | &nbsp;&nbsp;&nbsp; $657623 | &nbsp;&nbsp;&nbsp; $704173 | &nbsp;&nbsp;&nbsp; $803170 | &nbsp;&nbsp;&nbsp; $1209202 |
| Ratio to average net assets of: |  |  |  |  |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15 %<sup>(f)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(f)</sup><br>|
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp;&nbsp; 33<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 29<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 13, 2020, the first day of trading on the exchange) to August 31, 2021 was 30.39%. The market price total return from Fund Inception to August 31, 2021 was 29.93%.

<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.

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**Financial Highlights—(continued)**

Invesco QQQ Low Volatility ETF (QQLV)

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| | | |
|:---|:---|:---|
|  | **Six Months Ended** <br>**February 28,** <br>**2026** <br>**(Unaudited)**<br>| **For the Period** <br>**December 2, 2024**<sup>(a)</sup> <br>**Through** <br>**August 31,** <br>**2025**<br>|
| **Per Share Operating Performance:** |  |  |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $25.06 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| **Distributions to shareholders from:** |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $25.33 | &nbsp;&nbsp;&nbsp; $25.06 |
| Market price at end of period<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; $25.33 | &nbsp;&nbsp;&nbsp; $25.06 |
| **Net Asset Value Total Return**<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(f)</sup><br>|
| **Market Price Total Return** | &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31 %<sup>(f)</sup><br>|
| **Ratios/Supplemental Data:** |  |  |
| Net assets at end of period (000's omitted) | &nbsp;&nbsp;&nbsp; $4306 | &nbsp;&nbsp;&nbsp; $3759 |
| Ratio to average net assets of: |  |  |
| Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25 %<sup>(g)</sup><br>|
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; 1.64 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72 %<sup>(g)</sup><br>|
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 32<br> %<br>|

---

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

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

<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> The net asset value total return from Fund Inception (December 4, 2024, the first day of trading on the exchange) to August 31, 2025 was 1.64%. The market price total return from Fund Inception to August 31, 2025 was 1.59%.

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

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

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

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**Notes to Financial Statements**

Invesco Exchange-Traded Fund Trust II

February 28, 2026

*(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 ESG NASDAQ 100 ETF (QQMG) | "ESG NASDAQ 100 ETF" |
| Invesco NASDAQ 100 ETF (QQQM) | "NASDAQ 100 ETF" |
| Invesco NASDAQ Future Gen 200 ETF (QQQS) | "NASDAQ Future Gen 200 ETF" |
| Invesco NASDAQ Next Gen 100 ETF (QQQJ) | "NASDAQ Next Gen 100 ETF" |
| Invesco QQQ Low Volatility ETF (QQLV) | "QQQ Low Volatility 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 Nasdaq Stock Market LLC.

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 the deposit or delivery of 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** |
| ESG NASDAQ 100 ETF | Nasdaq-100 ESG<sup>TM</sup> Index |
| NASDAQ 100 ETF | Nasdaq-100 Index<sup>®</sup> |
| NASDAQ Future Gen 200 ETF | Nasdaq Innovators Completion Cap<sup>TM</sup> Index |
| NASDAQ Next Gen 100 ETF | Nasdaq Next Generation 100 Index<sup>TM</sup> |
| QQQ Low Volatility ETF | Nasdaq-100 Low Volatility<sup>TM</sup> 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 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, as of the approximate official closing time of that exchange. 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

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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.

Private 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

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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 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 for QQQ Low Volatility ETF) declares and pays dividends from net investment income, if any, to its shareholders quarterly and records such dividends on the ex-dividend date. QQQ Low Volatility ETF declares and pays dividends from net investment income, if any, to its shareholders monthly 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.

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.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid by jurisdiction, while removing certain disclosure requirements. Management expects that adoption of the guidance will not have a material impact on the Funds' financial statements.

**F.** **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,

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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.

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

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

**I.** **Segment Reporting** — Each Fund represents a single operating segment, in accordance with ASC 280, Segment Reporting. Subject to the oversight and, when applicable, approval of the Board of Trustees, portfolio managers and senior executives at the Adviser act 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.

**J.** **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 ("BNY") 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

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laws. For the six months ended February 28, 2026, 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** |
| ESG NASDAQ 100 ETF | $154 |
| NASDAQ 100 ETF | 72297 |
| NASDAQ Future Gen 200 ETF | 5845 |
| NASDAQ Next Gen 100 ETF | 11206 |
| QQQ Low Volatility ETF | 4 |

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**K.** **Foreign Currency Translations** - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. 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.

**L.** **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 can be received or made depending upon whether unrealized gains or losses are incurred. These amounts, if any, are reflected as a receivable or payable on the Statements of Assets and Liabilities. Otherwise, the variation margin excess or deficit can be netted with cash held at the futures commission merchant broker and reflected as Cash collateral-futures contracts on the Statements of Assets and Liabilities. 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

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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.

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

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

*AP Concentration Risk*. Only APs may engage in creation or redemption transactions directly with 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.

*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. Equity risk also includes the risk of large-capitalization companies, which may adapt more slowly to new competitive challenges or may be more mature and subject to more limited growth potential, and consequently may underperform other segments of the equity market or the market as a whole. 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.

*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, certain Funds 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.

*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 possible seizure, expropriation, nationalization, political or social instability, changes in economic or taxation policies or other adverse political or economic developments (in which the Fund could lose its entire investment in a certain market) and the difficulty of enforcing obligations in other countries, including the possible adoption of foreign governmental restrictions such as exchange controls. 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

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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. Foreign companies generally may be subject to less stringent regulations than U.S. companies, including financial reporting requirements and auditing and accounting controls, and may therefore be more susceptible to fraud or corruption. There may be less public information available about foreign companies than U.S. companies, making it difficult to evaluate those foreign companies. 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 is subject 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. 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 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.

*Non-Diversified Fund Risk*. Each Fund (except NASDAQ Future Gen 200 ETF and NASDAQ Next Gen 100 ETF) is non-diversified, and, to the extent NASDAQ Next Gen 100 ETF becomes non-diversified, all such Funds can invest a greater portion of its respective assets in the obligations or securities of a small number of issuers or any single issuer than a diversified fund can. 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 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.

*Small- and Mid-Capitalization Companies 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. Stocks of small- and mid-capitalization companies tend to be more vulnerable to changing market conditions, may have little or no

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operating history or track record of success, and may have more limited product lines and markets, less experienced management and fewer financial resources than larger companies. These companies' securities may be more volatile and less liquid than those of more established companies. They may be more sensitive to changes in a company's earnings expectations and may experience more abrupt and erratic price movements. Smaller companies' securities often trade in lower volumes and in many instances, are traded over-the-counter or on a regional securities exchange, where the frequency and volume of trading is substantially less than is typical for securities of larger companies traded on national securities exchanges. Therefore, the securities of smaller companies may be subject to wider price fluctuations and it might be harder for a Fund to dispose of its holdings at an acceptable price when it wants to sell them. Since small- and mid-capitalization companies typically reinvest a high proportion of their earnings in their business, they may not pay dividends for some time, particularly if they are newer companies. It may take a substantial period of time to realize a gain on an investment in a small- or mid-capitalization company, if any gain is realized at all.

**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>|
| ESG NASDAQ 100 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| NASDAQ 100 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| NASDAQ Future Gen 200 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>|
| NASDAQ Next Gen 100 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>|
| QQQ Low Volatility 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 February 28, 2026, the Adviser waived fees for each Fund in the following amounts:

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| | |
|:---|:---|
| ESG NASDAQ 100 ETF | &nbsp;&nbsp;&nbsp; $37 |
| NASDAQ 100 ETF | &nbsp;&nbsp;&nbsp; 34487 |
| NASDAQ Future Gen 200 ETF | &nbsp;&nbsp;&nbsp; 7 |
| NASDAQ Next Gen 100 ETF | &nbsp;&nbsp;&nbsp; 194 |
| QQQ Low Volatility ETF | &nbsp;&nbsp;&nbsp; 1 |

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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 licensing agreements on behalf of each Fund with Nasdaq, Inc. (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 BNY, 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.

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For the six months ended February 28, 2026, 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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| | |
|:---|:---|
| ESG NASDAQ 100 ETF | &nbsp;&nbsp;&nbsp; $105 |
| NASDAQ 100 ETF | &nbsp;&nbsp;&nbsp; 24707 |
| NASDAQ Future Gen 200 ETF | &nbsp;&nbsp;&nbsp; 2113 |
| NASDAQ Next Gen 100 ETF | &nbsp;&nbsp;&nbsp; 45558 |
| QQQ Low Volatility ETF | &nbsp;&nbsp;&nbsp; 167 |

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

**NOTE 4—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of February 28, 2026. 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** |
| ESG NASDAQ 100 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $165475913 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $165475913 |
| Money Market Funds | &nbsp;&nbsp; 87908 | &nbsp;&nbsp; 1330030 | &nbsp;&nbsp; - | &nbsp;&nbsp; 1417938 |
| **Total Investments** | &nbsp;&nbsp; $165563821 | &nbsp;&nbsp; $1330030 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $166893851 |
| NASDAQ 100 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $70783785152 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $70783785152 |
| Money Market Funds | &nbsp;&nbsp; 53394763 | &nbsp;&nbsp; 574272215 | &nbsp;&nbsp; - | &nbsp;&nbsp; 627666978 |
| **Total Investments in Securities** | &nbsp;&nbsp; 70837179915 | &nbsp;&nbsp; 574272215 | &nbsp;&nbsp; - | &nbsp;&nbsp; 71411452130 |
| **Other Investments - Liabilities\*** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; (3178656)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (3178656)<br>|
| **Total Investments** | &nbsp;&nbsp; $70834001259 | &nbsp;&nbsp; $574272215 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $71408273474 |
| NASDAQ Future Gen 200 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $14044780 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $3728 | &nbsp;&nbsp; $14048508 |
| Money Market Funds | &nbsp;&nbsp; - | &nbsp;&nbsp; 4435823 | &nbsp;&nbsp; - | &nbsp;&nbsp; 4435823 |
| **Total Investments** | &nbsp;&nbsp; $14044780 | &nbsp;&nbsp; $4435823 | &nbsp;&nbsp; $3728 | &nbsp;&nbsp; $18484331 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| NASDAQ Next Gen 100 ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $900401282 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $900401282 |
| Money Market Funds | &nbsp;&nbsp; 209304 | &nbsp;&nbsp; 168088247 | &nbsp;&nbsp; - | &nbsp;&nbsp; 168297551 |
| **Total Investments** | &nbsp;&nbsp; $900610586 | &nbsp;&nbsp; $168088247 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $1068698833 |
| QQQ Low Volatility ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| Common Stocks & Other Equity Interests | &nbsp;&nbsp; $4301011 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4301011 |
| Money Market Funds | &nbsp;&nbsp; 1331 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 1331 |
| **Total Investments** | &nbsp;&nbsp; $4302342 | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $4302342 |

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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.

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 February 28, 2026:

---

| | |
|:---|:---|
|  | **Value** |
|  | **NASDAQ 100 ETF** |
| **Derivative Liabilities** | **Equity** <br>**Risk**<br>|
| Unrealized depreciation on futures contracts—Exchange-Traded | &nbsp;&nbsp; $(3178656)<br>|
| Derivatives not subject to master netting agreements | &nbsp;&nbsp; 3178656 |
| Total Derivative Liabilities subject to master netting agreements | &nbsp;&nbsp; $- |

---

**Effect of Derivative Investments for the Six-Month Period Ended February 28, 2026**

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** |
|  | **NASDAQ 100 ETF** |
|  | **Equity** <br>**Risk**<br>|
| Realized Gain: |  |
| Futures contracts | &nbsp;&nbsp; $10436353 |
| Change in Net Unrealized Appreciation (Depreciation): |  |
| Futures contracts | &nbsp;&nbsp; (7365813)<br>|
| Total | &nbsp;&nbsp; $3070540 |

---

The table below summarizes the average notional value of derivatives held during the period.

---

| | |
|:---|:---|
|  | **Average Notional Value** |
|  | **NASDAQ 100 ETF** |
| Futures contracts | &nbsp;&nbsp; $83334654 |

---

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**34**

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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 August 31, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **No expiration** | **No expiration** |  |
|  | **Short-Term** | **Long-Term** | **Total\*** |
| ESG NASDAQ 100 ETF | &nbsp;&nbsp; $1214938 | &nbsp;&nbsp; $1215240 | &nbsp;&nbsp; $2430178 |
| NASDAQ 100 ETF | &nbsp;&nbsp; 378862067 | &nbsp;&nbsp; 621085583 | &nbsp;&nbsp; 999947650 |
| NASDAQ Future Gen 200 ETF | &nbsp;&nbsp; 994124 | &nbsp;&nbsp; 899440 | &nbsp;&nbsp; 1893564 |
| NASDAQ Next Gen 100 ETF | &nbsp;&nbsp; 161724752 | &nbsp;&nbsp; 172204100 | &nbsp;&nbsp; 333928852 |
| QQQ Low Volatility ETF | &nbsp;&nbsp; 74997 | &nbsp;&nbsp; - | &nbsp;&nbsp; 74997 |

---

\* 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 February 28, 2026, 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** |
| ESG NASDAQ 100 ETF | &nbsp;&nbsp; $15995511 | &nbsp;&nbsp; $15985725 |
| NASDAQ 100 ETF | &nbsp;&nbsp; 6738070697 | &nbsp;&nbsp; 12529442470 |
| NASDAQ Future Gen 200 ETF | &nbsp;&nbsp; 3480767 | &nbsp;&nbsp; 3772711 |
| NASDAQ Next Gen 100 ETF | &nbsp;&nbsp; 252828485 | &nbsp;&nbsp; 254482863 |
| QQQ Low Volatility ETF | &nbsp;&nbsp; 1034224 | &nbsp;&nbsp; 1039775 |

---

For the six months ended February 28, 2026, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-kind** <br>**Purchases**<br>| **In-kind** <br>**Sales**<br>|
| ESG NASDAQ 100 ETF | &nbsp;&nbsp; $83066845 | &nbsp;&nbsp; $20742480 |
| NASDAQ 100 ETF | &nbsp;&nbsp; 18547041031 | &nbsp;&nbsp; 4439561145 |
| NASDAQ Future Gen 200 ETF | &nbsp;&nbsp; 7838439 | &nbsp;&nbsp; 5013953 |
| NASDAQ Next Gen 100 ETF | &nbsp;&nbsp; 210005883 | &nbsp;&nbsp; 33360507 |
| QQQ Low Volatility ETF | &nbsp;&nbsp; 496776 | &nbsp;&nbsp; - |

---

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

As of February 28, 2026, 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** |
| ESG NASDAQ 100 ETF | &nbsp;&nbsp; $23386881 | &nbsp;&nbsp; $(7152396)<br>| &nbsp;&nbsp; $16234485 | &nbsp;&nbsp; $150659366 |
| NASDAQ 100 ETF | &nbsp;&nbsp; 13130546850 | &nbsp;&nbsp; (2765508698)<br>| &nbsp;&nbsp; 10365038152 | &nbsp;&nbsp; 61043235322 |
| NASDAQ Future Gen 200 ETF | &nbsp;&nbsp; 2611680 | &nbsp;&nbsp; (1428190)<br>| &nbsp;&nbsp; 1183490 | &nbsp;&nbsp; 17300841 |
| NASDAQ Next Gen 100 ETF | &nbsp;&nbsp; 199054221 | &nbsp;&nbsp; (52694014)<br>| &nbsp;&nbsp; 146360207 | &nbsp;&nbsp; 922338626 |
| QQQ Low Volatility ETF | &nbsp;&nbsp; 437306 | &nbsp;&nbsp; (370861)<br>| &nbsp;&nbsp; 66445 | &nbsp;&nbsp; 4235897 |

---

**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

------

**35**

------

Fees"). Such Deferral Fees are deemed to be invested in select Invesco ETFs. The Deferral Fees payable to a Participating Trustee are valued as of the date such Deferral Fees would have been paid to the Participating Trustee. The value increases with contributions or with increases in the value of the Shares selected, and the value decreases with distributions or with declines in the value of the Shares selected. Obligations under the Plan represent unsecured claims against the general assets of the Funds.

**NOTE 9—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.

------

**36**

------

**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>**

Not applicable.

------

**37**

------

**©2026 Invesco Capital Management LLC**

**3500 Lacey Road, Suite 700**

**Downers Grove, IL 60515**

P-TIIQQQ-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 of 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 Activities for Closed-End Management Investment Companies.

Not applicable.

------

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

------

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Not applicable.

[(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)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(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: May 4, 2026

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: May 4, 2026

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;</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:May 4, 2026

------

## 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 February 28, 2026 (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: May 4, 2026

<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;</u> 

Name:Brian Hartigan

Title: Principal Executive Officer

Dated: May 4, 2026

&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.

------

## 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>May 4, 2026</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/ Brian Hartigan</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; 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; 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>May 4, 2026</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;&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;&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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer

------