# EDGAR Filing Document

**Accession Number:** 0001378872
**File Stem:** 0001752724-25-180512
**Filing Date:** 2025-7
**Character Count:** 78744
**Document Hash:** 7cb3fe61fe8f5b8b4d07f1bec6ea6835
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180512.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180512

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21977
- **FILM NUMBER:** 251154395

**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 Solar ETF (Series ID: S000060822)

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

## Nport-Ex

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

**Invesco Nasdaq Biotechnology ETF (IBBQ)**

May 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** | **Common Stocks & Other Equity Interests-99.84%** |
| **Biotechnology-79.95%** | **Biotechnology-79.95%** | **Biotechnology-79.95%** |
| 4D Molecular Therapeutics, Inc.<sup>(b)(c)</sup> | 1827 | &nbsp;&nbsp; $6614 |
| 89bio, Inc.<sup>(b)(c)</sup> | 5743 | &nbsp;&nbsp; 56511 |
| Absci Corp.<sup>(b)(c)</sup> | 4518 | &nbsp;&nbsp; 11973 |
| AC Immune S.A. (Switzerland)<sup>(b)(c)</sup> | 3894 | &nbsp;&nbsp; 6659 |
| Acadia Pharmaceuticals, Inc.<sup>(b)</sup> | 6736 | &nbsp;&nbsp; 145296 |
| Acrivon Therapeutics, Inc.<sup>(b)(c)</sup> | 1225 | &nbsp;&nbsp; 1286 |
| ADMA Biologics, Inc.<sup>(b)</sup> | 9508 | &nbsp;&nbsp; 188639 |
| Agios Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2253 | &nbsp;&nbsp; 72299 |
| Akero Therapeutics, Inc.<sup>(b)(c)</sup> | 3207 | &nbsp;&nbsp; 159228 |
| Alector, Inc.<sup>(b)(c)</sup> | 3902 | &nbsp;&nbsp; 5190 |
| Alkermes PLC<sup>(b)</sup> | 6562 | &nbsp;&nbsp; 200863 |
| Allogene Therapeutics, Inc.<sup>(b)(c)</sup> | 8252 | &nbsp;&nbsp; 9655 |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 5181 | &nbsp;&nbsp; 1577925 |
| Altimmune, Inc.<sup>(b)(c)</sup> | 3034 | &nbsp;&nbsp; 16475 |
| Alvotech S.A. (Luxembourg)<sup>(b)(c)</sup> | 12161 | &nbsp;&nbsp; 139122 |
| Amarin Corp. PLC, ADR (Ireland)<sup>(b)</sup> | 788 | &nbsp;&nbsp; 9133 |
| Amgen, Inc. | 10413 | &nbsp;&nbsp; 3000818 |
| Amicus Therapeutics, Inc.<sup>(b)</sup> | 12443 | &nbsp;&nbsp; 75529 |
| AnaptysBio, Inc.<sup>(b)(c)</sup> | 1206 | &nbsp;&nbsp; 26809 |
| Anavex Life Sciences Corp.<sup>(b)(c)</sup> | 3349 | &nbsp;&nbsp; 25218 |
| Annexon, Inc.<sup>(b)</sup> | 4194 | &nbsp;&nbsp; 8556 |
| Apellis Pharmaceuticals, Inc.<sup>(b)</sup> | 5185 | &nbsp;&nbsp; 87782 |
| Apogee Therapeutics, Inc.<sup>(b)(c)</sup> | 1773 | &nbsp;&nbsp; 64963 |
| Applied Therapeutics, Inc.<sup>(b)(c)</sup> | 4580 | &nbsp;&nbsp; 1618 |
| Arbutus Biopharma Corp.<sup>(b)(c)</sup> | 7452 | &nbsp;&nbsp; 25039 |
| Arcellx, Inc.<sup>(b)(c)</sup> | 2223 | &nbsp;&nbsp; 137959 |
| Arcturus Therapeutics Holdings, Inc.<sup>(b)(c)</sup> | 1067 | &nbsp;&nbsp; 13370 |
| Arcutis Biotherapeutics, Inc.<sup>(b)(c)</sup> | 4665 | &nbsp;&nbsp; 60832 |
| Ardelyx, Inc.<sup>(b)(c)</sup> | 9375 | &nbsp;&nbsp; 34406 |
| argenx SE, ADR (Netherlands)<sup>(b)</sup> | 1282 | &nbsp;&nbsp; 734919 |
| ArriVent Biopharma, Inc.<sup>(b)(c)</sup> | 1321 | &nbsp;&nbsp; 28071 |
| Arrowhead Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4966 | &nbsp;&nbsp; 79804 |
| ARS Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3823 | &nbsp;&nbsp; 55166 |
| Artiva Biotherapeutics, Inc. (South Korea)<sup>(b)(c)</sup> | 961 | &nbsp;&nbsp; 1855 |
| Ascendis Pharma A/S, ADR (Denmark)<sup>(b)</sup> | 2421 | &nbsp;&nbsp; 394236 |
| Astria Therapeutics, Inc.<sup>(b)</sup> | 2217 | &nbsp;&nbsp; 10553 |
| Aura Biosciences, Inc.<sup>(b)(c)</sup> | 1968 | &nbsp;&nbsp; 11532 |
| Aurinia Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 5403 | &nbsp;&nbsp; 42360 |
| &nbsp;&nbsp;&nbsp; Autolus Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)</sup><br>| 7887 | &nbsp;&nbsp; 13802 |
| Avidity Biosciences, Inc.<sup>(b)(c)</sup> | 4876 | &nbsp;&nbsp; 151058 |
| Beam Therapeutics, Inc.<sup>(b)(c)</sup> | 3291 | &nbsp;&nbsp; 52097 |
| BeiGene Ltd., ADR (China)<sup>(b)(c)</sup> | 1671 | &nbsp;&nbsp; 410364 |
| &nbsp;&nbsp;&nbsp; Bicycle Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 1732 | &nbsp;&nbsp; 14237 |
| BioCryst Pharmaceuticals, Inc.<sup>(b)</sup> | 8222 | &nbsp;&nbsp; 88386 |
| Biogen, Inc.<sup>(b)</sup> | 5853 | &nbsp;&nbsp; 759661 |
| BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 7628 | &nbsp;&nbsp; 442958 |
| Biomea Fusion, Inc.<sup>(b)(c)</sup> | 1428 | &nbsp;&nbsp; 2056 |
| BioNTech SE, ADR (Germany)<sup>(b)(c)</sup> | 3986 | &nbsp;&nbsp; 381899 |
| Blueprint Medicines Corp.<sup>(b)(c)</sup> | 2571 | &nbsp;&nbsp; 260571 |
| BridgeBio Pharma, Inc.<sup>(b)(c)</sup> | 7649 | &nbsp;&nbsp; 261978 |
| C4 Therapeutics, Inc.<sup>(b)(c)</sup> | 2793 | &nbsp;&nbsp; 3491 |
| Cargo Therapeutics, Inc.<sup>(b)(c)</sup> | 1815 | &nbsp;&nbsp; 7714 |
| Cartesian Therapeutics, Inc.<sup>(b)(c)</sup> | 997 | &nbsp;&nbsp; 9531 |
| &nbsp;&nbsp;&nbsp; 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> | 3587 | &nbsp;&nbsp; 48460 |
| CG Oncology, Inc.<sup>(b)(c)</sup> | 2997 | &nbsp;&nbsp; 76783 |
| Climb Bio, Inc.<sup>(b)(c)</sup> | 2647 | &nbsp;&nbsp; 3123 |
| Cogent Biosciences, Inc.<sup>(b)(c)</sup> | 4476 | &nbsp;&nbsp; 24349 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| &nbsp;&nbsp;&nbsp; Compass Pathways PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 2443 | &nbsp;&nbsp; $10163 |
| Corvus Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2533 | &nbsp;&nbsp; 9575 |
| Crinetics Pharmaceuticals, Inc.<sup>(b)</sup> | 3761 | &nbsp;&nbsp; 114748 |
| CRISPR Therapeutics AG (Switzerland)<sup>(b)(c)</sup> | 3456 | &nbsp;&nbsp; 125418 |
| Cullinan Therapeutics, Inc.<sup>(b)(c)</sup> | 2304 | &nbsp;&nbsp; 19918 |
| CureVac N.V. (Germany)<sup>(b)(c)</sup> | 8833 | &nbsp;&nbsp; 39484 |
| Cytokinetics, Inc.<sup>(b)(c)</sup> | 4762 | &nbsp;&nbsp; 147717 |
| Day One Biopharmaceuticals, Inc.<sup>(b)(c)</sup> | 3986 | &nbsp;&nbsp; 25431 |
| Denali Therapeutics, Inc.<sup>(b)(c)</sup> | 5875 | &nbsp;&nbsp; 77785 |
| Design Therapeutics, Inc.<sup>(b)(c)</sup> | 2225 | &nbsp;&nbsp; 8299 |
| Disc Medicine, Inc.<sup>(b)(c)</sup> | 1358 | &nbsp;&nbsp; 63391 |
| Dynavax Technologies Corp.<sup>(b)(c)</sup> | 4881 | &nbsp;&nbsp; 47785 |
| Dyne Therapeutics, Inc.<sup>(b)(c)</sup> | 4456 | &nbsp;&nbsp; 53294 |
| Editas Medicine, Inc.<sup>(b)(c)</sup> | 3243 | &nbsp;&nbsp; 5578 |
| Enanta Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 837 | &nbsp;&nbsp; 4963 |
| Entrada Therapeutics, Inc.<sup>(b)(c)</sup> | 1484 | &nbsp;&nbsp; 11278 |
| Erasca, Inc.<sup>(b)</sup> | 11121 | &nbsp;&nbsp; 15569 |
| Exelixis, Inc.<sup>(b)</sup> | 11236 | &nbsp;&nbsp; 483597 |
| Fate Therapeutics, Inc.<sup>(b)(c)</sup> | 4477 | &nbsp;&nbsp; 5417 |
| Foghorn Therapeutics, Inc.<sup>(b)(c)</sup> | 2189 | &nbsp;&nbsp; 8931 |
| Galapagos N.V., ADR (Belgium)<sup>(b)</sup> | 578 | &nbsp;&nbsp; 16623 |
| Genmab A/S, ADR (Denmark)<sup>(b)</sup> | 1655 | &nbsp;&nbsp; 34672 |
| Geron Corp.<sup>(b)</sup> | 25064 | &nbsp;&nbsp; 38097 |
| Gilead Sciences, Inc. | 28078 | &nbsp;&nbsp; 3090826 |
| GRAIL, Inc.<sup>(b)(c)</sup> | 1317 | &nbsp;&nbsp; 50586 |
| Grifols S.A., ADR (Spain)<sup>(b)(c)</sup> | 4805 | &nbsp;&nbsp; 39930 |
| Halozyme Therapeutics, Inc.<sup>(b)</sup> | 4939 | &nbsp;&nbsp; 276930 |
| Humacyte, Inc.<sup>(b)(c)</sup> | 5062 | &nbsp;&nbsp; 13516 |
| Ideaya Biosciences, Inc.<sup>(b)(c)</sup> | 3441 | &nbsp;&nbsp; 68441 |
| IGM Biosciences, Inc.<sup>(b)(c)</sup> | 1337 | &nbsp;&nbsp; 1698 |
| ImmunityBio, Inc.<sup>(b)(c)</sup> | 28734 | &nbsp;&nbsp; 76432 |
| &nbsp;&nbsp;&nbsp; Immunocore Holdings PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 1558 | &nbsp;&nbsp; 57023 |
| Immunovant, Inc.<sup>(b)(c)</sup> | 6864 | &nbsp;&nbsp; 101930 |
| Incyte Corp.<sup>(b)</sup> | 7750 | &nbsp;&nbsp; 504215 |
| Inhibrx Biosciences, Inc.<sup>(b)(c)</sup> | 572 | &nbsp;&nbsp; 7705 |
| Inozyme Pharma, Inc.<sup>(b)</sup> | 2533 | &nbsp;&nbsp; 10056 |
| Insmed, Inc.<sup>(b)(c)</sup> | 7243 | &nbsp;&nbsp; 505054 |
| Intellia Therapeutics, Inc.<sup>(b)(c)</sup> | 4076 | &nbsp;&nbsp; 28002 |
| Ionis Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 6391 | &nbsp;&nbsp; 214162 |
| Iovance Biotherapeutics, Inc.<sup>(b)(c)</sup> | 12899 | &nbsp;&nbsp; 22573 |
| Ironwood Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 6297 | &nbsp;&nbsp; 3773 |
| iTeos Therapeutics, Inc.<sup>(b)</sup> | 1440 | &nbsp;&nbsp; 14429 |
| Janux Therapeutics, Inc.<sup>(b)(c)</sup> | 2329 | &nbsp;&nbsp; 55430 |
| KalVista Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1946 | &nbsp;&nbsp; 22963 |
| Keros Therapeutics, Inc.<sup>(b)(c)</sup> | 1597 | &nbsp;&nbsp; 22598 |
| Kiniksa Pharmaceuticals International PLC<sup>(b)(c)</sup> | 1658 | &nbsp;&nbsp; 45363 |
| Krystal Biotech, Inc.<sup>(b)(c)</sup> | 1159 | &nbsp;&nbsp; 145988 |
| Kura Oncology, Inc.<sup>(b)(c)</sup> | 3179 | &nbsp;&nbsp; 18089 |
| Kymera Therapeutics, Inc.<sup>(b)(c)</sup> | 2551 | &nbsp;&nbsp; 75612 |
| Kyverna Therapeutics, Inc.<sup>(b)(c)</sup> | 1696 | &nbsp;&nbsp; 4325 |
| Larimar Therapeutics, Inc.<sup>(b)</sup> | 2515 | &nbsp;&nbsp; 5659 |
| Legend Biotech Corp., ADR<sup>(b)(c)</sup> | 3300 | &nbsp;&nbsp; 95535 |
| LENZ Therapeutics, Inc.<sup>(b)(c)</sup> | 1084 | &nbsp;&nbsp; 31653 |
| Lexeo Therapeutics, Inc.<sup>(b)(c)</sup> | 1306 | &nbsp;&nbsp; 3552 |
| Lexicon Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 14228 | &nbsp;&nbsp; 8915 |
| Lyell Immunopharma, Inc.<sup>(b)(c)</sup> | 11493 | &nbsp;&nbsp; 5019 |
| MacroGenics, Inc.<sup>(b)(c)</sup> | 2471 | &nbsp;&nbsp; 3361 |
| Madrigal Pharmaceuticals, Inc.<sup>(b)</sup> | 886 | &nbsp;&nbsp; 243880 |
| MannKind Corp.<sup>(b)(c)</sup> | 11949 | &nbsp;&nbsp; 49588 |
| MeiraGTx Holdings PLC<sup>(b)(c)</sup> | 3071 | &nbsp;&nbsp; 15724 |

---

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

------

**Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| Mersana Therapeutics, Inc.<sup>(b)(c)</sup> | 4859 | &nbsp;&nbsp; $1670 |
| Merus N.V. (Netherlands)<sup>(b)</sup> | 2788 | &nbsp;&nbsp; 156323 |
| Mesoblast Ltd., ADR (Australia)<sup>(b)(c)</sup> | 1334 | &nbsp;&nbsp; 14194 |
| Mineralys Therapeutics, Inc.<sup>(b)(c)</sup> | 1963 | &nbsp;&nbsp; 30584 |
| Mirum Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 1997 | &nbsp;&nbsp; 88787 |
| Moderna, Inc.<sup>(b)</sup> | 15417 | &nbsp;&nbsp; 409476 |
| Monte Rosa Therapeutics, Inc.<sup>(b)</sup> | 2415 | &nbsp;&nbsp; 10095 |
| Neurocrine Biosciences, Inc.<sup>(b)</sup> | 3996 | &nbsp;&nbsp; 491588 |
| Neurogene, Inc.<sup>(b)(c)</sup> | 588 | &nbsp;&nbsp; 10002 |
| &nbsp;&nbsp;&nbsp; NewAmsterdam Pharma Co. N.V. <br> (Netherlands)<sup>(b)</sup><br>| 4318 | &nbsp;&nbsp; 78199 |
| Nkarta, Inc.<sup>(b)(c)</sup> | 2775 | &nbsp;&nbsp; 4829 |
| Novavax, Inc.<sup>(b)(c)</sup> | 6331 | &nbsp;&nbsp; 46470 |
| Nurix Therapeutics, Inc.<sup>(b)(c)</sup> | 2987 | &nbsp;&nbsp; 31752 |
| Nuvalent, Inc., Class A<sup>(b)(c)</sup> | 2661 | &nbsp;&nbsp; 198537 |
| Olema Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2918 | &nbsp;&nbsp; 15407 |
| OnKure Therapeutics, Inc.<sup>(b)(c)</sup> | 496 | &nbsp;&nbsp; 1255 |
| ORIC Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2795 | &nbsp;&nbsp; 22835 |
| Oruka Therapeutics, Inc.<sup>(c)</sup> | 1478 | &nbsp;&nbsp; 16199 |
| PepGen, Inc.<sup>(b)(c)</sup> | 1290 | &nbsp;&nbsp; 1883 |
| Praxis Precision Medicines, Inc.<sup>(b)(c)</sup> | 788 | &nbsp;&nbsp; 30377 |
| Precigen, Inc.<sup>(b)(c)</sup> | 11523 | &nbsp;&nbsp; 15210 |
| Prime Medicine, Inc.<sup>(b)(c)</sup> | 5161 | &nbsp;&nbsp; 6090 |
| Protagonist Therapeutics, Inc.<sup>(b)(c)</sup> | 2476 | &nbsp;&nbsp; 117536 |
| Prothena Corp. PLC (Ireland)<sup>(b)</sup> | 2119 | &nbsp;&nbsp; 9726 |
| PTC Therapeutics, Inc.<sup>(b)(c)</sup> | 3188 | &nbsp;&nbsp; 154682 |
| Pyxis Oncology, Inc.<sup>(b)(c)</sup> | 2344 | &nbsp;&nbsp; 2836 |
| Q32 Bio, Inc.<sup>(b)(c)</sup> | 476 | &nbsp;&nbsp; 823 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(b)(c)</sup> | 15544 | &nbsp;&nbsp; 64974 |
| Regeneron Pharmaceuticals, Inc. | 4301 | &nbsp;&nbsp; 2108694 |
| REGENXBIO, Inc.<sup>(b)(c)</sup> | 1951 | &nbsp;&nbsp; 17266 |
| Relay Therapeutics, Inc.<sup>(b)(c)</sup> | 6672 | &nbsp;&nbsp; 20016 |
| Replimune Group, Inc.<sup>(b)(c)</sup> | 3034 | &nbsp;&nbsp; 27245 |
| Revolution Medicines, Inc.<sup>(b)(c)</sup> | 7479 | &nbsp;&nbsp; 294673 |
| Rhythm Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2561 | &nbsp;&nbsp; 157066 |
| Rigel Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 693 | &nbsp;&nbsp; 13306 |
| Rocket Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 4196 | &nbsp;&nbsp; 10532 |
| Roivant Sciences Ltd.<sup>(b)(c)</sup> | 28644 | &nbsp;&nbsp; 314798 |
| Sage Therapeutics, Inc.<sup>(b)(c)</sup> | 2417 | &nbsp;&nbsp; 15614 |
| Sana Biotechnology, Inc.<sup>(b)(c)</sup> | 8788 | &nbsp;&nbsp; 19070 |
| Sarepta Therapeutics, Inc.<sup>(b)</sup> | 3915 | &nbsp;&nbsp; 147204 |
| Savara, Inc.<sup>(b)(c)</sup> | 6749 | &nbsp;&nbsp; 15388 |
| Scholar Rock Holding Corp.<sup>(b)(c)</sup> | 3818 | &nbsp;&nbsp; 110760 |
| &nbsp;&nbsp;&nbsp; Silence Therapeutics PLC, ADR (United <br> Kingdom)<sup>(b)(c)</sup><br>| 1846 | &nbsp;&nbsp; 10781 |
| Solid Biosciences, Inc.<sup>(b)</sup> | 3005 | &nbsp;&nbsp; 9646 |
| SpringWorks Therapeutics, Inc.<sup>(b)</sup> | 3019 | &nbsp;&nbsp; 141017 |
| Spyre Therapeutics, Inc.<sup>(b)(c)</sup> | 2366 | &nbsp;&nbsp; 36152 |
| Stoke Therapeutics, Inc.<sup>(b)(c)</sup> | 2083 | &nbsp;&nbsp; 19872 |
| Summit Therapeutics, Inc.<sup>(b)(c)</sup> | 29480 | &nbsp;&nbsp; 536978 |
| Sutro Biopharma, Inc.<sup>(b)</sup> | 3240 | &nbsp;&nbsp; 2909 |
| Syndax Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3361 | &nbsp;&nbsp; 35425 |
| Tango Therapeutics, Inc.<sup>(b)(c)</sup> | 4257 | &nbsp;&nbsp; 9451 |
| Taysha Gene Therapies, Inc.<sup>(b)(c)</sup> | 8068 | &nbsp;&nbsp; 21864 |
| Tectonic Therapeutic, Inc.<sup>(b)(c)</sup> | 584 | &nbsp;&nbsp; 12562 |
| Tevogen Bio Holdings, Inc.<sup>(b)(c)</sup> | 6892 | &nbsp;&nbsp; 8891 |
| Tourmaline Bio, Inc.<sup>(b)(c)</sup> | 1006 | &nbsp;&nbsp; 16780 |
| Travere Therapeutics, Inc.<sup>(b)(c)</sup> | 3491 | &nbsp;&nbsp; 52435 |
| TScan Therapeutics, Inc.<sup>(b)</sup> | 1932 | &nbsp;&nbsp; 2763 |
| Twist Bioscience Corp.<sup>(b)(c)</sup> | 2418 | &nbsp;&nbsp; 70847 |
| Tyra Biosciences, Inc.<sup>(b)(c)</sup> | 1995 | &nbsp;&nbsp; 18154 |
| Ultragenyx Pharmaceutical, Inc.<sup>(b)</sup> | 3727 | &nbsp;&nbsp; 126830 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology-(continued)** | **Biotechnology-(continued)** | **Biotechnology-(continued)** |
| uniQure N.V. (Netherlands)<sup>(b)</sup> | 2130 | &nbsp;&nbsp; $30821 |
| United Therapeutics Corp.<sup>(b)</sup> | 1797 | &nbsp;&nbsp; 572973 |
| UroGen Pharma Ltd.<sup>(b)(c)</sup> | 1660 | &nbsp;&nbsp; 7038 |
| Vanda Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2296 | &nbsp;&nbsp; 9965 |
| Vaxcyte, Inc.<sup>(b)</sup> | 5176 | &nbsp;&nbsp; 168168 |
| Vera Therapeutics, Inc.<sup>(b)</sup> | 2512 | &nbsp;&nbsp; 47602 |
| Veracyte, Inc.<sup>(b)(c)</sup> | 3175 | &nbsp;&nbsp; 84487 |
| Vericel Corp.<sup>(b)(c)</sup> | 1969 | &nbsp;&nbsp; 81310 |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 6691 | &nbsp;&nbsp; 2957757 |
| Verve Therapeutics, Inc.<sup>(b)(c)</sup> | 3494 | &nbsp;&nbsp; 15548 |
| Vir Biotechnology, Inc.<sup>(b)(c)</sup> | 5395 | &nbsp;&nbsp; 26651 |
| Voyager Therapeutics, Inc.<sup>(b)(c)</sup> | 2153 | &nbsp;&nbsp; 5899 |
| Xencor, Inc.<sup>(b)</sup> | 2771 | &nbsp;&nbsp; 22168 |
| Xenon Pharmaceuticals, Inc. (Canada)<sup>(b)</sup> | 3097 | &nbsp;&nbsp; 89348 |
| Y-mAbs Therapeutics, Inc.<sup>(b)(c)</sup> | 1763 | &nbsp;&nbsp; 8110 |
| Zai Lab Ltd., ADR (China)<sup>(b)(c)</sup> | 2536 | &nbsp;&nbsp; 76435 |
| Zymeworks, Inc.<sup>(b)(c)</sup> | 2710 | &nbsp;&nbsp; 30975 |
|  |  | &nbsp;&nbsp; 28521991 |
| **Health Care Equipment & Supplies-0.23%** | **Health Care Equipment & Supplies-0.23%** | **Health Care Equipment & Supplies-0.23%** |
| Novocure Ltd.<sup>(b)(c)</sup> | 4322 | &nbsp;&nbsp; 82593 |
| **Health Care Providers & Services-0.62%** | **Health Care Providers & Services-0.62%** | **Health Care Providers & Services-0.62%** |
| Castle Biosciences, Inc.<sup>(b)(c)</sup> | 1127 | &nbsp;&nbsp; 17998 |
| Guardant Health, Inc.<sup>(b)</sup> | 4983 | &nbsp;&nbsp; 202410 |
|  |  | &nbsp;&nbsp; 220408 |
| **Life Sciences Tools & Services-4.10%** | **Life Sciences Tools & Services-4.10%** | **Life Sciences Tools & Services-4.10%** |
| 10X Genomics, Inc., Class A<sup>(b)</sup> | 4263 | &nbsp;&nbsp; 40626 |
| AbCellera Biologics, Inc. (Canada)<sup>(b)</sup> | 11726 | &nbsp;&nbsp; 23687 |
| Adaptive Biotechnologies Corp.<sup>(b)(c)</sup> | 5809 | &nbsp;&nbsp; 55302 |
| Alpha Teknova, Inc.<sup>(b)(c)</sup> | 2098 | &nbsp;&nbsp; 12105 |
| Codexis, Inc.<sup>(b)(c)</sup> | 3256 | &nbsp;&nbsp; 7489 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | 3532 | &nbsp;&nbsp; 15188 |
| Illumina, Inc.<sup>(b)</sup> | 6331 | &nbsp;&nbsp; 520661 |
| Maravai LifeSciences Holdings, Inc., Class A<sup>(b)</sup> | 5580 | &nbsp;&nbsp; 12555 |
| MaxCyte, Inc.<sup>(b)(c)</sup> | 4148 | &nbsp;&nbsp; 9872 |
| Medpace Holdings, Inc.<sup>(b)(c)</sup> | 1222 | &nbsp;&nbsp; 360368 |
| &nbsp;&nbsp;&nbsp; OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(c)(d)</sup><br>| 125 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; OmniAb Operations, Inc., Rts., expiring <br> 11/02/2027<sup>(b)(d)</sup><br>| 125 | &nbsp;&nbsp; 0 |
| OmniAb, Inc.<sup>(b)(c)</sup> | 4764 | &nbsp;&nbsp; 6050 |
| Pacific Biosciences of California, Inc.<sup>(b)(c)</sup> | 10772 | &nbsp;&nbsp; 10381 |
| Personalis, Inc.<sup>(b)</sup> | 3471 | &nbsp;&nbsp; 16071 |
| Tempus AI, Inc.<sup>(b)(c)</sup> | 6723 | &nbsp;&nbsp; 370975 |
|  |  | &nbsp;&nbsp; 1461330 |
| **Pharmaceuticals-14.94%** | **Pharmaceuticals-14.94%** | **Pharmaceuticals-14.94%** |
| Alumis, Inc.<sup>(b)(c)</sup> | 3759 | &nbsp;&nbsp; 13157 |
| Amneal Pharmaceuticals, Inc.<sup>(b)</sup> | 12534 | &nbsp;&nbsp; 91749 |
| Amphastar Pharmaceuticals, Inc.<sup>(b)</sup> | 1890 | &nbsp;&nbsp; 48592 |
| Amylyx Pharmaceuticals, Inc.<sup>(b)</sup> | 3375 | &nbsp;&nbsp; 17381 |
| ANI Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 855 | &nbsp;&nbsp; 50206 |
| Aquestive Therapeutics, Inc.<sup>(b)</sup> | 3587 | &nbsp;&nbsp; 9721 |
| Arvinas, Inc.<sup>(b)(c)</sup> | 2711 | &nbsp;&nbsp; 19519 |
| AstraZeneca PLC, ADR (United Kingdom) | 23314 | &nbsp;&nbsp; 1697959 |
| Atea Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3324 | &nbsp;&nbsp; 9872 |
| Avadel Pharmaceuticals PLC<sup>(b)(c)</sup> | 3788 | &nbsp;&nbsp; 34509 |
| Axsome Therapeutics, Inc.<sup>(b)(c)</sup> | 1969 | &nbsp;&nbsp; 207060 |
| Collegium Pharmaceutical, Inc.<sup>(b)</sup> | 1240 | &nbsp;&nbsp; 36134 |
| CorMedix, Inc.<sup>(b)(c)</sup> | 2384 | &nbsp;&nbsp; 28942 |
| Edgewise Therapeutics, Inc.<sup>(b)(c)</sup> | 3729 | &nbsp;&nbsp; 53250 |
| Enliven Therapeutics, Inc.<sup>(b)(c)</sup> | 1922 | &nbsp;&nbsp; 34154 |

---

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

------

**Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Esperion Therapeutics, Inc.<sup>(b)(c)</sup> | 7757 | &nbsp;&nbsp; $6592 |
| Evolus, Inc.<sup>(b)(c)</sup> | 2494 | &nbsp;&nbsp; 22920 |
| EyePoint Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2689 | &nbsp;&nbsp; 19468 |
| Harmony Biosciences Holdings, Inc.<sup>(b)</sup> | 2255 | &nbsp;&nbsp; 77797 |
| Harrow, Inc.<sup>(b)(c)</sup> | 1402 | &nbsp;&nbsp; 39410 |
| Hutchmed (China) Ltd., ADR (China)<sup>(b)(c)</sup> | 1220 | &nbsp;&nbsp; 16946 |
| Indivior PLC (United Kingdom)<sup>(b)(c)</sup> | 4884 | &nbsp;&nbsp; 62808 |
| Innoviva, Inc.<sup>(b)(c)</sup> | 2467 | &nbsp;&nbsp; 48279 |
| Jazz Pharmaceuticals PLC<sup>(b)</sup> | 2433 | &nbsp;&nbsp; 262934 |
| Ligand Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 761 | &nbsp;&nbsp; 77767 |
| Mind Medicine (MindMed), Inc.<sup>(b)(c)</sup> | 2885 | &nbsp;&nbsp; 20945 |
| Neumora Therapeutics, Inc.<sup>(b)(c)</sup> | 6361 | &nbsp;&nbsp; 4556 |
| Ocular Therapeutix, Inc.<sup>(b)(c)</sup> | 6190 | &nbsp;&nbsp; 49582 |
| Omeros Corp.<sup>(b)(c)</sup> | 2281 | &nbsp;&nbsp; 7048 |
| Pacira BioSciences, Inc.<sup>(b)</sup> | 1825 | &nbsp;&nbsp; 47158 |
| Phathom Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 2695 | &nbsp;&nbsp; 11454 |
| Phibro Animal Health Corp., Class A | 796 | &nbsp;&nbsp; 19438 |
| Pliant Therapeutics, Inc.<sup>(b)</sup> | 2391 | &nbsp;&nbsp; 3228 |
| Rapport Therapeutics, Inc.<sup>(b)(c)</sup> | 1442 | &nbsp;&nbsp; 11925 |
| Royalty Pharma PLC, Class A | 17314 | &nbsp;&nbsp; 569284 |
| Sanofi S.A., ADR<sup>(c)</sup> | 11477 | &nbsp;&nbsp; 566619 |
| scPharmaceuticals, Inc.<sup>(b)(c)</sup> | 1972 | &nbsp;&nbsp; 7178 |
| SIGA Technologies, Inc.<sup>(c)</sup> | 2810 | &nbsp;&nbsp; 16804 |
| Structure Therapeutics, Inc., ADR<sup>(b)(c)</sup> | 2349 | &nbsp;&nbsp; 51114 |
| Supernus Pharmaceuticals, Inc.<sup>(b)</sup> | 2191 | &nbsp;&nbsp; 69455 |
| Tarsus Pharmaceuticals, Inc.<sup>(b)</sup> | 1506 | &nbsp;&nbsp; 64683 |
| Terns Pharmaceuticals, Inc.<sup>(b)(c)</sup> | 3343 | &nbsp;&nbsp; 10397 |
| Theravance Biopharma, Inc.<sup>(b)</sup> | 1936 | &nbsp;&nbsp; 17734 |
| Third Harmonic Bio, Inc., Class B<sup>(b)(c)</sup> | 1774 | &nbsp;&nbsp; 9243 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** | **Pharmaceuticals-(continued)** |
| Trevi Therapeutics, Inc.<sup>(b)(c)</sup> | 3518 | &nbsp;&nbsp; $22902 |
| Verona Pharma PLC, ADR (United Kingdom)<sup>(b)</sup> | 3167 | &nbsp;&nbsp; 257160 |
| Viatris, Inc. | 47896 | &nbsp;&nbsp; 421006 |
| WaVe Life Sciences Ltd.<sup>(b)(c)</sup> | 6005 | &nbsp;&nbsp; 36090 |
| Xeris Biopharma Holdings, Inc.<sup>(b)(c)</sup> | 5861 | &nbsp;&nbsp; 28953 |
| Zevra Therapeutics, Inc.<sup>(b)(c)</sup> | 2100 | &nbsp;&nbsp; 17955 |
|  |  | &nbsp;&nbsp; 5329037 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.84% <br>(Cost $41,435,220) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.84% <br>(Cost $41,435,220) | &nbsp;&nbsp; 35615359 |
| **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-27.23%** | **Money Market Funds-27.23%** | **Money Market Funds-27.23%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.29%<sup>(e)(f)(g)</sup><br>| 2737448 | &nbsp;&nbsp; 2737448 |
| Invesco Private Prime Fund, 4.45%<sup>(e)(f)(g)</sup> | 6976682 | &nbsp;&nbsp; 6978077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,715,525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $9,715,525) | &nbsp;&nbsp; 9715525 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-127.07% <br>(Cost $51,150,745) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-127.07% <br>(Cost $51,150,745) | &nbsp;&nbsp; 45330884 |
| OTHER ASSETS LESS LIABILITIES-(27.07)% | OTHER ASSETS LESS LIABILITIES-(27.07)% | &nbsp;&nbsp; (9657276)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $35673608 |

---

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

Investment Abbreviations: <br> ADR -American Depositary Receipt <br> Rts. -Rights

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | All or a portion of this security was out on loan at May 31, 2025. |
| <sup>(d)</sup> | Security valued using significant unobservable inputs (Level 3). See Note 1. |
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended May 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, Institutional <br> Class<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $339399 | &nbsp;&nbsp;&nbsp; $(339399)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $633 |

---

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

------

**Invesco Nasdaq Biotechnology ETF (IBBQ)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **May 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased with** <br> **Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; $2870230 | &nbsp;&nbsp;&nbsp; $19064234 | &nbsp;&nbsp;&nbsp; $(19197016)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $2737448 | &nbsp;&nbsp;&nbsp; $99,540<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 7371186 | &nbsp;&nbsp;&nbsp; 35358443 | &nbsp;&nbsp;&nbsp; (35750091)<br>| &nbsp;&nbsp;&nbsp; (484)<br>| &nbsp;&nbsp;&nbsp; (977)<br>| &nbsp;&nbsp;&nbsp; 6978077 | &nbsp;&nbsp;&nbsp; 263,264<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $10241416 | &nbsp;&nbsp;&nbsp; $54762076 | &nbsp;&nbsp;&nbsp; $(55286506)<br>| &nbsp;&nbsp;&nbsp; $(484)<br>| &nbsp;&nbsp;&nbsp; $(977)<br>| &nbsp;&nbsp;&nbsp; $9715525 | &nbsp;&nbsp;&nbsp; $363437 |

---

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

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

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

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

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

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

------

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

**Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)**

May 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Automobiles-0.56%** | **Automobiles-0.56%** | **Automobiles-0.56%** |
| Thor Industries, Inc.<sup>(b)</sup> | 1018 | &nbsp;&nbsp; $82652 |
| **Building Products-0.87%** | **Building Products-0.87%** | **Building Products-0.87%** |
| Owens Corning | 962 | &nbsp;&nbsp; 128860 |
| **Commercial Services & Supplies-6.08%** | **Commercial Services & Supplies-6.08%** | **Commercial Services & Supplies-6.08%** |
| Cintas Corp. | 1562 | &nbsp;&nbsp; 353793 |
| Republic Services, Inc. | 1297 | &nbsp;&nbsp; 333705 |
| Rollins, Inc. | 3741 | &nbsp;&nbsp; 214172 |
|  |  | &nbsp;&nbsp; 901670 |
| **Consumer Finance-1.98%** | **Consumer Finance-1.98%** | **Consumer Finance-1.98%** |
| Capital One Financial Corp. | 1556 | &nbsp;&nbsp; 294317 |
| **Distributors-0.87%** | **Distributors-0.87%** | **Distributors-0.87%** |
| Pool Corp.<sup>(b)</sup> | 427 | &nbsp;&nbsp; 128352 |
| **Electrical Equipment-0.75%** | **Electrical Equipment-0.75%** | **Electrical Equipment-0.75%** |
| Acuity, Inc. | 429 | &nbsp;&nbsp; 111493 |
| **Electronic Equipment, Instruments & Components-4.78%** | **Electronic Equipment, Instruments & Components-4.78%** | **Electronic Equipment, Instruments & Components-4.78%** |
| Amphenol Corp., Class A | 4795 | &nbsp;&nbsp; 431214 |
| Littelfuse, Inc. | 451 | &nbsp;&nbsp; 92482 |
| Teledyne Technologies, Inc.<sup>(c)</sup> | 372 | &nbsp;&nbsp; 185576 |
|  |  | &nbsp;&nbsp; 709272 |
| **Entertainment-1.20%** | **Entertainment-1.20%** | **Entertainment-1.20%** |
| Warner Bros. Discovery, Inc.<sup>(c)</sup> | 17853 | &nbsp;&nbsp; 177994 |
| **Financial Services-4.81%** | **Financial Services-4.81%** | **Financial Services-4.81%** |
| Mastercard, Inc., Class A | 1219 | &nbsp;&nbsp; 713846 |
| **Food Products-1.07%** | **Food Products-1.07%** | **Food Products-1.07%** |
| McCormick & Co., Inc. | 2185 | &nbsp;&nbsp; 158915 |
| **Health Care Providers & Services-2.79%** | **Health Care Providers & Services-2.79%** | **Health Care Providers & Services-2.79%** |
| UnitedHealth Group, Inc. | 1369 | &nbsp;&nbsp; 413315 |
| **Health Care Technology-0.29%** | **Health Care Technology-0.29%** | **Health Care Technology-0.29%** |
| Simulations Plus, Inc.<sup>(b)</sup> | 1375 | &nbsp;&nbsp; 43787 |
| **Hotels, Restaurants & Leisure-1.99%** | **Hotels, Restaurants & Leisure-1.99%** | **Hotels, Restaurants & Leisure-1.99%** |
| Marriott International, Inc., Class A | 1118 | &nbsp;&nbsp; 294962 |
| **Household Durables-1.76%** | **Household Durables-1.76%** | **Household Durables-1.76%** |
| Cavco Industries, Inc.<sup>(c)</sup> | 174 | &nbsp;&nbsp; 75446 |
| NVR, Inc.<sup>(c)</sup> | 26 | &nbsp;&nbsp; 185014 |
|  |  | &nbsp;&nbsp; 260460 |
| **Interactive Media & Services-7.09%** | **Interactive Media & Services-7.09%** | **Interactive Media & Services-7.09%** |
| Meta Platforms, Inc., Class A | 1623 | &nbsp;&nbsp; 1050876 |
| **IT Services-1.44%** | **IT Services-1.44%** | **IT Services-1.44%** |
| VeriSign, Inc. | 782 | &nbsp;&nbsp; 213072 |
| **Life Sciences Tools & Services-4.63%** | **Life Sciences Tools & Services-4.63%** | **Life Sciences Tools & Services-4.63%** |
| Mettler-Toledo International, Inc.<sup>(c)</sup> | 157 | &nbsp;&nbsp; 181416 |
| Thermo Fisher Scientific, Inc. | 885 | &nbsp;&nbsp; 356496 |
| West Pharmaceutical Services, Inc. | 707 | &nbsp;&nbsp; 149071 |
|  |  | &nbsp;&nbsp; 686983 |
| **Machinery-0.80%** | **Machinery-0.80%** | **Machinery-0.80%** |
| Watts Water Technologies, Inc., Class A | 491 | &nbsp;&nbsp; 118881 |
| **Metals & Mining-0.48%** | **Metals & Mining-0.48%** | **Metals & Mining-0.48%** |
| Radius Recycling, Inc., Class A<sup>(b)</sup> | 2424 | &nbsp;&nbsp; 71775 |
| **Oil, Gas & Consumable Fuels-1.97%** | **Oil, Gas & Consumable Fuels-1.97%** | **Oil, Gas & Consumable Fuels-1.97%** |
| Kinder Morgan, Inc. | 10407 | &nbsp;&nbsp; 291812 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Professional Services-4.71%** | **Professional Services-4.71%** | **Professional Services-4.71%** |
| Automatic Data Processing, Inc. | 1232 | &nbsp;&nbsp; $401053 |
| DLH Holdings Corp.<sup>(b)(c)</sup> | 3273 | &nbsp;&nbsp; 16365 |
| Paychex, Inc. | 1785 | &nbsp;&nbsp; 281869 |
|  |  | &nbsp;&nbsp; 699287 |
| **Semiconductors & Semiconductor Equipment-22.72%** | **Semiconductors & Semiconductor Equipment-22.72%** | **Semiconductors & Semiconductor Equipment-22.72%** |
| Broadcom, Inc. | 4510 | &nbsp;&nbsp; 1091736 |
| KLA Corp. | 480 | &nbsp;&nbsp; 363302 |
| Microchip Technology, Inc. | 3647 | &nbsp;&nbsp; 211672 |
| NVIDIA Corp. | 11844 | &nbsp;&nbsp; 1600480 |
| Rambus, Inc.<sup>(c)</sup> | 1903 | &nbsp;&nbsp; 101753 |
|  |  | &nbsp;&nbsp; 3368943 |
| **Software-24.44%** | **Software-24.44%** | **Software-24.44%** |
| Adobe, Inc.<sup>(c)</sup> | 1046 | &nbsp;&nbsp; 434184 |
| Cadence Design Systems, Inc.<sup>(c)</sup> | 1189 | &nbsp;&nbsp; 341326 |
| Fair Isaac Corp.<sup>(c)</sup> | 134 | &nbsp;&nbsp; 231322 |
| Fortinet, Inc.<sup>(c)</sup> | 2990 | &nbsp;&nbsp; 304322 |
| Intuit, Inc. | 715 | &nbsp;&nbsp; 538731 |
| Manhattan Associates, Inc.<sup>(c)</sup> | 771 | &nbsp;&nbsp; 145550 |
| Progress Software Corp.<sup>(b)</sup> | 1314 | &nbsp;&nbsp; 80890 |
| PTC, Inc.<sup>(c)</sup> | 1076 | &nbsp;&nbsp; 181112 |
| Qualys, Inc.<sup>(c)</sup> | 737 | &nbsp;&nbsp; 102111 |
| Roper Technologies, Inc. | 492 | &nbsp;&nbsp; 280573 |
| Salesforce, Inc. | 1827 | &nbsp;&nbsp; 484831 |
| ServiceNow, Inc.<sup>(c)</sup> | 495 | &nbsp;&nbsp; 500490 |
|  |  | &nbsp;&nbsp; 3625442 |
| **Trading Companies & Distributors-1.81%** | **Trading Companies & Distributors-1.81%** | **Trading Companies & Distributors-1.81%** |
| Fastenal Co. | 6493 | &nbsp;&nbsp; 268421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $14,151,590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $14,151,590) | &nbsp;&nbsp; 14815387 |
| **Money Market Funds-0.01%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.24%<sup>(d)(e)</sup> <br>(Cost $1,837)<br>| 1837 | &nbsp;&nbsp; 1837 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.90% <br>(Cost $14,153,427) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral from <br> securities on loan)-99.90% <br>(Cost $14,153,427) | &nbsp;&nbsp; 14817224 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-2.37%** | **Money Market Funds-2.37%** | **Money Market Funds-2.37%** |
| Invesco Private Government Fund, 4.29%<sup>(d)(e)(f)</sup> | 97314 | &nbsp;&nbsp; 97314 |
| Invesco Private Prime Fund, 4.45%<sup>(d)(e)(f)</sup> | 253428 | &nbsp;&nbsp; 253478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $350,792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $350,792) | &nbsp;&nbsp; 350792 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.27% <br>(Cost $14,504,219) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-102.27% <br>(Cost $14,504,219) | &nbsp;&nbsp; 15168016 |
| OTHER ASSETS LESS LIABILITIES-(2.27)% | OTHER ASSETS LESS LIABILITIES-(2.27)% | &nbsp;&nbsp; (337072)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $14830944 |

---

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

------

**Invesco Nasdaq Free Cash Flow Achievers ETF (QOWZ)—(continued)**

May 31, 2025

*(Unaudited)*

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & Agency <br> Portfolio, Institutional Class<br>| &nbsp;&nbsp;&nbsp; $6725 | &nbsp;&nbsp;&nbsp; $136226 | &nbsp;&nbsp;&nbsp; $(141114)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $1837 | &nbsp;&nbsp;&nbsp; $156 |
| **Investments Purchased with** <br> **Cash Collateral from Securities** <br> **on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private Government <br> Fund<br>| &nbsp;&nbsp;&nbsp; 19183 | &nbsp;&nbsp;&nbsp; 3270329 | &nbsp;&nbsp;&nbsp; (3192198)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 97314 | &nbsp;&nbsp;&nbsp; 2,809<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 50888 | &nbsp;&nbsp;&nbsp; 6460449 | &nbsp;&nbsp;&nbsp; (6257805)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; 253478 | &nbsp;&nbsp;&nbsp; 7,331<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $76796 | &nbsp;&nbsp;&nbsp; $9867004 | &nbsp;&nbsp;&nbsp; $(9591117)<br>| &nbsp;&nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp;&nbsp; $(51)<br>| &nbsp;&nbsp;&nbsp; $352629 | &nbsp;&nbsp;&nbsp; $10296 |

---

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

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

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

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

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

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

------

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

**Invesco PHLX Semiconductor ETF (SOXQ)**

May 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** | **Common Stocks & Other Equity Interests-99.89%** |
| **Electronic Equipment, Instruments & Components-1.19%** | **Electronic Equipment, Instruments & Components-1.19%** | **Electronic Equipment, Instruments & Components-1.19%** |
| Coherent Corp.<sup>(b)</sup> | 69980 | &nbsp;&nbsp; $5292587 |
| **Semiconductors & Semiconductor Equipment-98.70%** | **Semiconductors & Semiconductor Equipment-98.70%** | **Semiconductors & Semiconductor Equipment-98.70%** |
| Advanced Micro Devices, Inc.<sup>(b)</sup> | 178639 | &nbsp;&nbsp; 19780696 |
| Amkor Technology, Inc. | 111420 | &nbsp;&nbsp; 2007789 |
| Analog Devices, Inc. | 77549 | &nbsp;&nbsp; 16593935 |
| Applied Materials, Inc. | 112849 | &nbsp;&nbsp; 17689081 |
| ARM Holdings PLC, ADR<sup>(b)(c)</sup> | 59123 | &nbsp;&nbsp; 7363178 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V., New York Shares <br> (Netherlands)<br>| 25144 | &nbsp;&nbsp; 18525345 |
| Broadcom, Inc. | 223629 | &nbsp;&nbsp; 54133872 |
| Cirrus Logic, Inc.<sup>(b)(c)</sup> | 23982 | &nbsp;&nbsp; 2358870 |
| Entegris, Inc.<sup>(c)</sup> | 68244 | &nbsp;&nbsp; 4691093 |
| GLOBALFOUNDRIES, Inc.<sup>(b)</sup> | 249557 | &nbsp;&nbsp; 8934141 |
| Intel Corp. | 751775 | &nbsp;&nbsp; 14697201 |
| KLA Corp. | 25152 | &nbsp;&nbsp; 19037046 |
| Lam Research Corp. | 232466 | &nbsp;&nbsp; 18780928 |
| Lattice Semiconductor Corp.<sup>(b)(c)</sup> | 62242 | &nbsp;&nbsp; 2797156 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, <br> Inc.<sup>(b)</sup><br>| 33575 | &nbsp;&nbsp; 4083056 |
| Marvell Technology, Inc. | 194290 | &nbsp;&nbsp; 11694315 |
| Microchip Technology, Inc. | 242861 | &nbsp;&nbsp; 14095652 |
| Micron Technology, Inc. | 190526 | &nbsp;&nbsp; 17997086 |
| Monolithic Power Systems, Inc.<sup>(c)</sup> | 22026 | &nbsp;&nbsp; 14579009 |
| NVIDIA Corp. | 428414 | &nbsp;&nbsp; 57891584 |
| NXP Semiconductors N.V. (Netherlands) | 82757 | &nbsp;&nbsp; 15817345 |
| ON Semiconductor Corp.<sup>(b)</sup> | 190294 | &nbsp;&nbsp; 7996154 |
| Onto Innovation, Inc.<sup>(b)(c)</sup> | 22255 | &nbsp;&nbsp; 2046125 |
| Qorvo, Inc.<sup>(b)(c)</sup> | 42174 | &nbsp;&nbsp; 3206068 |
| QUALCOMM, Inc. | 113494 | &nbsp;&nbsp; 16479329 |
| Skyworks Solutions, Inc. | 72571 | &nbsp;&nbsp; 5009576 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd., ADR (Taiwan)<br>| 197629 | &nbsp;&nbsp; 38205638 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| Teradyne, Inc. | 73027 | &nbsp;&nbsp; $5739922 |
| Texas Instruments, Inc. | 91044 | &nbsp;&nbsp; 16647395 |
|  |  | &nbsp;&nbsp; 438878585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $456,568,142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks & Other Equity Interests <br>(Cost $456,568,142) | &nbsp;&nbsp; 444171172 |
| **Money Market Funds-0.06%** |  |  |
| &nbsp;&nbsp;&nbsp; Invesco Government & Agency Portfolio, <br> Institutional Class, 4.24%<sup>(d)(e)</sup> <br>(Cost $267,329)<br>| 267329 | &nbsp;&nbsp; 267329 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $456,835,471) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-99.95% <br>(Cost $456,835,471) | &nbsp;&nbsp; 444438501 |
| **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** | **Investments Purchased with Cash Collateral** <br>**from Securities on Loan** |
| **Money Market Funds-7.44%** | **Money Market Funds-7.44%** | **Money Market Funds-7.44%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.29%<sup>(d)(e)(f)</sup><br>| 9179431 | &nbsp;&nbsp; 9179431 |
| Invesco Private Prime Fund, 4.45%<sup>(d)(e)(f)</sup> | 23890452 | &nbsp;&nbsp; 23895230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $33,074,661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $33,074,661) | &nbsp;&nbsp; 33074661 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-107.39% <br>(Cost $489,910,132) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-107.39% <br>(Cost $489,910,132) | &nbsp;&nbsp; 477513162 |
| OTHER ASSETS LESS LIABILITIES-(7.39)% | OTHER ASSETS LESS LIABILITIES-(7.39)% | &nbsp;&nbsp; (32869966)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $444643196 |

---

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

Investment Abbreviations: <br> ADR -American Depositary Receipt

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

---

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

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $205395 | &nbsp;&nbsp;&nbsp; $3452504 | &nbsp;&nbsp;&nbsp; $(3390570)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $267329 | &nbsp;&nbsp;&nbsp; $6103 |

---

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

------

**Invesco PHLX Semiconductor ETF (SOXQ)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **May 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral from** <br> **Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; $7025751 | &nbsp;&nbsp;&nbsp; $102357705 | &nbsp;&nbsp;&nbsp; $(100204025)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $9179431 | &nbsp;&nbsp;&nbsp; $210,768<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime Fund | &nbsp;&nbsp;&nbsp; 10957299 | &nbsp;&nbsp;&nbsp; 195058956 | &nbsp;&nbsp;&nbsp; (182118732)<br>| &nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp; (2107)<br>| &nbsp;&nbsp;&nbsp; 23895230 | &nbsp;&nbsp;&nbsp; 556,103<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $18188445 | &nbsp;&nbsp;&nbsp; $300869165 | &nbsp;&nbsp;&nbsp; $(285713327)<br>| &nbsp;&nbsp;&nbsp; $(186)<br>| &nbsp;&nbsp;&nbsp; $(2107)<br>| &nbsp;&nbsp;&nbsp; $33341990 | &nbsp;&nbsp;&nbsp; $772974 |

---

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

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

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

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

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

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

------

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

**Invesco Solar ETF (TAN)**

May 31, 2025

*(Unaudited)*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** | **Common Stocks & Other Equity Interests-100.00%** |
| **Construction & Engineering-1.37%** | **Construction & Engineering-1.37%** | **Construction & Engineering-1.37%** |
| West Holdings Corp. (Japan)<sup>(b)</sup> | 747048 | &nbsp;&nbsp; $8159662 |
| **Electrical Equipment-23.12%** | **Electrical Equipment-23.12%** | **Electrical Equipment-23.12%** |
| Array Technologies, Inc.<sup>(b)(c)</sup> | 2775729 | &nbsp;&nbsp; 18319811 |
| Nextracker, Inc., Class A<sup>(c)</sup> | 1297507 | &nbsp;&nbsp; 73555672 |
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., <br> Class A<sup>(b)(c)</sup><br>| 3818707 | &nbsp;&nbsp; 18024297 |
| Sunrun, Inc.<sup>(b)(c)</sup> | 3695803 | &nbsp;&nbsp; 27681565 |
|  |  | &nbsp;&nbsp; 137581345 |
| **Financial Services-3.88%** | **Financial Services-3.88%** | **Financial Services-3.88%** |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, <br> Inc.<sup>(b)</sup><br>| 921949 | &nbsp;&nbsp; 23094822 |
| **Independent Power and Renewable Electricity Producers-25.93%** | **Independent Power and Renewable Electricity Producers-25.93%** | **Independent Power and Renewable Electricity Producers-25.93%** |
| Clearway Energy, Inc., Class C | 726501 | &nbsp;&nbsp; 22354436 |
| &nbsp;&nbsp;&nbsp; Doral Group Renewable Energy Resources <br> Ltd. (Israel)<sup>(b)(c)</sup><br>| 2759319 | &nbsp;&nbsp; 11298610 |
| &nbsp;&nbsp;&nbsp; Energix-Renewable Energies Ltd. <br> (Israel)<sup>(b)</sup><br>| 3693437 | &nbsp;&nbsp; 11712958 |
| Enlight Renewable Energy Ltd. (Israel)<sup>(c)</sup> | 1160965 | &nbsp;&nbsp; 22689340 |
| Grenergy Renovables S.A. (Spain)<sup>(c)</sup> | 255691 | &nbsp;&nbsp; 20281546 |
| OY Nofar Energy Ltd. (Israel)<sup>(b)(c)</sup> | 565635 | &nbsp;&nbsp; 14601034 |
| &nbsp;&nbsp;&nbsp; ReNew Energy Global PLC, Class A <br> (India)<sup>(b)(c)</sup><br>| 1230300 | &nbsp;&nbsp; 8378343 |
| RENOVA, Inc. (Japan)<sup>(c)</sup> | 997232 | &nbsp;&nbsp; 4662931 |
| Scatec ASA (South Africa)<sup>(c)(d)</sup> | 1536253 | &nbsp;&nbsp; 13157872 |
| &nbsp;&nbsp;&nbsp; Solaria Energia y Medio Ambiente S.A. <br> (Spain)<sup>(b)(c)</sup><br>| 1925958 | &nbsp;&nbsp; 16628547 |
| Xinyi Energy Holdings Ltd. (China)<sup>(b)</sup> | 68916183 | &nbsp;&nbsp; 8502154 |
|  |  | &nbsp;&nbsp; 154267771 |
| **Semiconductors & Semiconductor Equipment-45.70%** | **Semiconductors & Semiconductor Equipment-45.70%** | **Semiconductors & Semiconductor Equipment-45.70%** |
| Canadian Solar, Inc. (Canada)<sup>(b)(c)</sup> | 1285161 | &nbsp;&nbsp; 13532745 |
| Daqo New Energy Corp., ADR (China)<sup>(b)(c)</sup> | 954104 | &nbsp;&nbsp; 12746829 |
| Enphase Energy, Inc.<sup>(c)</sup> | 1037709 | &nbsp;&nbsp; 42950776 |
| First Solar, Inc.<sup>(b)(c)</sup> | 455219 | &nbsp;&nbsp; 71961020 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** | **Semiconductors & Semiconductor Equipment-(continued)** |
| &nbsp;&nbsp;&nbsp; Flat Glass Group Co. Ltd., H Shares <br> (China)<sup>(b)</sup><br>| 10337864 | &nbsp;&nbsp; $10928626 |
| GCL Technology Holdings Ltd. (China)<sup>(b)(c)</sup> | 289732864 | &nbsp;&nbsp; 30156633 |
| &nbsp;&nbsp;&nbsp; JinkoSolar Holding Co. Ltd., ADR <br> (China)<sup>(b)</sup><br>| 828592 | &nbsp;&nbsp; 14980943 |
| Motech Industries, Inc. (Taiwan) | 11828000 | &nbsp;&nbsp; 7732690 |
| SMA Solar Technology AG (Germany)<sup>(b)</sup> | 379302 | &nbsp;&nbsp; 8404095 |
| SolarEdge Technologies, Inc.<sup>(b)(c)</sup> | 1073942 | &nbsp;&nbsp; 19180604 |
| TSEC Corp. (Taiwan) | 15206000 | &nbsp;&nbsp; 7771015 |
| &nbsp;&nbsp;&nbsp; United Renewable Energy Co. Ltd. <br> (Taiwan)<sup>(c)</sup><br>| 38040458 | &nbsp;&nbsp; 9323085 |
| Xinyi Solar Holdings Ltd. (China)<sup>(b)</sup> | 74109129 | &nbsp;&nbsp; 22246849 |
|  |  | &nbsp;&nbsp; 271915910 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $1,100,161,988) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES <br>(excluding investments purchased with cash collateral <br> from securities on loan)-100.00% <br>(Cost $1,100,161,988) | &nbsp;&nbsp; 595019510 |
| **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-27.28%** | **Money Market Funds-27.28%** | **Money Market Funds-27.28%** |
| &nbsp;&nbsp;&nbsp; Invesco Private Government Fund, <br> 4.29%<sup>(e)(f)(g)</sup><br>| 45051995 | &nbsp;&nbsp; 45051995 |
| Invesco Private Prime Fund, 4.45%<sup>(e)(f)(g)</sup> | 117253957 | &nbsp;&nbsp; 117277408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $162,331,653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments Purchased with Cash Collateral from <br> Securities on Loan <br>(Cost $162,331,653) | &nbsp;&nbsp; 162329403 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-127.28% <br>(Cost $1,262,493,641) | &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS IN SECURITIES-127.28% <br>(Cost $1,262,493,641) | &nbsp;&nbsp; 757348913 |
| OTHER ASSETS LESS LIABILITIES-(27.28)% | OTHER ASSETS LESS LIABILITIES-(27.28)% | &nbsp;&nbsp; (162339213)<br>|
| NET ASSETS-100.00% | NET ASSETS-100.00% | &nbsp;&nbsp; $595009700 |

---

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

Investment Abbreviations: <br> ADR -American Depositary Receipt

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

---

| | |
|:---|:---|
| Notes to Schedule of Investments: | Notes to Schedule of Investments: |
| <sup>(a)</sup> | Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is <br> the exclusive property and a service mark of MSCI Inc. and Standard & Poor's.<br>|
| <sup>(b)</sup> | All or a portion of this security was out on loan at May 31, 2025. |
| <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 May 31, 2025 <br> represented 2.21% of the Fund's Net Assets.<br>|
| <sup>(e)</sup> | Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in <br> which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund's transactions in, and earnings from, its investments in <br> affiliates for the nine months ended May 31, 2025.<br>|

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value** <br>**August 31, 2024**<br>| **Purchases** <br>**at Cost**<br>| **Proceeds** <br>**from Sales**<br>| **Change in** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>| **Realized** <br>**Gain** <br>**(Loss)**<br>| **Value** <br>**May 31, 2025**<br>| **Dividend Income** |
| **Investments in Affiliated** <br> **Money Market Funds:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Government & <br> Agency Portfolio, <br> Institutional Class<br>| &nbsp;&nbsp;&nbsp; $120097 | &nbsp;&nbsp;&nbsp; $45596089 | &nbsp;&nbsp;&nbsp; $(45716186)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $27621 |

---

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

------

**Invesco Solar ETF (TAN)—(continued)**

May 31, 2025

*(Unaudited)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value**<br> **August 31, 2024**<br>| **Purchases**<br> **at Cost**<br>| **Proceeds**<br> **from Sales**<br>| **Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Realized**<br> **Gain**<br> **(Loss)**<br>| **Value**<br> **May 31, 2025**<br>| **Dividend Income** |
| **Investments Purchased** <br> **with Cash Collateral** <br> **from Securities on Loan:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Invesco Private <br> Government Fund<br>| &nbsp;&nbsp;&nbsp; $84758203 | &nbsp;&nbsp;&nbsp; $248034715 | &nbsp;&nbsp;&nbsp; $(287740923)<br>| &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $45051995 | &nbsp;&nbsp;&nbsp; $2,482,953<br> \*<br>|
| &nbsp;&nbsp; Invesco Private Prime <br> Fund<br>| &nbsp;&nbsp;&nbsp; 222718484 | &nbsp;&nbsp;&nbsp; 504141051 | &nbsp;&nbsp;&nbsp; (609545713)<br>| &nbsp;&nbsp;&nbsp; (21333)<br>| &nbsp;&nbsp;&nbsp; (15081)<br>| &nbsp;&nbsp;&nbsp; 117277408 | &nbsp;&nbsp;&nbsp; 6,655,174<br> \*<br>|
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp; $307596784 | &nbsp;&nbsp;&nbsp; $797771855 | &nbsp;&nbsp;&nbsp; $(943002822)<br>| &nbsp;&nbsp;&nbsp; $(21333)<br>| &nbsp;&nbsp;&nbsp; $(15081)<br>| &nbsp;&nbsp;&nbsp; $162329403 | &nbsp;&nbsp;&nbsp; $9165748 |

---

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

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

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

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

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

---

| | |
|:---|:---|
| This Fund has holdings greater than 10% of net assets in the following country: |  |
| China | 16.73% |
| Israel | 10.14% |

---

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

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

------

**Notes to Quarterly Schedules of Portfolio Holdings**

May 31, 2025

*(Unaudited)*

**NOTE 1—Additional Valuation Information**

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

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

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

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

The following is a summary of the tiered valuation input levels, as of May 31, 2025. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp; Invesco Nasdaq Biotechnology ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $35615000 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $359 | &nbsp;&nbsp;&nbsp; $35615359 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9715525 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 9715525 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $35615000 | &nbsp;&nbsp;&nbsp; $9715525 | &nbsp;&nbsp;&nbsp; $359 | &nbsp;&nbsp;&nbsp; $45330884 |
| &nbsp;&nbsp; Invesco Nasdaq Free Cash Flow Achievers ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $14815387 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $14815387 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 1837 | &nbsp;&nbsp;&nbsp; 350792 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 352629 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $14817224 | &nbsp;&nbsp;&nbsp; $350792 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $15168016 |
| &nbsp;&nbsp; Invesco PHLX Semiconductor ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $444171172 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $444171172 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; 267329 | &nbsp;&nbsp;&nbsp; 33074661 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 33341990 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $444438501 | &nbsp;&nbsp;&nbsp; $33074661 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $477513162 |
| &nbsp;&nbsp; Invesco Solar ETF |  |  |  |  |
| **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks & Other Equity Interests | &nbsp;&nbsp;&nbsp; $366761863 | &nbsp;&nbsp;&nbsp; $228257647 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $595019510 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 162329403 | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; 162329403 |
| **Total Investments** | &nbsp;&nbsp;&nbsp; $366761863 | &nbsp;&nbsp;&nbsp; $390587050 | &nbsp;&nbsp;&nbsp; $- | &nbsp;&nbsp;&nbsp; $757348913 |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-21977

- **c. CIK number of Registrant:** 0001378872

- **d. LEI of Registrant:** O540V2L4S174Y60FMD36

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

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

  - **City:** Downers Grove

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60515

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

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

- **a. Name of Series:** Invesco Solar ETF

- **b. EDGAR series identifier (if any):** S000060822

- **c. LEI of Series:** 549300Q2OQ2U87KJR762

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $759522545.21

**Total Liabilities:** $164512844.75

**Net Assets:** $595009700.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000197638 | -6.08%               | -6.58%               | 13.73%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-209667958.00           | $166105373.76                              |
| Month 2  | $-18807760.96            | $-30560714.68                              |
| Month 3  | $-7759740.87             | $101637011.92                              |

### Schedule of Portfolio Investments

| Name                                        | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Flat Glass Group Co., Ltd.                  | Flat Glass Group Co., Ltd., H Shares        | CUSIP: Y2575W103<br>LEI: 300300BEL4RMXBKEA373 | Long             | EC               | CORP              | CN        |  10337864 | NS      | $10928626.02  | 1.84%             |  |  |  | No            |                  2 | On Loan: —       |
| Doral Group Renewable Energy Resources Ltd. | Doral Group Renewable Energy Resources Ltd. | CUSIP: M2841E104<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |   2759319 | NS      | $11298609.77  | 1.90%             |  |  |  | No            |                  2 | On Loan: —       |
| Xinyi Solar Holdings Ltd.                   | Xinyi Solar Holdings Ltd.                   | CUSIP: G9829N102<br>LEI: 529900QF7VIH03SB7Q08 | Long             | EC               | CORP              | KY        |  74109129 | NS      | $22246848.78  | 3.74%             |  |  |  | No            |                  2 | On Loan: —       |
| First Solar, Inc.                           | First Solar, Inc.                           | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |    455219 | NS      | $71961019.52  | 12.09%            |  |  |  | No            |                  1 | On Loan: —       |
| SMA Solar Technology AG                     | SMA Solar Technology AG                     | CUSIP: D7008K108<br>LEI: 529900Q6JQHI8X451Q21 | Long             | EC               | CORP              | DE        |    379302 | NS      | $8404094.77   | 1.41%             |  |  |  | No            |                  2 | On Loan: —       |
| Solaria Energia y Medio Ambiente, S.A.      | Solaria Energia y Medio Ambiente, S.A.      | CUSIP: E8935P110<br>LEI: 959800PM2YJU406K2789 | Long             | EC               | CORP              | ES        |   1925958 | NS      | $16628546.84  | 2.79%             |  |  |  | No            |                  2 | On Loan: —       |
| Xinyi Energy Holdings Ltd.                  | Xinyi Energy Holdings Ltd.                  | CUSIP: G9833A104<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |  68916183 | NS      | $8502154.14   | 1.43%             |  |  |  | No            |                  2 | On Loan: —       |
| Daqo New Energy Corp.                       | Daqo New Energy Corp., ADR                  | CUSIP: 23703Q203<br>LEI: 529900711JBZ5O7VA827 | Long             | EC               | CORP              | KY        |    954104 | NS      | $12746829.44  | 2.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Renova, Inc.                                | Renova, Inc.                                | CUSIP: J64384100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    997232 | NS      | $4662930.84   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| West Holdings Corp.                         | West Holdings Corp.                         | CUSIP: J9509G101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    747048 | NS      | $8159662.19   | 1.37%             |  |  |  | No            |                  2 | On Loan: —       |
| Sunrun Inc.                                 | Sunrun Inc.                                 | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |   3695803 | NS      | $27681564.47  | 4.65%             |  |  |  | No            |                  1 | On Loan: —       |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |    921949 | NS      | $23094822.45  | 3.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Scatec ASA                                  | Scatec ASA                                  | CUSIP: R7562P100<br>LEI: 5967007LIEEXZXIARK36 | Long             | EC               | CORP              | NO        |   1536253 | NS      | $13157872.41  | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MOTECH Industries Inc.                      | MOTECH Industries Inc.                      | CUSIP: Y61397108<br>LEI: 254900INXPVZCOGO7412 | Long             | EC               | CORP              | TW        |  11828000 | NS      | $7732690.03   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| TSEC Corp.                                  | TSEC Corp.                                  | CUSIP: Y89777109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |  15206000 | NS      | $7771015.18   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco Private Prime Fund                  | Invesco Private Prime Fund                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        | 117277408 | NS      | $117277407.79 | 19.71%            |  |  |  | No            |                  2 | On Loan: No      |
| Clearway Energy, Inc.                       | Clearway Energy, Inc., Class C              | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |    726501 | NS      | $22354435.77  | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| SolarEdge Technologies, Inc.                | SolarEdge Technologies, Inc.                | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |   1073942 | NS      | $19180604.12  | 3.22%             |  |  |  | No            |                  1 | On Loan: —       |
| United Renewable Energy Co., Ltd.           | United Renewable Energy Co., Ltd.           | CUSIP: Y6247H139<br>LEI: 254900E7A0T0Q0DM6K74 | Long             | EC               | CORP              | TW        |  38040458 | NS      | $9323084.95   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Enlight Renewable Energy Ltd.               | Enlight Renewable Energy Ltd.               | CUSIP: M4056D110<br>LEI: 984500HF6A99N758F734 | Long             | EC               | CORP              | IL        |   1160965 | NS      | $22689339.82  | 3.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Energix Renewable Energies Ltd.             | Energix Renewable Energies Ltd.             | CUSIP: M4047G115<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |   3693437 | NS      | $11712958.56  | 1.97%             |  |  |  | No            |                  2 | On Loan: —       |
| O.Y. Nofar Energy Ltd.                      | O.Y. Nofar Energy Ltd.                      | CUSIP: N/A<br>LEI: 894500AMGSB9R178TW69       | Long             | EC               | CORP              | IL        |    565635 | NS      | $14601033.61  | 2.45%             |  |  |  | No            |                  2 | On Loan: —       |
| Nextracker Inc.                             | Nextracker Inc., Class A                    | CUSIP: 65290E101<br>LEI: 2138001D4HUZ48PR8M23 | Long             | EC               | CORP              | US        |   1297507 | NS      | $73555671.83  | 12.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Grenergy Renovables S.A.                    | Grenergy Renovables S.A.                    | CUSIP: E5R20V102<br>LEI: 959800M1FVPL5BMW3R13 | Long             | EC               | CORP              | ES        |    255691 | NS      | $20281545.83  | 3.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Solar Inc.                         | Canadian Solar Inc.                         | CUSIP: 136635109<br>LEI: 5493001XSC6TKMBVOM15 | Long             | EC               | CORP              | CA        |   1285161 | NS      | $13532745.33  | 2.27%             |  |  |  | No            |                  1 | On Loan: —       |
| ReNew Energy Global PLC                     | ReNew Energy Global PLC, Class A            | CUSIP: G7500M104<br>LEI: 254900SL77LA2KAG7R65 | Long             | EC               | CORP              | GB        |   1230300 | NS      | $8378343.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: —       |
| Array Technologies, Inc.                    | Array Technologies, Inc.                    | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Long             | EC               | CORP              | US        |   2775729 | NS      | $18319811.40  | 3.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Enphase Energy, Inc.                        | Enphase Energy, Inc.                        | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |   1037709 | NS      | $42950775.51  | 7.22%             |  |  |  | No            |                  1 | On Loan: No      |
| GCL Technology Holdings Ltd.                | GCL Technology Holdings Ltd.                | CUSIP: G3774X108<br>LEI: 529900O1QCZWP5IWVY66 | Long             | EC               | CORP              | KY        | 289732864 | NS      | $30156633.37  | 5.07%             |  |  |  | No            |                  2 | On Loan: —       |
| Invesco Private Government Fund             | Invesco Private Government Fund             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  45051995 | NS      | $45051995.17  | 7.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Shoals Technologies Group, Inc.             | Shoals Technologies Group, Inc., Class A    | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3818707 | NS      | $18024297.04  | 3.03%             |  |  |  | No            |                  1 | On Loan: —       |
| JinkoSolar Holding Co., Ltd.                | JinkoSolar Holding Co., Ltd., ADR           | CUSIP: 47759T100<br>LEI: 529900Y93WNCS05FG852 | Long             | EC               | CORP              | KY        |    828592 | NS      | $14980943.36  | 2.52%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Invesco Exchange-Traded Fund Trust II

**Signature:** Adrien Deberghes

**Name of Signer:** Adrien Deberghes

**Title:** Vice President