NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco Dynamic Biotechnology & Genome ETF (PBE)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.04%
Biotechnology-77.37%
Acadia Pharmaceuticals, Inc.(b)(c)
  264,918   $7,746,202
Alkermes PLC(b)(c)
  227,200   6,652,416
Amicus Therapeutics, Inc.(b)(c)
  575,831   7,842,818
Avid Bioservices, Inc.(b)(c)
  437,930   5,544,194
Biogen, Inc.(b)
  40,918   11,055,634
BioMarin Pharmaceutical, Inc.(b)
  134,845   11,856,921
Catalyst Pharmaceuticals, Inc.(b)
  560,100   7,746,183
Dynavax Technologies Corp.(b)(c)
  610,651   8,543,007
Exelixis, Inc.(b)
  350,027   6,899,032
Gilead Sciences, Inc.
  157,856   12,019,156
Halozyme Therapeutics, Inc.(b)
  198,942   8,546,548
Ironwood Pharmaceuticals, Inc.(b)(c)
  616,774   6,840,024
MannKind Corp.(b)(c)
  1,451,934   6,635,338
Myriad Genetics, Inc.(b)
  298,325   6,667,564
Neurocrine Biosciences, Inc.(b)
  72,255   7,362,062
PTC Therapeutics, Inc.(b)(c)
  115,837   4,672,865
Regeneron Pharmaceuticals, Inc.(b)
  16,571   12,294,191
TG Therapeutics, Inc.(b)(c)
  235,258   4,867,488
United Therapeutics Corp.(b)
  57,377   13,926,545
Veracyte, Inc.(b)(c)
  260,231   7,143,341
Vericel Corp.(b)(c)
  192,380   6,910,290
Vertex Pharmaceuticals, Inc.(b)
  37,193   13,104,582
Viking Therapeutics, Inc.(b)
  297,016   4,306,732
Xencor, Inc.(b)
  235,585   5,722,360
        194,905,493
Life Sciences Tools & Services-15.18%
Illumina, Inc.(b)
  60,695   11,662,544
Pacific Biosciences of California, Inc.(b)(c)
  538,695   7,116,161
QIAGEN N.V.(b)
  270,071   12,644,724
Repligen Corp.(b)(c)
  39,788   6,826,030
        38,249,459
  Shares   Value
Pharmaceuticals-7.49%
Catalent, Inc.(b)(c)
  177,446   $8,609,680
Cymabay Therapeutics, Inc.(b)
  785,832   10,255,107
        18,864,787
Total Common Stocks & Other Equity Interests

(Cost $227,467,693)
  252,019,739
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $134,244)
  134,244   134,244
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.09%

(Cost $227,601,937)
  252,153,983
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-19.57%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  13,803,292   13,803,292
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  35,494,179   35,494,179
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $49,294,555)
  49,297,471
TOTAL INVESTMENTS IN SECURITIES-119.66%

(Cost $276,896,492)
  301,451,454
OTHER ASSETS LESS LIABILITIES-(19.66)%
  (49,536,664)
NET ASSETS-100.00%
  $251,914,790
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at July 31, 2023.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $294,606   $441,898   $(602,260)   $-   $-   $134,244   $2,881
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 10,396,545   54,368,551   (50,961,804)   -   -   13,803,292   177,376*
Invesco Private Prime Fund 26,733,973   114,035,175   (105,274,941)   8,003   (8,031)   35,494,179   481,893*
Total $37,425,124   $168,845,624   $(156,839,005)   $8,003   $(8,031)   $49,431,715   $662,150
    
* 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.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Biotechnology & Genome ETF (PBE)—(continued)
July 31, 2023
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Dynamic Building & Construction ETF (PKB)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.02%
Building Products-13.19%
Griffon Corp.(b)
  174,151   $7,265,580
Owens Corning
  52,246   7,313,918
Tecnoglass, Inc.(b)
  131,273   6,180,333
Trane Technologies PLC
  61,635   12,292,484
        33,052,315
Construction & Engineering-8.63%
Comfort Systems USA, Inc.(b)
  38,409   6,682,014
EMCOR Group, Inc.
  34,616   7,443,824
Sterling Infrastructure, Inc.(b)(c)
  125,235   7,512,848
        21,638,686
Construction Machinery & Heavy Transportation Equipment-2.75%
Terex Corp.(b)
  117,735   6,902,803
Construction Materials-11.80%
Eagle Materials, Inc.
  33,880   6,246,456
Martin Marietta Materials, Inc.
  26,057   11,633,408
Vulcan Materials Co.
  53,028   11,692,674
        29,572,538
Forest Products-2.90%
Louisiana-Pacific Corp.
  95,308   7,255,798
Homebuilding-54.00%
Cavco Industries, Inc.(b)(c)
  20,110   5,945,522
D.R. Horton, Inc.
  97,769   12,418,618
Dream Finders Homes, Inc., Class A(b)(c)
  329,293   8,396,971
Green Brick Partners, Inc.(c)
  115,539   6,530,264
Installed Building Products, Inc.(b)
  52,237   7,732,121
KB Home
  131,992   7,123,608
Lennar Corp., Class A
  96,679   12,261,798
M.D.C. Holdings, Inc.
  139,915   7,174,841
M/I Homes, Inc.(c)
  81,648   8,164,800
Meritage Homes Corp.(b)
  49,104   7,314,041
NVR, Inc.(c)
  1,841   11,610,156
PulteGroup, Inc.
  157,618   13,301,383
Taylor Morrison Home Corp., Class A(c)
  133,361   6,457,340
Toll Brothers, Inc.
  88,595   7,116,836
  Shares   Value
Homebuilding-(continued)
TopBuild Corp.(b)(c)
  27,478   $7,527,049
Tri Pointe Homes, Inc.(b)(c)
  195,689   6,238,565
        135,313,913
Other Specialty Retail-4.24%
Tractor Supply Co.(b)
  47,384   10,613,542
Specialized Consumer Services-2.51%
Frontdoor, Inc.(c)
  180,137   6,290,384
Total Common Stocks & Other Equity Interests

(Cost $195,773,420)
  250,639,979
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $158,461)
  158,461   158,461
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.09%

(Cost $195,931,881)
  250,798,440
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-10.54%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  7,397,435   7,397,435
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  19,021,977   19,021,977
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $26,418,947)
  26,419,412
TOTAL INVESTMENTS IN SECURITIES-110.63%

(Cost $222,350,828)
  277,217,852
OTHER ASSETS LESS LIABILITIES-(10.63)%
  (26,631,927)
NET ASSETS-100.00%
  $250,585,925
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at July 31, 2023.
(c) Non-income producing security.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $152,257   $935,305   $(929,101)   $-   $-   $158,461   $1,762
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Building & Construction ETF (PKB)—(continued)
July 31, 2023
(Unaudited)
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $3,829,706   $28,822,806   $(25,255,077)   $-   $-   $7,397,435   $68,838*
Invesco Private Prime Fund 9,847,815   72,466,621   (63,292,187)   578   (850)   19,021,977   181,388*
Total $13,829,778   $102,224,732   $(89,476,365)   $578   $(850)   $26,577,873   $251,988
    
* 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.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) 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(a)
Invesco Dynamic Energy Exploration & Production ETF (PXE)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.00%
Gas Utilities-2.37%
National Fuel Gas Co.(b)
  70,807   $3,760,560
Oil & Gas Exploration & Production-69.97%
Antero Resources Corp.(c)
  156,662   4,190,709
APA Corp.
  199,047   8,059,412
California Resources Corp.(b)
  92,980   4,960,483
Callon Petroleum Co.(b)(c)
  110,087   4,134,868
Chesapeake Energy Corp.(b)
  83,557   7,047,197
Chord Energy Corp.(b)
  24,505   3,843,364
Civitas Resources, Inc.(b)
  52,083   3,898,933
CNX Resources Corp.(b)(c)
  227,947   4,650,119
Comstock Resources, Inc.(b)
  350,285   4,466,134
Coterra Energy, Inc.(b)
  261,898   7,212,671
Earthstone Energy, Inc., Class A(b)(c)
  270,688   4,325,594
EQT Corp.(b)
  188,257   7,940,680
Gulfport Energy Corp.(c)
  36,881   3,778,458
Magnolia Oil & Gas Corp., Class A(b)
  179,143   3,968,018
Matador Resources Co.
  77,869   4,331,853
Murphy Oil Corp.(b)
  100,621   4,353,871
Ovintiv, Inc.(b)
  186,801   8,609,658
PDC Energy, Inc.
  51,324   3,894,978
Permian Resources Corp.(b)
  374,517   4,378,104
Range Resources Corp.(b)
  125,915   3,957,508
SM Energy Co.
  130,550   4,737,660
Southwestern Energy Co.(c)
  702,573   4,552,673
        111,292,945
Oil & Gas Refining & Marketing-27.66%
CVR Energy, Inc.(b)
  150,514   5,529,884
Delek US Holdings, Inc.(b)
  161,111   4,445,053
HF Sinclair Corp.
  156,485   8,151,304
Marathon Petroleum Corp.
  61,407   8,168,359
Par Pacific Holdings, Inc.(c)
  170,827   5,377,634
  Shares   Value
Oil & Gas Refining & Marketing-(continued)
PBF Energy, Inc., Class A(b)
  96,803   $4,592,334
Valero Energy Corp.
  59,995   7,733,955
        43,998,523
Total Common Stocks & Other Equity Interests

(Cost $153,883,728)
  159,052,028
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $102,917)
  102,917   102,917
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.06%

(Cost $153,986,645)
  159,154,945
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-31.78%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  14,154,713   14,154,713
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  36,397,832   36,397,832
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $50,550,009)
  50,552,545
TOTAL INVESTMENTS IN SECURITIES-131.84%

(Cost $204,536,654)
  209,707,490
OTHER ASSETS LESS LIABILITIES-(31.84)%
  (50,649,442)
NET ASSETS-100.00%
  $159,058,048
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at July 31, 2023.
(c) Non-income producing security.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $108,993   $1,448,115   $(1,454,191)   $-   $-   $102,917   $1,154
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 5,820,927   39,247,273   (30,913,487)   -   -   14,154,713   128,477*
Invesco Private Prime Fund 14,968,098   72,973,710   (51,546,160)   2,576   (392)   36,397,832   331,693*
Total $20,898,018   $113,669,098   $(83,913,838)   $2,576   $(392)   $50,655,462   $461,324
    
* 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.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Energy Exploration & Production ETF (PXE)—(continued)
July 31, 2023
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Dynamic Food & Beverage ETF (PBJ)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.96%
Agricultural Products & Services-11.52%
Archer-Daniels-Midland Co.
  181,546   $15,424,148
Bunge Ltd.(b)
  80,946   8,796,402
Fresh Del Monte Produce, Inc.
  274,290   7,290,628
        31,511,178
Brewers-3.08%
Molson Coors Beverage Co., Class B
  120,656   8,418,169
Food Distributors-9.04%
Andersons, Inc. (The)
  179,970   8,786,135
Performance Food Group Co.(c)
  133,189   7,959,375
US Foods Holding Corp.(c)
  186,308   7,960,941
        24,706,451
Food Retail-10.64%
Kroger Co. (The)
  277,510   13,498,086
Sprouts Farmers Market, Inc.(b)(c)
  206,114   8,089,975
Weis Markets, Inc.
  112,984   7,495,359
        29,083,420
Packaged Foods & Meats-52.94%
Adecoagro S.A. (Brazil)(b)
  828,664   9,198,170
Cal-Maine Foods, Inc.
  152,315   7,035,430
Campbell Soup Co.
  143,331   6,567,427
Conagra Brands, Inc.
  211,049   6,924,518
Dole PLC
  570,039   7,530,215
General Mills, Inc.
  159,430   11,915,798
Hershey Co. (The)
  51,937   12,013,548
Hostess Brands, Inc.(b)(c)
  285,856   6,871,978
JM Smucker Co. (The)
  49,765   7,497,097
John B. Sanfilippo & Son, Inc.
  66,305   7,221,278
Kraft Heinz Co. (The)
  352,206   12,742,813
Lamb Weston Holdings, Inc.
  67,646   7,010,155
Lancaster Colony Corp.(b)
  36,000   6,934,680
Mondelez International, Inc., Class A
  180,149   13,354,445
Post Holdings, Inc.(b)(c)
  86,148   7,348,424
Tootsie Roll Industries, Inc.(b)
  194,825   6,791,600
TreeHouse Foods, Inc.(b)(c)
  150,525   7,768,595
        144,726,171
  Shares   Value
Restaurants-4.79%
Chipotle Mexican Grill, Inc.(c)
  6,671   $13,090,370
Soft Drinks & Non-alcoholic Beverages-7.95%
PepsiCo, Inc.
  73,225   13,726,758
Vita Coco Co., Inc. (The)(b)(c)
  302,695   7,997,202
        21,723,960
Total Common Stocks & Other Equity Interests

(Cost $261,746,608)
  273,259,719
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $186,497)
  186,497   186,497
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.03%

(Cost $261,933,105)
  273,446,216
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-7.00%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  5,361,021   5,361,021
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  13,785,482   13,785,482
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $19,145,809)
  19,146,503
TOTAL INVESTMENTS IN SECURITIES-107.03%

(Cost $281,078,914)
  292,592,719
OTHER ASSETS LESS LIABILITIES-(7.03)%
  (19,206,272)
NET ASSETS-100.00%
  $273,386,447
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at July 31, 2023.
(c) Non-income producing security.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $2,330,575   $(2,144,078)   $-   $-   $186,497   $1,548
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Food & Beverage ETF (PBJ)—(continued)
July 31, 2023
(Unaudited)
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $8,310,046   $36,783,109   $(39,732,134)   $-   $-   $5,361,021   $105,215*
Invesco Private Prime Fund 21,368,689   82,375,658   (89,956,808)   694   (2,751)   13,785,482   291,791*
Total $29,678,735   $121,489,342   $(131,833,020)   $694   $(2,751)   $19,333,000   $398,554
    
* 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.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) 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(a)
Invesco Dynamic Leisure and Entertainment ETF (PEJ)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.01%
Broadcasting-7.58%
Fox Corp., Class A(b)
  604,458   $20,219,120
Paramount Global, Class B(b)
  692,540   11,101,416
        31,320,536
Casinos & Gaming-18.40%
Boyd Gaming Corp.
  159,817   10,918,697
Churchill Downs, Inc.(b)
  74,441   8,623,990
Las Vegas Sands Corp.(c)
  340,115   20,342,278
Light & Wonder, Inc.(b)(c)
  171,179   12,033,884
MGM Resorts International(b)
  257,209   13,058,501
Wynn Resorts Ltd.
  101,692   11,082,394
        76,059,744
Food Distributors-7.62%
Sysco Corp.
  267,611   20,421,395
US Foods Holding Corp.(c)
  259,679   11,096,084
        31,517,479
Hotels, Resorts & Cruise Lines-16.96%
Booking Holdings, Inc.(c)
  7,164   21,282,811
Hyatt Hotels Corp., Class A(b)
  94,906   11,991,373
Marriott International, Inc., Class A
  111,758   22,553,882
Royal Caribbean Cruises Ltd.(b)(c)
  131,028   14,296,465
        70,124,531
Interactive Media & Services-2.98%
TripAdvisor, Inc.(b)(c)
  660,180   12,312,357
Leisure Facilities-2.31%
Life Time Group Holdings, Inc.(b)(c)
  526,639   9,526,900
Movies & Entertainment-22.07%
Cinemark Holdings, Inc.(b)(c)
  609,371   10,170,402
Endeavor Group Holdings, Inc., Class A(b)(c)
  462,878   10,923,921
Liberty Media Corp.-Liberty Formula One, Class C(c)
  273,504   19,856,390
Lions Gate Entertainment Corp., Class A(b)(c)
  963,635   7,400,717
Madison Square Garden Sports Corp., Class A
  57,514   12,236,104
Sphere Entertainment Co.(b)(c)
  426,151   18,090,110
Warner Music Group Corp., Class A(b)
  398,417   12,570,056
        91,247,700
  Shares   Value
Passenger Airlines-8.38%
Alaska Air Group, Inc.(b)(c)
  230,421   $11,205,373
Copa Holdings S.A., Class A (Panama)(b)
  99,192   11,706,640
United Airlines Holdings, Inc.(c)
  215,846   11,722,596
        34,634,609
Restaurants-13.71%
Chipotle Mexican Grill, Inc.(c)
  9,242   18,135,392
Wendy’s Co. (The)(b)
  463,272   9,955,715
Wingstop, Inc.(b)
  51,153   8,623,373
Yum China Holdings, Inc. (China)(b)
  327,131   19,961,534
        56,676,014
Total Common Stocks & Other Equity Interests

(Cost $391,478,414)
  413,419,870
Money Market Funds-0.09%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $362,306)
  362,306   362,306
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.10%

(Cost $391,840,720)
  413,782,176
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-19.05%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  21,867,044   21,867,044
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  56,906,720   56,906,720
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $78,770,568)
  78,773,764
TOTAL INVESTMENTS IN SECURITIES-119.15%

(Cost $470,611,288)
  492,555,940
OTHER ASSETS LESS LIABILITIES-(19.15)%
  (79,177,345)
NET ASSETS-100.00%
  $413,378,595
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at July 31, 2023.
(c) Non-income producing security.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $392,263   $1,457,774   $(1,487,731)   $-   $-   $362,306   $4,116
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Leisure and Entertainment ETF (PEJ)—(continued)
July 31, 2023
(Unaudited)
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $29,897,937   $78,121,203   $(86,152,096)   $-   $-   $21,867,044   $309,001*
Invesco Private Prime Fund 76,880,409   162,710,486   (182,683,678)   10,796   (11,293)   56,906,720   808,920*
Total $107,170,609   $242,289,463   $(270,323,505)   $10,796   $(11,293)   $79,136,070   $1,122,037
    
* 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.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) 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(a)
Invesco Dynamic Media ETF (PBS)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.10%
Advertising-6.36%
Interpublic Group of Cos., Inc. (The)(b)
  21,350   $730,810
Omnicom Group, Inc.(b)
  16,327   1,381,591
        2,112,401
Broadcasting-10.27%
Fox Corp., Class A(b)
  26,146   874,584
Nexstar Media Group, Inc., Class A
  5,158   963,102
Paramount Global, Class B(b)
  54,936   880,624
Sinclair, Inc.(b)
  49,616   690,158
        3,408,468
Education Services-2.57%
Duolingo, Inc.(c)
  5,492   852,304
Health Care Technology-4.37%
GoodRx Holdings, Inc., Class A(b)(c)
  157,021   1,450,874
Interactive Media & Services-36.90%
Alphabet, Inc., Class A(c)
  12,260   1,627,147
Angi, Inc., Class A(b)(c)
  238,966   924,799
Cargurus, Inc.(b)(c)
  43,879   994,298
Cars.com, Inc.(b)(c)
  45,010   1,026,678
IAC, Inc.(c)
  14,128   983,309
Meta Platforms, Inc., Class A(c)
  6,090   1,940,274
Pinterest, Inc., Class A(b)(c)
  34,497   1,000,068
Shutterstock, Inc.(b)
  15,417   793,205
Yelp, Inc.(c)
  23,841   1,074,037
Ziff Davis, Inc.(b)(c)
  12,943   938,626
ZipRecruiter, Inc., Class A(b)(c)
  51,388   951,706
        12,254,147
IT Consulting & Other Services-4.92%
Gartner, Inc.(c)
  4,619   1,633,232
Movies & Entertainment-24.46%
Lions Gate Entertainment Corp., Class A(c)
  76,247   585,577
Netflix, Inc.(c)
  4,222   1,853,332
Spotify Technology S.A.(c)
  10,176   1,520,396
Walt Disney Co. (The)(c)
  16,730   1,487,130
Warner Bros Discovery, Inc.(c)
  128,545   1,680,083
Warner Music Group Corp., Class A
  31,526   994,645
        8,121,163
  Shares   Value
Publishing-10.25%
John Wiley & Sons, Inc., Class A(b)
  22,364   $765,520
New York Times Co. (The), Class A
  22,542   918,812
News Corp., Class A(b)
  44,620   884,368
Scholastic Corp.(b)
  19,344   835,467
        3,404,167
Total Common Stocks & Other Equity Interests

(Cost $31,455,685)
  33,236,756
Money Market Funds-0.24%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $79,472)
  79,472   79,472
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.34%

(Cost $31,535,157)
  33,316,228
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-21.15%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  1,966,920   1,966,920
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  5,057,794   5,057,794
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $7,024,477)
  7,024,714
TOTAL INVESTMENTS IN SECURITIES-121.49%

(Cost $38,559,634)
  40,340,942
OTHER ASSETS LESS LIABILITIES-(21.49)%
  (7,136,028)
NET ASSETS-100.00%
  $33,204,914
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) All or a portion of this security was out on loan at July 31, 2023.
(c) Non-income producing security.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $79,956   $553,617   $(554,101)   $-   $-   $79,472   $936
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Media ETF (PBS)—(continued)
July 31, 2023
(Unaudited)
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $2,942,832   $9,184,083   $(10,159,995)   $-   $-   $1,966,920   $27,680*
Invesco Private Prime Fund 7,567,281   17,660,494   (20,169,805)   1,581   (1,757)   5,057,794   75,650*
Total $10,590,069   $27,398,194   $(30,883,901)   $1,581   $(1,757)   $7,104,186   $104,266
    
* 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.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) 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(a)
Invesco Dynamic Networking ETF (PXQ)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.01%
Application Software-7.94%
Dynatrace, Inc.(b)(c)
  20,662   $1,130,005
InterDigital, Inc.(c)
  12,055   1,117,378
New Relic, Inc.(b)
  12,255   1,029,175
        3,276,558
Communications Equipment-32.75%
Arista Networks, Inc.(b)
  13,197   2,046,723
Calix, Inc.(b)(c)
  22,421   1,011,411
Cisco Systems, Inc.
  37,903   1,972,472
CommScope Holding Co., Inc.(b)(c)
  240,758   1,083,411
Digi International, Inc.(b)(c)
  29,200   1,224,356
Extreme Networks, Inc.(b)
  54,570   1,451,016
Juniper Networks, Inc.
  34,476   958,433
Motorola Solutions, Inc.
  6,495   1,861,662
NetScout Systems, Inc.(b)
  32,661   912,875
Radware Ltd. (Israel)(b)
  53,136   998,425
        13,520,784
Consumer Electronics-2.49%
Garmin Ltd.
  9,718   1,029,039
Electronic Components-8.09%
Amphenol Corp., Class A
  24,830   2,192,737
Belden, Inc.
  11,866   1,146,730
        3,339,467
Internet Services & Infrastructure-8.02%
Akamai Technologies, Inc.(b)
  11,619   1,097,996
Fastly, Inc., Class A(b)(c)
  69,833   1,282,832
Okta, Inc.(b)(c)
  12,122   931,697
        3,312,525
Systems Software-35.58%
A10 Networks, Inc.
  69,545   1,079,338
Check Point Software Technologies Ltd. (Israel)(b)
  8,288   1,095,757
Crowdstrike Holdings, Inc., Class A(b)
  12,883   2,082,666
CyberArk Software Ltd.(b)
  6,849   1,137,003
Fortinet, Inc.(b)
  27,226   2,116,005
  Shares   Value
Systems Software-(continued)
Palo Alto Networks, Inc.(b)(c)
  9,770   $2,442,109
Qualys, Inc.(b)(c)
  8,413   1,167,724
Rapid7, Inc.(b)
  24,036   1,103,493
SolarWinds Corp.(b)(c)
  109,317   1,152,201
Tenable Holdings, Inc.(b)(c)
  27,037   1,315,620
        14,691,916
Technology Hardware, Storage & Peripherals-5.14%
Apple, Inc.
  10,806   2,122,839
Total Common Stocks & Other Equity Interests

(Cost $35,537,444)
  41,293,128
Money Market Funds-0.27%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $111,582)
  111,582   111,582
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.28%

(Cost $35,649,026)
  41,404,710
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-16.21%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  1,874,297   1,874,297
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  4,819,621   4,819,621
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $6,693,727)
  6,693,918
TOTAL INVESTMENTS IN SECURITIES-116.49%

(Cost $42,342,753)
  48,098,628
OTHER ASSETS LESS LIABILITIES-(16.49)%
  (6,809,328)
NET ASSETS-100.00%
  $41,289,300
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at July 31, 2023.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $94,897   $206,903   $(190,218)   $-   $-   $111,582   $1,242
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Networking ETF (PXQ)—(continued)
July 31, 2023
(Unaudited)
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
July 31, 2023 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $2,545,282   $8,686,895   $(9,357,880)   $-   $-   $1,874,297   $27,605*
Invesco Private Prime Fund 6,478,220   18,082,649   (19,741,629)   191   190   4,819,621   69,518*
Total $9,118,399   $26,976,447   $(29,289,727)   $191   $190   $6,805,500   $98,365
    
* 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.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) 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(a)
Invesco Dynamic Oil & Gas Services ETF (PXJ)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.00%
Oil & Gas Drilling-16.82%
Helmerich & Payne, Inc.
  23,657   $1,059,124
Nabors Industries Ltd.(b)(c)
  8,284   1,014,707
Patterson-UTI Energy, Inc.(c)
  72,112   1,142,254
Transocean Ltd.(b)(c)
  126,175   1,110,340
Valaris Ltd.(b)
  23,675   1,818,240
        6,144,665
Oil & Gas Equipment & Services-63.77%
Archrock, Inc.
  83,301   971,290
Baker Hughes Co., Class A
  50,986   1,824,789
Cactus, Inc., Class A(c)
  22,068   1,120,613
ChampionX Corp.(c)
  53,551   1,906,415
Expro Group Holdings N.V.(b)
  44,809   994,312
Halliburton Co.(c)
  47,326   1,849,500
Helix Energy Solutions Group, Inc.(b)(c)
  115,831   1,111,978
Liberty Energy, Inc., Class A(c)
  60,262   992,515
NexTier Oilfield Solutions, Inc.(b)(c)
  94,841   1,130,505
NOV, Inc.(c)
  93,294   1,873,343
Oceaneering International, Inc.(b)(c)
  47,359   1,063,209
RPC, Inc.
  105,889   880,996
Schlumberger N.V.
  31,429   1,833,568
TechnipFMC PLC (United Kingdom)(b)
  102,896   1,887,113
Tidewater, Inc.(b)(c)
  16,427   1,036,708
USA Compression Partners L.P.
  39,993   796,261
Weatherford International PLC(b)
  24,378   2,025,812
        23,298,927
Oil & Gas Storage & Transportation-19.41%
DHT Holdings, Inc.(c)
  98,500   970,225
Dorian LPG Ltd.
  33,089   984,067
Frontline PLC (Norway)(c)
  55,000   931,150
Golar LNG Ltd. (Cameroon)
  35,815   863,858
International Seaways, Inc.(c)
  21,905   939,505
  Shares   Value
Oil & Gas Storage & Transportation-(continued)
Navigator Holdings Ltd.(b)
  53,603   $748,834
Scorpio Tankers, Inc. (Monaco)(c)
  16,313   767,364
Teekay Tankers Ltd., Class A (Canada)
  20,325   886,373
        7,091,376
Total Common Stocks & Other Equity Interests

(Cost $34,131,648)
  36,534,968
Money Market Funds-0.30%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $110,194)
  110,194   110,194
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.30%

(Cost $34,241,842)
  36,645,162
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-18.71%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  1,914,309   1,914,309
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  4,922,509   4,922,509
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $6,836,801)
  6,836,818
TOTAL INVESTMENTS IN SECURITIES-119.01%

(Cost $41,078,643)
  43,481,980
OTHER ASSETS LESS LIABILITIES-(19.01)%
  (6,946,744)
NET ASSETS-100.00%
  $36,535,236
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at July 31, 2023.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $82,865   $731,757   $(704,428)   $-   $-   $110,194   $1,246
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 2,959,918   11,385,346   (12,430,955)   -   -   1,914,309   30,740*
Invesco Private Prime Fund 7,611,218   29,347,972   (32,036,751)   38   32   4,922,509   81,323*
Total $10,654,001   $41,465,075   $(45,172,134)   $38   $32   $6,947,012   $113,309
    
* 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.
    
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Oil & Gas Services ETF (PXJ)—(continued)
July 31, 2023
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Schedule of Investments(a)
Invesco Dynamic Pharmaceuticals ETF (PJP)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.61%
Biotechnology-36.32%
AbbVie, Inc.
  121,529   $18,178,308
Amgen, Inc.
  77,174   18,070,292
Biogen, Inc.(b)
  35,467   9,582,829
Geron Corp.(b)(c)
  3,501,880   11,346,091
Gilead Sciences, Inc.
  220,422   16,782,931
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)
  39,023   0
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(d)
  39,023   0
Regeneron Pharmaceuticals, Inc.(b)
  14,359   10,653,086
Travere Therapeutics, Inc.(b)(c)
  633,144   10,883,745
United Therapeutics Corp.(b)(c)
  49,727   12,069,737
        107,567,019
Health Care Equipment-6.16%
Abbott Laboratories
  163,805   18,236,411
Pharmaceuticals-57.13%
Amphastar Pharmaceuticals, Inc.(b)(c)
  231,178   14,030,193
Bausch Health Cos., Inc.(b)(c)
  1,278,331   12,412,594
Corcept Therapeutics, Inc.(b)(c)
  427,464   10,891,783
Eli Lilly and Co.
  40,923   18,601,550
Jazz Pharmaceuticals PLC(b)
  82,457   10,754,042
Johnson & Johnson
  110,453   18,504,191
Ligand Pharmaceuticals, Inc.(b)(c)
  138,930   9,298,585
Merck & Co., Inc.
  152,920   16,308,918
Pacira BioSciences, Inc.(b)(c)
  258,935   9,412,287
Perrigo Co. PLC
  324,793   11,900,415
Pfizer, Inc.
  436,947   15,756,309
Prestige Consumer Healthcare, Inc.(b)(c)
  178,137   11,616,314
Supernus Pharmaceuticals, Inc.(b)(c)
  315,637   9,686,899
        169,174,080
Total Common Stocks & Other Equity Interests

(Cost $254,383,108)
  294,977,510
  Shares   Value
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $135,339)
  135,339   $135,339
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.65%

(Cost $254,518,447)
  295,112,849
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-7.75%
Invesco Private Government Fund, 5.24%(e)(f)(g)
  6,422,909   6,422,909
Invesco Private Prime Fund, 5.38%(e)(f)(g)
  16,516,052   16,516,052
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $22,937,896)
  22,938,961
TOTAL INVESTMENTS IN SECURITIES-107.40%

(Cost $277,456,343)
  318,051,810
OTHER ASSETS LESS LIABILITIES-(7.40)%
  (21,915,425)
NET ASSETS-100.00%
  $296,136,385
Investment Abbreviations:
Rts. -Rights
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at July 31, 2023.
(d) Security valued using significant unobservable inputs (Level 3). See Note 1.
(e) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $106,731   $1,342,065   $(1,313,457)   $-   $-   $135,339   $1,733
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Pharmaceuticals ETF (PJP)—(continued)
July 31, 2023
(Unaudited)
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $10,601,820   $66,199,667   $(70,378,578)   $-   $-   $6,422,909   $115,943*
Invesco Private Prime Fund 27,164,158   101,238,044   (111,885,584)   1,735   (2,301)   16,516,052   296,092*
Total $37,872,709   $168,779,776   $(183,577,619)   $1,735   $(2,301)   $23,074,300   $413,768
    
* 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.
    
(f) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(g) 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(a)
Invesco Dynamic Semiconductors ETF (PSI)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.00%
Automotive Parts & Equipment-2.13%
Mobileye Global, Inc., Class A (Israel)(b)(c)
  389,225   $14,860,611
Electronic Components-2.47%
Vishay Intertechnology, Inc.
  611,783   17,221,692
Electronic Equipment & Instruments-3.00%
Advanced Energy Industries, Inc.(c)
  167,091   20,916,451
Electronic Manufacturing Services-2.62%
TE Connectivity Ltd.
  127,594   18,308,463
Semiconductor Materials & Equipment-37.04%
Amkor Technology, Inc.
  673,940   19,604,915
Applied Materials, Inc.
  229,559   34,798,849
Axcelis Technologies, Inc.(b)
  109,392   21,930,908
Camtek Ltd. (Israel)(b)(c)
  562,548   26,782,910
Cohu, Inc.(b)
  417,579   18,227,323
KLA Corp.
  37,591   19,319,894
Lam Research Corp.
  49,828   35,800,920
Onto Innovation, Inc.(b)
  157,351   19,561,876
Photronics, Inc.(b)
  905,768   23,957,564
Ultra Clean Holdings, Inc.(b)
  503,491   19,183,007
Veeco Instruments, Inc.(b)(c)
  685,499   19,303,652
        258,471,818
Semiconductors-52.74%
Advanced Micro Devices, Inc.(b)
  264,317   30,237,865
Allegro MicroSystems, Inc. (Japan)(b)(c)
  415,018   21,419,079
Analog Devices, Inc.
  152,079   30,344,323
Broadcom, Inc.
  41,632   37,412,597
Cirrus Logic, Inc.(b)
  205,785   16,627,428
Diodes, Inc.(b)
  170,246   16,086,544
Lattice Semiconductor Corp.(b)(c)
  193,505   17,597,345
Microchip Technology, Inc.
  200,833   18,866,252
Micron Technology, Inc.
  432,944   30,907,872
NVIDIA Corp.
  93,123   43,515,446
NXP Semiconductors N.V. (China)
  89,040   19,854,139
  Shares   Value
Semiconductors-(continued)
ON Semiconductor Corp.(b)
  188,853   $20,348,911
Silicon Laboratories, Inc.(b)(c)
  112,555   16,786,453
Skyworks Solutions, Inc.
  154,603   17,681,945
Texas Instruments, Inc.
  168,365   30,305,700
        367,991,899
Total Common Stocks & Other Equity Interests

(Cost $529,158,112)
  697,770,934
Money Market Funds-0.04%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $299,994)
  299,994   299,994
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.04%

(Cost $529,458,106)
  698,070,928
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-8.94%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  17,470,474   17,470,474
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  44,924,077   44,924,077
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $62,391,478)
  62,394,551
TOTAL INVESTMENTS IN SECURITIES-108.98%

(Cost $591,849,584)
  760,465,479
OTHER ASSETS LESS LIABILITIES-(8.98)%
  (62,677,919)
NET ASSETS-100.00%
  $697,787,560
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at July 31, 2023.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $483,981   $1,688,063   $(1,872,050)   $-   $-   $299,994   $2,884
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 12,923,048   58,084,500   (53,537,074)   -   -   17,470,474   196,612*
Invesco Private Prime Fund 33,230,696   92,725,329   (81,031,391)   3,823   (4,380)   44,924,077   526,051*
Total $46,637,725   $152,497,892   $(136,440,515)   $3,823   $(4,380)   $62,694,545   $725,547
    
* 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.
    
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Semiconductors ETF (PSI)—(continued)
July 31, 2023
(Unaudited)
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) 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(a)
Invesco Dynamic Software ETF (PSJ)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.09%
Advertising-11.88%
Integral Ad Science Holding Corp.(b)(c)
  278,992   $5,816,983
Perion Network Ltd. (Israel)(b)(c)
  160,677   5,879,171
Trade Desk, Inc. (The), Class A(b)
  133,575   12,190,055
        23,886,209
Application Software-51.05%
Agilysys, Inc.(b)(c)
  69,816   5,140,552
Altair Engineering, Inc., Class A(b)(c)
  69,641   5,218,897
Bentley Systems, Inc., Class B(c)
  104,968   5,655,676
Blackbaud, Inc.(b)(c)
  67,564   5,097,704
HubSpot, Inc.(b)(c)
  18,553   10,770,944
Intapp, Inc.(b)
  123,719   5,079,902
Manhattan Associates, Inc.(b)
  28,231   5,381,393
MicroStrategy, Inc., Class A(b)(c)
  16,828   7,368,645
Nutanix, Inc., Class A(b)(c)
  190,544   5,754,429
Smartsheet, Inc., Class A(b)(c)
  104,518   4,640,599
SPS Commerce, Inc.(b)(c)
  30,439   5,490,891
Synopsys, Inc.(b)
  22,708   10,259,474
Vertex, Inc., Class A(b)(c)
  227,183   4,716,319
Workday, Inc., Class A(b)
  46,277   10,973,665
Workiva, Inc.(b)(c)
  51,380   5,409,800
Yext, Inc.(b)(c)
  585,151   5,687,668
        102,646,558
Asset Management & Custody Banks-2.53%
AssetMark Financial Holdings, Inc.(b)(c)
  170,346   5,093,345
Communications Equipment-2.20%
Harmonic, Inc.(b)(c)
  296,314   4,421,005
Health Care Technology-2.67%
Veradigm, Inc.(b)(c)
  396,780   5,364,466
Interactive Home Entertainment-12.09%
Electronic Arts, Inc.
  71,240   9,713,574
Playtika Holding Corp.(b)
  483,463   5,772,548
Roblox Corp., Class A(b)(c)
  225,047   8,833,095
        24,319,217
  Shares   Value
Interactive Media & Services-5.15%
Snap, Inc., Class A(b)(c)
  910,768   $10,346,324
Semiconductors-2.62%
Rambus, Inc.(b)(c)
  84,069   5,263,560
Systems Software-9.90%
Dolby Laboratories, Inc., Class A(c)
  58,871   5,216,560
Fortinet, Inc.(b)
  131,085   10,187,926
N-able, Inc.(b)(c)
  319,246   4,491,791
        19,896,277
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.09%

(Cost $171,157,541)
  201,236,961
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-13.65%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  7,684,366   7,684,366
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  19,759,797   19,759,797
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $27,443,674)
  27,444,163
TOTAL INVESTMENTS IN SECURITIES-113.74%

(Cost $198,601,215)
  228,681,124
OTHER ASSETS LESS LIABILITIES-(13.74)%
  (27,629,660)
NET ASSETS-100.00%
  $201,051,464
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at July 31, 2023.
(d) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended July 31, 2023.
    
  Value
April 30, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain
(Loss) 		  Value
July 31, 2023 		  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $154,502   $289,353   $(443,855)   $-   $-   $-   $1,137
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 5,666,175   27,937,741   (25,919,550)   -   -   7,684,366   55,042*
Invesco Private Prime Fund 14,570,164   68,840,258   (63,650,040)   1,668   (2,253)   19,759,797   148,149*
Total $20,390,841   $97,067,352   $(90,013,445)   $1,668   $(2,253)   $27,444,163   $204,328
    
* 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.
    
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Software ETF (PSJ)—(continued)
July 31, 2023
(Unaudited)
(e) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.
Notes to Quarterly Schedules of Portfolio Holdings
July 31, 2023
(Unaudited)
NOTE 1—Additional Valuation Information
Generally Accepted Accounting Principles ("GAAP") defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
The following is a summary of the tiered valuation input levels, as of July 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Invesco Dynamic Biotechnology & Genome ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $252,019,739   $-   $-   $252,019,739
Money Market Funds 134,244   49,297,471   -   49,431,715
Total Investments $252,153,983   $49,297,471   $-   $301,451,454
Invesco Dynamic Building & Construction ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $250,639,979   $-   $-   $250,639,979
Money Market Funds 158,461   26,419,412   -   26,577,873
Total Investments $250,798,440   $26,419,412   $-   $277,217,852
Invesco Dynamic Energy Exploration & Production ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $159,052,028   $-   $-   $159,052,028
Money Market Funds 102,917   50,552,545   -   50,655,462
Total Investments $159,154,945   $50,552,545   $-   $209,707,490
Invesco Dynamic Food & Beverage ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $273,259,719   $-   $-   $273,259,719
Money Market Funds 186,497   19,146,503   -   19,333,000
Total Investments $273,446,216   $19,146,503   $-   $292,592,719
Invesco Dynamic Leisure and Entertainment ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $413,419,870   $-   $-   $413,419,870
Money Market Funds 362,306   78,773,764   -   79,136,070
Total Investments $413,782,176   $78,773,764   $-   $492,555,940
  Level 1   Level 2   Level 3   Total
Invesco Dynamic Media ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $33,236,756   $-   $-   $33,236,756
Money Market Funds 79,472   7,024,714   -   7,104,186
Total Investments $33,316,228   $7,024,714   $-   $40,340,942
Invesco Dynamic Networking ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $41,293,128   $-   $-   $41,293,128
Money Market Funds 111,582   6,693,918   -   6,805,500
Total Investments $41,404,710   $6,693,918   $-   $48,098,628
Invesco Dynamic Oil & Gas Services ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $36,534,968   $-   $-   $36,534,968
Money Market Funds 110,194   6,836,818   -   6,947,012
Total Investments $36,645,162   $6,836,818   $-   $43,481,980
Invesco Dynamic Pharmaceuticals ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $294,977,510   $-   $0   $294,977,510
Money Market Funds 135,339   22,938,961   -   23,074,300
Total Investments $295,112,849   $22,938,961   $0   $318,051,810
Invesco Dynamic Semiconductors ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $697,770,934   $-   $-   $697,770,934
Money Market Funds 299,994   62,394,551   -   62,694,545
Total Investments $698,070,928   $62,394,551   $-   $760,465,479
Invesco Dynamic Software ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $201,236,961   $-   $-   $201,236,961
Money Market Funds -   27,444,163   -   27,444,163
Total Investments $201,236,961   $27,444,163   $-   $228,681,124