0001752724-23-223499.txt : 20230929 0001752724-23-223499.hdr.sgml : 20230929 20230929132833 ACCESSION NUMBER: 0001752724-23-223499 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230731 FILED AS OF DATE: 20230929 DATE AS OF CHANGE: 20230929 PERIOD START: 20240430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INVESCO EXCHANGE-TRADED FUND TRUST CENTRAL INDEX KEY: 0001209466 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21265 FILM NUMBER: 231294057 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 DATE OF NAME CHANGE: 20021210 0001209466 S000003055 Invesco Large Cap Value ETF C000008322 Invesco Large Cap Value ETF PWV NPORT-P 1 primary_doc.xml NPORT-P false 0001209466 XXXXXXXX S000003055 C000008322 Invesco Exchange-Traded Fund Trust 811-21265 0001209466 QPT4TMG79RF3UWNU0R52 3500 Lacey Road Suite 700 Downers Grove 60515 800-983-0903 Invesco Dynamic Large Cap Value ETF S000003055 549300C6FIW841904534 2024-04-30 2023-07-31 N 818058603.49 9974381.53 808084221.96 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 573.60000000 N Kraft Heinz Co. (The) 9845007488EC87F5AF14 Kraft Heinz Co. (The) 500754106 271714.00000000 NS USD 9830612.52000000 1.216533159892 Long EC CORP US N 1 N N N Archer-Daniels-Midland Co. 549300LO13MQ9HYSTR83 Archer-Daniels-Midland Co. 039483102 140069.00000000 NS USD 11900262.24000000 1.472651230726 Long EC CORP US N 1 N N N Exxon Mobil Corp. J3WHBG0MTS7O8ZVMDC91 Exxon Mobil Corp. 30231G102 231008.00000000 NS USD 24773297.92000000 3.065682666085 Long EC CORP US N 1 N N N Walmart Inc. Y87794H0US1R65VBXU25 Walmart Inc. 931142103 165710.00000000 NS USD 26490400.60000000 3.278173225031 Long EC CORP US N 1 N N N Valero Energy Corp. 549300XTO5VR8SKV1V74 Valero Energy Corp. 91913Y100 93451.00000000 NS USD 12046768.41000000 1.490781292670 Long EC CORP US N 1 N N N Chubb Ltd. E0JAN6VLUDI1HITHT809 Chubb Ltd. H1467J104 53519.00000000 NS USD 10939818.79000000 1.353796855910 Long EC CORP CH N 1 N N N KLA Corp. 549300H0BF5JCG96TJ81 KLA Corp. 482480100 25355.00000000 NS USD 13031202.25000000 1.612604465706 Long EC CORP US N 1 N N N Phillips 66 5493005JBO5YSIGK1814 Phillips 66 718546104 109925.00000000 NS USD 12262133.75000000 1.517432640901 Long EC CORP US N 1 N N N Invesco Government & Agency Portfolio 5493007T1J7WZ5QI1A47 Invesco Government & Agency Portfolio, Institutional Class 825252885 73110.65000000 NS USD 73110.65000000 0.009047404715 Long STIV RF US N 1 N N N Kroger Co. (The) 6CPEOKI6OYJ13Q6O7870 Kroger Co. (The) 501044101 214109.00000000 NS USD 10414261.76000000 1.288759448209 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson & Johnson 478160104 156728.00000000 NS USD 26256641.84000000 3.249245700691 Long EC CORP US N 1 N N N Merck & Co., Inc. 4YV9Y5M8S0BRK1RP0397 Merck & Co., Inc. 58933Y105 217014.00000000 NS USD 23144543.10000000 2.864125108625 Long EC CORP US N 1 N N N Nucor Corp. 549300GGJCRSI2TIEJ46 Nucor Corp. 670346105 76785.00000000 NS USD 13213930.65000000 1.635217009676 Long EC CORP US N 1 N N N United Parcel Service, Inc. D01LMJZU09ULLNCY6Z23 United Parcel Service, Inc., Class B 911312106 144733.00000000 NS USD 27083886.29000000 3.351616768894 Long EC CORP US N 1 N N N Home Depot, Inc. (The) QEKMOTMBBKA8I816DO57 Home Depot, Inc. (The) 437076102 83327.00000000 NS USD 27817885.68000000 3.442448809670 Long EC CORP US N 1 N N N General Mills, Inc. 2TGYMUGI08PO8X8L6150 General Mills, Inc. 370334104 123002.00000000 NS USD 9193169.48000000 1.137649916948 Long EC CORP US N 1 N N N Williams Cos., Inc. (The) D71FAKCBLFS2O0RBPG08 Williams Cos., Inc. (The) 969457100 357815.00000000 NS USD 12326726.75000000 1.525425990882 Long EC CORP US N 1 N N Travelers Cos., Inc. (The) 549300Y650407RU8B149 Travelers Cos., Inc. (The) 89417E109 58635.00000000 NS USD 10120987.35000000 1.252466893296 Long EC CORP US N 1 N N N Altria Group, Inc. XSGZFLO9YTNO9VCQV219 Altria Group, Inc. 02209S103 233981.00000000 NS USD 10627417.02000000 1.315137300196 Long EC CORP US N 1 N N N Invesco Private Government Fund N/A Invesco Private Government Fund N/A 2552090.00000000 NS USD 2552090.00000000 0.315819803263 Long STIV PF US N 2 N N Abbott Laboratories HQD377W2YR662HK5JX27 Abbott Laboratories 002824100 232431.00000000 NS USD 25876543.23000000 3.202208696419 Long EC CORP US N 1 N N N Carrier Global Corp. 549300JE3W6CWY2NAN77 Carrier Global Corp. 14448C104 253252.00000000 NS USD 15081156.60000000 1.866285244800 Long EC CORP US N 1 N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 Comcast Corp., Class A 20030N101 608610.00000000 NS USD 27545688.60000000 3.408764563325 Long EC CORP US N 1 N N N Energy Transfer L.P. MTLVN9N7JE8MIBIJ1H73 Energy Transfer L.P. 29273V100 823860.00000000 NS USD 10949099.40000000 1.354945326545 Long EC CORP US N 1 N N N Wells Fargo & Co. PBLD0EJDB5FWOLXP3B76 Wells Fargo & Co. 949746101 596339.00000000 NS USD 27527008.24000000 3.406452878541 Long EC CORP US N 1 N N N Cisco Systems, Inc. 549300LKFJ962MZ46593 Cisco Systems, Inc. 17275R102 502466.00000000 NS USD 26148330.64000000 3.235842246316 Long EC CORP US N 1 N N N JPMorgan Chase & Co. 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co. 46625H100 179905.00000000 NS USD 28417793.80000000 3.516687125888 Long EC CORP US N 1 N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 617446448 297391.00000000 NS USD 27229119.96000000 3.369589359628 Long EC CORP US N 1 N N N Invesco Private Prime Fund N/A Invesco Private Prime Fund N/A 6562517.14000000 NS USD 6562517.14000000 0.812108065181 Long STIV PF US N 2 N N Applied Materials, Inc. 41BNNE1AFPNAZELZ6K07 Applied Materials, Inc. 038222105 84445.00000000 NS USD 12801017.55000000 1.584119229422 Long EC CORP US N 1 N N N Chevron Corp. LJOF0JWZSCIUPEC3LQ45 Chevron Corp. 166764100 156691.00000000 NS USD 25644049.06000000 3.173437664430 Long EC CORP US N 1 N N N Cigna Group (The) 549300VIWYMSIGT1U456 Cigna Group (The) 125523100 41733.00000000 NS USD 12315408.30000000 1.524025338612 Long EC CORP US N 1 N N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 ConocoPhillips 20825C104 101609.00000000 NS USD 11961411.48000000 1.480218417207 Long EC CORP US N 1 N N N Southern Copper Corp. 2549007U6NAP46Q9TU15 Southern Copper Corp. 84265V105 157708.00000000 NS USD 13789987.52000000 1.706503746175 Long EC CORP US N 1 N N N Lennar Corp. 529900G61XVRLX5TJX09 Lennar Corp., Class A 526057104 98162.00000000 NS USD 12449886.46000000 1.540666940607 Long EC CORP US N 1 N N N MetLife, Inc. C4BXATY60WC6XEOZDX54 MetLife, Inc. 59156R108 202780.00000000 NS USD 12769056.60000000 1.580164078569 Long EC CORP US N 1 N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 060505104 859909.00000000 NS USD 27517088.00000000 3.405225254028 Long EC CORP US N 1 N N N HCA Healthcare, Inc. 529900PH4ZGUH2MNEU89 HCA Healthcare, Inc. 40412C101 39258.00000000 NS USD 10709974.98000000 1.325353804585 Long EC CORP US N 1 N N N AbbVie Inc. FR5LCKFTG8054YNNRU85 AbbVie Inc. 00287Y109 172479.00000000 NS USD 25799408.82000000 3.192663353508 Long EC CORP US N 1 N N N Marathon Petroleum Corp. 3BNYRYQHD39K4LCKQF12 Marathon Petroleum Corp. 56585A102 95635.00000000 NS USD 12721367.70000000 1.574262602126 Long EC CORP US N 1 N N N PACCAR Inc. KDTEY8BWE486IKZ3CC07 PACCAR Inc. 693718108 147255.00000000 NS USD 12683073.15000000 1.569523671584 Long EC CORP US N 1 N N N Regeneron Pharmaceuticals, Inc. 549300RCBFWIRX3HYQ56 Regeneron Pharmaceuticals, Inc. 75886F107 14051.00000000 NS USD 10424577.41000000 1.290036004503 Long EC CORP US N 1 N N N American International Group, Inc. ODVCVCQG2BP6VHV36M30 American International Group, Inc. 026874784 188496.00000000 NS USD 11362538.88000000 1.406108246048 Long EC CORP US N 1 N N N Gilead Sciences, Inc. 549300WTZWR07K8MNV44 Gilead Sciences, Inc. 375558103 133780.00000000 NS USD 10186009.20000000 1.260513313240 Long EC CORP US N 1 N N N General Motors Co. 54930070NSV60J38I987 General Motors Co. 37045V100 314557.00000000 NS USD 12069552.09000000 1.493600761158 Long EC CORP US N 1 N N N FedEx Corp. 549300E707U7WNPZN687 FedEx Corp. 31428X106 46385.00000000 NS USD 12521630.75000000 1.549545258986 Long EC CORP US N 1 N N N Aflac Inc. 549300N0B7DOGLXWPP39 Aflac Inc. 001055102 159186.00000000 NS USD 11515515.24000000 1.425038990622 Long EC CORP US N 1 N N Pioneer Natural Resources Co. FY8JBF7CCL2VE4F1B628 Pioneer Natural Resources Co. 723787107 49114.00000000 NS USD 11083556.38000000 1.371584307526 Long EC CORP US N 1 N N Centene Corp. 549300Z7JJ4TQSQGT333 Centene Corp. 15135B101 161651.00000000 NS USD 11006816.59000000 1.362087798633 Long EC CORP US N 1 N N N AmerisourceBergen Corp. AI8GXW8LG5WK7E9UD086 AmerisourceBergen Corp. 03073E105 61385.00000000 NS USD 11472856.50000000 1.419759993849 Long EC CORP US N 1 N N N Ford Motor Co. 20S05OYHG0MQM4VUIC57 Ford Motor Co. 345370860 896198.00000000 NS USD 11838775.58000000 1.465042288696 Long EC CORP US N 1 N N N Lockheed Martin Corp. DPRBOZP0K5RM2YE8UU08 Lockheed Martin Corp. 539830109 23226.00000000 NS USD 10367389.62000000 1.282959045389 Long EC CORP US N 1 N N N D.R. Horton, Inc. 529900ZIUEYVSB8QDD25 D.R. Horton, Inc. 23331A109 99277.00000000 NS USD 12610164.54000000 1.560501269213 Long EC CORP US N 1 N N N 2023-08-30 Invesco Exchange-Traded Fund Trust Sheri Morris Sheri Morris Vice President XXXX NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco Dynamic Large Cap Growth ETF (PWB)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.09%
Communication Services-4.56%
Netflix, Inc.(b)
  24,001   $10,535,719
T-Mobile US, Inc.(b)
  141,031   19,429,841
        29,965,560
Consumer Discretionary-21.30%
AutoZone, Inc.(b)
  3,470   8,611,568
Booking Holdings, Inc.(b)
  3,243   9,634,304
Chipotle Mexican Grill, Inc.(b)
  4,178   8,198,406
Hilton Worldwide Holdings, Inc.
  62,050   9,648,154
Las Vegas Sands Corp.(b)
  153,373   9,173,239
Marriott International, Inc., Class A
  50,399   10,171,022
McDonald’s Corp.
  69,622   20,413,170
MercadoLibre, Inc. (Brazil)(b)
  6,572   8,136,465
NIKE, Inc., Class B
  183,281   20,232,390
O’Reilly Automotive, Inc., Class R(b)
  9,367   8,671,875
Starbucks Corp.
  85,156   8,649,295
TJX Cos., Inc. (The)
  110,264   9,541,144
Yum! Brands, Inc.
  65,004   8,949,101
        140,030,133
Consumer Staples-5.94%
Costco Wholesale Corp.
  41,121   23,055,311
Hershey Co. (The)
  32,555   7,530,297
Monster Beverage Corp.(b)
  147,475   8,478,338
        39,063,946
Financials-7.73%
Aon PLC, Class A
  27,181   8,657,148
Mastercard, Inc., Class A
  53,342   21,031,684
Visa, Inc., Class A(c)
  88,778   21,105,194
        50,794,026
Health Care-13.11%
Boston Scientific Corp.(b)
  165,913   8,602,589
DexCom, Inc.(b)
  73,853   9,199,130
Eli Lilly and Co.
  47,106   21,412,032
Humana, Inc.
  16,852   7,698,499
IDEXX Laboratories, Inc.(b)
  18,530   10,279,147
Mettler-Toledo International, Inc.(b)
  6,304   7,927,091
UnitedHealth Group, Inc.
  41,581   21,055,371
        86,173,859
Industrials-15.26%
Caterpillar, Inc.
  40,172   10,652,409
Cintas Corp.
  18,549   9,312,340
Copart, Inc.(b)
  98,749   8,728,424
  Shares   Value
Industrials-(continued)
Deere & Co.
  23,705   $10,183,668
Parker-Hannifin Corp.
  25,986   10,654,520
Rockwell Automation, Inc.
  30,680   10,317,377
Trane Technologies PLC(c)
  50,850   10,141,524
TransDigm Group, Inc.
  10,910   9,815,945
Uber Technologies, Inc.(b)
  221,017   10,931,501
W.W. Grainger, Inc.
  12,953   9,565,661
        100,303,369
Information Technology-28.84%
Accenture PLC, Class A
  69,199   21,891,104
Adobe, Inc.(b)
  53,825   29,397,600
Apple, Inc.
  116,215   22,830,437
Arista Networks, Inc.(b)
  60,826   9,433,504
Cadence Design Systems, Inc.(b)
  41,524   9,717,031
Fortinet, Inc.(b)
  125,490   9,753,083
Microsoft Corp.
  63,242   21,244,253
Motorola Solutions, Inc.
  29,939   8,581,415
Oracle Corp.
  202,322   23,718,208
Palo Alto Networks, Inc.(b)(c)
  45,032   11,256,199
Salesforce, Inc.(b)
  96,481   21,709,190
        189,532,024
Materials-3.35%
Linde PLC
  56,325   22,004,488
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $566,946,563)
  657,867,405
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.04%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  5,599,922   5,599,922
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  14,399,799   14,399,799
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $19,998,735)
  19,999,721
TOTAL INVESTMENTS IN SECURITIES-103.13%

(Cost $586,945,298)
  677,867,126
OTHER ASSETS LESS LIABILITIES-(3.13)%
  (20,570,870)
NET ASSETS-100.00%
  $657,296,256
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 $158,266   $1,072,612   $(1,230,878)   $-   $-   $-   $1,191
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Large Cap Growth ETF (PWB)—(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 $6,733,945   $53,527,810   $(54,661,833)   $-   $-   $5,599,922   $98,898*
Invesco Private Prime Fund 17,315,858   94,450,329   (97,369,153)   1,016   1,749   14,399,799   258,292*
Total $24,208,069   $149,050,751   $(153,261,864)   $1,016   $1,749   $19,999,721   $358,381
    
* 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 Large Cap Value ETF (PWV)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.97%
Communication Services-3.41%
Comcast Corp., Class A
  608,610   $27,545,689
Consumer Discretionary-9.50%
D.R. Horton, Inc.
  99,277   12,610,164
Ford Motor Co.
  896,198   11,838,776
General Motors Co.
  314,557   12,069,552
Home Depot, Inc. (The)
  83,327   27,817,886
Lennar Corp., Class A
  98,162   12,449,886
        76,786,264
Consumer Staples-9.71%
Altria Group, Inc.
  233,981   10,627,417
Archer-Daniels-Midland Co.
  140,069   11,900,262
General Mills, Inc.
  123,002   9,193,169
Kraft Heinz Co. (The)
  271,714   9,830,613
Kroger Co. (The)
  214,109   10,414,262
Walmart, Inc.
  165,710   26,490,401
        78,456,124
Energy-16.55%
Chevron Corp.
  156,691   25,644,049
ConocoPhillips
  101,609   11,961,412
Energy Transfer L.P.
  823,860   10,949,099
Exxon Mobil Corp.
  231,008   24,773,298
Marathon Petroleum Corp.
  95,635   12,721,368
Phillips 66
  109,925   12,262,134
Pioneer Natural Resources Co.(b)
  49,114   11,083,556
Valero Energy Corp.
  93,451   12,046,768
Williams Cos., Inc. (The)(b)
  357,815   12,326,727
        133,768,411
Financials-20.72%
Aflac, Inc.(b)
  159,186   11,515,515
American International Group, Inc.
  188,496   11,362,539
Bank of America Corp.
  859,909   27,517,088
Chubb Ltd.
  53,519   10,939,819
JPMorgan Chase & Co.
  179,905   28,417,794
MetLife, Inc.
  202,780   12,769,057
Morgan Stanley
  297,391   27,229,120
Travelers Cos., Inc. (The)
  58,635   10,120,987
Wells Fargo & Co.
  596,339   27,527,008
        167,398,927
Health Care-20.69%
Abbott Laboratories
  232,431   25,876,543
AbbVie, Inc.
  172,479   25,799,409
AmerisourceBergen Corp.
  61,385   11,472,857
Centene Corp.(c)
  161,651   11,006,817
Cigna Group (The)
  41,733   12,315,408
Gilead Sciences, Inc.
  133,780   10,186,009
HCA Healthcare, Inc.
  39,258   10,709,975
Johnson & Johnson
  156,728   26,256,642
  Shares   Value
Health Care-(continued)
Merck & Co., Inc.
  217,014   $23,144,543
Regeneron Pharmaceuticals, Inc.(c)
  14,051   10,424,577
        167,192,780
Industrials-9.62%
Carrier Global Corp.(b)
  253,252   15,081,156
FedEx Corp.
  46,385   12,521,631
Lockheed Martin Corp.
  23,226   10,367,390
PACCAR, Inc.
  147,255   12,683,073
United Parcel Service, Inc., Class B
  144,733   27,083,886
        77,737,136
Information Technology-6.43%
Applied Materials, Inc.
  84,445   12,801,017
Cisco Systems, Inc.
  502,466   26,148,331
KLA Corp.
  25,355   13,031,202
        51,980,550
Materials-3.34%
Nucor Corp.
  76,785   13,213,931
Southern Copper Corp. (Mexico)
  157,708   13,789,987
        27,003,918
Total Common Stocks & Other Equity Interests

(Cost $731,472,140)
  807,869,799
Money Market Funds-0.01%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $73,111)
  73,111   73,111
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.98%

(Cost $731,545,251)
  807,942,910
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.13%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  2,552,090   2,552,090
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  6,562,517   6,562,517
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $9,114,607)
  9,114,607
TOTAL INVESTMENTS IN SECURITIES-101.11%

(Cost $740,659,858)
  817,057,517
OTHER ASSETS LESS LIABILITIES-(1.11)%
  (8,973,295)
NET ASSETS-100.00%
  $808,084,222
See accompanying notes which are an integral part of this schedule.
Invesco Dynamic Large Cap Value ETF (PWV)—(continued)
July 31, 2023
(Unaudited)
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 $-   $8,693,212   $(8,620,101)   $-   $-   $73,111   $3,964
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   41,537,041   (38,984,951)   -   -   2,552,090   41,102*
Invesco Private Prime Fund -   98,122,786   (91,558,981)   -   (1,288)   6,562,517   115,959*
Total $-   $148,353,039   $(139,164,033)   $-   $(1,288)   $9,187,718   $161,025
    
* 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 S&P 100 Equal Weight ETF (EQWL)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-9.02%
Alphabet, Inc., Class A(b)
  12,421   $1,648,515
Alphabet, Inc., Class C(b)
  10,681   1,421,748
AT&T, Inc.
  177,722   2,580,523
Charter Communications, Inc., Class A(b)
  8,624   3,494,358
Comcast Corp., Class A
  70,477   3,189,789
Meta Platforms, Inc., Class A(b)
  10,692   3,406,471
Netflix, Inc.(b)
  6,746   2,961,292
T-Mobile US, Inc.(b)
  21,580   2,973,077
Verizon Communications, Inc.
  79,899   2,722,958
Walt Disney Co. (The)(b)
  30,830   2,740,479
        27,139,210
Consumer Discretionary-10.06%
Amazon.com, Inc.(b)
  22,943   3,067,020
Booking Holdings, Inc.(b)
  1,087   3,229,260
Ford Motor Co.
  206,231   2,724,311
General Motors Co.
  78,239   3,002,030
Home Depot, Inc. (The)
  9,528   3,180,828
Lowe’s Cos., Inc.
  13,551   3,174,593
McDonald’s Corp.
  9,879   2,896,523
NIKE, Inc., Class B
  26,775   2,955,692
Starbucks Corp.
  28,937   2,939,131
Tesla, Inc.(b)
  11,597   3,101,386
        30,270,774
Consumer Staples-11.64%
Altria Group, Inc.
  62,696   2,847,652
Coca-Cola Co. (The)
  46,867   2,902,473
Colgate-Palmolive Co.
  37,359   2,848,997
Costco Wholesale Corp.
  5,469   3,066,304
Kraft Heinz Co. (The)
  76,847   2,780,325
Mondelez International, Inc., Class A
  38,828   2,878,320
PepsiCo, Inc.
  15,555   2,915,940
Philip Morris International, Inc.
  30,622   3,053,626
Procter & Gamble Co. (The)
  19,329   3,021,123
Target Corp.
  22,325   3,046,693
Walgreens Boots Alliance, Inc.(c)
  90,212   2,703,654
Walmart, Inc.
  18,497   2,956,930
        35,022,037
Energy-2.98%
Chevron Corp.
  17,834   2,918,712
ConocoPhillips
  27,301   3,213,874
Exxon Mobil Corp.
  26,395   2,830,600
        8,963,186
Financials-18.43%
American Express Co.
  16,499   2,786,351
American International Group, Inc.
  49,840   3,004,355
Bank of America Corp.
  96,786   3,097,152
Bank of New York Mellon Corp. (The)
  63,818   2,894,784
Berkshire Hathaway, Inc., Class B(b)
  8,451   2,974,414
BlackRock, Inc.
  4,149   3,065,489
Capital One Financial Corp.
  25,403   2,972,659
Charles Schwab Corp. (The)
  51,561   3,408,182
Citigroup, Inc.
  58,713   2,798,262
Goldman Sachs Group, Inc. (The)
  8,435   3,001,763
JPMorgan Chase & Co.
  20,091   3,173,574
Mastercard, Inc., Class A
  7,682   3,028,859
MetLife, Inc.
  52,607   3,312,663
Morgan Stanley
  32,868   3,009,394
PayPal Holdings, Inc.(b)
  44,636   3,384,302
U.S. Bancorp
  86,251   3,422,440
  Shares   Value
Financials-(continued)
Visa, Inc., Class A(c)
  12,676   $3,013,465
Wells Fargo & Co.
  67,287   3,105,968
        55,454,076
Health Care-13.55%
Abbott Laboratories
  27,868   3,102,544
AbbVie, Inc.
  20,499   3,066,240
Amgen, Inc.
  12,950   3,032,242
Bristol-Myers Squibb Co.(c)
  43,750   2,720,813
CVS Health Corp.
  39,513   2,951,226
Danaher Corp.
  12,046   3,072,453
Eli Lilly and Co.
  6,360   2,890,938
Gilead Sciences, Inc.
  36,281   2,762,435
Johnson & Johnson
  17,713   2,967,459
Medtronic PLC
  33,839   2,969,711
Merck & Co., Inc.
  25,601   2,730,347
Pfizer, Inc.
  72,733   2,622,752
Thermo Fisher Scientific, Inc.
  5,462   2,996,781
UnitedHealth Group, Inc.
  5,741   2,907,070
        40,793,011
Industrials-12.10%
3M Co.
  28,368   3,163,032
Boeing Co. (The)(b)
  13,039   3,114,365
Caterpillar, Inc.
  12,057   3,197,155
Emerson Electric Co.
  33,657   3,074,567
FedEx Corp.
  12,665   3,418,917
General Dynamics Corp.
  13,339   2,982,333
General Electric Co.
  26,677   3,047,580
Honeywell International, Inc.
  14,322   2,780,330
Lockheed Martin Corp.
  6,121   2,732,231
RTX Corp.
  28,532   2,508,819
Union Pacific Corp.
  14,193   3,293,060
United Parcel Service, Inc., Class B
  16,637   3,113,282
        36,425,671
Information Technology-14.24%
Accenture PLC, Class A
  9,182   2,904,726
Adobe, Inc.(b)
  6,252   3,414,655
Advanced Micro Devices, Inc.(b)
  22,675   2,594,020
Apple, Inc.
  15,658   3,076,014
Broadcom, Inc.
  3,531   3,173,133
Cisco Systems, Inc.
  57,077   2,970,287
Intel Corp.
  90,449   3,235,361
International Business Machines Corp.
  20,947   3,020,138
Microsoft Corp.
  8,669   2,912,090
NVIDIA Corp.
  7,324   3,422,432
Oracle Corp.
  25,794   3,023,830
QUALCOMM, Inc.
  23,793   3,144,721
Salesforce, Inc.(b)
  13,163   2,961,807
Texas Instruments, Inc.
  16,624   2,992,320
        42,845,534
Materials-2.05%
Dow, Inc.
  54,711   3,089,530
Linde PLC(c)
  7,856   3,069,104
        6,158,634
Real Estate-2.01%
American Tower Corp.
  15,115   2,876,536
Simon Property Group, Inc.
  25,600   3,189,760
        6,066,296
Utilities-3.83%
Duke Energy Corp.
  30,965   2,898,944
See accompanying notes which are an integral part of this schedule.
Invesco S&P 100 Equal Weight ETF (EQWL)—(continued)
July 31, 2023
(Unaudited)
  Shares   Value
Utilities-(continued)
Exelon Corp.
  70,727   $2,960,632
NextEra Energy, Inc.
  38,281   2,805,997
Southern Co. (The)
  39,767   2,876,745
        11,542,318
Total Common Stocks & Other Equity Interests

(Cost $280,223,322)
  300,680,747
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $1,191)
  1,191   1,191
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.91%

(Cost $280,224,513)
  300,681,938
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.47%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  4,218,846   $4,218,846
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  3,201,676   3,201,676
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $7,420,522)
  7,420,522
TOTAL INVESTMENTS IN SECURITIES-102.38%

(Cost $287,645,035)
  308,102,460
OTHER ASSETS LESS LIABILITIES-(2.38)%
  (7,167,432)
NET ASSETS-100.00%
  $300,935,028
 
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 $17,471   $1,679,976   $(1,696,256)   $-   $-   $1,191   $1,169
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 4,144,515   23,833,349   (23,759,018)   -   -   4,218,846   24,549*
Invesco Private Prime Fund 10,657,324   33,979,827   (41,435,433)   -   (42)   3,201,676   62,075*
Total $14,819,310   $59,493,152   $(66,890,707)   $-   $(42)   $7,421,713   $87,793
    
* 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 S&P 500 GARP ETF (SPGP)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-1.29%
Alphabet, Inc., Class C(b)
  324,023   $43,130,702
Consumer Discretionary-9.28%
D.R. Horton, Inc.
  434,137   55,144,082
Lennar Corp., Class A
  326,347   41,390,590
NVR, Inc.(b)
  5,792   36,526,900
Pool Corp.(c)
  134,907   51,904,119
PulteGroup, Inc.
  605,999   51,140,256
Tractor Supply Co.(c)
  183,504   41,103,061
Ulta Beauty, Inc.(b)
  76,173   33,881,750
        311,090,758
Consumer Staples-3.29%
Archer-Daniels-Midland Co.
  486,334   41,318,936
Bunge Ltd.(c)
  371,864   40,410,461
Procter & Gamble Co. (The)
  183,130   28,623,219
        110,352,616
Energy-25.23%
APA Corp.
  1,351,254   54,712,274
Chevron Corp.
  319,206   52,241,254
ConocoPhillips
  459,003   54,033,833
Coterra Energy, Inc.
  2,238,866   61,658,370
Devon Energy Corp.(c)
  1,070,587   57,811,698
Diamondback Energy, Inc.(c)
  474,676   69,929,268
EOG Resources, Inc.
  335,724   44,493,502
EQT Corp.(c)
  1,322,344   55,776,470
Exxon Mobil Corp.
  345,439   37,044,878
Marathon Oil Corp.
  2,074,552   54,498,481
Marathon Petroleum Corp.
  493,621   65,661,465
Occidental Petroleum Corp.(c)
  789,169   49,820,239
ONEOK, Inc.
  698,363   46,818,256
Phillips 66
  342,405   38,195,278
Pioneer Natural Resources Co.
  230,618   52,043,564
Valero Energy Corp.
  391,189   50,428,174
        845,167,004
Financials-3.46%
American International Group, Inc.
  476,959   28,751,089
Arch Capital Group Ltd.(b)(c)
  368,406   28,621,462
Capital One Financial Corp.
  257,605   30,144,937
Discover Financial Services(c)
  268,084   28,296,266
        115,813,754
Health Care-11.14%
Cigna Group (The)
  99,846   29,464,555
Elevance Health, Inc.
  66,589   31,405,370
Humana, Inc.
  53,481   24,431,725
IDEXX Laboratories, Inc.(b)
  59,786   33,165,088
Moderna, Inc.(b)
  547,051   64,366,021
Molina Healthcare, Inc.(b)
  148,619   45,252,999
Pfizer, Inc.
  1,343,923   48,461,863
Regeneron Pharmaceuticals, Inc.(b)
  56,354   41,809,596
Vertex Pharmaceuticals, Inc.(b)
  155,566   54,812,125
        373,169,342
Industrials-9.95%
C.H. Robinson Worldwide, Inc.(c)
  401,250   40,197,225
Copart, Inc.(b)
  399,539   35,315,252
Expeditors International of Washington, Inc.(c)
  443,759   56,490,521
Generac Holdings, Inc.(b)(c)
  359,728   55,290,194
J.B. Hunt Transport Services, Inc.
  198,778   40,538,785
  Shares   Value
Industrials-(continued)
Old Dominion Freight Line, Inc.
  111,843   $46,917,020
United Parcel Service, Inc., Class B
  156,483   29,282,664
W.W. Grainger, Inc.
  39,505   29,174,047
        333,205,708
Information Technology-19.67%
Accenture PLC, Class A
  83,903   26,542,714
Adobe, Inc.(b)
  78,821   43,049,666
Apple, Inc.
  207,957   40,853,153
Applied Materials, Inc.
  321,100   48,675,549
Arista Networks, Inc.(b)(c)
  242,697   37,639,878
Autodesk, Inc.(b)
  183,425   38,884,266
Broadcom, Inc.
  42,102   37,834,962
Gartner, Inc.(b)
  98,277   34,749,764
KLA Corp.
  105,966   54,461,226
Lam Research Corp.
  72,044   51,762,893
Microsoft Corp.
  102,538   34,444,565
NXP Semiconductors N.V. (China)
  265,646   59,233,745
QUALCOMM, Inc.
  404,259   53,430,912
Skyworks Solutions, Inc.(c)
  339,305   38,806,313
Teradyne, Inc.(c)
  269,083   30,390,234
Texas Instruments, Inc.
  156,694   28,204,920
        658,964,760
Materials-14.12%
Albemarle Corp.
  212,333   45,074,049
Celanese Corp.
  333,980   41,877,752
CF Industries Holdings, Inc.
  925,672   75,979,158
Dow, Inc.
  624,915   35,288,950
DuPont de Nemours, Inc.
  543,326   42,178,398
LyondellBasell Industries N.V., Class A(c)
  316,638   31,302,833
Mosaic Co. (The)
  1,672,232   68,160,176
Nucor Corp.(c)
  391,658   67,400,425
Steel Dynamics, Inc.
  618,174   65,884,985
        473,146,726
Real Estate-2.58%
Public Storage
  108,718   30,631,297
Weyerhaeuser Co.
  1,639,469   55,840,314
        86,471,611
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.01%

(Cost $3,049,683,825)
  3,350,512,981
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.05%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  47,372,528   47,372,528
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  121,815,072   121,815,072
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $169,185,223)
  169,187,600
TOTAL INVESTMENTS IN SECURITIES-105.06%

(Cost $3,218,869,048)
  3,519,700,581
OTHER ASSETS LESS LIABILITIES-(5.06)%
  (169,430,800)
NET ASSETS-100.00%
  $3,350,269,781
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 GARP ETF (SPGP)—(continued)
July 31, 2023
(Unaudited)
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 $-   $9,272,780   $(9,272,780)   $-   $-   $-   $6,866
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 72,100,398   237,588,823   (262,316,693)   -   -   47,372,528   624,540*
Invesco Private Prime Fund 125,583,975   472,589,943   (476,351,234)   8,779   (16,391)   121,815,072   1,651,479*
Total $197,684,373   $719,451,546   $(747,940,707)   $8,779   $(16,391)   $169,187,600   $2,282,885
    
* 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 S&P 500 Value with Momentum ETF (SPVM)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-1.23%
Comcast Corp., Class A
  6,297   $285,002
Omnicom Group, Inc.
  2,599   219,927
        504,929
Consumer Discretionary-11.74%
BorgWarner, Inc.
  10,532   489,738
D.R. Horton, Inc.
  4,028   511,636
Ford Motor Co.
  50,722   670,038
Genuine Parts Co.
  1,648   256,627
Lennar Corp., Class A
  4,866   617,155
LKQ Corp.
  5,886   322,494
MGM Resorts International
  9,022   458,047
NVR, Inc.(b)
  43   271,177
PulteGroup, Inc.
  7,703   650,056
Ralph Lauren Corp.
  2,435   319,788
Tapestry, Inc.
  6,090   262,783
        4,829,539
Consumer Staples-4.47%
Conagra Brands, Inc.
  8,442   276,982
Dollar Tree, Inc.(b)
  1,947   300,481
JM Smucker Co. (The)
  1,772   266,952
Kraft Heinz Co. (The)
  11,110   401,960
Molson Coors Beverage Co., Class B
  4,526   315,779
Walmart, Inc.
  1,718   274,639
        1,836,793
Energy-24.23%
APA Corp.
  12,303   498,148
Chevron Corp.
  2,635   431,244
ConocoPhillips
  3,462   407,547
Coterra Energy, Inc.
  21,940   604,228
Devon Energy Corp.
  9,322   503,388
Diamondback Energy, Inc.
  3,778   556,575
EOG Resources, Inc.
  3,281   434,831
EQT Corp.
  16,744   706,262
Exxon Mobil Corp.
  4,142   444,188
Kinder Morgan, Inc.
  22,108   391,533
Marathon Oil Corp.
  22,839   599,980
Marathon Petroleum Corp.
  7,288   969,450
Occidental Petroleum Corp.
  6,782   428,148
ONEOK, Inc.
  5,071   339,960
Phillips 66
  8,548   953,529
Pioneer Natural Resources Co.
  1,894   427,419
Targa Resources Corp.
  3,733   306,069
Valero Energy Corp.
  7,451   960,508
        9,963,007
Financials-18.59%
Aflac, Inc.
  5,068   366,619
Arch Capital Group Ltd.(b)
  4,075   316,587
Bank of New York Mellon Corp. (The)
  10,674   484,173
Chubb Ltd.
  1,767   361,192
Citigroup, Inc.
  13,414   639,311
Discover Financial Services
  3,490   368,370
Everest Group Ltd.
  1,014   365,557
Globe Life, Inc.
  2,702   303,083
Goldman Sachs Group, Inc. (The)
  1,239   440,923
Hartford Financial Services Group, Inc. (The)
  5,704   410,004
JPMorgan Chase & Co.
  2,599   410,538
MetLife, Inc.
  8,025   505,334
Morgan Stanley
  3,733   341,793
Principal Financial Group, Inc.
  8,224   656,851
  Shares   Value
Financials-(continued)
Raymond James Financial, Inc.
  3,214   $353,765
State Street Corp.
  6,320   457,821
Travelers Cos., Inc. (The)
  2,041   352,297
Wells Fargo & Co.
  11,037   509,468
        7,643,686
Health Care-9.71%
AmerisourceBergen Corp.
  2,570   480,333
Cardinal Health, Inc.
  4,644   424,787
Cigna Group (The)
  2,123   626,497
Elevance Health, Inc.
  737   347,591
Henry Schein, Inc.(b)
  3,979   313,505
Humana, Inc.
  608   277,753
McKesson Corp.
  1,166   469,198
Molina Healthcare, Inc.(b)
  1,228   373,914
Quest Diagnostics, Inc.
  1,857   251,085
Universal Health Services, Inc., Class B
  3,086   428,831
        3,993,494
Industrials-10.61%
C.H. Robinson Worldwide, Inc.
  3,749   375,575
Carrier Global Corp.
  5,201   309,720
Cummins, Inc.
  1,457   379,986
Expeditors International of Washington, Inc.
  2,104   267,839
FedEx Corp.
  1,676   452,436
General Electric Co.
  2,499   285,486
Huntington Ingalls Industries, Inc.
  1,699   390,209
PACCAR, Inc.
  4,259   366,828
RTX Corp.
  2,580   226,859
Snap-on, Inc.
  878   239,202
Textron, Inc.
  5,332   414,670
United Rentals, Inc.
  721   335,034
Wabtec Corp.
  2,689   318,485
        4,362,329
Information Technology-1.38%
Hewlett Packard Enterprise Co.
  32,590   566,414
Materials-7.31%
Albemarle Corp.
  1,796   381,255
Corteva, Inc.
  4,613   260,312
DuPont de Nemours, Inc.
  7,500   582,225
LyondellBasell Industries N.V., Class A
  5,073   501,517
Nucor Corp.
  3,877   667,193
Steel Dynamics, Inc.
  5,775   615,499
        3,008,001
Real Estate-0.65%
VICI Properties, Inc.
  8,470   266,636
Utilities-9.98%
Ameren Corp.
  2,944   252,213
American Electric Power Co., Inc.
  3,101   262,779
Atmos Energy Corp.
  2,253   274,213
CenterPoint Energy, Inc.
  9,045   272,164
Consolidated Edison, Inc.
  3,549   336,658
Edison International
  3,733   268,627
Evergy, Inc.
  5,349   320,780
NiSource, Inc.
  10,336   287,754
NRG Energy, Inc.
  9,524   361,817
PG&E Corp.(b)
  19,079   335,981
Pinnacle West Capital Corp.
  3,881   321,424
PPL Corp.
  10,878   299,471
See accompanying notes which are an integral part of this schedule.
Invesco S&P 500 Value with Momentum ETF (SPVM)—(continued)
July 31, 2023
(Unaudited)
  Shares   Value
Utilities-(continued)
Sempra
  1,856   $276,581
Xcel Energy, Inc.
  3,765   236,178
        4,106,640
Total Common Stocks & Other Equity Interests

(Cost $39,824,975)
  41,081,468
Money Market Funds-0.20%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d)

(Cost $80,246)
  80,246   80,246
TOTAL INVESTMENTS IN SECURITIES-100.10%

(Cost $39,905,221)
  41,161,714
OTHER ASSETS LESS LIABILITIES-(0.10)%
  (40,183)
NET ASSETS-100.00%
  $41,121,531
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) 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 $22,944   $504,810   $(447,508)   $-   $-   $80,246   $736
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   373,141   (373,141)   -   -   -   179*
Invesco Private Prime Fund -   1,157,410   (1,157,395)   -   (15)   -   557*
Total $22,944   $2,035,361   $(1,978,044)   $-   $(15)   $80,246   $1,472
    
* 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.
    
(d) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
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 S&P MidCap Momentum ETF (XMMO)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-4.24%
Iridium Communications, Inc.(b)
  394,377   $20,724,512
Nexstar Media Group, Inc., Class A
  65,056   12,147,256
World Wrestling Entertainment, Inc., Class A(b)
  148,778   15,621,690
        48,493,458
Consumer Discretionary-8.64%
Deckers Outdoor Corp.(c)
  43,109   23,437,932
Grand Canyon Education, Inc.(c)
  73,590   7,988,195
H&R Block, Inc.(b)
  513,626   17,262,970
Harley-Davidson, Inc.(b)
  227,528   8,784,856
Murphy USA, Inc.(b)
  47,538   14,595,592
Service Corp. International(b)
  260,285   17,347,995
Visteon Corp.(c)
  60,445   9,313,970
        98,731,510
Consumer Staples-6.24%
Casey’s General Stores, Inc.
  76,288   19,274,926
Celsius Holdings, Inc.(b)(c)
  103,392   14,960,822
Lancaster Colony Corp.(b)
  33,688   6,489,320
Performance Food Group Co.(c)
  328,333   19,621,180
Post Holdings, Inc.(b)(c)
  127,659   10,889,313
        71,235,561
Energy-9.02%
Antero Resources Corp.(b)(c)
  485,699   12,992,448
ChampionX Corp.(b)
  399,871   14,235,408
HF Sinclair Corp.(b)
  352,727   18,373,549
Matador Resources Co.
  212,991   11,848,689
Murphy Oil Corp.
  256,728   11,108,621
NOV, Inc.(b)
  791,935   15,902,055
PBF Energy, Inc., Class A(b)
  392,267   18,609,146
        103,069,916
Financials-12.91%
American Financial Group, Inc.
  125,742   15,291,485
Federated Hermes, Inc., Class B
  146,456   4,954,606
FirstCash Holdings, Inc.
  72,252   6,884,171
International Bancshares Corp.
  72,571   3,602,424
Kinsale Capital Group, Inc.
  44,672   16,646,127
Reinsurance Group of America, Inc.
  152,391   21,388,077
RenaissanceRe Holdings Ltd. (Bermuda)
  79,130   14,778,319
RLI Corp.
  104,728   13,971,762
Selective Insurance Group, Inc.
  111,046   11,458,837
United Bankshares, Inc.(b)
  221,247   7,398,500
Unum Group
  639,813   31,101,310
        147,475,618
Health Care-12.09%
Acadia Healthcare Co., Inc.(c)
  285,271   22,544,967
Encompass Health Corp.
  198,090   13,079,883
Haemonetics Corp.(c)
  168,796   15,569,743
Halozyme Therapeutics, Inc.(b)(c)
  345,209   14,830,178
Lantheus Holdings, Inc.(c)
  223,073   19,293,584
Neurocrine Biosciences, Inc.(c)
  226,970   23,125,973
Option Care Health, Inc.(c)
  243,155   8,213,776
United Therapeutics Corp.(b)(c)
  88,221   21,413,001
        138,071,105
Industrials-24.32%
AECOM(b)
  277,223   24,118,401
CACI International, Inc., Class A(c)
  45,247   15,856,359
Clean Harbors, Inc.(c)
  117,822   19,589,086
Curtiss-Wright Corp.(b)
  72,746   13,920,675
  Shares   Value
Industrials-(continued)
EMCOR Group, Inc.(b)
  92,738   $19,942,379
ExlService Holdings, Inc.(c)
  75,873   10,694,299
Fluor Corp.(b)(c)
  416,356   12,898,709
Hexcel Corp.
  172,076   12,162,332
Hubbell, Inc.
  98,184   30,633,408
KBR, Inc.
  207,740   12,773,933
Lincoln Electric Holdings, Inc.
  149,167   29,939,309
nVent Electric PLC
  241,965   12,795,109
Ryder System, Inc.
  89,304   9,122,404
Science Applications International Corp.
  118,060   14,325,400
Timken Co. (The)(b)
  110,399   10,251,651
Univar Solutions, Inc.(c)
  296,209   10,704,993
Valmont Industries, Inc.
  68,550   18,148,612
        277,877,059
Information Technology-8.82%
Allegro MicroSystems, Inc. (Japan)(b)(c)
  112,303   5,795,958
Aspen Technology, Inc.(b)(c)
  53,307   9,515,299
Belden, Inc.(b)
  102,245   9,880,957
Jabil, Inc.
  233,290   25,818,204
National Instruments Corp.
  247,696   14,614,064
Super Micro Computer, Inc.(b)(c)
  106,513   35,178,049
        100,802,531
Materials-11.19%
Ashland, Inc.
  69,113   6,314,164
Cabot Corp.(b)
  112,461   7,984,731
Commercial Metals Co.
  345,605   19,775,518
Greif, Inc., Class A(b)
  42,776   3,164,141
Olin Corp.
  198,532   11,451,326
Reliance Steel & Aluminum Co.(b)
  167,262   48,984,349
Royal Gold, Inc.(b)
  113,400   13,623,876
Silgan Holdings, Inc.
  160,242   7,026,612
United States Steel Corp.
  373,979   9,536,464
        127,861,181
Real Estate-0.94%
Agree Realty Corp.
  164,885   10,681,250
Utilities-1.55%
New Jersey Resources Corp.
  215,776   9,645,187
Ormat Technologies, Inc.(b)
  99,456   8,085,773
        17,730,960
Total Common Stocks & Other Equity Interests

(Cost $977,217,411)
  1,142,030,149
Money Market Funds-0.03%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $333,211)
  333,211   333,211
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.99%

(Cost $977,550,622)
  1,142,363,360
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.91%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  28,496,075   28,496,075
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap Momentum ETF (XMMO)—(continued)
July 31, 2023
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  73,275,621   $73,275,621
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $101,770,667)
  101,771,696
TOTAL INVESTMENTS IN SECURITIES-108.90%

(Cost $1,079,321,289)
  1,244,135,056
OTHER ASSETS LESS LIABILITIES-(8.90)%
  (101,640,604)
NET ASSETS-100.00%
  $1,142,494,452
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 $333,211   $2,842,933   $(2,842,933)   $-   $-   $333,211   $2,431
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 27,988,178   80,730,349   (80,222,452)   -   -   28,496,075   268,179*
Invesco Private Prime Fund 71,341,758   173,660,184   (171,725,677)   4,708   (5,352)   73,275,621   723,126*
Total $99,663,147   $257,233,466   $(254,791,062)   $4,708   $(5,352)   $102,104,907   $993,736
    
* 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 S&P MidCap Quality ETF (XMHQ)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Consumer Discretionary-15.34%
Boyd Gaming Corp.
  133,289   $9,106,304
Capri Holdings Ltd.(b)(c)
  206,607   7,625,864
Deckers Outdoor Corp.(b)(c)
  45,200   24,574,788
Gentex Corp.(c)
  378,202   12,700,023
Grand Canyon Education, Inc.(b)(c)
  60,793   6,599,080
Light & Wonder, Inc.(b)(c)
  226,163   15,899,259
Murphy USA, Inc.(c)
  49,984   15,346,588
Polaris, Inc.(c)
  91,310   12,403,550
Taylor Morrison Home Corp., Class A(b)
  193,795   9,383,554
Texas Roadhouse, Inc.
  123,289   13,752,887
Toll Brothers, Inc.(c)
  161,878   13,003,660
TopBuild Corp.(b)
  53,633   14,691,688
Williams-Sonoma, Inc.(c)
  153,307   21,254,483
        176,341,728
Consumer Staples-1.13%
Boston Beer Co., Inc. (The), Class A(b)(c)
  17,590   6,533,630
Coca-Cola Consolidated, Inc.
  10,152   6,430,378
        12,964,008
Energy-12.11%
Antero Resources Corp.(b)(c)
  544,563   14,567,060
ChampionX Corp.(c)
  322,280   11,473,168
CNX Resources Corp.(b)(c)
  409,798   8,359,879
Matador Resources Co.
  208,220   11,583,279
Murphy Oil Corp.
  254,017   10,991,316
PBF Energy, Inc., Class A
  349,895   16,599,019
PDC Energy, Inc.
  185,860   14,104,915
Range Resources Corp.(c)
  715,450   22,486,593
Southwestern Energy Co.(b)(c)
  3,284,803   21,285,523
Valaris Ltd.(b)(c)
  101,572   7,800,730
        139,251,482
Financials-10.74%
Affiliated Managers Group, Inc.
  69,037   9,571,290
American Financial Group, Inc.
  125,314   15,239,436
East West Bancorp, Inc.(c)
  234,506   14,588,618
Essent Group Ltd.(c)
  183,559   9,104,526
Evercore, Inc., Class A(c)
  69,283   9,357,362
Federated Hermes, Inc., Class B
  150,471   5,090,434
Kinsale Capital Group, Inc.
  37,714   14,053,368
MGIC Investment Corp.
  513,206   8,591,068
RLI Corp.
  123,412   16,464,395
SEI Investments Co.
  196,720   12,391,393
Western Union Co. (The)(c)
  739,941   9,012,481
        123,464,371
Health Care-4.06%
Azenta, Inc.(b)(c)
  110,171   5,175,833
Chemed Corp.(c)
  30,807   16,053,220
Medpace Holdings, Inc.(b)
  80,807   20,457,908
Patterson Cos., Inc.
  151,865   4,994,840
        46,681,801
Industrials-33.46%
Acuity Brands, Inc.
  52,373   8,654,115
Advanced Drainage Systems, Inc.(c)
  105,146   12,826,761
AGCO Corp.
  103,124   13,725,804
Builders FirstSource, Inc.(b)(c)
  349,546   50,484,929
Carlisle Cos., Inc.(c)
  95,145   26,374,194
Donaldson Co., Inc.(c)
  230,255   14,466,922
EMCOR Group, Inc.
  87,676   18,853,847
ExlService Holdings, Inc.(b)(c)
  60,056   8,464,893
  Shares   Value
Industrials-(continued)
Exponent, Inc.
  102,230   $9,157,763
Fortune Brands Innovations, Inc.(c)
  262,713   18,671,013
Genpact Ltd.(c)
  301,104   10,866,843
Graco, Inc.
  274,300   21,760,219
Hubbell, Inc.
  96,109   29,986,008
Insperity, Inc.(c)
  85,878   10,103,547
Landstar System, Inc.
  96,041   19,552,987
MSC Industrial Direct Co., Inc., Class A(c)
  82,287   8,304,404
Owens Corning
  166,981   23,375,670
Terex Corp.
  109,174   6,400,872
Tetra Tech, Inc.
  100,743   17,046,723
Trex Co., Inc.(b)(c)
  181,878   12,575,045
UFP Industries, Inc.
  106,144   10,907,357
Watsco, Inc.(c)
  62,926   23,797,984
Watts Water Technologies, Inc., Class A
  45,138   8,419,591
        384,777,491
Information Technology-14.36%
Belden, Inc.(c)
  76,721   7,414,317
Cognex Corp.(c)
  307,676   16,805,263
Crane NXT Co.(c)
  81,234   4,804,991
IPG Photonics Corp.(b)
  63,410   8,335,245
Jabil, Inc.
  252,111   27,901,124
Lattice Semiconductor Corp.(b)(c)
  333,300   30,310,302
Manhattan Associates, Inc.(b)
  224,109   42,719,658
Power Integrations, Inc.(c)
  126,848   12,322,015
Qualys, Inc.(b)(c)
  104,606   14,519,313
        165,132,228
Materials-8.71%
Ashland, Inc.
  90,500   8,268,080
Cabot Corp.(c)
  94,433   6,704,743
Eagle Materials, Inc.(c)
  81,175   14,966,235
Greif, Inc., Class A(c)
  43,985   3,253,571
Louisiana-Pacific Corp.
  155,690   11,852,680
NewMarket Corp.(c)
  15,139   6,838,286
Olin Corp.
  257,166   14,833,335
Reliance Steel & Aluminum Co.
  114,247   33,458,376
        100,175,306
Total Common Stocks & Other Equity Interests

(Cost $1,007,907,011)
  1,148,788,415
Money Market Funds-0.08%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $956,099)
  956,099   956,099
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.99%

(Cost $1,008,863,110)
  1,149,744,514
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-11.71%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  37,691,359   37,691,359
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap Quality ETF (XMHQ)—(continued)
July 31, 2023
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  96,920,636   $96,920,636
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $134,609,744)
  134,611,995
TOTAL INVESTMENTS IN SECURITIES-111.70%

(Cost $1,143,472,854)
  1,284,356,509
OTHER ASSETS LESS LIABILITIES-(11.70)%
  (134,531,917)
NET ASSETS-100.00%
  $1,149,824,592
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 $547,107   $2,888,422   $(2,479,430)   $-   $-   $956,099   $6,324
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 29,590,609   146,007,709   (137,906,959)   -   -   37,691,359   350,900*
Invesco Private Prime Fund 76,090,138   259,161,458   (238,326,634)   7,017   (11,343)   96,920,636   975,687*
Total $106,227,854   $408,057,589   $(378,713,023)   $7,017   $(11,343)   $135,568,094   $1,332,911
    
* 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 S&P MidCap Value with Momentum ETF (XMVM)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.00%
Communication Services-1.12%
Nexstar Media Group, Inc., Class A
  11,604   $2,166,699
Consumer Discretionary-17.55%
Adient PLC(b)
  75,073   3,195,107
AutoNation, Inc.(b)
  21,952   3,533,833
Brunswick Corp.
  19,138   1,651,801
Foot Locker, Inc.
  152,954   4,109,874
Graham Holdings Co., Class B
  3,893   2,284,218
Harley-Davidson, Inc.
  65,037   2,511,079
KB Home
  68,489   3,696,351
Light & Wonder, Inc.(b)
  35,458   2,492,697
Murphy USA, Inc.
  7,543   2,315,927
PVH Corp.
  23,019   2,063,423
Taylor Morrison Home Corp., Class A(b)
  71,464   3,460,287
Toll Brothers, Inc.
  34,956   2,808,016
        34,122,613
Consumer Staples-6.95%
BJ’s Wholesale Club Holdings, Inc.(b)(c)
  22,902   1,518,632
Casey’s General Stores, Inc.
  6,529   1,649,617
Ingredion, Inc.
  13,507   1,502,789
Performance Food Group Co.(b)
  51,554   3,080,867
Post Holdings, Inc.(b)
  19,778   1,687,063
Sprouts Farmers Market, Inc.(b)(c)
  43,651   1,713,302
US Foods Holding Corp.(b)
  55,393   2,366,943
        13,519,213
Energy-14.15%
Chord Energy Corp.(c)
  20,498   3,214,906
HF Sinclair Corp.
  112,807   5,876,117
Matador Resources Co.
  45,171   2,512,863
Murphy Oil Corp.
  72,893   3,154,080
PBF Energy, Inc., Class A
  134,119   6,362,605
PDC Energy, Inc.
  41,746   3,168,104
Range Resources Corp.(c)
  102,481   3,220,978
        27,509,653
Financials-23.10%
Affiliated Managers Group, Inc.
  13,858   1,921,273
Bank OZK(c)
  52,725   2,305,664
CNO Financial Group, Inc.(c)
  93,897   2,415,031
Essent Group Ltd.
  46,468   2,304,813
F.N.B. Corp.(c)
  222,008   2,839,482
First American Financial Corp.(c)
  29,661   1,879,914
Home BancShares, Inc.(c)
  64,183   1,560,289
International Bancshares Corp.
  38,364   1,904,389
Jefferies Financial Group, Inc.(c)
  76,812   2,825,913
Kemper Corp.
  29,177   1,487,152
MGIC Investment Corp.
  159,633   2,672,256
New York Community Bancorp, Inc.(c)
  206,299   2,861,367
Old Republic International Corp.
  76,735   2,115,584
Prosperity Bancshares, Inc.(c)
  36,377   2,303,392
Reinsurance Group of America, Inc.
  14,666   2,058,373
Stifel Financial Corp.
  29,920   1,901,117
Texas Capital Bancshares, Inc.(b)
  46,362   2,960,214
United Bankshares, Inc.(c)
  59,931   2,004,093
Unum Group
  63,067   3,065,687
Voya Financial, Inc.(c)
  20,510   1,523,072
        44,909,075
  Shares   Value
Health Care-1.68%
Perrigo Co. PLC(c)
  45,688   $1,674,008
Tenet Healthcare Corp.(b)
  21,349   1,595,411
        3,269,419
Industrials-14.05%
AGCO Corp.
  15,879   2,113,495
Builders FirstSource, Inc.(b)
  13,763   1,987,790
Fluor Corp.(b)(c)
  68,276   2,115,191
Knight-Swift Transportation Holdings, Inc.
  29,773   1,808,710
MDU Resources Group, Inc.
  75,587   1,671,984
Owens Corning
  15,111   2,115,389
Regal Rexnord Corp.
  9,853   1,538,842
Ryder System, Inc.
  43,133   4,406,036
Terex Corp.
  31,687   1,857,809
Timken Co. (The)
  16,328   1,516,218
UFP Industries, Inc.(c)
  25,419   2,612,056
Univar Solutions, Inc.(b)
  52,496   1,897,205
Werner Enterprises, Inc.(c)
  35,672   1,677,297
        27,318,022
Information Technology-10.29%
Amkor Technology, Inc.(c)
  68,703   1,998,570
Arrow Electronics, Inc.(b)
  29,115   4,150,052
Avnet, Inc.
  105,843   5,133,386
Crane NXT Co.(c)
  34,648   2,049,429
Jabil, Inc.
  20,484   2,266,964
Kyndryl Holdings, Inc.(b)
  189,339   2,586,371
Vishay Intertechnology, Inc.(c)
  64,754   1,822,825
        20,007,597
Materials-8.19%
Ashland, Inc.
  15,373   1,404,477
Commercial Metals Co.
  61,830   3,537,913
Greif, Inc., Class A
  40,734   3,013,094
Olin Corp.
  37,599   2,168,710
Reliance Steel & Aluminum Co.
  7,425   2,174,486
Sonoco Products Co.
  22,833   1,338,927
Worthington Industries, Inc.(c)
  30,683   2,289,565
        15,927,172
Utilities-2.92%
ALLETE, Inc.
  23,387   1,343,115
NorthWestern Corp.(c)
  24,947   1,408,757
Portland General Electric Co.(c)
  27,412   1,306,730
Spire, Inc.(c)
  25,266   1,606,160
        5,664,762
Total Common Stocks & Other Equity Interests

(Cost $173,499,805)
  194,414,225
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $131,019)
  131,019   131,019
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.07%

(Cost $173,630,824)
  194,545,244
See accompanying notes which are an integral part of this schedule.
Invesco S&P MidCap Value with Momentum ETF (XMVM)—(continued)
July 31, 2023
(Unaudited)
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.78%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  6,959,757   $6,959,757
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  17,896,517   17,896,517
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $24,855,373)
  24,856,274
TOTAL INVESTMENTS IN SECURITIES-112.85%

(Cost $198,486,197)
  219,401,518
OTHER ASSETS LESS LIABILITIES-(12.85)%
  (24,976,657)
NET ASSETS-100.00%
  $194,424,861
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 $234,059   $725,825   $(828,865)   $-   $-   $131,019   $1,534
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 10,391,714   26,735,691   (30,167,648)   -   -   6,959,757   77,144*
Invesco Private Prime Fund 25,480,378   53,297,306   (60,880,603)   1,263   (1,827)   17,896,517   205,601*
Total $36,106,151   $80,758,822   $(91,877,116)   $1,263   $(1,827)   $24,987,293   $284,279
    
* 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 S&P SmallCap Momentum ETF (XSMO)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.98%
Communication Services-0.44%
ATN International, Inc.
  5,830   $211,862
Gogo, Inc.(b)(c)
  35,411   533,644
        745,506
Consumer Discretionary-6.80%
Academy Sports & Outdoors, Inc.(c)
  49,511   2,960,263
Adtalem Global Education, Inc.(b)(c)
  25,897   1,119,787
Asbury Automotive Group, Inc.(b)(c)
  12,397   2,796,763
Buckle, Inc. (The)(c)
  16,144   590,225
Chuy’s Holdings, Inc.(b)(c)
  10,224   425,216
Haverty Furniture Cos., Inc., (Acquired 03/17/2023 - 04/19/2023; Cost $233,011)(d)
  7,327   260,841
Oxford Industries, Inc.
  10,309   1,111,826
Perdoceo Education Corp.(b)
  47,529   634,512
Strategic Education, Inc.(c)
  20,566   1,544,507
        11,443,940
Consumer Staples-9.34%
Cal-Maine Foods, Inc.
  32,830   1,516,418
Chefs’ Warehouse, Inc. (The)(b)(c)
  17,400   632,316
elf Beauty, Inc.(b)
  54,510   6,362,407
Hostess Brands, Inc.(b)
  60,185   1,446,847
Inter Parfums, Inc.
  9,126   1,364,885
MGP Ingredients, Inc.(c)
  9,051   1,031,904
SpartanNash Co.
  22,414   502,970
Tootsie Roll Industries, Inc.
  15,671   546,291
TreeHouse Foods, Inc.(b)(c)
  26,560   1,370,762
Vector Group Ltd.
  71,763   941,531
        15,716,331
Energy-12.91%
Archrock, Inc.
  70,817   825,726
Baytex Energy Corp. (Canada)(b)
  1   3
Civitas Resources, Inc.(c)
  26,939   2,016,654
Comstock Resources, Inc.(c)
  79,471   1,013,255
CONSOL Energy, Inc.
  35,112   2,616,546
Dorian LPG Ltd.
  34,235   1,018,149
Helix Energy Solutions Group, Inc.(b)(c)
  147,203   1,413,149
Helmerich & Payne, Inc.
  81,589   3,652,740
Nabors Industries Ltd.(b)(c)
  5,723   701,010
Northern Oil and Gas, Inc.(c)
  42,184   1,660,784
Oceaneering International, Inc.(b)
  66,481   1,492,498
Par Pacific Holdings, Inc.(b)
  51,517   1,621,755
Patterson-UTI Energy, Inc.(c)
  152,701   2,418,784
RPC, Inc.
  55,267   459,821
Talos Energy, Inc.(b)(c)
  50,007   800,112
        21,710,986
Financials-6.96%
Assured Guaranty Ltd.
  28,874   1,726,088
Avantax, Inc.(b)
  42,741   1,106,137
BancFirst Corp.(c)
  8,379   837,062
City Holding Co.(c)
  10,160   1,004,926
CVB Financial Corp.(c)
  66,880   1,262,025
Employers Holdings, Inc.
  16,014   618,621
EZCORP, Inc., Class A(b)(c)
  40,904   370,590
Genworth Financial, Inc., Class A(b)
  379,645   2,224,720
Heritage Financial Corp.
  21,032   394,560
S&T Bancorp, Inc.
  25,086   792,216
  Shares   Value
Financials-(continued)
StoneX Group, Inc.(b)
  12,060   $1,109,640
United Fire Group, Inc.
  10,591   254,608
        11,701,193
Health Care-10.62%
Addus HomeCare Corp.(b)(c)
  10,401   952,420
Amphastar Pharmaceuticals, Inc.(b)
  19,475   1,181,938
Catalyst Pharmaceuticals, Inc.(b)
  102,849   1,422,402
Collegium Pharmaceutical, Inc.(b)
  25,577   582,132
Corcept Therapeutics, Inc.(b)(c)
  44,347   1,129,962
Cross Country Healthcare, Inc.(b)(c)
  15,844   408,775
Cytokinetics, Inc.(b)(c)
  41,915   1,397,865
Ensign Group, Inc. (The)
  32,419   3,140,428
Harmony Biosciences Holdings, Inc.(b)(c)
  15,604   551,913
Merit Medical Systems, Inc.(b)
  34,285   2,560,061
Prestige Consumer Healthcare, Inc.(b)
  25,584   1,668,333
Select Medical Holdings Corp.(c)
  53,959   1,619,310
Supernus Pharmaceuticals, Inc.(b)
  35,864   1,100,666
Zynex, Inc.(b)(c)
  15,887   155,057
        17,871,262
Industrials-24.74%
AAR Corp.(b)
  19,103   1,142,359
AeroVironment, Inc.(b)(c)
  16,755   1,596,081
Albany International Corp., Class A(c)
  23,184   2,232,156
Applied Industrial Technologies, Inc.
  31,301   4,538,332
Arcosa, Inc.
  27,483   2,121,138
Comfort Systems USA, Inc.
  24,263   4,221,034
Encore Wire Corp.(c)
  11,212   1,913,776
Enerpac Tool Group Corp.(c)
  49,013   1,346,877
ESCO Technologies, Inc.
  14,518   1,459,785
Federal Signal Corp.(c)
  47,597   2,907,701
GEO Group, Inc. (The)(b)(c)
  100,857   753,402
Granite Construction, Inc.(c)
  22,052   902,588
Griffon Corp.
  49,339   2,058,423
Lindsay Corp.
  6,170   817,710
Marten Transport Ltd.
  35,966   814,990
Moog, Inc., Class A
  18,552   1,956,123
Mueller Industries, Inc.
  33,096   2,682,762
NOW, Inc.(b)
  85,901   978,412
NV5 Global, Inc.(b)(c)
  7,102   778,024
Powell Industries, Inc.
  5,272   320,432
SPX Technologies, Inc.(b)(c)
  36,405   3,080,227
Standex International Corp.
  6,114   908,357
Titan International, Inc.(b)
  34,815   434,839
Veritiv Corp.(c)
  7,311   1,024,491
Wabash National Corp.(c)
  26,561   628,965
        41,618,984
Information Technology-15.92%
Adeia, Inc.
  90,579   1,088,760
Agilysys, Inc.(b)
  21,386   1,574,651
Axcelis Technologies, Inc.(b)
  24,023   4,816,131
Benchmark Electronics, Inc.
  18,210   482,747
CTS Corp.
  19,882   887,334
Digi International, Inc.(b)(c)
  26,492   1,110,809
Extreme Networks, Inc.(b)
  74,685   1,985,874
Insight Enterprises, Inc.(b)(c)
  18,394   2,698,216
Plexus Corp.(b)(c)
  15,440   1,520,686
Progress Software Corp.
  22,569   1,355,494
Rambus, Inc.(b)
  93,808   5,873,319
Sanmina Corp.(b)(c)
  55,246   3,395,419
        26,789,440
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Momentum ETF (XSMO)—(continued)
July 31, 2023
(Unaudited)
  Shares   Value
Materials-10.91%
American Vanguard Corp.
  19,505   $352,260
ATI, Inc.(b)(c)
  139,286   6,641,156
Carpenter Technology Corp.
  39,783   2,381,410
Haynes International, Inc.(c)
  8,605   431,627
Innospec, Inc.(c)
  14,662   1,570,887
Myers Industries, Inc.
  25,508   500,212
O-I Glass, Inc.(b)
  98,809   2,268,655
Olympic Steel, Inc.
  9,957   555,501
SunCoke Energy, Inc.
  52,320   464,602
Sylvamo Corp.
  24,428   1,198,682
TimkenSteel Corp.(b)(c)
  20,501   477,673
Warrior Met Coal, Inc.
  34,162   1,511,668
        18,354,333
Real Estate-1.34%
Getty Realty Corp.(c)
  32,831   1,061,098
Global Net Lease, Inc.
  52,346   559,579
LTC Properties, Inc.
  18,815   631,431
        2,252,108
Total Common Stocks & Other Equity Interests

(Cost $144,343,461)
  168,204,083
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $193,016)
  193,016   193,016
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $144,536,477)
  168,397,099
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-18.00%
Invesco Private Government Fund, 5.24%(e)(f)(g)
  8,478,853   $8,478,853
Invesco Private Prime Fund, 5.38%(e)(f)(g)
  21,802,764   21,802,764
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $30,281,177)
  30,281,617
TOTAL INVESTMENTS IN SECURITIES-118.09%

(Cost $174,817,654)
  198,678,716
OTHER ASSETS LESS LIABILITIES-(18.09)%
  (30,438,783)
NET ASSETS-100.00%
  $168,239,933
 
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) Restricted security. The value of this security at July 31, 2023 represented less than 1% of the Fund’s Net Assets.
(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 $243,605   $1,514,588   $(1,565,177)   $-   $-   $193,016   $1,569
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 9,771,272   21,802,848   (23,095,267)   -   -   8,478,853   120,437*
Invesco Private Prime Fund 31,554,662   48,492,324   (58,245,013)   2,227   (1,436)   21,802,764   322,943*
Total $41,569,539   $71,809,760   $(82,905,457)   $2,227   $(1,436)   $30,474,633   $444,949
    
* 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 S&P SmallCap Value with Momentum ETF (XSVM)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.98%
Consumer Discretionary-22.83%
Academy Sports & Outdoors, Inc.(b)
  72,967   $4,362,697
American Axle & Manufacturing Holdings, Inc.(c)
  961,329   9,084,559
America’s Car-Mart, Inc.(b)(c)
  50,662   6,034,857
Asbury Automotive Group, Inc.(b)(c)
  26,153   5,900,117
Caleres, Inc.(b)
  352,709   9,537,251
Century Communities, Inc.(b)
  83,540   6,450,959
Chico’s FAS, Inc.(b)(c)
  1,102,886   6,727,605
Ethan Allen Interiors, Inc.(b)
  152,075   4,785,800
Group 1 Automotive, Inc.
  30,539   7,895,248
Haverty Furniture Cos., Inc., (Acquired 12/16/2022 - 07/12/2023; Cost $5,404,731)(b)(d)
  178,067   6,339,185
Hibbett, Inc.(b)
  187,969   8,721,762
La-Z-Boy, Inc.(b)
  167,805   5,264,043
LCI Industries(b)
  30,938   4,215,921
M.D.C. Holdings, Inc.
  123,669   6,341,746
M/I Homes, Inc.(c)
  87,405   8,740,500
Meritage Homes Corp.(b)
  41,399   6,166,381
ODP Corp. (The)(c)
  135,833   6,775,350
Patrick Industries, Inc.(b)
  75,312   6,518,254
Perdoceo Education Corp.(c)
  320,789   4,282,533
Signet Jewelers Ltd.
  62,173   5,004,305
Sonic Automotive, Inc., Class A(b)
  140,990   6,752,011
Tri Pointe Homes, Inc.(c)
  161,140   5,137,143
Urban Outfitters, Inc.(b)(c)
  102,527   3,728,907
Winnebago Industries, Inc.(b)
  82,697   5,689,554
        150,456,688
Consumer Staples-3.87%
Andersons, Inc. (The)
  179,457   8,761,091
Cal-Maine Foods, Inc.
  119,041   5,498,504
Fresh Del Monte Produce, Inc.
  256,190   6,809,530
Universal Corp.
  88,102   4,455,318
        25,524,443
Energy-14.62%
Civitas Resources, Inc.(b)
  68,590   5,134,647
CONSOL Energy, Inc.
  91,522   6,820,219
CVR Energy, Inc.(b)
  233,786   8,589,298
Dorian LPG Ltd.(b)
  159,584   4,746,028
Helix Energy Solutions Group, Inc.(c)
  534,539   5,131,574
Northern Oil and Gas, Inc.(b)
  143,191   5,637,430
Oil States International, Inc.(c)
  735,269   5,911,563
Par Pacific Holdings, Inc.(c)
  383,471   12,071,667
REX American Resources Corp.(b)(c)
  97,076   3,593,754
SM Energy Co.
  209,451   7,600,977
Talos Energy, Inc.(b)(c)
  490,476   7,847,616
US Silica Holdings, Inc.(c)
  373,950   4,865,089
Vital Energy, Inc.(b)(c)
  196,377   10,364,778
World Kinect Corp.
  355,763   8,018,898
        96,333,538
Financials-20.02%
Ambac Financial Group, Inc.(c)
  545,868   7,718,573
American Equity Investment Life Holding Co.(b)(c)
  135,269   7,259,887
Apollo Commercial Real Estate Finance, Inc.(b)
  519,936   6,135,245
Assured Guaranty Ltd.
  82,477   4,930,475
Axos Financial, Inc.(b)(c)
  79,660   3,744,020
Employers Holdings, Inc.
  91,388   3,530,318
  Shares   Value
Financials-(continued)
Encore Capital Group, Inc.(b)(c)
  79,623   $4,259,830
Enova International, Inc.(c)
  83,358   4,592,192
EZCORP, Inc., Class A(b)(c)
  635,511   5,757,730
First Commonwealth Financial Corp.
  235,040   3,393,978
First Financial Bancorp(b)
  195,436   4,512,617
Franklin BSP Realty Trust, Inc.(b)
  247,947   3,545,642
Genworth Financial, Inc., Class A(c)
  1,395,581   8,178,105
Hilltop Holdings, Inc.
  107,182   3,315,139
Mr. Cooper Group, Inc.(b)(c)
  85,810   4,974,406
NMI Holdings, Inc., Class A(b)(c)
  130,353   3,481,729
Northwest Bancshares, Inc.
  333,655   4,123,976
OFG Bancorp
  144,573   4,841,750
Radian Group, Inc.
  159,533   4,296,224
Ready Capital Corp.(b)
  446,935   5,171,038
Renasant Corp.(b)
  156,663   4,847,153
S&T Bancorp, Inc.
  140,949   4,451,169
SiriusPoint Ltd. (Bermuda)(b)(c)
  429,049   4,007,318
StoneX Group, Inc.(c)
  91,430   8,412,474
TrustCo Bank Corp.(b)
  138,520   4,209,623
United Fire Group, Inc.(b)
  202,764   4,874,447
Universal Insurance Holdings, Inc.
  215,228   3,342,491
        131,907,549
Health Care-3.62%
AdaptHealth Corp.(b)(c)
  501,563   6,891,476
Avanos Medical, Inc.(c)
  138,706   3,394,136
Community Health Systems, Inc.(c)
  1,212,870   5,324,499
Cross Country Healthcare, Inc.(b)(c)
  179,128   4,621,502
OraSure Technologies, Inc.(c)
  771,105   3,639,616
        23,871,229
Industrials-19.82%
ABM Industries, Inc.
  84,041   3,889,418
American Woodmark Corp.(c)
  63,444   4,862,348
Apogee Enterprises, Inc.
  86,974   4,307,822
ArcBest Corp.
  53,399   6,211,372
Boise Cascade Co.
  75,835   7,848,164
DXP Enterprises, Inc.(c)
  126,150   4,791,177
Encore Wire Corp.(b)
  23,593   4,027,089
GEO Group, Inc. (The)(b)(c)
  838,645   6,264,678
GMS, Inc.(c)
  56,359   4,153,095
Granite Construction, Inc.(b)
  83,500   3,417,655
Heartland Express, Inc.(b)
  206,364   3,374,051
Hillenbrand, Inc.(b)
  68,175   3,541,010
Hub Group, Inc., Class A(c)
  58,314   5,255,841
Kelly Services, Inc., Class A
  437,466   8,014,377
Matson, Inc.
  79,974   7,474,370
Mueller Industries, Inc.(b)
  39,737   3,221,081
NOW, Inc.(c)
  494,237   5,629,359
OPENLANE, Inc.(b)(c)
  255,216   4,006,891
Quanex Building Products Corp.
  149,124   4,196,349
Resideo Technologies, Inc.(b)(c)
  317,414   5,941,990
Resources Connection, Inc.
  245,372   3,921,045
SkyWest, Inc.(c)
  158,646   6,978,838
Titan International, Inc.(c)
  619,519   7,737,792
Veritiv Corp.(b)
  57,992   8,126,419
Wabash National Corp.(b)
  145,242   3,439,331
        130,631,562
Information Technology-5.17%
Benchmark Electronics, Inc.
  250,544   6,641,921
Ebix, Inc.(b)
  208,237   6,447,018
Ichor Holdings Ltd.(b)(c)
  101,354   3,924,427
See accompanying notes which are an integral part of this schedule.
Invesco S&P SmallCap Value with Momentum ETF (XSVM)—(continued)
July 31, 2023
(Unaudited)
  Shares   Value
Information Technology-(continued)
Sanmina Corp.(b)(c)
  78,996   $4,855,094
ScanSource, Inc.(c)
  254,749   7,665,397
TTM Technologies, Inc.(b)(c)
  312,908   4,493,359
        34,027,216
Materials-9.53%
AdvanSix, Inc.(b)
  131,092   5,258,100
Clearwater Paper Corp.(c)
  205,471   6,622,330
FutureFuel Corp.
  442,396   4,300,089
Haynes International, Inc.(b)
  68,416   3,431,747
Koppers Holdings, Inc.
  158,502   6,064,286
O-I Glass, Inc.(b)(c)
  227,410   5,221,334
Olympic Steel, Inc.
  156,954   8,756,464
SunCoke Energy, Inc.
  838,850   7,448,988
Sylvamo Corp.
  75,422   3,700,958
TimkenSteel Corp.(b)(c)
  202,981   4,729,457
Warrior Met Coal, Inc.(b)
  164,106   7,261,690
        62,795,443
Real Estate-0.50%
Service Properties Trust
  387,749   3,291,989
Total Common Stocks & Other Equity Interests

(Cost $577,898,642)
  658,839,657
Money Market Funds-0.05%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(e)(f)

(Cost $350,793)
  350,793   350,793
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $578,249,435)
  659,190,450
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-20.68%
Invesco Private Government Fund, 5.24%(e)(f)(g)
  38,160,111   $38,160,111
Invesco Private Prime Fund, 5.38%(e)(f)(g)
  98,125,999   98,125,999
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $136,281,192)
  136,286,110
TOTAL INVESTMENTS IN SECURITIES-120.71%

(Cost $714,530,627)
  795,476,560
OTHER ASSETS LESS LIABILITIES-(20.71)%
  (136,483,925)
NET ASSETS-100.00%
  $658,992,635
 
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) Restricted security. The value of this security at July 31, 2023 represented less than 1% of the Fund’s Net Assets.
(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 $29,495   $5,603,882   $(5,282,584)   $-   $-   $350,793   $5,105
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 30,638,853   63,061,773   (55,540,515)   -   -   38,160,111   441,382*
Invesco Private Prime Fund 86,712,240   129,515,131   (118,099,117)   10,828   (13,083)   98,125,999   1,173,586*
Total $117,380,588   $198,180,786   $(178,922,216)   $10,828   $(13,083)   $136,636,903   $1,620,073
    
* 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 S&P SmallCap Value with Momentum ETF (XSVM)—(continued)
July 31, 2023
(Unaudited)
(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 Zacks Mid-Cap ETF (CZA)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-100.01%
Communication Services-0.32%
Playtika Holding Corp.(b)
  55,226   $659,398
Consumer Discretionary-4.06%
Columbia Sportswear Co.(c)
  9,904   778,554
Garmin Ltd.
  31,155   3,299,003
Genuine Parts Co.
  21,739   3,385,197
Red Rock Resorts, Inc., Class A
  16,716   810,726
        8,273,480
Consumer Staples-2.63%
Church & Dwight Co., Inc.
  37,337   3,572,031
Inter Parfums, Inc.
  5,252   785,489
Pilgrim’s Pride Corp.(b)(c)
  39,935   989,190
        5,346,710
Energy-0.40%
Kinetik Holdings, Inc., Class A
  22,781   820,116
Financials-21.11%
Arch Capital Group Ltd.(b)
  59,257   4,603,676
Assurant, Inc.
  8,801   1,183,822
AXIS Capital Holdings Ltd.
  13,847   763,247
CNA Financial Corp.(c)
  42,511   1,664,731
Deutsche Bank AG (Germany)(c)
  328,545   3,656,706
East West Bancorp, Inc.
  23,237   1,445,574
Essent Group Ltd.
  17,161   851,186
FactSet Research Systems, Inc.(c)
  6,452   2,806,878
Fifth Third Bancorp
  110,968   3,229,169
FleetCor Technologies, Inc.(b)
  11,653   2,900,548
Hartford Financial Services Group, Inc. (The)
  49,065   3,526,792
Janus Henderson Group PLC(c)
  27,517   807,624
State Street Corp.
  53,869   3,902,270
TPG, Inc.(c)
  52,371   1,541,279
Unum Group
  30,520   1,483,577
Voya Financial, Inc.
  15,887   1,179,769
W.R. Berkley Corp.
  41,500   2,560,135
WEX, Inc.(b)
  6,755   1,279,059
Willis Towers Watson PLC
  16,982   3,588,806
        42,974,848
Health Care-6.75%
Avantor, Inc.(b)(c)
  108,391   2,229,603
Bausch + Lomb Corp.(b)
  55,224   1,097,301
Baxter International, Inc.
  80,067   3,621,431
Encompass Health Corp.
  15,575   1,028,417
ICON PLC(b)
  13,179   3,313,332
Merit Medical Systems, Inc.(b)
  9,243   690,175
QIAGEN N.V.(b)
  37,527   1,757,014
        13,737,273
Industrials-22.54%
AerCap Holdings N.V. (Ireland)(b)
  37,123   2,368,819
Air Lease Corp., Class A
  17,538   742,559
Booz Allen Hamilton Holding Corp.(c)
  21,011   2,544,012
Crane Co.
  8,719   816,883
Donaldson Co., Inc.(c)
  19,025   1,195,341
Dover Corp.
  22,152   3,233,527
Esab Corp.
  9,594   659,108
Fortive Corp.
  55,042   4,312,541
Franklin Electric Co., Inc.
  7,378   729,094
Genpact Ltd.
  30,898   1,115,109
Graco, Inc.
  26,358   2,090,980
Howmet Aerospace, Inc.
  63,983   3,272,091
Hubbell, Inc.
  8,509   2,654,808
  Shares   Value
Industrials-(continued)
IDEX Corp.
  11,762   $2,655,977
ITT, Inc.
  12,836   1,278,466
Jacobs Solutions, Inc.
  20,128   2,524,252
Leidos Holdings, Inc.
  21,617   2,021,838
ManpowerGroup, Inc.
  7,809   615,974
Regal Rexnord Corp.
  10,564   1,649,886
Sensata Technologies Holding PLC
  24,593   1,039,054
Stericycle, Inc.(b)
  14,955   635,438
TFI International, Inc. (Canada)
  12,470   1,600,524
Timken Co. (The)
  11,144   1,034,832
Valmont Industries, Inc.
  3,150   833,962
Wabtec Corp.
  27,666   3,276,761
Watts Water Technologies, Inc., Class A
  5,265   982,080
        45,883,916
Information Technology-9.39%
Amdocs Ltd.
  19,343   1,811,279
CDW Corp.
  21,509   4,023,689
Informatica, Inc., Class A(b)(c)
  46,867   892,348
IPG Photonics Corp.(b)
  7,518   988,241
Littelfuse, Inc.(c)
  3,944   1,201,342
Skyworks Solutions, Inc.
  25,255   2,888,414
TD SYNNEX Corp.
  15,690   1,548,760
Teledyne Technologies, Inc.(b)
  7,461   2,868,978
Trimble, Inc.(b)
  39,545   2,127,521
Vontier Corp.
  24,972   772,384
        19,122,956
Materials-11.52%
AptarGroup, Inc.
  10,548   1,281,160
Eastman Chemical Co.
  18,713   1,601,458
FMC Corp.
  20,029   1,927,391
ICL Group Ltd. (Israel)(c)
  204,042   1,365,041
International Flavors & Fragrances, Inc.
  42,152   3,566,481
Martin Marietta Materials, Inc.
  9,429   4,209,671
RPM International, Inc.
  20,303   2,097,503
Sealed Air Corp.
  23,352   1,065,318
Sibanye Stillwater Ltd., ADR (South Africa)
  127,343   984,361
Silgan Holdings, Inc.
  17,058   747,993
Sonoco Products Co.
  15,837   928,682
Suzano S.A., ADR (Brazil)
  229,086   2,327,514
WestRock Co.
  40,799   1,358,199
        23,460,772
Real Estate-9.34%
Americold Realty Trust, Inc.(c)
  43,336   1,404,953
AvalonBay Communities, Inc.
  22,982   4,335,554
Brixmor Property Group, Inc.
  47,571   1,081,765
Equity Residential
  61,339   4,044,694
Gaming and Leisure Properties, Inc.
  43,128   2,046,855
NNN REIT, Inc.
  29,379   1,253,896
Sun Communities, Inc.(c)
  20,498   2,670,889
UDR, Inc.
  53,482   2,186,344
        19,024,950
Utilities-11.95%
Avangrid, Inc.(c)
  61,515   2,280,976
CenterPoint Energy, Inc.
  100,454   3,022,661
DTE Energy Co.
  33,708   3,852,824
Entergy Corp.
  34,060   3,497,962
Essential Utilities, Inc.
  43,285   1,830,523
Evergy, Inc.
  36,808   2,207,376
See accompanying notes which are an integral part of this schedule.
Invesco Zacks Mid-Cap ETF (CZA)—(continued)
July 31, 2023
(Unaudited)
  Shares   Value
Utilities-(continued)
Eversource Energy
  55,255   $3,996,594
FirstEnergy Corp.
  92,611   3,647,947
        24,336,863
Total Common Stocks & Other Equity Interests

(Cost $196,151,910)
  203,641,282
Money Market Funds-0.11%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(d)(e)

(Cost $217,926)
  217,926   217,926
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.12%

(Cost $196,369,836)
  203,859,208
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.58%
Invesco Private Government Fund, 5.24%(d)(e)(f)
  2,612,588   $2,612,588
Invesco Private Prime Fund, 5.38%(d)(e)(f)
  6,718,084   6,718,084
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $9,330,672)
  9,330,672
TOTAL INVESTMENTS IN SECURITIES-104.70%

(Cost $205,700,508)
  213,189,880
OTHER ASSETS LESS LIABILITIES-(4.70)%
  (9,570,373)
NET ASSETS-100.00%
  $203,619,507
 
Investment Abbreviations:
ADR -American Depositary Receipt
REIT -Real Estate Investment Trust
    
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 $205,195   $830,283   $(817,552)   $-   $-   $217,926   $1,507
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 2,237,909   20,014,609   (19,639,930)   -   -   2,612,588   43,516*
Invesco Private Prime Fund 5,754,623   43,678,157   (42,714,730)   62   (28)   6,718,084   115,770*
Total $8,197,727   $64,523,049   $(63,172,212)   $62   $(28)   $9,548,598   $160,793
    
* 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 Zacks Multi-Asset Income ETF (CVY)
July 31, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-81.37%
Communication Services-1.96%
Gray Television, Inc.
  41,368   $391,755
Mobile TeleSystems PJSC, ADR (Russia)(b)(c)
  152,493   0
Nexstar Media Group, Inc., Class A
  3,886   725,594
TEGNA, Inc.
  18,868   318,869
TIM S.A., ADR (Brazil)(d)
  33,879   511,573
        1,947,791
Consumer Discretionary-1.74%
Dick’s Sporting Goods, Inc.(d)
  7,222   1,018,302
Patrick Industries, Inc.(d)
  4,273   369,828
Sonic Automotive, Inc., Class A(d)
  7,101   340,067
        1,728,197
Consumer Staples-1.72%
Ambev S.A., ADR (Brazil)(d)
  162,155   505,924
Bunge Ltd.
  9,440   1,025,845
Coca-Cola FEMSA S.A.B. de C.V., ADR (Mexico)
  2,108   177,746
        1,709,515
Energy-29.69%
Alliance Resource Partners L.P.
  64,469   1,284,222
APA Corp.
  26,544   1,074,767
Black Stone Minerals L.P.
  58,222   1,032,858
BP PLC, ADR (United Kingdom)(d)
  13,629   508,362
California Resources Corp.(d)
  7,387   394,096
Chesapeake Energy Corp.(d)
  7,477   630,610
Chord Energy Corp.
  3,950   619,518
Civitas Resources, Inc.
  8,641   646,865
Comstock Resources, Inc.(d)
  58,537   746,347
Coterra Energy, Inc.
  35,602   980,479
Crescent Point Energy Corp. (Canada)(d)
  45,451   368,608
Crestwood Equity Partners L.P.
  32,714   952,959
Delek US Holdings, Inc.(d)
  12,651   349,041
Diamondback Energy, Inc.
  6,746   993,821
Ecopetrol S.A., ADR (Colombia)(d)
  95,898   1,123,925
Energy Transfer L.P.
  60,774   807,686
Enterprise Products Partners L.P.
  23,602   625,689
EOG Resources, Inc.
  8,008   1,061,300
Exxon Mobil Corp.
  8,368   897,384
Genesis Energy L.P.
  46,238   452,670
Global Partners L.P.
  23,297   799,087
HF Sinclair Corp.
  13,777   717,644
Imperial Oil Ltd. (Canada)
  6,254   337,216
Magnolia Oil & Gas Corp., Class A(d)
  29,731   658,542
Marathon Petroleum Corp.
  8,068   1,073,205
MPLX L.P.
  21,392   759,630
Murphy Oil Corp.
  16,348   707,378
Northern Oil and Gas, Inc.
  19,023   748,936
NuStar Energy L.P.
  45,416   816,126
Ovintiv, Inc.(d)
  17,154   790,628
Phillips 66
  9,292   1,036,523
Plains All American Pipeline L.P.
  46,808   696,503
Shell PLC, ADR (Netherlands)(d)
  7,229   445,523
Suncor Energy, Inc. (Canada)
  31,069   972,149
Sunoco L.P.
  14,241   652,807
Teekay Tankers Ltd., Class A (Canada)
  7,749   337,934
TotalEnergies SE, ADR (France)
  6,821   415,058
Valero Energy Corp.
  7,810   1,006,787
Vermilion Energy, Inc. (Canada)
  25,644   356,964
Western Midstream Partners L.P.
  23,168   654,959
        29,534,806
  Shares   Value
Financials-22.39%
AGNC Investment Corp.
  100,679   $1,025,919
Ally Financial, Inc.
  33,609   1,026,419
Annaly Capital Management, Inc.
  49,520   994,857
Banco Bilbao Vizcaya Argentaria S.A., ADR (Spain)(d)
  125,535   996,748
Bank of America Corp.
  31,382   1,004,224
Berkshire Hills Bancorp, Inc.
  13,777   314,253
Bread Financial Holdings, Inc.
  10,080   419,026
Capital One Financial Corp.
  8,847   1,035,276
Cathay General Bancorp(d)
  9,552   363,358
Credicorp Ltd. (Peru)
  4,403   691,491
Discover Financial Services
  8,848   933,906
East West Bancorp, Inc.(d)
  11,818   735,198
Equitable Holdings, Inc.
  23,337   669,538
First Bancorp
  25,509   378,809
Goldman Sachs Group, Inc. (The)
  2,731   971,881
HSBC Holdings PLC, ADR (United Kingdom)(d)
  16,023   669,441
Jackson Financial, Inc., Class A
  20,494   676,712
Lloyds Banking Group PLC, ADR (United Kingdom)
  323,352   740,476
MFA Financial, Inc.
  14,017   157,831
MGIC Investment Corp.
  39,617   663,189
Navient Corp.(d)
  19,447   370,271
Popular, Inc.
  10,118   734,061
Radian Group, Inc.
  23,402   630,216
SLM Corp.(d)
  37,985   614,597
Sumitomo Mitsui Financial Group, Inc., ADR (Japan)
  48,486   451,889
Synchrony Financial
  29,457   1,017,445
Synovus Financial Corp.(d)
  21,188   718,273
Unum Group
  12,948   629,402
Washington Federal, Inc.(d)
  11,095   344,389
Wells Fargo & Co.
  21,610   997,518
Western Alliance Bancorporation(d)
  24,944   1,295,841
        22,272,454
Health Care-3.75%
CVS Health Corp.
  13,063   975,675
Organon & Co.
  29,726   653,378
Pfizer, Inc.
  23,373   842,830
Royalty Pharma PLC, Class A
  18,322   574,944
Viatris, Inc.(d)
  65,354   688,178
        3,735,005
Industrials-1.74%
Copa Holdings S.A., Class A (Panama)
  2,748   324,319
Global Ship Lease, Inc., Class A (United Kingdom)(d)
  16,375   351,407
Grupo Aeroportuario del Pacifico S.A.B. de C.V., ADR (Mexico)
  1,827   347,788
Ryder System, Inc.
  3,670   374,890
Textainer Group Holdings Ltd. (China)(d)
  8,067   331,554
        1,729,958
Information Technology-0.32%
Avnet, Inc.
  6,675   323,738
Materials-7.98%
Celanese Corp.
  8,318   1,042,994
CF Industries Holdings, Inc.
  13,838   1,135,823
Chemours Co. (The)(d)
  10,567   390,768
Gerdau S.A., ADR (Brazil)(d)
  184,415   1,134,152
Mosaic Co. (The)
  25,865   1,054,257
Nutrien Ltd. (Canada)
  15,680   1,080,195
See accompanying notes which are an integral part of this schedule.
Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)
July 31, 2023
(Unaudited)
  Shares   Value
Materials-(continued)
Sylvamo Corp.
  7,272   $356,837
Ternium S.A., ADR (Mexico)
  23,105   1,031,638
WestRock Co.
  21,257   707,646
        7,934,310
Real Estate-8.09%
EPR Properties
  5,842   260,787
Essential Properties Realty Trust, Inc.
  9,306   228,462
Iron Mountain, Inc.(d)
  13,971   857,819
Kite Realty Group Trust(d)
  16,211   370,908
Lamar Advertising Co., Class A(d)
  4,755   469,318
NNN REIT, Inc.
  11,165   476,522
Simon Property Group, Inc.
  8,701   1,084,145
STAG Industrial, Inc.
  21,277   772,355
Tanger Factory Outlet Centers, Inc.
  11,989   280,662
Tricon Residential, Inc. (Canada)
  37,838   353,029
Ventas, Inc.
  20,576   998,348
VICI Properties, Inc.
  29,093   915,848
Welltower, Inc.
  11,964   982,843
        8,051,046
Utilities-1.99%
Cia Energetica de Minas Gerais S.A., ADR (Brazil)
  373,602   982,574
Otter Tail Corp.
  3,918   317,397
Vistra Corp.
  24,317   682,335
        1,982,306
Total Common Stocks & Other Equity Interests

(Cost $74,592,613)
  80,949,126
Closed-End Funds-9.29%
Allspring Income Opportunities Fund
  37,973   244,546
Ares Dynamic Credit Allocation Fund, Inc.(d)
  21,771   277,145
Blackstone Strategic Credit Fund(d)
  33,861   377,211
DoubleLine Income Solutions Fund(d)
  87,922   1,065,615
DoubleLine Yield Opportunities Fund
  43,380   625,540
Eaton Vance Limited Duration Income Fund
  82,138   780,311
First Trust High Yield Opportunities 2027 Term Fund
  27,787   389,018
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.
  18,570   339,088
Flaherty & Crumrine Preferred & Income Securities Fund, Inc.
  31,943   439,855
GAMCO Global Gold Natural Resources & Income Trust
  104,955   399,878
Highland Opportunities and Income Fund
  41,252   351,054
Nuveen Preferred & Income Opportunities Fund
  64,771   427,489
Nuveen Taxable Municipal Income Fund(d)
  20,597   322,137
PGIM Global High Yield Fund, Inc.
  35,363   402,431
PGIM High Yield Bond Fund, Inc.
  26,214   325,578
PIMCO Access Income Fund(d)
  54,173   807,178
Western Asset Diversified Income Fund(d)
  40,814   563,233
Western Asset Emerging Markets Debt Fund, Inc.
  50,102   452,421
Western Asset High Income Opportunity Fund, Inc.
  62,399   240,236
  Shares   Value
Western Asset Inflation-Linked Opportunities & Income Fund
  45,906   $410,400
Total Closed-End Funds

(Cost $10,254,927)
  9,240,364
Preferred Stocks-9.12%
Communication Services-0.32%
AT&T, Inc., Series C, Pfd., 4.75%
  17,200   317,856
Financials-8.80%
Arch Capital Group Ltd., Series G, Pfd., 4.55%(d)
  19,022   370,358
Bank of America Corp., Series L, Conv. Pfd., 7.25%
  841   1,024,338
Bank of America Corp., Series QQ, Pfd., 4.25%
  28,310   522,603
JPMorgan Chase & Co., Series EE, Pfd., 6.00%
  38,591   983,299
JPMorgan Chase & Co., Series JJ, Pfd., 4.55%
  35,185   720,941
KeyCorp, Pfd., 6.20%(e)
  47,293   1,016,326
KKR & Co., Inc., Series C, Conv. Pfd., 6.00%
  15,842   1,106,722
Morgan Stanley, Series P, Pfd., 6.50%
  25,894   674,539
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%
  853   1,005,678
Wells Fargo & Co., Series AA, Pfd., 4.70%
  48,373   901,189
Wells Fargo & Co., Series CC, Pfd., 4.38%
  24,192   432,795
        8,758,788
Total Preferred Stocks

(Cost $9,451,925)
  9,076,644
Money Market Funds-0.27%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(f)(g)

(Cost $268,137)
  268,137   268,137
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-100.05%

(Cost $94,567,602)
  99,534,271
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.00%
Invesco Private Government Fund, 5.24%(f)(g)(h)
  3,341,311   3,341,311
Invesco Private Prime Fund, 5.38%(f)(g)(h)
  8,597,913   8,597,913
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $11,938,836)
  11,939,224
TOTAL INVESTMENTS IN SECURITIES-112.05%

(Cost $106,506,438)
  111,473,495
OTHER ASSETS LESS LIABILITIES-(12.05)%
  (11,989,390)
NET ASSETS-100.00%
  $99,484,105
 
See accompanying notes which are an integral part of this schedule.
Invesco Zacks Multi-Asset Income ETF (CVY)—(continued)
July 31, 2023
(Unaudited)
Investment Abbreviations:
ADR -American Depositary Receipt
Conv. -Convertible
Pfd. -Preferred
REIT -Real Estate Investment Trust
    
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) Security valued using significant unobservable inputs (Level 3). See Note 1.
(d) All or a portion of this security was out on loan at July 31, 2023.
(e) Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.
(f) 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 $419,085   $2,302,228   $(2,453,176)   $-   $-   $268,137   $2,418
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 4,129,257   15,831,204   (16,619,150)   -   -   3,341,311   45,711*
Invesco Private Prime Fund 10,150,235   29,978,389   (31,530,568)   1,290   (1,433)   8,597,913   119,371*
Total $14,698,577   $48,111,821   $(50,602,894)   $1,290   $(1,433)   $12,207,361   $167,500
    
* 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.
    
(g) The rate shown is the 7-day SEC standardized yield as of July 31, 2023.
(h) 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, for each Fund (except for S&P 500 Value with Momentum ETF). As of July 31, 2023, all of the securities in S&P 500 Value with Momentum ETF were valued based on Level 1 inputs (see the Schedules of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
  Level 1   Level 2   Level 3   Total
Invesco Dynamic Large Cap Growth ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $657,867,405   $-   $-   $657,867,405
Money Market Funds -   19,999,721   -   19,999,721
Total Investments $657,867,405   $19,999,721   $-   $677,867,126
Invesco Dynamic Large Cap Value ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $807,869,799   $-   $-   $807,869,799
Money Market Funds 73,111   9,114,607   -   9,187,718
Total Investments $807,942,910   $9,114,607   $-   $817,057,517
Invesco S&P 100 Equal Weight ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $300,680,747   $-   $-   $300,680,747
Money Market Funds 1,191   7,420,522   -   7,421,713
Total Investments $300,681,938   $7,420,522   $-   $308,102,460
Invesco S&P 500 GARP ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $3,350,512,981   $-   $-   $3,350,512,981
Money Market Funds -   169,187,600   -   169,187,600
Total Investments $3,350,512,981   $169,187,600   $-   $3,519,700,581
Invesco S&P MidCap Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,142,030,149   $-   $-   $1,142,030,149
Money Market Funds 333,211   101,771,696   -   102,104,907
Total Investments $1,142,363,360   $101,771,696   $-   $1,244,135,056
  Level 1   Level 2   Level 3   Total
Invesco S&P MidCap Quality ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,148,788,415   $-   $-   $1,148,788,415
Money Market Funds 956,099   134,611,995   -   135,568,094
Total Investments $1,149,744,514   $134,611,995   $-   $1,284,356,509
Invesco S&P MidCap Value with Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $194,414,225   $-   $-   $194,414,225
Money Market Funds 131,019   24,856,274   -   24,987,293
Total Investments $194,545,244   $24,856,274   $-   $219,401,518
Invesco S&P SmallCap Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $168,204,083   $-   $-   $168,204,083
Money Market Funds 193,016   30,281,617   -   30,474,633
Total Investments $168,397,099   $30,281,617   $-   $198,678,716
Invesco S&P SmallCap Value with Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $658,839,657   $-   $-   $658,839,657
Money Market Funds 350,793   136,286,110   -   136,636,903
Total Investments $659,190,450   $136,286,110   $-   $795,476,560
Invesco Zacks Mid-Cap ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $203,641,282   $-   $-   $203,641,282
Money Market Funds 217,926   9,330,672   -   9,548,598
Total Investments $203,859,208   $9,330,672   $-   $213,189,880
Invesco Zacks Multi-Asset Income ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $80,949,126   $-   $0   $80,949,126
Closed-End Funds 9,240,364   -   -   9,240,364
Preferred Stocks 9,076,644   -   -   9,076,644
Money Market Funds 268,137   11,939,224   -   12,207,361
Total Investments $99,534,271   $11,939,224   $0   $111,473,495