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(The) 163086101 7914.00000000 NS USD 212886.60000000 0.109111151260 Long EC CORP US N 1 N N Badger Meter, Inc. 5493002JENE20OGTUG20 Badger Meter, Inc. 056525108 6400.00000000 NS USD 943168.00000000 0.483403588162 Long EC CORP US N 1 N N N Diodes Inc. 549300XP2X1ARVH3BX23 Diodes Inc. 254543101 10008.00000000 NS USD 664731.36000000 0.340695957229 Long EC CORP US N 1 N N N FB Financial Corp. 5493000B2LD2C2A6C435 FB Financial Corp. 30257X104 7904.00000000 NS USD 265258.24000000 0.135953281924 Long EC CORP US N 1 N N Quaker Chemical Corp. 549300PJQ1R3WCWCPS54 Quaker Chemical Corp. 747316107 3052.00000000 NS USD 545667.08000000 0.279671728063 Long EC CORP US N 1 N N Veritex Holdings, Inc. 549300F3SMOML02SC814 Veritex Holdings, Inc. 923451108 12059.00000000 NS USD 230809.26000000 0.118297084363 Long EC CORP US N 1 N N PDF Solutions, Inc. 549300GMSP6MROFBI160 PDF Solutions, Inc. 693282105 6667.00000000 NS USD 199943.33000000 0.102477313852 Long EC CORP US N 1 N N N TTM Technologies, Inc. 549300SC4BDOIS008048 TTM Technologies, Inc. 87305R109 23884.00000000 NS USD 358498.84000000 0.183742054022 Long EC CORP US N 1 N N N Sun Country Airlines Holdings, Inc. 549300MOHOJN9GH0NJ48 Sun Country Airlines Holdings, Inc. 866683105 7754.00000000 NS USD 117705.72000000 0.060327923970 Long EC CORP US N 1 N N Provident Financial Services, Inc. 529900JOSO3SXEDVE477 Provident Financial Services, Inc. 74386T105 16639.00000000 NS USD 253245.58000000 0.129796411729 Long EC CORP US N 1 N N N Varex Imaging Corp. 549300CWYWPVCT8E9W67 Varex Imaging Corp. 92214X106 8759.00000000 NS USD 165107.15000000 0.084622663980 Long EC CORP US N 1 N N Knowles Corp. 5493003EO323TDZQU148 Knowles Corp. 49926D109 20458.00000000 NS USD 324668.46000000 0.166402908630 Long EC CORP US N 1 N N N Viasat, Inc. UFC8NYMNFSYIHNSM2I38 Viasat, Inc. 92552V100 17831.00000000 NS USD 364643.95000000 0.186891618282 Long EC CORP US N 1 N N Alpha and Omega Semiconductor Ltd. 5493001FE7J03YOV2V35 Alpha and Omega Semiconductor Ltd. G6331P104 4783.00000000 NS USD 102308.37000000 0.052436292534 Long EC CORP BM N 1 N N N Forward Air Corp. N/A Forward Air Corp. 349853101 5587.00000000 NS USD 354942.11000000 0.181919116810 Long EC CORP US N 1 N N N Green Dot Corp. N/A Green Dot Corp., Class A 39304D102 10317.00000000 NS USD 82742.34000000 0.042408080054 Long EC CORP US N 1 N N N Granite Construction Inc. 549300OM4BWMCIXVCZ39 Granite Construction Inc. 387328107 9643.00000000 NS USD 443095.85000000 0.227100711421 Long EC CORP US N 1 N N N Insight Enterprises, Inc. 529900S8991TYW6YP792 Insight Enterprises, Inc. 45765U103 6494.00000000 NS USD 983321.48000000 0.503983523348 Long EC CORP US N 1 N N PriceSmart, Inc. 549300JVYOSTGVSDZS46 PriceSmart, Inc. 741511109 5678.00000000 NS USD 382640.42000000 0.196115381357 Long EC CORP US N 1 N N N ProPetro Holding Corp. N/A ProPetro Holding Corp. 74347M108 20119.00000000 NS USD 183284.09000000 0.093938923669 Long EC CORP US N 1 N N N Veris Residential, Inc. 254900KTVBRYJCQU2J23 Veris Residential, Inc. 554489104 17688.00000000 NS USD 256299.12000000 0.131361448067 Long EC CORP US N 1 N N N Plexus Corp. 549300W7HCBI5YT25I79 Plexus Corp. 729132100 6356.00000000 NS USD 647612.84000000 0.331922171443 Long EC CORP US N 1 N N Greenbrier Cos., Inc. (The) 5493001GAGGFR30BP390 Greenbrier Cos., Inc. (The) 393657101 6996.00000000 NS USD 263819.16000000 0.135215707668 Long EC CORP US N 1 N N N LXP Industrial Trust 549300S4MH2ICXDBFV43 LXP Industrial Trust 529043101 64926.00000000 NS USD 570050.28000000 0.292168893330 Long EC CORP US N 1 N N N PHINIA Inc. 254900HG6MORZE1FFM18 PHINIA Inc. 71880K101 9982.00000000 NS USD 254541.00000000 0.130460355667 Long EC CORP US N 1 N N N CVR Energy, Inc. 529900SOYZIXZBTXB558 CVR Energy, Inc. 12662P108 5902.00000000 NS USD 187506.54000000 0.096103063547 Long EC CORP US N 1 N N Wabash National Corp. 5299004ZAWHQZI5XO485 Wabash National Corp. 929566107 10316.00000000 NS USD 226126.72000000 0.115897133731 Long EC CORP US N 1 N N N First Hawaiian, Inc. 5493002DJSH46F5OLV06 First Hawaiian, Inc. 32051X108 28385.00000000 NS USD 557765.25000000 0.285872424851 Long EC CORP US N 1 N N N Materion Corp. 549300CJ5RI351SUYT02 Materion Corp. 576690101 4592.00000000 NS USD 519401.12000000 0.266209588433 Long EC CORP US N 1 N N N Methode Electronics, Inc. 529900VM413LGLUS3F07 Methode Electronics, Inc. 591520200 8294.00000000 NS USD 196816.62000000 0.100874775562 Long EC CORP US N 1 N N N California Water Service Group 529900QABDOBU6UVRQ36 California Water Service Group 130788102 12488.00000000 NS USD 631518.16000000 0.323673136211 Long EC CORP US N 1 N N N Olympic Steel, Inc. 549300GQ061U6N6KWJ49 Olympic Steel, Inc. 68162K106 2169.00000000 NS USD 122613.57000000 0.062843353141 Long EC CORP US N 1 N N N Shoe Carnival, Inc. N/A Shoe Carnival, Inc. 824889109 3794.00000000 NS USD 92156.26000000 0.047233013371 Long EC CORP US N 1 N N Kaiser Aluminum Corp. N/A Kaiser Aluminum Corp. 483007704 3498.00000000 NS USD 204563.04000000 0.104845062111 Long EC CORP US N 1 N N N Nabors Industries Ltd. 5493008TXYN3II3PU369 Nabors Industries Ltd. G6359F137 1780.00000000 NS USD 154539.60000000 0.079206458608 Long EC CORP BM N 1 N N Marcus & Millichap, Inc. 549300B2HE8ULXNB1N48 Marcus & Millichap, Inc. 566324109 5266.00000000 NS USD 181203.06000000 0.092872329627 Long EC CORP US N 1 N N Tanger Inc. UKEW8YSXE4Y581KYOL30 Tanger Inc. 875465106 22660.00000000 NS USD 565593.60000000 0.289884703130 Long EC CORP US N 1 N N LCI Industries 549300E1B98YNJ1WIQ04 LCI Industries 50189K103 5728.00000000 NS USD 621545.28000000 0.318561718121 Long EC CORP US N 1 N N N Cogent Communications Holdings, Inc. N/A Cogent Communications Holdings, Inc. 19239V302 9546.00000000 NS USD 609607.56000000 0.312443257060 Long EC CORP US N 1 N N N Enhabit, Inc. 549300RFQ78SLDFSHF49 Enhabit, Inc. 29332G102 11030.00000000 NS USD 117579.80000000 0.060263385966 Long EC CORP US N 1 N N City Holding Co. N/A City Holding Co. 177835105 3249.00000000 NS USD 312781.23000000 0.160310325299 Long EC CORP US N 1 N N CEVA, Inc. 529900G9T7CVU2J2VU73 CEVA, Inc. 157210105 5019.00000000 NS USD 109213.44000000 0.055975360457 Long EC CORP US N 1 N N Extreme Networks, Inc. 549300WRECW11X94UB57 Extreme Networks, Inc. 30226D106 28788.00000000 NS USD 464638.32000000 0.238141912242 Long EC CORP US N 1 N N N Mueller Industries, Inc. 5493005IZFE4VJLLYG84 Mueller Industries, Inc. 624756102 25345.00000000 NS USD 1052577.85000000 0.539479614989 Long EC CORP US N 1 N N N RPC, Inc. 549300ZDXAFBC3SB4918 RPC, Inc. 749660106 16997.00000000 NS USD 123228.25000000 0.063158396185 Long EC CORP US N 1 N N N Calavo Growers, Inc. N/A Calavo Growers, Inc. 128246105 4030.00000000 NS USD 87410.70000000 0.044800762985 Long EC CORP US N 1 N N N Axos Financial, Inc. 529900D8M56422GK9O25 Axos Financial, Inc. 05465C100 11476.00000000 NS USD 439186.52000000 0.225097055498 Long EC CORP US N 1 N N Viad Corp. 549300PXU4ZW7LPO5Y40 Viad Corp. 92552R406 4522.00000000 NS USD 150582.60000000 0.077178370295 Long EC CORP US N 1 N N N Scholastic Corp. N/A Scholastic Corp. 807066105 6646.00000000 NS USD 252481.54000000 0.129404816937 Long EC CORP US N 1 N N N National Beverage Corp. 549300O9MZIQJI8TGV17 National Beverage Corp. 635017106 5368.00000000 NS USD 255194.72000000 0.130795407952 Long EC CORP US N 1 N N Jack in the Box Inc. 5493002OJW26P0SUUP68 Jack in the Box Inc. 466367109 4460.00000000 NS USD 322458.00000000 0.165269977598 Long EC CORP US N 1 N N Independent Bank Group, Inc. N/A Independent Bank Group, Inc. 45384B106 8172.00000000 NS USD 316092.96000000 0.162007692221 Long EC CORP US N 1 N N N Trinity Industries, Inc. R1JB4KXN77XFCXOQKV49 Trinity Industries, Inc. 896522109 18347.00000000 NS USD 457941.12000000 0.234709384304 Long EC CORP US N 1 N N N Urban Edge Properties N/A Urban Edge Properties 91704F104 24950.00000000 NS USD 417912.50000000 0.214193443838 Long EC CORP US N 1 N N B&G Foods, Inc. 549300TRW1LZMDJZAQ78 B&G Foods, Inc. 05508R106 16621.00000000 NS USD 153578.04000000 0.078713628535 Long EC CORP US N 1 N N N HealthStream, Inc. 529900OJ88H8635JNH64 HealthStream, Inc. 42222N103 5174.00000000 NS USD 129350.00000000 0.066295987701 Long EC CORP US N 1 N N N Sunstone Hotel Investors, Inc. 529900ZQ2V52V96ATF67 Sunstone Hotel Investors, Inc. 867892101 44894.00000000 NS USD 443552.72000000 0.227334871822 Long EC CORP US N 1 N N Kaman Corp. 5493003YK076OLTEQF95 Kaman Corp. 483548103 6521.00000000 NS USD 132180.67000000 0.067746796078 Long EC CORP US N 1 N N N Universal Corp. 549300BZXZ66F6DTIF20 Universal Corp. 913456109 5405.00000000 NS USD 304085.30000000 0.155853384686 Long EC CORP US N 1 N N N Winnebago Industries, Inc. 549300B7OYKYJLTE3G11 Winnebago Industries, Inc. 974637100 6812.00000000 NS USD 440259.56000000 0.225647022616 Long EC CORP US N 1 N N Alarm.com Holdings, Inc. 549300HIH92U1EKIHZ32 Alarm.com Holdings, Inc. 011642105 10764.00000000 NS USD 586422.72000000 0.300560289395 Long EC CORP US N 1 N N N Interface, Inc. 549300VXZWQOIDFPU355 Interface, Inc. 458665304 12950.00000000 NS USD 130924.50000000 0.067102969013 Long EC CORP US N 1 N N N SPS Commerce, Inc. 2549006XVF9GCCETDQ72 SPS Commerce, Inc. 78463M107 8198.00000000 NS USD 1412351.44000000 0.723875018917 Long EC CORP US N 1 N N N Renasant Corp. 549300OVE6OZHW2UUH81 Renasant Corp. 75970E107 12590.00000000 NS USD 342951.60000000 0.175773599195 Long EC CORP US N 1 N N N Innovative Industrial Properties, Inc. 5493008BQ0545EZXRR30 Innovative Industrial Properties, Inc. 45781V101 5994.00000000 NS USD 489470.04000000 0.250868958270 Long EC CORP US N 1 N N 2023-12-30 Invesco Exchange-Traded Fund Trust II Adrien Deberghes Adrien Deberghes Vice President XXXX NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco ESG S&P 500 Equal Weight ETF (RSPE)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.78%
Communication Services-4.52%
Alphabet, Inc., Class A(b)

  199   $26,374
Alphabet, Inc., Class C(b)

  170   22,766
AT&T, Inc.

  3,404   56,404
Comcast Corp., Class A

  1,108   46,414
Electronic Arts, Inc.

  413   56,998
Interpublic Group of Cos., Inc. (The)

  1,534   47,155
News Corp., Class A

  1,789   39,430
News Corp., Class B(c)

  542   12,488
Walt Disney Co. (The)(b)

  615   57,004
Warner Bros Discovery, Inc.(b)

  4,327   45,217
        410,250
Consumer Discretionary-10.55%
Aptiv PLC(b)

  487   40,343
Best Buy Co., Inc.

  675   47,885
eBay, Inc.

  1,127   46,218
Etsy, Inc.(b)(c)

  684   51,854
General Motors Co.

  1,516   47,906
Hasbro, Inc.(c)

  684   31,744
Hilton Worldwide Holdings, Inc.

  334   55,952
Home Depot, Inc. (The)

  153   47,964
Lowe’s Cos., Inc.

  217   43,146
Marriott International, Inc., Class A

  246   49,864
McDonald’s Corp.

  181   51,013
NIKE, Inc., Class B

  498   54,915
Norwegian Cruise Line Holdings Ltd.(b)(c)

  2,996   45,749
Ralph Lauren Corp.

  424   54,857
Royal Caribbean Cruises Ltd.(b)

  503   54,052
Starbucks Corp.

  520   51,636
TJX Cos., Inc. (The)

  549   48,372
Tractor Supply Co.

  231   46,895
Whirlpool Corp.(c)

  360   39,204
Yum! Brands, Inc.

  392   49,216
        958,785
Consumer Staples-7.37%
Archer-Daniels-Midland Co.

  644   47,482
Campbell Soup Co.

  1,210   48,618
Colgate-Palmolive Co.

  689   54,273
Estee Lauder Cos., Inc. (The), Class A

  319   40,733
General Mills, Inc.

  756   48,127
Hershey Co. (The)

  237   44,537
Kellanova

  894   46,971
Kraft Heinz Co. (The)

  1,530   53,718
McCormick & Co., Inc.

  623   40,389
Mondelez International, Inc., Class A

  714   50,737
PepsiCo, Inc.

  286   48,131
Target Corp.

  404   54,059
Walgreens Boots Alliance, Inc.

  2,197   43,808
Walmart, Inc.

  309   48,108
        669,691
Financials-16.19%
Aflac, Inc.(c)

  671   55,498
Allstate Corp. (The)

  462   63,696
American Express Co.

  317   54,134
American International Group, Inc.

  842   55,412
Bank of America Corp.

  1,755   53,510
Bank of New York Mellon Corp. (The)

  1,113   53,780
Capital One Financial Corp.

  491   54,825
Citigroup, Inc.

  1,204   55,504
Fifth Third Bancorp(c)

  1,873   54,223
  Shares   Value
Financials-(continued)
Globe Life, Inc.

  460   $56,640
Goldman Sachs Group, Inc. (The)

  156   53,280
Hartford Financial Services Group, Inc. (The)

  693   54,165
Invesco Ltd.(d)

  3,197   45,621
JPMorgan Chase & Co.

  343   53,536
M&T Bank Corp.

  410   52,550
Mastercard, Inc., Class A

  121   50,074
MetLife, Inc.

  788   50,141
Moody’s Corp.

  147   53,649
Morgan Stanley

  592   46,969
Nasdaq, Inc.

  965   53,886
Northern Trust Corp.

  652   51,671
PayPal Holdings, Inc.(b)

  792   45,627
Principal Financial Group, Inc.

  654   48,285
Prudential Financial, Inc.

  528   51,628
Regions Financial Corp.

  2,746   45,803
S&P Global, Inc.

  127   52,810
State Street Corp.

  712   51,848
Visa, Inc., Class A(c)

  203   52,106
        1,470,871
Health Care-13.96%
Abbott Laboratories

  490   51,102
AbbVie, Inc.

  343   48,840
Agilent Technologies, Inc.

  423   54,059
Amgen, Inc.

  200   53,928
Baxter International, Inc.

  1,254   45,244
Becton, Dickinson and Co.

  188   44,402
Biogen, Inc.(b)

  189   44,241
Boston Scientific Corp.(b)

  924   51,642
Cigna Group (The)

  181   47,581
CVS Health Corp.

  759   51,574
DaVita, Inc.(b)(c)

  504   51,136
Edwards Lifesciences Corp.(b)

  646   43,741
Elevance Health, Inc.

  112   53,703
Gilead Sciences, Inc.

  671   51,399
Hologic, Inc.(b)

  671   47,842
Humana, Inc.

  108   52,365
Illumina, Inc.(b)

  312   31,808
Medtronic PLC

  616   48,830
Merck & Co., Inc.

  468   47,961
Moderna, Inc.(b)(c)

  461   35,820
Quest Diagnostics, Inc.

  392   53,794
Regeneron Pharmaceuticals, Inc.(b)

  61   50,252
Thermo Fisher Scientific, Inc.

  93   46,106
UnitedHealth Group, Inc.

  105   58,062
Vertex Pharmaceuticals, Inc.(b)

  145   51,448
Waters Corp.(b)(c)

  183   51,352
        1,268,232
Industrials-15.90%
American Airlines Group, Inc.(b)(c)

  3,469   43,120
Automatic Data Processing, Inc.

  198   45,524
Caterpillar, Inc.

  176   44,127
CSX Corp.

  1,675   54,103
Cummins, Inc.

  212   47,522
Deere & Co.

  120   43,729
Dover Corp.

  346   48,841
Emerson Electric Co.

  504   44,806
IDEX Corp.

  224   45,176
Illinois Tool Works, Inc.

  205   49,653
J.B. Hunt Transport Services, Inc.

  269   49,838
Johnson Controls International PLC

  866   45,725
See accompanying notes which are an integral part of this schedule.

Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Industrials-(continued)
Norfolk Southern Corp.

  252   $54,976
Otis Worldwide Corp.

  590   50,616
PACCAR, Inc.

  604   55,459
Paychex, Inc.

  414   50,496
Pentair PLC

  715   46,146
Republic Services, Inc.

  346   55,997
Robert Half, Inc.

  690   56,566
Rockwell Automation, Inc.

  161   44,346
Stanley Black & Decker, Inc.

  533   48,450
Trane Technologies PLC

  245   55,225
Union Pacific Corp.

  234   52,713
United Parcel Service, Inc., Class B

  307   46,544
United Rentals, Inc.

  105   49,982
Verisk Analytics, Inc.

  205   49,493
W.W. Grainger, Inc.

  72   56,606
Waste Management, Inc.

  320   54,717
Xylem, Inc.

  509   53,511
        1,444,007
Information Technology-14.66%
Adobe, Inc.(b)

  89   54,380
Akamai Technologies, Inc.(b)

  480   55,454
Applied Materials, Inc.

  326   48,828
Arista Networks, Inc.(b)

  253   55,587
Autodesk, Inc.(b)

  224   48,928
Cisco Systems, Inc.

  872   42,187
Fortinet, Inc.(b)

  799   41,995
Gen Digital, Inc.

  2,456   54,228
Hewlett Packard Enterprise Co.

  2,804   47,416
HP, Inc.

  1,651   48,440
Intel Corp.

  1,345   60,122
Intuit, Inc.

  91   52,003
Juniper Networks, Inc.

  1,701   48,393
Keysight Technologies, Inc.(b)

  372   50,551
Lam Research Corp.

  72   51,546
Micron Technology, Inc.

  707   53,817
Microsoft Corp.

  150   56,837
Motorola Solutions, Inc.

  178   57,471
NVIDIA Corp.

  107   50,044
ON Semiconductor Corp.(b)

  501   35,736
QUALCOMM, Inc.

  434   56,008
Salesforce, Inc.(b)

  225   56,678
ServiceNow, Inc.(b)

  84   57,602
TE Connectivity Ltd.

  383   50,173
Texas Instruments, Inc.

  296   45,202
Tyler Technologies, Inc.(b)

  128   52,332
        1,331,958
Materials-6.32%
Air Products and Chemicals, Inc.

  170   45,994
Albemarle Corp.(c)

  262   31,773
Ball Corp.

  940   51,973
CF Industries Holdings, Inc.(c)

  615   46,217
Dow, Inc.

  909   47,041
Ecolab, Inc.

  276   52,917
Freeport-McMoRan, Inc.

  1,230   45,904
Linde PLC

  131   54,204
LyondellBasell Industries N.V., Class A

  500   47,550
  Shares   Value
Materials-(continued)
Mosaic Co. (The)

  1,306   $46,872
Newmont Corp.

  1,292   51,925
PPG Industries, Inc.

  365   51,826
        574,196
Real Estate-7.03%
Alexandria Real Estate Equities, Inc.(c)

  430   47,042
Boston Properties, Inc.

  752   42,811
CBRE Group, Inc., Class A(b)

  580   45,797
Digital Realty Trust, Inc.

  383   53,153
Healthpeak Properties, Inc.

  2,437   42,209
Host Hotels & Resorts, Inc.(c)

  3,118   54,472
Iron Mountain, Inc.

  777   49,845
Kimco Realty Corp.

  2,670   51,584
Prologis, Inc.

  410   47,121
Regency Centers Corp.

  783   49,157
Ventas, Inc.

  1,167   53,495
Welltower, Inc.

  608   54,173
Weyerhaeuser Co.

  1,535   48,122
        638,981
Utilities-3.28%
American Water Works Co., Inc.

  367   48,385
CenterPoint Energy, Inc.

  1,821   51,480
Edison International

  734   49,171
Eversource Energy

  815   48,419
Exelon Corp.

  1,252   48,214
Sempra

  715   52,102
        297,771
Total Common Stocks & Other Equity Interests

(Cost $9,417,767)

  9,064,742
Money Market Funds-0.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.28%(d)(e)

(Cost $77)

  77   77
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.78%

(Cost $9,417,844)

  9,064,819
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-5.99%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  150,835   150,835
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  392,805   392,962
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $543,758)

  543,797
TOTAL INVESTMENTS IN SECURITIES-105.77%

(Cost $9,961,602)

  9,608,616
OTHER ASSETS LESS LIABILITIES-(5.77)%

  (524,422)
NET ASSETS-100.00%

  $9,084,194
 
See accompanying notes which are an integral part of this schedule.

Invesco ESG S&P 500 Equal Weight ETF (RSPE)—(continued)
November 30, 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 November 30, 2023.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
November 30, 2023
  Dividend
Income
Invesco Ltd. $60,719   $2,851   $(10,656)   $(4,636)   $(2,657)   $45,621   $639
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   51,577   (51,500)   -   -   77   29
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 217,712   891,775   (958,652)   -   -   150,835   2,864*
Invesco Private Prime Fund 704,912   1,858,026   (2,170,225)   39   210   392,962   7,685*
Total $983,343   $2,804,229   $(3,191,033)   $(4,597)   $(2,447)   $589,495   $11,217
    
* 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 November 30, 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 MSCI USA ETF (PBUS)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-8.57%
Alphabet, Inc., Class A(b)

  532,232   $70,536,707
Alphabet, Inc., Class C(b)

  468,351   62,721,566
AT&T, Inc.

  641,497   10,629,605
Charter Communications, Inc., Class A(b)

  8,727   3,491,935
Comcast Corp., Class A

  369,206   15,466,039
Electronic Arts, Inc.

  23,088   3,186,375
Fox Corp., Class A(c)

  22,445   663,025
Fox Corp., Class B

  12,668   350,397
Interpublic Group of Cos., Inc. (The)

  34,477   1,059,823
Liberty Broadband Corp., Class C(b)

  10,736   892,376
Liberty Global Ltd., Class C (Bermuda)(b)(c)

  21,959   369,790
Liberty Media Corp.-Liberty Formula One(b)(c)

  17,782   1,132,002
Liberty Media Corp.-Liberty SiriusXM, Series C(b)

  14,899   402,124
Live Nation Entertainment, Inc.(b)

  14,563   1,226,496
Match Group, Inc.(b)

  25,009   809,792
Meta Platforms, Inc., Class A(b)

  199,381   65,227,494
Netflix, Inc.(b)

  39,753   18,841,730
News Corp., Class A(c)

  34,078   751,079
Omnicom Group, Inc.

  17,930   1,445,696
Paramount Global, Class B(c)

  43,751   628,702
Pinterest, Inc., Class A(b)

  52,199   1,778,420
Roblox Corp., Class A(b)

  38,127   1,498,772
Roku, Inc., Class A(b)(c)

  11,132   1,159,954
Sirius XM Holdings, Inc.(c)

  69,225   323,973
Snap, Inc., Class A(b)(c)

  90,745   1,255,003
Take-Two Interactive Software, Inc.(b)

  15,227   2,408,911
T-Mobile US, Inc.

  47,491   7,145,021
Trade Desk, Inc. (The), Class A(b)

  39,872   2,809,381
Verizon Communications, Inc.

  377,132   14,455,470
Walt Disney Co. (The)(b)

  164,144   15,214,507
Warner Bros Discovery, Inc.(b)

  207,718   2,170,653
        310,052,818
Consumer Discretionary-10.70%
Airbnb, Inc., Class A(b)

  38,247   4,832,126
Amazon.com, Inc.(b)

  833,017   121,695,454
Aptiv PLC(b)

  25,231   2,090,136
AutoZone, Inc.(b)

  1,602   4,181,108
Bath & Body Works, Inc.

  19,254   628,065
Best Buy Co., Inc.

  17,690   1,254,929
Booking Holdings, Inc.(b)

  3,202   10,008,491
BorgWarner, Inc.

  21,168   713,150
Burlington Stores, Inc.(b)

  5,852   992,441
Caesars Entertainment, Inc.(b)

  19,082   853,347
CarMax, Inc.(b)(c)

  14,234   910,122
Carnival Corp.(b)

  90,399   1,361,409
Chipotle Mexican Grill, Inc.(b)

  2,473   5,446,164
D.R. Horton, Inc.

  27,529   3,514,627
Darden Restaurants, Inc.(c)

  10,793   1,688,781
Deckers Outdoor Corp.(b)

  2,336   1,551,034
Dick’s Sporting Goods, Inc.

  5,682   739,228
Domino’s Pizza, Inc.

  3,169   1,245,068
DoorDash, Inc., Class A(b)

  22,972   2,158,909
DraftKings, Inc., Class A(b)

  37,226   1,423,522
eBay, Inc.

  47,643   1,953,839
Etsy, Inc.(b)(c)

  11,035   836,563
Expedia Group, Inc.(b)

  12,365   1,683,866
Ford Motor Co.

  352,672   3,618,415
Garmin Ltd.

  13,740   1,679,578
General Motors Co.

  123,793   3,911,859
Genuine Parts Co.

  12,555   1,667,053
  Shares   Value
Consumer Discretionary-(continued)
Hasbro, Inc.(c)

  11,959   $555,017
Hilton Worldwide Holdings, Inc.

  23,619   3,956,655
Home Depot, Inc. (The)

  89,713   28,124,128
Hyatt Hotels Corp., Class A(c)

  4,119   472,696
Las Vegas Sands Corp.

  30,872   1,423,817
Lear Corp.

  5,402   722,517
Lennar Corp., Class A

  22,439   2,870,397
LKQ Corp.

  24,047   1,070,813
Lowe’s Cos., Inc.

  51,771   10,293,628
Lucid Group, Inc.(b)(c)

  79,854   336,984
lululemon athletica, inc.(b)

  10,361   4,629,295
Marriott International, Inc., Class A

  22,741   4,609,601
McDonald’s Corp.

  65,460   18,449,246
MercadoLibre, Inc. (Brazil)(b)

  4,046   6,556,381
MGM Resorts International

  25,829   1,018,696
NIKE, Inc., Class B

  109,803   12,107,977
NVR, Inc.(b)

  291   1,791,218
O’Reilly Automotive, Inc., Class R(b)

  5,406   5,310,746
Pool Corp.

  3,503   1,216,662
PulteGroup, Inc.

  19,665   1,738,779
Rivian Automotive, Inc., Class A(b)(c)

  57,955   971,326
Ross Stores, Inc.

  30,556   3,983,891
Royal Caribbean Cruises Ltd.(b)(c)

  21,832   2,346,067
Starbucks Corp.

  102,650   10,193,145
Tesla, Inc.(b)

  256,257   61,522,181
TJX Cos., Inc. (The)

  102,632   9,042,905
Tractor Supply Co.(c)

  9,689   1,966,964
Ulta Beauty, Inc.(b)

  4,420   1,882,876
Vail Resorts, Inc.

  3,532   767,539
VF Corp.

  29,015   485,421
Wynn Resorts Ltd.

  9,224   778,690
Yum! Brands, Inc.

  25,014   3,140,508
        386,976,050
Consumer Staples-6.13%
Albertson’s Cos., Inc., Class A

  30,985   674,543
Altria Group, Inc.

  158,993   6,684,066
Archer-Daniels-Midland Co.

  48,348   3,564,698
Brown-Forman Corp., Class B

  27,815   1,633,853
Bunge Global S.A.

  13,514   1,484,783
Campbell Soup Co.

  16,906   679,283
Celsius Holdings, Inc.(b)

  13,450   665,910
Church & Dwight Co., Inc.

  22,072   2,132,817
Clorox Co. (The)

  11,124   1,594,625
Coca-Cola Co. (The)

  368,528   21,536,776
Colgate-Palmolive Co.

  70,605   5,561,556
Conagra Brands, Inc.

  42,877   1,212,990
Constellation Brands, Inc., Class A

  14,871   3,576,327
Costco Wholesale Corp.

  39,755   23,564,379
Darling Ingredients, Inc.(b)

  13,993   613,873
Dollar General Corp.

  19,689   2,581,622
Dollar Tree, Inc.(b)(c)

  18,711   2,312,493
Estee Lauder Cos., Inc. (The), Class A

  20,889   2,667,316
General Mills, Inc.

  51,939   3,306,437
Hershey Co. (The)

  13,443   2,526,209
Hormel Foods Corp.

  26,963   824,798
JM Smucker Co. (The)

  9,518   1,044,410
Kellanova

  24,634   1,294,270
Kenvue, Inc.

  154,601   3,160,044
Keurig Dr Pepper, Inc.

  94,008   2,967,833
Kimberly-Clark Corp.

  30,320   3,751,494
Kraft Heinz Co. (The)

  77,131   2,708,069
Kroger Co. (The)

  61,301   2,713,795
See accompanying notes which are an integral part of this schedule.

Invesco MSCI USA ETF (PBUS)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Lamb Weston Holdings, Inc.

  12,866   $1,286,986
McCormick & Co., Inc.

  22,252   1,442,597
Molson Coors Beverage Co., Class B

  17,029   1,047,965
Mondelez International, Inc., Class A

  122,039   8,672,091
Monster Beverage Corp.(b)

  70,477   3,886,807
PepsiCo, Inc.

  123,296   20,749,484
Philip Morris International, Inc.

  139,256   13,000,940
Procter & Gamble Co. (The)

  211,430   32,458,734
Sysco Corp.

  45,452   3,280,271
Target Corp.

  41,409   5,540,938
Tyson Foods, Inc., Class A

  25,364   1,188,050
Walgreens Boots Alliance, Inc.

  65,540   1,306,868
Walmart, Inc.

  132,799   20,675,476
        221,576,476
Energy-4.11%
APA Corp.

  27,612   994,032
Baker Hughes Co., Class A

  90,471   3,053,396
Cheniere Energy, Inc.

  21,702   3,953,019
Chesapeake Energy Corp.(c)

  9,962   800,048
Chevron Corp.

  162,756   23,371,762
ConocoPhillips

  107,423   12,414,876
Coterra Energy, Inc.

  67,365   1,768,331
Devon Energy Corp.

  57,168   2,570,845
Diamondback Energy, Inc.

  15,386   2,375,752
EOG Resources, Inc.

  52,377   6,446,038
EQT Corp.

  35,048   1,400,518
Exxon Mobil Corp.

  359,378   36,922,496
Halliburton Co.

  80,155   2,968,140
Hess Corp.

  24,700   3,471,832
HF Sinclair Corp.

  13,427   704,649
Kinder Morgan, Inc.

  179,969   3,162,055
Marathon Oil Corp.

  54,912   1,396,412
Marathon Petroleum Corp.

  35,869   5,351,296
Occidental Petroleum Corp.

  59,695   3,530,959
ONEOK, Inc.

  52,551   3,618,136
Ovintiv, Inc.

  23,302   1,033,211
Phillips 66

  39,945   5,148,511
Pioneer Natural Resources Co.

  20,993   4,862,819
Schlumberger N.V.

  127,508   6,635,516
Targa Resources Corp.

  19,062   1,724,158
Texas Pacific Land Corp.

  556   929,604
Valero Energy Corp.

  31,678   3,971,154
Williams Cos., Inc. (The)

  109,122   4,014,599
        148,594,164
Financials-12.60%
Aflac, Inc.

  50,627   4,187,359
Allstate Corp. (The)

  23,432   3,230,570
Ally Financial, Inc.

  24,462   714,780
American Express Co.

  56,156   9,589,760
American Financial Group, Inc.

  6,415   733,812
American International Group, Inc.

  63,862   4,202,758
Ameriprise Financial, Inc.

  9,206   3,254,413
Annaly Capital Management, Inc.(c)

  44,086   796,634
Aon PLC, Class A

  18,199   5,978,189
Apollo Global Management, Inc.

  35,598   3,275,016
Arch Capital Group Ltd.(b)

  33,457   2,800,016
Ares Management Corp., Class A

  14,541   1,632,227
Arthur J. Gallagher & Co.

  19,332   4,813,668
Assurant, Inc.

  4,906   824,306
Bank of America Corp.

  641,561   19,561,195
Bank of New York Mellon Corp. (The)

  69,871   3,376,167
  Shares   Value
Financials-(continued)
Berkshire Hathaway, Inc., Class B(b)

  117,343   $42,243,480
BlackRock, Inc.

  13,393   10,061,223
Blackstone, Inc., Class A

  63,670   7,154,598
Block, Inc., Class A(b)(c)

  49,289   3,126,401
Brown & Brown, Inc.

  21,649   1,618,046
Capital One Financial Corp.

  34,104   3,808,053
Carlyle Group, Inc. (The)(c)

  19,248   659,821
Cboe Global Markets, Inc.

  9,433   1,718,598
Charles Schwab Corp. (The)

  134,750   8,262,870
Chubb Ltd.

  36,846   8,453,578
Cincinnati Financial Corp.

  14,071   1,446,358
Citigroup, Inc.

  172,749   7,963,729
Citizens Financial Group, Inc.

  42,368   1,155,375
CME Group, Inc., Class A

  32,251   7,042,328
Coinbase Global, Inc., Class A(b)(c)

  15,336   1,912,706
Discover Financial Services

  22,566   2,098,638
Equitable Holdings, Inc.

  31,889   978,673
Erie Indemnity Co., Class A

  2,313   683,815
Everest Group Ltd.

  3,894   1,598,682
FactSet Research Systems, Inc.

  3,422   1,551,740
Fidelity National Financial, Inc.

  22,786   1,021,724
Fidelity National Information Services, Inc.

  52,977   3,106,571
Fifth Third Bancorp

  61,080   1,768,266
First Citizens BancShares, Inc., Class A

  976   1,432,661
Fiserv, Inc.(b)

  54,687   7,142,669
FleetCor Technologies, Inc.(b)

  6,240   1,500,720
Franklin Resources, Inc.(c)

  26,227   650,430
Global Payments, Inc.

  23,174   2,698,381
Globe Life, Inc.

  8,506   1,047,344
Goldman Sachs Group, Inc. (The)

  29,574   10,100,704
Hartford Financial Services Group, Inc. (The)

  27,738   2,168,002
Huntington Bancshares, Inc.

  128,707   1,449,241
Intercontinental Exchange, Inc.

  51,232   5,832,251
Jack Henry & Associates, Inc.

  6,452   1,023,868
JPMorgan Chase & Co.

  260,696   40,689,432
KeyCorp

  83,958   1,040,240
KKR & Co., Inc., Class A

  51,580   3,911,827
Loews Corp.

  17,055   1,198,796
LPL Financial Holdings, Inc.

  6,800   1,511,640
M&T Bank Corp.

  14,939   1,914,732
Markel Group, Inc.(b)

  1,137   1,636,245
MarketAxess Holdings, Inc.

  3,380   811,606
Marsh & McLennan Cos., Inc.

  44,263   8,826,927
Mastercard, Inc., Class A

  75,476   31,234,233
MetLife, Inc.

  57,342   3,648,671
Moody’s Corp.

  14,857   5,422,211
Morgan Stanley

  111,481   8,844,903
MSCI, Inc.

  7,145   3,721,473
Nasdaq, Inc.

  30,769   1,718,141
Northern Trust Corp.

  18,641   1,477,299
PayPal Holdings, Inc.(b)

  93,577   5,390,971
PNC Financial Services Group, Inc. (The)

  35,662   4,777,282
Principal Financial Group, Inc.

  21,753   1,606,024
Progressive Corp. (The)

  52,640   8,634,539
Prudential Financial, Inc.

  32,564   3,184,108
Raymond James Financial, Inc.

  17,798   1,871,460
Regions Financial Corp.

  84,179   1,404,106
Robinhood Markets, Inc., Class A(b)

  38,015   334,532
S&P Global, Inc.

  29,191   12,138,494
SEI Investments Co.

  9,958   584,236
State Street Corp.

  28,584   2,081,487
Synchrony Financial

  38,113   1,233,337
 
See accompanying notes which are an integral part of this schedule.

Invesco MSCI USA ETF (PBUS)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Financials-(continued)
T. Rowe Price Group, Inc.

  20,121   $2,014,716
Toast, Inc., Class A(b)(c)

  29,484   438,427
Tradeweb Markets, Inc., Class A

  9,674   937,411
Travelers Cos., Inc. (The)

  20,538   3,709,574
Truist Financial Corp.

  119,488   3,840,344
U.S. Bancorp

  137,247   5,231,856
Visa, Inc., Class A(c)

  144,140   36,997,855
W.R. Berkley Corp.

  18,630   1,351,606
Wells Fargo & Co.

  328,294   14,638,629
Willis Towers Watson PLC

  9,471   2,332,707
        455,794,491
Health Care-12.50%
Abbott Laboratories

  155,558   16,223,144
AbbVie, Inc.

  158,337   22,545,605
Agilent Technologies, Inc.

  26,181   3,345,932
Align Technology, Inc.(b)

  6,436   1,376,017
Alnylam Pharmaceuticals, Inc.(b)

  11,331   1,906,441
Amgen, Inc.

  47,984   12,938,406
Avantor, Inc.(b)

  60,089   1,272,685
Baxter International, Inc.

  45,428   1,639,042
Becton, Dickinson and Co.

  26,025   6,146,584
Biogen, Inc.(b)

  12,992   3,041,167
BioMarin Pharmaceutical, Inc.(b)

  16,881   1,537,521
Bio-Rad Laboratories, Inc., Class A(b)

  2,029   618,683
Bio-Techne Corp.

  14,195   892,866
Boston Scientific Corp.(b)

  131,351   7,341,207
Bristol-Myers Squibb Co.

  187,407   9,254,158
Cardinal Health, Inc.

  22,100   2,366,468
Catalent, Inc.(b)(c)

  15,980   620,823
Cencora, Inc.

  15,377   3,127,220
Centene Corp.(b)

  48,775   3,593,742
Charles River Laboratories International, Inc.(b)

  4,568   900,261
Cigna Group (The)

  26,551   6,979,727
Cooper Cos., Inc. (The)

  4,443   1,496,936
CVS Health Corp.

  115,220   7,829,199
Danaher Corp.

  62,887   14,043,296
DaVita, Inc.(b)(c)

  5,069   514,301
DexCom, Inc.(b)

  34,795   4,019,518
Edwards Lifesciences Corp.(b)

  54,534   3,692,497
Elevance Health, Inc.

  21,139   10,135,939
Eli Lilly and Co.

  72,385   42,782,430
Exact Sciences Corp.(b)(c)

  16,042   1,026,688
GE HealthCare Technologies, Inc.

  36,699   2,512,414
Gilead Sciences, Inc.

  111,835   8,566,561
HCA Healthcare, Inc.

  18,299   4,583,534
Henry Schein, Inc.(b)

  11,799   787,347
Hologic, Inc.(b)

  21,975   1,566,818
Humana, Inc.

  11,115   5,389,219
IDEXX Laboratories, Inc.(b)

  7,447   3,468,962
Illumina, Inc.(b)

  14,201   1,447,792
Incyte Corp.(b)

  16,744   909,869
Insulet Corp.(b)

  6,228   1,177,653
Intuitive Surgical, Inc.(b)

  31,519   9,797,366
IQVIA Holdings, Inc.(b)(c)

  16,435   3,518,733
Jazz Pharmaceuticals PLC(b)

  5,380   636,077
Johnson & Johnson

  216,016   33,409,035
Laboratory Corp. of America Holdings

  7,939   1,722,048
McKesson Corp.

  12,165   5,724,362
Medtronic PLC

  119,444   9,468,326
Merck & Co., Inc.

  227,633   23,327,830
Mettler-Toledo International, Inc.(b)(c)

  1,984   2,166,389
  Shares   Value
Health Care-(continued)
Moderna, Inc.(b)

  28,797   $2,237,527
Molina Healthcare, Inc.(b)

  5,230   1,911,879
Neurocrine Biosciences, Inc.(b)(c)

  8,798   1,025,759
Pfizer, Inc.

  506,482   15,432,507
Quest Diagnostics, Inc.

  10,068   1,381,632
Regeneron Pharmaceuticals, Inc.(b)

  9,575   7,887,981
Repligen Corp.(b)(c)

  4,694   738,132
ResMed, Inc.

  13,195   2,081,247
Revvity, Inc.(c)

  11,400   1,013,460
Royalty Pharma PLC, Class A

  33,917   918,133
Seagen, Inc.(b)(c)

  12,628   2,692,416
STERIS PLC

  8,897   1,787,763
Stryker Corp.

  30,662   9,086,070
Teleflex, Inc.

  4,192   946,092
Thermo Fisher Scientific, Inc.

  34,622   17,164,203
United Therapeutics Corp.(b)

  4,171   1,001,040
UnitedHealth Group, Inc.

  83,096   45,949,595
Universal Health Services, Inc., Class B

  5,702   783,911
Veeva Systems, Inc., Class A(b)

  13,691   2,386,478
Vertex Pharmaceuticals, Inc.(b)

  23,153   8,214,916
Viatris, Inc.

  106,713   979,625
Waters Corp.(b)(c)

  5,302   1,487,794
West Pharmaceutical Services, Inc.

  6,576   2,306,598
Zimmer Biomet Holdings, Inc.

  18,643   2,168,367
Zoetis, Inc.

  41,331   7,301,948
        452,273,911
Industrials-8.76%
3M Co.

  49,393   4,893,365
A.O. Smith Corp.

  11,303   851,794
AECOM

  11,880   1,055,657
Allegion PLC

  7,874   835,353
AMETEK, Inc.

  20,725   3,217,142
Automatic Data Processing, Inc.

  36,943   8,493,935
Axon Enterprise, Inc.(b)

  6,371   1,464,502
Boeing Co. (The)(b)

  51,406   11,907,172
Booz Allen Hamilton Holding Corp.

  11,822   1,479,287
Broadridge Financial Solutions, Inc.

  10,596   2,053,717
Builders FirstSource, Inc.(b)

  11,217   1,504,312
C.H. Robinson Worldwide, Inc.

  10,249   840,930
Carlisle Cos., Inc.

  4,478   1,255,676
Carrier Global Corp.

  75,141   3,904,326
Caterpillar, Inc.

  45,763   11,473,699
Ceridian HCM Holding, Inc.(b)(c)

  13,262   913,752
Cintas Corp.

  8,223   4,549,375
CNH Industrial N.V. (United Kingdom)

  89,776   964,194
Copart, Inc.(b)

  77,293   3,881,654
CSX Corp.

  179,982   5,813,419
Cummins, Inc.

  12,707   2,848,401
Deere & Co.

  24,544   8,944,079
Delta Air Lines, Inc.

  14,558   537,627
Dover Corp.

  12,489   1,762,947
Eaton Corp. PLC

  35,793   8,149,708
Emerson Electric Co.

  51,268   4,557,725
Equifax, Inc.

  10,920   2,377,393
Expeditors International of Washington, Inc.

  13,422   1,615,203
Fastenal Co.

  51,253   3,073,642
FedEx Corp.

  21,381   5,534,044
Ferguson PLC

  18,312   3,137,578
Fortive Corp.

  31,462   2,170,249
Fortune Brands Innovations, Inc.

  11,470   784,892
General Dynamics Corp.

  20,820   5,141,915
General Electric Co.

  97,569   11,883,904
 
See accompanying notes which are an integral part of this schedule.

Invesco MSCI USA ETF (PBUS)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Industrials-(continued)
Graco, Inc.

  15,184   $1,226,564
HEICO Corp.(c)

  3,926   671,464
HEICO Corp., Class A

  6,739   926,006
Honeywell International, Inc.

  59,572   11,671,346
Howmet Aerospace, Inc.

  34,780   1,829,428
Hubbell, Inc.

  4,811   1,443,300
Huntington Ingalls Industries, Inc.

  3,498   829,096
IDEX Corp.

  6,782   1,367,794
Illinois Tool Works, Inc.

  27,251   6,600,465
Ingersoll Rand, Inc.

  36,277   2,591,266
J.B. Hunt Transport Services, Inc.

  7,417   1,374,148
Jacobs Solutions, Inc.

  11,507   1,463,460
Johnson Controls International PLC

  60,831   3,211,877
Knight-Swift Transportation Holdings, Inc.

  14,540   781,961
L3Harris Technologies, Inc.

  16,948   3,233,848
Leidos Holdings, Inc.

  11,746   1,260,581
Lennox International, Inc.

  2,875   1,169,147
Lockheed Martin Corp.

  20,031   8,969,281
Masco Corp.

  20,177   1,221,717
Nordson Corp.

  4,566   1,074,562
Norfolk Southern Corp.

  20,337   4,436,720
Northrop Grumman Corp.

  12,918   6,138,117
Old Dominion Freight Line, Inc.

  8,900   3,462,634
Otis Worldwide Corp.

  36,956   3,170,455
Owens Corning

  8,248   1,118,264
PACCAR, Inc.

  46,844   4,301,216
Parker-Hannifin Corp.

  11,521   4,990,667
Paychex, Inc.

  29,165   3,557,255
Paycom Software, Inc.

  4,882   886,864
Paylocity Holding Corp.(b)

  4,031   631,537
Pentair PLC

  14,954   965,131
Quanta Services, Inc.

  13,025   2,452,738
Republic Services, Inc.

  19,864   3,214,790
Robert Half, Inc.(c)

  9,558   783,565
Rockwell Automation, Inc.

  10,278   2,830,972
Rollins, Inc.

  26,102   1,063,395
RTX Corp.(c)

  130,920   10,667,362
Snap-on, Inc.

  4,710   1,293,790
Southwest Airlines Co.(c)

  12,935   330,748
SS&C Technologies Holdings, Inc.

  20,037   1,127,282
Stanley Black & Decker, Inc.

  13,746   1,249,511
Textron, Inc.

  18,127   1,389,616
Toro Co. (The)

  9,332   774,556
Trane Technologies PLC

  20,489   4,618,425
TransDigm Group, Inc.

  4,950   4,766,206
TransUnion

  17,016   999,180
Uber Technologies, Inc.(b)

  164,986   9,301,911
U-Haul Holding Co., Series N

  8,890   481,393
Union Pacific Corp.

  54,672   12,315,961
United Parcel Service, Inc., Class B

  64,978   9,851,315
United Rentals, Inc.

  6,157   2,930,855
Veralto Corp.(b)

  20,935   1,617,229
Verisk Analytics, Inc.

  13,010   3,141,004
Vertiv Holdings Co.

  30,722   1,341,323
W.W. Grainger, Inc.

  4,030   3,168,346
Wabtec Corp.

  15,946   1,858,666
Waste Connections, Inc.

  23,111   3,131,309
Waste Management, Inc.

  36,310   6,208,647
Watsco, Inc.(c)

  2,998   1,145,926
Xylem, Inc.

  21,424   2,252,305
        316,757,065
  Shares   Value
Information Technology-29.31%
Accenture PLC, Class A(c)

  56,301   $18,756,115
Adobe, Inc.(b)

  40,839   24,953,037
Advanced Micro Devices, Inc.(b)

  144,937   17,560,567
Akamai Technologies, Inc.(b)

  13,610   1,572,363
Amphenol Corp., Class A

  53,506   4,868,511
Analog Devices, Inc.

  44,851   8,224,776
ANSYS, Inc.(b)

  7,739   2,270,313
Apple, Inc.

  1,402,500   266,404,875
Applied Materials, Inc.

  75,175   11,259,712
Arista Networks, Inc.(b)

  23,606   5,186,474
Aspen Technology, Inc.(b)(c)

  2,548   479,687
Atlassian Corp., Class A(b)

  13,920   2,658,024
Autodesk, Inc.(b)

  19,176   4,188,614
Bentley Systems, Inc., Class B

  18,860   981,852
BILL Holdings, Inc.(b)(c)

  8,649   566,250
Broadcom, Inc.

  39,811   36,854,237
Cadence Design Systems, Inc.(b)

  24,419   6,672,980
CDW Corp.

  12,090   2,549,539
Cisco Systems, Inc.

  363,362   17,579,454
Cloudflare, Inc., Class A(b)(c)

  24,934   1,923,658
Cognizant Technology Solutions Corp., Class A

  45,306   3,188,636
Confluent, Inc., Class A(b)

  16,246   344,740
Corning, Inc.

  72,693   2,071,024
CrowdStrike Holdings, Inc., Class A(b)

  20,279   4,805,920
Datadog, Inc., Class A(b)

  22,804   2,658,262
Dell Technologies, Inc., Class C

  22,968   1,742,582
DocuSign, Inc.(b)(c)

  18,274   787,609
Dropbox, Inc., Class A(b)(c)

  23,005   648,281
Dynatrace, Inc.(b)(c)

  22,204   1,189,024
Enphase Energy, Inc.(b)

  12,310   1,243,556
Entegris, Inc.

  13,466   1,405,850
EPAM Systems, Inc.(b)

  5,199   1,342,330
F5, Inc.(b)

  5,320   910,731
Fair Isaac Corp.(b)

  2,249   2,446,012
First Solar, Inc.(b)

  9,098   1,435,483
Fortinet, Inc.(b)

  59,883   3,147,451
Gartner, Inc.(b)

  7,037   3,059,969
Gen Digital, Inc.

  51,067   1,127,559
GoDaddy, Inc., Class A(b)

  12,512   1,251,951
Hewlett Packard Enterprise Co.

  114,812   1,941,471
HP, Inc.

  79,789   2,341,009
HubSpot, Inc.(b)

  4,262   2,105,130
Intel Corp.

  375,693   16,793,477
International Business Machines Corp.

  81,724   12,958,158
Intuit, Inc.

  25,142   14,367,647
Jabil, Inc.(c)

  11,813   1,362,275
Juniper Networks, Inc.

  28,536   811,849
Keysight Technologies, Inc.(b)

  15,829   2,151,003
KLA Corp.

  12,275   6,685,211
Lam Research Corp.

  11,861   8,491,527
Lattice Semiconductor Corp.(b)

  12,373   724,439
Manhattan Associates, Inc.(b)

  5,647   1,259,563
Marvell Technology, Inc.

  77,399   4,313,446
Microchip Technology, Inc.

  48,831   4,074,459
Micron Technology, Inc.

  98,501   7,497,896
Microsoft Corp.

  633,177   239,917,097
MongoDB, Inc.(b)

  6,400   2,660,736
Monolithic Power Systems, Inc.

  4,072   2,234,388
Motorola Solutions, Inc.

  14,983   4,837,561
NetApp, Inc.

  19,003   1,736,684
NVIDIA Corp.

  221,576   103,631,095
 
See accompanying notes which are an integral part of this schedule.

Invesco MSCI USA ETF (PBUS)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Information Technology-(continued)
NXP Semiconductors N.V. (China)

  23,209   $4,736,493
Okta, Inc.(b)

  14,062   942,857
ON Semiconductor Corp.(b)

  38,711   2,761,256
Oracle Corp.

  147,445   17,134,584
Palantir Technologies, Inc., Class A(b)

  165,565   3,319,578
Palo Alto Networks, Inc.(b)(c)

  27,683   8,168,977
PTC, Inc.(b)

  10,660   1,677,458
Qorvo, Inc.(b)

  8,877   856,631
QUALCOMM, Inc.

  100,113   12,919,583
Roper Technologies, Inc.

  9,573   5,152,667
Salesforce, Inc.(b)

  87,307   21,992,633
Seagate Technology Holdings PLC(c)

  17,713   1,401,098
ServiceNow, Inc.(b)

  18,327   12,567,557
Skyworks Solutions, Inc.

  14,299   1,386,002
Snowflake, Inc., Class A(b)

  25,140   4,718,275
Splunk, Inc.(b)

  14,362   2,176,418
Super Micro Computer, Inc.(b)(c)

  4,271   1,167,990
Synopsys, Inc.(b)

  13,643   7,411,287
TE Connectivity Ltd.

  28,113   3,682,803
Teledyne Technologies, Inc.(b)

  4,223   1,701,700
Teradyne, Inc.(c)

  13,649   1,258,847
Texas Instruments, Inc.

  81,432   12,435,481
Trimble, Inc.(b)

  22,016   1,021,542
Twilio, Inc., Class A(b)

  15,401   996,137
Tyler Technologies, Inc.(b)

  3,750   1,533,150
UiPath, Inc., Class A(b)(c)

  34,755   686,759
Unity Software, Inc.(b)(c)

  22,359   659,814
VeriSign, Inc.(b)

  8,327   1,766,989
Western Digital Corp.(b)

  29,078   1,404,758
Workday, Inc., Class A(b)

  18,569   5,027,000
Zebra Technologies Corp., Class A(b)

  4,562   1,081,103
Zoom Video Communications, Inc., Class A(b)

  21,233   1,440,234
Zscaler, Inc.(b)(c)

  7,921   1,564,635
        1,059,966,425
Materials-2.44%
Air Products and Chemicals, Inc.

  19,928   5,391,520
Albemarle Corp.(c)

  10,527   1,276,609
Amcor PLC

  130,828   1,240,249
Avery Dennison Corp.

  7,229   1,406,041
Ball Corp.

  28,041   1,550,387
Celanese Corp.(c)

  9,241   1,281,357
CF Industries Holdings, Inc.

  17,147   1,288,597
Cleveland-Cliffs, Inc.(b)(c)

  46,383   795,932
Corteva, Inc.

  63,319   2,862,019
Crown Holdings, Inc.

  10,823   930,886
Dow, Inc.

  63,025   3,261,544
DuPont de Nemours, Inc.

  41,181   2,946,089
Eastman Chemical Co.

  10,455   876,443
Ecolab, Inc.

  23,013   4,412,283
FMC Corp.

  11,341   608,558
Freeport-McMoRan, Inc.

  128,607   4,799,613
International Flavors & Fragrances, Inc.(c)

  22,898   1,726,051
International Paper Co.

  29,207   1,078,907
Linde PLC

  43,772   18,111,541
LyondellBasell Industries N.V., Class A

  23,266   2,212,597
Martin Marietta Materials, Inc.

  5,544   2,575,687
Mosaic Co. (The)

  29,826   1,070,455
Newmont Corp.

  103,133   4,144,915
Nucor Corp.

  22,322   3,794,070
Packaging Corp. of America

  8,235   1,383,562
PPG Industries, Inc.

  21,122   2,999,113
Reliance Steel & Aluminum Co.

  5,253   1,445,941
  Shares   Value
Materials-(continued)
RPM International, Inc.(c)

  11,639   $1,198,002
Sherwin-Williams Co. (The)

  21,953   6,120,496
Steel Dynamics, Inc.

  14,116   1,681,639
Vulcan Materials Co.

  11,957   2,553,537
Westlake Corp.

  3,331   427,667
WestRock Co.

  23,001   946,951
        88,399,258
Real Estate-2.47%
Alexandria Real Estate Equities, Inc.

  14,796   1,618,682
American Homes 4 Rent, Class A

  28,819   1,045,265
American Tower Corp.

  41,817   8,730,553
AvalonBay Communities, Inc.

  12,658   2,189,074
Boston Properties, Inc.

  13,096   745,555
Camden Property Trust

  9,502   857,651
CBRE Group, Inc., Class A(b)

  27,865   2,200,220
CoStar Group, Inc.(b)(c)

  36,648   3,043,250
Crown Castle, Inc.

  38,804   4,550,933
Digital Realty Trust, Inc.

  27,155   3,768,571
Equinix, Inc.

  8,393   6,840,379
Equity LifeStyle Properties, Inc.

  15,774   1,121,531
Equity Residential

  32,302   1,836,046
Essex Property Trust, Inc.

  5,811   1,240,416
Extra Space Storage, Inc.(c)

  18,828   2,450,841
Gaming and Leisure Properties, Inc.

  23,561   1,101,006
Healthpeak Properties, Inc.

  48,368   837,734
Host Hotels & Resorts, Inc.

  63,374   1,107,144
Invitation Homes, Inc.

  54,897   1,831,364
Iron Mountain, Inc.

  25,896   1,661,228
Kimco Realty Corp.

  55,618   1,074,540
Mid-America Apartment Communities, Inc.

  10,467   1,302,932
Prologis, Inc.

  82,813   9,517,698
Public Storage

  14,196   3,673,357
Realty Income Corp.

  63,583   3,430,939
Regency Centers Corp.

  14,988   940,947
SBA Communications Corp., Class A

  9,723   2,401,192
Simon Property Group, Inc.

  29,351   3,665,646
Sun Communities, Inc.(c)

  11,322   1,464,387
UDR, Inc.

  28,037   936,436
Ventas, Inc.

  36,096   1,654,641
VICI Properties, Inc.

  90,912   2,717,360
W.P. Carey, Inc.(c)

  19,003   1,182,747
Welltower, Inc.

  46,534   4,146,179
Weyerhaeuser Co.

  65,509   2,053,707
Zillow Group, Inc., Class C(b)(c)

  13,366   547,204
        89,487,355
Utilities-2.31%
AES Corp. (The)(c)

  59,690   1,027,265
Alliant Energy Corp.

  22,671   1,146,472
Ameren Corp.

  23,570   1,828,796
American Electric Power Co., Inc.

  46,215   3,676,403
American Water Works Co., Inc.

  17,320   2,283,469
Atmos Energy Corp.

  13,318   1,515,722
CenterPoint Energy, Inc.

  56,252   1,590,244
CMS Energy Corp.

  26,170   1,485,409
Consolidated Edison, Inc.

  31,032   2,796,294
Constellation Energy Corp.

  28,827   3,489,220
Dominion Energy, Inc.

  74,730   3,388,258
DTE Energy Co.

  18,508   1,926,868
Duke Energy Corp.

  69,138   6,380,055
Edison International

  34,249   2,294,340
Entergy Corp.

  18,888   1,915,432
 
See accompanying notes which are an integral part of this schedule.

Invesco MSCI USA ETF (PBUS)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Utilities-(continued)
Essential Utilities, Inc.

  22,310   $794,459
Evergy, Inc.

  20,255   1,033,815
Eversource Energy

  31,174   1,852,047
Exelon Corp.

  89,278   3,438,096
FirstEnergy Corp.

  48,863   1,804,999
NextEra Energy, Inc.

  183,994   10,765,489
NiSource, Inc.

  37,131   952,039
NRG Energy, Inc.

  20,553   983,256
PG&E Corp.(b)

  181,798   3,121,472
PPL Corp.

  65,849   1,719,976
Public Service Enterprise Group, Inc.

  44,774   2,795,241
Sempra

  56,363   4,107,172
Southern Co. (The)

  97,830   6,943,973
Vistra Corp.

  29,696   1,051,535
WEC Energy Group, Inc.

  28,160   2,354,739
Xcel Energy, Inc.

  49,476   3,010,120
        83,472,675
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.90%

(Cost $3,395,086,227)

  3,613,350,688
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.66%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  25,792,397   $25,792,397
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  70,596,325   70,624,564
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $96,401,650)

  96,416,961
TOTAL INVESTMENTS IN SECURITIES-102.56%

(Cost $3,491,487,877)

  3,709,767,649
OTHER ASSETS LESS LIABILITIES-(2.56)%

  (92,644,790)
NET ASSETS-100.00%

  $3,617,122,859
 
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 November 30, 2023.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
(Loss)
  Value
November 30, 2023
  Dividend
Income
Invesco Ltd. $413,411   $73,659   $(445,933)   $201,434   $(242,571)   $-   $5,830
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class 1,972,697   17,207,290   (19,179,987)   -   -   -   10,847
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 21,463,283   81,102,318   (76,773,204)   -   -   25,792,397   424,771*
Invesco Private Prime Fund 55,553,547   193,647,835   (178,613,184)   16,033   20,333   70,624,564   1,142,078*
Total $79,402,938   $292,031,102   $(275,012,308)   $217,467   $(222,238)   $96,416,961   $1,583,526
    
* 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 November 30, 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 Russell 1000 Equal Weight ETF (EQAL)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.87%
Communication Services-7.19%
Alphabet, Inc., Class A(b)

  3,061   $405,674
AMC Entertainment Holdings, Inc.(b)

  40,839   271,579
AT&T, Inc.

  198,179   3,283,826
Cable One, Inc.(c)

  4,682   2,491,199
Charter Communications, Inc., Class A(b)

  6,950   2,780,904
Comcast Corp., Class A

  64,652   2,708,272
DISH Network Corp., Class A(b)(c)

  481,611   1,762,696
Electronic Arts, Inc.

  2,710   374,007
Fox Corp., Class A(c)

  10,779   318,412
Frontier Communications Parent, Inc.(b)(c)

  194,059   4,247,952
IAC, Inc.(b)

  7,648   365,804
Interpublic Group of Cos., Inc. (The)

  10,267   315,608
Iridium Communications, Inc.

  60,763   2,315,070
Liberty Broadband Corp.(b)(d)

  22,093   0
Liberty Broadband Corp., Class C(b)

  32,436   2,696,080
Liberty Media Corp.-Liberty Formula One(b)

  4,943   314,671
Liberty Media Corp.-Liberty Live, Series C(b)

  10,475   358,769
Liberty Media Corp.-Liberty SiriusXM, Series C(b)(c)

  14,400   388,656
Live Nation Entertainment, Inc.(b)

  4,118   346,818
Madison Square Garden Sports Corp., Class A(b)

  1,992   337,026
Match Group, Inc.(b)

  9,157   296,504
Meta Platforms, Inc., Class A(b)

  1,396   456,701
Netflix, Inc.(b)

  769   364,483
New York Times Co. (The), Class A

  7,371   346,363
News Corp., Class A

  15,684   345,675
Nexstar Media Group, Inc., Class A(c)

  2,496   354,257
Omnicom Group, Inc.

  4,145   334,211
Paramount Global, Class B(c)

  25,317   363,805
Pinterest, Inc., Class A(b)

  14,680   500,148
Playtika Holding Corp.(b)

  35,011   304,246
Roblox Corp., Class A(b)

  11,521   452,891
Roku, Inc., Class A(b)(c)

  34,626   3,608,029
Sirius XM Holdings, Inc.(c)

  79,006   369,748
Spotify Technology S.A.(b)

  2,038   377,254
Take-Two Interactive Software, Inc.(b)

  2,315   366,233
T-Mobile US, Inc.

  21,131   3,179,159
Trade Desk, Inc. (The), Class A(b)

  3,895   274,442
TripAdvisor, Inc.(b)(c)

  21,489   383,149
Verizon Communications, Inc.

  85,741   3,286,453
Walt Disney Co. (The)(b)

  4,143   384,015
Warner Bros Discovery, Inc.(b)

  30,103   314,576
ZoomInfo Technologies, Inc., Class A(b)(c)

  22,912   329,245
        43,074,610
Consumer Discretionary-7.01%
ADT, Inc.(c)

  52,184   306,320
Advance Auto Parts, Inc.(c)

  5,194   263,803
Airbnb, Inc., Class A(b)

  2,297   290,203
Amazon.com, Inc.(b)

  2,422   353,830
Aptiv PLC(b)

  3,298   273,206
Aramark(c)

  8,994   251,922
AutoNation, Inc.(b)

  2,149   290,695
AutoZone, Inc.(b)

  140   365,390
Bath & Body Works, Inc.

  8,892   290,057
Best Buy Co., Inc.

  4,524   320,933
Booking Holdings, Inc.(b)

  116   362,581
BorgWarner, Inc.

  8,297   279,526
Boyd Gaming Corp.

  5,098   301,037
Bright Horizons Family Solutions, Inc.(b)(c)

  3,523   308,051
Brunswick Corp.(c)

  3,976   313,587
  Shares   Value
Consumer Discretionary-(continued)
Burlington Stores, Inc.(b)(c)

  2,104   $356,817
Caesars Entertainment, Inc.(b)

  6,156   275,296
Capri Holdings Ltd.(b)

  6,238   302,169
CarMax, Inc.(b)(c)

  4,035   257,998
Carnival Corp.(b)(c)

  21,583   325,040
Carter’s, Inc.(c)

  4,988   340,132
CAVA Group, Inc.(b)(c)

  8,024   272,896
Chipotle Mexican Grill, Inc.(b)

  183   403,012
Choice Hotels International, Inc.(c)

  2,606   287,390
Churchill Downs, Inc.

  2,743   317,557
Columbia Sportswear Co.(c)

  4,610   361,101
Coupang, Inc. (South Korea)(b)(c)

  17,768   271,495
Crocs, Inc.(b)(c)

  3,416   360,764
D.R. Horton, Inc.

  2,806   358,242
Darden Restaurants, Inc.(c)

  2,189   342,513
Deckers Outdoor Corp.(b)

  637   422,949
Dick’s Sporting Goods, Inc.

  3,005   390,951
Domino’s Pizza, Inc.

  874   343,386
DoorDash, Inc., Class A(b)

  4,996   469,524
DraftKings, Inc., Class A(b)

  10,686   408,633
eBay, Inc.

  7,645   313,521
Etsy, Inc.(b)(c)

  4,776   362,069
Expedia Group, Inc.(b)

  3,151   429,103
Five Below, Inc.(b)(c)

  2,038   384,082
Floor & Decor Holdings, Inc., Class A(b)(c)

  3,457   317,042
Ford Motor Co.

  27,554   282,704
GameStop Corp., Class A(b)

  17,437   253,708
Gap, Inc. (The)(c)

  28,806   578,136
Garmin Ltd.

  3,211   392,513
General Motors Co.

  10,130   320,108
Gentex Corp.

  10,302   313,284
Genuine Parts Co.

  2,171   288,265
Grand Canyon Education, Inc.(b)

  3,004   410,707
H&R Block, Inc.

  8,467   384,571
Harley-Davidson, Inc.

  9,892   296,661
Hasbro, Inc.(c)

  4,684   217,384
Hilton Worldwide Holdings, Inc.

  2,213   370,722
Home Depot, Inc. (The)

  991   310,669
Hyatt Hotels Corp., Class A(c)

  2,987   342,788
Kohl’s Corp.

  13,807   323,774
Las Vegas Sands Corp.

  6,633   305,914
Lear Corp.

  2,359   315,516
Leggett & Platt, Inc.

  12,277   280,775
Lennar Corp., Class A

  2,781   355,746
Lithia Motors, Inc., Class A

  1,102   294,223
LKQ Corp.

  6,540   291,226
Lowe’s Cos., Inc.

  1,428   283,929
Lucid Group, Inc.(b)(c)

  54,914   231,737
lululemon athletica, inc.(b)

  856   382,461
Macy’s, Inc.(c)

  28,730   455,658
Marriott International, Inc., Class A

  1,641   332,631
Marriott Vacations Worldwide Corp.

  3,199   233,207
Mattel, Inc.(b)

  15,297   290,643
McDonald’s Corp.

  1,185   333,980
MGM Resorts International

  7,664   302,268
Mister Car Wash, Inc.(b)(c)

  50,307   366,235
Mohawk Industries, Inc.(b)

  3,201   282,680
Murphy USA, Inc.

  1,051   388,397
Newell Brands, Inc.

  32,410   247,288
NIKE, Inc., Class B

  3,391   373,926
Nordstrom, Inc.(c)

  22,454   350,732
Norwegian Cruise Line Holdings Ltd.(b)(c)

  19,988   305,217
See accompanying notes which are an integral part of this schedule.

Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Consumer Discretionary-(continued)
NVR, Inc.(b)

  56   $344,702
Ollie’s Bargain Outlet Holdings, Inc.(b)

  4,471   327,590
O’Reilly Automotive, Inc., Class R(b)

  377   370,357
Peloton Interactive, Inc., Class A(b)(c)

  56,608   320,401
Penn Entertainment, Inc.(b)(c)

  15,137   371,765
Penske Automotive Group, Inc.(c)

  2,054   306,662
Petco Health & Wellness Co., Inc.(b)(c)

  66,664   201,325
Phinia, Inc.

  11,956   304,878
Planet Fitness, Inc., Class A(b)(c)

  5,529   375,640
Polaris, Inc.

  3,068   253,018
Pool Corp.

  951   330,301
PulteGroup, Inc.

  4,115   363,848
PVH Corp.

  4,139   404,711
QuantumScape Corp.(b)(c)

  47,340   300,136
Ralph Lauren Corp.

  2,827   365,757
RH(b)(c)

  874   235,954
Rivian Automotive, Inc., Class A(b)(c)

  14,072   235,847
Ross Stores, Inc.

  2,747   358,154
Royal Caribbean Cruises Ltd.(b)

  3,382   363,430
Service Corp. International

  5,435   333,002
Skechers U.S.A., Inc., Class A(b)

  6,752   397,760
Starbucks Corp.

  3,500   347,550
Tapestry, Inc.

  10,354   327,911
Tempur Sealy International, Inc.

  7,275   293,328
Tesla, Inc.(b)

  1,336   320,747
Texas Roadhouse, Inc.

  3,201   360,305
Thor Industries, Inc.

  3,272   324,157
TJX Cos., Inc. (The)

  3,610   318,077
Toll Brothers, Inc.

  4,014   344,763
TopBuild Corp.(b)

  1,063   314,414
Tractor Supply Co.(c)

  1,487   301,876
Travel + Leisure Co.

  8,579   305,756
Ulta Beauty, Inc.(b)

  818   348,460
Under Armour, Inc., Class A(b)(c)

  45,372   369,328
Vail Resorts, Inc.

  1,366   296,845
Valvoline, Inc.

  41,695   1,427,637
VF Corp.

  17,251   288,609
Victoria’s Secret & Co.(b)(c)

  18,352   494,586
Wayfair, Inc., Class A(b)(c)

  4,641   258,968
Wendy’s Co. (The)

  16,587   311,006
Whirlpool Corp.

  2,427   264,300
Williams-Sonoma, Inc.(c)

  2,285   428,529
Wingstop, Inc.

  2,037   489,613
Wyndham Hotels & Resorts, Inc.

  4,378   338,595
Wynn Resorts Ltd.

  3,487   294,373
YETI Holdings, Inc.(b)(c)

  6,886   293,619
Yum! Brands, Inc.

  2,630   330,197
        41,993,993
Consumer Staples-8.60%
Albertson’s Cos., Inc., Class A

  45,058   980,913
Altria Group, Inc.

  23,778   999,627
Archer-Daniels-Midland Co.

  13,231   975,522
BJ’s Wholesale Club Holdings, Inc.(b)

  5,108   329,875
Boston Beer Co., Inc. (The), Class A(b)

  2,814   998,295
Brown-Forman Corp., Class B

  16,182   950,531
Bunge Global S.A.

  9,241   1,015,309
Campbell Soup Co.

  24,815   997,067
Casey’s General Stores, Inc.

  4,348   1,197,439
Celsius Holdings, Inc.(b)(c)

  15,141   749,631
Church & Dwight Co., Inc.

  10,770   1,040,705
Clorox Co. (The)

  6,674   956,718
Coca-Cola Co. (The)

  17,784   1,039,297
  Shares   Value
Consumer Staples-(continued)
Colgate-Palmolive Co.

  14,134   $1,113,335
Conagra Brands, Inc.

  35,990   1,018,157
Constellation Brands, Inc., Class A

  3,999   961,720
Costco Wholesale Corp.

  602   356,829
Coty, Inc., Class A(b)(c)

  28,990   330,486
Darling Ingredients, Inc.(b)

  17,758   779,043
Dollar General Corp.

  2,645   346,812
Dollar Tree, Inc.(b)(c)

  2,820   348,524
Estee Lauder Cos., Inc. (The), Class A

  2,105   268,787
Flowers Foods, Inc.

  45,178   940,154
Freshpet, Inc.(b)(c)

  13,962   990,604
General Mills, Inc.

  16,000   1,018,560
Grocery Outlet Holding Corp.(b)(c)

  34,413   970,791
Hershey Co. (The)

  4,946   929,452
Hormel Foods Corp.

  28,131   860,527
Ingredion, Inc.

  10,436   1,069,586
JM Smucker Co. (The)

  7,378   809,588
Kellanova

  17,452   916,928
Kenvue, Inc.

  49,490   1,011,576
Keurig Dr Pepper, Inc.

  31,197   984,889
Kimberly-Clark Corp.

  8,181   1,012,235
Kraft Heinz Co. (The)

  31,755   1,114,918
Kroger Co. (The)

  22,819   1,010,197
Lamb Weston Holdings, Inc.

  10,575   1,057,817
McCormick & Co., Inc.

  13,000   842,790
Molson Coors Beverage Co., Class B

  16,497   1,015,225
Mondelez International, Inc., Class A

  14,848   1,055,099
Monster Beverage Corp.(b)

  18,330   1,010,900
Olaplex Holdings, Inc.(b)

  423,534   923,304
PepsiCo, Inc.

  5,900   992,911
Performance Food Group Co.(b)

  17,508   1,138,895
Philip Morris International, Inc.

  11,140   1,040,030
Pilgrim’s Pride Corp.(b)(c)

  42,875   1,095,885
Post Holdings, Inc.(b)(c)

  12,112   1,034,728
Procter & Gamble Co. (The)

  6,753   1,036,721
Reynolds Consumer Products, Inc.(c)

  39,700   1,041,728
Seaboard Corp.

  315   1,107,222
Spectrum Brands Holdings, Inc.

  12,619   874,875
Sysco Corp.

  15,019   1,083,921
Target Corp.

  2,628   351,653
Tyson Foods, Inc., Class A

  20,251   948,557
US Foods Holding Corp.(b)

  26,481   1,160,662
Walgreens Boots Alliance, Inc.

  47,114   939,453
Walmart, Inc.

  2,042   317,919
WK Kellogg Co.

  4,365   48,888
        51,513,810
Energy-8.03%
Antero Midstream Corp.

  116,699   1,554,431
Antero Resources Corp.(b)

  51,512   1,217,229
APA Corp.

  30,970   1,114,920
Baker Hughes Co., Class A

  36,955   1,247,231
Cheniere Energy, Inc.

  8,592   1,565,033
Chesapeake Energy Corp.(c)

  15,721   1,262,554
Chevron Corp.

  8,264   1,186,710
ConocoPhillips

  11,324   1,308,715
Coterra Energy, Inc.

  49,183   1,291,054
Devon Energy Corp.

  26,209   1,178,619
Diamondback Energy, Inc.

  8,884   1,371,778
DT Midstream, Inc.(c)

  26,718   1,530,674
EOG Resources, Inc.

  10,450   1,286,081
EQT Corp.

  32,904   1,314,844
Exxon Mobil Corp.

  12,074   1,240,483
 
See accompanying notes which are an integral part of this schedule.

Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Energy-(continued)
Halliburton Co.

  33,498   $1,240,431
Hess Corp.

  8,703   1,223,294
HF Sinclair Corp.

  23,575   1,237,216
Kinder Morgan, Inc.

  82,921   1,456,922
Marathon Oil Corp.

  51,505   1,309,772
Marathon Petroleum Corp.

  9,112   1,359,419
New Fortress Energy, Inc.(c)

  43,796   1,685,270
NOV, Inc.

  65,021   1,223,695
Occidental Petroleum Corp.

  21,288   1,259,185
ONEOK, Inc.

  21,436   1,475,869
Ovintiv, Inc.

  29,450   1,305,813
Phillips 66

  11,567   1,490,871
Pioneer Natural Resources Co.

  5,758   1,333,783
Range Resources Corp.(c)

  42,773   1,390,122
Schlumberger N.V.

  22,589   1,175,532
Southwestern Energy Co.(b)

  211,716   1,395,208
Targa Resources Corp.

  16,070   1,453,531
TechnipFMC PLC (United Kingdom)(c)

  66,841   1,384,946
Texas Pacific Land Corp.

  762   1,274,026
Valero Energy Corp.

  10,108   1,267,139
Williams Cos., Inc. (The)

  40,246   1,480,650
        48,093,050
Financials-10.63%
Affiliated Managers Group, Inc.

  3,084   418,036
Affirm Holdings, Inc.(b)(c)

  13,523   465,326
Aflac, Inc.

  5,334   441,175
AGNC Investment Corp.

  41,284   364,125
Allstate Corp. (The)

  3,703   510,533
Ally Financial, Inc.

  14,506   423,865
American Express Co.

  1,952   333,343
American Financial Group, Inc.

  3,543   405,284
American International Group, Inc.

  6,689   440,203
Ameriprise Financial, Inc.

  1,164   411,486
Annaly Capital Management, Inc.

  20,113   363,442
Aon PLC, Class A

  1,187   389,918
Apollo Global Management, Inc.(c)

  4,540   417,680
Arch Capital Group Ltd.(b)

  5,096   426,484
Ares Management Corp., Class A

  3,823   429,132
Arthur J. Gallagher & Co.

  1,716   427,284
Assurant, Inc.

  2,874   482,889
Assured Guaranty Ltd.

  6,685   453,978
AXIS Capital Holdings Ltd.

  7,228   407,226
Bank of America Corp.

  14,100   429,909
Bank of New York Mellon Corp. (The)

  8,844   427,342
Bank OZK(c)

  10,264   429,651
Berkshire Hathaway, Inc., Class B(b)

  1,082   389,520
BlackRock, Inc.

  606   455,245
Blackstone, Inc., Class A

  3,644   409,476
Block, Inc., Class A(b)(c)

  5,434   344,679
Blue Owl Capital, Inc.(c)

  33,557   452,348
BOK Financial Corp.

  4,946   354,974
Brighthouse Financial, Inc.(b)(c)

  8,107   421,807
Brown & Brown, Inc.

  5,366   401,055
Capital One Financial Corp.

  3,050   340,563
Carlyle Group, Inc. (The)(c)

  12,410   425,415
Cboe Global Markets, Inc.

  2,609   475,334
Charles Schwab Corp. (The)

  6,848   419,919
Chubb Ltd.

  1,965   450,830
Cincinnati Financial Corp.

  3,783   388,855
Citigroup, Inc.

  9,718   448,000
Citizens Financial Group, Inc.

  14,683   400,405
CME Group, Inc., Class A

  1,952   426,239
  Shares   Value
Financials-(continued)
CNA Financial Corp.

  10,412   $438,658
Coinbase Global, Inc., Class A(b)

  4,859   606,014
Columbia Banking System, Inc.

  20,048   449,677
Comerica, Inc.

  8,730   394,771
Commerce Bancshares, Inc.

  8,475   428,581
Corebridge Financial, Inc.

  22,178   466,403
Credit Acceptance Corp.(b)

  838   382,966
Cullen/Frost Bankers, Inc.

  4,365   429,036
Discover Financial Services

  4,430   411,990
East West Bancorp, Inc.

  7,479   470,579
Equitable Holdings, Inc.

  14,246   437,210
Euronet Worldwide, Inc.(b)

  3,627   316,347
Evercore, Inc., Class A

  2,880   424,944
Everest Group Ltd.

  1,073   440,520
F.N.B. Corp.

  35,789   429,110
FactSet Research Systems, Inc.

  918   416,276
Fidelity National Financial, Inc.

  9,215   413,201
Fidelity National Information Services, Inc.

  5,565   326,332
Fifth Third Bancorp

  15,247   441,401
First American Financial Corp.

  6,530   389,188
First Citizens BancShares, Inc., Class A

  325   477,064
First Hawaiian, Inc.

  21,997   432,241
First Horizon Corp.

  33,895   433,517
Fiserv, Inc.(b)

  2,541   331,880
FleetCor Technologies, Inc.(b)

  1,113   267,676
Franklin Resources, Inc.

  15,306   379,589
Global Payments, Inc.

  2,404   279,922
Globe Life, Inc.

  3,673   452,256
Goldman Sachs Group, Inc. (The)

  1,236   422,143
Hanover Insurance Group, Inc. (The)

  3,744   465,379
Hartford Financial Services Group, Inc. (The)

  5,529   432,147
Houlihan Lokey, Inc.

  3,800   409,336
Huntington Bancshares, Inc.

  37,207   418,951
Interactive Brokers Group, Inc., Class A

  4,280   333,155
Intercontinental Exchange, Inc.

  3,436   391,154
Invesco Ltd.(e)

  25,937   370,121
Jack Henry & Associates, Inc.

  2,031   322,299
Janus Henderson Group PLC

  14,841   388,686
Jefferies Financial Group, Inc.

  10,823   383,567
JPMorgan Chase & Co.

  2,746   428,596
Kemper Corp.

  8,378   370,559
KeyCorp

  36,379   450,736
Kinsale Capital Group, Inc.

  968   338,897
KKR & Co., Inc., Class A

  6,463   490,154
Lazard Ltd., Class A

  11,966   358,741
Lincoln National Corp.

  16,005   380,599
Loews Corp.

  6,382   448,591
LPL Financial Holdings, Inc.

  1,678   373,019
M&T Bank Corp.

  3,311   424,371
Markel Group, Inc.(b)

  291   418,775
MarketAxess Holdings, Inc.

  1,744   418,769
Marsh & McLennan Cos., Inc.

  2,044   407,614
Mastercard, Inc., Class A

  744   307,890
MetLife, Inc.

  6,308   401,378
MGIC Investment Corp.

  22,996   404,500
Moody’s Corp.

  1,159   422,989
Morgan Stanley

  4,761   377,738
Morningstar, Inc.

  1,563   442,892
MSCI, Inc.

  740   385,429
Nasdaq, Inc.

  7,680   428,851
NCR Atleos Corp.(b)

  7,547   167,619
New York Community Bancorp, Inc.

  33,464   314,896
 
See accompanying notes which are an integral part of this schedule.

Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Financials-(continued)
Northern Trust Corp.

  5,339   $423,116
NU Holdings Ltd., Class A (Brazil)(b)(c)

  58,190   473,667
Old Republic International Corp.

  14,691   430,593
OneMain Holdings, Inc.

  10,001   423,042
PayPal Holdings, Inc.(b)

  4,945   284,881
Pinnacle Financial Partners, Inc.

  5,999   435,347
PNC Financial Services Group, Inc. (The)

  3,417   457,741
Popular, Inc.

  6,149   453,735
Primerica, Inc.

  2,005   420,068
Principal Financial Group, Inc.

  5,314   392,333
Progressive Corp. (The)

  2,892   474,375
Prosperity Bancshares, Inc.

  7,149   431,156
Prudential Financial, Inc.

  4,213   411,947
Raymond James Financial, Inc.

  3,804   399,991
Regions Financial Corp.

  22,302   371,997
Reinsurance Group of America, Inc.

  2,829   461,297
RenaissanceRe Holdings Ltd. (Bermuda)

  2,032   435,579
Rithm Capital Corp.(c)

  39,059   405,432
RLI Corp.

  2,967   402,325
Robinhood Markets, Inc., Class A(b)(c)

  36,984   325,459
Rocket Cos., Inc., Class A(b)

  37,518   350,418
Ryan Specialty Holdings, Inc., Class A(b)(c)

  8,040   368,795
S&P Global, Inc.

  1,012   420,820
SEI Investments Co.

  6,547   384,112
Shift4 Payments, Inc., Class A(b)(c)

  5,358   352,664
SLM Corp.

  28,358   426,221
SoFi Technologies, Inc.(b)(c)

  46,261   337,243
Starwood Property Trust, Inc.(c)

  19,498   387,425
State Street Corp.

  5,694   414,637
Stifel Financial Corp.

  6,205   378,629
Synchrony Financial

  9,820   317,775
Synovus Financial Corp.(c)

  13,397   412,494
T. Rowe Price Group, Inc.

  3,624   362,871
TFS Financial Corp.(c)

  29,608   391,122
Toast, Inc., Class A(b)(c)

  18,708   278,188
TPG, Inc.

  13,816   483,560
Tradeweb Markets, Inc., Class A

  4,628   448,453
Travelers Cos., Inc. (The)

  2,487   449,202
Truist Financial Corp.

  13,549   435,465
U.S. Bancorp

  11,134   424,428
Unum Group

  8,314   357,502
UWM Holdings Corp.(c)

  73,281   399,381
Virtu Financial, Inc., Class A

  22,010   395,740
Visa, Inc., Class A(c)

  1,234   316,743
Voya Financial, Inc.(c)

  5,899   421,837
W.R. Berkley Corp.

  6,442   467,367
Webster Financial Corp.

  9,663   433,386
Wells Fargo & Co.

  9,793   436,670
Western Alliance Bancorporation

  8,438   432,194
Western Union Co. (The)

  24,006   279,190
WEX, Inc.(b)

  1,521   268,578
White Mountains Insurance Group Ltd.(c)

  281   430,470
Willis Towers Watson PLC

  1,967   484,472
Wintrust Financial Corp.

  5,302   454,222
XP, Inc., Class A (Brazil)

  15,684   365,280
Zions Bancorporation N.A.

  11,756   418,866
        63,671,366
Health Care-9.12%
10X Genomics, Inc., Class A(b)(c)

  9,446   411,090
Abbott Laboratories

  4,696   489,746
AbbVie, Inc.

  3,188   453,939
Acadia Healthcare Co., Inc.(b)

  6,385   466,041
  Shares   Value
Health Care-(continued)
Agilent Technologies, Inc.

  4,062   $519,124
agilon health, inc.(b)(c)

  25,397   269,716
Align Technology, Inc.(b)

  1,403   299,961
Alnylam Pharmaceuticals, Inc.(b)

  2,357   396,565
Amedisys, Inc.(b)(c)

  5,104   477,632
Amgen, Inc.

  1,862   502,070
Apellis Pharmaceuticals, Inc.(b)(c)

  10,971   591,008
Avantor, Inc.(b)

  22,808   483,073
Azenta, Inc.(b)(c)

  8,986   506,541
Baxter International, Inc.

  12,069   435,450
Becton, Dickinson and Co.

  1,769   417,802
Biogen, Inc.(b)

  1,810   423,685
BioMarin Pharmaceutical, Inc.(b)

  5,223   475,711
Bio-Rad Laboratories, Inc., Class A(b)

  1,287   392,432
Bio-Techne Corp.

  6,371   400,736
Boston Scientific Corp.(b)

  8,821   493,006
Bristol-Myers Squibb Co.

  7,856   387,929
Bruker Corp.

  7,483   487,069
Cardinal Health, Inc.

  5,332   570,951
Catalent, Inc.(b)(c)

  9,624   373,892
Cencora, Inc.(c)

  5,827   1,185,037
Centene Corp.(b)

  7,109   523,791
Certara, Inc.(b)(c)

  31,585   455,140
Charles River Laboratories International, Inc.(b)

  2,305   454,269
Chemed Corp.

  942   534,114
Cigna Group (The)

  1,672   439,535
Cooper Cos., Inc. (The)

  1,349   454,505
CVS Health Corp.

  15,837   1,076,124
Danaher Corp.

  1,856   414,463
DaVita, Inc.(b)

  4,957   502,937
DENTSPLY SIRONA, Inc.

  13,091   415,639
DexCom, Inc.(b)

  4,473   516,721
Doximity, Inc., Class A(b)(c)

  20,053   466,232
Edwards Lifesciences Corp.(b)

  6,172   417,906
Elanco Animal Health, Inc.(b)

  40,347   475,288
Elevance Health, Inc.

  1,036   496,752
Eli Lilly and Co.

  840   496,474
Encompass Health Corp.

  6,733   438,790
Enovis Corp.(b)(c)

  8,845   437,474
Envista Holdings Corp.(b)(c)

  15,422   349,925
Exact Sciences Corp.(b)

  5,980   382,720
Exelixis, Inc.(b)

  21,423   467,236
Fortrea Holdings, Inc.(b)(c)

  17,876   526,269
GE HealthCare Technologies, Inc.

  7,173   491,064
Gilead Sciences, Inc.

  6,380   488,708
Globus Medical, Inc., Class A(b)

  9,100   408,772
HCA Healthcare, Inc.

  1,730   433,330
Henry Schein, Inc.(b)

  6,346   423,469
Hologic, Inc.(b)

  6,481   462,095
Humana, Inc.

  984   477,102
ICON PLC(b)

  1,836   490,102
ICU Medical, Inc.(b)(c)

  3,480   305,405
IDEXX Laboratories, Inc.(b)

  975   454,175
Illumina, Inc.(b)

  2,945   300,243
Incyte Corp.(b)

  7,407   402,496
Inspire Medical Systems, Inc.(b)(c)

  2,039   296,287
Insulet Corp.(b)

  2,623   495,983
Integra LifeSciences Holdings Corp.(b)

  12,276   481,096
Intuitive Surgical, Inc.(b)

  1,571   488,330
Ionis Pharmaceuticals, Inc.(b)(c)

  11,659   576,771
IQVIA Holdings, Inc.(b)(c)

  2,137   457,532
 
See accompanying notes which are an integral part of this schedule.

Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Health Care-(continued)
Jazz Pharmaceuticals PLC(b)

  3,477   $411,086
Johnson & Johnson

  2,927   452,690
Karuna Therapeutics, Inc.(b)(c)

  2,565   490,454
Laboratory Corp. of America Holdings

  2,298   498,459
Maravai LifeSciences Holdings, Inc., Class A(b)

  42,158   215,006
Masimo Corp.(b)(c)

  4,365   409,262
McKesson Corp.

  2,499   1,175,929
Medpace Holdings, Inc.(b)

  1,739   470,782
Medtronic PLC

  5,918   469,120
Merck & Co., Inc.

  4,357   446,505
Mettler-Toledo International, Inc.(b)

  286   312,292
Mirati Therapeutics, Inc.(b)(c)

  13,186   748,306
Moderna, Inc.(b)

  4,368   339,394
Molina Healthcare, Inc.(b)

  1,488   543,953
Natera, Inc.(b)

  8,506   475,911
Neurocrine Biosciences, Inc.(b)

  4,366   509,032
Novocure Ltd.(b)(c)

  23,375   286,811
Organon & Co.

  24,174   273,650
Penumbra, Inc.(b)(c)

  1,605   356,454
Perrigo Co. PLC

  13,939   424,582
Pfizer, Inc.

  13,751   418,993
Premier, Inc., Class A

  20,417   420,386
QIAGEN N.V.(b)

  11,234   462,391
Quest Diagnostics, Inc.

  3,730   511,868
QuidelOrtho Corp.(b)(c)

  6,213   427,020
R1 RCM, Inc.(b)(c)

  27,570   291,691
Regeneron Pharmaceuticals, Inc.(b)

  609   501,700
Repligen Corp.(b)(c)

  2,792   439,042
ResMed, Inc.

  3,153   497,323
Revvity, Inc.

  4,297   382,003
Roivant Sciences Ltd.(b)(c)

  40,366   385,899
Royalty Pharma PLC, Class A

  16,366   443,028
Sarepta Therapeutics, Inc.(b)(c)

  3,855   313,334
Seagen, Inc.(b)(c)

  2,300   490,383
Shockwave Medical, Inc.(b)(c)

  2,049   357,653
Sotera Health Co.(b)(c)

  32,199   439,516
STERIS PLC

  2,078   417,553
Stryker Corp.

  1,621   480,351
Tandem Diabetes Care, Inc.(b)(c)

  18,326   370,918
Teladoc Health, Inc.(b)(c)

  20,904   379,199
Teleflex, Inc.(c)

  2,283   515,250
Tenet Healthcare Corp.(b)

  6,416   442,768
Thermo Fisher Scientific, Inc.

  883   437,756
Ultragenyx Pharmaceutical, Inc.(b)

  11,472   445,687
United Therapeutics Corp.(b)

  2,088   501,120
UnitedHealth Group, Inc.

  975   539,146
Universal Health Services, Inc., Class B

  3,698   508,401
Veeva Systems, Inc., Class A(b)

  2,105   366,923
Vertex Pharmaceuticals, Inc.(b)

  1,388   492,476
Viatris, Inc.

  47,233   433,599
Waters Corp.(b)(c)

  1,149   322,421
West Pharmaceutical Services, Inc.

  1,170   410,389
Zimmer Biomet Holdings, Inc.

  3,893   452,795
Zoetis, Inc.

  2,529   446,798
        54,640,928
Industrials-10.29%
3M Co.

  2,864   283,736
A.O. Smith Corp.

  4,365   328,946
Acuity Brands, Inc.(c)

  1,950   349,557
Advanced Drainage Systems, Inc.

  2,418   292,844
AECOM

  3,579   318,030
AGCO Corp.

  2,415   274,175
  Shares   Value
Industrials-(continued)
Air Lease Corp., Class A

  7,540   $292,477
Alaska Air Group, Inc.(b)(c)

  8,237   311,441
Allegion PLC

  2,805   297,582
Allison Transmission Holdings, Inc.

  5,195   277,829
American Airlines Group, Inc.(b)(c)

  23,545   292,664
AMETEK, Inc.

  1,985   308,131
Armstrong World Industries, Inc.

  4,300   364,683
Automatic Data Processing, Inc.

  1,218   280,043
Avis Budget Group, Inc.(b)(c)

  1,667   304,811
Axon Enterprise, Inc.(b)

  1,442   331,472
AZEK Co., Inc. (The)(b)(c)

  9,148   315,514
Boeing Co. (The)(b)

  1,444   334,474
Booz Allen Hamilton Holding Corp.

  2,680   335,348
Broadridge Financial Solutions, Inc.

  2,086   404,308
Builders FirstSource, Inc.(b)

  2,172   291,287
BWX Technologies, Inc.

  4,165   324,995
C.H. Robinson Worldwide, Inc.

  3,527   289,390
CACI International, Inc., Class A(b)

  1,324   424,938
Carlisle Cos., Inc.

  1,238   347,148
Carrier Global Corp.

  5,311   275,960
Caterpillar, Inc.

  1,073   269,023
Ceridian HCM Holding, Inc.(b)(c)

  5,568   383,635
ChargePoint Holdings, Inc.(b)(c)

  218,117   405,698
Cintas Corp.

  623   344,675
Clarivate PLC(b)(c)

  58,424   453,370
Clean Harbors, Inc.(b)

  7,297   1,179,633
CNH Industrial N.V. (United Kingdom)

  22,213   238,568
Concentrix Corp.

  5,790   544,202
Copart, Inc.(b)

  7,373   370,272
Core & Main, Inc., Class A(b)

  10,460   366,414
Crane Co.

  3,615   382,033
CSX Corp.

  10,289   332,335
Cummins, Inc.

  1,333   298,805
Curtiss-Wright Corp.

  1,491   318,925
Deere & Co.

  769   280,231
Delta Air Lines, Inc.

  8,083   298,505
Donaldson Co., Inc.

  4,953   301,340
Dover Corp.

  2,154   304,059
Driven Brands Holdings, Inc.(b)(c)

  23,964   315,127
Dun & Bradstreet Holdings, Inc.

  39,454   417,818
Eaton Corp. PLC

  1,303   296,680
EMCOR Group, Inc.

  1,379   293,065
Emerson Electric Co.

  3,067   272,656
Equifax, Inc.

  1,491   324,606
Esab Corp.

  4,364   336,683
Expeditors International of Washington, Inc.

  2,619   315,170
Fastenal Co.

  25,465   1,527,136
FedEx Corp.

  1,188   307,490
Ferguson PLC

  2,037   349,020
Flowserve Corp.

  7,564   289,399
Fortive Corp.

  3,847   265,366
Fortune Brands Innovations, Inc.

  4,705   321,963
FTI Consulting, Inc.(b)

  1,722   379,632
Gates Industrial Corp. PLC(b)(c)

  25,949   318,135
Generac Holdings, Inc.(b)

  2,611   305,670
General Dynamics Corp.

  1,437   354,896
General Electric Co.

  2,704   329,347
Genpact Ltd.

  8,215   278,981
Graco, Inc.

  3,998   322,958
GXO Logistics, Inc.(b)

  4,948   278,374
Hayward Holdings, Inc.(b)(c)

  21,921   258,449
HEICO Corp.(c)

  1,832   313,327
 
See accompanying notes which are an integral part of this schedule.

Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Industrials-(continued)
Hertz Global Holdings, Inc.(b)(c)

  20,898   $174,289
Hexcel Corp.

  19,778   1,370,813
Honeywell International, Inc.

  1,643   321,897
Howmet Aerospace, Inc.

  6,295   331,117
Hubbell, Inc.

  918   275,400
Huntington Ingalls Industries, Inc.

  1,455   344,864
IDEX Corp.

  1,407   283,764
Illinois Tool Works, Inc.

  1,282   310,513
Ingersoll Rand, Inc.

  4,358   311,292
ITT, Inc.

  3,039   329,032
J.B. Hunt Transport Services, Inc.

  1,625   301,064
Jacobs Solutions, Inc.

  2,305   293,150
Johnson Controls International PLC

  5,336   281,741
KBR, Inc.

  6,831   352,958
Kirby Corp.(b)

  3,645   279,754
Knight-Swift Transportation Holdings, Inc.

  5,791   311,440
L3Harris Technologies, Inc.

  1,825   348,228
Landstar System, Inc.

  1,663   287,117
Leidos Holdings, Inc.

  4,328   464,481
Lennox International, Inc.

  812   330,208
Lincoln Electric Holdings, Inc.(c)

  1,676   331,949
Lockheed Martin Corp.

  730   326,872
Lyft, Inc., Class A(b)

  30,546   358,305
ManpowerGroup, Inc.

  4,108   304,855
Masco Corp.

  5,525   334,539
MasTec, Inc.(b)

  3,270   198,293
MDU Resources Group, Inc.

  15,569   297,991
Mercury Systems, Inc.(b)(c)

  8,217   281,761
Middleby Corp. (The)(b)

  2,197   277,327
MSA Safety, Inc.

  1,761   306,660
MSC Industrial Direct Co., Inc., Class A

  3,210   312,718
Nordson Corp.

  1,321   310,884
Norfolk Southern Corp.

  1,534   334,657
Northrop Grumman Corp.

  724   344,016
nVent Electric PLC

  5,315   283,024
Old Dominion Freight Line, Inc.

  711   276,622
Oshkosh Corp.

  3,027   294,497
Otis Worldwide Corp.

  3,674   315,192
Owens Corning

  2,108   285,803
PACCAR, Inc.

  3,670   336,979
Parker-Hannifin Corp.

  761   329,650
Paychex, Inc.

  2,542   310,048
Paycom Software, Inc.

  1,450   263,407
Paycor HCM, Inc.(b)(c)

  17,808   377,708
Paylocity Holding Corp.(b)

  1,515   237,355
Pentair PLC

  4,378   282,556
Plug Power, Inc.(b)(c)

  166,421   672,341
Quanta Services, Inc.

  1,464   275,686
RB Global, Inc. (Canada)

  5,013   319,228
RBC Bearings, Inc.(b)(c)

  5,850   1,507,779
Regal Rexnord Corp.

  1,879   225,104
Republic Services, Inc.

  8,365   1,353,792
Robert Half, Inc.(c)

  4,272   350,218
Rockwell Automation, Inc.

  990   272,686
Rollins, Inc.

  9,339   380,471
RTX Corp.(c)

  3,610   294,143
Ryder System, Inc.

  3,109   333,098
Saia, Inc.(b)

  702   274,054
Schneider National, Inc., Class B

  11,141   256,577
Science Applications International Corp.

  3,779   443,692
Sensata Technologies Holding PLC

  8,253   268,305
SiteOne Landscape Supply, Inc.(b)(c)

  2,032   286,146
  Shares   Value
Industrials-(continued)
Snap-on, Inc.

  1,175   $322,761
Southwest Airlines Co.(c)

  11,203   286,461
Spirit AeroSystems Holdings, Inc., Class A(b)(c)

  15,970   439,015
SS&C Technologies Holdings, Inc.

  7,414   417,112
Stanley Black & Decker, Inc.

  3,384   307,606
Stericycle, Inc.(b)(c)

  27,786   1,305,108
Sunrun, Inc.(b)(c)

  84,614   1,091,521
Tetra Tech, Inc.

  1,966   310,923
Textron, Inc.

  4,020   308,173
Timken Co. (The)

  19,203   1,390,297
Toro Co. (The)

  3,489   289,587
Trane Technologies PLC

  1,454   327,746
TransDigm Group, Inc.

  373   359,150
TransUnion(c)

  3,783   222,138
Trex Co., Inc.(b)

  4,382   307,923
Uber Technologies, Inc.(b)

  7,244   408,417
U-Haul Holding Co., Series N

  6,241   337,950
Union Pacific Corp.

  1,444   325,290
United Airlines Holdings, Inc.(b)

  6,903   271,978
United Parcel Service, Inc., Class B

  1,882   285,330
United Rentals, Inc.

  655   311,793
Valmont Industries, Inc.(c)

  1,268   278,415
Veralto Corp.(b)

  613   47,354
Verisk Analytics, Inc.

  1,245   300,580
Vertiv Holdings Co.

  10,369   452,710
Vestis Corp.(b)

  4,472   81,882
W.W. Grainger, Inc.

  479   376,585
Wabtec Corp.

  2,813   327,883
Waste Management, Inc.

  7,810   1,335,432
Watsco, Inc.(c)

  882   337,127
WESCO International, Inc.

  1,962   305,778
WillScot Mobile Mini Holdings Corp.(b)

  7,325   305,599
Woodward, Inc.

  2,333   315,375
XPO, Inc.(b)

  4,196   362,031
Xylem, Inc.

  3,193   335,680
        61,614,274
Information Technology-12.48%
Accenture PLC, Class A

  924   307,821
Adobe, Inc.(b)

  748   457,035
Advanced Micro Devices, Inc.(b)

  3,840   465,254
Akamai Technologies, Inc.(b)

  3,939   455,073
Allegro MicroSystems, Inc. (Japan)(b)(c)

  11,636   316,732
Alteryx, Inc., Class A(b)(c)

  11,966   479,238
Amdocs Ltd.

  4,642   388,860
Amphenol Corp., Class A

  4,744   431,657
Analog Devices, Inc.

  2,303   422,324
ANSYS, Inc.(b)

  1,307   383,422
Apple, Inc.

  2,314   439,544
Applied Materials, Inc.

  2,764   413,992
AppLovin Corp., Class A(b)

  9,667   362,319
Arista Networks, Inc.(b)

  14,840   3,260,496
Arrow Electronics, Inc.(b)(c)

  3,220   381,763
Aspen Technology, Inc.(b)(c)

  2,096   394,593
Atlassian Corp., Class A(b)

  2,012   384,191
Autodesk, Inc.(b)

  1,869   408,246
Avnet, Inc.

  8,552   399,892
Bentley Systems, Inc., Class B

  8,297   431,942
BILL Holdings, Inc.(b)(c)

  2,649   173,430
Broadcom, Inc.

  796   736,881
Cadence Design Systems, Inc.(b)

  1,711   467,565
CCC Intelligent Solutions Holdings, Inc.(b)(c)

  37,779   441,259
CDW Corp.

  1,953   411,849
 
See accompanying notes which are an integral part of this schedule.

Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Information Technology-(continued)
Ciena Corp.(b)(c)

  60,171   $2,758,840
Cirrus Logic, Inc.(b)(c)

  5,566   422,515
Cisco Systems, Inc.

  50,962   2,465,542
Cloudflare, Inc., Class A(b)(c)

  6,479   499,855
Cognex Corp.

  6,900   260,130
Cognizant Technology Solutions Corp., Class A

  5,767   405,881
Coherent Corp.(b)

  12,262   451,119
Confluent, Inc., Class A(b)

  12,606   267,499
Corning, Inc.

  13,070   372,364
Crane NXT Co.

  5,447   280,303
CrowdStrike Holdings, Inc., Class A(b)

  2,485   588,920
Datadog, Inc., Class A(b)

  4,285   499,502
DocuSign, Inc.(b)

  7,896   340,318
Dolby Laboratories, Inc., Class A

  4,910   422,898
DoubleVerify Holdings, Inc.(b)

  12,759   423,599
Dropbox, Inc., Class A(b)

  14,746   415,542
DXC Technology Co.(b)

  20,193   467,064
Dynatrace, Inc.(b)

  8,512   455,818
Elastic N.V.(b)

  5,230   420,283
Enphase Energy, Inc.(b)(c)

  11,260   1,137,485
Entegris, Inc.

  4,249   443,596
EPAM Systems, Inc.(b)

  1,548   399,678
F5, Inc.(b)

  2,575   440,814
Fair Isaac Corp.(b)

  367   399,149
First Solar, Inc.(b)

  7,620   1,202,284
Five9, Inc.(b)(c)

  5,907   450,232
Fortinet, Inc.(b)

  6,516   342,481
Gartner, Inc.(b)

  1,158   503,545
Gen Digital, Inc.

  20,618   455,245
Gitlab, Inc., Class A(b)

  7,953   384,448
GLOBALFOUNDRIES, Inc.(b)(c)

  7,279   390,810
Globant S.A.(b)(c)

  2,037   449,770
GoDaddy, Inc., Class A(b)

  5,508   551,130
Guidewire Software, Inc.(b)(c)

  4,875   487,207
HashiCorp, Inc., Class A(b)(c)

  15,623   334,645
Hewlett Packard Enterprise Co.

  23,777   402,069
HP, Inc.

  14,028   411,582
HubSpot, Inc.(b)

  764   377,363
Informatica, Inc., Class A(b)(c)

  19,293   484,061
Intel Corp.

  10,775   481,642
International Business Machines Corp.

  2,777   440,321
Intuit, Inc.

  758   433,167
IPG Photonics Corp.(b)

  3,982   381,316
Jabil, Inc.

  3,775   435,333
Juniper Networks, Inc.

  101,112   2,876,636
Keysight Technologies, Inc.(b)

  2,307   313,498
KLA Corp.

  847   461,293
Kyndryl Holdings, Inc.(b)

  24,437   440,599
Lam Research Corp.

  611   437,427
Lattice Semiconductor Corp.(b)

  4,396   257,386
Littelfuse, Inc.

  1,206   280,757
Lumentum Holdings, Inc.(b)

  58,143   2,488,520
Manhattan Associates, Inc.(b)

  2,036   454,130
Marvell Technology, Inc.

  7,282   405,826
Microchip Technology, Inc.

  5,196   433,554
Micron Technology, Inc.

  5,897   448,880
Microsoft Corp.

  1,257   476,290
MKS Instruments, Inc.

  3,237   267,214
MongoDB, Inc.(b)

  1,081   449,415
Monolithic Power Systems, Inc.

  831   455,986
Motorola Solutions, Inc.

  10,274   3,317,166
  Shares   Value
Information Technology-(continued)
nCino, Inc.(b)(c)

  12,708   $351,122
NCR Voyix Corp.(b)(c)

  14,829   232,519
NetApp, Inc.

  5,211   476,233
Nutanix, Inc., Class A(b)

  11,419   492,045
NVIDIA Corp.

  893   417,656
Okta, Inc.(b)

  4,654   312,051
ON Semiconductor Corp.(b)

  4,147   295,806
Oracle Corp.

  3,309   384,539
Palantir Technologies, Inc., Class A(b)(c)

  27,063   542,613
Palo Alto Networks, Inc.(b)(c)

  1,694   499,882
Pegasystems, Inc.(c)

  8,444   438,919
Procore Technologies, Inc.(b)

  6,097   360,272
PTC, Inc.(b)

  2,857   449,578
Pure Storage, Inc., Class A(b)

  10,563   351,854
Qorvo, Inc.(b)

  4,172   402,598
QUALCOMM, Inc.

  3,845   496,197
RingCentral, Inc., Class A(b)(c)

  12,912   367,476
Roper Technologies, Inc.

  852   458,589
Salesforce, Inc.(b)

  1,855   467,274
SentinelOne, Inc., Class A(b)(c)

  24,195   461,883
ServiceNow, Inc.(b)

  697   477,961
Skyworks Solutions, Inc.

  4,188   405,943
Smartsheet, Inc., Class A(b)(c)

  10,194   432,022
Snowflake, Inc., Class A(b)

  2,599   487,780
Splunk, Inc.(b)

  3,288   498,264
Synopsys, Inc.(b)

  892   484,561
TD SYNNEX Corp.

  4,158   410,145
Teledyne Technologies, Inc.(b)

  772   311,085
Teradata Corp.(b)

  9,262   437,630
Teradyne, Inc.(c)

  4,128   380,725
Texas Instruments, Inc.

  2,521   384,982
Trimble, Inc.(b)

  5,878   272,739
Twilio, Inc., Class A(b)(c)

  6,111   395,259
Tyler Technologies, Inc.(b)

  1,043   426,420
Ubiquiti, Inc.(c)

  17,173   1,927,841
UiPath, Inc., Class A(b)(c)

  22,690   448,354
Unity Software, Inc.(b)(c)

  10,753   317,321
Universal Display Corp.

  2,628   444,658
VeriSign, Inc.(b)

  2,004   425,249
Viasat, Inc.(b)(c)

  119,084   2,435,268
Vontier Corp.

  10,025   338,143
Western Digital Corp.(b)

  9,512   459,525
Wolfspeed, Inc.(b)(c)

  9,486   349,654
Workday, Inc., Class A(b)

  1,621   438,837
Zebra Technologies Corp., Class A(b)

  1,149   272,290
Zoom Video Communications, Inc., Class A(b)

  5,529   375,032
Zscaler, Inc.(b)(c)

  2,602   513,973
        74,728,087
Materials-9.27%
Air Products and Chemicals, Inc.

  4,851   1,312,438
Albemarle Corp.(c)

  7,505   910,131
Alcoa Corp.

  49,551   1,330,940
Amcor PLC

  33,203   314,764
AptarGroup, Inc.

  2,430   308,343
Ardagh Group S.A., Class A(b)(d)

  13,287   62,549
Ardagh Metal Packaging S.A.

  89,895   361,378
Ashland, Inc.

  16,924   1,352,566
Avery Dennison Corp.

  7,740   1,505,430
Axalta Coating Systems Ltd.(b)

  11,085   348,845
Ball Corp.

  5,930   327,870
Berry Global Group, Inc.

  4,955   327,625
Celanese Corp.(c)

  11,269   1,562,559
 
See accompanying notes which are an integral part of this schedule.

Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Materials-(continued)
CF Industries Holdings, Inc.

  17,441   $1,310,691
Chemours Co. (The)

  44,178   1,211,803
Cleveland-Cliffs, Inc.(b)(c)

  97,943   1,680,702
Corteva, Inc.

  20,954   947,121
Crown Holdings, Inc.

  3,410   293,294
Dow, Inc.

  26,045   1,347,829
DuPont de Nemours, Inc.

  4,017   287,376
Eagle Materials, Inc.

  1,677   303,621
Eastman Chemical Co.

  17,594   1,474,905
Ecolab, Inc.

  7,778   1,491,276
Element Solutions, Inc.

  68,665   1,439,218
FMC Corp.

  18,518   993,676
Freeport-McMoRan, Inc.

  35,514   1,325,382
Ginkgo Bioworks Holdings, Inc.(b)(c)

  224,114   289,107
Graphic Packaging Holding Co.

  13,871   314,456
Huntsman Corp.

  54,336   1,336,666
International Flavors & Fragrances, Inc.

  20,392   1,537,149
International Paper Co.

  42,138   1,556,578
Linde PLC

  3,659   1,513,984
Louisiana-Pacific Corp.

  5,014   305,804
LyondellBasell Industries N.V., Class A

  14,258   1,355,936
Martin Marietta Materials, Inc.

  721   334,969
Mosaic Co. (The)

  38,476   1,380,904
MP Materials Corp.(b)(c)

  65,709   1,042,802
NewMarket Corp.

  3,135   1,663,149
Newmont Corp.

  36,787   1,478,469
Nucor Corp.

  8,363   1,421,459
Olin Corp.

  28,446   1,340,944
Packaging Corp. of America

  2,082   349,797
PPG Industries, Inc.

  2,224   315,786
Reliance Steel & Aluminum Co.

  5,162   1,420,892
Royal Gold, Inc.(c)

  12,898   1,570,976
RPM International, Inc.(c)

  3,083   317,333
Scotts Miracle-Gro Co. (The)(c)

  26,802   1,491,799
Sealed Air Corp.

  9,021   301,121
Sherwin-Williams Co. (The)

  1,117   311,420
Silgan Holdings, Inc.

  7,194   300,134
Sonoco Products Co.

  5,548   306,028
Southern Copper Corp. (Mexico)(c)

  18,015   1,295,819
SSR Mining, Inc. (Canada)(c)

  97,823   1,154,311
Steel Dynamics, Inc.

  13,419   1,598,605
United States Steel Corp.(c)

  45,823   1,645,046
Vulcan Materials Co.

  1,454   310,516
Westlake Corp.(c)

  11,343   1,456,328
WestRock Co.

  9,231   380,040
        55,530,659
Real Estate-8.98%
Agree Realty Corp.

  14,646   867,190
Alexandria Real Estate Equities, Inc.(c)

  7,633   835,050
American Homes 4 Rent, Class A

  24,486   888,107
American Tower Corp.

  4,870   1,016,759
Americold Realty Trust, Inc.(c)

  26,871   758,568
Apartment Income REIT Corp.

  27,072   842,481
AvalonBay Communities, Inc.

  4,907   848,617
Boston Properties, Inc.

  13,467   766,676
Brixmor Property Group, Inc.

  40,531   872,227
Camden Property Trust

  8,517   768,744
CBRE Group, Inc., Class A(b)

  10,440   824,342
CoStar Group, Inc.(b)

  10,606   880,722
Cousins Properties, Inc.

  38,847   797,140
Crown Castle, Inc.

  8,865   1,039,687
CubeSmart

  21,751   864,820
  Shares   Value
Real Estate-(continued)
Digital Realty Trust, Inc.(c)

  6,728   $933,712
EastGroup Properties, Inc.

  4,925   855,719
EPR Properties

  20,079   895,925
Equinix, Inc.

  1,142   930,741
Equity LifeStyle Properties, Inc.

  13,374   950,891
Equity Residential

  13,946   792,691
Essex Property Trust, Inc.

  3,819   815,204
Extra Space Storage, Inc.

  6,971   907,415
Federal Realty Investment Trust

  9,080   867,957
First Industrial Realty Trust, Inc.

  17,322   815,000
Gaming and Leisure Properties, Inc.

  18,251   852,869
Healthcare Realty Trust, Inc.(c)

  53,065   810,303
Healthpeak Properties, Inc.

  44,067   763,240
Highwoods Properties, Inc.(c)

  37,470   710,056
Host Hotels & Resorts, Inc.(c)

  56,670   990,025
Howard Hughes Holdings, Inc.(b)(c)

  11,384   836,838
Invitation Homes, Inc.

  25,890   863,690
Iron Mountain, Inc.

  13,937   894,059
Jones Lang LaSalle, Inc.(b)(c)

  5,358   833,276
Kilroy Realty Corp.

  23,568   777,273
Kimco Realty Corp.

  47,804   923,573
Lamar Advertising Co., Class A(c)

  10,153   1,028,397
Medical Properties Trust, Inc.(c)

  131,920   639,812
Mid-America Apartment Communities, Inc.

  6,324   787,212
National Storage Affiliates Trust

  26,354   874,689
NET Lease Office Properties(b)

  926   15,140
NNN REIT, Inc.

  23,251   944,456
Omega Healthcare Investors, Inc.

  28,084   891,667
Park Hotels & Resorts, Inc.(c)

  70,796   1,049,905
Prologis, Inc.

  7,201   827,611
Public Storage

  3,229   835,536
Rayonier, Inc.

  30,000   920,400
Realty Income Corp.

  16,093   868,378
Regency Centers Corp.

  13,885   871,700
Rexford Industrial Realty, Inc.

  16,521   813,164
SBA Communications Corp., Class A

  4,007   989,569
Simon Property Group, Inc.

  7,755   968,522
Spirit Realty Capital, Inc.

  23,562   973,111
STAG Industrial, Inc.

  24,001   860,436
Sun Communities, Inc.

  7,443   962,678
UDR, Inc.

  22,677   757,412
Ventas, Inc.

  20,815   954,160
VICI Properties, Inc.

  28,408   849,115
Vornado Realty Trust(c)

  35,234   829,408
W.P. Carey, Inc.(c)

  13,946   867,999
Welltower, Inc.

  10,778   960,320
Weyerhaeuser Co.

  27,335   856,952
Zillow Group, Inc., Class C(b)(c)

  17,179   703,308
        53,792,644
Utilities-8.27%
AES Corp. (The)(c)

  71,966   1,238,535
Alliant Energy Corp.

  24,286   1,228,143
Ameren Corp.

  15,518   1,204,042
American Electric Power Co., Inc.

  15,836   1,259,754
American Water Works Co., Inc.

  8,891   1,172,190
Atmos Energy Corp.(c)

  10,727   1,220,840
Avangrid, Inc.

  36,030   1,112,246
Brookfield Renewable Corp., Class A

  47,071   1,249,264
CenterPoint Energy, Inc.

  43,774   1,237,491
Clearway Energy, Inc., Class C

  51,277   1,280,387
CMS Energy Corp.

  21,936   1,245,087
Consolidated Edison, Inc.

  13,808   1,244,239
 
See accompanying notes which are an integral part of this schedule.

Invesco Russell 1000 Equal Weight ETF (EQAL)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Utilities-(continued)
Constellation Energy Corp.

  11,283   $1,365,694
Dominion Energy, Inc.

  26,579   1,205,092
DTE Energy Co.

  11,955   1,244,635
Duke Energy Corp.

  13,676   1,262,021
Edison International

  17,784   1,191,350
Entergy Corp.

  12,966   1,314,882
Essential Utilities, Inc.

  34,130   1,215,369
Evergy, Inc.

  22,811   1,164,274
Eversource Energy

  19,939   1,184,576
Exelon Corp.

  30,167   1,161,731
FirstEnergy Corp.

  34,529   1,275,501
Hawaiian Electric Industries, Inc.

  98,806   1,204,445
IDACORP, Inc.(c)

  12,901   1,244,947
National Fuel Gas Co.

  23,737   1,205,602
NextEra Energy, Inc.

  18,477   1,081,089
NiSource, Inc.(c)

  45,616   1,169,594
NRG Energy, Inc.

  31,901   1,526,144
OGE Energy Corp.

  35,874   1,257,384
PG&E Corp.(b)

  72,457   1,244,087
Pinnacle West Capital Corp.

  16,097   1,206,309
PPL Corp.

  49,844   1,301,925
Public Service Enterprise Group, Inc.

  20,326   1,268,952
Sempra

  17,351   1,264,367
Southern Co. (The)

  18,278   1,297,373
UGI Corp.

  51,054   1,122,678
Vistra Corp.

  36,643   1,297,529
  Shares   Value
Utilities-(continued)
WEC Energy Group, Inc.

  14,644   $1,224,531
Xcel Energy, Inc.

  21,605   1,314,448
        49,508,747
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.87%

(Cost $620,247,541)

  598,162,168
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-16.26%
Invesco Private Government Fund, 5.32%(e)(f)(g)

  26,122,331   26,122,331
Invesco Private Prime Fund, 5.55%(e)(f)(g)

  71,214,918   71,243,404
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $97,350,951)

  97,365,735
TOTAL INVESTMENTS IN SECURITIES-116.13%

(Cost $717,598,492)

  695,527,903
OTHER ASSETS LESS LIABILITIES-(16.13)%

  (96,630,564)
NET ASSETS-100.00%

  $598,897,339
 
Investment Abbreviations:
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 November 30, 2023.
(d) Security valued using significant unobservable inputs (Level 3). See Note 1.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
November 30, 2023
  Dividend
Income
Invesco Ltd. $406,995   $43,743   $(33,785)   $(42,669)   $(4,163)   $370,121   $5,601
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   5,012,088   (5,012,088)   -   -   -   2,794
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 23,600,718   37,803,951   (35,282,338)   -   -   26,122,331   356,947*
Invesco Private Prime Fund 60,687,562   99,320,729   (88,791,830)   13,491   13,452   71,243,404   957,864*
Total $84,695,275   $142,180,511   $(129,120,041)   $(29,178)   $9,289   $97,735,856   $1,323,206
    
* 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 Russell 1000 Equal Weight ETF (EQAL)—(continued)
November 30, 2023
(Unaudited)
(f) The rate shown is the 7-day SEC standardized yield as of November 30, 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 500® Enhanced Value ETF (SPVU)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.84%
Communication Services-5.49%
Fox Corp., Class A

  5,495   $162,322
News Corp., Class A

  5,991   132,042
Paramount Global, Class B

  12,567   180,588
Verizon Communications, Inc.

  100,064   3,835,453
Warner Bros Discovery, Inc.(b)

  31,523   329,415
        4,639,820
Consumer Discretionary-7.33%
Best Buy Co., Inc.

  4,472   317,244
BorgWarner, Inc.

  5,329   179,534
CarMax, Inc.(b)

  3,401   217,460
D.R. Horton, Inc.

  6,608   843,643
Ford Motor Co.

  117,388   1,204,401
General Motors Co.

  60,357   1,907,281
Lennar Corp., Class A

  6,485   829,561
Mohawk Industries, Inc.(b)

  1,117   98,642
PulteGroup, Inc.

  5,670   501,342
VF Corp.

  5,796   96,967
        6,196,075
Consumer Staples-4.64%
Archer-Daniels-Midland Co.

  16,073   1,185,062
Bunge Global S.A.

  5,272   579,235
Kraft Heinz Co. (The)

  16,597   582,721
Kroger Co. (The)

  17,804   788,183
Tyson Foods, Inc., Class A

  10,463   490,087
Walgreens Boots Alliance, Inc.

  15,099   301,074
        3,926,362
Energy-21.34%
APA Corp.

  6,137   220,932
Chevron Corp.

  25,793   3,703,875
Coterra Energy, Inc.

  19,756   518,595
Devon Energy Corp.

  13,815   621,261
Diamondback Energy, Inc.

  4,330   668,595
EQT Corp.

  10,440   417,182
Exxon Mobil Corp.

  37,978   3,901,860
Marathon Oil Corp.

  15,854   403,167
Marathon Petroleum Corp.

  17,097   2,550,701
Occidental Petroleum Corp.

  14,025   829,579
Phillips 66

  17,997   2,319,633
Valero Energy Corp.

  15,147   1,898,828
        18,054,208
Financials-39.53%
Aflac, Inc.

  8,992   743,728
American International Group, Inc.

  22,445   1,477,105
Assurant, Inc.

  989   166,172
Bank of America Corp.

  140,007   4,268,813
Bank of New York Mellon Corp. (The)

  15,494   748,670
Capital One Financial Corp.

  10,159   1,134,354
Citigroup, Inc.

  56,572   2,607,969
Citizens Financial Group, Inc.

  13,165   359,010
Comerica, Inc.

  3,631   164,194
Discover Financial Services

  4,675   434,775
Everest Group Ltd.

  733   300,933
Fifth Third Bancorp

  15,121   437,753
Franklin Resources, Inc.

  5,457   135,334
Goldman Sachs Group, Inc. (The)

  6,711   2,292,075
Hartford Financial Services Group, Inc. (The)

  6,105   477,167
Huntington Bancshares, Inc.

  36,379   409,628
Invesco Ltd.(c)

  10,900   155,543
JPMorgan Chase & Co.

  29,335   4,578,607
  Shares   Value
Financials-(continued)
KeyCorp

  26,286   $325,684
Loews Corp.

  4,723   331,980
M&T Bank Corp.

  3,948   506,015
MetLife, Inc.

  12,861   818,345
PNC Financial Services Group, Inc. (The)

  8,484   1,136,517
Principal Financial Group, Inc.

  6,042   446,081
Prudential Financial, Inc.

  8,957   875,815
Regions Financial Corp.

  21,424   357,352
State Street Corp.

  7,398   538,722
Synchrony Financial

  12,045   389,776
Travelers Cos., Inc. (The)

  3,940   711,643
Truist Financial Corp.

  35,171   1,130,396
U.S. Bancorp

  30,298   1,154,960
Wells Fargo & Co.

  82,185   3,664,629
Zions Bancorporation N.A.

  4,351   155,026
        33,434,771
Health Care-10.11%
Cencora, Inc.

  3,485   708,744
Centene Corp.(b)

  15,566   1,146,903
Cigna Group (The)

  7,711   2,027,068
CVS Health Corp.

  39,253   2,667,241
McKesson Corp.

  3,068   1,443,678
Universal Health Services, Inc., Class B

  1,274   175,150
Viatris, Inc.

  41,683   382,650
        8,551,434
Industrials-3.40%
Alaska Air Group, Inc.(b)

  2,137   80,800
American Airlines Group, Inc.(b)

  19,739   245,356
C.H. Robinson Worldwide, Inc.

  2,026   166,233
Delta Air Lines, Inc.

  13,406   495,084
FedEx Corp.

  4,162   1,077,251
Huntington Ingalls Industries, Inc.

  673   159,514
Stanley Black & Decker, Inc.

  2,930   266,337
United Airlines Holdings, Inc.(b)

  9,803   386,238
        2,876,813
Information Technology-1.39%
Hewlett Packard Enterprise Co.

  29,657   501,500
HP, Inc.

  13,699   401,929
Western Digital Corp.(b)

  5,579   269,521
        1,172,950
Materials-6.44%
Celanese Corp.

  2,106   292,018
CF Industries Holdings, Inc.

  4,491   337,499
Dow, Inc.

  13,910   719,842
DuPont de Nemours, Inc.

  11,308   808,974
Eastman Chemical Co.

  2,000   167,660
International Paper Co.

  9,819   362,714
LyondellBasell Industries N.V., Class A

  5,427   516,108
Mosaic Co. (The)

  11,402   409,218
Nucor Corp.

  6,348   1,078,970
Steel Dynamics, Inc.

  4,360   519,407
WestRock Co.

  5,767   237,427
        5,449,837
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Enhanced Value ETF (SPVU)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Real Estate-0.17%
Boston Properties, Inc.

  2,524   $143,691
TOTAL INVESTMENTS IN SECURITIES-99.84%

(Cost $91,919,075)

  84,445,961
OTHER ASSETS LESS LIABILITIES-0.16%

  134,375
NET ASSETS-100.00%

  $84,580,336
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 holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
November 30, 2023
  Dividend
Income
Invesco Ltd. $189,002   $3,552   $(18,315)   $(15,350)   $(3,346)   $155,543   $2,245
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   678,365   (678,365)   -   -   -   348
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 97,092   511,507   (608,599)   -   -   -   513*
Invesco Private Prime Fund 249,665   732,114   (981,822)   -   43   -   1,412*
Total $535,759   $1,925,538   $(2,287,101)   $(15,350)   $(3,303)   $155,543   $4,518
    
* 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.
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® ex-Rate Sensitive Low Volatility ETF (XRLV)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.91%
Communication Services-0.96%
T-Mobile US, Inc.

  2,897   $435,854
Consumer Discretionary-7.35%
AutoZone, Inc.(b)(c)

  149   388,880
Darden Restaurants, Inc.(c)

  3,110   486,622
Garmin Ltd.

  3,478   425,151
McDonald’s Corp.

  2,259   636,676
O’Reilly Automotive, Inc., Class R(b)

  430   422,423
TJX Cos., Inc. (The)

  5,302   467,159
Yum! Brands, Inc.

  4,175   524,171
        3,351,082
Consumer Staples-22.58%
Altria Group, Inc.

  11,538   485,058
Church & Dwight Co., Inc.

  5,064   489,334
Coca-Cola Co. (The)

  10,373   606,198
Colgate-Palmolive Co.

  6,934   546,191
Conagra Brands, Inc.

  16,594   469,444
Constellation Brands, Inc., Class A

  1,657   398,492
General Mills, Inc.

  6,873   437,535
Hershey Co. (The)

  2,517   472,995
Hormel Foods Corp.

  12,472   381,519
JM Smucker Co. (The)

  4,243   465,584
Kellanova

  8,600   451,844
Keurig Dr Pepper, Inc.

  14,688   463,700
Kimberly-Clark Corp.

  4,506   557,527
Kraft Heinz Co. (The)

  15,218   534,304
Kroger Co. (The)

  9,527   421,760
Mondelez International, Inc., Class A

  6,891   489,675
PepsiCo, Inc.

  3,339   561,920
Philip Morris International, Inc.

  5,305   495,275
Procter & Gamble Co. (The)

  3,750   575,700
Sysco Corp.

  6,670   481,374
Walmart, Inc.

  3,311   515,490
        10,300,919
Energy-1.94%
Kinder Morgan, Inc.

  26,720   469,470
Williams Cos., Inc. (The)

  11,336   417,052
        886,522
Financials-16.01%
Aflac, Inc.(c)

  5,145   425,543
Aon PLC, Class A

  1,348   442,805
Arthur J. Gallagher & Co.

  1,901   473,349
Berkshire Hathaway, Inc., Class B(b)

  1,558   560,880
Brown & Brown, Inc.

  5,476   409,276
Cboe Global Markets, Inc.

  2,538   462,398
Chubb Ltd.

  1,902   436,376
CME Group, Inc., Class A

  2,168   473,404
Globe Life, Inc.

  3,752   461,984
Intercontinental Exchange, Inc.

  3,874   441,016
JPMorgan Chase & Co.

  2,674   417,358
Loews Corp.

  6,812   478,815
Marsh & McLennan Cos., Inc.

  2,454   489,377
Mastercard, Inc., Class A

  1,037   429,142
Travelers Cos., Inc. (The)

  2,376   429,153
Visa, Inc., Class A(c)

  1,835   471,008
        7,301,884
Health Care-15.22%
Abbott Laboratories

  4,208   438,852
AbbVie, Inc.

  2,997   426,743
  Shares   Value
Health Care-(continued)
Amgen, Inc.

  1,462   $394,214
Becton, Dickinson and Co.

  1,708   403,395
Boston Scientific Corp.(b)

  7,902   441,643
Bristol-Myers Squibb Co.

  8,782   433,655
Cardinal Health, Inc.

  3,963   424,358
Cencora, Inc.(c)

  2,489   506,188
Gilead Sciences, Inc.

  5,566   426,356
Hologic, Inc.(b)

  5,714   407,408
Johnson & Johnson

  3,411   527,545
Laboratory Corp. of America Holdings

  1,980   429,482
McKesson Corp.

  892   419,740
Merck & Co., Inc.

  4,177   428,059
Quest Diagnostics, Inc.

  3,324   456,152
Vertex Pharmaceuticals, Inc.(b)

  1,061   376,453
        6,940,243
Industrials-8.13%
AMETEK, Inc.

  2,955   458,704
Cintas Corp.

  788   435,961
General Dynamics Corp.

  1,844   455,412
Honeywell International, Inc.

  2,416   473,343
Illinois Tool Works, Inc.

  1,713   414,906
Lockheed Martin Corp.

  979   438,367
Republic Services, Inc.

  3,282   531,159
Waste Management, Inc.

  2,915   498,436
        3,706,288
Information Technology-4.93%
Amphenol Corp., Class A

  4,675   425,378
Cisco Systems, Inc.

  8,052   389,556
International Business Machines Corp.

  3,226   511,515
Motorola Solutions, Inc.

  1,321   426,511
Roper Technologies, Inc.

  921   495,728
        2,248,688
Materials-0.96%
Linde PLC

  1,059   438,182
Real Estate-2.02%
Realty Income Corp.

  8,711   470,046
VICI Properties, Inc.(c)

  15,082   450,801
        920,847
Utilities-19.81%
Alliant Energy Corp.

  8,204   414,876
Ameren Corp.

  5,298   411,072
American Electric Power Co., Inc.

  5,121   407,376
Atmos Energy Corp.(c)

  3,721   423,487
CenterPoint Energy, Inc.

  15,935   450,482
CMS Energy Corp.

  7,405   420,308
Consolidated Edison, Inc.

  5,074   457,218
DTE Energy Co.

  4,368   454,752
Duke Energy Corp.

  5,084   469,151
Entergy Corp.

  4,027   408,378
Evergy, Inc.

  7,911   403,777
Exelon Corp.

  10,770   414,753
FirstEnergy Corp.

  11,395   420,931
PG&E Corp.(b)

  24,199   415,497
Pinnacle West Capital Corp.

  5,822   436,301
PPL Corp.

  17,409   454,723
Public Service Enterprise Group, Inc.

  6,692   417,782
Sempra

  5,940   432,848
Southern Co. (The)

  6,440   457,111
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF (XRLV)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Utilities-(continued)
WEC Energy Group, Inc.

  5,185   $433,570
Xcel Energy, Inc.

  7,128   433,668
        9,038,061
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $44,379,969)

  45,568,570
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-3.92%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  501,232   501,232
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  1,287,990   $1,288,505
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,789,589)

  1,789,737
TOTAL INVESTMENTS IN SECURITIES-103.83%

(Cost $46,169,558)

  47,358,307
OTHER ASSETS LESS LIABILITIES-(3.83)%

  (1,747,297)
NET ASSETS-100.00%

  $45,611,010
 
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 November 30, 2023.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $100,998   $(100,998)   $-   $-   $-   $73
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 31,992   5,027,917   (4,558,677)   -   -   501,232   5,692*
Invesco Private Prime Fund 84,005   8,519,135   (7,315,075)   156   284   1,288,505   14,665*
Total $115,997   $13,648,050   $(11,974,750)   $156   $284   $1,789,737   $20,430
    
* 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 November 30, 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® High Beta ETF (SPHB)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.99%
Communication Services-6.34%
Alphabet, Inc., Class C(b)

  32,134   $4,303,385
Match Group, Inc.(b)

  157,099   5,086,866
Meta Platforms, Inc., Class A(b)

  15,991   5,231,456
Netflix, Inc.(b)

  9,325   4,419,770
Paramount Global, Class B(c)

  446,723   6,419,409
Warner Bros Discovery, Inc.(b)

  499,479   5,219,556
        30,680,442
Consumer Discretionary-20.19%
Airbnb, Inc., Class A(b)

  43,157   5,452,455
Amazon.com, Inc.(b)

  33,878   4,949,237
Aptiv PLC(b)

  57,383   4,753,608
Bath & Body Works, Inc.

  117,931   3,846,909
Caesars Entertainment, Inc.(b)

  140,624   6,288,705
CarMax, Inc.(b)(c)

  64,165   4,102,710
Carnival Corp.(b)

  477,928   7,197,596
eBay, Inc.

  94,893   3,891,562
Etsy, Inc.(b)(c)

  80,501   6,102,781
Expedia Group, Inc.(b)

  38,656   5,264,174
Ford Motor Co.

  376,894   3,866,933
lululemon athletica, inc.(b)

  9,113   4,071,688
MGM Resorts International

  99,871   3,938,912
Mohawk Industries, Inc.(b)

  55,751   4,923,371
Norwegian Cruise Line Holdings Ltd.(b)(c)

  355,069   5,421,904
Pool Corp.

  13,379   4,646,794
Royal Caribbean Cruises Ltd.(b)(c)

  43,373   4,660,863
Tesla, Inc.(b)

  25,191   6,047,855
VF Corp.

  277,400   4,640,902
Whirlpool Corp.

  33,026   3,596,531
        97,665,490
Consumer Staples-0.88%
Estee Lauder Cos., Inc. (The), Class A

  33,396   4,264,335
Financials-18.12%
Blackstone, Inc., Class A

  54,035   6,071,913
Capital One Financial Corp.

  40,261   4,495,543
Citizens Financial Group, Inc.

  147,337   4,017,880
Comerica, Inc.

  116,774   5,280,520
Discover Financial Services

  44,397   4,128,921
Fidelity National Information Services, Inc.

  70,670   4,144,089
FleetCor Technologies, Inc.(b)

  16,266   3,911,973
Franklin Resources, Inc.

  172,237   4,271,478
Global Payments, Inc.

  36,500   4,250,060
Invesco Ltd.(d)

  356,682   5,089,852
KeyCorp

  418,757   5,188,399
Moody’s Corp.

  11,442   4,175,872
MSCI, Inc.

  8,283   4,314,201
Northern Trust Corp.

  53,837   4,266,582
PayPal Holdings, Inc.(b)

  76,329   4,397,314
Synchrony Financial

  131,590   4,258,252
T. Rowe Price Group, Inc.

  52,910   5,297,878
Truist Financial Corp.

  142,097   4,566,998
Zions Bancorporation N.A.

  155,542   5,541,962
        87,669,687
Health Care-3.84%
Align Technology, Inc.(b)

  26,917   5,754,855
Catalent, Inc.(b)(c)

  112,546   4,372,412
IDEXX Laboratories, Inc.(b)

  10,115   4,711,769
Illumina, Inc.(b)

  36,573   3,728,617
        18,567,653
  Shares   Value
Industrials-9.05%
Ceridian HCM Holding, Inc.(b)(c)

  76,835   $5,293,932
Equifax, Inc.

  22,399   4,876,486
Generac Holdings, Inc.(b)(c)

  58,462   6,844,146
Masco Corp.

  69,527   4,209,860
Old Dominion Freight Line, Inc.

  9,871   3,840,411
Paycom Software, Inc.

  27,653   5,023,444
Pentair PLC

  66,766   4,309,078
Stanley Black & Decker, Inc.

  53,161   4,832,335
United Rentals, Inc.

  9,602   4,570,744
        43,800,436
Information Technology-36.13%
Adobe, Inc.(b)

  8,175   4,995,007
Advanced Micro Devices, Inc.(b)

  50,389   6,105,131
ANSYS, Inc.(b)

  14,669   4,303,298
Applied Materials, Inc.

  33,598   5,032,308
Arista Networks, Inc.(b)

  18,338   4,029,042
Autodesk, Inc.(b)

  23,574   5,149,269
Broadcom, Inc.

  4,479   4,146,345
Cadence Design Systems, Inc.(b)

  14,929   4,079,648
Enphase Energy, Inc.(b)

  56,581   5,715,813
EPAM Systems, Inc.(b)

  20,305   5,242,548
Fair Isaac Corp.(b)

  4,893   5,321,627
Fortinet, Inc.(b)

  80,951   4,254,785
Intel Corp.

  104,668   4,678,660
Intuit, Inc.

  9,242   5,281,433
KLA Corp.

  9,024   4,914,651
Lam Research Corp.

  7,852   5,621,404
Microchip Technology, Inc.

  63,280   5,280,083
Micron Technology, Inc.

  53,051   4,038,242
Microsoft Corp.

  10,461   3,963,778
Monolithic Power Systems, Inc.

  11,970   6,568,178
NVIDIA Corp.

  13,586   6,354,172
NXP Semiconductors N.V. (China)

  25,019   5,105,878
ON Semiconductor Corp.(b)

  83,412   5,949,778
Qorvo, Inc.(b)

  48,481   4,678,416
QUALCOMM, Inc.

  38,132   4,920,935
Salesforce, Inc.(b)

  18,325   4,616,067
ServiceNow, Inc.(b)

  7,638   5,237,682
Skyworks Solutions, Inc.

  50,894   4,933,155
SolarEdge Technologies, Inc.(b)(c)

  80,227   6,368,419
Synopsys, Inc.(b)

  7,465   4,055,212
Teradyne, Inc.(c)

  54,657   5,041,015
Trimble, Inc.(b)

  101,788   4,722,963
Tyler Technologies, Inc.(b)

  9,237   3,776,455
Western Digital Corp.(b)

  99,768   4,819,792
Zebra Technologies Corp., Class A(b)

  23,135   5,482,532
        174,783,721
Materials-3.76%
Albemarle Corp.(c)

  35,737   4,333,826
Celanese Corp.(c)

  36,969   5,126,122
Freeport-McMoRan, Inc.

  124,185   4,634,584
PPG Industries, Inc.

  28,637   4,066,168
        18,160,700
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® High Beta ETF (SPHB)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Real Estate-1.68%
CBRE Group, Inc., Class A(b)

  52,270   $4,127,239
Digital Realty Trust, Inc.

  28,823   4,000,056
        8,127,295
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $548,025,862)

  483,719,759
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-12.28%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  12,976,324   12,976,324
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  46,434,982   $46,453,556
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $59,423,229)

  59,429,880
TOTAL INVESTMENTS IN SECURITIES-112.27%

(Cost $607,449,091)

  543,149,639
OTHER ASSETS LESS LIABILITIES-(12.27)%

  (59,358,123)
NET ASSETS-100.00%

  $483,791,516
 
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 November 30, 2023.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Value
November 30, 2023
  Dividend
Income
Invesco Ltd. $6,037,819   $1,709,770   $(1,995,674)   $(537,021)   $(125,042)   $5,089,852   $66,291
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   1,508,710   (1,508,710)   -   -   -   1,795
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 20,162,089   58,725,367   (65,911,132)   -   -   12,976,324   243,430*
Invesco Private Prime Fund 51,845,373   119,373,219   (124,781,951)   6,651   10,264   46,453,556   661,239*
Total $78,045,281   $181,317,066   $(194,197,467)   $(530,370)   $(114,778)   $64,519,732   $972,755
    
* 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 November 30, 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® High Dividend Low Volatility ETF (SPHD)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-6.88%
AT&T, Inc.

  6,022,462   $99,792,195
Verizon Communications, Inc.

  2,659,183   101,926,485
        201,718,680
Consumer Discretionary-1.50%
Whirlpool Corp.(b)

  402,894   43,875,157
Consumer Staples-13.11%
Altria Group, Inc.

  2,053,492   86,328,803
Conagra Brands, Inc.

  1,519,597   42,989,399
Kellanova

  666,197   35,001,990
Kraft Heinz Co. (The)

  1,606,981   56,421,103
Philip Morris International, Inc.

  690,094   64,427,176
Tyson Foods, Inc., Class A

  898,833   42,101,338
Walgreens Boots Alliance, Inc.(b)

  2,847,820   56,785,531
        384,055,340
Energy-11.82%
Chevron Corp.

  297,195   42,677,202
Kinder Morgan, Inc.(b)

  4,626,658   81,290,381
ONEOK, Inc.

  1,178,415   81,133,873
Phillips 66(b)

  513,088   66,131,912
Williams Cos., Inc. (The)

  2,038,148   74,983,465
        346,216,833
Financials-2.49%
Prudential Financial, Inc.

  744,890   72,835,344
Health Care-10.01%
AbbVie, Inc.

  387,811   55,220,408
Amgen, Inc.

  201,859   54,429,261
Bristol-Myers Squibb Co.

  701,869   34,658,291
Gilead Sciences, Inc.(b)

  638,450   48,905,270
Pfizer, Inc.

  1,520,225   46,321,256
Viatris, Inc.

  5,869,723   53,884,057
        293,418,543
Industrials-3.75%
3M Co.

  741,634   73,473,680
United Parcel Service, Inc., Class B

  240,244   36,423,393
        109,897,073
Information Technology-2.48%
International Business Machines Corp.

  458,263   72,662,181
Materials-13.30%
Amcor PLC(b)

  6,263,867   59,381,459
Dow, Inc.

  1,295,200   67,026,600
Eastman Chemical Co.(b)

  557,992   46,776,469
International Paper Co.

  2,325,327   85,897,580
LyondellBasell Industries N.V., Class A(b)

  748,091   71,143,454
Packaging Corp. of America

  353,605   59,409,176
        389,634,738
  Shares   Value
Real Estate-16.94%
Crown Castle, Inc.

  628,253   $73,681,512
Federal Realty Investment Trust

  560,948   53,621,019
Healthpeak Properties, Inc.

  3,499,095   60,604,325
Iron Mountain, Inc.

  906,873   58,175,903
Kimco Realty Corp.

  2,853,840   55,136,189
Realty Income Corp.

  1,029,707   55,562,990
Simon Property Group, Inc.

  648,577   81,000,782
VICI Properties, Inc.

  1,957,316   58,504,175
        496,286,895
Utilities-17.57%
American Electric Power Co., Inc.

  572,409   45,535,136
Dominion Energy, Inc.

  1,240,187   56,230,079
Duke Energy Corp.

  611,847   56,461,241
Edison International

  736,866   49,362,653
Entergy Corp.

  535,751   54,330,509
Evergy, Inc.

  871,000   44,455,840
FirstEnergy Corp.

  1,295,065   47,839,701
NRG Energy, Inc.(b)

  1,331,624   63,704,892
Pinnacle West Capital Corp.(b)

  639,864   47,951,408
Southern Co. (The)

  690,279   48,996,004
        514,867,463
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.85%

(Cost $3,227,414,801)

  2,925,468,247
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.86%
Invesco Private Government Fund, 5.32%(c)(d)(e)

  15,215,962   15,215,962
Invesco Private Prime Fund, 5.55%(c)(d)(e)

  39,098,677   39,114,316
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $54,326,369)

  54,330,278
TOTAL INVESTMENTS IN SECURITIES-101.71%

(Cost $3,281,741,170)

  2,979,798,525
OTHER ASSETS LESS LIABILITIES-(1.71)%

  (50,050,929)
NET ASSETS-100.00%

  $2,929,747,596
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® High Dividend Low Volatility ETF (SPHD)—(continued)
November 30, 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 November 30, 2023.
(c) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $15,858,702   $(15,858,702)   $-   $-   $-   $8,401
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 28,958,085   147,380,309   (161,122,432)   -   -   15,215,962   293,534*
Invesco Private Prime Fund 74,463,646   271,089,701   (306,459,585)   6,265   14,289   39,114,316   760,018*
Total $103,421,731   $434,328,712   $(483,440,719)   $6,265   $14,289   $54,330,278   $1,061,953
    
* 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 November 30, 2023.
(e) 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® Low Volatility ETF (SPLV)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-0.95%
T-Mobile US, Inc.

  523,039   $78,691,218
Consumer Discretionary-7.34%
AutoZone, Inc.(b)

  26,901   70,209,727
Darden Restaurants, Inc.(c)

  561,503   87,858,374
Garmin Ltd.

  627,916   76,756,452
McDonald’s Corp.

  407,953   114,977,474
O’Reilly Automotive, Inc., Class R(b)

  77,571   76,204,199
TJX Cos., Inc. (The)

  957,371   84,353,959
Yum! Brands, Inc.

  753,915   94,654,028
        605,014,213
Consumer Staples-23.50%
Altria Group, Inc.

  2,083,457   87,588,532
Church & Dwight Co., Inc.(c)

  914,463   88,364,560
Coca-Cola Co. (The)

  1,873,251   109,472,788
Colgate-Palmolive Co.

  1,252,202   98,635,952
Conagra Brands, Inc.

  2,996,406   84,768,326
Constellation Brands, Inc., Class A

  299,250   71,966,633
Costco Wholesale Corp.

  131,281   77,815,500
General Mills, Inc.(c)

  1,241,247   79,017,784
Hershey Co. (The)

  454,572   85,423,170
Hormel Foods Corp.(c)

  2,252,112   68,892,106
JM Smucker Co. (The)

  766,192   84,074,248
Kellanova

  1,552,873   81,587,947
Keurig Dr Pepper, Inc.

  2,652,463   83,738,257
Kimberly-Clark Corp.

  813,638   100,671,430
Kraft Heinz Co. (The)

  2,748,117   96,486,388
Kroger Co. (The)

  1,720,337   76,159,319
Mondelez International, Inc., Class A(c)

  1,244,356   88,423,937
PepsiCo, Inc.

  602,974   101,474,495
Philip Morris International, Inc.

  957,914   89,430,851
Procter & Gamble Co. (The)

  677,183   103,961,134
Sysco Corp.

  1,204,358   86,918,517
Walmart, Inc.

  598,022   93,106,045
        1,937,977,919
Energy-1.94%
Kinder Morgan, Inc.

  4,825,055   84,776,216
Williams Cos., Inc. (The)

  2,047,125   75,313,729
        160,089,945
Financials-14.18%
Aflac, Inc.

  929,019   76,839,162
Aon PLC, Class A(c)

  243,478   79,980,088
Arthur J. Gallagher & Co.

  343,125   85,438,125
Berkshire Hathaway, Inc., Class B(b)(c)

  281,266   101,255,760
Cboe Global Markets, Inc.

  458,316   83,500,592
Chubb Ltd.

  343,317   78,767,220
CME Group, Inc., Class A

  391,486   85,484,883
Globe Life, Inc.

  677,553   83,427,101
Intercontinental Exchange, Inc.

  699,499   79,630,966
Loews Corp.

  1,230,001   86,456,770
Marsh & McLennan Cos., Inc.

  443,184   88,379,753
Mastercard, Inc., Class A

  187,257   77,492,564
Travelers Cos., Inc. (The)

  428,960   77,478,755
Visa, Inc., Class A(c)

  331,371   85,056,308
        1,169,188,047
Health Care-15.18%
Abbott Laboratories

  759,782   79,237,665
AbbVie, Inc.

  541,230   77,065,740
Amgen, Inc.

  263,915   71,162,040
  Shares   Value
Health Care-(continued)
Becton, Dickinson and Co.

  308,376   $72,832,244
Biogen, Inc.(b)

  308,758   72,274,073
Boston Scientific Corp.(b)

  1,426,883   79,748,491
Bristol-Myers Squibb Co.

  1,585,736   78,303,644
Cardinal Health, Inc.

  715,686   76,635,657
Cencora, Inc.(c)

  449,513   91,417,459
Gilead Sciences, Inc.

  1,005,087   76,989,664
Johnson & Johnson

  615,925   95,258,960
Laboratory Corp. of America Holdings

  357,560   77,558,339
McKesson Corp.

  161,021   75,770,042
Merck & Co., Inc.

  754,197   77,290,108
Quest Diagnostics, Inc.

  600,131   82,355,977
Vertex Pharmaceuticals, Inc.(b)

  191,554   67,965,275
        1,251,865,378
Industrials-9.08%
AMETEK, Inc.

  533,598   82,830,418
Cintas Corp.

  142,250   78,699,812
General Dynamics Corp.

  332,905   82,217,548
Honeywell International, Inc.

  436,464   85,512,027
Illinois Tool Works, Inc.(c)

  309,310   74,917,975
Lockheed Martin Corp.

  176,834   79,180,960
Otis Worldwide Corp.

  929,385   79,731,939
Republic Services, Inc.

  592,583   95,903,633
Waste Management, Inc.

  526,461   90,019,566
        749,013,878
Information Technology-5.82%
Amphenol Corp., Class A

  844,178   76,811,756
Cisco Systems, Inc.

  1,454,101   70,349,406
International Business Machines Corp.

  582,665   92,387,363
Motorola Solutions, Inc.

  238,420   76,978,666
Roper Technologies, Inc.

  166,331   89,527,661
VeriSign, Inc.(b)

  348,932   74,043,370
        480,098,222
Materials-0.96%
Linde PLC

  191,294   79,151,718
Real Estate-2.02%
Realty Income Corp.

  1,573,065   84,882,587
VICI Properties, Inc.

  2,723,375   81,401,679
        166,284,266
Utilities-18.92%
Alliant Energy Corp.(c)

  1,481,525   74,920,719
Ameren Corp.

  956,736   74,233,146
American Electric Power Co., Inc.

  924,635   73,554,714
American Water Works Co., Inc.

  566,260   74,655,718
Atmos Energy Corp.(c)

  671,915   76,470,646
CenterPoint Energy, Inc.

  2,877,606   81,349,922
CMS Energy Corp.(c)

  1,337,255   75,902,594
Consolidated Edison, Inc.

  916,325   82,570,046
DTE Energy Co.

  788,790   82,120,927
Duke Energy Corp.

  918,063   84,718,854
Exelon Corp.

  1,944,818   74,894,941
FirstEnergy Corp.

  2,057,748   76,013,211
PG&E Corp.(b)

  4,369,876   75,030,771
Pinnacle West Capital Corp.

  1,051,381   78,790,492
PPL Corp.

  3,143,556   82,109,683
Public Service Enterprise Group, Inc.

  1,208,381   75,439,226
Sempra

  1,072,516   78,154,241
Southern Co. (The)

  1,162,844   82,538,667
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Low Volatility ETF (SPLV)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Utilities-(continued)
WEC Energy Group, Inc.

  936,279   $78,291,650
Xcel Energy, Inc.

  1,287,088   78,306,434
        1,560,066,602
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.89%

(Cost $8,295,660,897)

  8,237,441,406
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.58%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  36,493,792   36,493,792
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  93,779,580   $93,817,092
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $130,295,570)

  130,310,884
TOTAL INVESTMENTS IN SECURITIES-101.47%

(Cost $8,425,956,467)

  8,367,752,290
OTHER ASSETS LESS LIABILITIES-(1.47)%

  (121,142,293)
NET ASSETS-100.00%

  $8,246,609,997
 
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 November 30, 2023.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $24,651,540   $(24,651,540)   $-   $-   $-   $16,263
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 62,523,071   163,118,176   (189,147,455)   -   -   36,493,792   721,243*
Invesco Private Prime Fund 160,773,612   389,903,585   (456,912,493)   16,103   36,285   93,817,092   1,954,137*
Total $223,296,683   $577,673,301   $(670,711,488)   $16,103   $36,285   $130,310,884   $2,691,643
    
* 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 November 30, 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 Minimum Variance ETF (SPMV)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-5.47%
AT&T, Inc.

  11,838   $196,156
T-Mobile US, Inc.

  1,294   194,682
Verizon Communications, Inc.

  1,385   53,087
        443,925
Consumer Discretionary-8.69%
Amazon.com, Inc.(b)

  1,282   187,287
Home Depot, Inc. (The)

  532   166,777
Lowe’s Cos., Inc.

  539   107,169
McDonald’s Corp.

  256   72,151
Tesla, Inc.(b)

  398   95,552
TJX Cos., Inc. (The)

  864   76,127
        705,063
Consumer Staples-10.54%
Archer-Daniels-Midland Co.

  420   30,967
General Mills, Inc.

  2,529   160,996
Hershey Co. (The)

  630   118,389
Hormel Foods Corp.

  1,254   38,360
JM Smucker Co. (The)

  248   27,213
Kellanova

  298   15,657
McCormick & Co., Inc.

  1,087   70,470
Mondelez International, Inc., Class A

  2,500   177,650
Procter & Gamble Co. (The)

  1,025   157,358
Tyson Foods, Inc., Class A

  1,232   57,707
        854,767
Energy-0.55%
Chevron Corp.

  109   15,652
Exxon Mobil Corp.

  282   28,973
        44,625
Financials-18.42%
Allstate Corp. (The)

  349   48,116
American International Group, Inc.

  996   65,547
Aon PLC, Class A

  500   164,245
Arthur J. Gallagher & Co.

  762   189,738
Bank of America Corp.

  723   22,044
Berkshire Hathaway, Inc., Class B(b)

  480   172,800
Chubb Ltd.

  855   196,163
Cincinnati Financial Corp.

  116   11,924
JPMorgan Chase & Co.

  276   43,078
M&T Bank Corp.

  714   91,513
Marsh & McLennan Cos., Inc.

  895   178,481
Progressive Corp. (The)

  1,291   211,763
Travelers Cos., Inc. (The)

  544   98,257
        1,493,669
Health Care-17.48%
Abbott Laboratories

  1,714   178,753
Amgen, Inc.

  657   177,154
Becton, Dickinson and Co.

  77   18,186
Bristol-Myers Squibb Co.

  999   49,331
Eli Lilly and Co.

  292   172,584
  Shares   Value
Health Care-(continued)
Incyte Corp.(b)

  251   $13,639
Intuitive Surgical, Inc.(b)

  187   58,127
Medtronic PLC

  1,614   127,942
Merck & Co., Inc.

  1,630   167,042
Pfizer, Inc.

  5,043   153,660
Regeneron Pharmaceuticals, Inc.(b)

  66   54,372
Vertex Pharmaceuticals, Inc.(b)

  503   178,469
Zoetis, Inc.

  385   68,018
        1,417,277
Industrials-3.33%
Automatic Data Processing, Inc.

  317   72,885
Boeing Co. (The)(b)

  62   14,361
Republic Services, Inc.

  411   66,516
Rollins, Inc.

  107   4,359
RTX Corp.

  198   16,133
Verisk Analytics, Inc.

  395   95,365
        269,619
Information Technology-23.57%
Accenture PLC, Class A

  257   85,617
Adobe, Inc.(b)

  309   188,802
Apple, Inc.

  952   180,832
Broadcom, Inc.

  8   7,406
Cadence Design Systems, Inc.(b)

  28   7,652
Cisco Systems, Inc.

  2,252   108,952
Intuit, Inc.

  293   167,438
Microsoft Corp.

  521   197,412
NVIDIA Corp.

  365   170,711
Oracle Corp.

  1,396   162,229
QUALCOMM, Inc.

  1,508   194,607
Salesforce, Inc.(b)

  783   197,238
Synopsys, Inc.(b)

  226   122,770
Trimble, Inc.(b)

  1,076   49,926
VeriSign, Inc.(b)

  329   69,814
        1,911,406
Real Estate-4.59%
American Tower Corp.

  975   203,560
Crown Castle, Inc.

  1,435   168,297
        371,857
Utilities-7.25%
Dominion Energy, Inc.

  1,069   48,469
Duke Energy Corp.

  1,990   183,637
NextEra Energy, Inc.

  2,642   154,583
Sempra

  1,694   123,442
Southern Co. (The)

  1,101   78,149
        588,280
TOTAL INVESTMENTS IN SECURITIES-99.89%

(Cost $8,179,472)

  8,100,488
OTHER ASSETS LESS LIABILITIES-0.11%

  8,967
NET ASSETS-100.00%

  $8,109,455
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500 Minimum Variance ETF (SPMV)—(continued)
November 30, 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.
Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $151,075   $(151,075)   $-   $-   $-   $62
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® Momentum ETF (SPMO)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.90%
Communication Services-13.34%
Meta Platforms, Inc., Class A(b)

  75,256   $24,620,000
Netflix, Inc.(b)

  18,168   8,611,087
Omnicom Group, Inc.

  4,469   360,336
        33,591,423
Consumer Discretionary-8.40%
Booking Holdings, Inc.(b)

  1,313   4,104,044
BorgWarner, Inc.

  6,627   223,264
Carnival Corp.(b)

  34,644   521,739
D.R. Horton, Inc.

  11,884   1,517,230
Darden Restaurants, Inc.

  4,568   714,755
Las Vegas Sands Corp.

  10,467   482,738
Lennar Corp., Class A

  8,426   1,077,854
Marriott International, Inc., Class A

  5,846   1,184,984
MGM Resorts International

  8,906   351,253
Norwegian Cruise Line Holdings Ltd.(b)(c)

  12,693   193,822
NVR, Inc.(b)

  104   640,161
O’Reilly Automotive, Inc., Class R(b)

  1,959   1,924,482
PulteGroup, Inc.

  10,934   966,784
Ralph Lauren Corp.

  960   124,205
Ross Stores, Inc.

  10,948   1,427,400
Royal Caribbean Cruises Ltd.(b)

  11,743   1,261,903
TJX Cos., Inc. (The)

  47,174   4,156,501
Wynn Resorts Ltd.

  3,331   281,203
        21,154,322
Consumer Staples-3.65%
JM Smucker Co. (The)

  2,419   265,437
Lamb Weston Holdings, Inc.

  4,481   448,235
Mondelez International, Inc., Class A

  32,620   2,317,977
Walmart, Inc.

  39,561   6,159,252
        9,190,901
Energy-2.83%
Baker Hughes Co., Class A

  26,639   899,066
Hess Corp.

  6,165   866,552
Marathon Petroleum Corp.

  12,208   1,821,312
Phillips 66

  9,753   1,257,064
Schlumberger N.V.

  43,901   2,284,608
        7,128,602
Financials-8.24%
Aflac, Inc.

  15,797   1,306,570
Ameriprise Financial, Inc.

  2,457   868,574
Arch Capital Group Ltd.(b)

  18,539   1,551,529
Arthur J. Gallagher & Co.

  5,022   1,250,478
Everest Group Ltd.

  1,303   534,946
JPMorgan Chase & Co.

  97,676   15,245,270
        20,757,367
Health Care-17.86%
Boston Scientific Corp.(b)

  42,366   2,367,836
Cardinal Health, Inc.

  12,179   1,304,127
Cencora, Inc.

  5,290   1,075,827
DexCom, Inc.(b)

  10,317   1,191,820
Eli Lilly and Co.

  26,541   15,686,793
Gilead Sciences, Inc.

  35,296   2,703,674
HCA Healthcare, Inc.

  5,133   1,285,714
IDEXX Laboratories, Inc.(b)

  2,085   971,235
Intuitive Surgical, Inc.(b)

  9,556   2,970,387
McKesson Corp.

  2,849   1,340,625
Merck & Co., Inc.

  65,752   6,738,265
Regeneron Pharmaceuticals, Inc.(b)

  2,206   1,817,325
  Shares   Value
Health Care-(continued)
Stryker Corp.

  9,437   $2,796,466
Vertex Pharmaceuticals, Inc.(b)

  5,895   2,091,605
Zimmer Biomet Holdings, Inc.

  5,388   626,678
        44,968,377
Industrials-16.86%
AMETEK, Inc.

  6,714   1,042,214
Axon Enterprise, Inc.(b)

  2,439   560,653
Boeing Co. (The)(b)

  17,407   4,031,983
Carrier Global Corp.

  27,251   1,415,962
Caterpillar, Inc.

  13,886   3,481,498
Copart, Inc.(b)

  28,051   1,408,721
Cummins, Inc.

  2,949   661,048
Deere & Co.

  6,369   2,320,927
Delta Air Lines, Inc.

  18,820   695,023
Eaton Corp. PLC

  13,113   2,985,699
General Electric Co.

  54,248   6,607,406
Howmet Aerospace, Inc.

  12,368   650,557
Illinois Tool Works, Inc.

  7,583   1,836,678
Ingersoll Rand, Inc.

  10,058   718,443
Johnson Controls International PLC

  17,251   910,853
Old Dominion Freight Line, Inc.

  2,162   841,148
PACCAR, Inc.

  20,355   1,868,996
Parker-Hannifin Corp.

  4,136   1,791,632
Pentair PLC

  4,846   312,761
Quanta Services, Inc.

  4,889   920,648
Rockwell Automation, Inc.

  2,932   807,590
Snap-on, Inc.

  1,249   343,088
Trane Technologies PLC

  6,832   1,540,001
TransDigm Group, Inc.

  2,042   1,966,180
United Airlines Holdings, Inc.(b)

  8,902   350,739
United Rentals, Inc.

  1,800   856,836
W.W. Grainger, Inc.

  1,278   1,004,751
Wabtec Corp.

  4,539   529,066
        42,461,101
Information Technology-22.90%
Applied Materials, Inc.

  20,527   3,074,534
Broadcom, Inc.

  17,862   16,535,389
Fair Isaac Corp.(b)

  965   1,049,534
First Solar, Inc.(b)

  4,463   704,172
Gartner, Inc.(b)

  2,153   936,210
Lam Research Corp.

  3,115   2,230,091
Microchip Technology, Inc.

  12,693   1,059,104
NVIDIA Corp.

  45,118   21,101,689
ON Semiconductor Corp.(b)

  11,746   837,842
Oracle Corp.

  65,351   7,594,440
Palo Alto Networks, Inc.(b)

  8,662   2,556,070
        57,679,075
Materials-4.46%
Air Products and Chemicals, Inc.

  5,281   1,428,774
DuPont de Nemours, Inc.

  10,939   782,576
Freeport-McMoRan, Inc.

  32,733   1,221,596
Linde PLC

  14,296   5,915,256
Martin Marietta Materials, Inc.

  1,426   662,505
Steel Dynamics, Inc.

  3,426   408,139
Vulcan Materials Co.

  3,821   816,013
        11,234,859
Real Estate-0.19%
Iron Mountain, Inc.

  7,353   471,695
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500® Momentum ETF (SPMO)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Utilities-1.17%
Constellation Energy Corp.

  10,415   $1,260,632
PG&E Corp.(b)

  98,665   1,694,078
        2,954,710
Total Common Stocks & Other Equity Interests

(Cost $233,310,346)

  251,592,432
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.28%(d)(e)

(Cost $146,216)

  146,216   146,216
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.96%

(Cost $233,456,562)

  251,738,648
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.07%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  52,976   $52,976
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  136,099   136,153
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $189,108)

  189,129
TOTAL INVESTMENTS IN SECURITIES-100.03%

(Cost $233,645,670)

  251,927,777
OTHER ASSETS LESS LIABILITIES-(0.03)%

  (82,887)
NET ASSETS-100.00%

  $251,844,890
 
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 November 30, 2023.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $946,320   $(800,104)   $-   $-   $146,216   $864
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund -   483,680   (430,704)   -   -   52,976   300*
Invesco Private Prime Fund -   857,076   (720,947)   21   3   136,153   800*
Total $-   $2,287,076   $(1,951,755)   $21   $3   $335,345   $1,964
    
* 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 November 30, 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 QVM Multi-factor ETF (QVML)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.85%
Communication Services-9.13%
Alphabet, Inc., Class C(b)

  265,368   $35,538,083
AT&T, Inc.

  171,126   2,835,558
Charter Communications, Inc., Class A(b)

  2,567   1,027,134
Comcast Corp., Class A

  103,708   4,344,328
Electronic Arts, Inc.

  6,113   843,655
Fox Corp., Class A(c)

  9,958   294,159
Interpublic Group of Cos., Inc. (The)

  9,297   285,790
Meta Platforms, Inc., Class A(b)

  52,057   17,030,448
Netflix, Inc.(b)

  10,279   4,871,938
News Corp., Class A(c)

  11,986   264,171
Omnicom Group, Inc.

  4,812   387,992
Paramount Global, Class B(c)

  11,893   170,902
T-Mobile US, Inc.

  13,834   2,081,325
Verizon Communications, Inc.

  102,018   3,910,350
Walt Disney Co. (The)(b)

  44,761   4,148,897
Warner Bros Discovery, Inc.(b)

  59,947   626,446
        78,661,176
Consumer Discretionary-8.60%
Amazon.com, Inc.(b)

  216,394   31,612,999
Aptiv PLC(b)

  6,356   526,531
AutoZone, Inc.(b)

  429   1,119,660
Best Buy Co., Inc.

  4,777   338,880
Booking Holdings, Inc.(b)

  863   2,697,479
BorgWarner, Inc.

  5,594   188,462
Caesars Entertainment, Inc.(b)

  5,233   234,020
CarMax, Inc.(b)(c)

  3,555   227,307
Carnival Corp.(b)

  24,350   366,711
Chipotle Mexican Grill, Inc.(b)

  643   1,416,047
D.R. Horton, Inc.

  7,409   945,907
Darden Restaurants, Inc.(c)

  3,005   470,192
eBay, Inc.

  13,057   535,468
Expedia Group, Inc.(b)

  3,361   457,701
Ford Motor Co.

  93,388   958,161
Garmin Ltd.

  3,749   458,278
General Motors Co.

  33,561   1,060,528
Genuine Parts Co.

  3,459   459,286
Home Depot, Inc. (The)

  24,495   7,678,938
Las Vegas Sands Corp.

  7,805   359,967
Lennar Corp., Class A

  6,046   773,404
LKQ Corp.

  6,106   271,900
Lowe’s Cos., Inc.

  14,155   2,814,439
Marriott International, Inc., Class A

  6,130   1,242,551
McDonald’s Corp.

  17,710   4,991,386
MGM Resorts International

  7,378   290,988
Mohawk Industries, Inc.(b)

  1,307   115,421
NIKE, Inc., Class B

  29,579   3,261,676
NVR, Inc.(b)

  73   449,344
O’Reilly Automotive, Inc., Class R(b)

  1,432   1,406,768
Pool Corp.

  935   324,744
PulteGroup, Inc.

  5,328   471,102
Ralph Lauren Corp.

  951   123,040
Ross Stores, Inc.

  8,213   1,070,811
Royal Caribbean Cruises Ltd.(b)

  5,205   559,329
Tapestry, Inc.

  5,454   172,728
TJX Cos., Inc. (The)

  27,744   2,444,524
Tractor Supply Co.(c)

  2,624   532,698
Ulta Beauty, Inc.(b)

  1,231   524,394
Wynn Resorts Ltd.

  2,590   218,648
        74,172,417
  Shares   Value
Consumer Staples-6.06%
Altria Group, Inc.

  42,878   $1,802,591
Archer-Daniels-Midland Co.

  13,202   973,383
Bunge Global S.A.

  3,593   394,763
Campbell Soup Co.

  4,814   193,427
Church & Dwight Co., Inc.

  6,079   587,414
Clorox Co. (The)

  3,116   446,679
Coca-Cola Co. (The)

  94,181   5,503,938
Conagra Brands, Inc.

  12,015   339,904
Constellation Brands, Inc., Class A

  3,839   923,241
Costco Wholesale Corp.

  10,586   6,274,746
Dollar General Corp.

  5,908   774,657
Dollar Tree, Inc.(b)(c)

  5,086   628,579
General Mills, Inc.

  14,266   908,174
Hershey Co. (The)

  3,557   668,431
Hormel Foods Corp.

  7,233   221,257
JM Smucker Co. (The)

  2,588   283,981
Kellanova

  6,363   334,312
Kenvue, Inc.

  41,971   857,887
Keurig Dr Pepper, Inc.

  20,186   637,272
Kimberly-Clark Corp.

  8,119   1,004,564
Kraft Heinz Co. (The)

  19,163   672,813
Kroger Co. (The)

  15,863   702,255
Lamb Weston Holdings, Inc.

  3,666   366,710
McCormick & Co., Inc.

  6,087   394,620
Molson Coors Beverage Co., Class B

  4,391   270,222
Mondelez International, Inc., Class A

  32,927   2,339,793
Monster Beverage Corp.(b)

  18,430   1,016,415
PepsiCo, Inc.

  33,345   5,611,630
Procter & Gamble Co. (The)

  57,054   8,758,930
Sysco Corp.

  12,484   900,970
Target Corp.

  11,164   1,493,855
Tyson Foods, Inc., Class A

  7,043   329,894
Walgreens Boots Alliance, Inc.

  18,930   377,464
Walmart, Inc.

  33,560   5,224,956
        52,219,727
Energy-4.24%
APA Corp.

  7,465   268,740
Baker Hughes Co., Class A

  23,467   792,011
Chevron Corp.

  41,104   5,902,534
ConocoPhillips

  27,673   3,198,169
Coterra Energy, Inc.

  18,273   479,666
Devon Energy Corp.

  14,493   651,750
Diamondback Energy, Inc.

  4,164   642,963
EOG Resources, Inc.

  13,362   1,644,461
EQT Corp.

  8,299   331,628
Exxon Mobil Corp.

  93,475   9,603,622
Halliburton Co.

  20,154   746,303
Hess Corp.

  6,549   920,527
Kinder Morgan, Inc.

  50,370   885,001
Marathon Oil Corp.

  14,675   373,185
Marathon Petroleum Corp.

  9,685   1,444,905
Occidental Petroleum Corp.

  16,269   962,311
ONEOK, Inc.

  10,562   727,194
Phillips 66

  10,712   1,380,670
Pioneer Natural Resources Co.

  5,448   1,261,975
Schlumberger N.V.

  32,576   1,695,255
Targa Resources Corp.

  5,381   486,711
Valero Energy Corp.

  8,285   1,038,608
Williams Cos., Inc. (The)

  29,392   1,081,332
        36,519,521
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Financials-13.35%
Aflac, Inc.

  13,217   $1,093,178
Allstate Corp. (The)

  6,400   882,368
American Express Co.

  14,127   2,412,468
American International Group, Inc.

  16,920   1,113,505
Ameriprise Financial, Inc.

  2,517   889,785
Aon PLC, Class A

  4,855   1,594,819
Arch Capital Group Ltd.(b)

  9,055   757,813
Arthur J. Gallagher & Co.

  5,126   1,276,374
Assurant, Inc.

  1,345   225,987
Bank of America Corp.

  167,807   5,116,435
Bank of New York Mellon Corp. (The)

  17,369   839,270
Berkshire Hathaway, Inc., Class B(b)

  42,264   15,215,040
BlackRock, Inc.

  3,574   2,684,896
Brown & Brown, Inc.

  5,817   434,763
Capital One Financial Corp.

  8,918   995,784
Cboe Global Markets, Inc.

  2,677   487,723
Charles Schwab Corp. (The)

  35,670   2,187,284
Chubb Ltd.

  9,742   2,235,107
Cincinnati Financial Corp.

  3,698   380,117
Citigroup, Inc.

  46,773   2,156,235
Citizens Financial Group, Inc.

  11,244   306,624
CME Group, Inc., Class A

  8,465   1,848,417
Comerica, Inc.

  2,889   130,641
Discover Financial Services

  6,196   576,228
Everest Group Ltd.

  998   409,729
FactSet Research Systems, Inc.

  977   443,030
Fifth Third Bancorp(c)

  15,654   453,183
Fiserv, Inc.(b)

  14,464   1,889,143
FleetCor Technologies, Inc.(b)

  1,751   421,115
Franklin Resources, Inc.

  6,662   165,218
Global Payments, Inc.

  6,379   742,771
Globe Life, Inc.

  2,272   279,751
Goldman Sachs Group, Inc. (The)

  8,018   2,738,468
Hartford Financial Services Group, Inc. (The)

  7,549   590,030
Huntington Bancshares, Inc.

  33,106   372,774
Intercontinental Exchange, Inc.

  13,760   1,566,438
Invesco Ltd.(d)

  10,406   148,494
Jack Henry & Associates, Inc.

  1,825   289,609
JPMorgan Chase & Co.

  70,343   10,979,135
KeyCorp

  20,362   252,285
Loews Corp.

  4,621   324,810
M&T Bank Corp.

  3,965   508,194
MarketAxess Holdings, Inc.

  949   227,874
Marsh & McLennan Cos., Inc.

  11,762   2,345,578
Mastercard, Inc., Class A

  19,947   8,254,667
MetLife, Inc.

  15,111   961,513
Moody’s Corp.

  3,689   1,346,337
Morgan Stanley

  31,168   2,472,869
Nasdaq, Inc.

  8,159   455,599
Northern Trust Corp.

  5,012   397,201
PayPal Holdings, Inc.(b)

  26,260   1,512,839
PNC Financial Services Group, Inc. (The)

  9,928   1,329,955
Principal Financial Group, Inc.

  5,377   396,984
Progressive Corp. (The)

  13,701   2,247,375
Prudential Financial, Inc.

  8,634   844,233
Raymond James Financial, Inc.

  4,570   480,535
Regions Financial Corp.

  21,700   361,956
S&P Global, Inc.

  7,691   3,198,149
State Street Corp.

  8,108   590,425
Synchrony Financial

  10,063   325,639
T. Rowe Price Group, Inc.

  5,409   541,603
Travelers Cos., Inc. (The)

  5,616   1,014,362
  Shares   Value
Financials-(continued)
Truist Financial Corp.

  32,374   $1,040,500
U.S. Bancorp(c)

  33,359   1,271,645
Visa, Inc., Class A(c)

  38,501   9,882,437
W.R. Berkley Corp.

  5,012   363,621
Wells Fargo & Co.

  89,556   3,993,302
Willis Towers Watson PLC

  2,626   646,784
Zions Bancorporation N.A.

  3,299   117,543
        115,036,563
Health Care-13.21%
Abbott Laboratories

  41,764   4,355,568
AbbVie, Inc.

  42,316   6,025,375
Agilent Technologies, Inc.

  7,420   948,276
Align Technology, Inc.(b)

  1,685   360,253
Amgen, Inc.

  13,213   3,562,753
Becton, Dickinson and Co.

  7,009   1,655,386
Biogen, Inc.(b)

  3,470   812,258
Bio-Rad Laboratories, Inc., Class A(b)

  604   184,172
Bio-Techne Corp.

  3,974   249,965
Boston Scientific Corp.(b)

  34,046   1,902,831
Bristol-Myers Squibb Co.

  51,324   2,534,379
Cardinal Health, Inc.

  6,026   645,264
Cencora, Inc.(c)

  3,859   784,805
Centene Corp.(b)

  12,634   930,873
Charles River Laboratories International, Inc.(b)

  1,221   240,635
Cigna Group (The)

  7,012   1,843,315
Cooper Cos., Inc. (The)

  1,213   408,684
CVS Health Corp.

  30,157   2,049,168
Danaher Corp.

  16,446   3,672,556
DaVita, Inc.(b)

  1,448   146,914
DENTSPLY SIRONA, Inc.

  5,141   163,227
DexCom, Inc.(b)

  8,660   1,000,403
Edwards Lifesciences Corp.(b)

  14,243   964,394
Elevance Health, Inc.

  5,555   2,663,567
Eli Lilly and Co.

  18,567   10,973,840
GE HealthCare Technologies, Inc.(c)

  9,725   665,773
Gilead Sciences, Inc.

  30,384   2,327,414
HCA Healthcare, Inc.

  4,927   1,234,115
Henry Schein, Inc.(b)

  3,321   221,610
Hologic, Inc.(b)

  6,166   439,636
Humana, Inc.

  2,933   1,422,094
IDEXX Laboratories, Inc.(b)

  2,057   958,192
Incyte Corp.(b)

  4,657   253,061
Intuitive Surgical, Inc.(b)

  8,416   2,616,029
IQVIA Holdings, Inc.(b)(c)

  4,424   947,178
Johnson & Johnson

  58,744   9,085,347
Laboratory Corp. of America Holdings

  2,161   468,743
McKesson Corp.

  3,215   1,512,850
Medtronic PLC

  31,767   2,518,170
Merck & Co., Inc.

  62,070   6,360,934
Molina Healthcare, Inc.(b)

  1,375   502,645
Pfizer, Inc.

  137,733   4,196,724
Quest Diagnostics, Inc.

  2,783   381,911
Regeneron Pharmaceuticals, Inc.(b)

  2,576   2,122,135
Revvity, Inc.

  3,226   286,791
STERIS PLC

  2,408   483,864
Stryker Corp.

  7,835   2,321,746
Teleflex, Inc.

  1,125   253,901
Thermo Fisher Scientific, Inc.

  9,489   4,704,267
UnitedHealth Group, Inc.

  22,152   12,249,391
Universal Health Services, Inc., Class B

  1,562   214,744
Vertex Pharmaceuticals, Inc.(b)

  6,161   2,185,984
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Health Care-(continued)
Viatris, Inc.

  28,655   $263,053
Waters Corp.(b)(c)

  1,504   422,037
West Pharmaceutical Services, Inc.

  1,764   618,741
Zimmer Biomet Holdings, Inc.

  5,011   582,829
Zoetis, Inc.

  11,140   1,968,104
        113,868,874
Industrials-8.07%
A.O. Smith Corp.

  2,889   217,715
Alaska Air Group, Inc.(b)

  3,047   115,207
Allegion PLC

  2,050   217,484
American Airlines Group, Inc.(b)(c)

  16,410   203,976
AMETEK, Inc.

  5,562   863,389
Automatic Data Processing, Inc.

  9,907   2,277,817
Axon Enterprise, Inc.(b)

  1,648   378,826
Broadridge Financial Solutions, Inc.

  2,885   559,171
C.H. Robinson Worldwide, Inc.

  3,050   250,252
Carrier Global Corp.

  20,108   1,044,812
Caterpillar, Inc.

  12,110   3,036,219
Ceridian HCM Holding, Inc.(b)

  3,723   256,515
Cintas Corp.

  2,079   1,150,207
Copart, Inc.(b)

  19,999   1,004,350
CSX Corp.

  48,833   1,577,306
Cummins, Inc.

  3,227   723,364
Deere & Co.

  6,426   2,341,699
Delta Air Lines, Inc.

  15,247   563,072
Dover Corp.

  3,298   465,546
Eaton Corp. PLC

  9,476   2,157,590
Emerson Electric Co.

  13,462   1,196,772
Equifax, Inc.

  2,922   636,149
Expeditors International of Washington, Inc.

  3,765   453,080
Fastenal Co.

  14,252   854,692
FedEx Corp.

  5,638   1,459,283
Fortive Corp.

  8,405   579,777
General Dynamics Corp.

  5,714   1,411,187
General Electric Co.

  26,156   3,185,801
Honeywell International, Inc.

  16,027   3,140,010
Howmet Aerospace, Inc.

  8,692   457,199
Huntington Ingalls Industries, Inc.

  972   230,383
IDEX Corp.

  1,812   365,444
Illinois Tool Works, Inc.

  6,828   1,653,810
Ingersoll Rand, Inc.

  9,367   669,085
J.B. Hunt Transport Services, Inc.

  2,015   373,319
Jacobs Solutions, Inc.

  3,005   382,176
Johnson Controls International PLC

  17,300   913,440
L3Harris Technologies, Inc.

  4,880   931,153
Leidos Holdings, Inc.

  3,249   348,683
Lockheed Martin Corp.

  5,636   2,523,632
Nordson Corp.

  1,277   300,529
Norfolk Southern Corp.

  5,561   1,213,188
Northrop Grumman Corp.

  3,515   1,670,187
Old Dominion Freight Line, Inc.

  2,144   834,145
Otis Worldwide Corp.

  9,711   833,107
PACCAR, Inc.

  12,680   1,164,278
Parker-Hannifin Corp.

  3,071   1,330,296
Paychex, Inc.

  7,686   937,461
Paycom Software, Inc.

  1,099   199,644
Pentair PLC

  3,807   245,704
Quanta Services, Inc.

  3,448   649,293
Republic Services, Inc.

  4,860   786,542
Robert Half, Inc.(c)

  2,445   200,441
Rockwell Automation, Inc.

  2,708   745,891
Rollins, Inc.

  5,635   229,570
  Shares   Value
Industrials-(continued)
RTX Corp.

  35,596   $2,900,362
Snap-on, Inc.

  1,239   340,341
Southwest Airlines Co.

  14,047   359,182
Stanley Black & Decker, Inc.

  4,034   366,691
Textron, Inc.

  4,931   378,010
Trane Technologies PLC

  5,430   1,223,976
Union Pacific Corp.

  14,963   3,370,715
United Airlines Holdings, Inc.(b)

  7,812   307,793
United Parcel Service, Inc., Class B

  17,925   2,717,609
United Rentals, Inc.

  1,630   775,913
Verisk Analytics, Inc.

  3,406   822,311
W.W. Grainger, Inc.

  1,060   833,361
Wabtec Corp.

  4,195   488,969
Waste Management, Inc.

  8,799   1,504,541
Xylem, Inc.

  6,341   666,629
        69,566,271
Information Technology-30.29%
Accenture PLC, Class A

  14,892   4,961,121
Adobe, Inc.(b)

  10,845   6,626,403
Advanced Micro Devices, Inc.(b)

  36,927   4,474,075
Akamai Technologies, Inc.(b)

  3,824   441,787
Amphenol Corp., Class A

  14,344   1,305,160
Analog Devices, Inc.

  11,935   2,188,640
ANSYS, Inc.(b)

  2,036   597,281
Apple, Inc.

  361,102   68,591,325
Applied Materials, Inc.

  19,929   2,984,966
Arista Networks, Inc.(b)

  5,836   1,282,228
Autodesk, Inc.(b)

  5,058   1,104,819
Broadcom, Inc.

  10,516   9,734,977
Cadence Design Systems, Inc.(b)

  6,284   1,717,229
CDW Corp.

  3,155   665,326
Cisco Systems, Inc.

  97,391   4,711,777
Cognizant Technology Solutions Corp., Class A

  12,052   848,220
Corning, Inc.

  18,411   524,529
EPAM Systems, Inc.(b)

  1,355   349,847
F5, Inc.(b)

  1,530   261,921
Fair Isaac Corp.(b)

  589   640,596
First Solar, Inc.(b)

  2,440   384,983
Fortinet, Inc.(b)

  14,910   783,670
Gartner, Inc.(b)

  1,864   810,542
Hewlett Packard Enterprise Co.

  29,888   505,405
HP, Inc.

  20,213   593,049
Intel Corp.

  93,961   4,200,057
International Business Machines Corp.

  21,293   3,376,218
Juniper Networks, Inc.

  8,309   236,391
Keysight Technologies, Inc.(b)

  4,191   569,515
KLA Corp.

  3,171   1,726,990
Lam Research Corp.

  3,205   2,294,524
Microchip Technology, Inc.

  12,988   1,083,719
Micron Technology, Inc.

  25,705   1,956,665
Microsoft Corp.

  174,082   65,961,411
Monolithic Power Systems, Inc.

  1,061   582,192
Motorola Solutions, Inc.

  4,003   1,292,449
NetApp, Inc.

  4,854   443,607
NVIDIA Corp.

  61,668   28,842,124
NXP Semiconductors N.V. (China)

  6,081   1,241,010
ON Semiconductor Corp.(b)

  10,106   720,861
Oracle Corp.

  35,326   4,105,234
Palo Alto Networks, Inc.(b)(c)

  7,100   2,095,139
PTC, Inc.(b)

  2,655   417,791
Qorvo, Inc.(b)

  2,481   239,416
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Information Technology-(continued)
QUALCOMM, Inc.

  26,307   $3,394,918
Roper Technologies, Inc.

  2,541   1,367,693
Salesforce, Inc.(b)

  23,244   5,855,164
ServiceNow, Inc.(b)

  4,740   3,250,408
Skyworks Solutions, Inc.

  4,063   393,827
Synopsys, Inc.(b)

  3,549   1,927,923
TE Connectivity Ltd.

  7,531   986,561
Teledyne Technologies, Inc.(b)

  1,137   458,165
Teradyne, Inc.(c)

  3,848   354,901
Texas Instruments, Inc.

  21,463   3,277,615
Trimble, Inc.(b)

  5,793   268,795
Tyler Technologies, Inc.(b)

  1,074   439,094
Western Digital Corp.(b)

  7,492   361,938
Zebra Technologies Corp., Class A(b)

  1,228   291,011
        261,103,202
Materials-2.54%
Air Products and Chemicals, Inc.

  5,291   1,431,480
Albemarle Corp.(c)

  2,904   352,168
Amcor PLC

  35,708   338,512
Avery Dennison Corp.

  1,870   363,715
Ball Corp.

  7,651   423,024
Celanese Corp.(c)

  2,288   317,254
CF Industries Holdings, Inc.

  4,300   323,145
Corteva, Inc.

  16,514   746,433
Dow, Inc.

  17,313   895,948
DuPont de Nemours, Inc.

  10,877   778,141
Eastman Chemical Co.

  2,783   233,299
Ecolab, Inc.

  6,008   1,151,914
FMC Corp.

  2,916   156,472
Freeport-McMoRan, Inc.

  33,805   1,261,603
International Flavors & Fragrances, Inc.(c)

  6,047   455,823
International Paper Co.

  8,044   297,145
Linde PLC

  11,739   4,857,246
LyondellBasell Industries N.V., Class A

  5,993   569,934
Martin Marietta Materials, Inc.

  1,509   701,066
Mosaic Co. (The)

  7,412   266,017
Newmont Corp.

  19,241   773,296
Nucor Corp.

  6,064   1,030,698
Packaging Corp. of America

  2,206   370,630
PPG Industries, Inc.

  5,997   851,514
Sherwin-Williams Co. (The)

  5,604   1,562,395
Steel Dynamics, Inc.

  3,787   451,145
Vulcan Materials Co.

  3,226   688,944
WestRock Co.

  5,770   237,551
        21,886,512
Real Estate-1.94%
Alexandria Real Estate Equities, Inc.(c)

  3,609   394,825
AvalonBay Communities, Inc.

  3,337   577,101
Boston Properties, Inc.

  3,408   194,017
CBRE Group, Inc., Class A(b)

  7,382   582,883
CoStar Group, Inc.(b)(c)

  9,544   792,534
Digital Realty Trust, Inc.

  6,981   968,823
Equinix, Inc.

  2,250   1,833,773
Equity Residential

  8,070   458,699
Essex Property Trust, Inc.

  1,530   326,594
Federal Realty Investment Trust

  1,780   170,150
Healthpeak Properties, Inc.

  13,042   225,887
Host Hotels & Resorts, Inc.(c)

  16,935   295,854
Invitation Homes, Inc.

  14,292   476,781
Iron Mountain, Inc.

  6,833   438,337
Kimco Realty Corp.

  14,485   279,850
  Shares   Value
Real Estate-(continued)
Mid-America Apartment Communities, Inc.

  2,761   $343,689
Prologis, Inc.

  22,645   2,602,590
Public Storage

  3,839   993,380
Realty Income Corp.

  16,223   875,393
Regency Centers Corp.

  3,533   221,802
Simon Property Group, Inc.

  7,479   934,052
Ventas, Inc.

  9,360   429,062
VICI Properties, Inc.

  23,922   715,029
Welltower, Inc.

  11,882   1,058,686
Weyerhaeuser Co.

  17,719   555,491
        16,745,282
Utilities-2.42%
Alliant Energy Corp.

  6,013   304,077
Ameren Corp.

  6,192   480,437
American Electric Power Co., Inc.

  12,499   994,295
American Water Works Co., Inc.

  4,831   636,919
Atmos Energy Corp.

  3,453   392,986
CenterPoint Energy, Inc.

  15,431   436,234
CMS Energy Corp.

  6,911   392,268
Consolidated Edison, Inc.

  8,680   782,155
Constellation Energy Corp.

  7,493   906,953
DTE Energy Co.

  5,372   559,279
Duke Energy Corp.

  18,527   1,709,672
Edison International

  9,308   623,543
Entergy Corp.

  4,863   493,157
Evergy, Inc.

  5,468   279,087
Eversource Energy

  8,363   496,846
Exelon Corp.

  24,322   936,640
FirstEnergy Corp.

  13,157   486,020
NextEra Energy, Inc.

  48,654   2,846,745
NiSource, Inc.

  10,044   257,528
NRG Energy, Inc.

  5,856   280,151
PG&E Corp.(b)

  38,678   664,101
Pinnacle West Capital Corp.

  2,819   211,256
PPL Corp.

  17,785   464,544
Public Service Enterprise Group, Inc.

  11,886   742,043
Sempra

  15,286   1,113,891
Southern Co. (The)

  26,359   1,870,962
WEC Energy Group, Inc.

  7,588   634,509
Xcel Energy, Inc.

  13,534   823,409
        20,819,707
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.85%

(Cost $782,121,251)

  860,599,252
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-1.93%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  4,319,988   4,319,988
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P 500 QVM Multi-factor ETF (QVML)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  12,364,091   $12,369,037
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $16,686,174)

  16,689,025
TOTAL INVESTMENTS IN SECURITIES-101.78%

(Cost $798,807,425)

  877,288,277
OTHER ASSETS LESS LIABILITIES-(1.78)%

  (15,366,645)
NET ASSETS-100.00%

  $861,921,632
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 November 30, 2023.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Invesco Ltd. $165,664   $-   $-   $(17,170)   $-   $148,494   $2,081
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class -   5,214,259   (5,214,259)   -   -   -   4,257
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 4,093,256   13,527,191   (13,300,459)   -   -   4,319,988   83,166*
Invesco Private Prime Fund 10,525,517   30,316,594   (28,479,264)   2,851   3,339   12,369,037   224,382*
Total $14,784,437   $49,058,044   $(46,993,982)   $(14,319)   $3,339   $16,837,519   $313,886
    
* 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 November 30, 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 400 QVM Multi-factor ETF (QVMM)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.96%
Communication Services-1.77%
Frontier Communications Parent, Inc.(b)(c)

  28,078   $614,627
Iridium Communications, Inc.

  15,665   596,837
New York Times Co. (The), Class A

  20,199   949,151
Nexstar Media Group, Inc., Class A(c)

  5,130   728,101
TEGNA, Inc.

  29,217   447,897
TKO Group Holdings, Inc.(c)

  5,191   401,420
Ziff Davis, Inc.(b)

  5,876   375,006
ZoomInfo Technologies, Inc., Class A(b)

  33,670   483,838
        4,596,877
Consumer Discretionary-15.43%
Adient PLC(b)

  11,812   380,346
Aramark(c)

  32,360   906,404
Autoliv, Inc. (Sweden)

  9,485   982,836
AutoNation, Inc.(b)

  3,914   529,447
Boyd Gaming Corp.

  9,745   575,442
Brunswick Corp.(c)

  8,951   705,965
Capri Holdings Ltd.(b)

  15,682   759,636
Carter’s, Inc.(c)

  4,986   339,995
Choice Hotels International, Inc.(c)

  3,231   356,315
Churchill Downs, Inc.

  8,540   988,676
Columbia Sportswear Co.(c)

  4,599   360,240
Crocs, Inc.(b)(c)

  7,761   819,639
Deckers Outdoor Corp.(b)

  3,309   2,197,077
Dick’s Sporting Goods, Inc.(c)

  7,956   1,035,076
Five Below, Inc.(b)(c)

  7,350   1,385,181
Fox Factory Holding Corp.(b)

  5,500   343,805
GameStop Corp., Class A(b)(c)

  30,994   450,963
Gap, Inc. (The)

  27,057   543,034
Gentex Corp.

  29,224   888,702
Goodyear Tire & Rubber Co. (The)(b)

  34,362   477,288
Graham Holdings Co., Class B

  482   302,286
Grand Canyon Education, Inc.(b)

  4,007   547,837
Harley-Davidson, Inc.(c)

  15,816   474,322
Helen of Troy Ltd.(b)(c)

  3,162   332,105
Hilton Grand Vacations, Inc.(b)

  9,783   335,166
KB Home

  10,103   526,366
Lear Corp.

  7,361   984,534
Leggett & Platt, Inc.(c)

  17,202   393,410
Light & Wonder, Inc.(b)

  11,511   1,017,803
Lithia Motors, Inc., Class A

  3,459   923,518
Macy’s, Inc.(c)

  34,903   553,561
Marriott Vacations Worldwide Corp.

  4,622   336,944
Mattel, Inc.(b)(c)

  43,706   830,414
Murphy USA, Inc.

  2,510   927,570
Nordstrom, Inc.(c)

  15,992   249,795
Ollie’s Bargain Outlet Holdings, Inc.(b)

  7,445   545,495
Penn Entertainment, Inc.(b)(c)

  20,428   501,712
Penske Automotive Group, Inc.(c)

  3,087   460,889
Polaris, Inc.

  6,861   565,827
PVH Corp.

  8,139   795,831
RH(b)(c)

  2,164   584,215
Service Corp. International(c)

  19,274   1,180,918
Skechers U.S.A., Inc., Class A(b)

  17,115   1,008,245
Taylor Morrison Home Corp., Class A(b)

  13,930   628,243
Tempur Sealy International, Inc.

  22,075   890,064
Texas Roadhouse, Inc.

  8,548   962,163
Thor Industries, Inc.

  6,751   668,821
Toll Brothers, Inc.

  12,874   1,105,748
TopBuild Corp.(b)

  4,015   1,187,557
Topgolf Callaway Brands Corp.(b)(c)

  18,800   230,488
Travel + Leisure Co.

  9,656   344,140
  Shares   Value
Consumer Discretionary-(continued)
Under Armour, Inc., Class A(b)

  45,924   $373,821
Valvoline, Inc.

  17,562   601,323
Visteon Corp.(b)

  3,468   411,547
Wendy’s Co. (The)

  20,520   384,750
Williams-Sonoma, Inc.(c)

  8,254   1,547,955
Wyndham Hotels & Resorts, Inc.

  10,525   814,003
YETI Holdings, Inc.(b)(c)

  11,065   471,812
        40,027,265
Consumer Staples-4.78%
BellRing Brands, Inc.(b)

  16,712   884,065
BJ’s Wholesale Club Holdings, Inc.(b)(c)

  17,323   1,118,719
Boston Beer Co., Inc. (The), Class A(b)

  1,169   414,714
Casey’s General Stores, Inc.

  4,784   1,317,514
Celsius Holdings, Inc.(b)(c)

  14,799   732,698
Coca-Cola Consolidated, Inc.

  601   441,446
Coty, Inc., Class A(b)

  48,070   547,998
Darling Ingredients, Inc.(b)

  21,391   938,423
Flowers Foods, Inc.

  24,935   518,897
Grocery Outlet Holding Corp.(b)(c)

  11,389   321,284
Ingredion, Inc.

  8,377   858,559
Lancaster Colony Corp.

  2,469   409,607
Performance Food Group Co.(b)

  20,279   1,319,149
Pilgrim’s Pride Corp.(b)(c)

  5,667   144,849
Post Holdings, Inc.(b)(c)

  6,883   588,015
Sprouts Farmers Market, Inc.(b)(c)

  13,357   575,420
US Foods Holding Corp.(b)

  29,165   1,278,302
        12,409,659
Energy-4.93%
Antero Midstream Corp.

  43,240   575,957
Antero Resources Corp.(b)

  35,328   834,801
ChampionX Corp.

  23,689   694,561
Chesapeake Energy Corp.(c)

  13,411   1,077,037
Chord Energy Corp.

  5,105   827,725
CNX Resources Corp.(b)(c)

  20,648   430,717
DT Midstream, Inc.(c)

  12,410   710,969
HF Sinclair Corp.

  15,358   805,988
Matador Resources Co.

  13,937   806,673
Murphy Oil Corp.

  17,841   763,060
NOV, Inc.

  47,880   901,102
Ovintiv, Inc.

  30,598   1,356,715
PBF Energy, Inc., Class A

  12,891   572,360
Range Resources Corp.(c)

  30,094   978,055
Southwestern Energy Co.(b)

  140,766   927,648
Valaris Ltd.(b)(c)

  7,556   518,342
        12,781,710
Financials-15.30%
Affiliated Managers Group, Inc.

  4,533   614,448
American Financial Group, Inc.

  8,854   1,012,809
Associated Banc-Corp

  19,223   341,016
Bank OZK(c)

  13,710   573,901
Brighthouse Financial, Inc.(b)

  8,332   433,514
Cadence Bank(c)

  23,334   584,517
CNO Financial Group, Inc.

  14,165   375,372
Columbia Banking System, Inc.

  26,102   585,468
Commerce Bancshares, Inc.

  14,465   731,495
Cullen/Frost Bankers, Inc.

  8,085   794,675
East West Bancorp, Inc.

  18,252   1,148,416
Erie Indemnity Co., Class A

  3,150   931,266
Essent Group Ltd.

  13,479   651,575
Euronet Worldwide, Inc.(b)(c)

  5,997   523,058
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Financials-(continued)
Evercore, Inc., Class A

  4,512   $665,746
F.N.B. Corp.

  46,146   553,290
Federated Hermes, Inc., Class B

  10,514   334,555
First American Financial Corp.

  12,875   767,350
First Financial Bankshares, Inc.(c)

  16,815   441,394
First Horizon Corp.(c)

  69,787   892,576
FirstCash Holdings, Inc.

  4,516   505,792
Glacier Bancorp, Inc.

  14,252   479,295
Hancock Whitney Corp.

  10,976   452,760
Hanover Insurance Group, Inc. (The)

  4,443   552,265
Home BancShares, Inc.(c)

  24,035   533,096
Interactive Brokers Group, Inc., Class A

  12,592   980,161
International Bancshares Corp.

  6,521   292,597
Janus Henderson Group PLC(c)

  16,542   433,235
Jefferies Financial Group, Inc.

  22,407   794,104
Kemper Corp.

  7,920   350,302
Kinsale Capital Group, Inc.

  2,667   933,717
MGIC Investment Corp.

  36,245   637,549
New York Community Bancorp, Inc.

  94,474   889,000
Old National Bancorp

  37,140   553,015
Old Republic International Corp.

  34,406   1,008,440
Pinnacle Financial Partners, Inc.

  9,372   680,126
Primerica, Inc.

  4,532   949,499
Prosperity Bancshares, Inc.

  11,732   707,557
Reinsurance Group of America, Inc.

  8,280   1,350,137
RenaissanceRe Holdings Ltd. (Bermuda)

  6,280   1,346,181
RLI Corp.

  5,066   686,950
SEI Investments Co.

  12,803   751,152
Selective Insurance Group, Inc.

  7,607   773,556
SLM Corp.

  30,679   461,105
South State Corp.(c)

  9,583   709,621
Starwood Property Trust, Inc.(c)

  38,867   772,287
Stifel Financial Corp.

  13,152   802,535
Synovus Financial Corp.

  18,318   564,011
Texas Capital Bancshares, Inc.(b)

  6,060   332,573
UMB Financial Corp.

  5,534   396,566
United Bankshares, Inc.

  17,268   571,743
Unum Group

  23,536   1,012,048
Valley National Bancorp(c)

  53,556   487,360
Voya Financial, Inc.(c)

  12,517   895,091
Webster Financial Corp.

  22,126   992,351
Western Union Co. (The)

  45,284   526,653
WEX, Inc.(b)

  5,246   926,339
Wintrust Financial Corp.

  7,714   660,858
        39,708,068
Health Care-7.53%
Acadia Healthcare Co., Inc.(b)

  11,881   867,194
Bruker Corp.

  12,820   834,454
Chemed Corp.

  1,922   1,089,774
Doximity, Inc., Class A(b)(c)

  14,569   338,729
Encompass Health Corp.

  12,541   817,297
Enovis Corp.(b)

  6,340   313,576
Envista Holdings Corp.(b)

  20,691   469,479
Exelixis, Inc.(b)

  40,806   889,979
Globus Medical, Inc., Class A(b)(c)

  14,850   667,062
Haemonetics Corp.(b)

  6,319   511,018
HealthEquity, Inc.(b)(c)

  10,312   691,110
Integra LifeSciences Holdings Corp.(b)(c)

  9,017   353,376
Jazz Pharmaceuticals PLC(b)(c)

  8,425   996,088
Lantheus Holdings, Inc.(b)(c)

  8,681   621,733
Medpace Holdings, Inc.(b)

  3,088   835,983
Neogen Corp.(b)(c)

  27,755   471,002
  Shares   Value
Health Care-(continued)
Neurocrine Biosciences, Inc.(b)

  12,105   $1,411,322
Option Care Health, Inc.(b)

  20,838   619,931
Patterson Cos., Inc.

  10,977   278,926
Penumbra, Inc.(b)(c)

  4,560   1,012,730
Perrigo Co. PLC

  17,070   519,952
Progyny, Inc.(b)

  9,736   334,529
QuidelOrtho Corp.(b)(c)

  7,079   486,540
Repligen Corp.(b)(c)

  6,736   1,059,236
Shockwave Medical, Inc.(b)(c)

  4,269   745,154
Tenet Healthcare Corp.(b)

  12,679   874,978
United Therapeutics Corp.(b)

  5,907   1,417,680
        19,528,832
Industrials-23.47%
Acuity Brands, Inc.(c)

  3,926   703,775
Advanced Drainage Systems, Inc.

  7,816   946,596
AECOM

  17,895   1,590,150
AGCO Corp.

  7,733   877,927
ASGN, Inc.(b)

  6,279   560,338
Avis Budget Group, Inc.(b)(c)

  3,075   562,264
Brink’s Co. (The)

  5,767   455,016
Builders FirstSource, Inc.(b)

  16,504   2,213,351
BWX Technologies, Inc.

  11,609   905,850
CACI International, Inc., Class A(b)

  2,885   925,941
Carlisle Cos., Inc.

  6,603   1,851,547
Clean Harbors, Inc.(b)

  6,376   1,030,744
Concentrix Corp.

  5,602   526,532
Crane Co.

  6,323   668,215
Curtiss-Wright Corp.

  4,879   1,043,618
Donaldson Co., Inc.

  15,198   924,646
EMCOR Group, Inc.

  6,002   1,275,545
EnerSys

  5,378   475,845
Esab Corp.

  6,654   513,356
ExlService Holdings, Inc.(b)(c)

  20,662   586,181
Exponent, Inc.

  6,312   485,772
Flowserve Corp.

  15,877   607,454
Fluor Corp.(b)

  17,429   662,825
Fortune Brands Innovations, Inc.

  16,536   1,131,558
FTI Consulting, Inc.(b)

  4,413   972,890
GATX Corp.(c)

  4,501   490,609
Genpact Ltd.

  20,946   711,326
Graco, Inc.

  21,618   1,746,302
GXO Logistics, Inc.(b)

  15,233   857,009
Hertz Global Holdings, Inc.(b)(c)

  19,897   165,941
Hexcel Corp.

  10,643   737,666
Insperity, Inc.

  4,559   518,586
ITT, Inc.

  10,496   1,136,402
KBR, Inc.

  17,285   893,116
Kirby Corp.(b)

  7,329   562,501
Knight-Swift Transportation Holdings, Inc.

  20,988   1,128,735
Landstar System, Inc.

  4,576   790,046
Lennox International, Inc.

  4,030   1,638,840
Lincoln Electric Holdings, Inc.

  7,464   1,478,320
ManpowerGroup, Inc.

  6,499   482,291
MasTec, Inc.(b)

  7,833   474,993
Maximus, Inc.

  7,646   638,365
MDU Resources Group, Inc.

  25,964   496,951
Middleby Corp. (The)(b)(c)

  6,832   862,403
MSA Safety, Inc.

  4,750   827,165
MSC Industrial Direct Co., Inc., Class A

  6,279   611,700
nVent Electric PLC

  21,003   1,118,410
Oshkosh Corp.

  8,206   798,362
Owens Corning

  11,406   1,546,425
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Industrials-(continued)
Paylocity Holding Corp.(b)

  5,105   $799,800
Regal Rexnord Corp.

  8,236   986,673
Ryder System, Inc.

  5,799   621,305
Saia, Inc.(b)

  3,261   1,273,062
Science Applications International Corp.

  6,811   799,680
Simpson Manufacturing Co., Inc.

  5,462   911,990
Stericycle, Inc.(b)

  11,225   527,238
Sunrun, Inc.(b)(c)

  27,370   353,073
Terex Corp.

  8,313   411,494
Tetra Tech, Inc.

  6,641   1,050,274
Timken Co. (The)

  8,240   596,576
Toro Co. (The)(c)

  13,419   1,113,777
Trex Co., Inc.(b)

  13,704   962,980
UFP Industries, Inc.

  7,808   855,991
Valmont Industries, Inc.

  2,721   597,450
Watsco, Inc.(c)

  4,302   1,644,353
Watts Water Technologies, Inc., Class A

  3,488   671,475
Werner Enterprises, Inc.

  7,780   311,278
WESCO International, Inc.

  5,747   895,670
Woodward, Inc.

  7,400   1,000,332
XPO, Inc.(b)

  14,903   1,285,831
        60,880,702
Information Technology-9.32%
Allegro MicroSystems, Inc. (Japan)(b)(c)

  8,662   235,780
Amkor Technology, Inc.

  12,720   358,322
Arrow Electronics, Inc.(b)(c)

  7,220   856,003
Aspen Technology, Inc.(b)(c)

  3,718   699,951
Avnet, Inc.

  11,633   543,959
Belden, Inc.

  5,136   341,236
Blackbaud, Inc.(b)(c)

  5,837   439,176
Calix, Inc.(b)(c)

  7,129   275,108
Ciena Corp.(b)(c)

  19,035   872,755
Cirrus Logic, Inc.(b)

  7,265   551,486
Cognex Corp.

  22,166   835,658
Coherent Corp.(b)

  18,626   685,251
CommVault Systems, Inc.(b)

  5,498   404,543
Crane NXT Co.

  6,125   315,192
Dolby Laboratories, Inc., Class A

  7,402   637,534
Dynatrace, Inc.(b)

  27,213   1,457,256
IPG Photonics Corp.(b)

  3,976   380,742
Jabil, Inc.

  16,957   1,955,481
Kyndryl Holdings, Inc.(b)

  25,483   459,458
Lattice Semiconductor Corp.(b)

  17,297   1,012,739
Littelfuse, Inc.

  3,145   732,156
MACOM Technology Solutions Holdings, Inc.(b)(c)

  6,600   554,268
Manhattan Associates, Inc.(b)

  7,829   1,746,258
NCR Voyix Corp.(b)(c)

  18,370   288,042
Novanta, Inc.(b)

  4,524   653,447
Power Integrations, Inc.

  7,144   545,873
Qualys, Inc.(b)

  4,178   772,261
Silicon Laboratories, Inc.(b)(c)

  4,162   438,550
Super Micro Computer, Inc.(b)(c)

  5,743   1,570,538
Synaptics, Inc.(b)

  4,811   487,066
TD SYNNEX Corp.

  5,204   513,323
Teradata Corp.(b)

  12,931   610,990
Universal Display Corp.

  5,454   922,817
Vishay Intertechnology, Inc.

  16,516   367,151
Vontier Corp.

  19,626   661,985
        24,182,355
  Shares   Value
Materials-7.87%
Alcoa Corp.(c)

  22,010   $591,188
AptarGroup, Inc.

  8,608   1,092,269
Ashland, Inc.

  6,124   489,430
Avient Corp.

  11,197   384,617
Axalta Coating Systems Ltd.(b)

  28,593   899,822
Berry Global Group, Inc.

  15,445   1,021,223
Cabot Corp.

  6,964   528,568
Chemours Co. (The)

  18,869   517,577
Cleveland-Cliffs, Inc.(b)(c)

  66,020   1,132,903
Commercial Metals Co.

  14,791   670,476
Crown Holdings, Inc.

  15,384   1,323,178
Eagle Materials, Inc.

  4,600   832,830
Graphic Packaging Holding Co.

  39,042   885,082
Greif, Inc., Class A

  3,470   242,553
Knife River Corp.(b)(c)

  6,680   398,662
Louisiana-Pacific Corp.

  9,111   555,680
NewMarket Corp.

  844   447,750
Olin Corp.

  17,371   818,869
Reliance Steel & Aluminum Co.

  7,772   2,139,321
Royal Gold, Inc.

  8,416   1,025,069
RPM International, Inc.

  16,432   1,691,346
Silgan Holdings, Inc.

  10,823   451,535
Sonoco Products Co.

  12,623   696,285
United States Steel Corp.(c)

  28,189   1,011,985
Westlake Corp.

  4,374   561,578
        20,409,796
Real Estate-6.79%
Agree Realty Corp.

  11,833   700,632
Apartment Income REIT Corp.

  18,999   591,249
Brixmor Property Group, Inc.(c)

  37,398   804,805
COPT Defense Properties(c)

  14,133   342,019
Cousins Properties, Inc.

  19,091   391,747
CubeSmart

  29,094   1,156,777
EastGroup Properties, Inc.

  5,596   972,305
EPR Properties

  9,434   420,945
First Industrial Realty Trust, Inc.

  16,702   785,829
Healthcare Realty Trust, Inc.(c)

  48,614   742,336
Independence Realty Trust, Inc.(c)

  28,654   390,267
Jones Lang LaSalle, Inc.(b)(c)

  6,004   933,742
Kilroy Realty Corp.

  12,847   423,694
Kite Realty Group Trust

  27,537   581,581
Lamar Advertising Co., Class A

  11,064   1,120,673
Medical Properties Trust, Inc.(c)

  76,330   370,201
NNN REIT, Inc.

  23,245   944,212
Omega Healthcare Investors, Inc.

  29,397   933,355
Park Hotels & Resorts, Inc.(c)

  26,772   397,029
Physicians Realty Trust

  31,214   364,580
PotlatchDeltic Corp.(c)

  10,111   463,488
Rayonier, Inc.

  18,515   568,040
Rexford Industrial Realty, Inc.

  25,902   1,274,896
Sabra Health Care REIT, Inc.

  28,411   414,801
Spirit Realty Capital, Inc.

  17,854   737,370
STAG Industrial, Inc.

  22,298   799,383
        17,625,956
Utilities-2.77%
ALLETE, Inc.

  7,141   396,183
Black Hills Corp.

  8,446   435,729
Essential Utilities, Inc.

  31,311   1,114,985
IDACORP, Inc.(c)

  6,324   610,266
National Fuel Gas Co.

  11,885   603,639
New Jersey Resources Corp.

  12,240   516,528
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Utilities-(continued)
NorthWestern Energy Group, Inc.

  7,691   $386,934
OGE Energy Corp.(c)

  25,499   893,740
ONE Gas, Inc.

  6,779   390,674
Ormat Technologies, Inc.(c)

  6,636   446,735
Portland General Electric Co.

  12,227   502,041
Southwest Gas Holdings, Inc.(c)

  8,360   494,160
Spire, Inc.

  6,547   399,432
        7,191,046
Total Common Stocks & Other Equity Interests

(Cost $245,631,483)

  259,342,266
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.28%(d)(e)

(Cost $65,897)

  65,897   65,897
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $245,697,380)

  259,408,163
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.51%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  10,871,652   $10,871,652
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  29,361,261   29,373,006
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $40,237,635)

  40,244,658
TOTAL INVESTMENTS IN SECURITIES-115.49%

(Cost $285,935,015)

  299,652,821
OTHER ASSETS LESS LIABILITIES-(15.49)%

  (40,200,797)
NET ASSETS-100.00%

  $259,452,024
 
Investment Abbreviations:
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 November 30, 2023.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $96,110   $2,380,920   $(2,411,133)   $-   $-   $65,897   $1,389
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 9,701,199   21,171,630   (20,001,177)   -   -   10,871,652   143,539*
Invesco Private Prime Fund 24,945,939   38,118,217   (33,702,056)   7,023   3,883   29,373,006   379,810*
Total $34,743,248   $61,670,767   $(56,114,366)   $7,023   $3,883   $40,310,555   $524,738
    
* 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 November 30, 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 Low Volatility ETF (XMLV)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.95%
Consumer Discretionary-11.25%
Gentex Corp.

  337,291   $10,257,019
Graham Holdings Co., Class B(b)

  16,859   10,573,122
Grand Canyon Education, Inc.(c)

  81,284   11,113,149
Murphy USA, Inc.

  25,893   9,568,758
Service Corp. International(b)

  172,273   10,555,167
Texas Roadhouse, Inc.

  100,120   11,269,507
Valvoline, Inc.

  313,658   10,739,650
Wendy’s Co. (The)

  597,231   11,198,081
Wyndham Hotels & Resorts, Inc.

  121,535   9,399,517
        94,673,970
Consumer Staples-7.45%
BJ’s Wholesale Club Holdings, Inc.(b)(c)

  136,275   8,800,639
Casey’s General Stores, Inc.

  34,884   9,607,054
Flowers Foods, Inc.

  459,447   9,561,092
Ingredion, Inc.

  117,958   12,089,515
Performance Food Group Co.(c)

  157,723   10,259,881
Post Holdings, Inc.(b)(c)

  144,562   12,349,932
        62,668,113
Energy-2.44%
Antero Midstream Corp.

  748,763   9,973,523
DT Midstream, Inc.(b)

  184,877   10,591,604
        20,565,127
Financials-14.59%
American Financial Group, Inc.

  89,228   10,206,791
Essent Group Ltd.

  199,602   9,648,761
Federated Hermes, Inc., Class B

  300,705   9,568,433
FirstCash Holdings, Inc.

  84,286   9,440,032
Hanover Insurance Group, Inc. (The)

  87,049   10,820,191
MGIC Investment Corp.

  586,127   10,309,974
Old Republic International Corp.

  421,173   12,344,580
Primerica, Inc.

  45,333   9,497,717
Reinsurance Group of America, Inc.

  57,231   9,332,087
RLI Corp.

  68,256   9,255,513
SEI Investments Co.

  213,037   12,498,881
Selective Insurance Group, Inc.

  96,467   9,809,729
        122,732,689
Health Care-3.61%
Chemed Corp.

  19,513   11,063,871
Encompass Health Corp.

  154,727   10,083,559
Jazz Pharmaceuticals PLC(b)(c)

  77,662   9,181,978
        30,329,408
Industrials-16.93%
AECOM

  135,803   12,067,455
BWX Technologies, Inc.(b)

  133,503   10,417,239
CACI International, Inc., Class A(c)

  34,419   11,046,778
Curtiss-Wright Corp.

  52,238   11,173,708
Donaldson Co., Inc.

  182,516   11,104,273
GATX Corp.(b)

  95,259   10,383,231
Genpact Ltd.

  284,737   9,669,669
KBR, Inc.

  209,733   10,836,904
Landstar System, Inc.

  58,085   10,028,375
Lincoln Electric Holdings, Inc.(b)

  51,086   10,118,093
MDU Resources Group, Inc.

  625,210   11,966,519
MSC Industrial Direct Co., Inc., Class A

  114,725   11,176,510
Science Applications International Corp.

  105,650   12,404,367
        142,393,121
Information Technology-4.51%
Avnet, Inc.

  206,603   9,660,756
  Shares   Value
Information Technology-(continued)
Blackbaud, Inc.(c)

  122,125   $9,188,685
Dolby Laboratories, Inc., Class A

  111,934   9,640,876
TD SYNNEX Corp.

  96,244   9,493,508
        37,983,825
Materials-7.28%
AptarGroup, Inc.(b)

  93,476   11,861,169
Ashland, Inc.

  124,640   9,961,229
Graphic Packaging Holding Co.

  431,733   9,787,387
NewMarket Corp.

  19,676   10,438,315
Reliance Steel & Aluminum Co.

  33,681   9,271,032
Sonoco Products Co.(b)

  179,506   9,901,551
        61,220,683
Real Estate-18.72%
Agree Realty Corp.

  220,170   13,036,266
Apartment Income REIT Corp.(b)

  322,477   10,035,484
Brixmor Property Group, Inc.(b)

  428,558   9,222,568
EastGroup Properties, Inc.(b)

  54,319   9,437,926
EPR Properties

  205,582   9,173,069
Equity LifeStyle Properties, Inc.(b)

  140,488   9,988,697
First Industrial Realty Trust, Inc.

  228,170   10,735,398
Gaming and Leisure Properties, Inc.

  268,857   12,563,688
NNN REIT, Inc.

  327,464   13,301,588
Omega Healthcare Investors, Inc.(b)

  295,977   9,397,270
Physicians Realty Trust(b)

  880,372   10,282,745
PotlatchDeltic Corp.(b)

  212,579   9,744,621
Rayonier, Inc.

  335,597   10,296,116
Spirit Realty Capital, Inc.

  258,144   10,661,347
STAG Industrial, Inc.

  267,984   9,607,226
        157,484,009
Utilities-13.17%
ALLETE, Inc.

  187,847   10,421,752
Black Hills Corp.

  202,486   10,446,253
Essential Utilities, Inc.

  316,659   11,276,227
IDACORP, Inc.(b)

  121,142   11,690,203
National Fuel Gas Co.

  201,629   10,240,737
New Jersey Resources Corp.

  264,329   11,154,684
NorthWestern Energy Group, Inc.(b)

  234,804   11,812,989
OGE Energy Corp.(b)

  346,805   12,155,515
Portland General Electric Co.(b)

  260,507   10,696,417
Spire, Inc.

  178,736   10,904,683
        110,799,460
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.95%

(Cost $833,927,963)

  840,850,405
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.57%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  20,192,802   20,192,802
See accompanying notes which are an integral part of this schedule.

Invesco S&P MidCap Low Volatility ETF (XMLV)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  51,891,067   $51,911,823
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $72,097,362)

  72,104,625
TOTAL INVESTMENTS IN SECURITIES-108.52%

(Cost $906,025,325)

  912,955,030
OTHER ASSETS LESS LIABILITIES-(8.52)%

  (71,696,308)
NET ASSETS-100.00%

  $841,258,722
Investment Abbreviations:
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) All or a portion of this security was out on loan at November 30, 2023.
(c) Non-income producing security.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $5,489,092   $(5,489,092)   $-   $-   $-   $4,418
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 24,241,901   60,979,373   (65,028,472)   -   -   20,192,802   261,618*
Invesco Private Prime Fund 62,336,320   154,148,948   (164,591,999)   7,652   10,902   51,911,823   696,659*
Total $86,578,221   $220,617,413   $(235,109,563)   $7,652   $10,902   $72,104,625   $962,695
    
* 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 November 30, 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 600 QVM Multi-factor ETF (QVMS)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.89%
Communication Services-2.76%
AMC Networks, Inc., Class A(b)

  6,410   $97,688
ATN International, Inc.

  2,463   74,974
Cargurus, Inc.(b)

  18,802   406,499
Cars.com, Inc.(b)

  13,313   247,888
Cogent Communications Holdings, Inc.

  9,546   609,608
Consolidated Communications Holdings, Inc.(b)

  17,694   76,084
DISH Network Corp., Class A(b)(c)

  52,745   193,047
E.W. Scripps Co. (The), Class A(b)(c)

  15,743   108,784
Gogo, Inc.(b)(c)

  13,076   131,152
John Wiley & Sons, Inc., Class A

  9,721   293,671
Lumen Technologies, Inc.(b)

  212,627   278,541
Madison Square Garden Sports Corp., Class A(b)

  4,019   679,975
Marcus Corp. (The)(c)

  5,346   74,363
QuinStreet, Inc.(b)

  11,275   140,825
Scholastic Corp.

  6,646   252,482
Shenandoah Telecommunications Co.(c)

  11,894   264,879
Shutterstock, Inc.

  5,202   228,420
Telephone & Data Systems, Inc.

  23,504   463,029
Thryv Holdings, Inc.(b)

  6,933   123,338
Yelp, Inc.(b)

  14,424   630,473
        5,375,720
Consumer Discretionary-14.78%
Abercrombie & Fitch Co., Class A(b)

  10,535   799,501
Academy Sports & Outdoors, Inc.(c)

  17,615   896,075
Adtalem Global Education, Inc.(b)

  9,361   533,296
Advance Auto Parts, Inc.(c)

  13,142   667,482
American Axle & Manufacturing Holdings, Inc.(b)

  24,295   169,093
American Eagle Outfitters, Inc.(c)

  38,963   741,466
America’s Car-Mart, Inc.(b)(c)

  1,463   116,850
Asbury Automotive Group, Inc.(b)

  4,732   992,868
BJ’s Restaurants, Inc.(b)

  5,264   157,552
Bloomin’ Brands, Inc.(c)

  19,519   455,573
Boot Barn Holdings, Inc.(b)(c)

  6,712   491,855
Brinker International, Inc.(b)(c)

  10,195   367,122
Buckle, Inc. (The)(c)

  6,700   258,352
Caleres, Inc.(c)

  8,024   243,609
Cavco Industries, Inc.(b)(c)

  1,772   501,086
Century Communities, Inc.

  6,357   458,594
Cheesecake Factory, Inc. (The)

  10,805   338,737
Chico’s FAS, Inc.(b)

  28,495   214,852
Chuy’s Holdings, Inc.(b)(c)

  4,068   143,194
Cracker Barrel Old Country Store, Inc.(c)

  5,253   352,634
Dana, Inc.

  27,940   369,087
Dave & Buster’s Entertainment, Inc.(b)(c)

  9,001   369,401
Designer Brands, Inc., Class A

  11,025   128,331
Dorman Products, Inc.(b)(c)

  6,146   442,758
Ethan Allen Interiors, Inc.

  5,007   134,388
Frontdoor, Inc.(b)

  17,855   612,962
Gentherm, Inc.(b)(c)

  7,520   345,318
G-III Apparel Group Ltd.(b)

  9,044   260,196
Golden Entertainment, Inc.

  5,084   181,194
Green Brick Partners, Inc.(b)

  6,026   285,934
Group 1 Automotive, Inc.

  3,080   868,868
Guess?, Inc.

  6,603   145,398
Haverty Furniture Cos., Inc., (Acquired 12/03/2021 - 11/10/2023; Cost $87,245)(d)

  3,066   96,088
Hibbett, Inc.

  2,842   177,767
Installed Building Products, Inc.(c)

  5,223   786,114
Jack in the Box, Inc.(c)

  4,460   322,458
Kontoor Brands, Inc.

  11,263   619,127
  Shares   Value
Consumer Discretionary-(continued)
La-Z-Boy, Inc.(c)

  9,228   $324,733
LCI Industries

  5,728   621,545
LGI Homes, Inc.(b)(c)

  4,596   542,650
M.D.C. Holdings, Inc.

  13,171   582,949
M/I Homes, Inc.(b)

  6,281   662,708
MarineMax, Inc.(b)

  4,885   145,720
Meritage Homes Corp.

  8,237   1,163,888
Mister Car Wash, Inc.(b)(c)

  17,925   130,494
Monarch Casino & Resort, Inc.

  2,993   188,200
Monro, Inc.(c)

  6,804   196,772
Movado Group, Inc.

  3,323   86,896
National Vision Holdings, Inc.(b)(c)

  17,831   328,982
ODP Corp. (The)(b)

  7,540   343,447
Oxford Industries, Inc.(c)

  3,363   304,116
Patrick Industries, Inc.

  4,805   394,202
Perdoceo Education Corp.

  14,741   256,788
Phinia, Inc.

  9,982   254,541
Sally Beauty Holdings, Inc.(b)

  24,523   237,137
Shake Shack, Inc., Class A(b)(c)

  8,385   507,796
Shoe Carnival, Inc.(c)

  3,794   92,156
Signet Jewelers Ltd.(c)

  9,917   814,979
Sleep Number Corp.(b)(c)

  4,768   48,348
Sonic Automotive, Inc., Class A(c)

  3,446   176,676
Sonos, Inc.(b)(c)

  28,405   428,916
Standard Motor Products, Inc.

  4,082   146,830
Steven Madden Ltd.(c)

  15,654   593,600
Strategic Education, Inc.

  4,974   442,537
Stride, Inc.(b)(c)

  8,656   524,381
Sturm Ruger & Co., Inc.

  3,889   170,960
Tri Pointe Homes, Inc.(b)

  22,646   660,810
Upbound Group, Inc.

  10,942   318,412
Urban Outfitters, Inc.(b)

  13,327   475,774
Victoria’s Secret & Co.(b)(c)

  17,819   480,222
Vista Outdoor, Inc.(b)

  12,828   361,878
Winnebago Industries, Inc.(c)

  6,812   440,260
Wolverine World Wide, Inc.

  15,374   131,755
XPEL, Inc.(b)(c)(e)

  4,683   214,013
        28,841,251
Consumer Staples-4.71%
Andersons, Inc. (The)

  6,908   344,433
B&G Foods, Inc.

  16,621   153,578
Calavo Growers, Inc.

  4,030   87,411
Cal-Maine Foods, Inc.

  8,227   394,238
Central Garden & Pet Co., Class A(b)

  11,675   423,569
Chefs’ Warehouse, Inc. (The)(b)(c)

  7,914   212,887
e.l.f. Beauty, Inc.(b)

  11,290   1,333,236
Edgewell Personal Care Co.

  11,210   390,220
Fresh Del Monte Produce, Inc.

  6,644   151,483
Inter Parfums, Inc.

  4,012   502,142
J&J Snack Foods Corp.

  3,203   527,054
John B. Sanfilippo & Son, Inc.

  1,834   168,801
Medifast, Inc.(c)

  2,455   162,963
MGP Ingredients, Inc.

  3,454   295,144
National Beverage Corp.(b)(c)

  5,368   255,195
Nu Skin Enterprises, Inc., Class A

  10,992   187,084
PriceSmart, Inc.

  5,678   382,640
Simply Good Foods Co. (The)(b)(c)

  19,808   767,362
SpartanNash Co.

  7,927   175,742
Tootsie Roll Industries, Inc.(c)

  3,946   130,573
TreeHouse Foods, Inc.(b)

  11,340   461,651
United Natural Foods, Inc.(b)

  14,142   205,766
Universal Corp.

  5,405   304,085
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
USANA Health Sciences, Inc.(b)

  2,538   $119,946
Vector Group Ltd.

  29,009   310,686
WD-40 Co.(c)

  3,085   746,200
        9,194,089
Energy-4.91%
Archrock, Inc.

  29,479   427,151
Bristow Group, Inc.(b)

  5,166   133,024
California Resources Corp.

  15,258   781,362
Callon Petroleum Co.(b)(c)

  10,640   332,713
Comstock Resources, Inc.

  19,709   194,528
CONSOL Energy, Inc.(c)

  6,564   700,182
Core Laboratories, Inc.(c)

  9,414   166,722
CVR Energy, Inc.(c)

  5,902   187,506
Dorian LPG Ltd.

  6,360   269,410
Dril-Quip, Inc.(b)(c)

  6,895   153,207
Green Plains, Inc.(b)(c)

  12,627   314,160
Helix Energy Solutions Group, Inc.(b)

  29,330   273,356
Helmerich & Payne, Inc.

  20,902   757,279
Nabors Industries Ltd.(b)(c)

  1,780   154,540
Northern Oil and Gas, Inc.(c)

  17,155   641,940
Oceaneering International, Inc.(b)

  20,078   414,811
Oil States International, Inc.(b)

  12,787   88,102
Par Pacific Holdings, Inc.(b)

  11,657   399,485
Patterson-UTI Energy, Inc.

  68,170   798,271
ProPetro Holding Corp.(b)

  20,119   183,284
REX American Resources Corp.(b)

  3,366   165,001
RPC, Inc.

  16,997   123,228
SM Energy Co.

  25,819   966,922
Talos Energy, Inc.(b)

  23,440   326,285
US Silica Holdings, Inc.(b)

  15,349   173,137
Vital Energy, Inc.(b)

  3,894   174,607
World Kinect Corp.

  13,372   281,347
        9,581,560
Financials-18.23%
Ambac Financial Group, Inc.(b)

  9,688   142,898
American Equity Investment Life Holding Co.(b)

  13,581   749,128
Ameris Bancorp

  14,424   614,174
AMERISAFE, Inc.

  4,081   196,541
Apollo Commercial Real Estate Finance, Inc.(c)

  28,807   310,539
Arbor Realty Trust, Inc.(c)

  39,277   490,177
Artisan Partners Asset Management, Inc., Class A(c)

  15,011   565,164
Assured Guaranty Ltd.

  12,688   861,642
Atlantic Union Bankshares Corp.(c)

  16,700   510,519
Axos Financial, Inc.(b)(c)

  11,476   439,187
B. Riley Financial, Inc.(c)

  3,596   66,166
Banc of California, Inc.(c)

  11,527   133,252
BancFirst Corp.

  3,988   345,480
Bancorp, Inc. (The)(b)

  12,012   468,588
Bank of Hawaii Corp.

  9,054   525,766
BankUnited, Inc.

  16,424   453,138
Banner Corp.

  7,380   333,133
Berkshire Hills Bancorp, Inc.(c)

  9,629   201,535
Bread Financial Holdings, Inc.(c)

  10,853   304,969
Brightsphere Investment Group, Inc.

  7,073   123,424
Brookline Bancorp, Inc.

  19,582   186,616
Capitol Federal Financial, Inc.

  27,604   148,786
Central Pacific Financial Corp.

  5,975   104,981
City Holding Co.(c)

  3,249   312,781
Community Bank System, Inc.

  12,241   543,011
Customers Bancorp, Inc.(b)

  6,366   286,916
  Shares   Value
Financials-(continued)
CVB Financial Corp.(c)

  28,379   $507,416
Dime Community Bancshares, Inc.(c)

  7,042   141,544
Donnelley Financial Solutions, Inc.(b)

  5,549   327,502
Eagle Bancorp, Inc.(c)

  6,560   155,734
Ellington Financial, Inc.

  13,940   181,220
Employers Holdings, Inc.

  5,863   224,612
Encore Capital Group, Inc.(b)(c)

  5,065   226,912
Enova International, Inc.(b)

  6,863   282,756
EVERTEC, Inc.

  14,230   526,083
EZCORP, Inc., Class A(b)(c)

  11,458   93,956
FB Financial Corp.(c)

  7,904   265,258
First Bancorp

  38,507   577,605
First Bancorp(c)

  9,038   283,251
First Commonwealth Financial Corp.

  23,047   308,138
First Financial Bancorp

  20,879   421,965
First Hawaiian, Inc.

  28,385   557,765
Franklin BSP Realty Trust, Inc.(c)

  18,239   238,566
Fulton Financial Corp.(c)

  36,459   518,812
Genworth Financial, Inc., Class A(b)

  106,421   626,820
Green Dot Corp., Class A(b)

  10,317   82,742
Hanmi Financial Corp.

  6,776   112,753
HCI Group, Inc.

  1,548   131,224
Heritage Financial Corp.

  7,794   138,889
Hilltop Holdings, Inc.

  10,320   303,924
Hope Bancorp, Inc.

  26,291   257,652
Horace Mann Educators Corp.

  8,777   293,678
Independent Bank Corp.

  9,523   543,001
Independent Bank Group, Inc.

  8,172   316,093
Jackson Financial, Inc., Class A

  12,583   600,587
James River Group Holdings Ltd.

  8,042   72,217
Lakeland Financial Corp.(c)

  5,802   322,301
Mercury General Corp.

  5,859   218,248
Moelis & Co., Class A(c)

  14,884   706,246
Mr. Cooper Group, Inc.(b)

  15,355   929,285
National Bank Holdings Corp., Class A

  8,267   272,894
Navient Corp.

  21,443   367,319
NBT Bancorp, Inc.

  10,555   375,019
NMI Holdings, Inc., Class A(b)

  18,038   496,045
Northfield Bancorp, Inc.

  8,954   85,421
Northwest Bancshares, Inc.

  28,007   311,998
OFG Bancorp

  10,215   342,815
Pacific Premier Bancorp, Inc.

  21,282   479,271
Palomar Holdings, Inc.(b)

  5,439   318,236
Park National Corp.(c)

  3,232   358,752
Pathward Financial, Inc.

  5,808   288,019
Payoneer Global, Inc.(b)(c)

  43,990   227,868
PennyMac Mortgage Investment Trust(c)

  19,492   273,668
Piper Sandler Cos.

  3,258   504,110
PRA Group, Inc.(b)

  8,491   157,338
Preferred Bank(c)

  2,835   174,721
ProAssurance Corp.

  11,603   143,529
PROG Holdings, Inc.(b)

  10,275   280,096
Provident Financial Services, Inc.

  16,639   253,246
Radian Group, Inc.

  34,551   888,306
Ready Capital Corp.(c)

  35,446   362,258
Renasant Corp.

  12,590   342,952
S&T Bancorp, Inc.

  8,537   238,951
Safety Insurance Group, Inc.

  3,236   248,945
Seacoast Banking Corp. of Florida(c)

  18,400   427,616
ServisFirst Bancshares, Inc.

  11,056   565,625
Simmons First National Corp., Class A

  28,435   454,676
SiriusPoint Ltd. (Bermuda)(b)

  19,284   205,953
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Financials-(continued)
Southside Bancshares, Inc.

  6,483   $177,829
Stellar Bancorp, Inc.(c)

  9,614   229,390
Stewart Information Services Corp.(c)

  5,830   275,467
StoneX Group, Inc.(b)

  5,803   354,737
Tompkins Financial Corp.

  2,822   149,481
Triumph Financial, Inc.(b)(c)

  4,679   317,564
TrustCo Bank Corp.

  4,105   110,178
Trustmark Corp.

  13,540   310,201
United Community Banks, Inc.(c)

  25,901   638,460
United Fire Group, Inc.

  4,807   100,418
Veritex Holdings, Inc.(c)

  12,059   230,809
Virtus Investment Partners, Inc.

  1,513   295,973
WaFd, Inc.

  14,562   389,242
Walker & Dunlop, Inc.(c)

  6,927   582,007
Westamerica Bancorporation

  5,752   291,684
WisdomTree, Inc.(c)

  24,384   158,740
World Acceptance Corp.(b)(c)

  757   84,368
WSFS Financial Corp.(c)

  13,542   522,315
        35,577,776
Health Care-8.63%
AdaptHealth Corp.(b)(c)

  17,571   149,002
Addus HomeCare Corp.(b)

  3,659   319,065
Agiliti, Inc.(b)(c)

  8,085   65,165
AMN Healthcare Services, Inc.(b)

  8,715   590,877
Amphastar Pharmaceuticals, Inc.(b)

  8,270   465,766
ANI Pharmaceuticals, Inc.(b)

  3,130   155,905
Apollo Medical Holdings, Inc.(b)(c)

  10,556   350,776
Arcus Biosciences, Inc.(b)(c)

  10,211   153,778
Artivion, Inc.(b)(c)

  9,306   165,088
Avanos Medical, Inc.(b)

  10,375   223,581
BioLife Solutions, Inc.(b)

  7,164   88,619
Catalyst Pharmaceuticals, Inc.(b)(c)

  22,728   327,965
Certara, Inc.(b)(c)

  24,208   348,837
Collegium Pharmaceutical, Inc.(b)(c)

  7,282   186,638
Community Health Systems, Inc.(b)

  27,898   71,698
CONMED Corp.(c)

  6,730   721,927
Corcept Therapeutics, Inc.(b)

  20,203   514,570
CorVel Corp.(b)(c)

  2,048   427,745
Cross Country Healthcare, Inc.(b)

  7,548   152,998
Dynavax Technologies Corp.(b)(c)

  26,474   362,694
Enhabit, Inc.(b)(c)

  11,030   117,580
Ensign Group, Inc. (The)(c)

  12,650   1,354,436
Fortrea Holdings, Inc.(b)

  20,223   595,365
Fulgent Genetics, Inc.(b)(c)

  4,404   121,462
Glaukos Corp.(b)

  10,155   648,803
Harmony Biosciences Holdings, Inc.(b)(c)

  6,327   183,863
HealthStream, Inc.

  5,174   129,350
Innoviva, Inc.(b)(c)

  12,913   178,845
Integer Holdings Corp.(b)

  7,566   659,907
LeMaitre Vascular, Inc.

  4,251   224,028
Ligand Pharmaceuticals, Inc.(b)

  3,609   210,441
Merit Medical Systems, Inc.(b)

  12,465   891,995
Mesa Laboratories, Inc.

  1,178   100,566
NeoGenomics, Inc.(b)(c)

  28,940   525,840
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(c)(f)

  762   0
OmniAb Operations, Inc., Rts., expiring 11/02/2027(b)(f)

  762   0
OraSure Technologies, Inc.(b)(c)

  16,484   120,663
Orthofix Medical, Inc.(b)

  8,029   88,720
Owens & Minor, Inc.(b)

  15,293   304,025
Pediatrix Medical Group, Inc.(b)

  19,122   160,242
  Shares   Value
Health Care-(continued)
Phibro Animal Health Corp., Class A

  4,738   $45,437
Prestige Consumer Healthcare, Inc.(b)(c)

  10,778   618,118
Privia Health Group, Inc.(b)(c)

  20,558   424,728
RadNet, Inc.(b)

  13,344   443,421
Schrodinger, Inc.(b)(c)

  11,900   369,971
Select Medical Holdings Corp.

  23,764   537,066
Simulations Plus, Inc.(c)

  3,468   135,946
Supernus Pharmaceuticals, Inc.(b)(c)

  11,735   319,779
UFP Technologies, Inc.(b)(c)

  1,524   253,685
US Physical Therapy, Inc.(c)

  3,299   280,514
Varex Imaging Corp.(b)(c)

  8,759   165,107
Veradigm, Inc.(b)(c)

  23,818   273,431
Vericel Corp.(b)

  10,033   356,573
Vir Biotechnology, Inc.(b)

  17,187   163,105
        16,845,706
Industrials-18.65%
AAON, Inc.

  13,367   836,774
AAR Corp.(b)

  7,436   515,315
ABM Industries, Inc.

  14,417   590,953
AeroVironment, Inc.(b)

  4,585   630,942
Alamo Group, Inc.

  2,228   409,284
Albany International Corp., Class A

  7,034   603,658
Allegiant Travel Co.

  3,470   237,660
American Woodmark Corp.(b)

  3,538   256,151
Apogee Enterprises, Inc.

  4,947   223,110
Applied Industrial Technologies, Inc.

  8,150   1,304,570
ArcBest Corp.

  5,227   623,006
Arcosa, Inc.

  10,825   803,215
Astec Industries, Inc.

  5,290   164,466
AZZ, Inc.

  5,543   272,549
Barnes Group, Inc.

  11,324   298,727
Boise Cascade Co.

  8,847   966,977
Brady Corp., Class A

  8,983   505,473
Comfort Systems USA, Inc.

  7,557   1,462,884
CoreCivic, Inc.(b)

  24,762   358,306
CSG Systems International, Inc.

  6,633   326,277
Deluxe Corp.

  9,497   173,700
DXP Enterprises, Inc.(b)

  3,131   91,676
Dycom Industries, Inc.(b)

  6,493   674,428
Encore Wire Corp.(c)

  3,784   697,391
Enerpac Tool Group Corp.

  12,495   341,113
Enpro, Inc.

  4,766   612,097
Enviri Corp.(b)

  17,113   100,967
ESCO Technologies, Inc.

  5,777   606,469
Federal Signal Corp.

  13,885   957,232
Forrester Research, Inc.(b)

  2,519   60,909
Forward Air Corp.

  5,587   354,942
Franklin Electric Co., Inc.

  8,621   767,269
GEO Group, Inc. (The)(b)(c)

  26,468   268,650
Gibraltar Industries, Inc.(b)

  6,777   455,347
GMS, Inc.(b)

  9,399   635,748
Granite Construction, Inc.

  9,643   443,096
Greenbrier Cos., Inc. (The)

  6,996   263,819
Griffon Corp.

  10,534   490,147
Healthcare Services Group, Inc.

  16,323   158,496
Heartland Express, Inc.

  10,092   135,435
Heidrick & Struggles International, Inc.

  4,496   122,201
Hillenbrand, Inc.

  15,840   613,642
HNI Corp.

  10,236   399,921
Hub Group, Inc., Class A(b)

  7,027   530,890
Insteel Industries, Inc.

  4,241   144,279
Interface, Inc.

  12,950   130,924
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Industrials-(continued)
John Bean Technologies Corp.

  7,022   $725,373
Kaman Corp.

  6,521   132,181
Kelly Services, Inc., Class A

  7,102   147,651
Kennametal, Inc.

  17,712   412,867
Korn Ferry

  11,538   596,976
Lindsay Corp.

  2,396   285,867
Liquidity Services, Inc.(b)

  5,324   102,008
Marten Transport Ltd.

  12,850   242,222
MasterBrand, Inc.(b)

  29,053   389,891
Matson, Inc.

  8,005   766,639
Matthews International Corp., Class A

  6,697   228,703
MillerKnoll, Inc.

  16,984   438,187
Moog, Inc., Class A

  6,225   871,562
Mueller Industries, Inc.

  25,345   1,052,578
MYR Group, Inc.(b)

  3,723   463,216
National Presto Industries, Inc.

  1,160   86,675
NOW, Inc.(b)

  22,291   222,241
NV5 Global, Inc.(b)

  2,765   268,979
OPENLANE, Inc.(b)

  23,683   346,245
PGT Innovations, Inc.(b)

  13,412   431,732
Pitney Bowes, Inc.

  38,493   155,512
Powell Industries, Inc.

  1,978   164,490
Proto Labs, Inc.(b)

  5,766   208,729
Quanex Building Products Corp.

  6,841   210,634
Resideo Technologies, Inc.(b)

  32,478   533,614
Resources Connection, Inc.

  6,886   93,650
RXO, Inc.(b)

  25,977   544,478
SkyWest, Inc.(b)

  9,948   470,341
SPX Technologies, Inc.(b)

  9,973   850,797
Standex International Corp.

  2,582   345,523
Sun Country Airlines Holdings, Inc.(b)(c)

  7,754   117,706
SunPower Corp.(b)(c)

  19,824   82,270
Tennant Co.

  4,209   360,375
Titan International, Inc.(b)

  11,454   149,704
Trinity Industries, Inc.

  18,347   457,941
Triumph Group, Inc.(b)

  14,616   163,553
TrueBlue, Inc.(b)

  7,069   98,542
UniFirst Corp.

  3,266   563,712
Verra Mobility Corp., Class A(b)

  30,597   614,388
Viad Corp.(b)

  4,522   150,583
Wabash National Corp.

  10,316   226,127
        36,395,547
Information Technology-12.45%
A10 Networks, Inc.

  13,958   174,335
Adeia, Inc.

  23,775   218,492
Advanced Energy Industries, Inc.(c)

  8,339   792,622
Agilysys, Inc.(b)

  4,301   370,273
Alarm.com Holdings, Inc.(b)

  10,764   586,423
Alpha & Omega Semiconductor Ltd.(b)

  4,783   102,308
Arlo Technologies, Inc.(b)

  19,262   175,092
Axcelis Technologies, Inc.(b)(c)

  7,079   879,778
Badger Meter, Inc.

  6,400   943,168
Benchmark Electronics, Inc.

  8,141   203,118
Cerence, Inc.(b)(c)

  8,942   154,607
CEVA, Inc.(b)(c)

  5,019   109,213
Clearfield, Inc.(b)(c)

  2,852   72,555
Cohu, Inc.(b)

  10,538   334,371
Corsair Gaming, Inc.(b)(c)

  8,743   112,872
CTS Corp.(c)

  6,975   270,281
Digi International, Inc.(b)(c)

  7,871   185,283
Digital Turbine, Inc.(b)(c)

  20,847   96,939
Diodes, Inc.(b)

  10,008   664,731
  Shares   Value
Information Technology-(continued)
DoubleVerify Holdings, Inc.(b)

  23,031   $764,629
ePlus, Inc.(b)(c)

  5,842   370,850
Extreme Networks, Inc.(b)

  28,788   464,638
Fabrinet (Thailand)(b)

  8,157   1,320,618
FormFactor, Inc.(b)

  16,970   637,733
Harmonic, Inc.(b)

  24,565   271,689
Ichor Holdings Ltd.(b)

  6,585   172,066
Insight Enterprises, Inc.(b)(c)

  6,494   983,322
InterDigital, Inc.

  6,066   606,115
Itron, Inc.(b)

  10,227   689,095
Knowles Corp.(b)

  20,458   324,668
Kulicke & Soffa Industries, Inc. (Singapore)(c)

  12,476   642,764
LiveRamp Holdings, Inc.(b)(c)

  14,409   477,802
MaxLinear, Inc.(b)

  15,430   289,004
Methode Electronics, Inc.

  8,294   196,817
N-able, Inc.(b)

  14,354   170,956
NetScout Systems, Inc.(b)

  14,812   297,425
OneSpan, Inc.(b)(c)

  7,899   79,227
OSI Systems, Inc.(b)

  3,570   440,145
PC Connection, Inc.

  2,351   140,190
PDF Solutions, Inc.(b)

  6,667   199,943
Perficient, Inc.(b)(c)

  7,684   475,486
Photronics, Inc.(b)

  14,529   306,998
Plexus Corp.(b)(c)

  6,356   647,613
Progress Software Corp.

  9,560   514,902
Rambus, Inc.(b)(c)

  23,176   1,568,320
Rogers Corp.(b)

  4,195   542,833
Sanmina Corp.(b)

  12,897   646,269
ScanSource, Inc.(b)

  5,538   185,135
SMART Global Holdings, Inc.(b)(c)

  10,707   178,379
SPS Commerce, Inc.(b)

  8,198   1,412,351
TTM Technologies, Inc.(b)

  23,884   358,499
Ultra Clean Holdings, Inc.(b)

  10,319   280,058
Veeco Instruments, Inc.(b)(c)

  11,202   319,593
Viasat, Inc.(b)(c)

  17,831   364,644
Viavi Solutions, Inc.(b)(c)

  49,671   401,342
Xperi, Inc.(b)

  9,636   99,444
        24,288,023
Materials-5.54%
AdvanSix, Inc.

  6,058   158,296
ATI, Inc.(b)(c)

  27,908   1,226,557
Balchem Corp.

  7,341   915,569
Carpenter Technology Corp.

  10,511   744,284
Century Aluminum Co.(b)(c)

  11,013   86,562
Clearwater Paper Corp.(b)

  3,929   137,790
Compass Minerals International, Inc.(c)

  7,665   186,106
H.B. Fuller Co.

  11,812   893,932
Hawkins, Inc.

  4,040   248,218
Haynes International, Inc.

  2,701   132,565
Ingevity Corp.(b)

  7,515   291,507
Innospec, Inc.

  5,513   579,251
Kaiser Aluminum Corp.

  3,498   204,563
Koppers Holdings, Inc.

  4,462   201,549
Livent Corp.(b)(c)

  40,356   555,299
Materion Corp.

  4,592   519,401
Mativ Holdings, Inc., Class A

  12,012   140,540
Mercer International, Inc. (Germany)

  9,440   90,435
Minerals Technologies, Inc.

  7,474   468,171
Myers Industries, Inc.

  8,031   141,506
O-I Glass, Inc.(b)

  34,427   508,142
Olympic Steel, Inc.

  2,169   122,614
Quaker Chemical Corp.(c)

  3,052   545,667
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Materials-(continued)
Stepan Co.

  4,980   $411,199
SunCoke Energy, Inc.

  18,076   168,288
Sylvamo Corp.(c)

  7,012   352,563
TimkenSteel Corp.(b)(c)

  8,771   178,227
Warrior Met Coal, Inc.

  10,583   592,330
        10,801,131
Real Estate-7.15%
Acadia Realty Trust(c)

  20,051   303,171
Alexander & Baldwin, Inc.

  16,059   268,988
American Assets Trust, Inc.

  11,497   231,550
Anywhere Real Estate, Inc.(b)

  21,039   113,190
Armada Hoffler Properties, Inc.

  14,643   160,780
Brandywine Realty Trust

  36,294   161,871
CareTrust REIT, Inc.

  21,672   500,190
Chatham Lodging Trust

  10,530   104,352
Community Healthcare Trust, Inc.

  5,352   145,039
Cushman & Wakefield PLC(b)

  35,982   295,412
DiamondRock Hospitality Co.

  45,793   380,998
Douglas Emmett, Inc.(c)

  36,115   441,325
Easterly Government Properties, Inc.(c)

  20,260   236,232
Elme Communities

  19,182   252,052
Essential Properties Realty Trust, Inc.

  32,530   772,588
eXp World Holdings, Inc.(c)

  15,722   190,393
Four Corners Property Trust, Inc.

  19,320   444,167
Getty Realty Corp.

  9,602   282,587
Global Net Lease, Inc.(c)

  23,267   204,284
Hudson Pacific Properties, Inc.(c)

  26,036   152,831
Innovative Industrial Properties, Inc.(c)

  5,994   489,470
JBG SMITH Properties, (Acquired 06/16/2023 - 11/29/2023; Cost $312,423)(c)(d)

  20,393   279,792
LTC Properties, Inc.

  9,114   297,299
LXP Industrial Trust

  64,926   570,050
Macerich Co. (The)(c)

  45,634   523,422
Marcus & Millichap, Inc.(c)

  5,266   181,203
Pebblebrook Hotel Trust(c)

  26,033   331,921
Phillips Edison & Co., Inc.(c)

  24,504   863,521
Retail Opportunity Investments Corp.

  27,061   348,275
RPT Realty

  18,691   217,189
Safehold, Inc.(b)(c)

  9,665   190,304
Service Properties Trust

  36,740   262,691
SITE Centers Corp.

  39,015   514,608
SL Green Realty Corp.

  14,017   512,602
St. Joe Co. (The)

  7,589   390,302
Summit Hotel Properties, Inc.

  22,589   141,407
Sunstone Hotel Investors, Inc.(c)

  44,894   443,553
Tanger, Inc.(c)

  22,660   565,594
  Shares   Value
Real Estate-(continued)
Universal Health Realty Income Trust

  2,806   $111,875
Urban Edge Properties(c)

  24,950   417,913
Veris Residential, Inc.

  17,688   256,299
Whitestone REIT

  10,043   110,071
Xenia Hotels & Resorts, Inc.(c)

  23,492   286,837
        13,948,198
Utilities-2.08%
American States Water Co.

  8,198   655,020
Avista Corp.

  16,499   560,141
California Water Service Group

  12,488   631,518
Chesapeake Utilities Corp.

  3,936   376,282
Middlesex Water Co.

  3,961   253,108
Northwest Natural Holding Co.

  7,799   285,600
Otter Tail Corp.(c)

  9,372   715,177
SJW Group

  6,234   409,200
Unitil Corp.

  3,482   168,807
        4,054,853
Total Common Stocks & Other Equity Interests

(Cost $183,986,601)

  194,903,854
Money Market Funds-0.07%
Invesco Government & Agency Portfolio, Institutional Class, 5.28%(g)(h)

(Cost $135,024)

  135,024   135,024
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.96%

(Cost $184,121,625)

  195,038,878
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-21.04%
Invesco Private Government Fund, 5.32%(g)(h)(i)

  12,522,723   12,522,723
Invesco Private Prime Fund, 5.55%(g)(h)(i)

  28,512,159   28,523,564
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $41,039,476)

  41,046,287
TOTAL INVESTMENTS IN SECURITIES-121.00%

(Cost $225,161,101)

  236,085,165
OTHER ASSETS LESS LIABILITIES-(21.00)%

  (40,975,318)
NET ASSETS-100.00%

  $195,109,847
 
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS)—(continued)
November 30, 2023
(Unaudited)
Investment Abbreviations:
REIT -Real Estate Investment Trust
Rts. -Rights
    
Notes to Schedule of Investments:
(a) Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.
(b) Non-income producing security.
(c) All or a portion of this security was out on loan at November 30, 2023.
(d) Restricted security. The aggregate value of these securities at November 30, 2023 was $375,880, which represented less than 1% of the Fund’s Net Assets.
(e) Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at November 30, 2023 represented less than 1% of the Fund’s Net Assets.
(f) Security valued using significant unobservable inputs (Level 3). See Note 1.
(g) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $1,432,563   $(1,297,539)   $-   $-   $135,024   $917
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 11,755,881   19,476,852   (18,710,010)   -   -   12,522,723   147,983*
Invesco Private Prime Fund 31,259,276   40,522,612   (43,270,603)   5,637   6,642   28,523,564   397,913*
Total $43,015,157   $61,432,027   $(63,278,152)   $5,637   $6,642   $41,181,311   $546,813
    
* 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.
    
(h) The rate shown is the 7-day SEC standardized yield as of November 30, 2023.
(i) 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 High Dividend Low Volatility ETF (XSHD)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.70%
Communication Services-5.18%
ATN International, Inc.

  4,971   $151,317
Cogent Communications Holdings, Inc.

  7,294   465,795
John Wiley & Sons, Inc., Class A

  10,124   305,846
Scholastic Corp.(b)

  3,938   149,605
        1,072,563
Consumer Discretionary-12.10%
Buckle, Inc. (The)(b)

  9,443   364,122
Cracker Barrel Old Country Store, Inc.(b)

  4,831   324,305
Ethan Allen Interiors, Inc.(b)

  12,455   334,292
Guess?, Inc.

  20,727   456,409
Haverty Furniture Cos., Inc., (Acquired 07/31/2023 - 11/29/2023; Cost $317,668)(c)

  9,145   286,604
M.D.C. Holdings, Inc.

  7,514   332,570
Movado Group, Inc.(b)

  15,601   407,966
        2,506,268
Consumer Staples-15.38%
Cal-Maine Foods, Inc.

  15,062   721,771
Fresh Del Monte Produce, Inc.

  7,951   181,283
J&J Snack Foods Corp.

  912   150,070
Medifast, Inc.(b)

  6,033   400,470
Nu Skin Enterprises, Inc., Class A

  13,360   227,387
SpartanNash Co.

  13,929   308,806
Universal Corp.

  10,806   607,946
Vector Group Ltd.

  40,540   434,183
WD-40 Co.(b)

  636   153,836
        3,185,752
Energy-4.92%
Archrock, Inc.

  43,353   628,185
California Resources Corp.

  3,668   187,838
World Kinect Corp.

  9,671   203,478
        1,019,501
Financials-25.21%
Apollo Commercial Real Estate Finance, Inc.(b)

  48,234   519,962
ARMOUR Residential REIT, Inc.(b)

  26,354   463,830
Ellington Financial, Inc.(b)

  42,576   553,488
KKR Real Estate Finance Trust, Inc.(b)

  50,225   630,826
New York Mortgage Trust, Inc.(b)

  65,439   575,209
PennyMac Mortgage Investment Trust(b)

  41,296   579,796
Ready Capital Corp.(b)

  56,348   575,877
Redwood Trust, Inc.(b)

  87,998   625,666
Two Harbors Investment Corp.(b)

  50,252   696,493
        5,221,147
Health Care-0.89%
Phibro Animal Health Corp., Class A

  19,296   185,049
Industrials-10.26%
Deluxe Corp.(b)

  31,281   572,130
Healthcare Services Group, Inc.

  16,362   158,875
HNI Corp.

  13,076   510,879
Kennametal, Inc.(b)

  7,981   186,037
  Shares   Value
Industrials-(continued)
Resources Connection, Inc.

  17,974   $244,446
Trinity Industries, Inc.

  12,266   306,159
TTEC Holdings, Inc.

  7,784   145,717
        2,124,243
Information Technology-1.54%
Adeia, Inc.

  12,919   118,725
Benchmark Electronics, Inc.

  8,023   200,174
        318,899
Materials-6.01%
Haynes International, Inc.

  2,911   142,872
Mercer International, Inc. (Germany)(b)

  35,788   342,849
Myers Industries, Inc.

  11,566   203,793
SunCoke Energy, Inc.

  38,962   362,736
Sylvamo Corp.

  3,828   192,472
        1,244,722
Real Estate-10.47%
Brandywine Realty Trust(b)

  146,221   652,145
Easterly Government Properties, Inc.(b)

  40,795   475,670
Global Net Lease, Inc.(b)

  60,923   534,904
Outfront Media, Inc.

  41,234   504,292
        2,167,011
Utilities-7.74%
American States Water Co.

  1,711   136,709
Avista Corp.

  9,587   325,478
California Water Service Group

  3,101   156,817
Chesapeake Utilities Corp.

  1,255   119,978
Northwest Natural Holding Co.

  8,398   307,535
Otter Tail Corp.

  2,112   161,167
SJW Group

  2,434   159,768
Unitil Corp.

  4,838   234,546
        1,601,998
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.70%

(Cost $24,580,448)

  20,647,153
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-31.39%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  1,820,161   1,820,161
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  4,677,327   4,679,198
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $6,498,401)

  6,499,359
TOTAL INVESTMENTS IN SECURITIES-131.09%

(Cost $31,078,849)

  27,146,512
OTHER ASSETS LESS LIABILITIES-(31.09)%

  (6,438,366)
NET ASSETS-100.00%

  $20,708,146
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap High Dividend Low Volatility ETF (XSHD)—(continued)
November 30, 2023
(Unaudited)
Investment Abbreviations:
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) All or a portion of this security was out on loan at November 30, 2023.
(c) Restricted security. The value of this security at November 30, 2023 represented 1.38% of the Fund’s Net Assets.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $216,521   $(216,521)   $-   $-   $-   $126
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,724,212   3,952,750   (3,856,801)   -   -   1,820,161   20,339*
Invesco Private Prime Fund 4,433,688   9,588,193   (9,344,471)   857   931   4,679,198   53,712*
Total $6,157,900   $13,757,464   $(13,417,793)   $857   $931   $6,499,359   $74,177
    
* 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 November 30, 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 Low Volatility ETF (XSLV)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.88%
Communication Services-2.33%
Cogent Communications Holdings, Inc.

  41,570   $2,654,660
Madison Square Garden Sports Corp., Class A(b)(c)

  18,642   3,154,040
Marcus Corp. (The)

  222,540   3,095,532
        8,904,232
Consumer Discretionary-4.05%
Buckle, Inc. (The)(c)

  78,805   3,038,721
Monarch Casino & Resort, Inc.

  53,554   3,367,476
Standard Motor Products, Inc.

  88,787   3,193,668
Strategic Education, Inc.(c)

  33,085   2,943,572
Sturm Ruger & Co., Inc.(c)

  66,875   2,939,825
        15,483,262
Consumer Staples-10.67%
Central Garden & Pet Co., Class A(b)

  69,141   2,508,436
Edgewell Personal Care Co.

  89,530   3,116,539
Energizer Holdings, Inc.(c)

  80,520   2,483,237
Fresh Del Monte Produce, Inc.

  139,229   3,174,421
J&J Snack Foods Corp.

  21,117   3,474,802
John B. Sanfilippo & Son, Inc.

  33,741   3,105,522
National Beverage Corp.(b)(c)

  58,702   2,790,693
PriceSmart, Inc.(c)

  40,932   2,758,408
Simply Good Foods Co. (The)(b)(c)

  74,237   2,875,941
SpartanNash Co.

  130,161   2,885,669
Tootsie Roll Industries, Inc.(c)

  118,555   3,922,985
TreeHouse Foods, Inc.(b)(c)

  79,257   3,226,553
Universal Corp.

  80,093   4,506,032
        40,829,238
Financials-18.68%
Ambac Financial Group, Inc.(b)(c)

  215,539   3,179,200
AMERISAFE, Inc.

  70,149   3,378,376
Artisan Partners Asset Management, Inc., Class A(c)

  75,908   2,857,936
Assured Guaranty Ltd.(c)

  49,315   3,348,982
City Holding Co.(c)

  35,759   3,442,519
Ellington Financial, Inc.(c)

  255,708   3,324,204
Employers Holdings, Inc.

  87,913   3,367,947
EVERTEC, Inc.

  90,948   3,362,348
Franklin BSP Realty Trust, Inc.(c)

  211,936   2,772,123
Horace Mann Educators Corp.

  103,711   3,470,170
Mr. Cooper Group, Inc.(b)

  49,754   3,011,112
Navient Corp.

  168,179   2,880,906
NMI Holdings, Inc., Class A(b)

  107,655   2,960,513
Northfield Bancorp, Inc.

  317,236   3,026,431
Northwest Bancshares, Inc.(c)

  270,232   3,010,384
OFG Bancorp

  85,861   2,881,495
Radian Group, Inc.

  128,532   3,304,558
S&T Bancorp, Inc.(c)

  99,942   2,797,377
Safety Insurance Group, Inc.

  44,062   3,389,690
Southside Bancshares, Inc.(c)

  96,094   2,635,858
TrustCo Bank Corp.

  105,378   2,828,346
Westamerica Bancorporation

  61,930   3,140,470
WisdomTree, Inc.(c)

  476,214   3,100,153
        71,471,098
Health Care-5.89%
CorVel Corp.(b)(c)

  15,312   3,198,064
Ensign Group, Inc. (The)(c)

  35,709   3,823,363
HealthStream, Inc.

  119,137   2,978,425
Innoviva, Inc.(b)(c)

  229,637   3,180,472
Merit Medical Systems, Inc.(b)

  41,776   2,989,490
  Shares   Value
Health Care-(continued)
Premier, Inc., Class A

  137,637   $2,833,946
Prestige Consumer Healthcare, Inc.(b)(c)

  61,502   3,527,140
        22,530,900
Industrials-17.80%
AAR Corp.(b)

  47,049   3,260,496
ABM Industries, Inc.

  75,191   3,082,079
Alamo Group, Inc.

  15,248   2,801,058
Albany International Corp., Class A

  37,830   3,246,571
Apogee Enterprises, Inc.

  66,604   3,003,840
Applied Industrial Technologies, Inc.

  17,839   2,855,489
AZZ, Inc.(c)

  59,903   2,945,430
Brady Corp., Class A(c)

  65,563   3,689,230
CSG Systems International, Inc.

  57,752   2,840,821
ESCO Technologies, Inc.

  30,411   3,192,547
Federal Signal Corp.(c)

  46,868   3,231,080
Franklin Electric Co., Inc.

  37,649   3,350,761
Heartland Express, Inc.

  225,036   3,019,983
Hub Group, Inc., Class A(b)

  39,177   2,959,822
Korn Ferry

  65,003   3,363,255
Marten Transport Ltd.

  164,992   3,110,099
Moog, Inc., Class A

  22,429   3,140,284
National Presto Industries, Inc.

  42,321   3,162,225
Standex International Corp.

  21,940   2,936,011
Tennant Co.

  33,944   2,906,285
UniFirst Corp.

  18,907   3,263,348
Verra Mobility Corp., Class A(b)(c)

  136,970   2,750,358
        68,111,072
Information Technology-6.50%
Badger Meter, Inc.

  19,423   2,862,367
Benchmark Electronics, Inc.

  125,466   3,130,377
CTS Corp.(c)

  70,400   2,728,000
Insight Enterprises, Inc.(b)(c)

  23,266   3,522,938
OSI Systems, Inc.(b)(c)

  25,148   3,100,497
Plexus Corp.(b)(c)

  28,532   2,907,125
Progress Software Corp.

  68,667   3,698,405
ScanSource, Inc.(b)

  87,295   2,918,272
        24,867,981
Materials-4.20%
Balchem Corp.

  25,921   3,232,867
H.B. Fuller Co.

  42,796   3,238,801
Innospec, Inc.

  32,016   3,363,921
Sensient Technologies Corp.

  52,898   3,064,910
Stepan Co.

  38,359   3,167,303
        16,067,802
Real Estate-22.43%
Acadia Realty Trust(c)

  185,771   2,808,857
Alexander & Baldwin, Inc.

  198,698   3,328,191
Apple Hospitality REIT, Inc.

  200,589   3,343,819
Armada Hoffler Properties, Inc.(c)

  296,863   3,259,556
CareTrust REIT, Inc.(c)

  167,200   3,858,976
Centerspace(c)

  56,595   3,018,777
Chatham Lodging Trust(c)

  282,464   2,799,218
Community Healthcare Trust, Inc.

  129,086   3,498,231
Easterly Government Properties, Inc.(c)

  267,531   3,119,411
Elme Communities

  252,417   3,316,759
Essential Properties Realty Trust, Inc.(c)

  158,791   3,771,286
Four Corners Property Trust, Inc.(c)

  196,877   4,526,202
Getty Realty Corp.(c)

  140,460   4,133,738
LTC Properties, Inc.

  116,998   3,816,475
LXP Industrial Trust(c)

  369,079   3,240,514
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap Low Volatility ETF (XSLV)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Real Estate-(continued)
Marcus & Millichap, Inc.(c)

  88,418   $3,042,463
Phillips Edison & Co., Inc.(c)

  103,724   3,655,234
Retail Opportunity Investments Corp.(c)

  248,449   3,197,539
Saul Centers, Inc.(c)

  79,650   2,943,067
SITE Centers Corp.

  224,651   2,963,147
Sunstone Hotel Investors, Inc.(c)

  292,109   2,886,037
Tanger, Inc.(c)

  117,508   2,933,000
Universal Health Realty Income Trust(c)

  86,916   3,465,341
Urban Edge Properties

  172,485   2,889,124
Veris Residential, Inc.(c)

  194,012   2,811,234
Whitestone REIT

  291,329   3,192,966
        85,819,162
Utilities-7.33%
American States Water Co.

  45,583   3,642,082
Avista Corp.

  101,270   3,438,117
California Water Service Group

  69,045   3,491,606
Chesapeake Utilities Corp.

  38,074   3,639,874
Middlesex Water Co.

  50,240   3,210,336
Northwest Natural Holding Co.

  101,170   3,704,845
SJW Group

  54,524   3,578,955
Unitil Corp.

  68,588   3,325,146
        28,030,961
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.88%

(Cost $399,868,478)

  382,115,708
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-15.24%
Invesco Private Government Fund, 5.32%(d)(e)(f)

  16,332,194   $16,332,194
Invesco Private Prime Fund, 5.55%(d)(e)(f)

  41,951,109   41,967,889
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $58,293,095)

  58,300,083
TOTAL INVESTMENTS IN SECURITIES-115.12%

(Cost $458,161,573)

  440,415,791
OTHER ASSETS LESS LIABILITIES-(15.12)%

  (57,853,688)
NET ASSETS-100.00%

  $382,562,103
 
Investment Abbreviations:
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 November 30, 2023.
(d) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $7,145,200   $(7,145,200)   $-   $-   $-   $3,989
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 13,093,200   37,209,542   (33,970,548)   -   -   16,332,194   193,961*
Invesco Private Prime Fund 41,909,242   69,878,411   (69,834,348)   7,676   6,908   41,967,889   526,153*
Total $55,002,442   $114,233,153   $(110,950,096)   $7,676   $6,908   $58,300,083   $724,103
    
* 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 November 30, 2023.
(f) The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.  
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap Low Volatility ETF (XSLV)—(continued)
November 30, 2023
(Unaudited)
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
See accompanying notes which are an integral part of this schedule.

Schedule of Investments(a)
Invesco S&P SmallCap Quality ETF (XSHQ)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.83%
Communication Services-0.44%
Scholastic Corp.

  9,479   $360,107
Consumer Discretionary-17.06%
Academy Sports & Outdoors, Inc.(b)

  31,313   1,592,892
Asbury Automotive Group, Inc.(c)

  8,484   1,780,113
Buckle, Inc. (The)(b)

  14,112   544,159
Caleres, Inc.(b)

  10,747   326,279
Chico’s FAS, Inc.(c)

  42,013   316,778
Designer Brands, Inc., Class A

  13,558   157,815
Ethan Allen Interiors, Inc.(b)

  7,648   205,272
Green Brick Partners, Inc.(c)

  7,866   373,242
Haverty Furniture Cos., Inc., (Acquired 11/03/2021 - 11/30/2023; Cost $122,398)(d)

  4,092   128,243
Hibbett, Inc.

  3,897   243,757
Installed Building Products, Inc.(b)

  8,499   1,279,185
Kontoor Brands, Inc.

  16,290   895,461
LCI Industries

  8,030   871,335
M/I Homes, Inc.(c)

  8,403   886,601
Monarch Casino & Resort, Inc.

  4,564   286,984
Movado Group, Inc.(b)

  4,566   119,401
Patrick Industries, Inc.

  5,925   486,087
Signet Jewelers Ltd.(b)

  13,803   1,134,331
Steven Madden Ltd.(b)

  31,120   1,180,070
Sturm Ruger & Co., Inc.

  9,162   402,762
Tri Pointe Homes, Inc.(c)

  30,785   898,306
        14,109,073
Consumer Staples-4.37%
Cal-Maine Foods, Inc.

  21,935   1,051,125
John B. Sanfilippo & Son, Inc.

  2,681   246,759
Medifast, Inc.(b)

  7,328   486,433
National Beverage Corp.(b)(c)

  11,724   557,359
USANA Health Sciences, Inc.(c)

  4,099   193,719
WD-40 Co.(b)

  4,449   1,076,124
        3,611,519
Energy-11.56%
Callon Petroleum Co.(b)(c)

  19,275   602,729
Comstock Resources, Inc.

  41,270   407,335
CONSOL Energy, Inc.(b)

  16,846   1,796,963
CVR Energy, Inc.(b)

  12,445   395,378
Dorian LPG Ltd.

  11,944   505,948
Helmerich & Payne, Inc.

  29,976   1,086,030
Par Pacific Holdings, Inc.(c)

  29,744   1,019,327
Patterson-UTI Energy, Inc.

  63,156   739,557
RPC, Inc.(b)

  26,712   193,662
SM Energy Co.

  50,349   1,885,570
Talos Energy, Inc.(c)

  23,967   333,621
US Silica Holdings, Inc.(c)

  22,573   254,623
Vital Energy, Inc.(c)

  7,661   343,519
        9,564,262
Financials-13.99%
Ambac Financial Group, Inc.(c)

  15,647   230,793
American Equity Investment Life Holding Co.(c)

  35,108   1,936,557
AMERISAFE, Inc.

  6,736   324,406
BancFirst Corp.

  5,417   469,275
Bancorp, Inc. (The)(b)(c)

  18,073   705,028
Central Pacific Financial Corp.

  7,134   125,344
Donnelley Financial Solutions, Inc.(c)

  9,589   565,943
EVERTEC, Inc.

  36,576   1,352,215
  Shares   Value
Financials-(continued)
First Bancorp

  56,582   $848,730
Lakeland Financial Corp.(b)

  7,960   442,178
NMI Holdings, Inc., Class A(c)

  28,291   778,002
OFG Bancorp

  14,211   476,921
Palomar Holdings, Inc.(c)

  7,630   446,431
Pathward Financial, Inc.

  9,079   450,228
Preferred Bank(b)

  4,357   268,522
Radian Group, Inc.

  50,801   1,306,094
Virtus Investment Partners, Inc.

  1,843   360,528
Westamerica Bancorporation

  9,502   481,846
        11,569,041
Health Care-5.85%
AMN Healthcare Services, Inc.(b)(c)

  18,475   1,252,605
Amphastar Pharmaceuticals, Inc.(c)

  11,403   642,217
Catalyst Pharmaceuticals, Inc.(b)(c)

  50,155   723,737
CorVel Corp.(c)

  3,993   833,978
Cross Country Healthcare, Inc.(c)

  12,761   258,665
Innoviva, Inc.(b)(c)

  22,267   308,398
Ironwood Pharmaceuticals, Inc.(b)(c)

  52,653   521,265
Vir Biotechnology, Inc.(b)(c)

  31,143   295,547
        4,836,412
Industrials-26.51%
Apogee Enterprises, Inc.

  7,643   344,699
Applied Industrial Technologies, Inc.

  12,575   2,012,880
ArcBest Corp.

  7,907   942,435
Arcosa, Inc.(b)

  14,264   1,058,389
Boise Cascade Co.

  12,967   1,417,293
Brady Corp., Class A

  15,701   883,495
Comfort Systems USA, Inc.

  12,388   2,398,069
Encore Wire Corp.(b)

  7,220   1,330,646
Enpro, Inc.(b)

  7,127   915,321
Forrester Research, Inc.(c)

  3,311   80,060
Forward Air Corp.

  9,826   624,246
Hillenbrand, Inc.

  29,034   1,124,777
HNI Corp.

  14,258   557,060
Hub Group, Inc., Class A(c)

  9,935   750,589
Korn Ferry

  16,255   841,034
Liquidity Services, Inc.(c)

  7,396   141,707
Marten Transport Ltd.

  18,829   354,927
MasterBrand, Inc.(c)

  50,477   677,401
Matson, Inc.

  12,960   1,241,179
Mueller Industries, Inc.

  44,530   1,849,331
OPENLANE, Inc.(b)(c)

  39,341   575,165
Quanex Building Products Corp.

  8,891   273,754
Resources Connection, Inc.

  9,968   135,565
Standex International Corp.

  4,440   594,161
Titan International, Inc.(c)

  21,784   284,717
TrueBlue, Inc.(c)

  9,909   138,132
Wabash National Corp.

  17,232   377,726
        21,924,758
Information Technology-14.29%
A10 Networks, Inc.

  30,024   375,000
Badger Meter, Inc.

  10,360   1,526,753
Diodes, Inc.(c)

  15,395   1,022,536
Extreme Networks, Inc.(c)

  52,510   847,511
InterDigital, Inc.

  8,404   839,728
Kulicke & Soffa Industries, Inc. (Singapore)(b)

  22,343   1,151,111
MaxLinear, Inc.(c)

  27,758   519,907
PDF Solutions, Inc.(c)

  10,928   327,731
Photronics, Inc.(c)

  21,263   449,287
See accompanying notes which are an integral part of this schedule.

Invesco S&P SmallCap Quality ETF (XSHQ)—(continued)
November 30, 2023
(Unaudited)
  Shares   Value
Information Technology-(continued)
Progress Software Corp.

  14,850   $799,821
Rambus, Inc.(c)

  45,198   3,058,549
Sanmina Corp.(b)(c)

  18,026   903,283
        11,821,217
Materials-4.45%
AdvanSix, Inc.

  8,091   211,418
Innospec, Inc.

  7,560   794,329
Myers Industries, Inc.

  10,871   191,547
O-I Glass, Inc.(c)

  46,305   683,462
Olympic Steel, Inc.

  3,001   169,646
SunCoke Energy, Inc.

  23,410   217,947
Warrior Met Coal, Inc.

  25,168   1,408,653
        3,677,002
Utilities-1.31%
Otter Tail Corp.(b)

  14,252   1,087,570
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.83%

(Cost $78,708,310)

  82,560,961
  Shares   Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-17.70%
Invesco Private Government Fund, 5.32%(e)(f)(g)

  4,097,370   $4,097,370
Invesco Private Prime Fund, 5.55%(e)(f)(g)

  10,533,995   10,538,209
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $14,634,092)

  14,635,579
TOTAL INVESTMENTS IN SECURITIES-117.53%

(Cost $93,342,402)

  97,196,540
OTHER ASSETS LESS LIABILITIES-(17.53)%

  (14,493,744)
NET ASSETS-100.00%

  $82,702,796
 
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 November 30, 2023.
(c) Non-income producing security.
(d) Restricted security. The value of this security at November 30, 2023 represented less than 1% of the Fund’s Net Assets.
(e) Affiliated holding. Affiliated holdings are investments in entities which are under common ownership or control of Invesco Ltd. or are investments in entities in which the Fund owns 5% or more of the outstanding voting securities. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the three months ended November 30, 2023.
    
  Value
August 31, 2023
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
November 30, 2023
  Dividend
Income
Investments in Affiliated Money Market Funds:                          
Invesco Government & Agency Portfolio, Institutional Class $-   $204,400   $(204,400)   $-   $-   $-   $228
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 3,117,246   10,335,094   (9,354,970)   -   -   4,097,370   46,848*
Invesco Private Prime Fund 8,015,776   24,986,116   (22,467,788)   1,487   2,618   10,538,209   125,438*
Total $11,133,022   $35,525,610   $(32,027,158)   $1,487   $2,618   $14,635,579   $172,514
    
* 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 November 30, 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.

Notes to Quarterly Schedules of Portfolio Holdings
November 30, 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 November 30, 2023 for each Fund (except for Invesco S&P 500® Enhanced Value ETF, Invesco S&P 500 Minimum Variance ETF and Invesco S&P 500® Momentum ETF). As of November 30, 2023, all of the securities in Invesco S&P 500® Enhanced Value ETF, Invesco S&P 500 Minimum Variance ETF and Invesco S&P 500® 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 ESG S&P 500 Equal Weight ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $9,064,742   $-   $-   $9,064,742
Money Market Funds 77   543,797   -   543,874
Total Investments $9,064,819   $543,797   $-   $9,608,616
Invesco MSCI USA ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $3,613,350,688   $-   $-   $3,613,350,688
Money Market Funds -   96,416,961   -   96,416,961
Total Investments $3,613,350,688   $96,416,961   $-   $3,709,767,649
Invesco Russell 1000 Equal Weight ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $598,099,619   $-   $62,549   $598,162,168
Money Market Funds -   97,365,735   -   97,365,735
Total Investments $598,099,619   $97,365,735   $62,549   $695,527,903
Invesco S&P 500® ex-Rate Sensitive Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $45,568,570   $-   $-   $45,568,570
Money Market Funds -   1,789,737   -   1,789,737
Total Investments $45,568,570   $1,789,737   $-   $47,358,307
Invesco S&P 500® High Beta ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $483,719,759   $-   $-   $483,719,759
Money Market Funds -   59,429,880   -   59,429,880
Total Investments $483,719,759   $59,429,880   $-   $543,149,639

  Level 1   Level 2   Level 3   Total
Invesco S&P 500® High Dividend Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $2,925,468,247   $-   $-   $2,925,468,247
Money Market Funds -   54,330,278   -   54,330,278
Total Investments $2,925,468,247   $54,330,278   $-   $2,979,798,525
Invesco S&P 500® Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $8,237,441,406   $-   $-   $8,237,441,406
Money Market Funds -   130,310,884   -   130,310,884
Total Investments $8,237,441,406   $130,310,884   $-   $8,367,752,290
Invesco S&P 500® Momentum ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $251,592,432   $-   $-   $251,592,432
Money Market Funds 146,216   189,129   -   335,345
Total Investments $251,738,648   $189,129   $-   $251,927,777
Invesco S&P 500 QVM Multi-factor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $860,599,252   $-   $-   $860,599,252
Money Market Funds -   16,689,025   -   16,689,025
Total Investments $860,599,252   $16,689,025   $-   $877,288,277
Invesco S&P MidCap 400 QVM Multi-factor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $259,342,266   $-   $-   $259,342,266
Money Market Funds 65,897   40,244,658   -   40,310,555
Total Investments $259,408,163   $40,244,658   $-   $299,652,821
Invesco S&P MidCap Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $840,850,405   $-   $-   $840,850,405
Money Market Funds -   72,104,625   -   72,104,625
Total Investments $840,850,405   $72,104,625   $-   $912,955,030
Invesco S&P SmallCap 600 QVM Multi-factor ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $194,903,854   $-   $0   $194,903,854
Money Market Funds 135,024   41,046,287   -   41,181,311
Total Investments $195,038,878   $41,046,287   $0   $236,085,165
Invesco S&P SmallCap High Dividend Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $20,647,153   $-   $-   $20,647,153
Money Market Funds -   6,499,359   -   6,499,359
Total Investments $20,647,153   $6,499,359   $-   $27,146,512
Invesco S&P SmallCap Low Volatility ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $382,115,708   $-   $-   $382,115,708
Money Market Funds -   58,300,083   -   58,300,083
Total Investments $382,115,708   $58,300,083   $-   $440,415,791
Invesco S&P SmallCap Quality ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $82,560,961   $-   $-   $82,560,961
Money Market Funds -   14,635,579   -   14,635,579
Total Investments $82,560,961   $14,635,579   $-   $97,196,540