0001752724-24-016982.txt : 20240129 0001752724-24-016982.hdr.sgml : 20240129 20240129092708 ACCESSION NUMBER: 0001752724-24-016982 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231130 FILED AS OF DATE: 20240129 DATE AS OF CHANGE: 20240129 PERIOD START: 20240831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Invesco Exchange-Traded Fund Trust II CENTRAL INDEX KEY: 0001378872 ORGANIZATION NAME: IRS NUMBER: 000000000 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21977 FILM NUMBER: 24570787 BUSINESS ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 BUSINESS PHONE: 800-983-0903 MAIL ADDRESS: STREET 1: 3500 LACEY ROAD STREET 2: SUITE 700 CITY: DOWNERS GROVE STATE: IL ZIP: 60515 FORMER COMPANY: FORMER CONFORMED NAME: PowerShares Exchange-Traded Fund Trust II DATE OF NAME CHANGE: 20070919 FORMER COMPANY: FORMER CONFORMED NAME: PowerShares Global Exchange-Traded Fund Trust DATE OF NAME CHANGE: 20061023 0001378872 S000030361 Invesco KBW High Dividend Yield Financial ETF C000093357 Invesco KBW High Dividend Yield Financial ETF KBWD NPORT-P 1 primary_doc.xml NPORT-P false 0001378872 XXXXXXXX S000030361 C000093357 Invesco Exchange-Traded Fund Trust II 811-21977 0001378872 O540V2L4S174Y60FMD36 3500 Lacey Road Suite 700 Downers Grove 60515 800-983-0903 Invesco KBW High Dividend Yield Financial ETF S000030361 549300P1NT23RBE5FJ24 2024-08-31 2023-11-30 N 429486441.13 78895048.78 350591392.35 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N SLR Investment Corp. BJOT6DX9ML6BR3Z0O636 SLR Investment Corp. 83413U100 672371.00000000 NS USD 10179696.94000000 2.903578685080 Long EC RF US N 1 N N Jackson Financial Inc. 213800WXW2KG1N4CO374 Jackson Financial Inc., Class A 46817M107 166378.00000000 NS USD 7941221.94000000 2.265093243382 Long EC CORP US N 1 N N N Chimera Investment Corp. 2JBBQFJOL123LOUBE657 Chimera Investment Corp. 16934Q208 1865708.00000000 NS USD 9720338.68000000 2.772554857905 Long EC CORP US N 1 N N Annaly Capital Management, Inc. 2DTL0G3FPRYUT58TI025 Annaly Capital Management, Inc. 035710839 600188.00000000 NS USD 10845397.16000000 3.093457910447 Long EC CORP US N 1 N N Central Pacific Financial Corp. 549300W3YEAOZ4KGG849 Central Pacific Financial Corp. 154760409 342527.00000000 NS USD 6018199.39000000 1.716585039256 Long EC CORP US N 1 N N N FS KKR Capital Corp. 549300TYRSI1T21B1360 FS KKR Capital Corp. 302635206 634408.00000000 NS USD 12535902.08000000 3.575644569015 Long EC RF US N 1 N N N Capital Southwest Corp. 54930023YZ4YEJEDBO56 Capital Southwest Corp. 140501107 436575.00000000 NS USD 9831669.00000000 2.804309864568 Long EC RF US N 1 N N N Invesco Private Government Fund N/A Invesco Private Government Fund N/A 21959670.02000000 NS USD 21959670.02000000 6.263607863503 Long STIV PF US N 2 N N ARMOUR Residential REIT, Inc. 549300K0WA0EJUX74V72 ARMOUR Residential REIT, Inc. 042315705 1242543.00000000 NS USD 21868756.80000000 6.237676473861 Long EC CORP US N 1 N N Artisan Partners Asset Management Inc. 549300T1FUI6JF63XU51 Artisan Partners Asset Management Inc., Class A 04316A108 156784.00000000 NS USD 5902917.60000000 1.683702945595 Long EC CORP US N 1 N N Lazard Ltd. 254900RIBCDJSUFG1A11 Lazard Ltd. G54050102 157180.00000000 NS USD 4712256.40000000 1.344087876320 Long EC CORP BM N 1 N N N Invesco Private Prime Fund N/A Invesco Private Prime Fund N/A 56720701.20880000 NS USD 56720701.20880000 16.17857781065 Long STIV PF US N 2 N N Lincoln National Corp. EFQMQROEDSNBRIP7LE47 Lincoln National Corp. 534187109 259287.00000000 NS USD 6165844.86000000 1.758698300797 Long EC CORP US N 1 N N N Janus Henderson Group PLC 2138009WPYMWJN3RVF44 Janus Henderson Group PLC G4474Y214 196078.00000000 NS USD 5135282.82000000 1.464748688089 Long EC CORP JE N 1 N N N Ellington Financial Inc. 60GS1D1R1YY5G1W7IT74 Ellington Financial Inc. 28852N109 955066.00000000 NS USD 12415858.00000000 3.541404116278 Long EC CORP US N 1 N N MFA Financial, Inc. YW72IMH2RRC8Z1TGLG58 MFA Financial, Inc. 55272X607 1105424.00000000 NS USD 11938579.20000000 3.405268771710 Long EC CORP US N 1 N N AGNC Investment Corp. 5TRACI5HRMELWV32OF39 AGNC Investment Corp. 00123Q104 1390717.00000000 NS USD 12266123.94000000 3.498695121343 Long EC CORP US N 1 N N N PennyMac Mortgage Investment Trust 549300BSSOQO1ZWDUJ97 PennyMac Mortgage Investment Trust 70931T103 843889.00000000 NS USD 11848201.56000000 3.379490146800 Long EC CORP US N 1 N N Western Union Co. (The) 28ID94QU1140NC23S047 Western Union Co. (The) 959802109 584541.00000000 NS USD 6798211.83000000 1.939069805573 Long EC CORP US N 1 N N N Ready Capital Corp. 549300MYWGZUG7ZUYO87 Ready Capital Corp. 75574U101 445415.00000000 NS USD 4552141.30000000 1.298417873150 Long EC CORP US N 1 N N Dynex Capital, Inc. 5CIJ4S9HAEBWILA19B65 Dynex Capital, Inc. 26817Q886 880919.00000000 NS USD 10077713.36000000 2.874489670852 Long EC CORP US N 1 N N Trinity Capital Inc. 549300YGT4SBRQYDVU48 Trinity Capital Inc. 896442308 848494.00000000 NS USD 12523771.44000000 3.572184518294 Long EC RF US N 1 N N PennantPark Investment Corp. 529900OK432R4C6NQQ73 PennantPark Investment Corp. 708062104 1823965.00000000 NS USD 11782813.90000000 3.360839472133 Long EC RF US N 1 N N OneMain Holdings, Inc. 549300E3VEW8SMS5XW09 OneMain Holdings, Inc. 68268W103 220179.00000000 NS USD 9313571.70000000 2.656531764106 Long EC CORP US N 1 N N N Bank of N.T. Butterfield & Son Ltd. (The) 549300V8RVM0EMTDPF28 Bank of N.T. Butterfield & Son Ltd. (The) G0772R208 196859.00000000 NS USD 5458900.07000000 1.557054790595 Long EC CORP BM N 1 N N N GCM Grosvenor Inc. N/A GCM Grosvenor Inc., Class A 36831E108 714976.00000000 NS USD 5769856.32000000 1.645749566560 Long EC CORP US N 1 N N NewtekOne, Inc. 549300YLU78IA8GKJ688 NewtekOne, Inc. 652526203 212894.00000000 NS USD 2880455.82000000 0.821599127318 Long EC CORP US N 1 N N Two Harbors Investment Corp. 549300ZUIBT6KH4HU823 Two Harbors Investment Corp. 90187B804 900384.00000000 NS USD 12479322.24000000 3.559506169376 Long EC CORP US N 1 N N Northwest Bancshares, Inc. N/A Northwest Bancshares, Inc. 667340103 627084.00000000 NS USD 6985715.76000000 1.992551988562 Long EC CORP US N 1 N N Goldman Sachs BDC, Inc. 6D01AGSGBNZIJSN77043 Goldman Sachs BDC, Inc. 38147U107 821044.00000000 NS USD 12093978.12000000 3.449593567866 Long EC RF US N 1 N N Patria Investments Ltd. N/A Patria Investments Ltd., Class A G69451105 457962.00000000 NS USD 6484741.92000000 1.849658052507 Long EC CORP KY N 1 N N CION Investment Corp. 549300XN70JLF94XKX80 CION Investment Corp. 17259U204 1122466.00000000 NS USD 11875690.28000000 3.387330818477 Long EC RF US N 1 N N N TriplePoint Venture Growth BDC Corp. 549300ATPBY6JIFH9Z88 TriplePoint Venture Growth BDC Corp. 89677Y100 1010404.00000000 NS USD 10700178.36000000 3.052036813647 Long EC RF US N 1 N N Moelis & Co. 549300891QNU7VTQUR83 Moelis & Co., Class A 60786M105 101273.00000000 NS USD 4805403.85000000 1.370656540592 Long EC CORP US N 1 N N B. Riley Financial, Inc. N/A B. Riley Financial, Inc. 05580M108 144696.00000000 NS USD 2662406.40000000 0.759404383020 Long EC CORP US N 1 N N Orchid Island Capital, Inc. 549300KBIHGT19K9DY89 Orchid Island Capital, Inc. 68571X301 1980104.00000000 NS USD 14593366.48000000 4.162499935375 Long EC CORP US N 1 N N Ally Financial Inc. 549300JBN1OSM8YNAI90 Ally Financial Inc. 02005N100 148443.00000000 NS USD 4337504.46000000 1.237196507000 Long EC CORP US N 1 N N TPG RE Finance Trust, Inc. N/A TPG RE Finance Trust, Inc. 87266M107 1610126.00000000 NS USD 9515844.66000000 2.714226551945 Long EC CORP US N 1 N N New York Community Bancorp, Inc. 529900HVXOTLY61GL030 New York Community Bancorp, Inc. 649445103 427699.00000000 NS USD 4024647.59000000 1.147959612762 Long EC CORP US N 1 N N Bain Capital Specialty Finance, Inc. 549300V2JL72R0EYBK64 Bain Capital Specialty Finance, Inc. 05684B107 642351.00000000 NS USD 9725194.14000000 2.773939792078 Long EC RF US N 1 N N N MidCap Financial Investment Corp. 5493005P14I7WFB3FW47 MidCap Financial Investment Corp. 03761U502 785213.00000000 NS USD 10576819.11000000 3.016850767243 Long EC RF 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 KBW Bank ETF (KBWB)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.79%
Asset Management & Custody Banks-11.77%
Bank of New York Mellon Corp. (The)
  1,172,075   $56,634,664
Northern Trust Corp.
  623,141   49,383,924
State Street Corp.
  765,164   55,719,243
        161,737,831
Consumer Finance-4.17%
Capital One Financial Corp.
  513,536   57,341,430
Diversified Banks-45.09%
Bank of America Corp.
  3,668,957   111,866,499
Citigroup, Inc.
  1,273,647   58,715,127
Comerica, Inc.
  396,604   17,934,433
Fifth Third Bancorp
  1,980,653   57,339,904
JPMorgan Chase & Co.
  718,830   112,194,986
KeyCorp
  2,817,156   34,904,563
PNC Financial Services Group, Inc. (The)
  435,659   58,360,880
U.S. Bancorp
  1,439,544   54,875,417
Wells Fargo & Co.
  2,547,565   113,595,923
        619,787,732
Investment Banking & Brokerage-15.10%
Goldman Sachs Group, Inc. (The)
  320,944   109,615,214
Morgan Stanley
  1,235,258   98,005,370
        207,620,584
Regional Banks-23.66%
Citizens Financial Group, Inc.
  1,421,651   38,768,423
East West Bancorp, Inc.
  425,987   26,803,102
First Horizon Corp.
  1,681,480   21,506,129
  Shares   Value
Regional Banks-(continued)
Huntington Bancshares, Inc.
  4,358,598   $49,077,813
M&T Bank Corp.
  420,601   53,908,430
Regions Financial Corp.
  2,824,990   47,120,833
Truist Financial Corp.
  1,721,477   55,328,271
Western Alliance Bancorporation
  329,657   16,885,032
Zions Bancorporation N.A.(b)
  445,973   15,890,018
        325,288,051
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.79%

(Cost $1,726,384,241)
  1,371,775,628
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.20%
Invesco Private Government Fund, 5.32%(c)(d)(e)
  768,511   768,511
Invesco Private Prime Fund, 5.55%(c)(d)(e)
  1,975,071   1,975,861
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $2,744,347)
  2,744,372
TOTAL INVESTMENTS IN SECURITIES-99.99%

(Cost $1,729,128,588)
  1,374,520,000
OTHER ASSETS LESS LIABILITIES-0.01%
  119,072
NET ASSETS-100.00%
  $1,374,639,072
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 $-   $16,488,962   $(16,488,962)   $-   $-   $-   $7,173
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 9,165,896   22,784,131   (31,181,516)   -   -   768,511   55,166*
Invesco Private Prime Fund 23,569,447   49,624,500   (71,220,731)   166   2,479   1,975,861   150,654*
Total $32,735,343   $88,897,593   $(118,891,209)   $166   $2,479   $2,744,372   $212,993
    
* 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 KBW High Dividend Yield Financial ETF (KBWD)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-67.75%
Asset Management & Custody Banks-6.64%
Artisan Partners Asset Management, Inc., Class A(b)
  156,784   $5,902,918
GCM Grosvenor, Inc., Class A(b)
  714,976   5,769,856
Janus Henderson Group PLC
  196,078   5,135,283
Patria Investments Ltd., Class A (Cayman Islands)(b)
  457,962   6,484,742
        23,292,799
Consumer Finance-3.89%
Ally Financial, Inc.(b)
  148,443   4,337,504
OneMain Holdings, Inc.
  220,179   9,313,572
        13,651,076
Diversified Banks-1.56%
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)
  196,859   5,458,900
Diversified Financial Services-3.09%
Jackson Financial, Inc., Class A
  166,378   7,941,222
NewtekOne, Inc.(b)
  212,894   2,880,456
        10,821,678
Investment Banking & Brokerage-3.47%
B. Riley Financial, Inc.(b)
  144,696   2,662,406
Lazard Ltd., Class A
  157,180   4,712,256
Moelis & Co., Class A(b)
  101,273   4,805,404
        12,180,066
Life & Health Insurance-1.76%
Lincoln National Corp.
  259,287   6,165,845
Mortgage REITs-40.54%
AGNC Investment Corp.
  1,390,717   12,266,124
Annaly Capital Management, Inc.(b)
  600,188   10,845,397
ARMOUR Residential REIT, Inc.(b)
  1,242,543   21,868,757
Chimera Investment Corp.(b)
  1,865,708   9,720,339
Dynex Capital, Inc.(b)
  880,919   10,077,713
Ellington Financial, Inc.(b)
  955,066   12,415,858
MFA Financial, Inc.(b)
  1,105,424   11,938,579
Orchid Island Capital, Inc.(b)
  1,980,104   14,593,366
PennyMac Mortgage Investment Trust(b)
  843,889   11,848,202
Ready Capital Corp.(b)
  445,415   4,552,141
TPG RE Finance Trust, Inc.(b)
  1,610,126   9,515,845
Two Harbors Investment Corp.(b)
  900,384   12,479,322
        142,121,643
Regional Banks-4.86%
Central Pacific Financial Corp.
  342,527   6,018,199
  Shares   Value
Regional Banks-(continued)
New York Community Bancorp, Inc.(b)
  427,699   $4,024,648
Northwest Bancshares, Inc.(b)
  627,084   6,985,716
        17,028,563
Transaction & Payment Processing Services-1.94%
Western Union Co. (The)
  584,541   6,798,212
Total Common Stocks & Other Equity Interests

(Cost $276,737,752)
  237,518,782
Closed-End Funds-31.90%
Bain Capital Specialty Finance, Inc., BDC
  642,351   9,725,194
Capital Southwest Corp., BDC
  436,575   9,831,669
CION Investment Corp., BDC
  1,122,466   11,875,690
FS KKR Capital Corp., BDC
  634,408   12,535,902
Goldman Sachs BDC, Inc., BDC(b)
  821,044   12,093,978
MidCap Financial Investment Corp., BDC(b)
  785,213   10,576,819
PennantPark Investment Corp., BDC(b)
  1,823,965   11,782,814
SLR Investment Corp., BDC(b)
  672,371   10,179,697
Trinity Capital, Inc., BDC(b)
  848,494   12,523,772
TriplePoint Venture Growth BDC Corp., BDC(b)
  1,010,404   10,700,178
        111,825,713
Total Closed-End Funds

(Cost $103,744,920)
  111,825,713
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $380,482,672)
  349,344,495
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-22.44%
Invesco Private Government Fund, 5.32%(c)(d)(e)
  21,959,670   21,959,670
Invesco Private Prime Fund, 5.55%(c)(d)(e)
  56,698,022   56,720,701
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $78,669,328)
  78,680,371
TOTAL INVESTMENTS IN SECURITIES-122.09%

(Cost $459,152,000)
  428,024,866
OTHER ASSETS LESS LIABILITIES-(22.09)%
  (77,433,474)
NET ASSETS-100.00%
  $350,591,392
See accompanying notes which are an integral part of this schedule.
Invesco KBW High Dividend Yield Financial ETF (KBWD)—(continued)
November 30, 2023
(Unaudited)
Investment Abbreviations:
BDC -Business Development Company
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) 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 $-   $3,769,871   $(3,769,871)   $-   $-   $-   $3,565
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 28,150,755   49,834,448   (56,025,533)   -   -   21,959,670   330,701*
Invesco Private Prime Fund 72,387,657   120,489,800   (136,184,495)   11,652   16,087   56,720,701   889,964*
Total $100,538,412   $174,094,119   $(195,979,899)   $11,652   $16,087   $78,680,371   $1,224,230
    
* 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 KBW Premium Yield Equity REIT ETF (KBWY)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.72%
Diversified REITs-15.83%
Armada Hoffler Properties, Inc.(b)
  602,263   $6,612,848
Broadstone Net Lease, Inc.(b)
  429,174   6,866,784
Gladstone Commercial Corp.(b)
  687,856   8,598,200
Global Net Lease, Inc.(b)
  1,227,488   10,777,345
        32,855,177
Health Care REITs-19.75%
Global Medical REIT, Inc.(b)
  897,913   9,006,067
Medical Properties Trust, Inc.(b)
  1,153,347   5,593,733
National Health Investors, Inc.(b)
  137,950   7,485,167
Omega Healthcare Investors, Inc.(b)
  265,107   8,417,147
Sabra Health Care REIT, Inc.(b)
  717,989   10,482,640
        40,984,754
Hotel & Resort REITs-7.20%
Apple Hospitality REIT, Inc.
  426,236   7,105,354
Service Properties Trust
  1,095,054   7,829,636
        14,934,990
Industrial REITs-7.83%
Innovative Industrial Properties, Inc.(b)
  94,678   7,731,405
LXP Industrial Trust
  519,733   4,563,256
STAG Industrial, Inc.
  110,427   3,958,808
        16,253,469
Multi-Family Residential REITs-2.33%
Apartment Income REIT Corp.(b)
  155,557   4,840,934
Office REITs-15.03%
Brandywine Realty Trust(b)
  3,004,120   13,398,375
Office Properties Income Trust(b)
  1,805,359   10,073,903
SL Green Realty Corp.
  211,182   7,722,926
        31,195,204
Other Specialized REITs-19.77%
EPR Properties
  164,846   7,355,428
Four Corners Property Trust, Inc.(b)
  215,280   4,949,287
Gaming and Leisure Properties, Inc.
  130,220   6,085,181
Outfront Media, Inc.
  920,686   11,259,990
Uniti Group, Inc.(b)
  2,056,389   11,371,831
        41,021,717
  Shares   Value
Retail REITs-6.30%
Getty Realty Corp.(b)
  191,266   $5,628,958
Spirit Realty Capital, Inc.
  179,985   7,433,381
        13,062,339
Self-Storage REITs-3.18%
National Storage Affiliates Trust
  198,768   6,597,110
Single-Family Residential REITs-2.50%
UMH Properties, Inc.(b)
  367,686   5,191,726
Total Common Stocks & Other Equity Interests

(Cost $235,797,841)
  206,937,420
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 5.28%(c)(d)

(Cost $134,086)
  134,086   134,086
TOTAL INVESTMENTS IN SECURITIES

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

(Cost $235,931,927)
  207,071,506
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-20.67%
Invesco Private Government Fund, 5.32%(c)(d)(e)
  11,942,498   11,942,498
Invesco Private Prime Fund, 5.55%(c)(d)(e)
  30,945,115   30,957,493
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $42,895,237)
  42,899,991
TOTAL INVESTMENTS IN SECURITIES-120.45%

(Cost $278,827,164)
  249,971,497
OTHER ASSETS LESS LIABILITIES-(20.45)%
  (42,445,956)
NET ASSETS-100.00%
  $207,525,541
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) 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 $180,342   $3,162,402   $(3,208,658)   $-   $-   $134,086   $2,719
See accompanying notes which are an integral part of this schedule.
Invesco KBW Premium Yield Equity REIT ETF (KBWY)—(continued)
November 30, 2023
(Unaudited)
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
November 30, 2023 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $19,180,714   $41,759,038   $(48,997,254)   $-   $-   $11,942,498   $199,965*
Invesco Private Prime Fund 49,321,834   91,860,486   (110,241,323)   4,009   12,487   30,957,493   532,780*
Total $68,682,890   $136,781,926   $(162,447,235)   $4,009   $12,487   $43,034,077   $735,464
    
* 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 KBW Property & Casualty Insurance ETF (KBWP)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.84%
Multi-line Insurance-14.04%
American International Group, Inc.
  233,937   $15,395,394
Assurant, Inc.
  49,128   8,254,487
Horace Mann Educators Corp.
  88,922   2,975,330
        26,625,211
Property & Casualty Insurance-75.56%
Allstate Corp. (The)
  63,491   8,753,504
American Financial Group, Inc.
  59,049   6,754,615
Arch Capital Group Ltd.(b)
  178,116   14,906,528
AXIS Capital Holdings Ltd.
  124,772   7,029,655
Chubb Ltd.
  68,154   15,636,572
Cincinnati Financial Corp.
  64,704   6,650,924
Hanover Insurance Group, Inc. (The)
  64,140   7,972,602
Hartford Financial Services Group, Inc. (The)
  95,307   7,449,195
James River Group Holdings Ltd.
  81,835   734,878
Kemper Corp.(c)
  139,462   6,168,404
Mercury General Corp.
  120,554   4,490,637
ProAssurance Corp.(c)
  113,355   1,402,201
Progressive Corp. (The)
  102,570   16,824,557
RLI Corp.
  52,045   7,057,302
Selective Insurance Group, Inc.(c)
  68,995   7,016,102
Travelers Cos., Inc. (The)
  84,910   15,336,444
Universal Insurance Holdings, Inc.
  65,490   1,110,711
W.R. Berkley Corp.(c)
  110,653   8,027,875
        143,322,706
Reinsurance-10.24%
Everest Group Ltd.
  18,976   7,790,597
RenaissanceRe Holdings Ltd. (Bermuda)
  36,431   7,809,349
SiriusPoint Ltd. (Bermuda)(b)(c)
  358,149   3,825,031
        19,424,977
Total Common Stocks & Other Equity Interests

(Cost $186,173,863)
  189,372,894
  Shares   Value
Money Market Funds-0.02%
Invesco Government & Agency Portfolio, Institutional Class, 5.28%(d)(e)

(Cost $47,189)
  47,189   $47,189
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.86%

(Cost $186,221,052)
  189,420,083
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-1.68%
Invesco Private Government Fund, 5.32%(d)(e)(f)
  917,202   917,202
Invesco Private Prime Fund, 5.55%(d)(e)(f)
  2,265,858   2,266,764
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $3,183,719)
  3,183,966
TOTAL INVESTMENTS IN SECURITIES-101.54%

(Cost $189,404,771)
  192,604,049
OTHER ASSETS LESS LIABILITIES-(1.54)%
  (2,923,212)
NET ASSETS-100.00%
  $189,680,837
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 $66,778   $274,580   $(294,169)   $-   $-   $47,189   $572
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund 1,817,266   3,068,552   (3,968,616)   -   -   917,202   11,228*
Invesco Private Prime Fund 4,672,971   7,125,299   (9,532,757)   247   1,004   2,266,764   29,818*
Total $6,557,015   $10,468,431   $(13,795,542)   $247   $1,004   $3,231,155   $41,618
    
* 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 KBW Property & Casualty Insurance ETF (KBWP)—(continued)
November 30, 2023
(Unaudited)
(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 KBW Regional Banking ETF (KBWR)
November 30, 2023
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.92%
Regional Banks-99.92%
Ameris Bancorp(b)
  27,559   $1,173,462
Associated Banc-Corp
  64,815   1,149,818
Atlantic Union Bankshares Corp.(b)
  34,813   1,064,233
Banc of California, Inc.
  36,160   418,010
Bank of Hawaii Corp.
  18,443   1,070,985
Bank OZK(b)
  27,959   1,170,364
BankUnited, Inc.
  34,545   953,096
BOK Financial Corp.
  22,216   1,594,442
Brookline Bancorp, Inc.
  41,135   392,017
Cadence Bank(b)
  49,088   1,229,654
Cathay General Bancorp
  31,518   1,156,080
Columbia Banking System, Inc.
  54,832   1,229,882
Commerce Bancshares, Inc.
  41,778   2,112,713
Community Bank System, Inc.
  23,621   1,047,828
Cullen/Frost Bankers, Inc.
  21,464   2,109,697
CVB Financial Corp.(b)
  64,338   1,150,363
Eastern Bankshares, Inc.
  81,879   979,273
F.N.B. Corp.
  96,562   1,157,778
First Bancorp
  81,034   1,215,510
First Commonwealth Financial Corp.(b)
  47,529   635,463
First Financial Bancorp
  44,144   892,150
First Financial Bankshares, Inc.(b)
  39,102   1,026,427
First Hawaiian, Inc.
  59,241   1,164,086
First Interstate BancSystem, Inc., Class A(b)
  43,338   1,122,021
Fulton Financial Corp.(b)
  76,138   1,083,444
Glacier Bancorp, Inc.
  37,177   1,250,262
Hancock Whitney Corp.
  27,230   1,123,237
Home BancShares, Inc.(b)
  50,643   1,123,262
Hope Bancorp, Inc.
  55,721   546,066
Independent Bank Corp.(b)
  20,484   1,167,998
New York Community Bancorp, Inc.(b)
  182,904   1,721,127
Old National Bancorp
  73,600   1,095,904
Pacific Premier Bancorp, Inc.(b)
  44,514   1,002,455
Pinnacle Financial Partners, Inc.(b)
  16,874   1,224,546
Popular, Inc.
  16,449   1,213,772
Prosperity Bancshares, Inc.(b)
  19,769   1,192,268
  Shares   Value
Regional Banks-(continued)
Provident Financial Services, Inc.
  35,096   $534,161
Simmons First National Corp., Class A
  58,611   937,190
South State Corp.(b)
  15,536   1,150,441
Synovus Financial Corp.(b)
  36,277   1,116,969
Texas Capital Bancshares, Inc.(c)
  17,988   987,181
Trustmark Corp.
  28,348   649,453
UMB Financial Corp.
  17,767   1,273,183
United Bankshares, Inc.
  37,334   1,236,129
United Community Banks, Inc.(b)
  41,590   1,025,193
Valley National Bancorp(b)
  122,346   1,113,349
WaFd, Inc.(b)
  30,046   803,130
Webster Financial Corp.(b)
  52,962   2,375,346
Wintrust Financial Corp.
  14,469   1,239,559
WSFS Financial Corp.(b)
  28,338   1,092,997
        56,493,974
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-99.92%

(Cost $71,366,886)
  56,493,974
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-26.59%
Invesco Private Government Fund, 5.32%(d)(e)(f)
  4,230,898   4,230,898
Invesco Private Prime Fund, 5.55%(d)(e)(f)
  10,800,197   10,804,517
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $15,034,305)
  15,035,415
TOTAL INVESTMENTS IN SECURITIES-126.51%

(Cost $86,401,191)
  71,529,389
OTHER ASSETS LESS LIABILITIES-(26.51)%
  (14,988,460)
NET ASSETS-100.00%
  $56,540,929
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 $-   $500,232   $(500,232)   $-   $-   $-   $363
See accompanying notes which are an integral part of this schedule.
Invesco KBW Regional Banking ETF (KBWR)—(continued)
November 30, 2023
(Unaudited)
  Value
August 31, 2023 		  Purchases
at Cost 		  Proceeds
from Sales 		  Change in
Unrealized
Appreciation 		  Realized
Gain 		  Value
November 30, 2023 		  Dividend
Income
Investments Purchased with Cash Collateral from Securities on Loan:                          
Invesco Private Government Fund $4,669,170   $12,417,915   $(12,856,187)   $-   $-   $4,230,898   $53,037*
Invesco Private Prime Fund 12,006,441   31,606,810   (32,812,661)   971   2,956   10,804,517   140,836*
Total $16,675,611   $44,524,957   $(46,169,080)   $971   $2,956   $15,035,415   $194,236
    
* 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.
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. 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 KBW Bank ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $1,371,775,628   $-   $-   $1,371,775,628
Money Market Funds -   2,744,372   -   2,744,372
Total Investments $1,371,775,628   $2,744,372   $-   $1,374,520,000
Invesco KBW High Dividend Yield Financial ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $237,518,782   $-   $-   $237,518,782
Closed-End Funds 111,825,713   -   -   111,825,713
Money Market Funds -   78,680,371   -   78,680,371
Total Investments $349,344,495   $78,680,371   $-   $428,024,866
Invesco KBW Premium Yield Equity REIT ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $206,937,420   $-   $-   $206,937,420
Money Market Funds 134,086   42,899,991   -   43,034,077
Total Investments $207,071,506   $42,899,991   $-   $249,971,497
Invesco KBW Property & Casualty Insurance ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $189,372,894   $-   $-   $189,372,894
Money Market Funds 47,189   3,183,966   -   3,231,155
Total Investments $189,420,083   $3,183,966   $-   $192,604,049
Invesco KBW Regional Banking ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $56,493,974   $-   $-   $56,493,974
Money Market Funds -   15,035,415   -   15,035,415
Total Investments $56,493,974   $15,035,415   $-   $71,529,389