NPORT-EX 2 edgar.htm
Schedule of Investments(a)
Invesco Active U.S. Real Estate ETF (PSR)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-99.97%
Apartments-9.43%
American Campus Communities, Inc.

  10,488   $481,085
Apartment Investment & Management Co., Class A

  22,682   1,195,568
AvalonBay Communities, Inc.

  13,803   2,990,972
Equity Residential

  39,817   3,307,996
Essex Property Trust, Inc.

  8,418   2,607,560
Mid-America Apartment Communities, Inc.

  16,291   2,235,288
        12,818,469
Data Centers-6.32%
Digital Realty Trust, Inc.

  20,886   2,568,769
Equinix, Inc.

  8,552   5,043,371
QTS Realty Trust, Inc., Class A

  17,142   975,037
        8,587,177
Diversified-4.46%
Investors Real Estate Trust

  10,132   746,728
STORE Capital Corp.

  22,032   864,756
VEREIT, Inc.

  133,750   1,305,400
VICI Properties, Inc.

  32,087   859,931
Vornado Realty Trust

  22,584   1,485,350
Washington REIT

  26,522   807,330
        6,069,495
Free Standing-4.55%
Agree Realty Corp.

  5,187   393,849
Kimco Realty Corp.

  59,918   1,141,438
National Retail Properties, Inc.

  27,073   1,516,088
Realty Income Corp.

  28,583   2,241,193
Spirit Realty Capital, Inc.

  16,984   896,415
        6,188,983
Health Care-10.54%
CareTrust REIT, Inc.

  38,270   848,829
Community Healthcare Trust, Inc.

  9,409   443,822
Healthcare Realty Trust, Inc.

  18,032   650,234
Healthpeak Properties, Inc.

  74,096   2,666,715
LTC Properties, Inc.

  7,915   365,356
Medical Properties Trust, Inc.

  46,395   1,027,649
National Health Investors, Inc.

  9,762   823,718
Omega Healthcare Investors, Inc.

  34,603   1,451,596
Ventas, Inc.

  41,344   2,392,164
Welltower, Inc.

  43,041   3,654,611
        14,324,694
Industrial-9.20%
Duke Realty Corp.

  49,230   1,787,541
EastGroup Properties, Inc.

  8,931   1,215,241
First Industrial Realty Trust, Inc.

  12,058   514,877
Prologis, Inc.

  72,218   6,707,608
Rexford Industrial Realty, Inc.

  16,568   798,412
STAG Industrial, Inc.

  12,745   410,899
Terreno Realty Corp.

  18,711   1,071,392
        12,505,970
Infrastructure REITs-17.09%
American Tower Corp.

  50,711   11,751,767
Crown Castle International Corp.

  48,921   7,330,323
SBA Communications Corp., Class A

  16,671   4,160,415
        23,242,505
Lodging Resorts-4.20%
DiamondRock Hospitality Co.

  79,499   768,755
Host Hotels & Resorts, Inc.

  117,299   1,916,666
  Shares   Value
Lodging Resorts-(continued)
Park Hotels & Resorts, Inc.

  14,496   $318,042
RLJ Lodging Trust

  25,363   394,648
Ryman Hospitality Properties, Inc.

  16,278   1,384,119
Sunstone Hotel Investors, Inc.

  73,060   926,401
        5,708,631
Manufactured Homes-4.09%
Camden Property Trust

  13,090   1,471,709
Equity LifeStyle Properties, Inc.

  33,800   2,458,950
Sun Communities, Inc.

  10,074   1,633,700
        5,564,359
Office-9.91%
Alexandria Real Estate Equities, Inc.

  13,798   2,251,834
Boston Properties, Inc.

  23,062   3,305,938
Columbia Property Trust, Inc.

  43,981   927,999
Corporate Office Properties Trust

  23,183   690,158
Douglas Emmett, Inc.

  26,361   1,093,981
Empire State Realty Trust, Inc., Class A

  41,495   562,672
Hudson Pacific Properties, Inc.

  14,854   539,794
Kilroy Realty Corp.

  5,911   488,071
Paramount Group, Inc.

  56,637   796,316
Piedmont Office Realty Trust, Inc., Class A

  61,166   1,418,440
SL Green Realty Corp.

  15,147   1,394,130
        13,469,333
Regional Malls-3.78%
Simon Property Group, Inc.

  38,591   5,138,392
Self Storage-2.29%
Extra Space Storage, Inc.

  2,045   226,340
Public Storage

  12,913   2,889,413
        3,115,753
Shopping Centers-2.68%
Brixmor Property Group, Inc.

  40,631   810,995
Regency Centers Corp.

  8,247   511,644
Retail Properties of America, Inc., Class A

  85,744   1,041,790
SITE Centers Corp.

  59,523   756,537
Weingarten Realty Investors

  17,964   522,752
        3,643,718
Single Family Homes-3.53%
American Homes 4 Rent, Class A

  45,116   1,233,020
Invitation Homes, Inc.

  79,069   2,488,302
UDR, Inc.

  22,543   1,080,035
        4,801,357
Specialty-6.01%
CatchMark Timber Trust, Inc., Class A

  24,910   255,577
CoreSite Realty Corp.

  2,520   295,974
EPR Properties

  20,965   1,496,272
Gaming and Leisure Properties, Inc.

  36,763   1,737,235
Lamar Advertising Co., Class A

  22,649   2,102,054
National Storage Affiliates Trust

  33,140   1,131,731
Outfront Media, Inc.

  38,827   1,154,715
        8,173,558
Timber REITs-1.89%
Rayonier, Inc.

  15,731   477,908
Weyerhaeuser Co.

  72,036   2,085,442
        2,563,350
Total Common Stocks & Other Equity Interests

(Cost $131,348,627)

  135,915,744

Invesco Active U.S. Real Estate ETF (PSR)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(b)

(Cost $14,277)

  14,277   $14,277
TOTAL INVESTMENTS IN SECURITIES-99.98%

(Cost $131,362,904)

  135,930,021
OTHER ASSETS LESS LIABILITIES-0.02%

  31,482
NET ASSETS-100.00%

  $135,961,503
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) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

Schedule of Investments
Invesco Balanced Multi-Asset Allocation ETF (PSMB)
January 31, 2020
(Unaudited)
Schedule of Investments in Affiliated Issuers- 115.17%(a)
  % of
Net
Assets
01/31/20
  Value
10/31/19
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
01/31/20
  Value
01/31/20
Domestic Equity Funds-42.40%
Invesco RAFI™ Strategic US ETF

13.65%   $596,435   $203,040   $(53,822)   $16,979   $3,749   $2,928   28,118   $766,381
Invesco RAFI™ Strategic US Small Company ETF(b)

7.30%   319,581   111,576   (23,701)   1,631   823   1,005   17,078   409,910
Invesco S&P 500® Low Volatility ETF

7.67%   319,168   115,519   (17,630)   13,440   148   2,063   7,181   430,645
Invesco S&P 500® Pure Growth ETF

11.63%   506,192   172,432   (57,279)   28,905   2,271   1,139   5,105   652,521
Invesco S&P MidCap Low Volatility ETF(b)

2.15%   91,816   31,858   (3,441)   108   68   660   2,241   120,409
Total Domestic Equity Funds

    1,833,192   634,425   (155,873)   61,063   7,059   7,795       2,379,866
Fixed Income Funds-40.98%
Invesco Corporate Income Defensive ETF

-   122,030   43,238   (165,575)   (212)   519   1,726   -   -
Invesco Corporate Income Value ETF

-   69,225   24,801   (95,294)   802   466   1,137   -   -
Invesco Emerging Markets Sovereign Debt ETF(b)

3.90%   159,979   61,873   (7,360)   4,119   10   2,180   7,324   218,621
Invesco Fundamental High Yield® Corporate Bond ETF(b)

4.61%   -   260,684   -   (1,892)   -   -   13,521   258,792
Invesco Investment Grade Defensive ETF(b)

6.26%   257,289   96,267   (4,794)   2,593   (19)   1,773   13,238   351,336
Invesco Investment Grade Value ETF(b)

3.51%   144,080   52,680   (3,021)   3,402   134   1,776   7,127   197,275
Invesco Senior Loan ETF

1.92%   79,914   30,530   (3,024)   565   (67)   957   4,773   107,918
Invesco Taxable Municipal Bond ETF

6.92%   282,660   102,708   (5,455)   8,842   (225)   2,795   11,813   388,530
Invesco Variable Rate Investment Grade ETF(b)

13.86%   574,643   215,943   (13,963)   1,459   (126)   4,404   31,112   777,956
Total Fixed Income Funds

    1,689,820   888,724   (298,486)   19,678   692   16,748       2,300,428
Foreign Equity Funds-16.61%
Invesco RAFI™ Strategic Developed ex-US ETF

7.73%   338,025   117,275   (19,609)   (2,373)   780   1,996   17,175   434,098
Invesco RAFI™ Strategic Emerging Markets ETF

1.96%   89,460   33,904   (9,793)   (3,469)   (52)   286   4,449   110,050
Invesco S&P Emerging Markets Low Volatility ETF

1.15%   50,608   19,383   (2,552)   (2,855)   (73)   342   2,889   64,511
Invesco S&P International Developed Low Volatility ETF

5.77%   243,857   85,920   (1,027)   (4,780)   (13)   7,197   9,503   323,957
Total Foreign Equity Funds

    721,950   256,482   (32,981)   (13,477)   642   9,821       932,616
Money Market Funds-0.02%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(c)

0.02%   1,464   166,629   (166,946)   -   -   39   1,147   1,147
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

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

(Cost $5,512,148)

100.01%   4,246,426   1,946,260   (654,286)   67,264   8,393   34,403       5,614,057

Invesco Balanced Multi-Asset Allocation ETF (PSMB)—(continued)
January 31, 2020
(Unaudited)
Schedule of Investments in Affiliated Issuers- 115.17%(a)
  % of
Net
Assets
01/31/20
  Value
10/31/19
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
01/31/20
  Value
01/31/20
Investments Purchased with Cash Collateral from Securites on Loan                                  
Money Market Funds-15.16%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(c)(d)

11.37%                           638,000   $638,000
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(c)(d)

3.79%                           212,582   212,667
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $850,667)

                                850,667
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(Cost $6,362,815)

115.17%                               6,464,724
OTHER ASSETS LESS LIABILITIES

(15.17)%                               (851,471)
NET ASSETS

100.00%                               $5,613,253
    
Investment Abbreviations:
ETF- Exchange-Traded Fund
    
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) All or a portion of this security was out on loan at January 31, 2020.
(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(d) 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.

Schedule of Investments
Invesco Conservative Multi-Asset Allocation ETF (PSMC)
January 31, 2020
(Unaudited)
Schedule of Investments in Affiliated Issuers- 109.41%(a)
  % of
Net
Assets
01/31/20
  Value
10/31/19
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
01/31/20
  Value
01/31/20
Domestic Equity Funds-23.40%
Invesco Preferred ETF

7.82%   $302,057   $108,960   $(8,988)   $1,827   $(3)   $4,299   26,763   $403,853
Invesco RAFI™ Strategic US ETF

6.53%   268,579   87,245   (30,020)   9,834   1,654   1,301   12,375   337,292
Invesco S&P 500® Low Volatility ETF

3.37%   130,799   43,900   (7,220)   6,632   102   838   2,905   174,213
Invesco S&P 500® Pure Growth ETF

5.68%   230,813   74,947   (29,083)   15,449   1,349   513   2,296   293,475
Total Domestic Equity Funds

    932,248   315,052   (75,311)   33,742   3,102   6,951       1,208,833
Fixed Income Funds-72.67%
Invesco Corporate Income Defensive ETF

-   213,772   71,803   (286,289)   (2,249)   2,963   2,994   -   -
Invesco Corporate Income Value ETF

-   120,127   40,869   (163,214)   1,638   580   1,954   -   -
Invesco Emerging Markets Sovereign Debt ETF

5.91%   227,496   81,818   (10,422)   6,327   117   3,073   10,229   305,336
Invesco Fundamental High Yield® Corporate Bond ETF(b)

8.57%   -   446,252   -   (3,238)   -   -   23,146   443,014
Invesco Investment Grade Defensive ETF

10.10%   389,648   135,176   (6,994)   4,022   (22)   2,659   19,662   521,830
Invesco Investment Grade Value ETF(b)

5.69%   219,220   74,169   (4,696)   5,100   224   2,674   10,622   294,017
Invesco PureBetaSM 0-5 Yr US TIPS ETF

7.28%   282,889   97,255   (6,476)   2,381   (1)   1,343   14,982   376,048
Invesco Senior Loan ETF

7.77%   303,073   107,707   (11,325)   2,230   (244)   3,417   17,755   401,441
Invesco Taxable Municipal Bond ETF

7.18%   274,870   93,182   (5,553)   8,542   (108)   2,693   11,278   370,933
Invesco Variable Rate Investment Grade ETF(b)

20.17%   784,587   273,558   (18,626)   2,432   (168)   5,957   41,663   1,041,783
Total Fixed Income Funds

    2,815,682   1,421,789   (513,595)   27,185   3,341   26,764       3,754,402
Foreign Equity Funds-3.90%
Invesco RAFI™ Strategic Developed ex-US ETF

1.92%   78,550   26,509   (5,761)   (197)   205   458   3,929   99,306
Invesco S&P International Developed Low Volatility ETF

1.98%   78,370   25,799   (1,066)   (1,147)   7   2,282   2,991   101,963
Total Foreign Equity Funds

    156,920   52,308   (6,827)   (1,344)   212   2,740       201,269
Money Market Funds-0.04%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(c)

0.04%   1,785   123,852   (123,583)   -   -   33   2,054   2,054
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

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

(Cost $5,023,114)

100.01%   3,906,635   1,913,001   (719,316)   59,583   6,655   36,488       5,166,558
Investments Purchased with Cash Collateral from Securites on Loan                                  
Money Market Funds-9.40%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(c)(d)

7.05%                           364,118   364,118
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(c)(d)

2.35%                           121,324   121,373
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $485,491)

                                485,491
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(Cost $5,508,605)

109.41%                               5,652,049
OTHER ASSETS LESS LIABILITIES

(9.41)%                               (486,032)
NET ASSETS

100.00%                               $5,166,017
    

Invesco Conservative Multi-Asset Allocation ETF (PSMC)—(continued)
January 31, 2020
(Unaudited)
Investment Abbreviations:
ETF- Exchange-Traded Fund
    
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) All or a portion of this security was out on loan at January 31, 2020.
(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(d) 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.

Schedule of Investments
Invesco Growth Multi-Asset Allocation ETF (PSMG)
January 31, 2020
(Unaudited)
Schedule of Investments in Affiliated Issuers- 115.22%(a)
  % of
Net
Assets
01/31/20
  Value
10/31/19
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
  Dividend
Income
  Shares
01/31/20
  Value
01/31/20
Domestic Equity Funds-54.67%
Invesco RAFI™ Strategic US ETF(b)

16.28%   $729,711   $742,989   $(801,190)   $(18,106)   $71,194   $7,199   26,585   $724,598
Invesco RAFI™ Strategic US Small Company ETF(b)

8.10%   363,625   378,560   (397,926)   (635)   16,793   2,299   15,016   360,417
Invesco S&P 500® Low Volatility ETF

9.88%   421,930   440,041   (447,121)   (44,315)   69,345   3,313   7,335   439,880
Invesco S&P 500® Pure Growth ETF(b)

14.92%   667,177   682,786   (752,965)   20,054   47,229   3,017   5,197   664,281
Invesco S&P MidCap Low Volatility ETF(b)

2.21%   97,150   100,731   (100,292)   (10,524)   11,476   1,403   1,834   98,541
Invesco S&P SmallCap Low Volatility ETF

3.28%   146,684   151,441   (151,191)   (11,982)   10,822   2,806   2,939   145,774
Total Domestic Equity Funds

    2,426,277   2,496,548   (2,650,685)   (65,508)   226,859   20,037       2,433,491
Fixed Income Funds-20.72%
Invesco Emerging Markets Sovereign Debt ETF(b)

1.86%   78,387   85,971   (84,776)   (2,207)   5,369   1,302   2,772   82,744
Invesco Investment Grade Defensive ETF(b)

4.19%   176,715   190,106   (181,713)   (3,468)   4,830   1,592   7,026   186,470
Invesco Investment Grade Value ETF(b)

2.34%   98,627   105,350   (101,373)   (3,196)   4,890   1,843   3,768   104,298
Invesco Taxable Municipal Bond ETF

4.72%   197,840   211,330   (202,474)   (5,655)   9,126   2,384   6,390   210,167
Invesco Variable Rate Investment Grade ETF(b)

7.61%   323,422   346,769   (332,341)   (99)   692   3,123   13,535   338,443
Total Fixed Income Funds

    874,991   939,526   (902,677)   (14,625)   24,907   10,244       922,122
Foreign Equity Funds-24.60%
Invesco RAFI™ Strategic Developed ex-US ETF

11.13%   499,175   515,016   (536,082)   (12,106)   29,387   5,925   19,600   495,390
Invesco RAFI™ Strategic Emerging Markets ETF

3.29%   154,229   165,525   (180,001)   (1,413)   8,294   992   5,928   146,634
Invesco S&P Emerging Markets Low Volatility ETF

1.93%   87,246   93,419   (93,993)   (2,990)   2,266   1,184   3,849   85,948
Invesco S&P International Developed Low Volatility ETF

8.25%   357,558   387,975   (367,088)   (34,750)   23,318   21,205   10,766   367,013
Total Foreign Equity Funds

    1,098,208   1,161,935   (1,177,164)   (51,259)   63,265   29,306       1,094,985
Money Market Funds-0.02%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(c)

0.02%   1,261   162,790   (163,035)   -   -   37   1,016   1,016
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

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

(Cost $4,436,823)

100.01%   4,400,737   4,760,799   (4,893,561)   (131,392)   315,031   59,624       4,451,614

Invesco Growth Multi-Asset Allocation ETF (PSMG)—(continued)
January 31, 2020
(Unaudited)
Schedule of Investments in Affiliated Issuers- 115.22%(a)
  % of
Net
Assets
01/31/20
  Value
10/31/19
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
  Dividend
Income
  Shares
01/31/20
  Value
01/31/20
Investments Purchased with Cash Collateral from Securites on Loan                                  
Money Market Funds-15.21%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(c)(d)

11.41%                           507,672   $507,672
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(c)(d)

3.80%                           169,156   169,224
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $676,892)

                                676,896
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(Cost $5,113,715)

115.22%                               5,128,510
OTHER ASSETS LESS LIABILITIES

(15.22)%                               (677,526)
NET ASSETS

100.00%                               $4,450,984
    
Investment Abbreviations:
ETF- Exchange-Traded Fund
    
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) All or a portion of this security was out on loan at January 31, 2020.
(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(d) 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.

Schedule of Investments
Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)
January 31, 2020
(Unaudited)
Schedule of Investments in Affiliated Issuers- 110.60%(a)
  % of
Net
Assets
01/31/20
  Value
10/31/19
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
01/31/20
  Value
01/31/20
Domestic Equity Funds-35.21%
Invesco Preferred ETF

5.85%   $316,662   $173,771   $(10,065)   $4,305   $3   $6,141   32,119   $484,676
Invesco RAFI™ Strategic US ETF(b)

9.40%   542,907   278,014   (74,454)   30,763   2,207   3,968   28,597   779,437
Invesco RAFI™ Strategic US Small Company ETF(b)

3.62%   208,100   110,132   (23,503)   4,499   463   975   12,486   299,691
Invesco S&P 500® Low Volatility ETF

5.30%   289,059   148,187   (16,809)   18,701   442   2,512   7,330   439,580
Invesco S&P 500® Pure Growth ETF

8.80%   500,710   252,357   (75,506)   47,895   3,885   1,677   5,706   729,341
Invesco S&P MidCap Low Volatility ETF(b)

2.24%   125,106   63,103   (4,563)   1,518   43   1,338   3,447   185,207
Total Domestic Equity Funds

    1,982,544   1,025,564   (204,900)   107,681   7,043   16,611       2,917,932
Fixed Income Funds-54.95%
Invesco Corporate Income Defensive ETF

-   243,853   127,148   (372,283)   (3,140)   4,422   4,742   -   -
Invesco Corporate Income Value ETF

-   136,588   71,423   (211,836)   1,199   2,626   3,032   -   -
Invesco Emerging Markets Sovereign Debt ETF

5.89%   318,005   175,672   (17,487)   12,251   144   5,843   16,368   488,585
Invesco Fundamental High Yield® Corporate Bond ETF

6.97%   -   582,061   -   (4,225)   -   -   30,190   577,836
Invesco Investment Grade Defensive ETF(b)

7.52%   406,532   217,370   (5,725)   5,070   (8)   3,818   23,483   623,239
Invesco Investment Grade Value ETF(b)

4.30%   231,806   121,120   (4,095)   6,949   378   4,003   12,867   356,158
Invesco PureBetaSM 0-5 Yr US TIPS ETF

5.71%   310,802   165,649   (6,675)   3,553   (18)   2,225   18,857   473,311
Invesco Senior Loan ETF

4.35%   238,285   129,753   (10,049)   3,179   (222)   3,972   15,964   360,946
Invesco Taxable Municipal Bond ETF

7.49%   401,345   208,639   (4,939)   15,634   (176)   5,354   18,866   620,503
Invesco Variable Rate Investment Grade ETF(b)

12.72%   693,407   374,134   (15,784)   2,422   (143)   7,211   42,153   1,054,036
Total Fixed Income Funds

    2,980,623   2,172,969   (648,873)   42,892   7,003   40,200       4,554,614
Foreign Equity Funds-9.82%
Invesco RAFI™ Strategic Developed ex-US ETF

4.84%   276,875   145,635   (23,437)   1,368   294   2,434   15,855   400,735
Invesco S&P International Developed Low Volatility ETF

4.98%   276,180   145,428   (2,175)   (6,285)   (11)   12,133   12,119   413,137
Total Foreign Equity Funds

    553,055   291,063   (25,612)   (4,917)   283   14,567       813,872
Money Market Funds-0.01%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(c)

0.01%   1,103   204,606   (204,909)   -   -   50   800   800
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

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

(Cost $7,957,449)

99.99%   5,517,325   3,694,202   (1,084,294)   145,656   14,329   71,428       8,287,218

Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)—(continued)
January 31, 2020
(Unaudited)
Schedule of Investments in Affiliated Issuers- 110.60%(a)
  % of
Net
Assets
01/31/20
  Value
10/31/19
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
(Depreciation)
  Realized
Gain
(Loss)
  Dividend
Income
  Shares
01/31/20
  Value
01/31/20
Investments Purchased with Cash Collateral from Securites on Loan                                  
Money Market Funds-10.61%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(c)(d)

7.96%                           659,711   $659,711
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(c)(d)

2.65%                           219,816   219,904
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $879,615)

                                879,615
TOTAL INVESTMENTS IN AFFILIATED ISSUERS

(Cost $8,837,064)

110.60%                               9,166,833
OTHER ASSETS LESS LIABILITIES

(10.60)%                               (878,402)
NET ASSETS

100.00%                               $8,288,431
    
Investment Abbreviations:
ETF- Exchange-Traded Fund
    
Notes to Schedule of Investments:
(a) Each underlying fund and the Fund are affiliated by either having the same investment adviser or an investment adviser under common control with the Fund’s investment adviser.
(b) All or a portion of this security was out on loan at January 31, 2020.
(c) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(d) 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.

Schedule of Investments(a)
Invesco S&P 500® Downside Hedged ETF (PHDG)
January 31, 2020
(Unaudited)
  Shares   Value
Common Stocks & Other Equity Interests-77.02%
Communication Services-8.06%
Activision Blizzard, Inc.

  404   $23,626
Alphabet, Inc., Class A(b)

  158   226,379
Alphabet, Inc., Class C(b)

  157   225,174
AT&T, Inc.

  3,843   144,574
CenturyLink, Inc.

  516   7,048
Charter Communications, Inc., Class A(b)

  82   42,432
Comcast Corp., Class A

  2,388   103,138
Discovery, Inc., Class A(b)

  83   2,428
Discovery, Inc., Class C(b)

  176   4,887
DISH Network Corp., Class A(b)

  135   4,963
Electronic Arts, Inc.(b)

  154   16,620
Facebook, Inc., Class A(b)

  1,266   255,618
Fox Corp., Class A

  187   6,934
Fox Corp., Class B

  85   3,088
Interpublic Group of Cos., Inc. (The)

  204   4,631
Live Nation Entertainment, Inc.(b)

  74   5,044
Netflix, Inc.(b)

  231   79,716
News Corp., Class A

  204   2,778
News Corp., Class B

  64   894
Omnicom Group, Inc.

  115   8,661
Take-Two Interactive Software, Inc.(b)

  60   7,478
T-Mobile US, Inc.(b)

  167   13,225
Twitter, Inc.(b)

  408   13,252
Verizon Communications, Inc.

  2,176   129,341
ViacomCBS, Inc., Class B

  284   9,693
Walt Disney Co. (The)

  948   131,118
        1,472,740
Consumer Discretionary-7.57%
Advance Auto Parts, Inc.

  36   4,743
Amazon.com, Inc.(b)

  219   439,910
Aptiv PLC

  134   11,362
AutoZone, Inc.(b)

  13   13,753
Best Buy Co., Inc.

  120   10,163
Booking Holdings, Inc.(b)

  22   40,272
BorgWarner, Inc.

  109   3,738
Capri Holdings Ltd.(b)

  80   2,397
CarMax, Inc.(b)

  87   8,442
Carnival Corp.

  211   9,185
Chipotle Mexican Grill, Inc.(b)

  13   11,268
D.R. Horton, Inc.

  176   10,419
Darden Restaurants, Inc.

  64   7,452
Dollar General Corp.

  134   20,557
Dollar Tree, Inc.(b)

  125   10,884
eBay, Inc.

  402   13,491
Expedia Group, Inc.

  74   8,025
Ford Motor Co.

  2,049   18,072
Gap, Inc. (The)

  112   1,950
Garmin Ltd.

  76   7,368
General Motors Co.

  661   22,071
Genuine Parts Co.

  76   7,111
H&R Block, Inc.

  103   2,390
Hanesbrands, Inc.

  190   2,614
Harley-Davidson, Inc.

  81   2,705
Hasbro, Inc.

  67   6,825
Hilton Worldwide Holdings, Inc.

  148   15,954
Home Depot, Inc. (The)

  574   130,929
Kohl’s Corp.

  82   3,506
L Brands, Inc.

  122   2,826
Las Vegas Sands Corp.

  178   11,625
Leggett & Platt, Inc.

  69   3,284
Lennar Corp., Class A

  147   9,755
  Shares   Value
Consumer Discretionary-(continued)
LKQ Corp.(b)

  161   $5,262
Lowe’s Cos., Inc.

  403   46,845
Macy’s, Inc.

  163   2,600
Marriott International, Inc., Class A

  143   20,029
McDonald’s Corp.

  396   84,732
MGM Resorts International

  271   8,417
Mohawk Industries, Inc.(b)

  31   4,082
Newell Brands, Inc.

  200   3,906
NIKE, Inc., Class B

  656   63,173
Nordstrom, Inc.

  56   2,064
Norwegian Cruise Line Holdings Ltd.(b)

  112   6,031
NVR, Inc.(b)

  2   7,634
O’Reilly Automotive, Inc.(b)

  40   16,244
PulteGroup, Inc.

  134   5,983
PVH Corp.

  39   3,400
Ralph Lauren Corp.

  26   2,951
Ross Stores, Inc.

  190   21,316
Royal Caribbean Cruises Ltd.

  90   10,537
Starbucks Corp.

  621   52,679
Tapestry, Inc.

  145   3,737
Target Corp.

  267   29,568
Tiffany & Co.

  57   7,639
TJX Cos., Inc. (The)

  638   37,668
Tractor Supply Co.

  62   5,763
Ulta Beauty, Inc.(b)

  30   8,037
Under Armour, Inc., Class A(b)

  99   1,998
Under Armour, Inc., Class C(b)

  102   1,832
VF Corp.

  172   14,271
Whirlpool Corp.

  33   4,824
Wynn Resorts Ltd.

  51   6,434
Yum! Brands, Inc.

  159   16,817
        1,381,519
Consumer Staples-5.56%
Altria Group, Inc.

  983   46,722
Archer-Daniels-Midland Co.

  293   13,115
Brown-Forman Corp., Class B

  96   6,493
Campbell Soup Co.

  89   4,307
Church & Dwight Co., Inc.

  129   9,574
Clorox Co. (The)

  66   10,382
Coca-Cola Co. (The)

  2,029   118,494
Colgate-Palmolive Co.

  451   33,275
Conagra Brands, Inc.

  256   8,427
Constellation Brands, Inc., Class A

  88   16,570
Costco Wholesale Corp.

  232   70,881
Coty, Inc., Class A

  155   1,590
Estee Lauder Cos., Inc. (The), Class A

  117   22,834
General Mills, Inc.

  318   16,606
Hershey Co. (The)

  78   12,103
Hormel Foods Corp.

  146   6,900
JM Smucker Co. (The)

  60   6,217
Kellogg Co.

  131   8,935
Kimberly-Clark Corp.

  180   25,783
Kraft Heinz Co. (The)

  328   9,578
Kroger Co. (The)

  422   11,335
Lamb Weston Holdings, Inc.

  77   7,031
McCormick & Co., Inc.

  65   10,619
Molson Coors Beverage Co., Class B

  99   5,502
Mondelez International, Inc., Class A

  757   43,437
Monster Beverage Corp.(b)

  201   13,387
PepsiCo., Inc.

  734   104,243
Philip Morris International, Inc.

  819   67,731
Procter & Gamble Co. (The)

  1,312   163,501

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Consumer Staples-(continued)
Sysco Corp.

  268   $22,013
Tyson Foods, Inc., Class A

  155   12,808
Walgreens Boots Alliance, Inc.

  394   20,035
Walmart, Inc.

  746   85,410
        1,015,838
Energy-2.98%
Apache Corp.

  198   5,433
Baker Hughes Co., Class A

  342   7,408
Cabot Oil & Gas Corp.

  215   3,029
Chevron Corp.

  995   106,604
Cimarex Energy Co.

  54   2,370
Concho Resources, Inc.

  106   8,033
ConocoPhillips

  577   34,291
Devon Energy Corp.

  204   4,431
Diamondback Energy, Inc.

  85   6,324
EOG Resources, Inc.

  306   22,310
Exxon Mobil Corp.

  2,226   138,279
Halliburton Co.

  462   10,076
Helmerich & Payne, Inc.

  57   2,311
Hess Corp.

  136   7,694
HollyFrontier Corp.

  78   3,504
Kinder Morgan, Inc.

  1,025   21,392
Marathon Oil Corp.

  421   4,787
Marathon Petroleum Corp.

  342   18,639
National Oilwell Varco, Inc.

  203   4,184
Noble Energy, Inc.

  252   4,982
Occidental Petroleum Corp.

  470   18,668
ONEOK, Inc.

  217   16,247
Phillips 66

  234   21,381
Pioneer Natural Resources Co.

  87   11,745
Schlumberger Ltd.

  728   24,395
TechnipFMC PLC (United Kingdom)

  221   3,649
Valero Energy Corp.

  216   18,211
Williams Cos., Inc. (The)

  638   13,200
        543,577
Financials-9.73%
Aflac, Inc.

  386   19,906
Allstate Corp. (The)

  170   20,152
American Express Co.

  353   45,844
American International Group, Inc.

  458   23,019
Ameriprise Financial, Inc.

  67   11,082
Aon PLC

  123   27,091
Arthur J. Gallagher & Co.

  98   10,052
Assurant, Inc.

  32   4,178
Bank of America Corp.

  4,259   139,823
Bank of New York Mellon Corp. (The)

  441   19,748
Berkshire Hathaway, Inc., Class B(b)

  1,029   230,938
BlackRock, Inc.

  62   32,696
Capital One Financial Corp.

  245   24,451
Cboe Global Markets, Inc.

  58   7,147
Charles Schwab Corp. (The)

  601   27,376
Chubb Ltd.

  238   36,174
Cincinnati Financial Corp.

  80   8,396
Citigroup, Inc.

  1,149   85,497
Citizens Financial Group, Inc.

  229   8,537
CME Group, Inc., Class A

  189   41,034
Comerica, Inc.

  76   4,648
Discover Financial Services

  165   12,396
E*TRADE Financial Corp.

  119   5,072
Everest Re Group Ltd.

  23   6,361
Fifth Third Bancorp

  373   10,612
  Shares   Value
Financials-(continued)
First Republic Bank

  89   $9,868
Franklin Resources, Inc.

  147   3,719
Globe Life, Inc.

  52   5,422
Goldman Sachs Group, Inc. (The)

  168   39,942
Hartford Financial Services Group, Inc. (The)

  190   11,263
Huntington Bancshares, Inc.

  543   7,368
Intercontinental Exchange, Inc.

  293   29,224
Invesco Ltd.(c)

  460   7,958
JPMorgan Chase & Co.

  1,650   218,394
KeyCorp

  518   9,692
Lincoln National Corp.

  104   5,666
Loews Corp.

  135   6,946
M&T Bank Corp.

  69   11,628
MarketAxess Holdings, Inc.

  20   7,084
Marsh & McLennan Cos., Inc.

  265   29,643
MetLife, Inc.

  411   20,431
Moody’s Corp.

  85   21,827
Morgan Stanley

  647   33,812
MSCI, Inc.

  45   12,861
Nasdaq, Inc.

  60   6,988
Northern Trust Corp.

  111   10,857
People’s United Financial, Inc.

  234   3,608
PNC Financial Services Group, Inc. (The)

  231   34,315
Principal Financial Group, Inc.

  136   7,201
Progressive Corp. (The)

  308   24,853
Prudential Financial, Inc.

  211   19,214
Raymond James Financial, Inc.

  65   5,943
Regions Financial Corp.

  507   7,894
S&P Global, Inc.

  129   37,891
State Street Corp.

  191   14,445
SVB Financial Group(b)

  27   6,489
Synchrony Financial

  313   10,144
T. Rowe Price Group, Inc.

  123   16,424
Travelers Cos., Inc. (The)

  136   17,900
Truist Financial Corp.

  706   36,408
U.S. Bancorp

  748   39,809
Unum Group

  109   2,909
W.R. Berkley Corp.

  76   5,588
Wells Fargo & Co.

  2,025   95,053
Willis Towers Watson PLC

  68   14,368
Zions Bancorporation N.A.

  90   4,094
        1,777,373
Health Care-10.62%
Abbott Laboratories

  930   81,040
AbbVie, Inc.

  778   63,034
ABIOMED, Inc.(b)

  24   4,471
Agilent Technologies, Inc.

  163   13,457
Alexion Pharmaceuticals, Inc.(b)

  116   11,529
Align Technology, Inc.(b)

  38   9,770
Allergan PLC

  173   32,289
AmerisourceBergen Corp.

  79   6,759
Amgen, Inc.

  313   67,624
Anthem, Inc.

  133   35,282
Baxter International, Inc.

  269   24,000
Becton, Dickinson and Co.

  142   39,076
Biogen, Inc.(b)

  95   25,541
Boston Scientific Corp.(b)

  733   30,691
Bristol-Myers Squibb Co.

  1,233   77,617
Cardinal Health, Inc.

  154   7,886
Centene Corp.(b)

  307   19,283
Cerner Corp.

  165   11,852
Cigna Corp.

  196   37,707

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Health Care-(continued)
Cooper Cos., Inc. (The)

  26   $9,019
CVS Health Corp.

  684   46,389
Danaher Corp.

  336   54,052
DaVita, Inc.(b)

  47   3,754
DENTSPLY SIRONA, Inc.

  117   6,552
Edwards Lifesciences Corp.(b)

  110   24,185
Eli Lilly and Co.

  444   62,000
Gilead Sciences, Inc.

  666   42,091
HCA Healthcare, Inc.

  139   19,293
Henry Schein, Inc.(b)

  77   5,308
Hologic, Inc.(b)

  141   7,546
Humana, Inc.

  70   23,537
IDEXX Laboratories, Inc.(b)

  45   12,195
Illumina, Inc.(b)

  77   22,335
Incyte Corp.(b)

  94   6,869
Intuitive Surgical, Inc.(b)

  61   34,147
IQVIA Holdings, Inc.(b)

  95   14,749
Johnson & Johnson

  1,385   206,185
Laboratory Corp. of America Holdings(b)

  51   8,945
McKesson Corp.

  95   13,548
Medtronic PLC

  705   81,385
Merck & Co., Inc.

  1,339   114,404
Mettler-Toledo International, Inc.(b)

  13   9,843
Mylan N.V.(b)

  272   5,826
PerkinElmer, Inc.

  58   5,364
Perrigo Co. PLC

  72   4,107
Pfizer, Inc.

  2,911   108,406
Quest Diagnostics, Inc.

  71   7,858
Regeneron Pharmaceuticals, Inc.(b)

  42   14,193
ResMed, Inc.

  76   12,082
STERIS PLC

  45   6,781
Stryker Corp.

  169   35,608
Teleflex, Inc.

  24   8,916
Thermo Fisher Scientific, Inc.

  211   66,083
UnitedHealth Group, Inc.

  498   135,680
Universal Health Services, Inc., Class B

  42   5,759
Varian Medical Systems, Inc.(b)

  48   6,747
Vertex Pharmaceuticals, Inc.(b)

  135   30,652
Waters Corp.(b)

  34   7,609
Zimmer Biomet Holdings, Inc.

  108   15,973
Zoetis, Inc.

  251   33,687
        1,938,570
Industrials-6.94%
3M Co.

  303   48,074
A.O. Smith Corp.

  72   3,074
Alaska Air Group, Inc.

  65   4,198
Allegion PLC

  49   6,337
American Airlines Group, Inc.

  205   5,502
AMETEK, Inc.

  120   11,658
Arconic, Inc.

  204   6,110
Boeing Co. (The)

  281   89,434
C.H. Robinson Worldwide, Inc.

  71   5,128
Caterpillar, Inc.

  291   38,223
Cintas Corp.

  44   12,275
Copart, Inc.(b)

  108   10,958
CSX Corp.

  409   31,223
Cummins, Inc.

  81   12,958
Deere & Co.

  166   26,324
Delta Air Lines, Inc.

  303   16,889
Dover Corp.

  76   8,653
Eaton Corp. PLC

  217   20,500
Emerson Electric Co.

  320   22,922
  Shares   Value
Industrials-(continued)
Equifax, Inc.

  64   $9,594
Expeditors International of Washington, Inc.

  90   6,574
Fastenal Co.

  302   10,534
FedEx Corp.

  126   18,225
Flowserve Corp.

  69   3,221
Fortive Corp.

  155   11,614
Fortune Brands Home & Security, Inc.

  73   5,016
General Dynamics Corp.

  123   21,579
General Electric Co.

  4,595   57,208
Honeywell International, Inc.

  376   65,131
Huntington Ingalls Industries, Inc.

  22   5,742
IDEX Corp.

  40   6,554
IHS Markit Ltd.(b)

  211   16,639
Illinois Tool Works, Inc.

  154   26,947
Ingersoll-Rand PLC

  126   16,787
J.B. Hunt Transport Services, Inc.

  45   4,857
Jacobs Engineering Group, Inc.

  71   6,570
Johnson Controls International PLC

  406   16,017
Kansas City Southern

  52   8,772
L3Harris Technologies, Inc.

  116   25,674
Lockheed Martin Corp.

  131   56,084
Masco Corp.

  149   7,080
Nielsen Holdings PLC

  187   3,815
Norfolk Southern Corp.

  137   28,525
Northrop Grumman Corp.

  82   30,715
Old Dominion Freight Line, Inc.

  34   6,672
PACCAR, Inc.

  182   13,506
Parker-Hannifin Corp.

  68   13,307
Pentair PLC

  88   3,778
Quanta Services, Inc.

  75   2,936
Raytheon Co.

  147   32,478
Republic Services, Inc.

  111   10,550
Robert Half International, Inc.

  62   3,606
Rockwell Automation, Inc.

  61   11,691
Rollins, Inc.

  74   2,808
Roper Technologies, Inc.

  55   20,991
Snap-on, Inc.

  29   4,629
Southwest Airlines Co.

  249   13,690
Stanley Black & Decker, Inc.

  80   12,746
Textron, Inc.

  120   5,512
TransDigm Group, Inc.

  26   16,725
Union Pacific Corp.

  365   65,488
United Airlines Holdings, Inc.(b)

  114   8,527
United Parcel Service, Inc., Class B

  369   38,199
United Rentals, Inc.(b)

  40   5,428
United Technologies Corp.

  427   64,135
Verisk Analytics, Inc.

  86   13,972
W.W. Grainger, Inc.

  23   6,961
Wabtec Corp.

  96   7,090
Waste Management, Inc.

  205   24,948
Xylem, Inc.

  95   7,758
        1,268,045
Information Technology-18.62%
Accenture PLC, Class A

  334   68,540
Adobe, Inc.(b)

  255   89,541
Advanced Micro Devices, Inc.(b)

  586   27,542
Akamai Technologies, Inc.(b)

  85   7,935
Alliance Data Systems Corp.

  22   2,261
Amphenol Corp., Class A

  156   15,517
Analog Devices, Inc.

  194   21,292
ANSYS, Inc.(b)

  45   12,345
Apple, Inc.

  2,197   679,994

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Information Technology-(continued)
Applied Materials, Inc.

  486   $28,183
Arista Networks, Inc.(b)

  29   6,477
Autodesk, Inc.(b)

  116   22,835
Automatic Data Processing, Inc.

  228   39,077
Broadcom, Inc.

  209   63,778
Broadridge Financial Solutions, Inc.

  60   7,149
Cadence Design Systems, Inc.(b)

  148   10,672
CDW Corp.

  76   9,914
Cisco Systems, Inc.

  2,232   102,605
Citrix Systems, Inc.

  64   7,758
Cognizant Technology Solutions Corp., Class A

  288   17,677
Corning, Inc.

  405   10,809
DXC Technology Co.

  135   4,304
F5 Networks, Inc.(b)

  32   3,908
Fidelity National Information Services, Inc.

  323   46,402
Fiserv, Inc.(b)

  300   35,583
FleetCor Technologies, Inc.(b)

  46   14,501
FLIR Systems, Inc.

  71   3,659
Fortinet, Inc.(b)

  75   8,652
Gartner, Inc.(b)

  47   7,557
Global Payments, Inc.

  158   30,881
Hewlett Packard Enterprise Co.

  681   9,486
HP, Inc.

  780   16,630
Intel Corp.

  2,288   146,272
International Business Machines Corp.

  466   66,978
Intuit, Inc.

  137   38,412
IPG Photonics Corp.(b)

  19   2,426
Jack Henry & Associates, Inc.

  40   5,982
Juniper Networks, Inc.

  176   4,037
Keysight Technologies, Inc.(b)

  99   9,206
KLA Corp.

  83   13,756
Lam Research Corp.

  76   22,664
Leidos Holdings, Inc.

  70   7,033
Mastercard, Inc., Class A

  467   147,544
Maxim Integrated Products, Inc.

  142   8,537
Microchip Technology, Inc.(d)

  126   12,283
Micron Technology, Inc.(b)

  582   30,898
Microsoft Corp.

  4,013   683,133
Motorola Solutions, Inc.

  90   15,930
NetApp, Inc.

  120   6,408
NortonLifeLock, Inc.

  302   8,583
NVIDIA Corp.

  322   76,130
Oracle Corp.

  1,140   59,793
Paychex, Inc.

  168   14,409
Paycom Software, Inc.(b)

  26   8,272
PayPal Holdings, Inc.(b)

  618   70,384
Qorvo, Inc.(b)

  61   6,457
QUALCOMM, Inc.

  601   51,271
salesforce.com, inc.(b)

  467   85,139
Seagate Technology PLC

  122   6,953
ServiceNow, Inc.(b)

  99   33,485
Skyworks Solutions, Inc.

  90   10,184
Synopsys, Inc.(b)

  79   11,653
TE Connectivity Ltd.

  176   16,224
Texas Instruments, Inc.

  492   59,360
VeriSign, Inc.(b)

  54   11,240
Visa, Inc., Class A

  901   179,272
Western Digital Corp.

  156   10,218
Western Union Co. (The)

  221   5,945
Xerox Holdings Corp.

  98   3,486
  Shares   Value
Information Technology-(continued)
Xilinx, Inc.

  132   $11,151
Zebra Technologies Corp., Class A(b)

  28   6,693
        3,401,265
Materials-1.92%
Air Products and Chemicals, Inc.

  116   27,690
Albemarle Corp.

  56   4,496
Amcor PLC

  852   9,023
Avery Dennison Corp.

  44   5,775
Ball Corp.

  172   12,415
Celanese Corp.

  64   6,624
CF Industries Holdings, Inc.

  114   4,592
Corteva, Inc.

  394   11,394
Dow, Inc.

  390   17,967
DuPont de Nemours, Inc.

  390   19,960
Eastman Chemical Co.

  72   5,131
Ecolab, Inc.

  132   25,887
FMC Corp.

  68   6,500
Freeport-McMoRan, Inc.

  763   8,469
International Flavors & Fragrances, Inc.(d)

  56   7,342
International Paper Co.

  206   8,388
Linde PLC (United Kingdom)

  283   57,486
LyondellBasell Industries N.V., Class A

  135   10,511
Martin Marietta Materials, Inc.

  33   8,705
Mosaic Co. (The)

  184   3,651
Newmont Corp.

  431   19,421
Nucor Corp.

  160   7,598
Packaging Corp. of America

  50   4,788
PPG Industries, Inc.

  124   14,860
Sealed Air Corp.

  81   2,876
Sherwin-Williams Co. (The)

  43   23,951
Vulcan Materials Co.

  70   9,914
Westrock Co.

  136   5,304
        350,718
Real Estate-2.29%
Alexandria Real Estate Equities, Inc.

  64   10,445
American Tower Corp.

  233   53,995
Apartment Investment & Management Co., Class A

  78   4,111
AvalonBay Communities, Inc.

  73   15,818
Boston Properties, Inc.

  76   10,895
CBRE Group, Inc., Class A(b)

  176   10,745
Crown Castle International Corp.

  219   32,815
Digital Realty Trust, Inc.

  110   13,529
Duke Realty Corp.

  193   7,008
Equinix, Inc.

  45   26,538
Equity Residential

  184   15,287
Essex Property Trust, Inc.

  35   10,842
Extra Space Storage, Inc.

  68   7,526
Federal Realty Investment Trust

  37   4,626
Healthpeak Properties, Inc.

  260   9,357
Host Hotels & Resorts, Inc.

  377   6,160
Iron Mountain, Inc.

  151   4,773
Kimco Realty Corp.

  222   4,229
Mid-America Apartment Communities, Inc.

  60   8,233
Prologis, Inc.

  332   30,836
Public Storage

  79   17,677
Realty Income Corp.

  171   13,408
Regency Centers Corp.

  88   5,459
SBA Communications Corp., Class A

  59   14,724
Simon Property Group, Inc.

  161   21,437
SL Green Realty Corp.

  43   3,958

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Real Estate-(continued)
UDR, Inc.

  154   $7,378
Ventas, Inc.

  196   11,341
Vornado Realty Trust

  83   5,459
Welltower, Inc.

  213   18,086
Weyerhaeuser Co.

  392   11,348
        418,043
Utilities-2.73%
AES Corp. (The)

  349   6,931
Alliant Energy Corp.

  126   7,479
Ameren Corp.

  129   10,584
American Electric Power Co., Inc.

  260   27,097
American Water Works Co., Inc.

  95   12,939
Atmos Energy Corp.

  63   7,373
CenterPoint Energy, Inc.

  264   6,991
CMS Energy Corp.

  149   10,208
Consolidated Edison, Inc.

  175   16,450
Dominion Energy, Inc.

  433   37,130
DTE Energy Co.

  101   13,394
Duke Energy Corp.

  384   37,490
Edison International

  189   14,468
Entergy Corp.

  105   13,810
Evergy, Inc.

  120   8,659
Eversource Energy

  170   15,715
Exelon Corp.

  511   24,319
FirstEnergy Corp.

  284   14,424
NextEra Energy, Inc.

  257   68,927
NiSource, Inc.

  197   5,774
NRG Energy, Inc.

  132   4,869
Pinnacle West Capital Corp.

  59   5,764
PPL Corp.

  380   13,752
Public Service Enterprise Group, Inc.

  266   15,747
Sempra Energy

  148   23,775
Southern Co. (The)

  552   38,861
  Shares   Value
Utilities-(continued)
WEC Energy Group, Inc.

  166   $16,582
Xcel Energy, Inc.

  276   19,096
        498,608
Total Common Stocks & Other Equity Interests

(Cost $14,282,687)

  14,066,296
Money Market Funds-7.59%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(e)

(Cost $1,384,868)

  1,384,868   1,384,868
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-84.61%

(Cost $15,667,555)

  15,451,164
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.10%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(e)(f)

  13,883   13,883
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(e)(f)

  4,626   4,628
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $18,511)

  18,511
TOTAL INVESTMENTS IN SECURITIES-84.71%

(Cost $15,686,066)

  15,469,675
OTHER ASSETS LESS LIABILITIES-15.29%

  2,793,094
NET ASSETS-100.00%

  $18,262,769
 
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) The Fund’s Adviser is a wholly-owned subsidiary of Invesco Ltd. and therefore, Invesco Ltd. is considered to be affiliated. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the three months ended January 31, 2020.
    
  Value
October 31, 2019
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2020
  Dividend
Income
Invesco Ltd. $7,737   $-   $-   $221   $-   $7,958   $143
    
(d) All or a portion of this security was out on loan at January 31, 2020.
(e) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(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.
Open Futures Contracts(a)
Long Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Equity Risk                    
CBOE Volatility Index (VIX) Futures   15   February-2020   $273,375   $23,064   $23,064
CBOE Volatility Index (VIX) Futures   11   March-2020   194,975   9,843   9,843

Invesco S&P 500® Downside Hedged ETF (PHDG)—(continued)
January 31, 2020
(Unaudited)
Open Futures Contracts(a)—(continued)
Long Futures Contracts—(continued)   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
S&P 500 E-Mini Futures   22   March-2020   $3,546,400   $(53,670)   $(53,670)
S&P 500 Micro E-Mini Futures   11   March-2020   177,320   (2,696)   (2,696)
Total Futures Contracts   $(23,459)   $(23,459)
    
(a) Futures contracts collateralized by $2,718,892 cash held with Merrill Lynch International, the futures commission merchant.

Schedule of Investments(a)
Invesco Total Return Bond ETF (GTO)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-43.57%
Advertising-0.45%
Lamar Media Corp.        
3.75%, 02/15/2028(b)

$ 703,000   $709,454
4.00%, 02/15/2030(b)

  152,000   153,520
MDC Partners, Inc., 6.50%, 05/01/2024(b)

  250,000   226,875
        1,089,849
Airlines-1.48%
American Airlines Group, Inc., 5.00%, 06/01/2022(b)

  167,000   173,680
American Airlines Pass Through Trust        
Series 2019-1, Class AA, 3.15%, 02/15/2032

  668,000   726,659
Series 2019-1, Class B, 3.85%, 02/15/2028

  422,000   436,968
Avianca Holdings S.A. (Colombia), 9.00%, 05/10/2023(b)

  500,000   505,150
British Airways Pass Through Trust (United Kingdom)        
Series 2019-1, Class A, 3.35%, 06/15/2029(b)

  471,000   501,701
Series 2019-1, Class AA, 3.30%, 12/15/2032(b)

  589,944   630,729
Delta Air Lines, Inc., 3.75%, 10/28/2029

  419,000   423,169
United Airlines Pass Through Trust, Series 2019-2, Class B, 3.50%, 05/01/2028

  157,000   161,706
        3,559,762
Alternative Carriers-0.10%
CenturyLink, Inc., 4.00%, 02/15/2027(b)

  228,000   230,440
Asset Management & Custody Banks-0.89%
Apollo Management Holdings L.P., 4.95%, 01/14/2050(b)

  2,085,000   2,141,065
Automobile Manufacturers-1.43%
Ford Motor Credit Co. LLC        
3.35%, 11/01/2022

  492,000   499,472
3.09%, 01/09/2023

  1,446,000   1,459,475
5.58%, 03/18/2024

  200,000   217,856
Hyundai Capital America        
4.30%, 02/01/2024(b)

  185,000   198,280
3.50%, 11/02/2026(b)

  1,005,000   1,049,843
        3,424,926
Biotechnology-1.27%
AbbVie, Inc.        
2.30%, 11/21/2022(b)

  1,722,000   1,739,920
2.60%, 11/21/2024(b)

  1,292,000   1,320,722
        3,060,642
Broadcasting-0.18%
Fox Corp., 4.71%, 01/25/2029(b)

  366,000   426,377
Building Products-0.14%
HP Communities LLC        
5.78%, 03/15/2046(b)

  150,000   194,934
5.86%, 09/15/2053(b)

  100,000   130,713
        325,647
Cable & Satellite-1.94%
Altice Financing S.A. (Luxembourg), 5.00%, 01/15/2028(b)

  1,024,000   1,007,626
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029

  372,000   428,508
  Principal
Amount
  Value
Cable & Satellite-(continued)
Comcast Corp.        
3.95%, 10/15/2025

$ 50,000   $55,314
4.15%, 10/15/2028

  243,000   278,951
4.60%, 10/15/2038

  75,000   92,630
3.25%, 11/01/2039

  1,250,000   1,330,517
3.45%, 02/01/2050

  1,000,000   1,075,791
4.95%, 10/15/2058

  76,000   103,568
Globo Comunicacao e Participacoes S.A. (Brazil), 4.88%, 01/22/2030(b)

  275,000   281,124
        4,654,029
Casinos & Gaming-0.09%
MGM China Holdings Ltd. (Macau), 5.38%, 05/15/2024(b)

  218,000   223,905
Commodity Chemicals-0.11%
Alpek S.A.B. de C.V. (Mexico), 4.25%, 09/18/2029(b)

  247,000   257,312
Construction Machinery & Heavy Trucks-0.09%
Ashtead Capital, Inc. (United Kingdom), 4.00%, 05/01/2028(b)

  200,000   205,500
Consumer Finance-0.17%
Credit Acceptance Corp.        
5.13%, 12/31/2024(b)

  325,000   340,437
6.63%, 03/15/2026(b)

  71,000   76,671
        417,108
Copper-0.04%
Freeport-McMoRan, Inc., 5.00%, 09/01/2027

  84,000   87,100
Data Processing & Outsourced Services-0.99%
Alliance Data Systems Corp., 4.75%, 12/15/2024(b)

  2,000,000   1,999,100
PayPal Holdings, Inc.        
2.65%, 10/01/2026

  216,000   222,502
2.85%, 10/01/2029

  149,000   153,526
        2,375,128
Diversified Banks-4.85%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)

  280,000   300,875
Australia & New Zealand Banking Group Ltd. (Australia), 2.95%, 07/22/2030(b)

  722,000   732,480
Banco del Estado de Chile (Chile), 2.70%, 01/09/2025(b)

  885,000   892,965
BPCE S.A. (France), 2.38%, 01/14/2025(b)

  818,000   825,164
Citigroup, Inc.        
3.34% (3 mo. USD LIBOR + 1.38%), 03/30/2021(c)

  100,000   101,496
3.98%, 03/20/2030

  1,000,000   1,118,444
Series P, 5.95%(d)

  390,000   426,346
Series T, 6.25%(d)

  100,000   114,222
Series U, 5.00%(d)

  1,414,000   1,480,182
Citizens Bank N.A., 2.73% (3 mo. USD LIBOR + 0.81%), 05/26/2022(c)

  250,000   252,197
Commonwealth Bank of Australia (Australia), 3.74%, 09/12/2039(b)

  200,000   210,984
HSBC Holdings PLC (United Kingdom), 6.25%(d)

  292,000   309,298
JPMorgan Chase & Co.        
2.70% (3 mo. USD LIBOR + 0.89%), 07/23/2024(c)

  205,000   207,379
3.70%, 05/06/2030

  1,000,000   1,103,441
Series I, 5.24% (3 mo. USD LIBOR + 3.47%)(c)(d)

  59,000   59,458
Mizuho Financial Group, Inc. (Japan), 2.68% (3 mo. USD LIBOR + 0.79%), 03/05/2023(c)

  100,000   100,580
National Australia Bank Ltd. (Australia), 3.93%, 08/02/2034(b)

  250,000   266,067

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Diversified Banks-(continued)
Royal Bank of Scotland Group PLC (The) (United Kingdom), 3.75%, 11/01/2029

$ 315,000   $327,370
Societe Generale S.A. (France), 7.38%(b)(d)

  205,000   226,342
Standard Chartered PLC (United Kingdom), 3.09% (3 mo. USD LIBOR + 1.20%), 09/10/2022(b)(c)

  200,000   202,022
Sumitomo Mitsui Financial Group, Inc. (Japan), 3.04%, 07/16/2029

  205,000   215,452
Turkiye Vakiflar Bankasi T.A.O. (Turkey), 5.25%, 02/05/2025(b)

  660,000   657,690
Wells Fargo & Co., 4.15%, 01/24/2029

  1,000,000   1,137,536
Westpac Banking Corp. (Australia), 2.89%, 02/04/2030

  368,000   371,021
        11,639,011
Diversified Capital Markets-0.45%
Credit Suisse Group AG (Switzerland)        
5.10%(b)(d)

  492,000   497,535
7.50%(b)(d)

  200,000   220,509
UBS Group AG (Switzerland)        
3.38% (3 mo. USD LIBOR + 1.44%), 09/24/2020(b)(c)

  200,000   201,682
3.62% (3 mo. USD LIBOR + 1.78%), 04/14/2021(b)(c)

  150,000   152,885
        1,072,611
Diversified Metals & Mining-0.88%
BHP Billiton Finance USA Ltd. (Australia), 6.75%, 10/19/2075(b)

  150,000   176,512
Corp. Nacional del Cobre de Chile (Chile)        
3.15%, 01/14/2030(b)

  390,000   397,393
3.70%, 01/30/2050(b)

  1,245,000   1,247,974
Teck Resources Ltd. (Canada), 6.13%, 10/01/2035

  250,000   299,407
        2,121,286
Diversified REITs-1.00%
Atlantic Marine Corps Communities LLC, 5.34%, 12/01/2050(b)

  94,933   117,849
Fort Benning Family Communities LLC, 5.81%, 01/15/2051(b)

  200,000   246,467
iStar, Inc., 4.75%, 10/01/2024

  603,000   628,377
Trust F/1401 (Mexico), 4.87%, 01/15/2030(b)

  1,300,000   1,415,375
        2,408,068
Electric Utilities-0.78%
Centrais Eletricas Brasileiras S.A. (Brazil), 4.63%, 02/04/2030(b)

  200,000   201,550
Commonwealth Edison Co., Series 127, 3.20%, 11/15/2049

  667,000   692,356
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)

  200,000   212,013
Xcel Energy, Inc., 3.50%, 12/01/2049

  726,000   770,445
        1,876,364
Electronic Components-1.70%
Corning, Inc., 5.45%, 11/15/2079

  3,537,000   4,079,774
Food Retail-0.43%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC        
3.50%, 02/15/2023(b)

  584,000   595,785
4.88%, 02/15/2030(b)

  210,000   216,086
Alimentation Couche-Tard, Inc. (Canada), 3.80%, 01/25/2050(b)

  214,000   216,130
        1,028,001
Health Care REITs-0.21%
Diversified Healthcare Trust, 4.75%, 02/15/2028

  250,000   261,993
  Principal
Amount
  Value
Health Care REITs-(continued)
MPT Operating Partnership L.P./MPT Finance Corp., 4.63%, 08/01/2029

$ 115,000   $120,391
Welltower, Inc., 3.10%, 01/15/2030

  123,000   128,364
        510,748
Homebuilding-1.48%
KB Home, 4.80%, 11/15/2029

  520,000   540,800
M.D.C. Holdings, Inc.        
3.85%, 01/15/2030

  1,706,000   1,717,217
6.00%, 01/15/2043

  500,000   557,452
Mattamy Group Corp. (Canada), 5.25%, 12/15/2027(b)

  698,000   731,155
        3,546,624
Hotel & Resort REITs-0.08%
Service Properties Trust, 5.25%, 02/15/2026

  180,000   195,406
Hotels, Resorts & Cruise Lines-0.20%
Marriott Ownership Resorts, Inc., 4.75%, 01/15/2028(b)

  474,000   486,015
Household Products-0.20%
Reynolds Group Issuer, Inc./LLC, 5.75%, 10/15/2020

  472,925   474,603
Industrial Conglomerates-0.32%
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/2035

  273,000   307,887
General Electric Co., 5.55%, 01/05/2026

  387,000   451,637
        759,524
Industrial REITs-1.03%
Duke Realty L.P., 2.88%, 11/15/2029

  2,090,000   2,150,040
Lexington Realty Trust, 4.40%, 06/15/2024

  300,000   317,030
        2,467,070
Integrated Oil & Gas-0.33%
Petroleos Mexicanos (Mexico), 5.95%, 01/28/2031(b)

  200,000   203,950
Saudi Arabian Oil Co. (Saudi Arabia), 2.88%, 04/16/2024(b)

  573,000   589,132
        793,082
Integrated Telecommunication Services-0.62%
Altice France S.A. (France), 7.38%, 05/01/2026(b)

  200,000   213,386
AT&T, Inc.        
3.07% (3 mo. USD LIBOR + 1.18%), 06/12/2024(c)

  102,000   103,888
5.15%, 02/15/2050

  500,000   616,136
Verizon Communications, Inc., 3.88%, 02/08/2029

  500,000   563,758
        1,497,168
Interactive Media & Services-1.12%
Diamond Sports Group LLC/Diamond Sports Finance Co.        
5.38%, 08/15/2026(b)

  534,000   532,919
6.63%, 08/15/2027(b)

  40,000   37,474
Match Group, Inc., 5.63%, 02/15/2029(b)

  339,000   366,662
Twitter, Inc., 3.88%, 12/15/2027(b)

  1,746,000   1,752,547
        2,689,602
Internet & Direct Marketing Retail-0.96%
Alibaba Group Holding Ltd. (China), 4.20%, 12/06/2047

  1,000,000   1,173,735
JD.com, Inc. (China), 4.13%, 01/14/2050

  350,000   376,723
QVC, Inc., 4.75%, 02/15/2027

  750,000   758,010
        2,308,468
Investment Banking & Brokerage-0.64%
Morgan Stanley, 2.70%, 01/22/2031

  1,515,000   1,541,637

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Life & Health Insurance-1.47%
American Equity Investment Life Holding Co., 5.00%, 06/15/2027

$ 350,000   $383,039
Athene Global Funding, 2.50%, 01/14/2025(b)

  2,040,000   2,060,380
Brighthouse Financial, Inc., 4.70%, 06/22/2047

  243,000   235,001
MetLife, Inc., 9.25%, 04/08/2038(b)

  350,000   527,228
Nationwide Financial Services, Inc., 3.90%, 11/30/2049(b)

  303,000   332,004
        3,537,652
Movies & Entertainment-0.03%
Netflix, Inc., 5.38%, 11/15/2029(b)

  68,000   74,140
Multi-line Insurance-0.16%
Guardian Life Insurance Co. of America (The), 3.70%, 01/22/2070(b)

  357,000   376,008
Office REITs-0.10%
Alexandria Real Estate Equities, Inc.        
3.38%, 08/15/2031

  83,000   89,631
4.00%, 02/01/2050

  127,000   149,853
        239,484
Oil & Gas Exploration & Production-1.76%
Continental Resources, Inc., 5.00%, 09/15/2022

  4,204,000   4,228,212
Oil & Gas Storage & Transportation-3.45%
Buckeye Partners L.P., 4.35%, 10/15/2024

  307,000   309,957
Energy Transfer Operating L.P.        
2.90%, 05/15/2025

  544,000   550,758
6.00%, 06/15/2048

  71,000   81,921
Series 20Y, 5.80%, 06/15/2038

  71,000   81,942
Enterprise Products Operating LLC        
2.80%, 01/31/2030

  800,000   810,786
3.70%, 01/31/2051

  1,390,000   1,392,386
MPLX L.P.        
2.79% (3 mo. USD LIBOR + 0.90%), 09/09/2021(c)

  524,000   525,984
2.99% (3 mo. USD LIBOR + 1.10%), 09/09/2022(c)

  379,000   380,770
NGPL PipeCo. LLC, 7.77%, 12/15/2037(b)

  1,250,000   1,662,098
Plains All American Pipeline L.P., Series B, 6.13%(d)

  54,000   50,114
Western Midstream Operating L.P.        
2.70% (3 mo. USD LIBOR + 0.85%), 01/13/2023(c)

  1,471,000   1,470,944
3.10%, 02/01/2025

  946,000   952,602
        8,270,262
Other Diversified Financial Services-1.33%
AMC East Communities LLC, 6.01%, 01/15/2053(b)

  190,827   237,436
Ares Finance Co. LLC, 4.00%, 10/08/2024(b)

  150,000   152,479
Aviation Capital Group LLC        
2.44% (3 mo. USD LIBOR + 0.67%), 07/30/2021(b)(c)

  69,000   69,144
4.13%, 08/01/2025(b)

  97,000   103,498
Avolon Holdings Funding Ltd. (Ireland)        
2.88%, 02/15/2025(b)

  905,000   914,077
4.38%, 05/01/2026(b)

  50,000   54,173
Carlyle Finance LLC, 5.65%, 09/15/2048(b)

  129,000   163,644
Fort Knox Military Housing Privatization Project, 2.02% (1 mo. USD LIBOR + 0.34%), 02/15/2052(b)(c)

  235,073   141,230
LPL Holdings, Inc., 4.63%, 11/15/2027(b)

  387,000   394,740
Mid-Atlantic Military Family Communities LLC, 5.30%, 08/01/2050(b)

  229,351   244,065
  Principal
Amount
  Value
Other Diversified Financial Services-(continued)
Pacific Beacon LLC        
5.38%, 07/15/2026(b)

$ 88,950   $97,625
5.51%, 07/15/2036(b)

  500,000   609,666
        3,181,777
Packaged Foods & Meats-0.35%
Hershey Co. (The), 3.13%, 11/15/2049

  682,000   709,863
Mars, Inc., 2.70%, 04/01/2025(b)

  121,000   126,021
        835,884
Paper Packaging-0.11%
Cascades, Inc./Cascades USA, Inc. (Canada), 5.38%, 01/15/2028(b)

  253,000   262,412
Paper Products-0.09%
Celulosa Arauco y Constitucion S.A. (Chile), 5.15%, 01/29/2050(b)

  210,000   215,408
Pharmaceuticals-0.15%
Bristol-Myers Squibb Co., 2.90%, 07/26/2024(b)

  355,000   370,862
Property & Casualty Insurance-0.13%
First American Financial Corp., 4.30%, 02/01/2023

  300,000   314,226
Railroads-0.62%
Kansas City Southern, 2.88%, 11/15/2029

  213,000   219,827
Norfolk Southern Corp., 2.55%, 11/01/2029

  280,000   287,263
Union Pacific Corp.        
2.15%, 02/05/2027

  438,000   439,492
2.40%, 02/05/2030

  547,000   549,275
        1,495,857
Regional Banks-0.37%
Fifth Third Bancorp, 2.38%, 01/28/2025

  515,000   525,801
Zions Bancorporation N.A., 3.25%, 10/29/2029

  365,000   369,820
        895,621
Reinsurance-0.29%
Global Atlantic Fin Co., 4.40%, 10/15/2029(b)

  680,000   699,899
Residential REITs-0.18%
Spirit Realty L.P.        
4.00%, 07/15/2029

  75,000   81,652
3.40%, 01/15/2030

  335,000   350,204
        431,856
Semiconductors-0.15%
Micron Technology, Inc.        
4.98%, 02/06/2026

  60,000   67,688
4.19%, 02/15/2027

  275,000   299,821
        367,509
Soft Drinks-0.64%
Fomento Economico Mexicano S.A.B. de C.V. (Mexico), 3.50%, 01/16/2050

  1,500,000   1,532,224
Sovereign Debt-0.43%
Qatar Government International Bond (Qatar), 3.38%, 03/14/2024(b)

  200,000   211,116
Saudi Government International Bond (Saudi Arabia), 3.75%, 01/21/2055(b)

  805,000   822,106
        1,033,222
Specialized Finance-0.04%
Park Aerospace Holdings Ltd. (Ireland), 5.25%, 08/15/2022(b)

  100,000   107,253

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Specialized REITs-0.83%
Iron Mountain, Inc., 4.88%, 09/15/2029(b)

$ 546,000   $558,242
SBA Communications Corp., 3.88%, 02/15/2027(b)

  1,407,000   1,429,864
        1,988,106
Specialty Chemicals-0.23%
Braskem Idesa S.A.P.I. (Mexico), 7.45%, 11/15/2029(b)

  515,000   543,969
Steel-3.28%
POSCO (South Korea)        
2.38%, 01/17/2023(b)

  2,745,000   2,755,724
2.50%, 01/17/2025(b)

  700,000   705,970
Steel Dynamics, Inc., 5.50%, 10/01/2024

  4,275,000   4,404,319
        7,866,013
Technology Hardware, Storage & Peripherals-0.12%
Apple, Inc., 2.05%, 09/11/2026

  214,000   216,289
Dell International LLC/EMC Corp., 4.90%, 10/01/2026(b)

  70,000   77,985
        294,274
Trading Companies & Distributors-0.31%
Aircastle Ltd., 4.40%, 09/25/2023

  500,000   536,756
BOC Aviation Ltd. (Singapore), 3.07% (3 mo. USD LIBOR + 1.13%), 09/26/2023(b)(c)

  200,000   201,660
        738,416
Trucking-0.30%
Ryder System, Inc., 2.90%, 12/01/2026

  488,000   507,882
SMBC Aviation Capital Finance DAC (Ireland), 4.13%, 07/15/2023(b)

  204,000   217,305
        725,187
Total U.S. Dollar Denominated Bonds & Notes

(Cost $100,864,571)

  104,599,585
U.S. Government Sponsored Agency Mortgage-Backed
Securities-18.77%
Collateralized Mortgage Obligations-3.70%
Fannie Mae Multifamily Connecticut Avenue Securities, Series 2019-01, Class M7, 3.36% (1 mo. USD LIBOR + 1.70%), 10/15/2049(b)(c)(e)

  1,978,282   1,990,646
Freddie Mac Military Housing Bonds Resecuritization Trust Ctfs., Series 2015-R1, Class B1, 2.67%, 11/25/2055(b)(f)

  954,808   1,156,738
Freddie Mac Multifamily Structured Pass Through Ctfs.        
Series 2013-K026, Class X1, IO, 1.10%, 11/25/2022(f)

  5,042,375   113,817
Series 2013-K035, Class X1, IO, 0.51%, 08/25/2023(f)

  8,133,995   96,019
Series 2014-K036, Class X1, IO, 0.89%, 10/25/2023(f)

  5,901,629   144,470
Series 2014-K037, Class X1, IO, 1.13%, 01/25/2024(f)

  6,283,645   202,355
Series 2015-K042, Class X1, IO, 1.18%, 12/25/2024(f)

  4,359,706   190,720
Series 2017-K066, Class AM, 3.20%, 06/25/2027

  250,000   272,186
Series 2017-KGX1, Class AFX, 3.00%, 10/25/2027

  1,000,000   1,074,791
Series 2018-K074, Class AM, 3.60%, 02/25/2028

  1,000,000   1,116,357
Series 2018-K154, Class A3, 3.46%, 11/25/2032

  1,000,000   1,126,526
Series K038, Class X1, IO, 1.29%, 03/25/2024(f)

  4,125,818   162,309
  Principal
Amount
  Value
Collateralized Mortgage Obligations-(continued)
Seasoned Credit Risk Transfer Trust        
Series 2017-3, Class HT, 3.25%, 07/25/2056(g)

$ 412,436   $433,042
Series 2017-4, Class HT, 3.25%, 06/25/2057(g)

  766,436   800,641
        8,880,617
Federal Home Loan Mortgage Corp. (FHLMC)-4.16%
3.55%, 10/01/2033

  486,996   536,965
3.00%, 10/01/2034

  1,116,232   1,151,154
4.00%, 11/01/2048 to 07/01/2049

  1,198,449   1,260,938
3.50%, 08/01/2049

  6,735,517   7,052,972
        10,002,029
Federal National Mortgage Association (FNMA)-10.39%
2.86%, 09/01/2029

  500,000   539,730
2.99%, 09/01/2029

  500,000   538,235
2.82%, 10/01/2029

  500,000   538,154
3.05%, 10/01/2029

  500,000   544,988
2.90%, 11/01/2029

  500,000   534,485
3.08%, 10/01/2032

  750,000   818,353
3.24%, 11/01/2032

  482,069   521,625
3.31%, 01/01/2033

  1,000,000   1,115,899
2.50%, 10/01/2034 to 12/01/2034

  4,556,801   4,644,530
3.50%, 05/01/2047 to 06/01/2047

  4,381,910   4,615,087
4.00%, 11/01/2047

  442,246   466,743
3.00%, 09/01/2049 to 10/01/2049

  6,694,459   6,936,525
TBA, 2.50%, 02/01/2035(h)

  822,000   836,835
TBA, 3.00%, 02/01/2035 to 02/15/2049(h)

  2,235,000   2,293,810
        24,944,999
Government National Mortgage Association (GNMA)-0.52%
4.00%, 07/20/2049

  340,421   353,573
TBA, 3.00%, 02/01/2050(h)

  865,000   889,666
        1,243,239
Total U.S. Government Sponsored Agency Mortgage-Backed Securities

(Cost $43,692,077)

  45,070,884
Asset-Backed Securities-17.94%
Anchorage Credit Funding 4 Ltd. (Cayman Islands), Series 2016-4A, Class A, 3.50%, 02/15/2035(b)

  500,000   509,410
Angel Oak Mortgage Trust        
Series 2019-3, Class A1, 2.93%, 05/25/2059(b)(f)

  2,370,210   2,384,418
Series 2020-1, Class A1, 2.47%, 12/25/2059(b)(f)

  435,000   436,849
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 1.80% (1 mo. USD LIBOR + 0.14%), 11/25/2036(c)

  322,271   316,723
Benchmark Mortgage Trust        
Series 2019-B14, Class A5, 3.05%, 12/15/2062

  2,000,000   2,151,990
Series 2019-B14, Class C, 3.90%, 12/15/2062(f)

  930,000   987,668
Series 2019-B15, Class B, 3.56%, 12/15/2072

  2,000,000   2,153,768
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(f)

  501,210   512,187
Citigroup Mortgage Loan Trust, Series 2019-IMC1, Class A1, 2.72%, 07/25/2049(b)(f)

  287,600   289,904
COLT Mortgage Loan Trust, Class 2020-1, Class A1, 2.49%, 02/25/2050(b)(f)

  3,950,000   3,959,320

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Deephaven Residential Mortgage Trust , Series 2019-4A, Class A1, 2.79%, 10/25/2059(b)(f)

$ 2,862,770   $2,882,141
Domino’s Pizza Master Issuer LLC        
Series 2017-1A, Class A2I, 3.04% (3 mo. USD LIBOR + 1.25%), 07/25/2047(b)(c)

  586,500   586,758
Series 2019-1A, Class A2, 3.67%, 10/25/2049(b)

  1,995,000   2,073,882
DT Auto Owner Trust        
Series 2019-3A, Class C, 2.74%, 04/15/2025(b)

  150,000   151,854
Series 2019-3A, Class D, 2.96%, 04/15/2025(b)

  214,000   216,623
Ellington Financial Mortgage Trust, Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(f)

  1,041,046   1,049,491
FREMF Mortgage Trust, Series 2013-K29, Class X2A, IO, 0.13%, 05/25/2046(b)

  28,113,006   87,330
Galton Funding Mortgage Trust, Series 2019-H1, Class A1, 2.66%, 10/25/2059(b)(f)

  1,361,133   1,371,943
GCAT Trust        
Series 2019-NQM2, Class A1, 2.86%, 09/25/2059(b)(g)

  928,500   936,469
Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(f)

  1,451,567   1,466,906
Goldentree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class A, 2.97% (3 mo. USD LIBOR + 1.15%), 11/28/2030(b)(c)

  2,000,000   2,001,961
Golub Capital Partners CLO 16 Ltd. (Cayman Islands), Series 2013-16A, Class A2R, 3.79% (3 mo. USD LIBOR + 1.85%), 07/25/2029(b)(c)

  300,000   299,057
Golub Capital Partners CLO 41B Ltd. (Cayman Islands), Series 2019-41A, Class A, 3.19% (3 mo. USD LIBOR + 1.37%), 04/20/2029(b)(c)

  427,000   427,480
GS Mortgage Securities Corp. Trust, Series 2017-STAY, Class C, 3.03% (1 mo. USD LIBOR + 1.35%), 07/15/2032(b)(c)

  500,000   500,354
GS Mortgage Securities Trust, Series 2020-GC45, Class A5, 2.91%, 02/13/2053

  1,560,000   1,653,665
Hertz Vehicle Financing II L.P., Series 2019-2A, Class A, 3.42%, 05/25/2025(b)

  300,000   315,140
Horizon Aircraft Finance III Ltd. (Cayman Islands), Series 2019-2, Class A, 3.43%, 11/15/2039(b)

  395,238   395,819
JOL Air Ltd. (Cayman Islands), Series 2019-1, Class A, 3.97%, 04/15/2044(b)

  248,691   255,532
MACH 1 Cayman Ltd. (Cayman Islands), Series 2019-1, Class B, 4.34%, 10/15/2039(b)

  245,155   246,288
Morgan Stanley Capital I Trust , Series 2019-L3, Class AS, 3.49%, 11/15/2052

  1,580,000   1,702,828
New Residential Mortgage Loan Trust        
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(f)

  928,652   937,585
Series 2020-NQM1, Series A1, 2.46%, 01/26/2060(b)(f)

  2,400,000   2,413,932
One Bryant Park Trust, Series 2019-OBP, Class A, 2.52%, 09/15/2054(b)

  457,000   468,136
PPM CLO 3 Ltd. (Cayman Islands)        
Series 2019-3A, Class A, 3.24% (3 mo. USD LIBOR + 1.40%), 07/17/2030(b)(c)

  250,000   250,385
Series 2019-3A, Class B, 3.79% (3 mo. USD LIBOR + 1.95%), 07/17/2030(b)(c)

  250,000   250,442
Residential Mortgage Loan Trust, Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(f)

  182,312   183,441
  Principal
Amount
  Value
Sonic Capital LLC, Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)

$ 1,628,000   $1,636,541
Store Master Funding I-VII, Series 2016-1A, Class A2, 4.32%, 10/20/2046(b)

  474,914   511,694
Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 05/25/2046(b)

  146,250   158,848
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class XA, IO, 1.66%, 01/15/2059(f)

  1,688,209   111,889
Wendy’s Funding LLC        
Series 2015-1A, Class A23, 4.50%, 06/15/2045(b)

  2,202,250   2,291,559
Series 2019-1A, Class A2II, 4.08%, 06/15/2049(b)

  497,500   526,032
Woodmont Trust        
Series 2017-2A, Class A, 3.62% (3 mo. USD LIBOR + 1.80%), 07/18/2028(b)(c)

  500,000   499,657
Series 2017-3A, Class A1, 3.54% (3 mo. USD LIBOR + 1.73%), 10/18/2029(b)(c)

  500,000   499,383
Total Asset-Backed Securities

(Cost $42,312,508)

  43,063,282
U.S. Treasury Securities-17.30%
U.S. Treasury Bills-0.15%(i)
1.52%–1.63%, 04/09/2020(j)

  365,000   363,976
U.S. Treasury Bonds-1.79%
2.25%, 08/15/2049

  4,075,600   4,291,559
U.S. Treasury Notes-15.36%
1.50%, 01/15/2023

  2,568,500   2,582,898
1.75%, 12/31/2024

  10,967,800   11,188,441
1.75%, 12/31/2026

  6,783,600   6,926,029
1.75%, 11/15/2029

  15,860,700   16,193,093
        36,890,461
Total U.S. Treasury Securities

(Cost $40,552,965)

  41,545,996
U.S. Government Sponsored Agency Securities-1.28%
Fannie Mae STRIPS        
0.00%, 05/15/2029(k)

  450,000   375,298
0.00%, 01/15/2030(k)

  1,300,000   1,069,098
0.00%, 05/15/2030(k)

  850,000   693,048
Federal Home Loan Mortgage Corp., 0.00%, 12/14/2029(k)

  150,000   123,205
Freddie Mac STRIPS, 0.00%, 09/15/2030(k)

  350,000   282,598
Tennessee Valley Authority        
5.38%, 04/01/2056

  100,000   163,382
4.25%, 09/15/2065

  250,000   355,711
Total U.S. Government Sponsored Agency Securities

(Cost $2,622,129)

  3,062,340
Non-U.S. Dollar Denominated Bonds & Notes-0.79%(l)
Electric Utilities-0.18%
PT Perusahaan Listrik Negara (Indonesia), 1.88%, 11/05/2031(b)

EUR 390,000   434,743
Movies & Entertainment-0.05%
Netflix, Inc., 3.88%, 11/15/2029(b)

EUR 100,000   117,167
Sovereign Debt-0.56%
Romanian Government International Bond (Romania)        
2.00% , 01/28/2032(b)

EUR 385,000   439,907
3.38% , 01/28/2050(b)

EUR 475,000   559,421
Ukraine Government International Bond (Ukraine), 4.38%, 01/27/2030(b)

EUR 309,000   340,530
        1,339,858
Total Non-U.S. Dollar Denominated Bonds & Notes

(Cost $1,836,960)

  1,891,768

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Agency Credit Risk Transfer Notes-0.60%
Fannie Mae Connecticut Avenue Securities        
Series 2016-C07, Class 2M2, 6.01% (1 mo. USD LIBOR + 4.35%), 05/25/2029(c)(e)

$ 111,342   $118,016
Series 2018-C05, Class 1M2, 4.01% (1 mo. USD LIBOR + 2.35%), 01/25/2031(c)(e)

  137,000   139,729
Series 2019-R03, Class 1M2, 3.81% (1 mo. USD LIBOR + 2.15%), 09/25/2031(b)(c)(e)

  278,000   280,955
Series 2019-R06, Class 2M2, 3.76% (1 mo. USD LIBOR + 2.10%), 09/25/2039(b)(c)(e)

  284,000   287,495
Freddie Mac        
Series 2016-DNA4, Class M3, STACR®, 5.46% (1 mo. USD LIBOR + 3.80%), 03/25/2029(c)(m)

  250,000   269,186
Series 2016-HQA4, Class M3, STACR®, 5.56% (1 mo. USD LIBOR + 3.90%), 04/25/2029(c)(m)

  251,000   270,336
Series 2019-HQA2, Class M1, STACR®, 2.36% (1 mo. USD LIBOR + 0.70%), 04/25/2049(b)(c)(m)

  69,095   69,111
Total Agency Credit Risk Transfer Notes

(Cost $1,419,955)

  1,434,828
  Principal
Amount
  Value
Municipal Obligations-0.28%
Illinois (State of), Series 2010-1, GO Bonds, (INS -AGM), 6.63%, 02/01/2035(n)

$ 200,000   $252,220
Los Angeles (City of), CA Department of Water & Power System Revenue, Series 2010, RB, 6.57%, 07/01/2045

  255,000   425,133
Total Municipal Obligations

(Cost $600,949)

  677,353
  Shares    
Preferred Stocks-0.17%
Diversified Banks-0.17%
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%

(Cost $337,953)

  266   411,119
       
Purchased Call Options-0.04%
(Cost $128,572)(o)

  103,160
TOTAL INVESTMENTS IN SECURITIES-100.74%

(Cost $234,368,639)

  241,860,315
OTHER ASSETS LESS LIABILITIES-(0.74)%

  (1,787,246)
NET ASSETS-100.00%

  $240,073,069
 

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2020
(Unaudited)
Investment Abbreviations:
AGM -Assured Guaranty Municipal Corp.
CLO -Collateralized Loan Obligation
Conv. -Convertible
Ctfs. -Certificates
EUR -Euro
GO -General Obligation
INS -Insurer
IO -Interest Only
LIBOR -London Interbank Offered Rate
Pfd. -Preferred
RB -Revenue Bonds
REIT -Real Estate Investment Trust
STACR® -Structured Agency Credit Risk
STRIPS -Separately Traded Registered Interest and Principal Security
TBA -To Be Announced
USD -U.S. Dollar
    
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) 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 aggregate value of these securities at January 31, 2020 was $87,249,547, which represented 36.34% of the Fund’s Net Assets.
(c) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2020.
(d) Perpetual bond with no specified maturity date.
(e) CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool.
(f) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2020.
(g) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(h) Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.
(i) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(j) $363,976 was pledged as collateral to cover margin requirements for open futures contracts.
(k) Denotes a zero coupon security issued at a substantial discount from its value at maturity.
(l) Foreign denominated security. Principal amount is denominated in the currency indicated.
(m) Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(n) Principal and/or interest payments are secured by the bond insurance company listed.
(o) The table below details options purchased.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.
Open Exchange-Traded Index Options Purchased
Description   Type of
Contract
  Expiration Date   Number of
Contracts
  Exercise Price   Notional
Value*
  Value
Equity Risk                  
S&P 500 Index   Call   12/18/2020   8     $3,325   $2,660,000   $103,160
    
* Notional Value is calculated by multiplying the Number of Contracts by the Exercise Price by the multiplier.
    
Open Futures Contracts
Long Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                    
U.S. Treasury 2 Year Notes   147   March-2020   $31,804,828   $114,632   $114,632
U.S. Treasury 5 Year Notes   66   March-2020   7,941,141   115,929   115,929
U.S. Treasury Ultra Bonds   44   March-2020   8,522,250   207,653   207,653
Subtotal—Long Futures Contracts               438,214   438,214

Invesco Total Return Bond ETF (GTO)—(continued)
January 31, 2020
(Unaudited)
Open Futures Contracts—(continued)
Short Futures Contracts   Number of
Contracts
  Expiration
Month
  Notional
Value
  Value   Unrealized
Appreciation
(Depreciation)
Interest Rate Risk                    
U.S. Treasury 10 Year Notes   26   March-2020   $(3,423,063)   $(28,087)   $(28,087)
U.S. Treasury 10 Year Ultra Notes   240   March-2020   (34,957,500)   (788,842)   (788,842)
U.S. Treasury Long Bonds   1   March-2020   (163,531)   (4,135)   (4,135)
Subtotal—Short Futures Contracts               (821,064)   (821,064)
Total Futures Contracts   $(382,850)   $(382,850)
    
Open Forward Foreign Currency Contracts
Settlement Date   Counterparty   Contract to   Unrealized
Appreciation
(Depreciation)
Deliver   Receive  
Currency Risk                  
2/28/2020   Goldman Sachs International   CAD 157,902 USD 120,000 $613  
Subtotal—Appreciation   613
Currency Risk                  
2/28/2020   Citibank N.A.   EUR 485,000 USD 538,320 (49)  
2/28/2020   State Street Bank & Trust   EUR 1,200,000 USD 1,324,096 (7,952)  
Subtotal—Depreciation   (8,001)
Total Forward Foreign Currency Contracts   $(7,388)
    
Abbreviations:
CAD -Canadian Dollar
EUR -Euro
USD -U.S. Dollar

Schedule of Investments(a)
Invesco Ultra Short Duration ETF (GSY)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-50.21%
Advertising-0.25%
Interpublic Group of Cos., Inc. (The), 3.50%, 10/01/2020

$ 2,000,000   $2,021,321
Omnicom Group, Inc./Omnicom Capital, Inc., 4.45%, 08/15/2020

  5,253,000   5,325,274
        7,346,595
Aerospace & Defense-0.75%
General Dynamics Corp., 2.88%, 05/11/2020

  10,000,000   10,031,545
United Technologies Corp.        
2.55% (3 mo. USD LIBOR + 0.65%), 08/16/2021(b)

  6,772,000   6,773,329
3.35%, 08/16/2021

  4,631,000   4,735,912
        21,540,786
Agricultural & Farm Machinery-0.78%
B.A.T. Capital Corp. (United Kingdom), 2.76%, 08/15/2022

  12,685,000   12,944,751
John Deere Capital Corp., Series B, 2.29% (3 mo. USD LIBOR + 0.40%), 06/07/2021(b)

  9,639,000   9,674,668
        22,619,419
Asset Management & Custody Banks-0.31%
Bank of New York Mellon Corp. (The), 2.60%, 08/17/2020

  9,000,000   9,038,427
Automobile Manufacturers-3.12%
American Honda Finance Corp.        
2.34% (3 mo. USD LIBOR + 0.47%), 01/08/2021(b)

  10,666,000   10,703,585
Series 2019-B, Class A2B, 2.24% (3 mo. USD LIBOR + 0.35%), 06/11/2021(b)

  5,625,000   5,645,450
General Motors Co., 2.69% (3 mo. USD LIBOR + 0.80%), 08/07/2020(b)

  6,552,000   6,565,194
General Motors Financial Co., Inc., 3.20%, 07/13/2020

  9,666,000   9,708,737
Hyundai Capital America, 2.81% (3 mo. USD LIBOR + 0.94%), 07/08/2021(b)(c)

  10,000,000   10,032,249
Toyota Motor Credit Corp.        
2.60%, 01/11/2022

  6,000,000   6,114,022
2.30% (3 mo. USD LIBOR + 0.40%), 05/17/2022(b)

  12,260,000   12,310,371
Volkswagen Group of America Finance LLC (Germany)        
2.68% (3 mo. USD LIBOR + 0.77%), 11/13/2020(b)(c)

  6,775,000   6,806,365
2.50%, 09/24/2021(c)

  15,455,000   15,606,028
2.70%, 09/26/2022(c)

  6,385,000   6,495,378
        89,987,379
Biotechnology-1.61%
AbbVie, Inc.        
2.50%, 05/14/2020

  16,183,000   16,203,433
2.36% (3 mo. USD LIBOR + 0.46%), 11/19/2021(b)(c)

  10,000,000   10,035,609
2.30%, 11/21/2022(c)

  8,000,000   8,083,255
Shire Acquisitions Investments Ireland DAC, 2.40%, 09/23/2021

  12,000,000   12,109,561
        46,431,858
  Principal
Amount
  Value
Cable & Satellite-0.83%
Comcast Corp., 2.35% (3 mo. USD LIBOR + 0.44%), 10/01/2021(b)

$ 20,000,000   $20,111,733
Time Warner Cable LLC, 5.00%, 02/01/2020

  4,000,000   4,000,000
        24,111,733
Consumer Finance-1.49%
American Express Co.        
2.43% (3 mo. USD LIBOR + 0.53%), 05/17/2021(b)

  5,000,000   5,022,316
2.49% (3 mo. USD LIBOR + 0.60%), 11/05/2021(b)

  12,000,000   12,083,501
2.75%, 05/20/2022

  9,134,000   9,334,613
Capital One Financial Corp.        
2.66% (3 mo. USD LIBOR + 0.76%), 05/12/2020(b)

  2,250,000   2,253,051
2.22% (3 mo. USD LIBOR + 0.45%), 10/30/2020(b)

  4,100,000   4,109,779
2.84% (3 mo. USD LIBOR + 0.95%), 03/09/2022(b)

  10,000,000   10,118,224
        42,921,484
Data Processing & Outsourced Services-0.35%
PayPal Holdings, Inc., 2.20%, 09/26/2022

  10,105,000   10,220,206
Diversified Banks-11.14%
ABN AMRO Bank N.V. (Netherlands), 2.49% (3 mo. USD LIBOR + 0.57%), 08/27/2021(b)(c)

  4,834,000   4,864,116
ANZ New Zealand (Int’l) Ltd. (New Zealand), 2.85%, 08/06/2020(c)

  10,000,000   10,056,933
Australia & New Zealand Banking Group Ltd. (Australia), 2.36% (3 mo. USD LIBOR + 0.46%), 05/17/2021(b)(c)

  4,737,000   4,759,296
Bank of America Corp.        
2.48% (3 mo. USD LIBOR + 0.66%), 07/21/2021(b)

  2,250,000   2,256,155
2.56% (3 mo. USD LIBOR + 0.65%), 10/01/2021(b)

  8,850,000   8,884,071
2.60% (3 mo. USD LIBOR + 0.65%), 06/25/2022(b)

  12,000,000   12,077,885
BPCE S.A. (France), 3.12% (3 mo. USD LIBOR + 1.22%), 05/22/2022(b)(c)

  12,000,000   12,206,091
Citibank N.A., 2.39% (3 mo. USD LIBOR + 0.50%), 06/12/2020(b)

  2,000,000   2,003,618
Citizens Bank N.A.        
2.45% (3 mo. USD LIBOR + 0.54%), 03/02/2020(b)

  10,000,000   10,004,904
2.49% (3 mo. USD LIBOR + 0.57%), 05/26/2020(b)

  2,884,000   2,888,860
3.25%, 02/14/2022

  3,061,000   3,150,078
Commonwealth Bank of Australia (Australia), 2.30%, 03/12/2020

  5,995,000   5,998,939
Credit Agricole Corporate & Investment Bank S.A. (France)        
2.16% (3 mo. USD LIBOR + 0.40%), 05/03/2021(b)(c)(d)

  10,000,000   10,017,837
2.53% (3 mo. USD LIBOR + 0.63%), 10/03/2021(b)

  7,360,000   7,382,462
Credit Agricole S.A. (France), 2.86% (3 mo. USD LIBOR + 0.97%), 06/10/2020(b)(c)

  9,750,000   9,788,220
HSBC Bank PLC (United Kingdom), 4.13%, 08/12/2020(c)

  4,500,000   4,555,174

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Diversified Banks-(continued)
HSBC Holdings PLC (United Kingdom), 2.54% (3 mo. USD LIBOR + 0.65%), 09/11/2021(b)

$ 10,714,000   $10,746,296
Huntington National Bank (The), 2.40% (3 mo. USD LIBOR + 0.51%), 03/10/2020(b)

  10,000,000   10,006,994
JPMorgan Chase & Co., 2.59% (3 mo. USD LIBOR + 0.68%), 06/01/2021(b)

  7,257,000   7,272,377
JPMorgan Chase Bank N.A., 2.27% (3 mo. USD LIBOR + 0.37%), 02/19/2021(b)

  10,730,000   10,734,296
KeyBank N.A., 2.42% (3 mo. USD LIBOR + 0.66%), 02/01/2022(b)

  11,538,000   11,629,789
Lloyds Bank PLC (United Kingdom), 2.38% (3 mo. USD LIBOR + 0.49%), 05/07/2021(b)

  6,521,000   6,547,960
Mitsubishi UFJ Financial Group, Inc. (Japan)        
3.79% (3 mo. USD LIBOR + 1.88%), 03/01/2021(b)

  3,342,000   3,401,652
2.44% (3 mo. USD LIBOR + 0.65%), 07/26/2021(b)

  6,000,000   6,035,840
2.95% (3 mo. USD LIBOR + 1.06%), 09/13/2021(b)

  5,000,000   5,065,620
Mizuho Financial Group, Inc. (Japan), 3.03% (3 mo. USD LIBOR + 1.14%), 09/13/2021(b)

  6,850,000   6,949,277
MUFG Union Bank N.A., 3.15%, 04/01/2022

  7,500,000   7,711,475
National Australia Bank Ltd. (Australia), 2.47% (3 mo. USD LIBOR + 0.71%), 11/04/2021(b)(c)

  12,000,000   12,116,124
NatWest Markets PLC (United Kingdom), 3.63%, 09/29/2022(c)

  17,600,000   18,333,077
Nordea Bank Abp (Finland), 2.38% (3 mo. USD LIBOR + 0.47%), 05/29/2020(b)(c)

  3,000,000   3,004,918
Royal Bank of Canada (Canada)        
2.03% (3 mo. USD LIBOR + 0.24%), 10/26/2020(b)

  5,000,000   5,006,747
2.16% (3 mo. USD LIBOR + 0.39%), 04/30/2021(b)

  10,000,000   10,039,970
Sumitomo Mitsui Banking Corp. (Japan), 2.21% (3 mo. USD LIBOR + 0.37%), 10/16/2020(b)

  6,667,000   6,682,029
Sumitomo Mitsui Financial Group, Inc. (Japan)        
3.57% (3 mo. USD LIBOR + 1.68%), 03/09/2021(b)

  1,000,000   1,016,025
2.96% (3 mo. USD LIBOR + 1.14%), 10/19/2021(b)

  2,300,000   2,333,130
Toronto-Dominion Bank (The) (Canada), 2.75% (3 mo. USD LIBOR + 0.35%), 07/22/2022(b)

  10,000,000   9,990,741
Truist Bank        
2.29% (3 mo. USD LIBOR + 0.50%), 10/26/2021(b)

  8,277,000   8,299,591
2.49% (3 mo. USD LIBOR + 0.59%), 05/17/2022(b)

  10,833,000   10,905,191
UBS AG (Switzerland), 4.88%, 08/04/2020

  10,250,000   10,412,954
United Overseas Bank Ltd. (Singapore), 2.29% (3 mo. USD LIBOR + 0.48%), 04/23/2021(b)(c)

  2,500,000   2,507,918
US Bank N.A., 2.28% (3 mo. USD LIBOR + 0.38%), 11/16/2021(b)

  9,091,000   9,137,528
Wells Fargo Bank N.A., 2.28% (3 mo. USD LIBOR + 0.38%), 05/21/2021(b)

  15,000,000   15,015,747
        321,797,905
  Principal
Amount
  Value
Diversified Capital Markets-1.28%
Credit Suisse AG (Switzerland), 2.05% (SOFR + 0.45%), 02/04/2022(b)

$ 15,000,000   $15,008,967
Macquarie Bank Ltd. (Australia), 2.85%, 01/15/2021(c)

  13,000,000   13,128,574
UBS Group AG (Switzerland), 3.62% (3 mo. USD LIBOR + 1.78%), 04/14/2021(b)(c)

  8,550,000   8,714,453
        36,851,994
Electric Utilities-2.00%
Duke Energy Corp., 2.41% (3 mo. USD LIBOR + 0.50%), 05/14/2021(b)(c)

  17,300,000   17,382,528
Exelon Generation Co. LLC, 4.00%, 10/01/2020

  10,000,000   10,090,400
Georgia Power Co., Series C, 2.00%, 09/08/2020

  15,000,000   15,030,867
NextEra Energy Capital Holdings, Inc.        
2.23% (3 mo. USD LIBOR + 0.48%), 05/04/2021(b)

  8,000,000   8,016,928
Series H, 3.34%, 09/01/2020

  7,200,000   7,260,394
        57,781,117
Environmental & Facilities Services-0.21%
Waste Management, Inc., 4.75%, 06/30/2020

  5,893,000   5,963,865
Food Retail-0.29%
Kraft Heinz Foods Co., 2.47% (3 mo. USD LIBOR + 0.57%), 02/10/2021(b)

  8,350,000   8,366,245
Health Care Distributors-0.13%
McKesson Corp., 3.65%, 11/30/2020

  3,583,000   3,635,575
Health Care Equipment-0.15%
Zimmer Biomet Holdings, Inc., 2.65% (3 mo. USD LIBOR + 0.75%), 03/19/2021(b)

  4,450,000   4,450,928
Health Care Services-1.30%
Cigna Corp., 3.20%, 09/17/2020

  15,000,000   15,129,176
CVS Health Corp.        
2.52% (3 mo. USD LIBOR + 0.63%), 03/09/2020(b)

  3,450,000   3,451,932
3.13%, 03/09/2020

  5,000,000   5,006,250
2.61% (3 mo. USD LIBOR + 0.72%), 03/09/2021(b)

  3,250,000   3,269,868
Express Scripts Holding Co., 2.66% (3 mo. USD LIBOR + 0.75%), 11/30/2020(b)

  10,700,000   10,702,411
        37,559,637
Hotels, Resorts & Cruise Lines-0.70%
Marriott International, Inc.        
2.54% (3 mo. USD LIBOR + 0.65%), 03/08/2021(b)

  1,986,000   1,994,885
Series N, 3.13%, 10/15/2021

  11,412,000   11,631,918
Series Y, 2.51% (3 mo. USD LIBOR + 0.60%), 12/01/2020(b)

  6,667,000   6,686,219
        20,313,022
Household Products-0.10%
Reynolds Group Issuer, Inc./LLC, 5.33% (3 mo. USD LIBOR + 3.50%), 07/15/2021(b)(c)

  2,800,000   2,806,328
Industrial Conglomerates-0.63%
General Electric Co., 4.63%, 01/07/2021

  6,176,000   6,327,823

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Industrial Conglomerates-(continued)
Siemens Financieringsmaatschappij N.V. (Germany)        
2.23% (3 mo. USD LIBOR + 0.34%), 03/16/2020(b)(c)

$ 5,000,000   $5,002,927
1.70%, 09/15/2021(c)

  6,904,000   6,915,542
        18,246,292
Insurance Brokers-1.09%
Aon Corp., 5.00%, 09/30/2020

  12,500,000   12,759,819
Aon PLC, 2.80%, 03/15/2021

  7,510,000   7,597,804
Marsh & McLennan Cos., Inc.        
3.50%, 12/29/2020

  5,000,000   5,080,465
3.16% (3 mo. USD LIBOR + 1.20%), 12/29/2021(b)

  6,000,000   6,005,491
        31,443,579
Integrated Oil & Gas-1.07%
Chevron Corp., 1.99%, 03/03/2020

  12,735,000   12,737,730
Occidental Petroleum Corp., 2.60%, 08/13/2021

  17,896,000   18,087,741
        30,825,471
Integrated Telecommunication Services-1.62%
AT&T, Inc.        
2.89% (3 mo. USD LIBOR + 0.93%), 06/30/2020(b)

  9,500,000   9,534,057
2.78% (3 mo. USD LIBOR + 0.95%), 07/15/2021(b)

  11,315,000   11,437,595
3.00%, 02/15/2022

  2,006,000   2,054,758
Verizon Communications, Inc., 2.45% (3 mo. USD LIBOR + 0.55%), 05/22/2020(b)

  23,826,000   23,861,134
        46,887,544
Investment Banking & Brokerage-1.58%
Goldman Sachs Group, Inc. (The)        
2.97% (3 mo. USD LIBOR + 1.16%), 04/23/2020(b)

  8,000,000   8,012,279
3.09% (3 mo. USD LIBOR + 1.20%), 09/15/2020(b)

  250,000   251,481
2.88%, 02/25/2021

  8,050,000   8,136,240
Morgan Stanley        
2.87% (3 mo. USD LIBOR + 0.98%), 06/16/2020(b)

  10,000,000   10,035,154
2.45% (3 mo. USD LIBOR + 0.55%), 02/10/2021(b)

  1,250,000   1,250,147
2.39% (SOFR + 0.83%), 06/10/2022(b)

  18,000,000   18,080,472
        45,765,773
IT Consulting & Other Services-0.35%
International Business Machines Corp., 2.31% (3 mo. USD LIBOR + 0.40%), 05/13/2021(b)

  10,000,000   10,052,138
Life & Health Insurance-3.31%
AIG Global Funding        
2.41% (3 mo. USD LIBOR + 0.46%), 06/25/2021(b)(c)

  4,000,000   4,015,079
Series 2019-A2, Class A, 2.30%, 07/01/2022(c)

  5,000,000   5,064,605
Jackson National Life Global Funding        
2.10%, 10/25/2021(c)

  10,350,000   10,429,826
3.30%, 02/01/2022(c)

  10,000,000   10,309,904
2.17% (SOFR + 0.60%), 01/06/2023(b)(c)

  10,000,000   10,032,947
  Principal
Amount
  Value
Life & Health Insurance-(continued)
MET Tower Global Funding, 2.13% (SOFR + 0.55%), 01/17/2023(b)(c)

$ 10,000,000   $10,018,807
New York Life Global Funding        
1.95%, 09/28/2020(c)

  12,000,000   12,024,720
2.08% (3 mo. USD LIBOR + 0.28%), 01/28/2021(b)(c)

  3,500,000   3,508,059
2.00%, 04/13/2021(c)

  5,000,000   5,024,611
2.23% (3 mo. USD LIBOR + 0.32%), 08/06/2021(b)(c)

  6,665,000   6,683,811
2.29% (3 mo. USD LIBOR + 0.44%), 07/12/2022(b)(c)

  7,407,000   7,449,652
Principal Life Global Funding II        
2.25% (3 mo. USD LIBOR + 0.30%), 06/26/2020(b)(c)

  7,500,000   7,507,031
2.63%, 11/19/2020(c)

  3,470,000   3,495,738
        95,564,790
Managed Health Care-0.82%
Aetna, Inc., 4.13%, 06/01/2021

  12,000,000   12,296,356
UnitedHealth Group, Inc.        
2.70%, 07/15/2020

  9,685,000   9,728,907
2.13%, 03/15/2021

  1,735,000   1,745,315
        23,770,578
Movies & Entertainment-0.17%
Walt Disney Co. (The), 2.16% (3 mo. USD LIBOR + 0.25%), 09/01/2021(b)

  4,762,000   4,778,805
Multi-line Insurance-1.71%
Assurant, Inc., 3.20% (3 mo. USD LIBOR + 1.25%), 03/26/2021(b)

  510,000   510,055
MassMutual Global Funding II, 2.50%, 04/13/2022(c)

  7,500,000   7,647,191
Metropolitan Life Global Funding I        
2.15% (SOFR + 0.57%), 09/07/2020(b)(c)

  5,402,000   5,414,149
2.50%, 12/03/2020(c)

  15,794,000   15,914,472
2.10% (3 mo. USD LIBOR + 0.23%), 01/08/2021(b)(c)

  16,100,000   16,133,356
2.14% (SOFR + 0.57%), 01/13/2023(b)(c)

  3,749,000   3,763,830
        49,383,053
Office REITs-0.13%
Reckson Operating Partnership L.P., 7.75%, 03/15/2020

  3,866,000   3,891,240
Oil & Gas Exploration & Production-0.82%
Apache Corp., 3.63%, 02/01/2021

  1,626,000   1,645,220
ConocoPhillips, 2.81% (3 mo. USD LIBOR + 0.90%), 05/15/2022(b)

  11,853,000   12,041,806
EOG Resources, Inc., 4.40%, 06/01/2020

  10,000,000   10,082,911
        23,769,937
Oil & Gas Refining & Marketing-0.07%
Phillips 66, 2.52% (3 mo. USD LIBOR + 0.60%), 02/26/2021(b)

  1,900,000   1,900,265
Oil & Gas Storage & Transportation-1.95%
Enbridge, Inc. (Canada), 2.59% (3 mo. USD LIBOR + 0.70%), 06/15/2020(b)

  22,100,000   22,147,985
Energy Transfer Operating L.P., 4.15%, 10/01/2020

  3,140,000   3,174,178
Kinder Morgan Energy Partners L.P., 5.30%, 09/15/2020

  16,742,000   17,091,422
Kinder Morgan, Inc., 5.00%, 02/15/2021(c)

  8,794,000   9,038,606

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Oil & Gas Storage & Transportation-(continued)
MPLX L.P., 2.99% (3 mo. USD LIBOR + 1.10%), 09/09/2022(b)

$ 2,844,000   $2,857,279
Williams Cos., Inc. (The), 4.13%, 11/15/2020

  2,000,000   2,020,745
        56,330,215
Other Diversified Financial Services-0.40%
Aviation Capital Group LLC        
2.86% (3 mo. USD LIBOR + 0.95%), 06/01/2021(b)(c)

  9,574,000   9,632,698
2.44% (3 mo. USD LIBOR + 0.67%), 07/30/2021(b)(c)

  1,775,000   1,778,717
        11,411,415
Packaged Foods & Meats-1.12%
General Mills, Inc.        
2.38% (3 mo. USD LIBOR + 0.54%), 04/16/2021(b)

  8,100,000   8,141,591
3.20%, 04/16/2021

  6,000,000   6,109,605
Mondelez International Holdings Netherlands B.V., 2.00%, 10/28/2021(c)

  18,052,000   18,124,416
        32,375,612
Pharmaceuticals-1.90%
Allergan Funding S.C.S.        
3.00%, 03/12/2020

  9,155,000   9,157,749
3.14% (3 mo. USD LIBOR + 1.26%), 03/12/2020(b)

  2,600,000   2,603,449
Bayer US Finance II LLC (Germany), 2.58% (3 mo. USD LIBOR + 0.63%), 06/25/2021(b)(c)

  13,606,000   13,670,668
Bristol-Myers Squibb Co., 2.10% (3 mo. USD LIBOR + 0.20%), 11/16/2020(b)(c)

  7,500,000   7,510,156
GlaxoSmithKline Capital PLC (United Kingdom), 2.26% (3 mo. USD LIBOR + 0.35%), 05/14/2021(b)

  6,757,000   6,782,885
Mylan N.V., 3.15%, 06/15/2021

  15,000,000   15,239,654
        54,964,561
Residential REITs-0.19%
AvalonBay Communities, Inc., 2.26% (3 mo. USD LIBOR + 0.43%), 01/15/2021(b)

  5,350,000   5,351,463
Restaurants-0.37%
McDonald’s Corp., 2.23% (3 mo. USD LIBOR + 0.43%), 10/28/2021(b)

  10,652,000   10,704,778
Retail REITs-0.46%
Realty Income Corp., 3.25%, 10/15/2022

  3,798,000   3,940,270
WEA Finance LLC/Westfield UK & Europe Finance PLC (France), 3.25%, 10/05/2020(c)

  9,397,000   9,472,335
        13,412,605
Semiconductors-0.80%
Analog Devices, Inc., 2.50%, 12/05/2021

  11,789,000   11,943,534
Intel Corp., 1.98% (3 mo. USD LIBOR + 0.08%), 05/11/2020(b)

  1,155,000   1,155,261
QUALCOMM, Inc., 2.45% (3 mo. USD LIBOR + 0.55%), 05/20/2020(b)

  10,000,000   10,014,470
        23,113,265
Soft Drinks-0.44%
Keurig Dr Pepper, Inc., 3.55%, 05/25/2021

  12,500,000   12,794,172
Specialized REITs-0.29%
American Tower Corp., 2.80%, 06/01/2020

  8,423,000   8,440,271
  Principal
Amount
  Value
Systems Software-0.94%
Oracle Corp., 2.50%, 05/15/2022

$ 10,000,000   $10,183,546
VMware, Inc., 2.30%, 08/21/2020

  16,952,000   16,995,794
        27,179,340
Technology Hardware, Storage & Peripherals-0.75%
Apple, Inc., 2.00%, 11/13/2020

  9,875,000   9,906,800
Hewlett Packard Enterprise Co.        
2.57% (3 mo. USD LIBOR + 0.68%), 03/12/2021(b)

  4,580,000   4,602,270
2.62% (3 mo. USD LIBOR + 0.72%), 10/05/2021(b)

  7,059,000   7,060,036
        21,569,106
Trading Companies & Distributors-0.44%
Air Lease Corp., 3.50%, 01/15/2022

  12,260,000   12,636,441
Total U.S. Dollar Denominated Bonds & Notes

(Cost $1,441,500,587)

  1,450,307,212
Asset-Backed Securities-16.84%
ABPCI Direct Lending Fund CLO I LLC (Cayman Islands), Series 2017-1A, Class A1, 3.60% (3 mo. USD LIBOR + 1.78%), 07/20/2029(b)(c)

  1,800,000   1,799,789
ACIS CLO Ltd. (Cayman Islands), Series 2015-6A, Classs A1, 3.35% (3 mo. USD LIBOR + 1.59%), 05/01/2027(b)(c)

  1,569,544   1,570,841
AmeriCredit Automobile Receivables Trust, Series 2016-2, Class C, 2.87%, 11/08/2021

  5,419,616   5,430,691
Angel Oak Mortgage Trust, Series 2020-1, Class A1, 2.47%, 12/25/2059(c)(e)

  7,265,000   7,295,879
Angel Oak Mortgage Trust I LLC        
Series 2019-1, Class A1, 3.92%, 11/25/2048(c)(e)

  8,269,770   8,446,097
Series 2019-2, Class A1, 3.63%, 03/25/2049(c)(e)

  8,609,391   8,759,071
Series 2019-4, Class A1, 2.99%, 07/26/2049(c)(e)

  6,446,727   6,508,034
Avery Point V CLO Ltd. (Cayman Islands), Series 2014-5A, Class AR, 2.82% (3 mo. USD LIBOR + 0.98%), 07/17/2026(b)(c)

  3,518,416   3,519,447
Avery Point VI CLO Ltd. (Cayman Islands), Series 2015-6A, Class AR, 2.79% (3 mo. USD LIBOR + 1.05%), 08/05/2027(b)(c)

  9,000,000   9,013,536
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 1.80% (1 mo. USD LIBOR + 0.14%), 11/25/2036(b)

  1,933,623   1,900,341
Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.84%, 12/15/2024

  12,000,000   12,326,040
CarMax Auto Owner Trust, Series 2017-2, Class A3, 1.93%, 03/15/2022

  2,957,722   2,960,659
CBAM Ltd. (Cayman Islands), Series 2018-5A, Class A, 2.86% (3 mo. USD LIBOR + 1.02%), 04/17/2031(b)(c)

  6,250,000   6,219,669
Chesapeake Funding II LLC (Canada), Series 2018-3A, Class A1, 3.39%, 01/15/2031(c)

  5,282,860   5,389,661
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 3.01% (1 mo. USD LIBOR + 1.35%), 10/25/2037(b)(c)

  1,765,729   1,789,305

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
COLT Mortgage Loan Trust        
Series 2019-1, Class A1, 3.71%, 03/25/2049(c)(e)

$ 2,300,494   $2,342,566
Series 2019-4, Class A1, 2.58%, 11/25/2049(c)(e)

  11,135,784   11,252,992
Class 2020-1, Class A1, 2.49%, 02/25/2050(c)(e)

  11,830,000   11,857,912
Countrywide Asset-Backed Ctfs.        
Series 2004-SD2, Class M1, 2.28% (1 mo. USD LIBOR + 0.62%), 06/25/2033(b)(c)

  332,984   334,535
Series 2006-6, Class 1A1, 1.83% (1 mo. USD LIBOR + 0.17%), 09/25/2036(b)

  1,894,037   1,878,943
Crown Point CLO III Ltd. (Cayman Islands), Series 2015-3A, Class A2R, 3.28% (3 mo. USD LIBOR + 1.45%), 12/31/2027(b)(c)

  2,000,000   2,000,570
CSMC, Series 2014-2R, Class 27A1, 1.99% (1 mo. USD LIBOR + 0.20%), 02/27/2046(b)(c)

  202,341   198,134
CWABS, Inc. Asset-Backed Certificates Trust, Series 2004-4, Class M1, 2.38% (1 mo. USD LIBOR + 0.72%), 07/25/2034(b)

  1,984,317   1,983,124
Deephaven Residential Mortgage Trust        
Series 2019-1A, Class A1, 3.74%, 01/25/2059(c)(e)

  7,150,320   7,222,660
Series 2019-2A, Class A1, 3.56%, 04/25/2059(c)(e)

  5,937,851   6,005,475
Diamond CLO Ltd. (Cayman Islands), Series 2019-1A, Class A1, 3.39% (3 mo. USD LIBOR + 1.60%), 04/25/2029(b)(c)

  12,000,000   12,002,652
Discover Card Execution Note Trust, Series 2019-A2, Class A, 1.95% (1 mo. USD LIBOR + 0.27%), 12/15/2023(b)

  7,500,000   7,535,947
DT Auto Owner Trust, Series 2019-3A, Class A, 2.55%, 08/15/2022(c)

  3,883,648   3,896,123
Ellington Financial Mortgage Trust, Series 2019-2, Class A1, 2.74%, 11/25/2059(c)(e)

  7,499,389   7,560,222
Enterprise Fleet Financing LLC, Series 2019-1, Class A2, 2.98%, 10/20/2024(c)

  4,455,154   4,510,784
Fortress Credit Opportunities IX CLO Ltd. (Cayman Islands), Series 2017-9A, Class A1T, 3.46% (3 mo. USD LIBOR + 1.55%), 11/15/2029(b)(c)

  2,000,000   1,993,074
FS KKR MM CLO 1 LLC, Series 2019-1A, Class A1, 3.70% (3 mo. USD LIBOR + 1.70%), 07/15/2030(b)(c)

  9,000,000   9,005,222
GCAT LLC, Series 2019-NQM1, Class A1, 2.99%, 02/25/2059(c)(f)

  12,298,126   12,412,135
GCAT Trust, Series 2019-NQM2, Class A1, 2.86%, 09/25/2059(c)(f)

  11,142,001   11,237,624
Golden Credit Card Trust (Canada), Series 2019-1A, Class A, 2.13% (1 mo. USD LIBOR + 0.45%), 12/15/2022(b)(c)

  14,500,000   14,549,880
Goldentree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class A, 2.97% (3 mo. USD LIBOR + 1.15%), 11/28/2030(b)(c)

  10,000,000   10,009,803
Golub Capital BDC CLO LLC, Series 2014-1A, Class BR, 3.19% (3 mo. USD LIBOR + 1.40%), 04/25/2026(b)(c)

  1,000,000   998,890
  Principal
Amount
  Value
Golub Capital Partners CLO 16 Ltd. (Cayman Islands), Series 2013-16A, Class A1R, 3.64% (3 mo. USD LIBOR + 1.70%), 07/25/2029(b)(c)

$ 4,800,000   $4,797,587
Golub Capital Partners CLO 36M Ltd. (Cayman Islands), Series 2018-36A, Class A, 3.04% (3 mo. USD LIBOR + 1.30%), 02/05/2031(b)(c)

  5,000,000   4,918,642
Golub Capital Partners CLO 39B Ltd. (Cayman Islands), Series 2018-39A, Class A1, 2.97% (3 mo. USD LIBOR + 1.15%), 10/20/2028(b)(c)

  10,000,000   10,004,859
GS Mortgage Securities Corp. Trust, Series 2017-STAY, Class A, 2.59% (1 mo. USD LIBOR + 0.85%), 07/15/2032(b)(c)

  12,200,000   12,203,442
GSAMP Trust, Series 2005-HE6, Class M1, 2.10% (1 mo. USD LIBOR + 0.44%), 11/25/2035(b)

  691,772   695,180
Halcyon Loan Advisors Funding Ltd. (Cayman Islands), Series 2012-1A, Class B, 4.91% (3 mo. USD LIBOR + 3.00%), 08/15/2023(b)(c)

  929,418   930,717
Hertz Vehicle Financing II L.P., Series 2015-1A, Class A, 2.73%, 03/25/2021(c)

  19,000,000   19,016,946
Homeward Opportunities Fund I Trust, Series 2019-1, Class A1, 3.45%, 01/25/2059(c)(e)

  8,630,050   8,756,041
HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 2.05% (1 mo. USD LIBOR + 0.39%), 01/25/2036(b)

  2,500,000   2,491,501
Hunt CRE Ltd. (Cayman Islands), Series 2017-FL1, Class A, 2.68% (1 mo. USD LIBOR + 1.00%), 08/15/2034(b)(c)

  5,500,000   5,504,431
KKR CLO 21 Ltd. (Cayman Islands), Series A, 2.83% (3 mo. USD LIBOR + 1.00%), 04/15/2031(b)(c)

  2,000,000   1,989,809
Nationstar Home Equity Loan Trust, Series 2007-B, Class 1AV1, 1.88% (1 mo. USD LIBOR + 0.22%), 04/25/2037(b)

  2,358,311   2,342,781
Navient Private Education Refi Loan Trust        
Series 2019-A, Class A1, 3.03%, 01/15/2043(c)

  1,575,251   1,585,639
Series 2019-FA, Class A1, 2.18%, 08/15/2068(c)

  5,835,635   5,859,234
Neuberger Berman CLO XIV Ltd. (Cayman Islands), Series 2013-14A, Class AR2, 0.00% (3 mo. USD LIBOR + 1.03%), 01/28/2030(b)(c)

  10,000,000   10,000,000
New Residential Mortgage Loan Trust        
Series 2019-NQM3, Class A1, 2.80%, 07/25/2049(c)(e)

  10,487,104   10,594,007
Series 2017-5A, Class A1, 3.16% (1 mo. USD LIBOR + 1.50%), 06/25/2057(b)(c)

  921,619   938,713
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(c)(e)

  11,143,821   11,251,021
Series 2020-NQM1, Series A1, 2.46%, 01/26/2060(c)(e)

  5,750,000   5,783,380
Newstar Commercial Loan Funding LLC, Series 2017-1A, Class BN, 4.41% (3 mo. USD LIBOR + 2.50%), 03/20/2027(b)(c)

  2,500,000   2,503,528

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
NextGear Floorplan Master Owner Trust        
Series 2017-1A, Class A1, 2.53% (1 mo. USD LIBOR + 0.85%), 04/18/2022(b)(c)

$ 10,000,000   $10,011,431
Series 2019-1A, Class A1, 2.33% (1 mo. USD LIBOR + 0.65%), 02/15/2024(b)(c)

  12,750,000   12,787,856
Series 2019-2A, Class A1, 2.38% (1 mo. USD LIBOR + 0.70%), 10/15/2024(b)(c)

  10,000,000   10,030,248
NXT Capital CLO LLC, Series 2017-1A, Class A, 3.52% (3 mo. USD LIBOR + 1.70%), 04/20/2029(b)(c)

  7,500,000   7,499,284
OBX Trust, Series 2018-EXP1, Class 2A1, 2.51% (1 mo. USD LIBOR + 0.85%), 04/25/2048(b)(c)

  2,672,243   2,684,346
OCP CLO Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 2.94% (3 mo. USD LIBOR + 1.12%), 07/20/2029(b)(c)

  6,750,000   6,751,093
Octagon Investment Partners XVII Ltd. (Cayman Islands), Series 2013-1A, Class A1R2, 2.79% (3 mo. USD LIBOR + 1.00%), 01/25/2031(b)(c)

  5,000,000   4,986,579
Recette CLO Ltd. (Cayman Islands), Series 2015-1A, Class BR, 3.12% (3 mo. USD LIBOR + 1.30%), 10/20/2027(b)(c)

  2,000,000   1,999,399
Residential Mortgage Loan Trust        
Series 2019-1, Class A1, 3.94%, 10/25/2058(c)(e)

  7,507,301   7,636,499
Series 2019-3, Class A1, 2.63%, 09/25/2059(c)(e)

  11,335,438   11,405,651
Social Professional Loan Program LLC, Series 2019-B, Class A1, 2.78%, 08/17/2048(c)

  4,354,547   4,382,612
Sudbury Mill CLO Ltd. (Cayman Islands), Series 2013-1A, Class B1R, 3.49% (3 mo. USD LIBOR + 1.65%), 01/17/2026(b)(c)

  2,500,000   2,502,022
TICP CLO II-2 Ltd. (Cayman Islands), Series 2018-IIA, Class A1, 2.66% (3 mo. USD LIBOR + 0.84%), 04/20/2028(b)(c)

  11,000,000   10,980,457
Venture XII CLO Ltd. (Cayman Islands), Series 2012-12A, Class ARR, 2.71% (3 mo. USD LIBOR + 0.80%), 02/28/2026(b)(c)

  4,274,070   4,274,073
Venture XVI CLO Ltd. (Cayman Islands), Series 2014-16A, Class ARR, 2.68% (3 mo. USD LIBOR + 0.85%), 01/15/2028(b)(c)

  1,500,000   1,498,891
Verus Securitization Trust        
Series 2019-1, Class A1, 3.84%, 02/25/2059(c)(e)

  8,183,912   8,276,367
Series 2019-2, Class A1, 3.21%, 05/25/2059(c)(e)

  6,761,863   6,831,925
Series 2019-INV1, Class A1, 3.40%, 12/25/2059(c)(e)

  7,331,602   7,416,984
Series 2020-1, Class A1, 2.42%, 01/25/2060(c)(e)

  14,975,000   15,019,575
Woodmont Trust, Series 2017-2A, Class A, 3.62% (3 mo. USD LIBOR + 1.80%), 07/18/2028(b)(c)

  3,600,000   3,597,532
Total Asset-Backed Securities

(Cost $483,449,781)

  486,458,609
  Principal
Amount
  Value
Variable Rate Senior Loan Interests-0.07%(g)(h)
Aerospace & Defense-0.07%
Fly Funding II S.a.r.l. (Ireland), Term Loan B, 3.65% (3 mo. USD LIBOR + 1.75%), 08/09/2025

(Cost $1,957,791)

$ 1,962,260   $1,969,206
Commercial Paper-26.78%
Alexandria Real Estate Equities, Inc., 1.77%, 02/11/2020(c)(i)

  17,000,000   16,990,494
AT&T, Inc., 1.75%, 02/26/2020(c)(i)

  20,000,000   19,974,477
AutoNation, Inc., 1.85%, 02/07/2020(c)(i)

  2,500,000   2,498,729
Aviation Capital Group LLC, 1.87%, 02/25/2020(c)(i)

  12,800,000   12,783,867
Bank of China Ltd., 1.94%, 04/02/2020(i)

  12,000,000   11,957,592
BAT International Finance PLC, 1.77%, 02/13/2020(c)(i)

  13,500,000   13,491,552
Bell Canada, Inc.        
1.87%, 04/13/2020(c)(i)

  20,000,000   19,924,283
1.80%, 04/15/2020(c)(i)

  8,500,000   8,466,885
Bemis Co., Inc., 1.74%, 02/13/2020(c)(i)

  35,000   34,978
Boeing Co. (The), 2.19%, 02/26/2020(c)(i)

  21,000,000   20,973,231
BP Capital Markets PLC, 1.76%, 06/22/2020(c)(i)

  6,850,000   6,802,356
Broadcom, Inc.        
2.22%, 02/12/2020(c)(i)

  17,500,000   17,485,072
2.16%, 02/25/2020(c)(i)

  20,000,000   19,964,833
1.97%, 03/10/2020(c)(i)

  3,000,000   2,991,664
Brookfield US Holdings, Inc., 1.75%, 02/10/2020(c)(i)

  25,000,000   24,987,319
CenterPoint Energy, Inc., 1.75%, 03/06/2020(c)(i)

  15,000,000   14,975,033
China Construction Bank Corp., 2.11%, 02/26/2020(c)(i)

  16,200,000   16,181,151
Constellation Brands, Inc., 1.90%, 02/12/2020(c)(i)

  10,000,000   9,991,470
Dow Chemical Co. (The), 1.96%, 03/30/2020(i)

  25,000,000   24,926,496
Duke Energy Corp., 1.76%, 03/19/2020(c)(i)

  7,500,000   7,482,130
DXC Capital Funding Ltd.        
2.41%, 02/27/2020(c)(i)

  15,500,000   15,479,435
1.94%, 03/19/2020(c)(i)

  15,000,000   14,964,260
Entergy Corp.        
1.96%, 04/03/2020(c)(i)

  10,500,000   10,463,985
1.82%, 04/28/2020(c)(i)

  8,000,000   7,960,850
Exelon Generation Co. LLC, 1.85%, 02/11/2020(c)(i)

  8,000,000   7,995,576
FMC Technologies, Inc.        
2.05%, 02/03/2020(c)(i)

  17,000,000   16,997,634
2.03%, 04/01/2020(c)(i)

  12,000,000   11,963,481
Ford Motor Credit Co. LLC, 2.28%, 04/02/2020(c)(i)

  13,600,000   13,538,962
General Motors Financial Co., Inc., 1.94%, 02/04/2020(c)(i)

  10,000,000   9,997,057
Glencore Funding LLC        
1.87%, 02/10/2020(c)(i)

  11,350,000   11,344,054
1.87%, 02/14/2020(c)(i)

  10,650,000   10,642,127
Great Bridge Capital Co. LLC        
1.99%, 02/20/2020(c)(i)

  11,000,000   10,990,375
1.85%, 04/02/2020(c)(i)

  19,808,000   19,753,486
Humana, Inc., 1.82%, 03/26/2020(c)(i)

  27,700,000   27,614,303

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Industrial & Commercial Bank of China Ltd., 1.94%, 03/31/2020(c)(i)

$ 12,500,000   $12,462,812
Jabil, Inc.        
1.92%, 02/03/2020(c)(i)

  12,500,000   12,497,229
1.92%, 02/07/2020(c)(i)

  20,600,000   20,589,526
Lloyds Bank PLC, 2.11% (1 mo. USD LIBOR + 0.45%), 08/19/2020(b)(c)

  15,000,000   15,025,677
NatWest Markets PLC, 2.27%, 01/07/2021(c)(i)

  10,000,000   9,799,360
NextEra Energy Capital Holdings, Inc., 1.81%, 04/15/2020(c)(i)

  7,700,000   7,671,045
Nissan Motor Acceptance Corp., 1.91%, 05/12/2020(c)(i)

  10,000,000   9,945,402
ONEOK, Inc., 1.82%, 02/06/2020(c)(i)

  32,500,000   32,489,757
Ovintiv Canada ULC, 2.15%, 02/13/2020(c)(i)

  14,500,000   14,490,926
Plains All American Pipeline L.P., 1.95%, 02/05/2020(c)(i)

  25,000,000   24,994,156
Public Service Enterprise Group, Inc., 1.70%, 02/04/2020(c)(i)

  12,000,000   11,997,765
Reckitt Benckiser Treasury Services PLC        
2.23%, 02/20/2020(c)(i)

  13,000,000   12,987,903
2.13%, 06/23/2020(c)(i)

  9,000,000   8,933,004
RELX Investments PLC, 1.90%, 02/03/2020(c)(i)

  25,000,000   24,996,352
Santander UK PLC, 1.94%, 06/29/2020(i)

  28,300,000   28,097,773
Suncor Energy, Inc., 1.96%, 02/03/2020(c)(i)

  23,500,000   23,496,729
Ventas Realty L.P., 1.78%, 02/10/2020(c)(i)

  11,250,000   11,244,584
Welltower, Inc., 1.75%, 02/05/2020(c)(i)

  9,265,000   9,262,787
White Plains Capital Co. LLC, 2.38%, 02/20/2020(c)(i)

  20,000,000   19,979,078
Total Commercial Paper

(Cost $773,505,628)

  773,551,062
  Repurchase
Amount
   
Repurchase Agreements-6.82%(j)
Citigroup Global Markets, Inc., joint open agreement dated 09/24/2019 (collateralized by foreign corporate obligations valued at $143,517,758; 5.75% - 9.13%; 04/22/2021 - 01/20/2050), 2.25%(k)

  -   10,000,000
Citigroup Global Markets, Inc., joint open agreement dated 12/19/2019 (collateralized by domestic and foreign corporate obligations, domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $196,353,697; 0% - 7.96%; 10/22/2025 - 10/25/2069), 2.26%(k)

  -   50,000,000
J.P. Morgan Securities LLC, open agreement dated 09/09/2019 (collateralized by domestic corporate obligations, domestic non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $27,165,641; 0% - 8.26%; 09/15/2024 - 01/15/2059), 2.29%(k)

  -   25,000,000
  Repurchase
Amount
  Value
Nomura Securities International, Inc., joint term agreement dated 01/02/2020, aggregate maturing value of $53,000,000 (collateralized by domestic non-agency mortgage-backed securities valued at $58,300,301; 6.44%; 03/25/2048), 2.46%, 06/30/2020(b)

$ 28,000,000   $28,000,000
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations, domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $108,972,073; 1.83% - 12.00%; 02/21/2020 - 06/05/2115), 1.76%(k)

  -   17,000,000
Societe Generale, joint open agreement dated 11/05/2019 (collateralized by domestic and foreign corporate obligations, domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $109,867,735; 1.83% - 13.00%; 02/21/2020 - 06/05/2115), 2.30%(k)

  -   50,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2020, aggregate maturing value of $45,515,250 (collateralized by foreign corporate obligations and domestic and foreign non-agency asset-backed securities valued at $49,500,000; 0% - 8.42%; 01/18/2022 - 10/25/2056), 2.29%, 07/01/2020

  17,194,650   17,000,000
Total Repurchase Agreements

(Cost $197,000,000)

  197,000,000
  Principal
Amount
   
Certificates of Deposit-0.70%
Diversified Banks-0.70%
Standard Chartered Bank, (3 mo. USD LIBOR + 0.28%), 2.19%, 11/06/2020

(Cost $19,978,800)

  20,000,000   20,030,841
TOTAL INVESTMENTS IN SECURITIES

(excluding investments purchased with cash collateral from securities on loan)-101.42%

(Cost $2,917,392,587)

  2,929,316,930
  Shares    
Investments Purchased with Cash Collateral
from Securities on Loan
Money Market Funds-0.06%
Invesco Government & Agency Portfolio, Institutional Class, 1.48%(l)(m)

  1,313,274   1,313,274

Invesco Ultra Short Duration ETF (GSY)—(continued)
January 31, 2020
(Unaudited)
  Shares   Value
Money Market Funds-(continued)
Invesco Liquid Assets Portfolio, Institutional Class, 1.66%(l)(m)

  437,583   $437,758
Total Investments Purchased with Cash Collateral from Securities on Loan

(Cost $1,751,032)

  1,751,032
TOTAL INVESTMENTS IN SECURITIES-101.48%

(Cost $2,919,143,619)

  2,931,067,962
OTHER ASSETS LESS LIABILITIES-(1.48)%

  (42,632,435)
NET ASSETS-100.00%

  $2,888,435,527
Investment Abbreviations:
BR -Bearer Shares
CLO -Collateralized Loan Obligation
Ctfs. -Certificates
LIBOR -London Interbank Offered Rate
REIT -Real Estate Investment Trust
SOFR -Secured Overnight Financing Rate
USD -U.S. Dollar
    
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) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2020.
(c) 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 aggregate value of these securities at January 31, 2020 was $1,572,366,927, which represented 54.44% of the Fund’s Net Assets.
(d) All or a portion of this security was out on loan at January 31, 2020.
(e) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2020.
(f) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.
(g) Variable rate senior loan interests often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with any accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, it is anticipated that the variable rate senior loan interests will have an expected average life of three to five years.
(h) Variable rate senior loan interests are, at present, not readily marketable, not registered under the 1933 Act and may be subject to contractual and legal restrictions on sale. Variable rate senior loan interests in the Fund’s portfolio generally have variable rates which adjust to a base, such as the LIBOR, on set dates, typically every 30 days, but not greater than one year, and/or have interest rates that float at margin above a widely recognized base lending rate such as the Prime Rate of a designated U.S. bank.
(i) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(j) Principal amount equals value at period end.
(k) Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(l) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
(m) 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.

Schedule of Investments(a)
Invesco Variable Rate Investment Grade ETF (VRIG)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
U.S. Dollar Denominated Bonds & Notes-40.40%
Automobile Manufacturers-4.32%
Daimler Finance North America LLC (Germany)        
2.30% (3 mo. USD LIBOR + 0.55%), 05/04/2021(b)(c)

$ 2,000,000   $2,006,526
2.81% (3 mo. USD LIBOR + 0.90%), 02/15/2022(b)(c)

  1,500,000   1,516,757
Fiat Chrysler Automobiles N.V. (United Kingdom), 4.50%, 04/15/2020

  3,000,000   3,012,645
Ford Motor Credit Co. LLC        
2.87% (3 mo. USD LIBOR + 0.93%), 09/24/2020(c)

  2,000,000   2,004,038
3.23% (3 mo. USD LIBOR + 1.27%), 03/28/2022(c)

  1,000,000   996,175
2.84% (3 mo. USD LIBOR + 1.08%), 08/03/2022(c)

  1,500,000   1,485,524
General Motors Financial Co., Inc.        
3.01% (3 mo. USD LIBOR + 1.10%), 11/06/2021(c)

  2,000,000   2,010,897
3.27% (3 mo. USD LIBOR + 1.31%), 06/30/2022(c)

  1,000,000   1,009,890
2.89% (3 mo. USD LIBOR + 0.99%), 01/05/2023(c)

  1,000,000   1,001,943
Volkswagen Group of America Finance LLC (Germany), 2.84% (3 mo. USD LIBOR + 0.94%), 11/12/2021(b)(c)

  2,000,000   2,020,433
        17,064,828
Construction Materials-0.44%
Vulcan Materials Co.        
2.49% (3 mo. USD LIBOR + 0.60%), 06/15/2020(c)

  750,000   750,941
2.56% (3 mo. USD LIBOR + 0.65%), 03/01/2021(c)

  1,000,000   1,002,555
        1,753,496
Consumer Finance-0.26%
Capital One Financial Corp., 2.49% (3 mo. USD LIBOR + 0.72%), 01/30/2023(c)

  1,000,000   1,006,190
Distillers & Vintners-0.24%
Constellation Brands, Inc., 2.61% (3 mo. USD LIBOR + 0.70%), 11/15/2021(c)

  966,000   966,147
Diversified Banks-16.78%
Banco Santander S.A. (Spain), 3.41% (3 mo. USD LIBOR + 1.56%), 04/11/2022(c)

  5,200,000   5,305,039
Bank of America Corp.        
2.80% (3 mo. USD LIBOR + 1.00%), 04/24/2023(c)

  3,281,000   3,322,793
2.68% (3 mo. USD LIBOR + 0.79%), 03/05/2024(c)

  1,250,000   1,259,360
2.66% (3 mo. USD LIBOR + 0.77%), 02/05/2026(c)

  1,042,000   1,043,399
Barclays PLC (United Kingdom)        
3.46% (3 mo. USD LIBOR + 1.63%), 01/10/2023(c)

  2,000,000   2,033,901
3.34% (3 mo. USD LIBOR + 1.43%), 02/15/2023(c)

  2,000,000   2,024,661
BPCE S.A. (France), 3.12% (3 mo. USD LIBOR + 1.22%), 05/22/2022(b)(c)

  4,000,000   4,068,697
Capital One N.A., 2.92% (3 mo. USD LIBOR + 1.15%), 01/30/2023(c)

  3,750,000   3,796,322
  Principal
Amount
  Value
Diversified Banks-(continued)
Citigroup, Inc.        
2.45% (SOFR + 0.87%), 11/04/2022(c)

$ 2,500,000   $2,517,895
2.75% (3 mo. USD LIBOR + 0.95%), 07/24/2023(c)

  1,500,000   1,517,287
3.34% (3 mo. USD LIBOR + 1.43%), 09/01/2023(c)

  4,500,000   4,605,671
ING Groep N.V. (Netherlands), 2.91% (3 mo. USD LIBOR + 1.00%), 10/02/2023(c)

  3,500,000   3,550,621
JPMorgan Chase & Co.        
3.03% (3 mo. USD LIBOR + 1.23%), 10/24/2023(c)

  3,000,000   3,060,760
Series I, 5.24% (3 mo. USD LIBOR + 3.47%)(c)(d)

  978,000   985,584
Series V, 5.23% (3 mo. USD LIBOR + 3.32%)(c)(d)

  2,500,000   2,522,862
KeyBank N.A., 2.42% (3 mo. USD LIBOR + 0.66%), 02/01/2022(c)

  1,923,000   1,938,298
Mizuho Financial Group, Inc. (Japan), 2.68% (3 mo. USD LIBOR + 0.84%), 07/16/2023(c)

  2,500,000   2,516,857
NatWest Markets PLC (United Kingdom), 3.36% (3 mo. USD LIBOR + 1.40%), 09/29/2022(b)(c)

  2,500,000   2,542,224
Nordea Bank Abp (Finland), 2.85% (3 mo. USD LIBOR + 0.94%), 08/30/2023(b)(c)

  2,987,000   2,993,424
Royal Bank of Scotland Group PLC (The) (United Kingdom)        
3.38% (3 mo. USD LIBOR + 1.47%), 05/15/2023(c)

  4,000,000   4,067,755
3.50% (3 mo. USD LIBOR + 1.55%), 06/25/2024(c)

  2,000,000   2,043,139
Standard Chartered PLC (United Kingdom)        
3.09% (3 mo. USD LIBOR + 1.20%), 09/10/2022(b)(c)

  1,667,000   1,683,851
2.97% (3 mo. USD LIBOR + 1.15%), 01/20/2023(b)(c)

  3,316,000   3,349,190
USB Realty Corp., 2.98% (3 mo. USD LIBOR + 1.15%)(b)(c)(d)

  1,100,000   987,530
Wells Fargo & Co., 3.24% (3 mo. USD LIBOR + 1.34%), 03/04/2021(c)

  2,500,000   2,533,433
        66,270,553
Electric Utilities-0.58%
Mississippi Power Co., 2.60% (3 mo. USD LIBOR + 0.65%), 03/27/2020(c)

  2,292,000   2,293,303
Health Care Distributors-1.02%
Cardinal Health, Inc., 2.66% (3 mo. USD LIBOR + 0.77%), 06/15/2022(c)

  4,000,000   4,021,080
Health Care Equipment-1.08%
Becton, Dickinson and Co., 2.92% (3 mo. USD LIBOR + 1.03%), 06/06/2022(c)

  4,225,000   4,258,767
Health Care Services-1.12%
Cigna Corp., 2.72% (3 mo. USD LIBOR + 0.89%), 07/15/2023(c)

  3,543,000   3,588,635
CVS Health Corp., 2.61% (3 mo. USD LIBOR + 0.72%), 03/09/2021(c)

  839,000   844,129
        4,432,764

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Household Products-0.70%
Reckitt Benckiser Treasury Services PLC (United Kingdom), 2.50% (3 mo. USD LIBOR + 0.56%), 06/24/2022(b)(c)

$ 2,750,000   $2,762,944
Integrated Oil & Gas-0.25%
Occidental Petroleum Corp., 3.16% (3 mo. USD LIBOR + 1.25%), 08/13/2021(c)

  1,000,000   1,005,563
Integrated Telecommunication Services-2.10%
AT&T, Inc.        
2.80% (3 mo. USD LIBOR + 0.89%), 02/15/2023(c)

  2,669,000   2,695,064
3.07% (3 mo. USD LIBOR + 1.18%), 06/12/2024(c)

  3,832,000   3,902,946
Verizon Communications, Inc., 3.01% (3 mo. USD LIBOR + 1.10%), 05/15/2025(c)

  1,627,000   1,675,778
        8,273,788
Interactive Media & Services-0.29%
Tencent Holdings Ltd. (China), 2.42% (3 mo. USD LIBOR + 0.61%), 01/19/2023(b)(c)

  1,143,000   1,137,630
Investment Banking & Brokerage-3.79%
Goldman Sachs Group, Inc. (The)        
2.94% (3 mo. USD LIBOR + 1.05%), 06/05/2023(c)

  2,500,000   2,534,145
2.80% (3 mo. USD LIBOR + 1.00%), 07/24/2023(c)

  4,500,000   4,556,429
3.55% (3 mo. USD LIBOR + 1.75%), 10/28/2027(c)

  250,000   263,129
Morgan Stanley        
3.22% (3 mo. USD LIBOR + 1.40%), 04/21/2021(c)

  2,500,000   2,538,724
2.73% (3 mo. USD LIBOR + 0.93%), 07/22/2022(c)

  2,500,000   2,526,408
3.20% (3 mo. USD LIBOR + 1.40%), 10/24/2023(c)

  2,500,000   2,561,383
        14,980,218
Life & Health Insurance-1.63%
Athene Global Funding, 3.14% (3 mo. USD LIBOR + 1.23%), 07/01/2022(b)(c)

  5,300,000   5,407,750
Jackson National Life Global Funding, 2.68% (3 mo. USD LIBOR + 0.73%), 06/27/2022(b)(c)

  1,000,000   1,012,206
        6,419,956
Multi-line Insurance-0.23%
Metropolitan Life Global Funding I, 2.15% (SOFR + 0.57%), 09/07/2020(b)(c)

  899,000   901,022
Multi-Utilities-0.67%
Sempra Energy, 2.33% (3 mo. USD LIBOR + 0.50%), 01/15/2021(c)

  2,650,000   2,650,509
Oil & Gas Exploration & Production-0.39%
ConocoPhillips, 2.81% (3 mo. USD LIBOR + 0.90%), 05/15/2022(c)

  1,500,000   1,523,893
Oil & Gas Refining & Marketing-0.09%
Phillips 66, 2.52% (3 mo. USD LIBOR + 0.60%), 02/26/2021(c)

  340,000   340,047
Oil & Gas Storage & Transportation-0.23%
MPLX L.P., 2.99% (3 mo. USD LIBOR + 1.10%), 09/09/2022(c)

  914,000   918,268
  Principal
Amount
  Value
Other Diversified Financial Services-0.45%
Aviation Capital Group LLC, 2.86% (3 mo. USD LIBOR + 0.95%), 06/01/2021(b)(c)

$ 1,777,000   $1,787,895
Packaged Foods & Meats-1.33%
Conagra Brands, Inc., 2.55% (3 mo. USD LIBOR + 0.75%), 10/22/2020(c)

  1,250,000   1,250,139
General Mills, Inc., 2.85% (3 mo. USD LIBOR + 1.01%), 10/17/2023(c)

  3,937,000   4,005,316
        5,255,455
Pharmaceuticals-0.86%
Bayer US Finance II LLC (Germany), 2.58% (3 mo. USD LIBOR + 0.63%), 06/25/2021(b)(c)

  3,395,000   3,411,136
Specialty Chemicals-0.25%
DuPont de Nemours, Inc., 2.62% (3 mo. USD LIBOR + 0.71%), 11/15/2020(c)

  1,000,000   1,005,194
Technology Hardware, Storage & Peripherals-0.51%
Dell International LLC/EMC Corp., 5.88%, 06/15/2021(b)

  1,986,000   2,008,342
Trading Companies & Distributors-0.79%
BOC Aviation Ltd. (Singapore), 3.07% (3 mo. USD LIBOR + 1.13%), 09/26/2023(b)(c)

  3,082,000   3,107,587
Total U.S. Dollar Denominated Bonds & Notes

(Cost $158,254,772)

  159,556,575
Agency Credit Risk Transfer Notes-21.09%
Connecticut Avenue Securities Trust, Series 2019-R01, Class 2M2, 4.11% (1 mo. USD LIBOR + 2.45%), 07/25/2031(b)(c)(e)

  6,750,000   6,848,455
Fannie Mae Connecticut Avenue Securities        
Series 2014-C02, Class 2M2, 4.26% (1 mo. USD LIBOR + 2.60%), 05/25/2024(c)(e)

  3,075,371   3,184,675
Series 2014-C03, Class 1M2, 4.66% (1 mo. USD LIBOR + 3.00%), 07/25/2024(c)(e)

  6,014,567   6,262,582
Series 2014-C03, Class 2M2, 4.56% (1 mo. USD LIBOR + 2.90%), 07/25/2024(c)(e)

  3,495,914   3,584,219
Series 2015-C02, Class 2M2, 5.66% (1 mo. USD LIBOR + 4.00%), 05/25/2025(c)(e)

  899,306   936,742
Series 2016-C02, Class 1M2, 7.66% (1 mo. USD LIBOR + 6.00%), 09/25/2028(c)(e)

  2,322,747   2,630,003
Series 2018-C04, Class 2M2, 4.21% (1 mo. USD LIBOR + 2.55%), 12/25/2030(c)(e)

  6,000,000   6,143,380
Series 2018-C06, Class 1M2, 3.66% (1 mo. USD LIBOR + 2.00%), 03/25/2031(c)(e)

  5,460,539   5,508,050
Freddie Mac        
Series 2014-DN1, Class M2, STACR®, 3.86% (1 mo. USD LIBOR + 2.20%), 02/25/2024(c)(f)

  2,197,847   2,222,663
Series 2014-DN2, Class M2, STACR®, 3.31% (1 mo. USD LIBOR + 1.65%), 04/25/2024(c)(f)

  291,117   292,078
Series 2014-HQ2, Class M2, STACR®, 3.86% (1 mo. USD LIBOR + 2.20%), 09/25/2024(c)(f)

  3,449,629   3,494,046
Series 2015-DNA3, Class M2, STACR®, 4.51% (1 mo. USD LIBOR + 2.85%), 04/25/2028(c)(f)

  4,249,809   4,291,062
Series 2015-HQ2, Class M2, STACR®, 3.61% (1 mo. USD LIBOR + 1.95%), 05/25/2025(c)(f)

  4,664,712   4,712,518

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Series 2016-DNA1, Class M2, STACR®, 4.69% (1 mo. USD LIBOR + 2.90%), 07/25/2028(c)(f)

$ 2,102,648   $2,111,206
Series 2016-DNA4, Class M2, STACR®, 2.96% (1 mo. USD LIBOR + 1.30%), 03/25/2029(c)(f)

  1,111,073   1,113,570
Series 2016-HQA1, Class M2, STACR®, 4.41% (1 mo. USD LIBOR + 2.75%), 09/25/2028(c)(f)

  190,353   190,654
Series 2016-HQA3, Class M2, STACR®, 3.01% (1 mo. USD LIBOR + 1.35%), 03/25/2029(c)(f)

  5,196,218   5,217,719
Series 2016-HQA4, Class M2, STACR®, 2.96% (1 mo. USD LIBOR + 1.30%), 04/25/2029(c)(f)

  1,661,381   1,665,385
Series 2017-HQA1, Class M1, STACR®, 2.86% (1 mo. USD LIBOR + 1.20%), 08/25/2029(c)(f)

  156,488   156,601
Series 2018-HQA1, Class M2, STACR®, 3.96% (1 mo. USD LIBOR + 2.30%), 09/25/2030(c)(f)

  5,463,000   5,563,367
Series 2018-HQA2, Class M2, STACR®, 3.96% (1 mo. USD LIBOR + 2.30%), 10/25/2048(b)(c)(f)

  3,000,000   3,062,669
Series 2018-HRP2, Class M2, STACR®, 2.91% (1 mo. USD LIBOR + 1.25%), 02/25/2047(b)(c)(f)

  3,000,000   3,007,574
Series 2019-DNA3, Class M2, STACR®, 3.71% (1 mo. USD LIBOR + 2.05%), 07/25/2049(b)(c)(f)

  7,000,000   7,065,802
Series2019-HQA2, Class M2, STACR®, 3.71% (1 mo. USD LIBOR + 2.05%), 04/25/2049(b)(c)(f)

  4,000,000   4,036,818
Total Agency Credit Risk Transfer Notes

(Cost $83,432,215)

  83,301,838
Asset-Backed Securities-18.72%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 4.18%, 02/25/2035(g)

  247,479   253,326
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class B, 3.09% (1 mo. USD LIBOR + 1.35%), 04/15/2036(b)(c)

  4,000,000   4,001,800
BBCMS 2019-BWAY Mortgage Trust, Series 2019-BWAY, Class B, 2.99% (1 mo. USD LIBOR + 1.31%), 11/25/2034(b)(c)

  3,250,000   3,237,872
Bear Stearns ARM Trust        
Series 2003-7, Class 6A, 4.20%, 10/25/2033(g)

  280,459   289,104
Series 2003-8, Class 4A1, 4.26%, 01/25/2034(g)

  247,324   255,845
BFLD Trust, Series 2019-DPLO, Class A, 2.83% (1 mo. USD LIBOR + 1.09%), 10/15/2034(b)(c)

  1,500,000   1,501,803
BX Trust, Series 2018-GW, Class A, 2.54% (1 mo. USD LIBOR + 0.80%), 05/15/2035(b)(c)

  4,500,000   4,497,939
Capital One Multi-Asset Execution Trust, Series 2016-A2, Class A2, 2.31% (1 mo. USD LIBOR + 0.63%), 02/15/2024(c)

  250,000   251,805
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class A, 2.53% (1 mo. USD LIBOR + 0.79%), 07/15/2032(b)(c)

  1,233,284   1,235,141
  Principal
Amount
  Value
Commercial Mortgage Trust        
Series 2014-FL5, Class B, 3.13% (1 mo. USD LIBOR + 2.15%), 10/15/2031(b)(c)

$ 114,014   $114,139
Series 2019-521F, Class C, 3.04% (1 mo. USD LIBOR + 1.30%), 06/15/2034(b)(c)

  4,000,000   3,999,446
Commonbond Student Loan Trust        
Series 2017-BGS, Class A2, 2.31% (1 mo. USD LIBOR + 0.65%), 09/25/2042(b)(c)

  1,101,929   1,092,420
Series 2018-AGS, Class A2, 2.16% (1 mo. USD LIBOR + 0.50%), 02/25/2044(b)(c)

  2,096,067   2,057,628
Credit Suisse Mortgage Capital Ctfs., Series 2019-ICE4, Class B, 2.91% (1 mo. USD LIBOR + 1.23%), 05/15/2036(b)(c)

  4,000,000   4,008,026
CSWF, Series 2018-TOP, Class B, 3.04% (1 mo. USD LIBOR + 1.30%), 08/15/2035(b)(c)

  2,891,204   2,896,636
DBGS Mortgage Trust, Series 2018-5BP, Class B, 2.57% (1 mo. USD LIBOR + 0.83%), 06/15/2033(b)(c)

  3,000,000   2,994,011
Deephaven Residential Mortgage Trust, Series 2019-2A, Class A1, 3.56%, 04/25/2059(b)(g)

  743,092   751,554
Domino’s Pizza Master Issuer LLC, Series 2017-1A, Class A2I, 3.04% (3 mo. USD LIBOR + 1.25%), 07/25/2047(b)(c)

  4,579,588   4,581,599
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 2.46% (1 mo. USD LIBOR + 0.80%), 10/25/2056(b)(c)

  724,843   722,308
Hertz Vehicle Financing II L.P., Series 2017-1A, Class B, 3.56%, 10/25/2021(b)

  320,000   322,484
Home Equity Asset Trust, Series 2004-5, Class M2, 2.61% (1 mo. USD LIBOR + 0.95%), 11/25/2034(c)

  1,106,896   1,115,029
Home Partners of America Trust        
Series 2017-1, Class A, 2.49% (1 mo. USD LIBOR + 0.82%), 07/17/2034(b)(c)

  1,563,290   1,565,563
Series 2018-1, Class B, 2.77% (1 mo. USD LIBOR + 1.10%), 07/17/2037(b)(c)

  1,760,000   1,755,417
Invitation Homes Trust        
Series 2017-SFR2, Class A, 2.52% (1 mo. USD LIBOR + 0.85%), 12/17/2036(b)(c)

  1,856,543   1,859,108
Series 2017-SFR2, Class C, 3.12% (1 mo. USD LIBOR + 1.45%), 12/17/2036(b)(c)

  5,620,000   5,632,707
Series 2018-SFR1, Class B, 2.62% (1 mo. USD LIBOR + 0.95%), 03/17/2037(b)(c)

  1,000,000   995,039
Series 2018-SFR4, Class C, 3.07% (1 mo. USD LIBOR + 1.40%), 01/17/2038(b)(c)

  3,000,000   3,003,573
Merrill Lynch Mortgage Investors Trust        
Series 2003-F, Class A1, 2.30% (1 mo. USD LIBOR + 0.64%), 10/25/2028(c)

  248,199   250,504
Series 2005-A2, Class A5, 3.88%, 02/25/2035(g)

  94,626   96,702
Morgan Stanley Capital I Trust, Series 2017-CLS, Class B, 2.59% (1 mo. USD LIBOR + 0.85%), 11/15/2034(b)(c)

  2,200,000   2,202,001
OBX Trust        
Series 2018-EXP1, Class 2A1, 2.51% (1 mo. USD LIBOR + 0.85%), 04/25/2048(b)(c)

  2,796,534   2,809,199
Series 2018-EXP2, Class 2A2, 2.61% (1 mo. USD LIBOR + 0.95%), 11/25/2048(b)(c)

  2,352,712   2,365,000

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2020
(Unaudited)
  Principal
Amount
  Value
Series 2019-EXP1, Class 2A2, 2.81% (1 mo. USD LIBOR + 1.15%), 01/25/2059(b)(c)

$ 912,416   $914,702
Series 2019-EXP2, Class 2A2, 2.86% (1 mo. USD LIBOR + 1.20%), 06/25/2059(b)(c)

  2,060,908   2,073,505
Pennsylvania Higher Education Assistance Agency, Series 2009-2, Class A2, 2.89% (3 mo. USD LIBOR + 1.10%), 01/25/2028(c)

  967,723   920,467
Residential Mortgage Loan Trust, Series 2019-1, Class A1, 3.94%, 10/25/2058(b)(g)

  1,251,217   1,272,750
Rosslyn Portfolio Trust, Series 2017-ROSS, Class B, 2.99% (1 mo. USD LIBOR + 1.25%), 06/15/2033(b)(c)

  1,000,000   1,000,264
WaMu Mortgage Pass-Through Certificates Trust, Series 2004-AR3, Class A2, 4.49%, 06/25/2034(g)

  118,908   121,805
Wells Fargo Commercial Mortgage Trust, Series 2018-BXI, Class B, 2.63% (1 mo. USD LIBOR + 0.96%), 12/15/2036(b)(c)

  4,928,267   4,925,816
Total Asset-Backed Securities

(Cost $73,889,722)

  73,944,037
U.S. Treasury Securities-8.89%
U.S. Treasury Floating Rate Notes-8.89%
1.78% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%), 07/31/2021(c)

  7,750,000   7,762,697
1.86% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.30%), 10/31/2021(c)

  27,250,000   27,335,227
Total U.S. Treasury Securities

(Cost $35,029,253)

  35,097,924
U.S. Government Sponsored Agency Mortgage-Backed
Securities-6.43%
Collateralized Mortgage Obligations-5.34%
Fannie Mae REMICs        
Series 2011-127, Class FJ, 2.01% (1 mo. USD LIBOR + 0.35%), 09/25/2041(c)

  111,841   112,002
Series 2012-113, Class FM, 2.06% (1 mo. USD LIBOR + 0.40%), 10/25/2042(c)

  1,985,613   1,980,828
Series 2014-92, Class FB, 2.01% (1 mo. USD LIBOR + 0.32%), 01/25/2045(c)

  1,533,101   1,524,145
Series 2016-25, Class FL, 2.16% (1 mo. USD LIBOR + 0.50%), 05/25/2046(c)

  440,936   441,167
Series 2017-100, Class FM, 2.01% (1 mo. USD LIBOR + 0.32%), 12/25/2047(c)

  516,912   514,605
Series 2017-68, Class AF, 1.99% (1 mo. USD LIBOR + 0.30%), 09/25/2047(c)

  1,503,336   1,494,997
Freddie Mac Multifamily Structured Pass Through Ctfs.        
2.24% (1 mo. USD LIBOR + 0.48%), 04/25/2026(c)

  1,999,938   1,996,065
2.28% (1 mo. USD LIBOR + 0.52%), 07/25/2029(c)

  3,500,000   3,505,152
Series Q008, Class A, 2.15% (1 mo. USD LIBOR + 0.39%), 10/25/2045(c)

  3,639,154   3,641,908
Freddie Mac REMICs        
Series 331, Class AF, 2.08% (1 mo. USD LIBOR + 0.40%), 06/15/2037(c)

  1,312,389   1,314,659
  Principal
Amount
  Value
Collateralized Mortgage Obligations-(continued)
Series 4091, Class JF, 2.18% (1 mo. USD LIBOR + 0.50%), 06/15/2041(c)

$ 338,423   $339,232
Series 4547, Class FA, 2.14% (1 mo. USD LIBOR + 0.45%), 09/15/2040(c)

  1,167,488   1,169,362
Series 4683, Class FA, 2.04% (1 mo. USD LIBOR + 0.35%), 09/15/2038(c)

  1,559,507   1,561,947
Series 4770, Class FA, 2.01% (1 mo. USD LIBOR + 0.32%), 08/15/2043(c)

  1,508,733   1,509,212
        21,105,281
Federal Home Loan Mortgage Corp. (FHLMC)-0.41%
ARM, 4.65% (1 yr. USD LIBOR + 1.59%), 06/01/2037(c)

  321,086   336,209
ARM, 4.36% (1 yr. USD LIBOR + 1.74%), 11/01/2038(c)

  640,979   674,783
ARM, 4.42% (1 yr. USD LIBOR + 1.73%), 03/01/2043(c)

  567,242   589,260
        1,600,252
Federal National Mortgage Association (FNMA)-0.68%
ARM, 3.64% (1 yr. USD LIBOR + 1.64%), 02/01/2035(c)

  58,326   58,295
ARM, 3.45% (6 mo. USD LIBOR + 1.57%), 07/01/2035(c)

  99,384   103,111
ARM, 4.54% (1 yr. U.S. Treasury Yield Curve Rate + 2.35%), 07/01/2035(c)

  1,213,503   1,288,766
ARM, 4.00% (1 yr. USD LIBOR + 1.79%), 10/01/2036(c)

  524,170   551,378
ARM, 4.78% (1 yr. USD LIBOR + 1.78%), 03/01/2037(c)

  228,352   237,302
ARM, 4.40% (1 yr. USD LIBOR + 1.62%), 11/01/2037(c)

  443,145   464,200
        2,703,052
Total U.S. Government Sponsored Agency Mortgage-Backed Securities

(Cost $25,491,343)

  25,408,585
  Shares    
Exchange-Traded Funds-1.97%
Invesco Variable Rate Preferred ETF(h)

(Cost $7,476,000)

  300,000   7,797,000
  Principal
Amount
   
Commercial Paper-2.53%(i)
Ford Motor Credit Co. LLC        
2.62%, 02/10/2020(b)

$ 4,902,000   4,898,629
2.62%, 02/12/2020(b)

  5,100,000   5,095,777
Total Commercial Paper

(Cost $9,994,715)

  9,994,406
  Shares    
Money Market Funds-2.85%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 1.45%(j)

(Cost $11,247,805)

  11,247,805   11,247,805
TOTAL INVESTMENTS IN SECURITIES-102.88%

(Cost $404,815,825)

  406,348,170
OTHER ASSETS LESS LIABILITIES-(2.88)%

  (11,390,221)
NET ASSETS-100.00%

  $394,957,949
 

Invesco Variable Rate Investment Grade ETF (VRIG)—(continued)
January 31, 2020
(Unaudited)
Investment Abbreviations:
ARM -Adjustable Rate Mortgage
Ctfs. -Certificates
ETF -Exchange-Traded Fund
LIBOR -London Interbank Offered Rate
REMICs -Real Estate Mortgage Investment Conduits
SOFR -Secured Overnight Financing Rate
STACR® -Structured Agency Credit Risk
USD -U.S. Dollar
    
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) 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 aggregate value of these securities at January 31, 2020 was $147,110,318, which represented 37.25% of the Fund’s Net Assets.
(c) Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on January 31, 2020.
(d) Perpetual bond with no specified maturity date.
(e) CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool.
(f) Principal payments are determined by the delinquency and principal payment experience on the STACR® reference pool. Freddie Mac transfers credit risk from the mortgages in the reference pool to credit investors who invest in the STACR® debt notes.
(g) Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on January 31, 2020.
(h) The security and the Fund are affiliated by having the same investment adviser. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates (excluding affiliated money market funds) for the three months ended January 31, 2020.
    
  Value
October 31, 2019
  Purchases
at Cost
  Proceeds
from Sales
  Change in
Unrealized
Appreciation
  Realized
Gain
  Value
January 31, 2020
  Dividend
Income
Invesco Variable Rate Preferred ETF $7,719,000   $-   $-   $78,000   $-   $7,797,000   $88,668
    
(i) Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(j) The security and the Fund are advised by wholly-owned subsidiaries of Invesco Ltd. and are therefore considered to be affiliated. The rate shown is the 7-day SEC standardized yield as of January 31, 2020.
The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

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 or are unreliable. 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 a Fund’s own 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.
Except for the Funds listed below, as of January 31, 2020, all of the securities in each Fund 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 S&P 500® Downside Hedged ETF              
Investments in Securities              
Common Stocks & Other Equity Interests $14,066,296   $-   $-   $14,066,296
Money Market Funds 1,403,379   -   -   1,403,379
Total Investments in Securities 15,469,675   -   -   15,469,675
Other Investments - Assets(a)              
Futures Contracts 32,907   -   -   32,907
Other Investments - Liabilities(a)              
Futures Contracts (56,366)   -   -   (56,366)
Total Other Investments (23,459)   -   -   (23,459)
Total Investments $15,446,216   $-   $-   $15,446,216
Invesco Total Return Bond ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $104,599,585   $-   $104,599,585
U.S. Government Sponsored Agency Mortgage-Backed Securities -   45,070,884   -   45,070,884
Asset-Backed Securities -   43,063,282   -   43,063,282
U.S. Treasury Securities -   41,545,996   -   41,545,996
U.S. Government Sponsored Agency Securities -   3,062,340   -   3,062,340
Non-U.S. Dollar Denominated Bonds & Notes -   1,891,768   -   1,891,768
Agency Credit Risk Transfer Notes -   1,434,828   -   1,434,828
Municipal Obligations -   677,353   -   677,353
Preferred Stocks 411,119   -   -   411,119
Open Exchanged-Traded Index Options Purchased 103,160   -   -   103,160
Total Investments in Securities 514,279   241,346,036   -   241,860,315
Other Investments - Assets(a)              
Forward Foreign Currency Contracts -   613   -   613
Futures Contracts 438,214   -   -   438,214
  438,214   613   -   438,827
Other Investments - Liabilities(a)              
Forward Foreign Currency Contracts -   (8,001)   -   (8,001)
Futures Contracts (821,064)   -   -   (821,064)
  (821,064)   (8,001)   -   (829,065)
Total Other Investments (382,850)   (7,388)   -   (390,238)
Total Investments $131,429   $241,338,648   $-   $241,470,077

  Level 1   Level 2   Level 3   Total
Invesco Ultra Short Duration ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $1,450,307,212   $-   $1,450,307,212
Asset-Backed Securities -   486,458,609   -   486,458,609
Variable Rate Senior Loan Interests -   1,969,206   -   1,969,206
Commercial Paper -   773,551,062   -   773,551,062
Repurchase Agreements -   197,000,000   -   197,000,000
Certificates of Deposit -   20,030,841   -   20,030,841
Money Market Funds 1,751,032   -   -   1,751,032
Total Investments $1,751,032   $2,929,316,930   $-   $2,931,067,962
Invesco Variable Rate Investment Grade ETF              
Investments in Securities              
U.S. Dollar Denominated Bonds & Notes $-   $159,556,575   $-   $159,556,575
Agency Credit Risk Transfer Notes -   83,301,838   -   83,301,838
Asset-Backed Securities -   73,944,037   -   73,944,037
U.S. Treasury Securities -   35,097,924   -   35,097,924
U.S. Government Sponsored Agency Mortgage-Backed Securities -   25,408,585   -   25,408,585
Exchange-Traded Funds 7,797,000   -   -   7,797,000
Commercial Paper -   9,994,406   -   9,994,406
Money Market Funds 11,247,805   -   -   11,247,805
Total Investments $19,044,805   $387,303,365   $-   $406,348,170
    
(a) Futures contracts and forward foreign currency contracts are valued at unrealized appreciation (depreciation).
Subsequent Event
The World Health Organization has declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds’ ability to achieve their investment objective, as stated in the most recent shareholder report. Because of the uncertainties on valuation, the global economy and business operations, values reflected in the Schedules of Investments may materially differ from the value received upon actual sales of those investments.