Schedule of Investments

Invesco AAA CLO Floating Rate Note ETF (ICLO)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Asset-Backed Securities-98.74%
ABPCI Direct Lending Fund IX LLC (Cayman Islands), Series 2020-9A, Class A1R, 7.02% (3 mo. Term SOFR + 1.66%), 11/18/2031(a)(b)	$	500,000	$	493,249
AGL CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 6.75% (3 mo. Term SOFR + 1.41%), 12/02/2034(a)(b)		1,500,000		1,494,202
Aimco CLO 14 Ltd. (Cayman Islands), Series 2021-14A, Class A, 6.58% (3 mo. Term SOFR + 1.25%), 04/20/2034(a)(b)		1,500,000		1,487,005
Benefit Street Partners CLO XI (Cayman Islands), Series 2017-11A, Class A2R, 7.07% (3 mo. Term SOFR + 1.76%), 04/15/2029(a)(b)		1,000,000		994,576
Benefit Street Partners CLO XII Ltd. (Cayman Islands), Series 2017-12A, Class A1R, 6.52% (3 mo. Term SOFR + 1.21%), 10/15/2030(a)(b)		448,215		446,637
Buckhorn Park CLO Ltd. (Cayman Islands), Series 2019-1A, Class AR, 6.69% (3 mo. Term SOFR + 1.38%), 07/18/2034(a)(b)		1,325,000		1,319,684
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands)
Series 2013-1A, Class A1RR, 6.27% (3 mo. USD LIBOR + 0.95%), 08/14/2030(a)(b)		682,576		680,986
Series 2014-2RA, Class A2, 6.65% (3 mo. USD LIBOR + 1.33%), 05/15/2031(a)(b)		1,000,000		981,480
CBAM Ltd. (Cayman Islands), Series 2017-1A, Class A1, 6.84% (3 mo. Term SOFR + 1.51%), 07/20/2030(a)(b)		261,280		260,370
Cedar Funding IV CLO Ltd. (Cayman Islands), Series 2014-4A, Class ARR, 6.77% (3 mo. Term SOFR + 1.42%), 07/23/2034(a)(b)		1,000,000		993,889
Cedar Funding XI CLO Ltd. (Cayman Islands), Series 2019-11A, Class A1R, 6.51% (3 mo. USD LIBOR + 1.05%), 05/29/2032(a)(b)		1,850,000		1,841,170
Elmwood CLO IX Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.72% (3 mo. Term SOFR + 1.39%), 07/20/2034(a)(b)		1,640,000		1,632,812
GoldenTree Loan Management US CLO 1 Ltd. (Cayman Islands), Series 2017-1A, Class A1R2, 6.61% (3 mo. Term SOFR + 1.28%), 04/20/2034(a)(b)		900,000		892,675
Golub Capital Partners CLO 25(M) Ltd. (Cayman Islands), Series 2015-25A, Class AR, 6.71% (3 mo. USD LIBOR + 1.38%), 05/05/2030(a)(b)		1,168,527		1,165,000
Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 7.31% (3 mo. Term SOFR + 1.98%), 10/20/2031(a)(b)		1,250,000		1,237,544
Golub Capital Partners CLO 47(M) Ltd. (Cayman Islands), Series 2020-47A, Class A1, 7.31% (3 mo. USD LIBOR + 1.68%), 05/05/2032(a)(b)		1,150,000		1,135,497
Madison Park Funding XXVI Ltd. (Cayman Islands), Series 2017-26A, Class BR, 7.23% (3 mo. Term SOFR + 1.86%), 07/29/2030(a)(b)		550,000		546,250

	Principal Amount		Value
Madison Park Funding XXXVII Ltd. (Cayman Islands), Series 2019-37A, Class AR, 6.64% (3 mo. Term SOFR + 1.33%), 07/15/2033(a)(b)	$	1,340,000	$	1,331,616
Mariner CLO LLC (Cayman Islands), Series 2016-3A, Class BR2, 7.11% (3 mo. Term SOFR + 1.76%), 07/23/2029(a)(b)		1,000,000		996,156
Neuberger Berman CLO XV (Cayman Islands), Series 2013-15A, Class A1R2, 6.49% (3 mo. Term SOFR + 1.18%), 10/15/2029(a)(b)		923,284		919,666
Owl Rock CLO IV Ltd. (Cayman Islands), Series 2020-4A, Class A1R, 6.98% (3 mo. USD LIBOR + 1.60%), 08/20/2033(a)(b)		750,000		737,186
Palmer Square CLO Ltd. (Cayman Islands), Series 2015-1A, Class A1A4, 6.51% (3 mo. USD LIBOR + 1.13%), 05/21/2034(a)(b)		1,795,000		1,789,818
Rad CLO 5 Ltd. (Cayman Islands), Series 2019- 5A, Class BR, 7.31% (3 mo. Term SOFR + 1.96%), 07/24/2032(a)(b)		2,000,000		1,978,468
Regatta XX Funding Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.73% (3 mo. Term SOFR + 1.42%), 10/15/2034(a)(b)		1,345,000		1,337,890
Regatta XXII Funding Ltd. (Cayman Islands), Series 2022-2A, Class A, 6.87% (3 mo. Term SOFR + 1.54%), 07/20/2035(a)(b)		1,000,000		1,000,848
RR 1 LLC, Series 2017-1A, Class A1AB, 6.72% (3 mo. Term SOFR + 1.41%), 07/15/2035(a)(b)		1,310,000		1,300,830
Signal Peak CLO 1 Ltd., Series 2014-1A, Class AR3, 6.73% (3 mo. Term SOFR + 1.42%), 04/17/2034(a)(b)		1,500,000		1,494,288
Sixth Street CLO XIX Ltd. (Cayman Islands), Series 2021-19A, Class A, 6.69% (3 mo. Term SOFR + 1.36%), 07/20/2034(a)(b)		1,000,000		992,066
Symphony CLO XIX Ltd. (Cayman Islands), Series 2018-19A, Class B, 6.92% (3 mo. Term SOFR + 1.61%), 04/16/2031(a)(b)		900,000		876,739
Symphony CLO XVI Ltd. (Cayman Islands), Series 2015-16A, Class AR, 6.72% (3 mo. Term SOFR + 1.41%), 10/15/2031(a)(b)		500,000		498,411
Total Asset-Backed Securities (Cost $32,408,365)				32,857,008
	Shares
Money Market Funds-1.00%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(c)(d) (Cost $331,994)		331,994		331,994
TOTAL INVESTMENTS IN SECURITIES-99.74% (Cost $32,740,359)				33,189,002
OTHER ASSETS LESS LIABILITIES-0.26%				86,222
NET ASSETS-100.00%			$	33,275,224

See accompanying notes which are an integral part of this schedule.

Invesco AAA CLO Floating Rate Note ETF (ICLO)–(continued)

July 31, 2023

(Unaudited)

Investment Abbreviations:

BR -Bearer Shares

CLO -Collateralized Loan Obligation

LIBOR -London Interbank Offered Rate

SOFR -Secured Overnight Financing Rate

USD -U.S. Dollar

Notes to Schedule of Investments:

^(a)  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 July 31, 2023 was $32,857,008, which represented 98.74% of the Fund’s Net Assets.

^(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2023.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended July 31, 2023.

	Value October 31, 2022	Purchases at Cost	Proceeds from Sales	Change in Unrealized Appreciation	Realized Gain	Value July 31, 2023	Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	$-	$4,478,610	$(4,146,616)	$-	$-	$331,994	$5,869

^(d)  The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

See accompanying notes which are an integral part of this schedule.

Schedule of Investments^(a)

Invesco Active U.S. Real Estate ETF (PSR)

July 31, 2023

(Unaudited)

	Shares			Value
Common Stocks & Other Equity Interests-100.00%
Apartments-9.72%
Apartment Income REIT Corp.		37,487		$	1,294,801
AvalonBay Communities, Inc.		6,917			1,304,892
Camden Property Trust		12,233			1,334,498
Elme Communities		82,711			1,344,054
Equity Residential		19,983			1,317,679
Essex Property Trust, Inc.		5,578			1,358,522
Mid-America Apartment Communities, Inc.		8,767			1,312,069
UDR, Inc.		31,569			1,290,541
					10,557,056
Data Centers-10.11%
Digital Realty Trust, Inc.		45,057			5,615,003
Equinix, Inc.		6,617			5,359,241
					10,974,244
Diversified-1.29%
W.P. Carey, Inc.		20,733			1,400,099
Free Standing-5.48%
Agree Realty Corp.		12,956			839,290
Essential Properties Realty Trust, Inc.		34,631			850,191
Four Corners Property Trust, Inc.		32,688			859,694
NETSTREIT Corp.		48,465			867,039
NNN REIT, Inc.		19,660			839,089
Realty Income Corp.		13,958			851,019
Spirit Realty Capital, Inc.		20,851			840,921
					5,947,243
Gaming REITs-4.00%
Gaming and Leisure Properties, Inc.		45,310			2,150,413
VICI Properties, Inc.		69,840			2,198,563
					4,348,976
Health Care-8.65%
CareTrust REIT, Inc.(b)		56,981			1,184,635
Healthcare Realty Trust, Inc.		60,724			1,185,940
Healthpeak Properties, Inc.		53,835			1,175,218
National Health Investors, Inc.		21,429			1,176,666
Omega Healthcare Investors, Inc.		35,753			1,140,521
Physicians Realty Trust(b)		80,081			1,180,394
Ventas, Inc.		23,964			1,162,733
Welltower, Inc.		14,410			1,183,781
					9,389,888
Industrial-14.26%
Americold Realty Trust, Inc.		70,116			2,273,161
EastGroup Properties, Inc.		12,214			2,164,077
First Industrial Realty Trust, Inc.		41,341			2,137,330
Prologis, Inc.		17,738			2,212,815
Rexford Industrial Realty, Inc.		41,250			2,272,462
STAG Industrial, Inc.		59,940			2,175,822
Terreno Realty Corp.		37,959			2,252,487
					15,488,154
Infrastructure REITs-14.26%
American Tower Corp.		28,360			5,397,191
Crown Castle, Inc.		47,572			5,151,572
SBA Communications Corp., Class A		22,559			4,939,293
					15,488,056
Lodging Resorts-2.66%
Apple Hospitality REIT, Inc.		25,948			402,194
DiamondRock Hospitality Co.		49,523			420,945
Host Hotels & Resorts, Inc.(b)		22,652			416,797
Pebblebrook Hotel Trust(b)		28,374			438,378

	Shares			Value
Lodging Resorts-(continued)
RLJ Lodging Trust(b)		39,152		$	403,266
Ryman Hospitality Properties, Inc.(b)		4,223			402,410
Sunstone Hotel Investors, Inc.		39,500			402,505
					2,886,495
Manufactured Homes-3.82%
Equity LifeStyle Properties, Inc.(b)		20,317			1,446,164
Sun Communities, Inc.		10,100			1,316,030
UMH Properties, Inc.(b)		83,287			1,386,729
					4,148,923
Office-3.60%
Alexandria Real Estate Equities, Inc.		6,114			768,408
Boston Properties, Inc.(b)		11,883			791,764
Cousins Properties, Inc.		30,616			747,949
Empire State Realty Trust, Inc., Class A(b)		91,280			816,956
Kilroy Realty Corp.		22,045			787,006
					3,912,083
Regional Malls-0.80%
Simon Property Group, Inc.		6,993			871,328
Self Storage-6.67%
CubeSmart(b)		42,284			1,833,434
Extra Space Storage, Inc.		12,604			1,759,140
National Storage Affiliates Trust		53,672			1,813,577
Public Storage		6,509			1,833,911
					7,240,062
Shopping Centers-8.04%
Acadia Realty Trust.		56,414			886,264
Alexander & Baldwin, Inc.		45,367			871,046
Brixmor Property Group, Inc.		37,679			856,820
Federal Realty Investment Trust(b)		8,461			858,961
Kimco Realty Corp.		41,366			838,075
Phillips Edison & Co., Inc.(b)		25,392			896,592
Regency Centers Corp.		13,382			876,923
Retail Opportunity Investments Corp.(b)		61,181			901,196
SITE Centers Corp.(b)		60,469			849,589
Urban Edge Properties(b)		52,297			889,572
					8,725,038
Single Family Homes-2.56%
American Homes 4 Rent, Class A		37,638			1,410,672
Invitation Homes, Inc.		38,671			1,372,821
					2,783,493
Specialty-0.96%
Lamar Advertising Co., Class A		5,322			525,282
Outfront Media, Inc.		33,270			514,354
					1,039,636
Timber REITs-3.12%
PotlatchDeltic Corp.(b)		20,798			1,115,397
Rayonier, Inc.(b)		35,036			1,160,392
Weyerhaeuser Co.		32,663			1,112,502
					3,388,291
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.00% (Cost $117,518,140)					108,589,065

See accompanying notes which are an integral part of this schedule.

Invesco Active U.S. Real Estate ETF (PSR)–(continued)

July 31, 2023

(Unaudited)

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan Money
Market Funds-12.34%
Invesco Private Government Fund, 5.24%(c)(d)(e)		3,751,466	$	3,751,466
Invesco Private Prime Fund, 5.38%(c)(d)(e)		9,646,626		9,646,626
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $13,398,092)				13,398,092
TOTAL INVESTMENTS IN SECURITIES-112.34% (Cost $130,916,232)				121,987,157
OTHER ASSETS LESS LIABILITIES-(12.34)%				(13,401,678	)
NET ASSETS-100.00%			$	108,585,479

Investment Abbreviations:

REIT-Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Property type classifications used in this report are generally according to FTSE National Association of Real Estate Investment Trusts (“NAREIT”) Equity REITs Index, which is exclusively owned by NAREIT.

^(b)  All or a portion of this security was out on loan at July 31, 2023.

^(c)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2023.

	Value October 31,  2022			Purchases at Cost			Proceeds from  Sales				Change in Unrealized Appreciation (Depreciation)				Realized Gain (Loss)				Value July 31,  2023			Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-		$	2,148,641		$	(2,148,641	)		$	-			$	-			$	-		$	1,129
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			1,689,902			36,602,220			(34,540,656	)			-				-				3,751,466			105,729	*
Invesco Private Prime Fund			4,344,289			84,305,679			(79,003,082	)			(76	)			(184	)			9,646,626			284,597	*
Total		$	6,034,191		$	123,056,540		$	(115,692,379	)		$	(76	)		$	(184	)		$	13,398,092		$	391,455

* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(d)  The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

^(e)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

Schedule of Investments^(a)

Invesco High Yield Bond Factor ETF (IHYF)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
U.S. Dollar Denominated Bonds & Notes-97.01%
Advertising-0.29%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/2028(b)	$	126,000	$	109,756
Aerospace & Defense-1.89%
Bombardier, Inc. (Canada), 7.50%, 02/01/2029(b)		217,000		215,183
Howmet Aerospace, Inc.
5.13%, 10/01/2024		45,000		44,599
6.88%, 05/01/2025		115,000		116,856
Spirit AeroSystems, Inc., 9.38%, 11/30/2029(b)		62,000		66,445
TransDigm, Inc., 6.25%, 03/15/2026(b)		274,000		272,771
				715,854
Agricultural & Farm Machinery-0.17%
Titan International, Inc., 7.00%, 04/30/2028		65,000		62,687
Air Freight & Logistics-0.32%
Rand Parent LLC, 8.50%, 02/15/2030(b)		128,000		120,553
Alternative Carriers-0.64%
Lumen Technologies, Inc., 4.00%, 02/15/2027(b)		144,000		94,870
Qwest Corp., 7.25%, 09/15/2025		77,000		75,109
Zayo Group Holdings, Inc., 4.00%, 03/01/2027(b)		100,000		71,641
				241,620
Aluminum-0.23%
Kaiser Aluminum Corp., 4.50%, 06/01/2031(b)		106,000		86,757
Apparel Retail-0.58%
Foot Locker, Inc., 4.00%, 10/01/2029(b)		67,000		52,151
Gap, Inc. (The), 3.63%, 10/01/2029(b)		161,000		120,267
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)		62,000		46,595
				219,013
Apparel, Accessories & Luxury Goods-0.72%
G-III Apparel Group Ltd., 7.88%, 08/15/2025(b)		88,000		86,635
Hanesbrands, Inc., 4.88%, 05/15/2026(b)(c)		81,000		76,032
Under Armour, Inc., 3.25%, 06/15/2026		122,000		111,962
				274,629
Application Software-0.64%
Cloud Software Group, Inc., 6.50%, 03/31/2029(b)		100,000		90,094
Open Text Holdings, Inc. (Canada)
4.13%, 02/15/2030(b)		103,000		88,389
4.13%, 12/01/2031(b)		76,000		63,068
				241,551
Asset Management & Custody Banks-0.15%
Brightsphere Investment Group, Inc., 4.80%, 07/27/2026		58,000		55,635
Automobile Manufacturers-2.90%
Ford Motor Credit Co. LLC
5.13%, 06/16/2025		200,000		194,910
4.13%, 08/04/2025		200,000		190,971
3.38%, 11/13/2025		200,000		187,175
6.80%, 05/12/2028		200,000		202,026

	Principal  Amount		Value
Automobile Manufacturers-(continued)
Jaguar Land Rover Automotive PLC (United Kingdom), 7.75%, 10/15/2025(b)	$	200,000	$	202,561
PM General Purchaser LLC, 9.50%, 10/01/2028(b)		123,000		120,695
				1,098,338
Automotive Parts & Equipment-1.27%
Clarios Global L.P./Clarios US Finance Co., 8.50%, 05/15/2027(b)		37,000		37,531
Dana, Inc., 4.25%, 09/01/2030		84,000		71,855
IHO Verwaltungs GmbH (Germany), 7.13% PIK Rate, 6.38% Cash Rate, 05/15/2029(b)(d)		200,000		186,085
ZF North America Capital, Inc. (Germany), 4.75%, 04/29/2025(b)		192,000		186,864
				482,335
Automotive Retail-0.10%
Sonic Automotive, Inc., 4.63%, 11/15/2029(b)		45,000		38,595
Broadcasting-2.41%
AMC Networks, Inc., 4.75%, 08/01/2025		72,000		63,854
iHeartCommunications, Inc.
6.38%, 05/01/2026		72,000		62,315
8.38%, 05/01/2027(c)		45,000		30,836
Liberty Interactive LLC, 8.25%, 02/01/2030		79,000		30,020
Paramount Global, 6.38%, 03/30/2062(c)(e)		298,000		245,954
TEGNA, Inc.
4.75%, 03/15/2026(b)		150,000		144,090
4.63%, 03/15/2028		155,000		139,306
Univision Communications, Inc., 5.13%, 02/15/2025(b)		73,000		71,620
Urban One, Inc., 7.38%, 02/01/2028(b)		67,000		59,228
Videotron Ltd. (Canada), 5.13%, 04/15/2027(b)		69,000		66,598
				913,821
Broadline Retail-2.93%
GrubHub Holdings, Inc., 5.50%, 07/01/2027(b)		90,000		64,291
Kohl’s Corp.
4.63%, 05/01/2031		90,000		66,532
5.55%, 07/17/2045(c)		100,000		64,251
Macy’s Retail Holdings LLC
5.88%, 04/01/2029(b)(c)		242,000		225,054
6.13%, 03/15/2032(b)		93,000		83,081
Nordstrom, Inc.
4.00%, 03/15/2027		99,000		89,825
6.95%, 03/15/2028		63,000		62,509
4.38%, 04/01/2030		79,000		66,715
4.25%, 08/01/2031		96,000		75,792
QVC, Inc.
4.75%, 02/15/2027		125,000		81,075
5.45%, 08/15/2034		68,000		33,400
Rakuten Group, Inc. (Japan), 10.25%, 11/30/2024(b)		200,000		199,914
				1,112,439
Building Products-2.67%
Builders FirstSource, Inc., 4.25%, 02/01/2032(b)		194,000		168,513
Cornerstone Building Brands, Inc., 6.13%, 01/15/2029(b)		89,000		73,765

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Building Products-(continued)
JELD-WEN, Inc.
6.25%, 05/15/2025(b)	$	52,000	$	52,691
4.63%, 12/15/2025(b)		81,000		79,239
4.88%, 12/15/2027(b)(c)		167,000		150,054
Masonite International Corp.
5.38%, 02/01/2028(b)		100,000		95,349
3.50%, 02/15/2030(b)		90,000		75,904
Standard Industries, Inc.
5.00%, 02/15/2027(b)		89,000		85,317
4.75%, 01/15/2028(b)		80,000		74,613
4.38%, 07/15/2030(b)		108,000		93,871
3.38%, 01/15/2031(b)		81,000		65,485
				1,014,801
Cable & Satellite-5.07%
Altice Financing S.A. (Luxembourg), 5.75%, 08/15/2029(b)		200,000		150,189
CCO Holdings LLC/CCO Holdings Capital Corp.
5.50%, 05/01/2026(b)		88,000		85,994
5.13%, 05/01/2027(b)		285,000		267,646
CSC Holdings LLC
5.25%, 06/01/2024		69,000		64,413
6.50%, 02/01/2029(b)		200,000		170,077
4.63%, 12/01/2030(b)		200,000		100,679
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc., 5.88%, 08/15/2027(b)		240,000		216,870
DISH DBS Corp.
7.75%, 07/01/2026		184,000		119,196
5.25%, 12/01/2026(b)		159,000		130,520
DISH Network Corp., 11.75%, 11/15/2027(b)		137,000		138,094
LCPR Senior Secured Financing DAC
6.75%, 10/15/2027(b)		200,000		187,258
5.13%, 07/15/2029(b)		200,000		165,600
Radiate Holdco LLC/Radiate Finance, Inc.
4.50%, 09/15/2026(b)		67,000		54,522
6.50%, 09/15/2028(b)		40,000		24,023
Sirius XM Radio, Inc., 3.13%, 09/01/2026(b)		53,000		47,874
				1,922,955
Casinos & Gaming-3.63%
Affinity Interactive, 6.88%, 12/15/2027(b)		187,000		165,637
Caesars Entertainment, Inc.
6.25%, 07/01/2025(b)		182,000		181,173
4.63%, 10/15/2029(b)		45,000		39,655
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/2025(b)		118,000		119,298
Las Vegas Sands Corp.
3.20%, 08/08/2024		82,000		79,648
2.90%, 06/25/2025		200,000		188,253
Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029(b)		200,000		170,998
MGM Resorts International, 6.75%, 05/01/2025		36,000		36,187
Mohegan Tribal Gaming Authority, 8.00%, 02/01/2026(b)		61,000		56,494
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.88%, 09/01/2031(b)(c)		234,000		172,961
Sands China Ltd. (Macau), 3.75%, 08/08/2031		200,000		167,922
				1,378,226

	Principal  Amount		Value
Coal & Consumable Fuels-0.31%
Enviva Partners L.P./Enviva Partners Finance Corp., 6.50%, 01/15/2026(b)	$	140,000	$	118,262
Commercial & Residential Mortgage Finance-0.53%
Enact Holdings, Inc., 6.50%, 08/15/2025(b)		78,000		77,297
NMI Holdings, Inc., 7.38%, 06/01/2025(b)		81,000		81,874
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/2026(b)		49,000		43,664
				202,835
Commodity Chemicals-0.31%
Methanex Corp. (Canada), 5.25%, 12/15/2029		127,000		116,377
Communications Equipment-0.28%
CommScope Technologies LLC, 6.00%, 06/15/2025(b)		40,000		36,324
Hughes Satellite Systems Corp., 6.63%, 08/01/2026		79,000		71,418
				107,742
Construction & Engineering-0.12%
AECOM, 5.13%, 03/15/2027		48,000		46,382
Construction Machinery & Heavy Transportation Equipment-0.36%
Manitowoc Co., Inc. (The), 9.00%, 04/01/2026(b)(c)		40,000		39,850
Trinity Industries, Inc., 4.55%, 10/01/2024		100,000		97,874
				137,724
Construction Materials-0.38%
Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028(b)		70,000		68,371
Eco Material Technologies, Inc., 7.88%, 01/31/2027(b)		78,000		74,586
				142,957
Consumer Finance-3.17%
Ally Financial, Inc., 5.75%, 11/20/2025(c)		92,000		89,265
ASG Finance Designated Activity Co. (Cyprus), 7.88%, 12/03/2024(b)		200,000		195,200
Credit Acceptance Corp., 5.13%, 12/31/2024(b)		80,000		78,465
Navient Corp.
5.00%, 03/15/2027(c)		116,000		105,089
5.63%, 08/01/2033		62,000		47,517
OneMain Finance Corp.
6.88%, 03/15/2025		72,000		71,826
7.13%, 03/15/2026		140,000		138,818
9.00%, 01/15/2029		138,000		140,346
PRA Group, Inc., 7.38%, 09/01/2025(b)		140,000		134,966
Synchrony Financial, 7.25%, 02/02/2033		215,000		201,766
				1,203,258
Distributors-0.63%
Evergreen Acqco 1 L.P./TVI, Inc., 9.75%, 04/26/2028(b)		58,000		60,520
Performance Food Group, Inc., 6.88%, 05/01/2025(b)		180,000		180,153
				240,673
Diversified Banks-0.88%
Commerzbank AG (Germany), 8.13%, 09/19/2023(b)		200,000		199,770

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Diversified Banks-(continued)
Freedom Mortgage Corp.
8.25%, 04/15/2025(b)	$	90,000	$	89,046
7.63%, 05/01/2026(b)		50,000		45,841
				334,657
Diversified Chemicals-0.80%
Chemours Co. (The)
5.38%, 05/15/2027		68,000		64,791
5.75%, 11/15/2028(b)		160,000		146,946
4.63%, 11/15/2029(b)		54,000		45,628
Trinseo Materials Operating S.C.A./Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(b)		78,000		45,939
				303,304
Diversified Financial Services-3.12%
AG Issuer LLC, 6.25%, 03/01/2028(b)		92,000		88,830
Albion Financing 2 S.a.r.l. (Luxembourg), 8.75%, 04/15/2027(b)		200,000		186,302
Midcap Financial Issuer Trust, 5.63%, 01/15/2030(b)		209,000		167,490
Photo Holdings Merger Sub, Inc., 8.50%, 10/01/2026(b)		79,000		38,023
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 04/16/2029(b)		200,000		165,847
4.63%, 04/06/2031(b)		200,000		156,182
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)(c)		163,000		144,597
United Wholesale Mortgage LLC
5.50%, 11/15/2025(b)		121,000		116,444
5.75%, 06/15/2027(b)		47,000		44,022
5.50%, 04/15/2029(b)		85,000		74,804
				1,182,541
Diversified Metals & Mining-0.62%
Mineral Resources Ltd. (Australia)
8.13%, 05/01/2027(b)		86,000		86,184
8.50%, 05/01/2030(b)		148,000		149,727
				235,911
Diversified Real Estate Activities-0.13%
Five Point Operating Co. L.P./Five Point Capital Corp., 7.88%, 11/15/2025(b)		51,000		48,262
Diversified REITs-0.20%
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/2026(b)		82,000		74,146
Diversified Support Services-1.52%
MPH Acquisition Holdings LLC
5.50%, 09/01/2028(b)		81,000		70,679
5.75%, 11/01/2028(b)		87,000		66,438
Neptune Bidco US, Inc., 9.29%, 04/15/2029(b)		307,000		282,793
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.25%, 04/15/2024(b)		39,000		38,645
5.75%, 04/15/2026(b)		120,000		117,784
				576,339
Education Services-0.29%
Grand Canyon University, 4.13%, 10/01/2024		118,000		111,687

	Principal  Amount		Value
Electric Utilities-1.69%
Drax Finco PLC (United Kingdom), 6.63%, 11/01/2025(b)	$	200,000	$	196,856
Edison International, 8.13%, 06/15/2053(e)		70,000		71,844
Midland Cogeneration Venture L.P., 6.00%, 03/15/2025(b)		56,844		56,560
NRG Energy, Inc.
5.25%, 06/15/2029(b)		83,000		74,983
3.63%, 02/15/2031(b)		87,000		68,354
3.88%, 02/15/2032(b)		144,000		111,563
Vistra Operations Co. LLC, 5.63%, 02/15/2027(b)		63,000		60,984
				641,144
Electrical Components & Equipment-0.30%
WESCO Distribution, Inc., 7.13%, 06/15/2025(b)		114,000		115,411
Electronic Components-0.73%
Imola Merger Corp., 4.75%, 05/15/2029(b)		160,000		140,657
Likewize Corp., 9.75%, 10/15/2025(b)		141,000		136,293
				276,950
Environmental & Facilities Services-0.24%
Enviri Corp., 5.75%, 07/31/2027(b)		73,000		63,141
Stericycle, Inc., 5.38%, 07/15/2024(b)		28,000		27,695
				90,836
Financial Exchanges & Data-0.35%
Coinbase Global, Inc., 3.38%, 10/01/2028(b)		189,000		132,520
Food Distributors-0.83%
C&S Group Enterprises LLC, 5.00%, 12/15/2028(b)		224,000		173,835
United Natural Foods, Inc., 6.75%, 10/15/2028(b)		107,000		89,240
US Foods, Inc., 6.25%, 04/15/2025(b)		50,000		50,171
				313,246
Food Retail-0.32%
Albertson’s Cos., Inc./Safeway, Inc./New Albertson’s L.P./Albertson’s LLC, 4.63%, 01/15/2027(b)		128,000		121,414
Footwear-0.39%
Abercrombie & Fitch Management Co., 8.75%, 07/15/2025(b)		147,000		149,254
Gas Utilities-0.32%
AmeriGas Partners L.P./AmeriGas Finance Corp., 5.88%, 08/20/2026		60,000		56,626
Ferrellgas L.P./Ferrellgas Finance Corp., 5.88%, 04/01/2029(b)		75,000		64,591
				121,217
Health Care Distributors-0.46%
Owens & Minor, Inc.
4.50%, 03/31/2029(b)		86,000		74,030
6.63%, 04/01/2030(b)		110,000		100,802
				174,832
Health Care Equipment-0.25%
Varex Imaging Corp., 7.88%, 10/15/2027(b)		96,000		96,442
Health Care Facilities-0.84%
Legacy LifePoint Health LLC, 6.75%, 04/15/2025(b)		95,000		96,561

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Health Care Facilities-(continued)
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/01/2026(b)	$	26,000	$	24,412
Tenet Healthcare Corp., 4.88%, 01/01/2026(c)		204,000		197,643
				318,616
Health Care REITs-0.62%
MPT Operating Partnership L.P./MPT Finance Corp.
5.00%, 10/15/2027(c)		148,000		129,882
4.63%, 08/01/2029		131,000		104,206
				234,088
Health Care Services-2.06%
Community Health Systems, Inc.
8.00%, 03/15/2026(b)		126,000		123,848
6.00%, 01/15/2029(b)		160,000		136,981
6.88%, 04/15/2029(b)		102,000		67,720
6.13%, 04/01/2030(b)		84,000		53,040
5.25%, 05/15/2030(b)		83,000		66,420
Global Medical Response, Inc., 6.50%, 10/01/2025(b)		10,000		5,950
ModivCare, Inc., 5.88%, 11/15/2025(b)		97,000		90,080
Prime Healthcare Services, Inc., 7.25%, 11/01/2025(b)		75,000		71,335
US Acute Care Solutions LLC, 6.38%, 03/01/2026(b)		192,000		168,000
				783,374
Health Care Technology-0.30%
athenahealth Group, Inc., 6.50%, 02/15/2030(b)		135,000		114,554
Home Furnishings-0.19%
Tempur Sealy International, Inc., 3.88%, 10/15/2031(b)		87,000		70,494
Home Improvement Retail-0.29%
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/2026(b)		117,000		111,455
Homebuilding-1.55%
Brookfield Residential Properties, Inc./ Brookfield Residential US LLC (Canada), 6.25%, 09/15/2027(b)		88,000		81,438
LGI Homes, Inc., 4.00%, 07/15/2029(b)		202,000		169,935
New Home Co., Inc. (The), 7.25%, 10/15/2025(b)		80,000		74,375
Shea Homes L.P./Shea Homes Funding Corp., 4.75%, 02/15/2028		78,000		71,060
Taylor Morrison Communities, Inc., 5.75%, 01/15/2028(b)		80,000		78,060
Tri Pointe Homes, Inc., 5.25%, 06/01/2027		118,000		114,138
				589,006
Hotel & Resort REITs-0.73%
Service Properties Trust
4.50%, 03/15/2025		19,000		17,926
4.75%, 10/01/2026		150,000		131,479
4.95%, 02/15/2027(c)		149,000		127,932
				277,337

	Principal  Amount		Value
Hotels, Resorts & Cruise Lines-2.30%
Carnival Corp.
5.75%, 03/01/2027(b)	$	282,000	$	261,107
6.00%, 05/01/2029(b)		200,000		179,958
Royal Caribbean Cruises Ltd.
11.50%, 06/01/2025(b)		46,000		48,775
5.50%, 04/01/2028(b)		138,000		130,191
Six Flags Theme Parks, Inc., 7.00%, 07/01/2025(b)		66,000		66,220
Travel + Leisure Co., Series J, 6.00%, 04/01/2027		188,000		184,428
				870,679
Housewares & Specialties-0.65%
Newell Brands, Inc.
4.70%, 04/01/2026		183,000		173,875
6.63%, 09/15/2029		74,000		74,058
				247,933
Independent Power Producers & Energy Traders-0.47%
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)		270,000		178,810
Industrial Conglomerates-0.89%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.
6.25%, 05/15/2026		159,000		149,217
4.38%, 02/01/2029(c)		230,000		186,812
				336,029
Industrial Machinery & Supplies & Components-0.30%
CD&R Smokey Buyer, Inc., 6.75%, 07/15/2025(b)		57,000		53,866
JPW Industries Holding Corp., 9.00%, 10/01/2024(b)		65,000		60,527
				114,393
Insurance Brokers-0.26%
HUB International Ltd., 7.00%, 05/01/2026(b)		98,000		97,915
Integrated Telecommunication Services-2.61%
Connect Finco S.a.r.l./Connect US Finco LLC (United Kingdom), 6.75%, 10/01/2026(b)		200,000		191,925
Consolidated Communications, Inc., 6.50%, 10/01/2028(b)		53,000		41,738
Frontier North, Inc., Series G, 6.73%, 02/15/2028		154,000		142,616
Level 3 Financing, Inc.
3.40%, 03/01/2027(b)		90,000		79,461
3.88%, 11/15/2029(b)		160,000		136,250
10.50%, 05/15/2030(b)		67,000		69,482
Ligado Networks LLC, 15.50% PIK Rate, 0.00% Cash Rate, 11/01/2023(b)(d)		39,592		13,560
Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)		200,000		196,255
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/2028(b)		140,000		118,055
				989,342
Interactive Media & Services-0.61%
Cumulus Media New Holdings, Inc., 6.75%, 07/01/2026(b)		37,000		27,801
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/2026(b)		101,000		3,156

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount			Value
Interactive Media & Services-(continued)
Millennium Escrow Corp., 6.63%, 08/01/2026(b)	$	72,000		$	53,733
Scripps Escrow II, Inc., 5.38%, 01/15/2031(b)		160,000			122,104
TripAdvisor, Inc., 7.00%, 07/15/2025(b)		24,000			24,066
					230,860
Internet Services & Infrastructure-0.11%
Cogent Communications Group, Inc., 3.50%, 05/01/2026(b)		43,000			39,915
Investment Banking & Brokerage-0.35%
NFP Corp., 6.88%, 08/15/2028(b)		119,000			105,468
StoneX Group, Inc., 8.63%, 06/15/2025(b)		26,000			26,225
					131,693
IT Consulting & Other Services-0.38%
Sabre GLBL, Inc., 7.38%, 09/01/2025(b)		117,000			105,726
Unisys Corp., 6.88%, 11/01/2027(b)		49,000			40,063
					145,789
Leisure Facilities-1.07%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)		125,000			136,511
Cedar Fair L.P./Canada’s Wonderland Co./Magnum Management Corp., 5.50%, 05/01/2025(b)		48,000			47,553
NCL Corp. Ltd., 5.88%, 03/15/2026(b)(c)		161,000			152,493
Vail Resorts, Inc., 6.25%, 05/15/2025(b)		70,000			70,251
					406,808
Leisure Products-0.32%
Vista Outdoor, Inc., 4.50%, 03/15/2029(b)		142,000			120,911
Marine Transportation-0.17%
Seaspan Corp. (Hong Kong), 5.50%, 08/01/2029(b)		81,000			66,126
Metal, Glass & Plastic Containers-1.38%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
5.25%, 04/30/2025(b)		200,000			196,129
4.13%, 08/15/2026(b)		200,000			187,532
Ball Corp., 4.88%, 03/15/2026		73,000			71,443
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC (Canada), 6.00%, 09/15/2028(b)		49,000			43,484
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/2027(b)		28,000			26,053
					524,641
Mortgage REITs-0.21%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/2025(b)		82,000			78,682
Movies & Entertainment-0.86%
Banijay Entertainment S.A.S.U. (France), 5.38%, 03/01/2025(b)		200,000			195,681
Cinemark USA, Inc., 8.75%, 05/01/2025(b)		87,000			87,950
Lions Gate Capital Holdings LLC, 5.50%, 04/15/2029(b)		60,000			41,118
					324,749
Multi-Utilities-0.43%
Algonquin Power & Utilities Corp. (Canada), 4.75%, 01/18/2082(e)		204,000			164,801

	Principal  Amount		Value
Office REITs-0.52%
Office Properties Income Trust
4.50%, 02/01/2025	$	124,000	$	109,406
2.65%, 06/15/2026		57,000		42,443
2.40%, 02/01/2027		67,000		45,425
				197,274
Office Services & Supplies-1.22%
ACCO Brands Corp., 4.25%, 03/15/2029(b)		171,000		146,075
Interface, Inc., 5.50%, 12/01/2028(b)		180,000		151,188
Pitney Bowes, Inc.
6.88%, 03/15/2027(b)(c)		153,000		115,765
7.25%, 03/15/2029(b)		75,000		51,000
				464,028
Oil & Gas Drilling-1.18%
Harvest Midstream I L.P., 7.50%, 09/01/2028(b)		84,000		82,630
Nabors Industries, Inc., 7.38%, 05/15/2027(b)		45,000		44,054
Rockies Express Pipeline LLC
3.60%, 05/15/2025(b)		118,000		112,502
7.50%, 07/15/2038(b)		62,000		57,386
6.88%, 04/15/2040(b)		104,000		94,214
Valaris Ltd., 8.38%, 04/30/2030(b)		56,000		57,350
				448,136
Oil & Gas Equipment & Services-0.47%
Oceaneering International, Inc., 4.65%, 11/15/2024		92,000		89,350
USA Compression Partners L.P./USA Compression Finance Corp., 6.88%, 04/01/2026		90,000		89,274
				178,624
Oil & Gas Exploration & Production-5.43%
Baytex Energy Corp. (Canada)
8.75%, 04/01/2027(b)		63,000		64,620
8.50%, 04/30/2030(b)		68,000		68,968
Civitas Resources, Inc., 8.75%, 07/01/2031(b)		68,000		70,465
CNX Resources Corp., 7.38%, 01/15/2031(b)		47,000		46,645
Comstock Resources, Inc.
6.75%, 03/01/2029(b)		122,000		113,928
5.88%, 01/15/2030(b)		141,000		124,939
Crescent Energy Finance LLC
7.25%, 05/01/2026(b)		155,000		152,899
9.25%, 02/15/2028(b)		160,000		162,896
CrownRock L.P./CrownRock Finance, Inc., 5.63%, 10/15/2025(b)		63,000		62,112
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028(b)		63,000		57,861
Hilcorp Energy I L.P./Hilcorp Finance Co.
6.25%, 11/01/2028(b)		185,000		177,261
5.75%, 02/01/2029(b)		55,000		50,925
6.00%, 04/15/2030(b)		75,000		69,392
6.00%, 02/01/2031(b)		58,000		52,742
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026(b)		57,000		53,304
10.50%, 05/15/2027(b)		46,000		45,034
Murphy Oil Corp., 5.88%, 12/01/2042		90,000		76,973
PDC Energy, Inc., 6.13%, 09/15/2024		77,000		76,909
Southwestern Energy Co., 5.70%, 01/23/2025		88,000		87,527
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)		39,000		34,288

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Oil & Gas Exploration & Production-(continued)
Venture Global LNG, Inc., 8.38%, 06/01/2031(b)	$	146,000	$	148,282
Vital Energy, Inc., 10.13%, 01/15/2028		100,000		100,008
WPX Energy, Inc., 5.25%, 09/15/2024		161,000		160,748
				2,058,726
Oil & Gas Refining & Marketing-1.45%
CVR Energy, Inc., 5.25%, 02/15/2025(b)		105,000		102,074
EnLink Midstream Partners L.P.
4.15%, 06/01/2025		28,000		26,978
4.85%, 07/15/2026		118,000		114,781
NuStar Logistics L.P.
6.00%, 06/01/2026		70,000		68,954
5.63%, 04/28/2027		65,000		63,130
Parkland Corp. (Canada)
4.50%, 10/01/2029(b)		51,000		45,052
4.63%, 05/01/2030(b)		109,000		95,760
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/2028		36,000		34,028
				550,757
Oil & Gas Storage & Transportation-3.82%
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/2025(b)		54,000		54,204
Buckeye Partners L.P.
4.13%, 03/01/2025(b)		110,000		105,978
3.95%, 12/01/2026		71,000		65,211
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.63%, 05/01/2027(b)		71,000		67,515
EQM Midstream Partners L.P.
4.00%, 08/01/2024		118,000		115,591
7.50%, 06/01/2027(b)		63,000		63,995
5.50%, 07/15/2028		62,000		59,716
7.50%, 06/01/2030(b)		37,000		38,188
4.75%, 01/15/2031(b)		77,000		68,815
ITT Holdings LLC, 6.50%, 08/01/2029(b)		92,000		78,798
New Fortress Energy, Inc.
6.75%, 09/15/2025(b)		132,000		125,860
6.50%, 09/30/2026(b)		171,000		157,117
Northriver Midstream Finance L.P. (Canada), 5.63%, 02/15/2026(b)		73,000		69,832
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026(b)(f)		159,000		156,404
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.
6.00%, 03/01/2027(b)		51,000		48,377
5.50%, 01/15/2028(b)		55,000		50,653
6.00%, 12/31/2030(b)		138,000		122,621
				1,448,875
Other Specialized REITs-0.45%
Iron Mountain, Inc.
5.25%, 07/15/2030(b)		80,000		72,392
4.50%, 02/15/2031(b)		72,000		62,143
5.63%, 07/15/2032(b)		39,000		35,171
				169,706
Other Specialty Retail-1.09%
Bath & Body Works, Inc.
9.38%, 07/01/2025(b)		66,000		69,726
6.88%, 11/01/2035		106,000		98,472

	Principal  Amount		Value
Other Specialty Retail-(continued)
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/2026(b)	$	111,000	$	104,195
Staples, Inc., 7.50%, 04/15/2026(b)		170,000		140,660
				413,053
Packaged Foods & Meats-0.65%
Aramark Services, Inc., 6.38%, 05/01/2025(b)		221,000		221,204
TreeHouse Foods, Inc., 4.00%, 09/01/2028		28,000		24,476
				245,680
Paper & Plastic Packaging Products & Materials-0.59%
Berry Global, Inc., 4.50%, 02/15/2026(b)		82,000		78,276
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/2026		43,000		41,607
Sealed Air Corp., 6.88%, 07/15/2033(b)		101,000		105,711
				225,594
Paper Products-0.45%
Domtar Corp., 6.75%, 10/01/2028(b)		116,000		101,431
Glatfelter Corp., 4.75%, 11/15/2029(b)		101,000		69,959
				171,390
Passenger Airlines-2.15%
Air Canada (Canada), 3.88%, 08/15/2026(b)		58,000		53,876
Allegiant Travel Co., 7.25%, 08/15/2027(b)		135,000		133,336
American Airlines Pass-Through Trust
Series 16-1, Class A, 4.10%, 01/15/2028		24,674		22,462
Series 2014-1, Class A, 3.70%, 04/01/2028		11,034		10,119
American Airlines, Inc., 11.75%, 07/15/2025(b)		127,000		140,087
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026(b)		128,333		126,535
Delta Air Lines, Inc., 7.38%, 01/15/2026		138,000		143,385
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026(b)		102,000		96,374
United Airlines, Inc., 4.38%, 04/15/2026(b)		94,000		89,099
				815,273
Personal Care Products-0.49%
Coty, Inc., 5.00%, 04/15/2026(b)		44,000		42,498
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/2025(b)		150,000		142,681
				185,179
Pharmaceuticals-2.09%
1375209 BC Ltd. (Canada), 9.00%, 01/30/2028(b)		79,000		79,274
AdaptHealth LLC, 4.63%, 08/01/2029(b)		173,000		141,971
Bausch Health Cos., Inc.
5.50%, 11/01/2025(b)		137,000		123,485
6.13%, 02/01/2027(b)		35,000		23,021
4.88%, 06/01/2028(b)		127,000		77,167
Elanco Animal Health, Inc., 6.65%, 08/28/2028		61,000		60,346
Endo DAC/Endo Finance LLC/Endo Finco, Inc., 6.00%, 06/30/2028(b)(g)(h)		36,000		1,980
HLF Financing S.a.r.l. LLC/Herbalife International, Inc., 4.88%, 06/01/2029(b)		99,000		75,359

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Pharmaceuticals-(continued)
Organon & Co./Organon Foreign Debt Co-Issuer B.V., 4.13%, 04/30/2028(b)	$	200,000	$	179,437
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/2025(b)		34,000		29,380
				791,420
Publishing-0.12%
Gannett Holdings LLC, 6.00%, 11/01/2026(b)		52,000		44,818
Real Estate Services-0.32%
Realogy Group LLC/Realogy Co-Issuer Corp.
5.75%, 01/15/2029(b)		85,000		62,987
5.25%, 04/15/2030(b)		80,000		57,738
				120,725
Reinsurance-0.74%
Enstar Finance LLC
5.75%, 09/01/2040(e)		65,000		56,920
5.50%, 01/15/2042(e)		136,000		105,863
Global Atlantic Fin Co., 4.70%, 10/15/2051(b)(e)		165,000		119,065
				281,848
Renewable Electricity-0.27%
Sunnova Energy Corp., 5.88%, 09/01/2026(b)		115,000		103,372
Research & Consulting Services-0.17%
CoreLogic, Inc., 4.50%, 05/01/2028(b)		79,000		65,072
Restaurants-0.14%
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/2025(b)		52,000		51,282
Retail REITs-0.76%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC
5.75%, 05/15/2026(b)		136,000		127,726
4.50%, 04/01/2027, (Acquired 08/24/2022; Cost $75,656)(b)(i)		83,000		71,901
Necessity Retail REIT, Inc. (The)/American Finance Operating Partner L.P., 4.50%, 09/30/2028(b)		116,000		90,032
				289,659
Security & Alarm Services-0.36%
CoreCivic, Inc., 4.75%, 10/15/2027		153,000		134,990
Specialized Consumer Services-0.47%
Sotheby’s, 7.38%, 10/15/2027(b)		200,000		177,419
Specialty Chemicals-0.87%
Avient Corp., 5.75%, 05/15/2025(b)		149,000		147,062
Rayonier A.M. Products, Inc., 7.63%, 01/15/2026(b)		121,000		108,083
WR Grace Holdings LLC, 5.63%, 08/15/2029(b)		90,000		76,050
				331,195
Steel-0.77%
Cleveland-Cliffs, Inc., 6.75%, 03/15/2026(b)		106,000		106,741
Infrabuild Australia Pty. Ltd. (Australia), 12.00%, 10/01/2024(b)		102,000		99,253
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		100,000		86,218
				292,212

	Principal  Amount		Value
Systems Software-1.01%
Gen Digital, Inc.
5.00%, 04/15/2025(b)	$	53,000	$	52,292
6.75%, 09/30/2027(b)		132,000		132,580
McAfee Corp., 7.38%, 02/15/2030(b)		69,000		59,699
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/2025(b)		171,000		140,413
				384,984
Technology Hardware, Storage & Peripherals-1.33%
Seagate HDD Cayman
4.88%, 06/01/2027		65,000		62,693
4.09%, 06/01/2029		100,000		87,968
4.13%, 01/15/2031		32,000		26,400
9.63%, 12/01/2032(b)		123,000		136,288
Xerox Corp., 6.75%, 12/15/2039		78,000		60,214
Xerox Holdings Corp.
5.00%, 08/15/2025(b)(c)		57,000		54,743
5.50%, 08/15/2028(b)		85,000		74,670
				502,976
Telecom Tower REITs-0.54%
SBA Communications Corp., 3.88%, 02/15/2027		222,000		204,722
Tires & Rubber-0.26%
Goodyear Tire & Rubber Co. (The)
5.00%, 05/31/2026		48,000		46,676
5.00%, 07/15/2029		58,000		53,546
				100,222
Tobacco-0.24%
Vector Group Ltd., 5.75%, 02/01/2029(b)		106,000		92,217
Trading Companies & Distributors-0.40%
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(b)		85,000		76,581
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/2025(b)		74,000		73,370
				149,951
Transaction & Payment Processing Services-0.10%
Block, Inc., 2.75%, 06/01/2026		43,000		39,186
Total U.S. Dollar Denominated Bonds & Notes (Cost $38,205,805)				36,805,453
U.S. Treasury Securities-0.24%
U.S. Treasury Bills-0.24%
4.79%, 04/18/2024(j)(k) (Cost $91,814)		95,000		91,480
	Shares
Money Market Funds-0.67%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(l)(m) (Cost $253,780)		253,780		253,780
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.92% (Cost $38,551,399)				37,150,713

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

July 31, 2023

(Unaudited)

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-4.83%
Invesco Private Government Fund, 5.24%(l)(m)(n)		513,033	$	513,033
Invesco Private Prime Fund, 5.38%(l)(m)(n)		1,319,227		1,319,227
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $1,832,205)				1,832,260
TOTAL INVESTMENTS IN SECURITIES-102.75% (Cost $40,383,604)				38,982,973
OTHER ASSETS LESS LIABILITIES-(2.75)%				(1,045,057	)
NET ASSETS-100.00%			$	37,937,916

Investment Abbreviations:

PIK -Pay-in-Kind

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)  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 July 31, 2023 was $27,544,026, which represented 72.60% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at July 31, 2023.

^(d)  All or a portion of this security is Pay-in-Kind. Pay-in-Kind securities pay interest income in the form of securities.

^(e)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f) Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g)  The borrower has filed for protection in federal bankruptcy court.

^(h)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The value of this security at July 31, 2023 represented less than 1% of the Fund’s Net Assets.

⁽ⁱ⁾ Restricted security. The value of this security at July 31, 2023 represented less than 1% of the Fund’s Net Assets.

^(j)  $91,480 was pledged as collateral to cover margin requirements for open futures contracts.

^(k)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(l) Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2023.

	Value October 31, 2022				Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation				Realized Gain (Loss)				Value July 31, 2023				Dividend Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	302,214			$	5,589,467		$	(5,637,901	)		$	-			$	-			$	253,780			$	9,137
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			745,329				4,479,320			(4,711,616	)			-				-				513,033				21,068	*
Invesco Private Prime Fund			1,916,067				8,882,536			(9,479,452	)			102				(26	)			1,319,227				56,866	*
Total		$	2,963,610			$	18,951,323		$	(19,828,969	)		$	102			$	(26	)		$	2,086,040			$	87,071

* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(m)  The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

⁽ⁿ⁾ The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Bond Factor ETF (IHYF)–(continued)

July 31, 2023

(Unaudited)

Open Futures Contracts
	Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value				Value				Unrealized Appreciation (Depreciation)
	Interest Rate Risk
	U.S. Treasury 5 Year Notes		19		September-2023		$	2,029,586			$	(36,814	)		$	(36,814	)
	U.S. Treasury 10 Year Ultra Notes		3		September-2023			350,953				(6,709	)			(6,709	)
	U.S. Treasury 10 Year Notes		15		September-2023			1,671,094				(40,548	)			(40,548	)
	U.S. Treasury Ultra Bonds		1		September-2023			132,219				(2,190	)			(2,190	)
	Subtotal–Long Futures Contracts											(86,261	)			(86,261	)
	Short Futures Contracts
	Interest Rate Risk
	U.S. Treasury 2 Year Notes		13		September-2023			(2,639,406	)			39,677				39,677
	Total Futures Contracts										$	(46,584	)		$	(46,584	)

Open Centrally Cleared Credit Default Swap Agreements(a)

Reference Entity

Buy/Sell Protection

(Pay)/ Receive Fixed Rate

Payment Frequency

Maturity Date

Implied Credit Spread(b)

Notional Value

Upfront Payments Paid (Received)

Value

Unrealized Appreciation

Credit Risk

Markit CDX North America High Yield Index, Series 39, Version 2

Sell

5.00%

Quarterly

12/20/2027

3.928%

USD  423,720

$

1,483

$

16,184

$

14,701

^(a)  Centrally cleared swap agreements collateralized by $83,566 cash held with the broker.

^(b)  Implied credit spreads represent the current level, as of July 31, 2023, at which protection could be bought or sold given the terms of the existing credit default swap agreement and serve as an indicator of the current status of the payment/performance risk of the credit default swap agreement. An implied credit spread that has widened or increased since entry into the initial agreement may indicate a deteriorating credit profile and increased risk of default for the reference entity. A declining or narrowing spread may indicate an improving credit profile or decreased risk of default for the reference entity. Alternatively, credit spreads may increase or decrease reflecting the general tolerance for risk in the credit markets generally.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

Schedule of Investments^(a)

Invesco High Yield Select ETF (HIYS)

July 31, 2023

(Unaudited)

	Principal   Amount		Value
U.S. Dollar Denominated Bonds & Notes-90.43%
Advertising-0.98%
Clear Channel Outdoor Holdings, Inc., 5.13%, 08/15/2027(b)(c)		$  55,000	$	50,558
Lamar Media Corp., 3.63%, 01/15/2031		57,000		47,768
				98,326
Aerospace & Defense-0.97%
TransDigm, Inc.
6.25%, 03/15/2026(b)		47,000		46,789
6.75%, 08/15/2028(b)		50,000		50,212
				97,001
Aluminum-0.98%
Novelis Corp., 3.25%, 11/15/2026(b)		108,000		98,277
Apparel Retail-0.76%
Gap, Inc. (The), 3.63%, 10/01/2029(b)		67,000		50,049
Victoria’s Secret & Co., 4.63%, 07/15/2029(b)		34,000		25,552
				75,601
Application Software-0.50%
SS&C Technologies, Inc., 5.50%, 09/30/2027(b)		52,000		50,283
Asset Management & Custody Banks-0.21%
Bank of New York Mellon Corp. (The), Series I, 3.75%(d)(e)		25,000		20,747
Automobile Manufacturers-2.41%
Allison Transmission, Inc.
4.75%, 10/01/2027(b)		5,000		4,730
3.75%, 01/30/2031(b)		172,000		145,560
Ford Motor Co.
3.25%, 02/12/2032		84,000		66,489
4.75%, 01/15/2043		31,000		24,282
				241,061
Automotive Parts & Equipment-1.50%
Clarios Global L.P., 6.75%, 05/15/2025(b)		100,000		100,326
NESCO Holdings II, Inc., 5.50%, 04/15/2029(b)		54,000		49,167
				149,493
Automotive Retail-2.97%
Group 1 Automotive, Inc., 4.00%, 08/15/2028(b)		112,000		99,293
LCM Investments Holdings II LLC
4.88%, 05/01/2029(b)		109,000		95,200
8.25%, 08/01/2031(b)(c)		26,000		26,435
Lithia Motors, Inc.
4.63%, 12/15/2027(b)		31,000		28,724
3.88%, 06/01/2029(b)		54,000		46,557
				296,209
Cable & Satellite-4.41%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.50%, 05/01/2026(b)		84,000		82,085
5.13%, 05/01/2027(b)		118,000		110,815
4.75%, 03/01/2030(b)		29,000		25,162
CSC Holdings LLC, 4.50%, 11/15/2031(b)		203,000		145,838
DISH Network Corp., 11.75%, 11/15/2027(b)		52,000		52,415
Sirius XM Radio, Inc., 3.88%, 09/01/2031(b)		31,000		24,300
				440,615

	Principal  Amount		Value
Casinos & Gaming-3.99%
CCM Merger, Inc., 6.38%, 05/01/2026(b)		$  75,000	$	73,136
Melco Resorts Finance Ltd. (Hong Kong), 5.38%, 12/04/2029(b)		200,000		170,998
Studio City Finance Ltd. (Macau), 5.00%, 01/15/2029(b)		200,000		154,289
				398,423
Commodity Chemicals-1.43%
Mativ Holdings, Inc., 6.88%, 10/01/2026(b)		164,000		143,006
Construction & Engineering-0.99%
Howard Midstream Energy Partners LLC
6.75%, 01/15/2027(b)		63,000		60,829
8.88%, 07/15/2028(b)		37,000		37,869
				98,698
Consumer Finance-2.09%
FirstCash, Inc., 5.63%, 01/01/2030(b)		80,000		73,912
Navient Corp., 6.13%, 03/25/2024		50,000		49,860
OneMain Finance Corp., 6.13%, 03/15/2024		85,000		84,857
				208,629
Diversified Banks-0.60%
Citigroup, Inc.
3.88%(d)(e)		12,000		10,475
7.38%(d)(e)		10,000		10,200
JPMorgan Chase & Co., Series FF, 5.00%(d)(e)		20,000		19,568
PNC Financial Services Group, Inc. (The), Series W, 6.25%(d)(e)		21,000		19,255
				59,498
Diversified Financial Services-3.22%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.75%, 06/06/2028		150,000		149,559
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/2029(b)		56,000		49,184
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027(b)		55,000		49,585
Scientific Games Holdings L.P./Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(b)		82,000		72,742
				321,070
Diversified Metals & Mining-1.05%
Hudbay Minerals, Inc. (Canada)
4.50%, 04/01/2026(b)		22,000		20,890
6.13%, 04/01/2029(b)		87,000		83,432
				104,322
Diversified Support Services-0.97%
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028(b)		96,000		97,320
Electric Utilities-2.42%
NRG Energy, Inc., 4.45%, 06/15/2029(b)		50,000		44,510
Talen Energy Supply LLC, 8.63%, 06/01/2030(b)		49,000		50,908
Vistra Operations Co. LLC
5.13%, 05/13/2025(b)		102,000		99,677
4.38%, 05/01/2029(b)		53,000		46,840
				241,935

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Select ETF (HIYS)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Electrical Components & Equipment-0.70%
EnerSys, 4.38%, 12/15/2027(b)		$  53,000	$	49,192
Sensata Technologies B.V., 5.00%, 10/01/2025(b)		21,000		20,491
				69,683
Electronic Components-0.53%
Sensata Technologies, Inc., 3.75%, 02/15/2031(b)		62,000		52,423
Electronic Manufacturing Services-0.99%
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030(b)		99,000		98,505
Environmental & Facilities Services-0.48%
GFL Environmental, Inc. (Canada), 4.38%, 08/15/2029(b)		54,000		48,205
Food Distributors-0.49%
United Natural Foods, Inc., 6.75%, 10/15/2028(b)		59,000		49,207
Gold-0.51%
New Gold, Inc. (Canada), 7.50%, 07/15/2027(b)		53,000		50,723
Health Care Facilities-2.03%
Encompass Health Corp., 4.50%, 02/01/2028		56,000		52,073
Tenet Healthcare Corp., 4.88%, 01/01/2026		155,000		150,170
				202,243
Health Care REITs-1.85%
CTR Partnership L.P./CareTrust Capital Corp., 3.88%, 06/30/2028(b)		56,000		49,833
Diversified Healthcare Trust, 4.38%, 03/01/2031		43,000		31,386
MPT Operating Partnership L.P./MPT Finance Corp., 3.50%, 03/15/2031		143,000		103,351
				184,570
Health Care Services-1.88%
Catalent Pharma Solutions, Inc., 3.50%, 04/01/2030(b)(c)		11,000		9,222
Community Health Systems, Inc., 4.75%, 02/15/2031(b)		100,000		75,879
DaVita, Inc., 3.75%, 02/15/2031(b)		64,000		51,247
Select Medical Corp., 6.25%, 08/15/2026(b)		52,000		51,604
				187,952
Health Care Supplies-0.76%
Medline Borrower L.P., 3.88%, 04/01/2029(b)		87,000		76,262
Hotel & Resort REITs-1.99%
Service Properties Trust
7.50%, 09/15/2025		25,000		24,731
5.50%, 12/15/2027		189,000		166,078
4.38%, 02/15/2030		10,000		7,450
				198,259
Hotels, Resorts & Cruise Lines-1.85%
Carnival Corp.
4.00%, 08/01/2028(b)		52,000		46,281
6.00%, 05/01/2029(b)		29,000		26,094
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/2027		7,000		6,770

	Principal  Amount		Value
Hotels, Resorts & Cruise Lines-(continued)
IRB Holding Corp., 7.00%, 06/15/2025(b)		$  56,000	$	56,330
Royal Caribbean Cruises Ltd., 4.25%, 07/01/2026(b)		53,000		49,311
				184,786
Household Products-0.50%
Prestige Brands, Inc., 3.75%, 04/01/2031(b)		59,000		49,613
Independent Power Producers & Energy Traders-0.97%
Clearway Energy Operating LLC, 4.75%, 03/15/2028(b)		52,000		48,294
TransAlta Corp. (Canada), 7.75%, 11/15/2029		47,000		48,815
				97,109
Industrial Conglomerates-0.57%
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.38%, 02/01/2029		70,000		56,856
Industrial Machinery & Supplies & Components-1.22%
EnPro Industries, Inc., 5.75%, 10/15/2026		75,000		73,198
Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029(b)		55,000		49,088
				122,286
Integrated Telecommunication Services-6.65%
Altice France S.A. (France), 8.13%, 02/01/2027(b)		200,000		163,839
Iliad Holding S.A.S. (France), 6.50%, 10/15/2026(b)		200,000		191,852
Level 3 Financing, Inc.
3.40%, 03/01/2027(b)		29,000		25,604
3.75%, 07/15/2029(b)		84,000		55,157
10.50%, 05/15/2030(b)		30,000		31,112
Telecom Italia S.p.A. (Italy), 5.30%, 05/30/2024(b)		200,000		196,256
				663,820
Interactive Media & Services-1.06%
Match Group Holdings II LLC, 4.63%, 06/01/2028(b)		115,000		106,189
Investment Banking & Brokerage-0.50%
Charles Schwab Corp. (The), Series G, 5.38%(c)(d)(e)		51,000		49,991
IT Consulting & Other Services-0.50%
Gartner, Inc., 3.75%, 10/01/2030(b)		57,000		49,741
Leisure Facilities-3.31%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028(b)		116,000		126,682
NCL Corp. Ltd., 5.88%, 02/15/2027(b)		102,000		99,422
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029(b)		84,000		78,215
VOC Escrow Ltd., 5.00%, 02/15/2028(b)		28,000		26,042
				330,361
Life Sciences Tools & Services-0.15%
Syneos Health, Inc., 3.63%, 01/15/2029(b)		15,000		14,864
Metal, Glass & Plastic Containers-0.50%
Ball Corp., 6.00%, 06/15/2029		50,000		50,062
Mortgage REITs-0.51%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/2029(b)		60,000		50,641

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Select ETF (HIYS)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Oil & Gas Drilling-3.24%
Delek Logistics Partners L.P./Delek Logistics Finance Corp., 7.13%, 06/01/2028(b)		$  79,000	$	73,167
Rockies Express Pipeline LLC, 6.88%, 04/15/2040(b)		171,000		154,909
Transocean, Inc., 8.75%, 02/15/2030(b)		45,000		46,761
Valaris Ltd., 8.38%, 04/30/2030(b)		47,000		48,133
				322,970
Oil & Gas Equipment & Services-0.49%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)		49,000		49,361
Oil & Gas Exploration & Production-7.43%
Aethon United BR L.P./Aethon United Finance Corp., 8.25%, 02/15/2026(b)		207,000		205,613
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030(b)		50,000		50,712
Callon Petroleum Co., 8.00%, 08/01/2028(b)		49,000		49,728
Civitas Resources, Inc.
8.38%, 07/01/2028(b)		51,000		52,520
8.75%, 07/01/2031(b)		25,000		25,906
Hilcorp Energy I L.P./Hilcorp Finance Co.
6.00%, 04/15/2030(b)		14,000		12,953
6.00%, 02/01/2031(b)		64,000		58,198
Moss Creek Resources Holdings, Inc., 10.50%, 05/15/2027(b)		30,000		29,370
SM Energy Co., 6.63%, 01/15/2027(c)		51,000		50,207
Strathcona Resources Ltd. (Canada), 6.88%, 08/01/2026(b)		62,000		54,509
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)		51,000		52,710
Venture Global LNG, Inc., 8.13%, 06/01/2028(b)		49,000		49,849
Vital Energy, Inc., 9.50%, 01/15/2025(c)		50,000		49,813
				742,088
Oil & Gas Refining & Marketing-0.52%
Parkland Corp. (Canada), 4.50%, 10/01/2029(b)		59,000		52,119
Oil & Gas Storage & Transportation-2.88%
Crestwood Midstream Partners L.P./ Crestwood Midstream Finance Corp., 8.00%, 04/01/2029(b)		86,000		87,519
Genesis Energy L.P./Genesis Energy Finance Corp., 7.75%, 02/01/2028		103,000		100,264
New Fortress Energy, Inc., 6.50%, 09/30/2026(b)		54,000		49,616
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/2026(b)(f)		51,000		50,168
				287,567
Passenger Airlines-1.15%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/2026(b)		92,583		91,286
5.75%, 04/20/2029(b)		24,000		23,258
				114,544
Pharmaceuticals-0.75%
Bausch Health Cos., Inc., 4.88%, 06/01/2028(b)		124,000		75,344

	Principal  Amount		Value
Research & Consulting Services-0.49%
Dun & Bradstreet Corp. (The), 5.00%, 12/15/2029(b)(c)		$  56,000	$	49,342
Restaurants-1.22%
1011778 BC ULC/New Red Finance, Inc. (Canada), 3.50%, 02/15/2029(b)		55,000		48,382
Yum! Brands, Inc., 5.38%, 04/01/2032		77,000		72,960
				121,342
Retail REITs-0.94%
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/2026(b)		100,000		93,579
Specialized Consumer Services-1.02%
Carriage Services, Inc., 4.25%, 05/15/2029(b)		117,000		101,464
Steel-0.98%
SunCoke Energy, Inc., 4.88%, 06/30/2029(b)		114,000		98,288
Systems Software-2.76%
Black Knight InfoServ LLC, 3.63%, 09/01/2028(b)		83,000		76,152
Camelot Finance S.A., 4.50%, 11/01/2026(b)		159,000		150,110
Crowdstrike Holdings, Inc., 3.00%, 02/15/2029		57,000		49,262
				275,524
Telecom Tower REITs-1.11%
SBA Communications Corp.
3.88%, 02/15/2027		16,000		14,754
3.13%, 02/01/2029		114,000		96,216
				110,970
Trading Companies & Distributors-1.51%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/2028(b)		163,000		150,882
Wireless Telecommunication Services-0.99%
Vodafone Group PLC (United Kingdom), 4.13%, 06/04/2081(d)		124,000		98,712
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,991,514)				9,028,961
Non-U.S. Dollar Denominated Bonds & Notes-6.84%(g)
Airport Services-1.18%
Gatwick Airport Finance PLC (United Kingdom), 4.38%, 04/07/2026(b)		GBP100,000		117,638
Application Software-1.10%
Boxer Parent Co., Inc., 6.50%, 10/02/2025(b)		EUR100,000		109,764
Automobile Manufacturers-1.54%
Ford Motor Credit Co. LLC, 4.87%, 08/03/2027		EUR139,000		153,745
Casinos & Gaming-1.04%
Allwyn International A.S. (Czech Republic), 3.88%, 02/15/2027(b)		EUR100,000		104,053
Passenger Airlines-1.05%
Deutsche Lufthansa AG (Germany), 3.75%, 02/11/2028(b)		EUR100,000		104,690

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Select ETF (HIYS)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Wireless Telecommunication Services-0.93%
VMED O2 UK Financing I PLC (United Kingdom), 3.25%, 01/31/2031(b)		EUR100,000	$	93,176
Total Non-U.S. Dollar Denominated Bonds & Notes (Cost $666,696)				683,066
	Shares
Preferred Stocks-0.10%
Diversified Banks-0.10%
Bank of America Corp., Series Z, Pfd., 6.50%(c)(d) (Cost $9,738)		10,000		9,980
Money Market Funds-0.32%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(h)(i) (Cost $32,237)		32,237		32,237
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-97.69% (Cost $9,700,185)				9,754,244

	Shares		Value
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.97%
Invesco Private Government Fund, 5.24%(h)(i)(j)		82,951	$	82,951
Invesco Private Prime Fund, 5.38%(h)(i)(j)		213,302		213,302
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $296,251)				296,253
TOTAL INVESTMENTS IN SECURITIES-100.66% (Cost $9,996,436)				10,050,497
OTHER ASSETS LESS LIABILITIES-(0.66)%				(66,370	)
NET ASSETS-100.00%			$	9,984,127

Investment Abbreviations:

EUR -Euro

GBP -British Pound Sterling

Pfd. -Preferred

REIT -Real Estate Investment Trust

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  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 July 31, 2023 was $7,702,103, which represented 77.14% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at July 31, 2023.

^(d)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)  Perpetual bond with no specified maturity date.

^(f)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(g)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(h)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended July 31, 2023.

	Value October 31,  2022			Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation			Realized Gain  (Loss)				Value July 31, 2023			Dividend  Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	-	$	3,424,731	$	(3,392,494	)		$	-		$	-			$	32,237		$	4,849
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			-		847,068		(764,117	)			-			-				82,951			1,082	*
Invesco Private Prime Fund			-		1,128,016		(914,680	)			2			(36	)			213,302			2,761	*
Total		$	-	$	5,399,815	$	(5,071,291	)		$	2		$	(36	)		$	328,490		$	8,692

* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

⁽ⁱ⁾  The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

^(j)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

See accompanying notes which are an integral part of this schedule.

Invesco High Yield Select ETF (HIYS)–(continued)

July 31, 2023

(Unaudited)

Open Forward Foreign Currency Contracts
										Unrealized Appreciation (Depreciation)
			Contract to
Settlement Date	Counterparty		Deliver			Receive
Currency Risk
8/17/2023	Morgan Stanley Capital Services LLC			USD	97,230		EUR	90,000			$	2,091
Subtotal–Appreciation												2,091
Currency Risk
8/17/2023	Canadian Imperial Bank of Commerce			EUR	100,000		USD	107,362				(2,994	)
8/17/2023	Morgan Stanley Capital Services LLC			EUR	470,000		USD	506,000				(12,676	)
8/17/2023	Morgan Stanley Capital Services LLC			GBP	70,000		USD	86,881				(3,193	)
Subtotal–Depreciation												(18,863	)
Total Forward Foreign Currency Contracts											$	(16,772	)

Abbreviations:

EUR-Euro

GBP-British Pound Sterling

USD-U.S. Dollar

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

See accompanying notes which are an integral part of this schedule.

Schedule of Investments^(a)

Invesco S&P 500^® Downside Hedged ETF (PHDG)

July 31, 2023

(Unaudited)

	Shares			Value
Common Stocks & Other Equity Interests-86.35%
Communication Services-7.50%
Activision Blizzard, Inc.(b)		2,779		$	257,780
Alphabet, Inc., Class A(b)		23,083			3,063,576
Alphabet, Inc., Class C(b)		19,855			2,642,899
AT&T, Inc.		27,777			403,322
Charter Communications, Inc., Class A(b)(c)		404			163,697
Comcast Corp., Class A		16,161			731,447
Electronic Arts, Inc.		1,012			137,986
Fox Corp., Class A		1,046			34,989
Fox Corp., Class B		531			16,679
Interpublic Group of Cos., Inc. (The)(c)		1,500			51,345
Live Nation Entertainment, Inc.(b)		559			49,052
Match Group, Inc.(b)		1,082			50,324
Meta Platforms, Inc., Class A(b)		8,595			2,738,367
Netflix, Inc.(b)		1,727			758,101
News Corp., Class A(c)		1,480			29,334
News Corp., Class B		456			9,170
Omnicom Group, Inc.		775			65,580
Paramount Global, Class B(c)		1,969			31,563
Take-Two Interactive Software, Inc.(b)		616			94,211
T-Mobile US, Inc.(b)		2,238			308,329
Verizon Communications, Inc.		16,334			556,663
Walt Disney Co. (The)(b)		7,100			631,119
Warner Bros Discovery, Inc.(b)		8,614			112,585
					12,938,118
Consumer Discretionary-9.13%
Advance Auto Parts, Inc.		231			17,184
Amazon.com, Inc.(b)		34,683			4,636,424
Aptiv PLC(b)		1,051			115,074
AutoZone, Inc.(b)		71			176,202
Bath & Body Works, Inc.		889			32,946
Best Buy Co., Inc.		757			62,869
Booking Holdings, Inc.(b)		144			427,795
BorgWarner, Inc.		911			42,362
Caesars Entertainment, Inc.(b)		836			49,341
CarMax, Inc.(b)(c)		615			50,805
Carnival Corp.(b)		3,902			73,514
Chipotle Mexican Grill, Inc.(b)		107			209,964
D.R. Horton, Inc.		1,206			153,186
Darden Restaurants, Inc.(c)		470			79,392
Domino’s Pizza, Inc.		138			54,750
eBay, Inc.		2,077			92,447
Etsy, Inc.(b)		479			48,690
Expedia Group, Inc.(b)		555			68,004
Ford Motor Co.		15,269			201,704
Garmin Ltd.		594			62,899
General Motors Co.		5,402			207,275
Genuine Parts Co.		546			85,023
Hasbro, Inc.		506			32,667
Hilton Worldwide Holdings, Inc.		1,028			159,844
Home Depot, Inc. (The)		3,935			1,313,661
Las Vegas Sands Corp.(b)		1,277			76,377
Lennar Corp., Class A		986			125,054
LKQ Corp.		986			54,023
Lowe’s Cos., Inc.		2,317			542,804
Marriott International, Inc., Class A		1,002			202,214
McDonald’s Corp.		2,837			831,808
MGM Resorts International		1,173			59,553
Mohawk Industries, Inc.(b)		205			21,800
Newell Brands, Inc.		1,464			16,338
NIKE,Inc.,Class B		4,788			528,547
Norwegian Cruise Line Holdings Ltd.(b)		1,648			36,371

	Shares			Value
Consumer Discretionary-(continued)
NVR, Inc.(b)		12		$	75,677
O’Reilly Automotive, Inc., Class R(b)		237			219,412
Pool Corp.		151			58,096
PulteGroup, Inc.		867			73,166
Ralph Lauren Corp.(c)		159			20,882
Ross Stores, Inc.		1,329			152,357
Royal Caribbean Cruises Ltd.(b)		855			93,289
Starbucks Corp.		4,454			452,393
Tapestry, Inc.		901			38,878
Tesla, Inc.(b)		10,467			2,799,190
TJX Cos., Inc. (The)		4,474			387,135
Tractor Supply Co.(c)		426			95,420
Ulta Beauty, Inc.(b)		195			86,736
VF Corp.		1,283			25,416
Whirlpool Corp.(c)		213			30,727
Wynn Resorts Ltd.		402			43,810
Yum! Brands, Inc.		1,088			149,785
					15,751,280
Consumer Staples-5.69%
Altria Group, Inc.		6,935			314,988
Archer-Daniels-Midland Co.		2,116			179,775
Brown-Forman Corp., Class B		711			50,197
Bunge Ltd.		585			63,572
Campbell Soup Co.		779			35,694
Church & Dwight Co., Inc.		949			90,791
Clorox Co. (The)		480			72,710
Coca-Cola Co. (The)		15,122			936,505
Colgate-Palmolive Co.		3,223			245,786
Conagra Brands, Inc.		1,853			60,797
Constellation Brands, Inc., Class A		627			171,046
Costco Wholesale Corp.		1,723			966,034
Dollar General Corp.		852			143,869
Dollar Tree, Inc.(b)		808			124,699
Estee Lauder Cos., Inc. (The), Class A		901			162,180
General Mills, Inc.		2,282			170,557
Hershey Co. (The)		572			132,309
Hormel Foods Corp.(c)		1,126			46,031
JM Smucker Co. (The)		414			62,369
Kellogg Co.		999			66,823
Keurig Dr Pepper, Inc.		3,273			111,315
Kimberly-Clark Corp.		1,311			169,250
Kraft Heinz Co. (The)		3,099			112,122
Kroger Co. (The)		2,537			123,400
Lamb Weston Holdings, Inc.		566			58,655
McCormick & Co., Inc.		974			87,153
Molson Coors Beverage Co., Class B		730			50,932
Mondelez International, Inc., Class A		5,292			392,296
Monster Beverage Corp.(b)		2,969			170,688
PepsiCo, Inc.		5,353			1,003,473
Philip Morris International, Inc.		6,031			601,411
Procter & Gamble Co. (The)		9,157			1,431,239
Sysco Corp.		1,969			150,254
Target Corp.		1,793			244,691
Tyson Foods, Inc., Class A		1,110			61,849
Walgreens Boots Alliance, Inc.(c)		2,782			83,376
Walmart, Inc.		5,450			871,237
					9,820,073
Energy-3.69%
APA Corp.		1,199			48,547
Baker Hughes Co., Class A		3,933			140,762
Chevron Corp.		6,771			1,108,142

See accompanying notes which are an integral part of this schedule.

Invesco S&P 500^® Downside Hedged ETF (PHDG)–(continued)

July 31, 2023

(Unaudited)

	Shares			Value
Energy-(continued)
ConocoPhillips		4,701		$	553,402
Coterra Energy, Inc.		2,943			81,050
Devon Energy Corp.		2,493			134,622
Diamondback Energy, Inc.		704			103,713
EOG Resources, Inc.		2,272			301,108
EQT Corp.		1,405			59,263
Exxon Mobil Corp.		15,708			1,684,526
Halliburton Co.		3,505			136,975
Hess Corp.		1,073			162,806
Kinder Morgan, Inc.		7,663			135,712
Marathon Oil Corp.		2,399			63,022
Marathon Petroleum Corp.		1,649			219,350
Occidental Petroleum Corp.		2,791			176,196
ONEOK, Inc.		1,739			116,583
Phillips 66		1,782			198,782
Pioneer Natural Resources Co.		908			204,908
Schlumberger N.V.		5,538			323,087
Targa Resources Corp.		878			71,987
Valero Energy Corp.		1,405			181,119
Williams Cos., Inc. (The)(c)		4,733			163,052
					6,368,714
Financials-10.89%
Aflac, Inc.(c)		2,137			154,591
Allstate Corp. (The)		1,021			115,046
American Express Co.		2,310			390,113
American International Group, Inc.		2,812			169,507
Ameriprise Financial, Inc.		405			141,122
Aon PLC, Class A		793			252,570
Arch Capital Group Ltd.(b)		1,447			112,417
Arthur J. Gallagher & Co.(c)		832			178,714
Assurant, Inc.		207			27,844
Bank of America Corp.		26,938			862,016
Bank of New York Mellon Corp. (The)		2,790			126,554
Berkshire Hathaway, Inc., Class B(b)		6,928			2,438,379
BlackRock, Inc.		582			430,011
Brown & Brown, Inc.		915			64,462
Capital One Financial Corp.		1,483			173,541
Cboe Global Markets, Inc.		410			57,269
Charles Schwab Corp. (The)		5,774			381,661
Chubb Ltd.		1,609			328,896
Cincinnati Financial Corp.		611			65,731
Citigroup, Inc.		7,564			360,500
Citizens Financial Group, Inc.		1,880			60,649
CME Group, Inc., Class A		1,397			277,947
Comerica, Inc.		512			27,627
Discover Financial Services		986			104,072
Everest Group Ltd.		166			59,845
FactSet Research Systems, Inc.(c)		149			64,821
Fidelity National Information Services, Inc.		2,302			138,995
Fifth Third Bancorp		2,645			76,969
Fiserv, Inc.(b)		2,398			302,652
FleetCor Technologies, Inc.(b)		287			71,437
Franklin Resources, Inc.(c)		1,109			32,427
Global Payments, Inc.		1,018			112,234
Globe Life, Inc.		346			38,811
Goldman Sachs Group, Inc. (The)		1,291			459,428
Hartford Financial Services Group, Inc. (The)		1,205			86,615
Huntington Bancshares, Inc.		5,609			68,654
Intercontinental Exchange, Inc.		2,175			249,690
Invesco Ltd.(d)		1,798			30,206
Jack Henry & Associates, Inc.		283			47,422
JPMorgan Chase & Co.		11,355			1,793,636

	Shares			Value
Financials-(continued)
KeyCorp		3,634		$	44,735
Lincoln National Corp.		599			16,796
Loews Corp.		735			46,048
M&T Bank Corp.		645			90,210
MarketAxess Holdings, Inc.		147			39,575
Marsh & McLennan Cos., Inc.		1,922			362,143
Mastercard, Inc., Class A		3,251			1,281,804
MetLife, Inc.		2,499			157,362
Moody’s Corp.		613			216,236
Morgan Stanley		5,062			463,477
MSCI, Inc.		311			170,453
Nasdaq, Inc.		1,316			66,445
Northern Trust Corp.		809			64,817
PayPal Holdings, Inc.(b)		4,335			328,680
PNC Financial Services Group, Inc. (The)		1,551			212,316
Principal Financial Group, Inc.(c)		877			70,046
Progressive Corp. (The)		2,274			286,478
Prudential Financial, Inc.		1,418			136,823
Raymond James Financial, Inc.(c)		741			81,562
Regions Financial Corp.		3,646			74,269
S&P Global, Inc.		1,274			502,606
State Street Corp.		1,299			94,100
Synchrony Financial		1,666			57,544
T. Rowe Price Group, Inc.		872			107,483
Travelers Cos., Inc. (The)		897			154,831
Truist Financial Corp.		5,175			171,913
U.S. Bancorp		5,420			215,066
Visa, Inc., Class A		6,288			1,494,846
W.R. Berkley Corp.		780			48,118
Wells Fargo & Co.		14,579			672,967
Willis Towers Watson PLC		414			87,491
Zions Bancorporation N.A.		575			21,994
					18,774,315
Health Care-11.33%
Abbott Laboratories		6,756			752,145
AbbVie, Inc.		6,855			1,025,371
Agilent Technologies, Inc.		1,149			139,914
Align Technology, Inc.(b)		276			104,298
AmerisourceBergen Corp.(c)		630			117,747
Amgen, Inc.		2,076			486,095
Baxter International, Inc.		1,966			88,922
Becton, Dickinson and Co.		1,103			307,318
Biogen, Inc.(b)		562			151,847
Bio-Rad Laboratories, Inc., Class A(b)		83			33,645
Bio-Techne Corp.		612			51,041
Boston Scientific Corp.(b)		5,586			289,634
Bristol-Myers Squibb Co.(c)		8,162			507,595
Cardinal Health, Inc.(c)		989			90,464
Catalent, Inc.(b)(c)		700			33,964
Centene Corp.(b)		2,132			145,168
Charles River Laboratories International, Inc.(b)(c)		199			41,698
Cigna Group (The)		1,150			339,365
Cooper Cos., Inc. (The)		192			75,122
CVS Health Corp.		4,981			372,031
Danaher Corp.		2,580			658,055
DaVita, Inc.(b)		215			21,928
DENTSPLY SIRONA, Inc.		826			34,296
DexCom, Inc.(b)		1,506			187,587
Edwards Lifesciences Corp.(b)		2,356			193,357
Elevance Health, Inc.		921			434,371
Eli Lilly and Co.		3,062			1,391,832

See accompanying notes which are an integral part of this schedule.

Invesco S&P 500^® Downside Hedged ETF (PHDG)–(continued)

July 31, 2023

(Unaudited)

	Shares			Value
Health Care-(continued)
GE HealthCare Technologies, Inc.		1,519		$	118,482
Gilead Sciences, Inc.		4,846			368,974
HCA Healthcare, Inc.		802			218,794
Henry Schein, Inc.(b)		509			40,104
Hologic, Inc.(b)		957			76,005
Humana, Inc.		485			221,563
IDEXX Laboratories, Inc.(b)		323			179,178
Illumina, Inc.(b)		614			117,980
Incyte Corp.(b)		720			45,878
Insulet Corp.(b)		270			74,723
Intuitive Surgical, Inc.(b)		1,362			441,833
IQVIA Holdings, Inc.(b)		721			161,331
Johnson & Johnson		10,097			1,691,550
Laboratory Corp. of America Holdings		345			73,806
McKesson Corp.		527			212,065
Medtronic PLC		5,169			453,631
Merck & Co., Inc.		9,858			1,051,356
Mettler-Toledo International, Inc.(b)		85			106,885
Moderna, Inc.(b)		1,273			149,781
Molina Healthcare, Inc.(b)		227			69,119
Organon & Co.(c)		991			21,782
Pfizer, Inc.		21,934			790,940
Quest Diagnostics, Inc.		436			58,952
Regeneron Pharmaceuticals, Inc.(b)		419			310,860
ResMed, Inc.		571			126,962
Revvity, Inc.		487			59,877
STERIS PLC(c)		386			87,062
Stryker Corp.		1,313			372,117
Teleflex, Inc.		182			45,713
Thermo Fisher Scientific, Inc.		1,499			822,441
UnitedHealth Group, Inc.		3,617			1,831,540
Universal Health Services, Inc., Class B		245			34,045
Vertex Pharmaceuticals, Inc.(b)		1,001			352,692
Viatris, Inc.(c)		4,659			49,059
Waters Corp.(b)		230			63,528
West Pharmaceutical Services, Inc.		288			105,996
Zimmer Biomet Holdings, Inc.		810			111,901
Zoetis, Inc.		1,795			337,622
					19,530,937
Industrials-7.32%
3M Co.		2,144			239,056
A.O. Smith Corp.		484			35,153
Alaska Air Group, Inc.(b)		497			24,169
Allegion PLC(c)		342			39,966
American Airlines Group, Inc.(b)		2,537			42,495
AMETEK, Inc.		895			141,947
Automatic Data Processing, Inc.		1,605			396,852
Axon Enterprise, Inc.(b)		272			50,573
Boeing Co. (The)(b)		2,197			524,753
Broadridge Financial Solutions, Inc.		458			76,907
C.H. Robinson Worldwide, Inc.(c)		453			45,381
Carrier Global Corp.(c)		3,244			193,180
Caterpillar, Inc.		2,002			530,870
Ceridian HCM Holding, Inc.(b)(c)		602			42,628
Cintas Corp.		336			168,685
Copart, Inc.(b)		1,666			147,258
CSX Corp.		7,899			263,195
Cummins, Inc.		550			143,440
Deere & Co.		1,048			450,221
Delta Air Lines, Inc.		2,497			115,511
Dover Corp.		544			79,408
Eaton Corp. PLC(c)		1,549			318,041

	Shares			Value
Industrials-(continued)
Emerson Electric Co.		2,220		$	202,797
Equifax, Inc.(c)		476			97,142
Expeditors International of Washington, Inc.		594			75,616
Fastenal Co.		2,219			130,056
FedEx Corp.		898			242,415
Fortive Corp.		1,373			107,575
Generac Holdings, Inc.(b)		242			37,195
General Dynamics Corp.		874			195,409
General Electric Co.		4,231			483,349
Honeywell International, Inc.		2,585			501,826
Howmet Aerospace, Inc.		1,429			73,079
Huntington Ingalls Industries, Inc.(c)		155			35,599
IDEX Corp.		294			66,388
Illinois Tool Works, Inc.		1,074			282,806
Ingersoll Rand, Inc.		1,571			102,539
J.B. Hunt Transport Services, Inc.		322			65,669
Jacobs Solutions, Inc.		493			61,827
Johnson Controls International PLC		2,666			185,420
L3Harris Technologies, Inc.		736			139,465
Leidos Holdings, Inc.		533			49,851
Lockheed Martin Corp.		875			390,574
Masco Corp.		874			53,034
Nordson Corp.		209			52,586
Norfolk Southern Corp.		884			206,494
Northrop Grumman Corp.		555			246,975
Old Dominion Freight Line, Inc.		350			146,821
Otis Worldwide Corp.		1,606			146,082
PACCAR, Inc.		2,031			174,930
Parker-Hannifin Corp.(c)		498			204,185
Paychex, Inc.		1,247			156,461
Paycom Software, Inc.		189			69,696
Pentair PLC		641			44,549
Quanta Services, Inc.		564			113,714
Republic Services, Inc.		799			120,737
Robert Half, Inc.(c)		419			31,069
Rockwell Automation, Inc.		447			150,322
Rollins, Inc.		900			36,747
RTX Corp.		5,677			499,179
Snap-on, Inc.		206			56,123
Southwest Airlines Co.		2,312			78,978
Stanley Black & Decker, Inc.(c)		595			59,066
Textron, Inc.		783			60,894
Trane Technologies PLC(c)		886			176,704
TransDigm Group, Inc.(c)		203			182,643
Union Pacific Corp.(c)		2,369			549,655
United Airlines Holdings, Inc.(b)		1,274			69,191
United Parcel Service, Inc., Class B		2,816			526,958
United Rentals, Inc.		267			124,070
Verisk Analytics, Inc.		562			128,664
W.W. Grainger, Inc.		173			127,759
Wabtec Corp.		699			82,790
Waste Management, Inc.		1,439			235,694
Xylem, Inc.		930			104,857
					12,613,913
Information Technology-24.29%
Accenture PLC, Class A		2,454			776,323
Adobe, Inc.(b)		1,782			973,275
Advanced Micro Devices, Inc.(b)		6,257			715,801
Akamai Technologies, Inc.(b)		591			55,849
Amphenol Corp., Class A		2,313			204,261
Analog Devices, Inc.		1,966			392,276
ANSYS, Inc.(b)		337			115,288

See accompanying notes which are an integral part of this schedule.

Invesco S&P 500^® Downside Hedged ETF (PHDG)–(continued)

July 31, 2023

(Unaudited)

	Shares			Value
Information Technology-(continued)
Apple, Inc.		57,445		$	11,285,070
Applied Materials, Inc.		3,283			497,670
Arista Networks, Inc.(b)(c)		970			150,437
Autodesk, Inc.(b)		832			176,376
Broadcom, Inc.		1,620			1,455,813
Cadence Design Systems, Inc.(b)		1,060			248,051
CDW Corp.		524			98,025
Cisco Systems, Inc.		15,913			828,113
Cognizant Technology Solutions Corp., Class A		1,971			130,145
Corning, Inc.		2,973			100,904
DXC Technology Co.(b)		884			24,443
Enphase Energy, Inc.(b)		533			80,925
EPAM Systems, Inc.(b)		225			53,282
F5, Inc.(b)		235			37,186
Fair Isaac Corp.(b)		97			81,283
First Solar, Inc.(b)		386			80,056
Fortinet, Inc.(b)		2,532			196,787
Gartner, Inc.(b)		307			108,552
Gen Digital, Inc.(c)		2,210			42,984
Hewlett Packard Enterprise Co.		5,035			87,508
HP, Inc.		3,369			110,604
Intel Corp.		16,206			579,689
International Business Machines Corp.		3,528			508,667
Intuit, Inc.		1,090			557,753
Juniper Networks, Inc.		1,250			34,750
Keysight Technologies, Inc.(b)		692			111,467
KLA Corp.		533			273,935
Lam Research Corp.		522			375,052
Microchip Technology, Inc.		2,128			199,904
Micron Technology, Inc.		4,252			303,550
Microsoft Corp.		28,890			9,704,729
Monolithic Power Systems, Inc.		175			97,911
Motorola Solutions, Inc.		652			186,883
NetApp, Inc.		831			64,826
NVIDIA Corp.		9,609			4,490,190
NXP Semiconductors N.V. (China)		1,009			224,987
ON Semiconductor Corp.(b)		1,678			180,804
Oracle Corp.		5,979			700,918
Palo Alto Networks, Inc.(b)(c)		1,175			293,703
PTC, Inc.(b)		414			60,365
Qorvo, Inc.(b)		388			42,688
QUALCOMM, Inc.		4,328			572,032
Roper Technologies, Inc.		414			204,123
Salesforce, Inc.(b)		3,804			855,938
Seagate Technology Holdings PLC		749			47,561
ServiceNow, Inc.(b)		791			461,153
Skyworks Solutions, Inc.		618			70,681
SolarEdge Technologies, Inc.(b)		219			52,880
Synopsys, Inc.(b)		592			267,466
TE Connectivity Ltd.		1,224			175,632
Teledyne Technologies, Inc.(b)		183			70,369
Teradyne, Inc.(c)		602			67,990
Texas Instruments, Inc.		3,526			634,680
Trimble, Inc.(b)		962			51,756
Tyler Technologies, Inc.(b)		163			64,651
VeriSign, Inc.(b)		352			74,254
Western Digital Corp.(b)		1,243			52,902
Zebra Technologies Corp., Class A(b)		200			61,592
					41,885,718
Materials-2.16%
Air Products and Chemicals, Inc.		863			263,500

	Shares			Value
Materials-(continued)
Albemarle Corp.		455		$	96,587
Amcor PLC		5,717			58,656
Avery Dennison Corp.		314			57,779
Ball Corp.(c)		1,222			71,719
Celanese Corp.		389			48,777
CF Industries Holdings, Inc.		757			62,135
Corteva, Inc.		2,762			155,860
Dow, Inc.		2,748			155,180
DuPont de Nemours, Inc.		1,783			138,414
Eastman Chemical Co.		463			39,624
Ecolab, Inc.		962			176,181
FMC Corp.		486			46,768
Freeport-McMoRan, Inc.		5,569			248,656
International Flavors & Fragrances, Inc.		991			83,848
International Paper Co.		1,349			48,645
Linde PLC		1,902			743,054
LyondellBasell Industries N.V., Class A		986			97,476
Martin Marietta Materials, Inc.		241			107,597
Mosaic Co. (The)		1,290			52,580
Newmont Corp.(c)		3,087			132,494
Nucor Corp.		976			167,960
Packaging Corp. of America		350			53,672
PPG Industries, Inc.		915			131,668
Sealed Air Corp.		561			25,593
Sherwin-Williams Co. (The)		912			252,168
Steel Dynamics, Inc.		624			66,506
Vulcan Materials Co.		517			113,998
WestRock Co.		995			33,124
					3,730,219
Real Estate-2.14%
Alexandria Real Estate Equities, Inc.		612			76,916
American Tower Corp.		1,811			344,651
AvalonBay Communities, Inc.		552			104,135
Boston Properties, Inc.(c)		555			36,980
Camden Property Trust		415			45,272
CBRE Group, Inc., Class A(b)		1,208			100,638
CoStar Group, Inc.(b)		1,587			133,260
Crown Castle, Inc.		1,685			182,469
Digital Realty Trust, Inc.		1,132			141,070
Equinix, Inc.		363			294,001
Equity Residential		1,325			87,370
Essex Property Trust, Inc.		250			60,888
Extra Space Storage, Inc.		820			114,447
Federal Realty Investment Trust(c)		285			28,933
Healthpeak Properties, Inc.		2,125			46,389
Host Hotels & Resorts, Inc.		2,764			50,858
Invitation Homes, Inc.		2,259			80,194
Iron Mountain, Inc.(c)		1,133			69,566
Kimco Realty Corp.		2,408			48,786
Mid-America Apartment Communities, Inc.		454			67,946
Prologis, Inc.		3,588			447,603
Public Storage		615			173,276
Realty Income Corp.		2,616			159,498
Regency Centers Corp.		598			39,187
SBA Communications Corp., Class A		421			92,178
Simon Property Group, Inc.		1,270			158,242
UDR, Inc.(c)		1,202			49,138
Ventas, Inc.		1,555			75,449
VICI Properties, Inc.		3,901			122,803

See accompanying notes which are an integral part of this schedule.

Invesco S&P 500^® Downside Hedged ETF (PHDG)–(continued)

July 31, 2023

(Unaudited)

	Shares			Value
Real Estate-(continued)
Welltower, Inc.		1,931		$	158,632
Weyerhaeuser Co.		2,845			96,901
					3,687,676
Utilities-2.21%
AES Corp. (The)		2,600			56,238
Alliant Energy Corp.		976			52,450
Ameren Corp.		1,020			87,383
American Electric Power Co., Inc.		2,000			169,480
American Water Works Co., Inc.		757			111,605
Atmos Energy Corp.		561			68,279
CenterPoint Energy, Inc.		2,452			73,781
CMS Energy Corp.		1,133			69,192
Consolidated Edison, Inc.		1,347			127,776
Constellation Energy Corp.		1,261			121,876
Dominion Energy, Inc.		3,248			173,930
DTE Energy Co.		801			91,554
Duke Energy Corp.		2,994			280,299
Edison International(c)		1,488			107,077
Entergy Corp.		822			84,419
Evergy, Inc.		892			53,493
Eversource Energy		1,356			98,080
Exelon Corp.		3,865			161,789
FirstEnergy Corp.		2,114			83,270
NextEra Energy, Inc.		7,862			576,285
NiSource, Inc.		1,605			44,683
NRG Energy, Inc.		894			33,963
PG&E Corp.(b)		6,281			110,608
Pinnacle West Capital Corp.		440			36,441
PPL Corp.		2,864			78,846
Public Service Enterprise Group, Inc.		1,939			122,390
Sempra		1,223			182,252
Southern Co. (The)		4,237			306,505

	Shares		Value
Utilities-(continued)
WEC Energy Group, Inc.		1,226	$	110,168
Xcel Energy, Inc.		2,139		134,180
				3,808,292
Total Common Stocks & Other Equity Interests (Cost $142,083,399)				148,909,255
Money Market Funds-5.00%
Invesco Premier U.S. Government Money Portfolio, Institutional Class, 5.17%(d)(e) (Cost $8,619,621)		8,619,621		8,619,621
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-91.35% (Cost $150,703,020)				157,528,876
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.56%
Invesco Private Government Fund, 5.24%(d)(e)(f)		1,239,596		1,239,596
Invesco Private Prime Fund, 5.38%(d)(e)(f)		3,187,531		3,187,531
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $4,427,038)				4,427,127
TOTAL INVESTMENTS IN SECURITIES-93.91% (Cost $155,130,058)				161,956,003
OTHER ASSETS LESS LIABILITIES-6.09%				10,493,588
NET ASSETS-100.00%			$	172,449,591

Notes to Schedule of Investments:

^(a)  Industry and/or sector classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of MSCI Inc. and Standard & Poor’s.

^(b)  Non-income producing security.

^(c)  All or a portion of this security was out on loan at July 31, 2023.

^(d)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2023.

	Value October 31,  2022	Purchases at Cost	Proceeds  from Sales	Change in Unrealized Appreciation (Depreciation)	Realized Gain  (Loss)	Value July 31,  2023	Dividend Income
Invesco Ltd.	$    40,950	$      401,938	$      (402,041)	$2,389	$(13,030)	$    30,206	$      497
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class	56,456,197	420,817,493	(477,273,690)	-	-	-	384,369
Invesco Premier U.S. Government Money Portfolio, Institutional Class	-	1,317,043,450	(1,308,423,829)	-	-	8,619,621	802,899

See accompanying notes which are an integral part of this schedule.

Invesco S&P 500^® Downside Hedged ETF (PHDG)–(continued)

July 31, 2023

(Unaudited)

	Value October 31, 2022					Purchases    at  Cost			Proceeds  from Sales			Change in Unrealized Appreciation (Depreciation)						Realized Gain (Loss)			Value July 31, 2023			Dividend  Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			$	1,372,606			$	44,978,561	$	(45,111,571	)			$	-			$	-			$	1,239,596		$	65,424	*
Invesco Private Prime Fund				3,328,929				97,978,680		(98,120,693	)				(106	)			721				3,187,531			171,630	*
Total			$	61,198,682			$	1,881,220,122	$	(1,929,331,824	)			$	2,283			$	(12,309	)		$	13,076,954		$	1,424,819

^*  Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(e)  The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

^(f)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

Open Futures Contracts(a)
	Long Futures Contracts	Number of Contracts		Expiration Month		Notional Value			Value				Unrealized   Appreciation  (Depreciation)
	Equity Risk
	CBOE Volatility Index		151		August-2023		$	2,244,373		$	(159,157	)			$	(159,157	)
	CBOE Volatility Index		124		September-2023			2,026,073			(56,920	)				(56,920	)
	E-Mini S&P 500 Index		83		September-2023			19,150,175			174,640					174,640
	Total Futures Contracts									$	(41,437	)			$	(41,437	)

^(a)  Futures contracts collateralized by $14,867,740 cash held with Merrill Lynch International, the futures commission merchant.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

Schedule of Investments^(a)

Invesco Short Duration Bond ETF (ISDB)

July 31, 2023

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-89.75%
Aerospace & Defense-1.17%
Huntington Ingalls Industries, Inc., 3.84%, 05/01/2025	$	50,000	$	48,378
L3Harris Technologies, Inc., 5.40%, 01/15/2027		36,000		36,114
Lockheed Martin Corp., 4.95%, 10/15/2025		1,000		998
RTX Corp., 5.00%, 02/27/2026		18,000		17,992
TransDigm, Inc., 6.75%, 08/15/2028(b)		12,000		12,051
				115,533
Agricultural & Farm Machinery-1.74%
CNH Industrial Capital LLC, 5.45%, 10/14/2025		50,000		49,979
John Deere Capital Corp.
4.55%, 10/11/2024		50,000		49,670
4.95%, 06/06/2025		45,000		44,999
4.75%, 06/08/2026		27,000		26,937
				171,585
Asset Management & Custody Banks-0.45%
State Street Corp., 5.27%, 08/03/2026		44,000		44,000
Automobile Manufacturers-5.97%
Ford Motor Credit Co. LLC, 8.14% (SOFR + 2.95%), 03/06/2026(c)		200,000		200,983
Hyundai Capital America
5.80%, 06/26/2025(b)		44,000		44,049
5.50%, 03/30/2026(b)		11,000		10,958
5.65%, 06/26/2026(b)		33,000		32,932
Mercedes-Benz Finance North America LLC (Germany)
6.17% (SOFR + 0.93%), 03/30/2025(b)(c)		100,000		100,602
5.38%, 08/01/2025(b)		150,000		149,948
PACCAR Financial Corp., 4.95%, 10/03/2025		50,000		50,024
				589,496
Automotive Parts & Equipment-0.21%
American Honda Finance Corp., 4.75%, 01/12/2026		21,000		20,907
Automotive Retail-0.92%
Advance Auto Parts, Inc., 5.90%, 03/09/2026		30,000		29,951
Asbury Automotive Group, Inc., 4.50%, 03/01/2028		50,000		45,804
AutoZone, Inc., 5.05%, 07/15/2026		15,000		14,966
				90,721
Biotechnology-0.84%
Amgen, Inc., 5.25%, 03/02/2025		83,000		82,802
Cable & Satellite-0.98%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/2026(b)		99,000		96,743
Cargo Ground Transportation-1.43%
Penske Truck Leasing Co. L.P./PTL Finance Corp.
3.95%, 03/10/2025(b)		50,000		48,273
5.75%, 05/24/2026(b)		34,000		33,853
4.40%, 07/01/2027(b)		50,000		47,442
6.05%, 08/01/2028(b)		12,000		12,042
				141,610
Construction Materials-0.41%
Vulcan Materials Co., 5.80%, 03/01/2026		40,000		40,024
Consumer Electronics-0.38%
Tyco Electronics Group S.A., 4.50%, 02/13/2026		38,000		37,461

	Principal Amount		Value
Consumer Finance-2.08%
Capital One Financial Corp.
3.30%, 10/30/2024	$	100,000	$	96,618
6.47% (SOFR + 1.35%), 05/09/2025(c)		50,000		49,640
6.31%, 06/08/2029(d)		19,000		19,081
General Motors Financial Co., Inc., 5.40%, 04/06/2026		40,000		39,783
				205,122
Diversified Banks-19.01%
Bank of America Corp.
3.84%, 04/25/2025(d)		100,000		98,536
5.08%, 01/20/2027(d)		58,000		57,406
Series U, 8.63%(d)(e)(f)		50,000		50,126
Bank of Montreal (Canada), 5.30%, 06/05/2026		27,000		27,023
Barclays PLC (United Kingdom), 7.33%, 11/02/2026(d)		200,000		205,369
BPCE S.A. (France), 5.98%, 01/18/2027(b)(d)		250,000		249,177
Citigroup, Inc., 5.61%, 09/29/2026(d)		100,000		99,830
Discover Bank, 2.45%, 09/12/2024		100,000		95,483
Fifth Third Bancorp
2.38%, 01/28/2025		40,000		37,946
6.34%, 07/27/2029(d)		4,000		4,075
JPMorgan Chase & Co.
5.55%, 12/15/2025(d)		100,000		99,769
Series CC, 8.21%(d)(f)		100,000		99,875
KeyCorp, 3.88%, 05/23/2025(d)		39,000		36,727
Manufacturers & Traders Trust Co., 4.65%, 01/27/2026		100,000		96,384
NatWest Group PLC (United Kingdom), 7.47%, 11/10/2026(d)		200,000		206,375
PNC Financial Services Group, Inc. (The)
5.67%, 10/28/2025(d)		50,000		49,769
5.81%, 06/12/2026(d)		32,000		32,033
Sumitomo Mitsui Financial Group, Inc. (Japan), 5.46%, 01/13/2026		200,000		199,808
Wells Fargo & Co.
4.54%, 08/15/2026(d)		100,000		97,844
5.57%, 07/25/2029(d)		16,000		16,091
7.63%(d)(f)		16,000		16,490
				1,876,136
Diversified Chemicals-2.01%
Sasol Financing USA LLC (South Africa), 5.88%, 03/27/2024		200,000		198,312
Diversified Financial Services-1.53%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 6.50%, 07/15/2025		150,000		151,125
Diversified REITs-0.50%
VICI Properties L.P./VICI Note Co., Inc., 5.63%, 05/01/2024(b)		50,000		49,782
Diversified Support Services-0.03%
Ritchie Bros. Holdings, Inc. (Canada), 6.75%, 03/15/2028(b)		3,000		3,041
Electric Utilities-3.29%
Duke Energy Corp., 5.00%, 12/08/2025		100,000		99,346
National Rural Utilities Cooperative Finance Corp.
5.45%, 10/30/2025(e)		50,000		50,165
4.45%, 03/13/2026		50,000		49,498
NextEra Energy Capital Holdings, Inc., 6.05%, 03/01/2025		58,000		58,446

See accompanying notes which are an integral part of this schedule.

Invesco Short Duration Bond ETF (ISDB)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Electric Utilities-(continued)
Pennsylvania Electric Co., 5.15%, 03/30/2026(b)		$ 17,000	$	16,787
Wisconsin Public Service Corp., 5.35%, 11/10/2025		50,000		50,204
				324,446
Electrical Components & Equipment-0.87%
Regal Rexnord Corp., 6.05%, 02/15/2026(b)		86,000		86,018
Financial Exchanges & Data-0.18%
Nasdaq, Inc., 5.65%, 06/28/2025		18,000		18,037
Health Care Services-1.08%
Cigna Group (The), 5.69%, 03/15/2026		107,000		107,070
Home Improvement Retail-0.34%
Lowe’s Cos., Inc., 4.80%, 04/01/2026		34,000		33,768
Hotels, Resorts & Cruise Lines-0.50%
Hyatt Hotels Corp., 5.38%, 04/23/2025		50,000		49,567
Integrated Oil & Gas-1.49%
BP Capital Markets PLC (United Kingdom), 4.38%(d)(f)		50,000		48,270
Occidental Petroleum Corp., 5.50%, 12/01/2025		50,000		49,862
Petroleos Mexicanos (Mexico), 6.88%, 10/16/2025		51,000		49,180
				147,312
Integrated Telecommunication Services-1.01%
AT&T, Inc., 5.54%, 02/20/2026		100,000		99,835
Investment Banking & Brokerage-0.08%
Morgan Stanley, 5.45%, 07/20/2029(d)		8,000		8,020
IT Consulting & Other Services-1.00%
International Business Machines Corp., 4.50%, 02/06/2026		100,000		98,713
Life & Health Insurance-1.93%
Pacific Life Global Funding II, 6.38% (SOFR + 1.05%), 07/28/2026(b)(c)		41,000		41,001
Protective Life Global Funding, 5.37%, 01/06/2026(b)		150,000		149,579
				190,580
Managed Health Care-0.93%
Elevance Health, Inc., 5.35%, 10/15/2025		50,000		50,093
Humana, Inc., 5.70%, 03/13/2026		40,000		40,025
UnitedHealth Group, Inc., 5.15%, 10/15/2025		2,000		2,004
				92,122
Movies & Entertainment-1.52%
Warnermedia Holdings, Inc., 6.41%, 03/15/2026		150,000		150,276
Multi-Utilities-1.37%
WEC Energy Group, Inc., 4.75%, 01/09/2026		137,000		135,180
Office REITs-1.89%
Brandywine Operating Partnership L.P., 4.10%, 10/01/2024		100,000		96,062
Piedmont Operating Partnership L.P., 9.25%, 07/20/2028		88,000		90,405
				186,467
Oil & Gas Equipment & Services-0.50%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)		49,000		49,361
Oil & Gas Exploration & Production-1.31%
Civitas Resources, Inc., 8.38%, 07/01/2028(b)		54,000		55,610

	Principal Amount		Value
Oil & Gas Exploration & Production-(continued)
Pioneer Natural Resources Co., 5.10%, 03/29/2026	$	22,000	$	21,933
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)		50,000		51,677
				129,220
Oil & Gas Storage & Transportation-6.80%
Enbridge, Inc. (Canada), 5.97%, 03/08/2026		122,000		122,208
Energy Transfer L.P., 4.50%, 04/15/2024		200,000		198,095
Enterprise Products Operating LLC, 5.05%, 01/10/2026		27,000		26,992
Genesis Energy L.P./Genesis Energy Finance Corp., 6.25%, 05/15/2026		50,000		47,759
Kinder Morgan, Inc., 5.63%, 11/15/2023(b)		100,000		99,920
MPLX L.P., 4.88%, 12/01/2024		100,000		98,765
ONEOK, Inc., 5.85%, 01/15/2026		50,000		50,394
Williams Cos., Inc. (The), 5.40%, 03/02/2026		27,000		27,066
				671,199
Packaged Foods & Meats-0.50%
General Mills, Inc., 5.24%, 11/18/2025		50,000		49,788
Paper & Plastic Packaging Products & Materials-0.49%
Cascades, Inc./Cascades USA, Inc. (Canada), 5.13%, 01/15/2026(b)		50,000		48,235
Passenger Airlines-0.76%
Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/2025(b)		76,000		74,515
Personal Care Products-0.30%
Kenvue, Inc.
5.50%, 03/22/2025(b)		22,000		22,096
5.35%, 03/22/2026(b)		7,000		7,055
				29,151
Pharmaceuticals-2.28%
Eli Lilly and Co., 5.00%, 02/27/2026		51,000		51,055
Pfizer Investment Enterprises Pte. Ltd.
4.65%, 05/19/2025		75,000		74,393
4.45%, 05/19/2026		50,000		49,410
Zoetis, Inc., 5.40%, 11/14/2025		50,000		50,266
				225,124
Regional Banks-1.67%
Synovus Financial Corp., 5.20%, 08/11/2025		50,000		48,285
Truist Financial Corp.
5.60% (SOFR + 0.40%), 06/09/2025(c)(e)		100,000		97,815
6.05%, 06/08/2027(d)		19,000		19,046
				165,146
Restaurants-0.45%
Starbucks Corp., 4.75%, 02/15/2026		45,000		44,689
Retail REITs-1.38%
Realty Income Corp.
4.60%, 02/06/2024		100,000		99,435
5.05%, 01/13/2026		37,000		36,776
				136,211
Self-Storage REITs-0.21%
Public Storage, 5.13%, 01/15/2029		21,000		21,126
Semiconductors-1.44%
Broadcom, Inc., 3.46%, 09/15/2026		150,000		142,229

See accompanying notes which are an integral part of this schedule.

Invesco Short Duration Bond ETF (ISDB)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Sovereign Debt-3.38%
Romanian Government International Bond (Romania), 6.63%, 02/17/2028(b)	$	128,000	$	132,954
Serbia International Bond (Serbia), 6.25%, 05/26/2028(b)		200,000		200,591
				333,545
Specialized Finance-0.48%
Blackstone Private Credit Fund, 1.75%, 09/15/2024		50,000		47,267
Systems Software-1.54%
Oracle Corp., 5.80%, 11/10/2025		150,000		151,946
Technology Distributors-0.58%
Arrow Electronics, Inc., 6.13%, 03/01/2026		57,000		56,931
Technology Hardware, Storage & Peripherals-3.05%
Hewlett Packard Enterprise Co.
5.90%, 10/01/2024		150,000		150,174
6.10%, 04/01/2026		150,000		150,395
				300,569
Telecom Tower REITs-0.47%
SBA Communications Corp., 3.88%, 02/15/2027		50,000		46,109
Tobacco-2.09%
Philip Morris International, Inc.
5.13%, 11/15/2024		100,000		99,705
4.88%, 02/13/2026		107,000		106,335
				206,040
Trading Companies & Distributors-0.48%
Air Lease Corp., 3.38%, 07/01/2025		50,000		47,734
Transaction & Payment Processing Services-0.96%
Block, Inc., 2.75%, 06/01/2026		50,000		45,565
Fidelity National Information Services, Inc., 4.50%, 07/15/2025		50,000		49,079
				94,644
Wireless Telecommunication Services-1.49%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 4.74%, 03/20/2025(b)		87,500		86,552
T-Mobile USA, Inc.
3.50%, 04/15/2025		50,000		48,332
4.95%, 03/15/2028		12,000		11,859
				146,743
Total U.S. Dollar Denominated Bonds & Notes (Cost $8,875,900)				8,859,333
Asset-Backed Securities-6.03%
Avis Budget Rental Car Funding (AESOP) LLC
Series 2022-3A, Class A, 4.62%, 02/20/2027(b)		100,000		96,967
Series 2023-2A, Class A, 5.20%, 10/20/2027(b)		100,000		98,090
Series 2023-4A, Class A, 5.49%, 06/20/2029(b)		100,000		98,634
Eaton Vance CLO Ltd., Series 2019-1A, Class AR, 6.67% (3 mo. Term SOFR + 1.36%), 04/15/2031(b)(c)		100,000		99,597
OBX Trust, Series 2023-NQM1, Class A1, 6.12%, 11/25/2062(b)(g)		93,892		93,400

	Principal Amount		Value
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.00%, 06/25/2053(b)	$	28,000	$	26,759
Verus Securitization Trust, Series 2021-R3, Class A1, 1.02%, 04/25/2064(b)(g)		91,998		81,594
Total Asset-Backed Securities (Cost $598,795)				595,041
U.S. Treasury Securities-1.82%
U.S. Treasury Bills-0.24%
4.79%, 04/18/2024(h)(i)		25,000		24,074
U.S. Treasury Notes-1.58%
4.75%, 07/31/2025		64,300		64,162
4.50%, 07/15/2026		48,300		48,291
4.13%, 07/31/2028		43,400		43,325
				155,778
Total U.S. Treasury Securities  (Cost $179,939)				179,852
Agency Credit Risk Transfer Notes-0.76%
Fannie Mae Connecticut Avenue Securities, Series 2023-R02, Class 1M1, 7.37% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(c)(j)		28,000		28,435
Freddie Mac, Series 2023-DNA1, Class M1, STACR®, 7.17% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(c)(k)		46,243		46,795
Total Agency Credit Risk Transfer Notes (Cost $74,243)				75,230
	Shares
Preferred Stocks-0.50%
Investment Banking & Brokerage-0.50%
Goldman Sachs Group, Inc. (The), Series P, Pfd., 8.21%(d) (Cost $48,600)		50,000		49,643
Money Market Funds-0.49%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(l)(m)  (Cost $48,357)		48,357		48,357
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-99.35% (Cost $9,825,834)				9,807,456
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.82%
Invesco Private Government Fund, 5.24%(l)(m)(n)		22,647		22,647
Invesco Private Prime Fund, 5.38%(l)(m)(n)		58,236		58,236
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $80,883)				80,883
TOTAL INVESTMENTS IN SECURITIES-100.17% (Cost $9,906,717)				9,888,339
OTHER ASSETS LESS LIABILITIES-(0.17)%				(16,939	)
NET ASSETS-100.00%			$	9,871,400

See accompanying notes which are an integral part of this schedule.

Invesco Short Duration Bond ETF (ISDB)–(continued)

July 31, 2023

(Unaudited)

Investment Abbreviations:

CLO -Collateralized Loan Obligation

Pfd. -Preferred

REIT -Real Estate Investment Trust

SOFR -Secured Overnight Financing Rate

STACR^® -Structured Agency Credit Risk

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 July 31, 2023 was $2,683,115, which represented 27.18% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2023.

^(d)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)  All or a portion of this security was out on loan at July 31, 2023.

^(f) Perpetual bond with no specified maturity date.

^(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 July 31, 2023.

^(h)  $24,072 was pledged as collateral to cover margin requirements for open futures contracts.

⁽ⁱ⁾  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(j)  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.

^(k)  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.

^(l)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the period ended July 31, 2023.

	Value October 31, 2022					Purchases    at  Cost			Proceeds  from Sales			Change in Unrealized Appreciation					Realized Gain (Loss)			Value July 31, 2023			Dividend  Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class			$	-			$	5,803,442	$	(5,755,085	)			$	-		$	-			$	48,357		$	5,141
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund				-				607,032		(584,385	)				-			-				22,647			886	*
Invesco Private Prime Fund				-				976,174		(917,923	)				-			(15	)			58,236			2,100	*
Total			$	-			$	7,386,648	$	(7,257,393	)			$	-		$	(15	)		$	129,240		$	8,127

* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(m)  The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

⁽ⁿ⁾  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.

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		16		September-2023		$	3,248,500			$	(37,202	)			$	(37,202	)
	Short Futures Contracts
	Interest Rate Risk
	U.S. Treasury 5 Year Notes		10		September-2023			(1,068,203	)			21,416					21,416
	Total Futures Contracts										$	(15,786	)			$	(15,786	)

The valuation policy and a listing of other significant accounting policies are available in the most recent Statement of Additional Information.

See accompanying notes which are an integral part of this schedule.

Schedule of Investments^(a)

Invesco Total Return Bond ETF (GTO)

July 31, 2023

(Unaudited)

	Principal   Amount		Value
U.S. Dollar Denominated Bonds & Notes-49.57%
Aerospace & Defense-0.83%
L3Harris Technologies, Inc.
5.40%, 07/31/2033		$ 1,373,000	$	1,383,432
5.60%, 07/31/2053		1,095,000		1,118,420
Lockheed Martin Corp.
5.10%, 11/15/2027		394,000		399,806
4.45%, 05/15/2028		520,000		515,673
4.75%, 02/15/2034		924,000		918,835
4.15%, 06/15/2053		104,000		90,031
5.20%, 02/15/2055		1,192,000		1,216,623
4.30%, 06/15/2062		127,000		110,489
5.90%, 11/15/2063		287,000		322,570
RTX Corp., 5.15%, 02/27/2033		1,321,000		1,322,586
TransDigm, Inc., 6.75%, 08/15/2028(b)		876,000		879,709
				8,278,174
Agricultural & Farm Machinery-0.20%
John Deere Capital Corp., 4.70%, 06/10/2030		1,991,000		1,981,498
Agricultural Products & Services-0.22%
Archer-Daniels-Midland Co., 4.50%, 08/15/2033(c)		520,000		509,843
Cargill, Inc.
4.50%, 06/24/2026(b)		851,000		840,539
4.75%, 04/24/2033(b)		765,000		753,925
4.38%, 04/22/2052(b)		128,000		113,697
				2,218,004
Air Freight & Logistics-0.30%
United Parcel Service, Inc.
4.88%, 03/03/2033		928,000		938,109
5.05%, 03/03/2053		1,978,000		1,993,047
				2,931,156
Apparel Retail-0.01%
Ross Stores, Inc., 3.38%, 09/15/2024		84,000		81,742
Application Software-0.01%
Salesforce, Inc., 2.90%, 07/15/2051		127,000		87,848
Asset Management & Custody Banks-0.85%
Ameriprise Financial, Inc.
3.00%, 04/02/2025		14,000		13,455
5.15%, 05/15/2033		1,574,000		1,563,086
Bank of New York Mellon Corp. (The)
4.54%, 02/01/2029(d)		779,000		760,739
5.83%, 10/25/2033(d)		419,000		434,186
4.71%, 02/01/2034(d)		503,000		480,013
Series I, 3.75%(d)(e)		315,000		261,418
Series J, 4.97%, 04/26/2034(d)		952,000		927,505
BlackRock, Inc., 4.75%, 05/25/2033(c)		1,660,000		1,630,108
Blackstone Secured Lending Fund, 2.13%, 02/15/2027		771,000		653,142
Northern Trust Corp., 6.13%, 11/02/2032(c)		480,000		500,519
State Street Corp., 5.16%, 05/18/2034(c)(d)		1,220,000		1,198,349
				8,422,520

	Principal   Amount		Value
Automobile Manufacturers-1.75%
Ford Motor Credit Co. LLC
6.95%, 06/10/2026		$ 2,034,000	$	2,052,103
7.35%, 11/04/2027(c)		1,305,000		1,340,595
6.80%, 05/12/2028(c)		2,608,000		2,634,416
7.35%, 03/06/2030		962,000		996,744
7.20%, 06/10/2030		2,055,000		2,109,047
Hyundai Capital America
5.88%, 04/07/2025(b)		24,000		24,064
5.65%, 06/26/2026(b)		1,380,000		1,377,153
5.60%, 03/30/2028(b)		1,192,000		1,188,897
5.80%, 04/01/2030(b)		229,000		230,354
Mercedes-Benz Finance North America LLC (Germany)
5.10%, 08/03/2028(b)		2,046,000		2,043,586
5.05%, 08/03/2033(b)		2,095,000		2,085,740
Toyota Motor Credit Corp., 4.63%, 01/12/2028(c)		494,000		492,497
Volkswagen Group of America Finance LLC (Germany), 4.60%, 06/08/2029(b)		864,000		836,085
				17,411,281
Automotive Parts & Equipment-0.89%
American Honda Finance Corp.
4.70%, 01/12/2028		848,000		841,875
4.60%, 04/17/2030(c)		501,000		491,346
ERAC USA Finance LLC
4.60%, 05/01/2028(b)(c)		1,137,000		1,110,183
4.90%, 05/01/2033(b)		1,555,000		1,532,814
5.40%, 05/01/2053(b)		1,623,000		1,627,988
Nemak S.A.B. de C.V. (Mexico), 3.63%, 06/28/2031(b)		350,000		277,656
ZF North America Capital, Inc. (Germany)
6.88%, 04/14/2028(b)		1,088,000		1,105,992
7.13%, 04/14/2030(b)		1,809,000		1,865,046
				8,852,900
Automotive Retail-0.19%
Advance Auto Parts, Inc., 5.95%, 03/09/2028		488,000		486,179
AutoZone, Inc., 5.20%, 08/01/2033		1,448,000		1,432,769
				1,918,948
Biotechnology-0.66%
Amgen, Inc.
5.25%, 03/02/2025		846,000		843,979
5.15%, 03/02/2028		1,127,000		1,127,970
5.25%, 03/02/2030		513,000		516,534
5.25%, 03/02/2033		1,164,000		1,162,139
5.60%, 03/02/2043		1,015,000		1,010,150
5.65%, 03/02/2053		1,842,000		1,848,871
				6,509,643
Broadcasting-0.00%
Fox Corp., 4.71%, 01/25/2029		22,000		21,356
Broadline Retail-0.05%
Prosus N.V. (China), 3.26%, 01/19/2027(b)		564,000		510,892

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Building Products-0.02%
HP Communities LLC
5.78%, 03/15/2046(b)		$   150,000	$	141,746
5.86%, 09/15/2053(b)		100,000		90,876
				232,622
Cable & Satellite-0.39%
CCO Holdings LLC/CCO Holdings Capital Corp.
6.38%, 09/01/2029(b)(c)		1,604,000		1,535,158
7.38%, 03/01/2031(b)(c)		942,000		937,221
Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 5.05%, 03/30/2029		22,000		21,056
Comcast Corp.
4.15%, 10/15/2028		7,000		6,777
5.50%, 11/15/2032		744,000		772,163
3.25%, 11/01/2039		55,000		43,449
3.45%, 02/01/2050		41,000		30,771
2.80%, 01/15/2051		14,000		9,153
2.89%, 11/01/2051		5,000		3,329
2.99%, 11/01/2063		4,000		2,517
Cox Communications, Inc.
5.70%, 06/15/2033(b)		470,000		472,446
2.95%, 10/01/2050(b)		16,000		9,862
				3,843,902
Cargo Ground Transportation-0.39%
Penske Truck Leasing Co. L.P./PTL Finance Corp.
5.75%, 05/24/2026(b)		415,000		413,211
5.70%, 02/01/2028(b)		472,000		467,632
5.55%, 05/01/2028(b)		1,040,000		1,024,746
6.05%, 08/01/2028(b)		1,580,000		1,585,540
6.20%, 06/15/2030(b)(c)		426,000		430,499
				3,921,628
Casinos & Gaming-0.02%
MGM China Holdings Ltd. (Macau), 5.38%, 05/15/2024(b)		218,000		215,473
Commercial & Residential Mortgage Finance-0.23%
Aviation Capital Group LLC
4.13%, 08/01/2025(b)		7,000		6,651
6.25%, 04/15/2028(b)		782,000		782,810
6.38%, 07/15/2030(b)		1,454,000		1,449,363
				2,238,824
Construction Machinery & Heavy Transportation Equipment-0.37%
Daimler Trucks Finance North America LLC (Germany), 3.65%, 04/07/2027(b)		766,000		730,408
SMBC Aviation Capital Finance DAC (Ireland), 5.70%, 07/25/2033(b)		2,940,000		2,900,393
				3,630,801
Consumer Finance-0.29%
Capital One Financial Corp.
6.31%, 06/08/2029(c)(d)		1,402,000		1,407,976
6.38%, 06/08/2034(c)(d)		1,258,000		1,270,533
General Motors Financial Co., Inc., 5.40%, 04/06/2026		249,000		247,653
				2,926,162

	Principal  Amount		Value
Consumer Staples Merchandise Retail-0.54%
Dollar General Corp., 5.50%, 11/01/2052		$   361,000	$	342,214
Target Corp.
4.50%, 09/15/2032(c)		475,000		463,013
4.80%, 01/15/2053(c)		584,000		555,540
Walmart, Inc.
3.90%, 04/15/2028		875,000		855,095
4.00%, 04/15/2030(c)		707,000		689,519
4.10%, 04/15/2033(c)		1,470,000		1,420,445
4.50%, 09/09/2052		351,000		338,678
4.50%, 04/15/2053		704,000		679,577
				5,344,081
Copper-0.07%
PT Freeport Indonesia (Indonesia), 5.32%, 04/14/2032(b)		716,000		681,869
Data Processing & Outsourced Services-0.51%
Concentrix Corp., 6.85%, 08/02/2033		5,186,000		5,016,772
Distillers & Vintners-0.06%
Brown-Forman Corp., 4.75%, 04/15/2033		343,000		343,821
Constellation Brands, Inc., 4.90%, 05/01/2033		287,000		280,635
				624,456
Diversified Banks-10.77%
Africa Finance Corp. (Supranational), 4.38%, 04/17/2026(b)		280,000		263,698
Australia and New Zealand Banking Group Ltd. (Australia)
6.74%, 12/08/2032(b)(c)		1,217,000		1,259,448
6.75%(b)(d)(e)		1,036,000		1,033,363
Banco Santander S.A. (Spain)
5.59%, 08/08/2028		3,200,000		3,200,000
6.92%, 08/08/2033		1,600,000		1,600,000
Bank of America Corp. 6.39% (SOFR + 1.05%), 02/04/2028(f)		545,000		544,075
4.95%, 07/22/2028(d)		398,000		391,756
5.20%, 04/25/2029(c)(d)		3,412,000		3,390,351
4.57%, 04/27/2033(d)		409,000		384,666
5.02%, 07/22/2033(d)		544,000		531,374
5.29%, 04/25/2034(d)		3,911,000		3,882,687
Bank of Montreal (Canada), 5.30%, 06/05/2026		1,022,000		1,022,867
Bank of Nova Scotia (The) (Canada), 8.63%, 10/27/2082(d)		1,259,000		1,309,848
Barclays PLC (United Kingdom)
7.12%, 06/27/2034(c)(d)		1,591,000		1,613,077
8.00%(c)(d)(e)		1,692,000		1,577,790
Citigroup, Inc.
3.88%(c)(d)(e)		1,432,000		1,249,993
7.38%(c)(d)(e)		3,073,000		3,134,460
3.98%, 03/20/2030(d)		41,000		38,044
2.57%, 06/03/2031(d)		36,000		30,070
6.17%, 05/25/2034(c)(d)		2,524,000		2,565,186
Series A, 9.70%(d)(e)		248,000		249,674
Series P, 5.95%(c)(d)(e)		330,000		320,682
Cooperatieve Rabobank U.A. (Netherlands), 3.65%, 04/06/2028(b)(d)		652,000		606,629

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Diversified Banks-(continued)
Corp. Andina de Fomento (Supranational), 1.25%, 10/26/2024		$ 2,769,000	$	2,610,843
Credit Suisse AG (Switzerland), 3.63%, 09/09/2024		734,000		712,822
Federation des caisses Desjardins du Quebec (Canada)
5.28%, 01/23/2026(b)(d)		446,000		440,737
4.55%, 08/23/2027(b)		1,380,000		1,339,440
Fifth Third Bancorp
2.38%, 01/28/2025		474,000		449,655
2.55%, 05/05/2027		9,000		8,093
1.71%, 11/01/2027(d)		501,000		433,720
6.34%, 07/27/2029(d)		394,000		401,403
4.77%, 07/28/2030(d)		1,154,000		1,086,564
HSBC Holdings PLC (United Kingdom)
5.21%, 08/11/2028(d)		1,056,000		1,035,079
5.40%, 08/11/2033(c)(d)		1,314,000		1,283,149
8.11%, 11/03/2033(d)		1,291,000		1,431,984
6.55%, 06/20/2034(c)(d)		4,078,000		4,079,454
6.33%, 03/09/2044(d)		1,688,000		1,767,065
JPMorgan Chase & Co.
4.32%, 04/26/2028(d)		332,000		321,871
4.85%, 07/25/2028(d)		422,000		416,439
5.30%, 07/24/2029(c)(d)		2,147,000		2,152,762
3.70%, 05/06/2030(d)		41,000		37,736
2.96%, 01/25/2033(d)		65,000		54,876
4.59%, 04/26/2033(d)		295,000		281,623
5.72%, 09/14/2033(c)(d)		1,031,000		1,047,283
5.35%, 06/01/2034(d)		3,937,000		3,966,826
KeyBank N.A.
3.30%, 06/01/2025		590,000		552,265
4.15%, 08/08/2025		330,000		315,936
5.85%, 11/15/2027(c)		571,000		560,203
KeyCorp
3.88%, 05/23/2025(d)		736,000		693,097
2.55%, 10/01/2029(c)		473,000		381,116
Manufacturers & Traders Trust Co.
2.90%, 02/06/2025		1,255,000		1,195,026
4.70%, 01/27/2028		1,298,000		1,240,836
Mitsubishi UFJ Financial Group, Inc. (Japan)
5.02%, 07/20/2028(c)(d)		1,079,000		1,058,895
5.24%, 04/19/2029(d)		718,000		707,822
1.80%, 07/20/2033(d)		1,002,000		983,207
5.41%, 04/19/2034(c)(d)		742,000		738,709
Mizuho Financial Group, Inc. (Japan)
5.78%, 07/06/2029(d)		970,000		974,892
5.67%, 09/13/2033(d)		1,275,000		1,280,817
5.75%, 07/06/2034(d)		2,366,000		2,379,442
Multibank, Inc. (Panama), 7.75%, 02/03/2028(b)		1,152,000		1,165,018
National Securities Clearing Corp.
5.10%, 11/21/2027(b)		1,359,000		1,365,196
5.00%, 05/30/2028(b)		810,000		808,670

	Principal  Amount		Value
Diversified Banks-(continued)
PNC Financial Services Group, Inc. (The)
5.58%, 06/12/2029(c)(d)		$ 2,346,000	$	2,351,763
4.63%, 06/06/2033(d)		607,000		556,182
6.04%, 10/28/2033(d)		526,000		541,111
5.07%, 01/24/2034(c)(d)		723,000		697,816
Series V, 6.20%(c)(d)(e)		831,000		801,915
Series W, 6.25%(d)(e)		1,395,000		1,279,106
Royal Bank of Canada (Canada) 6.02% (SOFR + 0.71%), 01/21/2027(f)		520,000		512,571
5.00%, 02/01/2033		893,000		877,696
Standard Chartered PLC (United Kingdom)
6.19%, 07/06/2027(b)(d)		923,000		931,982
2.68%, 06/29/2032(b)(d)		810,000		644,277
6.30%, 07/06/2034(b)(d)		988,000		1,007,313
4.30%(b)(d)(e)		1,362,000		1,066,991
7.75%(b)(c)(d)(e)		2,112,000		2,107,354
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.13%, 07/08/2030		594,000		482,761
5.77%, 01/13/2033		2,097,000		2,150,886
6.18%, 07/13/2043		663,000		690,542
Sumitomo Mitsui Trust Bank Ltd. (Japan), 5.65%, 03/09/2026(b)		755,000		757,447
Synovus Bank, 5.63%, 02/15/2028		1,230,000		1,148,246
Toronto-Dominion Bank (The) (Canada), 8.13%, 10/31/2082(d)		1,317,000		1,356,247
U.S. Bancorp
4.55%, 07/22/2028(d)		421,000		405,176
5.78%, 06/12/2029(c)(d)		1,801,000		1,808,481
4.97%, 07/22/2033(d)		345,000		318,786
5.85%, 10/21/2033(d)		697,000		706,268
4.84%, 02/01/2034(c)(d)		1,516,000		1,424,390
5.84%, 06/12/2034(d)		1,794,000		1,819,837
Wells Fargo & Co.
4.81%, 07/25/2028(d)		244,000		238,102
4.15%, 01/24/2029		50,000		47,467
5.57%, 07/25/2029(d)		1,479,000		1,487,395
4.90%, 07/25/2033(d)		240,000		230,139
5.39%, 04/24/2034(d)		799,000		793,078
5.56%, 07/25/2034(d)		3,893,000		3,909,839
4.61%, 04/25/2053(d)		362,000		318,407
7.63%(c)(d)(e)		1,545,000		1,592,339
				107,022,219
Diversified Capital Markets-0.14%
Credit Suisse Group AG (Switzerland)
4.50%(b)(d)(e)(g)		332,000		19,920
5.25%(b)(d)(e)(g)		271,000		16,260
UBS Group AG (Switzerland)
5.71%, 01/12/2027(b)(c)(d)		491,000		490,479
4.75%, 05/12/2028(b)(d)		916,000		878,512
				1,405,171
Diversified Chemicals-0.69%
Braskem Netherlands Finance B.V. (Brazil), 7.25%, 02/13/2033(b)(c)		970,000		956,406

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal   Amount		Value
Diversified Chemicals-(continued)
Sasol Financing USA LLC (South Africa)
4.38%, 09/18/2026		$ 1,785,000	$	1,615,532
8.75%, 05/03/2029(b)		1,625,000		1,626,827
5.50%, 03/18/2031		3,250,000		2,681,282
				6,880,047
Diversified Financial Services-0.75%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
4.50%, 09/15/2023		150,000		149,686
1.75%, 01/30/2026(c)		408,000		368,826
5.75%, 06/06/2028(c)		1,837,000		1,831,601
AMC East Communities LLC, 6.01%, 01/15/2053(b)		183,721		170,920
Mid-Atlantic Military Family Communities LLC, 5.30%, 08/01/2050(b)		218,120		184,457
OPEC Fund for International Development (The) (Supranational), 4.50%, 01/26/2026(b)		1,730,000		1,700,815
Pacific Beacon LLC
5.38%, 07/15/2026(b)		44,163		43,720
5.51%, 07/15/2036(b)		500,000		468,946
Pershing Square Holdings Ltd.
3.25%, 11/15/2030(b)		1,000,000		780,000
3.25%, 10/01/2031(b)		2,300,000		1,742,926
				7,441,897
Diversified Metals & Mining-0.20%
Corp. Nacional del Cobre de Chile (Chile), 5.13%, 02/02/2033(b)		674,000		665,682
Rio Tinto Finance (USA) PLC (Australia), 5.13%, 03/09/2053(c)		1,299,000		1,304,582
				1,970,264
Diversified REITs-0.11%
Atlantic Marine Corps Communities LLC, 5.34%, 12/01/2050(b)		91,631		80,235
CubeSmart L.P., 2.25%, 12/15/2028		36,000		30,541
Fort Benning Family Communities LLC, 5.81%, 01/15/2051(b)		200,000		183,577
Trust Fibra Uno (Mexico), 4.87%, 01/15/2030(b)		880,000		798,833
				1,093,186
Diversified Support Services-0.12%
Ritchie Bros. Holdings, Inc. (Canada)
6.75%, 03/15/2028(b)		253,000		256,479
7.75%, 03/15/2031(b)(c)		911,000		950,586
				1,207,065
Drug Retail-0.32%
CK Hutchison International (23) Ltd. (United Kingdom)
4.75%, 04/21/2028(b)		1,685,000		1,662,952
4.88%, 04/21/2033(b)		1,575,000		1,552,260
				3,215,212

	Principal   Amount		Value
Education Services-0.17%
Grand Canyon University, 3.25%, 10/01/2023		$ 1,235,000	$	1,219,562
Johns Hopkins University (The), Series A, 4.71%, 07/01/2032		424,000		424,650
				1,644,212
Electric Utilities-2.17%
American Electric Power Co., Inc.
5.75%, 11/01/2027		381,000		390,665
3.88%, 02/15/2062(d)		444,000		360,475
Commonwealth Edison Co., Series 127, 3.20%, 11/15/2049		30,000		21,224
Duke Energy Carolinas LLC, 5.35%, 01/15/2053		620,000		623,539
Duke Energy Corp., 5.00%, 08/15/2052		496,000		451,353
Duke Energy Indiana LLC, 5.40%, 04/01/2053		837,000		842,302
Electricite de France S.A. (France)
5.70%, 05/23/2028(b)		336,000		338,511
9.13%(b)(d)(e)		957,000		1,008,439
Enel Finance International N.V. (Italy), 6.80%, 10/14/2025(b)(c)		1,072,000		1,095,261
Evergy Metro, Inc., 4.95%, 04/15/2033		428,000		420,427
Exelon Corp., 5.60%, 03/15/2053		711,000		711,004
Florida Power & Light Co., 4.80%, 05/15/2033		466,000		462,226
Georgia Power Co.
4.65%, 05/16/2028(c)		1,217,000		1,196,880
4.95%, 05/17/2033		1,300,000		1,281,944
Mercury Chile Holdco LLC (Chile), 6.50%, 01/24/2027(b)		4,464,000		4,150,368
Metropolitan Edison Co., 5.20%, 04/01/2028(b)		237,000		235,726
National Rural Utilities Cooperative Finance Corp.
5.80%, 01/15/2033(c)		279,000		291,475
7.13%, 09/15/2053(d)		1,207,000		1,218,778
NextEra Energy Capital Holdings, Inc.
6.05%, 03/01/2025		721,000		726,538
4.63%, 07/15/2027		456,000		448,303
Oklahoma Gas and Electric Co., 5.60%, 04/01/2053		417,000		425,737
PECO Energy Co., 4.90%, 06/15/2033		816,000		812,643
Public Service Co. of Colorado, 5.25%, 04/01/2053		647,000		620,296
Public Service Electric and Gas Co., 5.13%, 03/15/2053(c)		408,000		414,030
San Diego Gas & Electric Co., 5.35%, 04/01/2053		1,506,000		1,499,921
Southern Co. (The), 5.70%, 10/15/2032(c)		304,000		313,918
Southwestern Electric Power Co., 5.30%, 04/01/2033		567,000		561,368
Virginia Electric and Power Co., 5.00%, 04/01/2033(c)		616,000		610,759
				21,534,110

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Electrical Components & Equipment-0.61%
CenterPoint Energy Houston Electric LLC
Series AI, 4.45%, 10/01/2032		$   515,000	$	494,868
Series AJ, 4.85%, 10/01/2052		390,000		368,311
Regal Rexnord Corp.
6.05%, 04/15/2028(b)		956,000		950,806
6.30%, 02/15/2030(b)		370,000		369,636
6.40%, 04/15/2033(b)		1,547,000		1,544,011
Sensata Technologies B.V.
4.00%, 04/15/2029(b)		2,179,000		1,927,480
5.88%, 09/01/2030(b)(c)		411,000		396,442
				6,051,554
Electronic Manufacturing Services-0.26%
Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030(b)		2,620,000		2,606,900
Environmental & Facilities Services-0.12%
Clean Harbors, Inc., 6.38%, 02/01/2031(b)		639,000		642,631
Republic Services, Inc.
4.88%, 04/01/2029		207,000		206,367
5.00%, 04/01/2034		380,000		377,895
				1,226,893
Financial Exchanges & Data-0.45%
B3 S.A. - Brasil, Bolsa, Balcao (Brazil), 4.13%, 09/20/2031(b)		505,000		432,406
Intercontinental Exchange, Inc.
4.00%, 09/15/2027		230,000		223,123
4.60%, 03/15/2033		227,000		217,942
4.95%, 06/15/2052		315,000		302,501
5.20%, 06/15/2062		751,000		737,565
Moody’s Corp.
3.75%, 02/25/2052		123,000		96,064
3.10%, 11/29/2061		230,000		148,073
Nasdaq, Inc.
5.35%, 06/28/2028		435,000		435,999
5.55%, 02/15/2034		794,000		801,479
5.95%, 08/15/2053		328,000		334,931
6.10%, 06/28/2063		761,000		769,019
				4,499,102
Gas Utilities-0.14%
Piedmont Natural Gas Co., Inc., 5.40%, 06/15/2033		956,000		954,099
Southwest Gas Corp., 5.45%, 03/23/2028		403,000		401,405
				1,355,504
Health Care Distributors-0.06%
McKesson Corp., 5.10%, 07/15/2033		603,000		605,366
Health Care Equipment-0.20%
Becton, Dickinson and Co., 4.69%, 02/13/2028(c)		448,000		443,279
Medtronic Global Holdings S.C.A., 4.25%, 03/30/2028		1,617,000		1,582,108
				2,025,387
Health Care Facilities-0.27%
HCA, Inc., 5.90%, 06/01/2053		1,434,000		1,410,418

	Principal  Amount		Value
Health Care Facilities-(continued)
UPMC
5.04%, 05/15/2033		$ 1,006,000	$	991,380
5.38%, 05/15/2043		335,000		327,659
				2,729,457
Health Care REITs-0.00%
Healthcare Realty Holdings L.P., 2.00%, 03/15/2031		14,000		10,748
Health Care Services-0.64%
CVS Health Corp.
5.00%, 01/30/2029		1,211,000		1,206,128
5.25%, 01/30/2031(c)		284,000		284,156
5.30%, 06/01/2033(c)		1,436,000		1,435,038
5.88%, 06/01/2053(c)		523,000		530,915
6.00%, 06/01/2063		546,000		555,338
Piedmont Healthcare, Inc.
2.86%, 01/01/2052		1,611,000		1,022,908
Series 2032, 2.04%, 01/01/2032		1,029,000		805,535
Series 2042, 2.72%, 01/01/2042		806,000		546,979
				6,386,997
Highways & Railtracks-0.03%
TransJamaican Highway Ltd. (Jamaica), 5.75%, 10/10/2036(b)		363,998		300,253
Home Improvement Retail-0.42%
Lowe’s Cos., Inc.
5.00%, 04/15/2033(c)		631,000		625,224
5.15%, 07/01/2033		1,102,000		1,101,746
5.75%, 07/01/2053		333,000		338,878
5.80%, 09/15/2062		130,000		129,148
5.85%, 04/01/2063		1,922,000		1,931,275
				4,126,271
Homebuilding-0.03%
Lennar Corp., 4.75%, 11/29/2027		283,000		275,952
Hotels, Resorts & Cruise Lines-0.09%
Marriott International, Inc., 4.90%, 04/15/2029		875,000		858,601
Independent Power Producers & Energy Traders-0.15%
AES Corp. (The), 2.45%, 01/15/2031		32,000		26,110
EnfraGen Energia Sur S.A./EnfraGen Spain S.A./Prime Energia S.p.A. (Colombia), 5.38%, 12/30/2030(b)		1,137,000		752,990
Vistra Corp., 7.00%(b)(d)(e)		796,000		709,156
				1,488,256
Industrial Conglomerates-0.43%
Bidvest Group UK PLC (The) (South Africa), 3.63%, 09/23/2026(b)		931,000		842,550
Honeywell International, Inc.
4.25%, 01/15/2029(c)		1,120,000		1,095,922
5.00%, 02/15/2033		1,164,000		1,183,709
4.50%, 01/15/2034(c)		1,219,000		1,190,517
				4,312,698
Industrial Machinery & Supplies & Components-0.12%
nVent Finance S.a.r.l. (United Kingdom), 5.65%, 05/15/2033(c)		1,256,000		1,233,549

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Industrial REITs-0.63%
Prologis L.P.
4.88%, 06/15/2028		$   935,000	$	930,919
2.88%, 11/15/2029		110,000		96,773
4.63%, 01/15/2033		704,000		685,729
4.75%, 06/15/2033		1,633,000		1,588,156
5.13%, 01/15/2034		903,000		903,449
5.25%, 06/15/2053		2,092,000		2,067,469
				6,272,495
Insurance Brokers-0.04%
Marsh & McLennan Cos., Inc., 5.45%, 03/15/2053		385,000		391,252
Integrated Oil & Gas-0.94%
BP Capital Markets America, Inc.
4.81%, 02/13/2033		1,414,000		1,391,657
4.89%, 09/11/2033		866,000		856,179
Ecopetrol S.A. (Colombia), 8.88%, 01/13/2033		2,530,000		2,597,263
Occidental Petroleum Corp., 4.63%, 06/15/2045		960,000		745,104
Petroleos Mexicanos (Mexico)
8.75%, 06/02/2029(c)		2,074,000		1,895,387
6.70%, 02/16/2032		1,323,000		1,020,605
10.00%, 02/07/2033(b)(c)		915,000		852,933
				9,359,128
Integrated Telecommunication Services-0.59%
AT&T, Inc.
6.72% (3 mo. USD LIBOR + 1.18%), 06/12/2024(f)		10,000		10,067
5.40%, 02/15/2034(c)		1,706,000		1,679,029
3.55%, 09/15/2055		14,000		9,429
British Telecommunications PLC (United Kingdom), 4.25%, 11/23/2081(b)(d)		1,870,000		1,662,965
IHS Holding Ltd. (Nigeria)
5.63%, 11/29/2026(b)		771,000		675,990
6.25%, 11/29/2028(b)		586,000		485,419
Level 3 Financing, Inc., 3.75%, 07/15/2029(b)		846,000		555,514
Sitios Latinoamerica S.A.B. de C.V. (Brazil), 5.38%, 04/04/2032(b)		789,000		721,748
Verizon Communications, Inc., 3.88%, 02/08/2029		16,000		15,060
				5,815,221
Interactive Media & Services-0.28%
Match Group Holdings II LLC, 5.63%, 02/15/2029(b)(c)		321,000		305,298
Meta Platforms, Inc.
4.45%, 08/15/2052		542,000		473,308
4.65%, 08/15/2062		555,000		491,340
5.75%, 05/15/2063		1,459,000		1,514,303
				2,784,249
Investment Banking & Brokerage-1.43%
Charles Schwab Corp. (The)
5.64%, 05/19/2029(c)(d)		1,269,000		1,280,928
5.85%, 05/19/2034(c)(d)		1,268,000		1,307,589
Series K, 5.00%(c)(d)(e)		307,000		277,741

	Principal  Amount		Value
Investment Banking & Brokerage-(continued)
Goldman Sachs Group, Inc. (The) 5.99% (SOFR + 0.79%), 12/09/2026(f)		$   189,000	$	186,586
2.62%, 04/22/2032(d)		25,000		20,518
3.21%, 04/22/2042(d)		28,000		20,788
Series V, 4.13%(c)(d)(e)		746,000		635,120
Morgan Stanley
5.12%, 02/01/2029(d)		437,000		432,746
5.16%, 04/20/2029(d)		3,442,000		3,407,033
5.45%, 07/20/2029(d)		791,000		792,967
5.25%, 04/21/2034(d)		3,848,000		3,800,011
5.42%, 07/21/2034(c)(d)		1,715,000		1,714,305
5.95%, 01/19/2038(d)		350,000		348,330
3.22%, 04/22/2042(d)		19,000		14,374
				14,239,036
Leisure Products-0.06%
Brunswick Corp., 5.10%, 04/01/2052		731,000		550,040
Life & Health Insurance-1.40%
Delaware Life Global Funding
Series 21-1, 2.66%, 06/29/2026(b)		4,125,000		3,696,449
Series 22-1, 3.31%, 03/10/2025(b)		2,375,000		2,226,943
F&G Annuities & Life, Inc., 7.40%, 01/13/2028(b)		750,000		753,711
MAG Mutual Holding Co., 4.75%, 04/30/2041(b)(h)		3,179,000		2,599,023
MetLife, Inc.
9.25%, 04/08/2038(b)		350,000		404,728
5.25%, 01/15/2054(c)		1,111,000		1,084,097
Pacific Life Global Funding II, 6.06% (SOFR + 0.80%), 03/30/2025(b)(f)		1,378,000		1,379,447
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/2061(b)		37,000		24,815
Principal Financial Group, Inc.
5.38%, 03/15/2033		784,000		783,966
5.50%, 03/15/2053		1,045,000		992,767
				13,945,946
Managed Health Care-0.72%
Kaiser Foundation Hospitals
Series 2021, 2.81%, 06/01/2041		1,420,000		1,031,982
Series 2021, 3.00%, 06/01/2051		1,757,000		1,219,014
UnitedHealth Group, Inc.
5.25%, 02/15/2028(c)		542,000		554,738
4.25%, 01/15/2029		629,000		613,950
4.00%, 05/15/2029(c)		606,000		583,815
5.30%, 02/15/2030		921,000		945,490
5.35%, 02/15/2033(c)		793,000		822,067
4.50%, 04/15/2033		286,000		278,738
5.05%, 04/15/2053		606,000		596,505
5.20%, 04/15/2063		501,000		494,175
				7,140,474
Movies & Entertainment-0.14%
Warnermedia Holdings, Inc.
5.05%, 03/15/2042		613,000		509,931
5.14%, 03/15/2052		442,000		359,513
5.39%, 03/15/2062		666,000		542,107
				1,411,551

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Multi-Family Residential REITs-0.00%
Mid-America Apartments L.P., 2.88%, 09/15/2051		$    16,000	$	10,271
Multi-line Insurance-0.23%
Metropolitan Life Global Funding I, 5.15%, 03/28/2033(b)		1,441,000		1,431,591
New York Life Global Funding, 4.55%, 01/28/2033(b)		905,000		869,294
				2,300,885
Multi-Utilities-0.27%
Ameren Illinois Co., 4.95%, 06/01/2033		738,000		732,920
Dominion Energy, Inc., 5.38%, 11/15/2032(c)		919,000		921,166
NiSource, Inc., 5.25%, 03/30/2028		277,000		277,653
WEC Energy Group, Inc.
5.15%, 10/01/2027		402,000		402,102
4.75%, 01/15/2028		357,000		351,443
				2,685,284
Office REITs-0.85%
Boston Properties L.P.
2.90%, 03/15/2030		399,000		326,162
3.25%, 01/30/2031		251,000		207,098
2.55%, 04/01/2032		475,000		362,030
2.45%, 10/01/2033(c)		478,000		345,984
Brandywine Operating Partnership L.P., 7.55%, 03/15/2028(c)		726,000		668,891
Office Properties Income Trust, 4.25%, 05/15/2024		602,000		567,517
Piedmont Operating Partnership L.P.
9.25%, 07/20/2028		5,790,000		5,948,231
3.15%, 08/15/2030		18,000		13,325
				8,439,238
Oil & Gas Drilling-0.13%
Valaris Ltd., 8.38%, 04/30/2030(b)(c)		1,234,000		1,263,739
Oil & Gas Equipment & Services-0.13%
Enerflex Ltd. (Canada), 9.00%, 10/15/2027(b)		728,000		733,358
Petrofac Ltd. (United Kingdom), 9.75%, 11/15/2026(b)		734,000		569,683
				1,303,041
Oil & Gas Exploration & Production-0.69%
Apache Corp., 7.75%, 12/15/2029		532,000		549,838
Baytex Energy Corp. (Canada), 8.50%, 04/30/2030(b)		854,000		866,153
Civitas Resources, Inc.
8.38%, 07/01/2028(b)		959,000		987,588
8.75%, 07/01/2031(b)		993,000		1,028,996
Murphy Oil Corp., 6.38%, 07/15/2028(c)		592,000		589,939
Rockcliff Energy II LLC, 5.50%, 10/15/2029(b)		1,058,000		969,828
Transocean Titan Financing Ltd., 8.38%, 02/01/2028(b)		740,000		764,816
Uzbekneftegaz JSC (Uzbekistan), 4.75%, 11/16/2028(b)		1,278,000		1,070,747
				6,827,905

	Principal  Amount		Value
Oil & Gas Refining & Marketing-0.31%
Cosan Luxembourg S.A. (Brazil), 7.50%, 06/27/2030(b)		$ 1,975,000	$	1,987,186
Phillips 66 Co., 5.30%, 06/30/2033(c)		1,089,000		1,089,008
				3,076,194
Oil & Gas Storage & Transportation-1.25%
Cheniere Energy Partners L.P., 5.95%, 06/30/2033(b)		896,000		907,774
Enbridge, Inc. (Canada)
5.77% (SOFR + 0.63%), 02/16/2024(f)		719,000		719,376
5.70%, 03/08/2033		999,000		1,013,204
7.38%, 01/15/2083(d)		631,000		625,661
7.63%, 01/15/2083(d)		512,000		518,605
Energy Transfer L.P.
5.50%, 06/01/2027		261,000		261,005
5.80%, 06/15/2038		4,000		3,849
6.00%, 06/15/2048		4,000		3,808
Genesis Energy L.P./Genesis Energy Finance Corp., 8.88%, 04/15/2030		460,000		459,360
GreenSaif Pipelines Bidco S.a.r.l. (Saudi Arabia)
6.13%, 02/23/2038(b)		770,000		792,938
6.51%, 02/23/2042(b)		970,000		1,005,067
Kinder Morgan, Inc.
7.80%, 08/01/2031		212,000		241,064
4.80%, 02/01/2033		358,000		339,658
5.20%, 06/01/2033(c)		972,000		949,605
5.45%, 08/01/2052(c)		753,000		696,268
MPLX L.P.
5.00%, 03/01/2033		611,000		587,437
4.95%, 03/14/2052(c)		383,000		325,716
Targa Resources Corp., 6.25%, 07/01/2052		306,000		304,239
TMS Issuer S.a.r.l. (Saudi Arabia), 5.78%, 08/23/2032(b)		400,000		410,000
Western Midstream Operating L.P., 6.15%, 04/01/2033(c)		1,149,000		1,166,384
Williams Cos., Inc. (The), 5.65%, 03/15/2033(c)		1,022,000		1,039,091
				12,370,109
Other Specialty Retail-0.04%
Tractor Supply Co., 5.25%, 05/15/2033(c)		426,000		421,360
Packaged Foods & Meats-0.41%
Mars, Inc.
4.55%, 04/20/2028(b)(c)		1,657,000		1,629,985
4.65%, 04/20/2031(b)		815,000		805,089
McCormick & Co., Inc., 4.95%, 04/15/2033(c)		407,000		399,985
Minerva Luxembourg S.A. (Brazil), 4.38%, 03/18/2031(b)		1,465,000		1,196,905
				4,031,964
Paper & Plastic Packaging Products & Materials-0.02%
Berry Global, Inc., 4.88%, 07/15/2026(b)		177,000		171,340

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Passenger Airlines-0.58%
American Airlines Pass-Through Trust
Series 2021-1, Class A, 2.88%, 07/11/2034		$   399,371	$	333,623
Series 2021-1, Class B, 3.95%, 07/11/2030		2,130,310		1,849,152
British Airways Pass-Through Trust (United Kingdom)
Series 2019-1, Class AA, 3.30%, 12/15/2032(b)		108,007		94,334
Series 2021-1, Class A, 2.90%, 03/15/2035(b)		853,555		721,470
Delta Air Lines, Inc./SkyMiles IP Ltd.
4.50%, 10/20/2025(b)		335,516		328,962
4.75%, 10/20/2028(b)		229,745		222,547
United Airlines Pass-Through Trust
5.80%, 07/15/2037		2,052,000		2,093,993
Series 2020-1, Class A, 5.88%, 10/15/2027		120,862		120,413
				5,764,494
Personal Care Products-0.48%
Kenvue, Inc.
5.05%, 03/22/2028(b)		546,000		551,064
5.00%, 03/22/2030(b)(c)		1,021,000		1,030,987
4.90%, 03/22/2033(b)		1,548,000		1,559,563
5.10%, 03/22/2043(b)(c)		531,000		533,110
5.05%, 03/22/2053(b)(c)		607,000		610,836
5.20%, 03/22/2063(b)		515,000		520,133
				4,805,693
Pharmaceuticals-1.65%
Eli Lilly and Co., 4.88%, 02/27/2053(c) .		467,000		472,834
Mayo Clinic, Series 2021, 3.20%, 11/15/2061		353,000		242,511
Merck & Co., Inc.
4.05%, 05/17/2028(c)		1,186,000		1,167,116
4.30%, 05/17/2030(c)		2,780,000		2,717,689
4.90%, 05/17/2044		2,261,000		2,241,130
5.00%, 05/17/2053		610,000		612,428
5.15%, 05/17/2063		384,000		388,204
Pfizer Investment Enterprises Pte. Ltd.
4.45%, 05/19/2026		2,975,000		2,939,871
4.45%, 05/19/2028		1,722,000		1,693,386
4.75%, 05/19/2033		1,240,000		1,232,279
5.30%, 05/19/2053		2,643,000		2,717,814
				16,425,262
Property & Casualty Insurance-0.08%
Fairfax Financial Holdings Ltd. (Canada), 3.38%, 03/03/2031		206,000		174,782
Travelers Cos., Inc. (The), 5.45%, 05/25/2053(c)		577,000		602,461
				777,243
Rail Transportation-0.70%
Burlington Northern Santa Fe LLC, 5.20%, 04/15/2054		1,488,000		1,496,405
Canadian Pacific Railway Co. (Canada), 6.13%, 09/15/2115		253,000		259,632
CSX Corp.
6.15%, 05/01/2037		665,000		719,563
4.50%, 11/15/2052		544,000		485,822

	Principal  Amount		Value
Rail Transportation-(continued)
Norfolk Southern Corp.
5.05%, 08/01/2030		$ 1,364,000	$	1,361,217
5.35%, 08/01/2054		1,245,000		1,237,729
Union Pacific Corp.
4.50%, 01/20/2033(c)		717,000		701,882
5.15%, 01/20/2063		724,000		724,797
				6,987,047
Real Estate Development-0.04%
Agile Group Holdings Ltd. (China)
5.75%, 01/02/2025(b)		208,000		52,749
5.50%, 04/21/2025(b)		874,000		191,606
Logan Group Co. Ltd. (China)
4.25%, 07/12/2025(b)		725,000		67,214
4.50%, 01/13/2028(b)		250,000		23,785
Sino-Ocean Land Treasure Finance I Ltd. (China), 6.00%, 07/30/2024(b)		530,000		66,846
				402,200
Regional Banks-0.90%
Citizens Financial Group, Inc.
4.30%, 12/03/2025		270,000		254,311
2.50%, 02/06/2030		18,000		14,434
5.64%, 05/21/2037(d)		481,000		432,679
Series G, 4.00%(d)(e)		1,481,000		1,149,626
M&T Bank Corp., 5.05%, 01/27/2034(c)(d)		665,000		625,535
Morgan Stanley Bank N.A., 4.75%, 04/21/2026		1,048,000		1,035,609
Truist Financial Corp.
6.05%, 06/08/2027(d)		1,296,000		1,299,133
4.87%, 01/26/2029(d)		715,000		691,720
4.92%, 07/28/2033(d)		936,000		857,444
6.12%, 10/28/2033(d)		518,000		531,525
5.12%, 01/26/2034(c)(d)		679,000		649,313
5.87%, 06/08/2034(d)		1,391,000		1,404,026
				8,945,355
Reinsurance-0.41%
Global Atlantic Fin Co., 4.70%, 10/15/2051(b)(d)		1,648,000		1,189,209
RenaissanceRe Holdings Ltd. (Bermuda), 5.75%, 06/05/2033		2,915,000		2,878,473
				4,067,682
Restaurants-0.20%
Arcos Dorados B.V. (Brazil), 6.13%, 05/27/2029(b)		1,363,000		1,320,233
McDonald’s Corp., 5.15%, 09/09/2052(c)		639,000		633,333
				1,953,566
Retail REITs-0.05%
Agree L.P., 2.00%, 06/15/2028		28,000		23,429
Kimco Realty OP LLC, 2.70%, 10/01/2030		14,000		11,613
Kite Realty Group Trust, 4.75%, 09/15/2030		36,000		32,976
Realty Income Corp.
2.20%, 06/15/2028		16,000		13,925
5.63%, 10/13/2032		360,000		365,996

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Retail REITs-(continued)
Spirit Realty L.P.
2.10%, 03/15/2028		$    20,000	$	17,068
2.70%, 02/15/2032		25,000		19,276
				484,283
Self-Storage REITs-0.35%
Extra Space Storage L.P., 5.70%, 04/01/2028		393,000		395,476
Public Storage
5.13%, 01/15/2029		301,000		302,802
5.10%, 08/01/2033		1,724,000		1,726,284
5.35%, 08/01/2053		1,034,000		1,034,350
				3,458,912
Semiconductors-0.18%
Broadcom, Inc., 3.19%, 11/15/2036(b)		37,000		28,003
Foundry JV Holdco LLC, 5.88%, 01/25/2034(b)		1,792,000		1,776,105
Micron Technology, Inc., 4.98%, 02/06/2026		4,000		3,948
Skyworks Solutions, Inc., 1.80%, 06/01/2026		9,000		8,069
				1,816,125
Single-Family Residential REITs-0.76%
American Homes 4 Rent L.P., 2.38%, 07/15/2031		12,000		9,594
Invitation Homes Operating Partnership L.P.
5.45%, 08/15/2030		3,824,000		3,780,636
5.50%, 08/15/2033		3,745,000		3,698,749
Sun Communities Operating L.P., 2.70%, 07/15/2031		17,000		13,555
				7,502,534
Sovereign Debt-1.31%
Colombia Government International Bond (Colombia)
8.00%, 04/20/2033(c)		939,000		986,931
7.50%, 02/02/2034		650,000		658,048
Ghana Government International Bond (Ghana), 7.75%, 12/31/2049(b)		1,119,000		513,342
Mexico Government International Bond (Mexico)
6.35%, 02/09/2035		620,000		652,286
6.34%, 05/04/2053(c)		3,341,000		3,414,607
Oman Government International Bond (Oman), 6.25%, 01/25/2031(b)		795,000		818,531
Panama Government International Bond (Panama), 6.85%, 03/28/2054(c)		520,000		545,616
Paraguay Government International Bond (Paraguay), 5.40%, 03/30/2050(b)		1,200,000		1,040,428
Perusahaan Penerbit SBSN Indonesia III (Indonesia), 3.55%, 06/09/2051(b)		1,886,000		1,461,297
Philippine Government International Bond (Philippines), 5.50%, 01/17/2048(c)		387,000		403,369
Qatar Government International Bond (Qatar), 3.38%, 03/14/2024(b)		200,000		197,186

	Principal  Amount		Value
Sovereign Debt-(continued)
Romanian Government International Bond (Romania)
6.63%, 02/17/2028(b)		$   932,000	$	968,071
7.13%, 01/17/2033(b)		1,258,000		1,355,291
				13,015,003
Specialized Finance-0.08%
Blackstone Private Credit Fund, 1.75%, 09/15/2024		136,000		128,566
Mitsubishi HC Capital, Inc. (Japan), 3.64%, 04/13/2025(b)(c)		666,000		640,019
				768,585
Specialty Chemicals-0.13%
Braskem Idesa S.A.P.I. (Mexico)
7.45%, 11/15/2029(b)		289,000		198,789
6.99%, 02/20/2032(b)		1,647,000		1,063,437
				1,262,226
Steel-0.22%
ArcelorMittal S.A. (Luxembourg), 6.55%, 11/29/2027(c)		706,000		730,311
POSCO (South Korea)
5.63%, 01/17/2026(b)(c)		774,000		774,177
5.75%, 01/17/2028(b)(c)		639,000		646,607
				2,151,095
Systems Software-0.40%
Oracle Corp.
6.25%, 11/09/2032		1,620,000		1,713,824
4.90%, 02/06/2033		1,022,000		989,302
6.90%, 11/09/2052		677,000		759,121
5.55%, 02/06/2053		559,000		536,513
				3,998,760
Technology Hardware, Storage & Peripherals-0.07%
Apple, Inc., 2.80%, 02/08/2061		108,000		72,418
Leidos, Inc., 5.75%, 03/15/2033		629,000		630,176
				702,594
Telecom Tower REITs-0.14%
SBA Communications Corp.
3.88%, 02/15/2027		1,190,000		1,097,384
3.13%, 02/01/2029		357,000		301,307
				1,398,691
Tobacco-1.02%
B.A.T Capital Corp. (United Kingdom)
7.08%, 08/02/2043		875,000		875,000
7.08%, 08/02/2053		587,000		587,000
Philip Morris International, Inc.
4.88%, 02/15/2028		2,548,000		2,523,756
5.13%, 02/15/2030		2,823,000		2,806,499
5.75%, 11/17/2032		178,000		182,123
5.38%, 02/15/2033		3,150,000		3,142,951
				10,117,329
Trading Companies & Distributors-0.38%
Aircastle Ltd., 4.40%, 09/25/2023		22,000		21,936
Avolon Holdings Funding Ltd. (Ireland)
4.25%, 04/15/2026(b)		32,000		30,094
6.38%, 05/04/2028(b)		1,329,000		1,325,359
GATX Corp., 4.90%, 03/15/2033(c)		405,000		383,153

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Trading Companies & Distributors-(continued)
Triton Container International Ltd. (Bermuda)
2.05%, 04/15/2026(b)		$   470,000	$	415,002
3.15%, 06/15/2031(b)		2,062,000		1,589,000
				3,764,544
Transaction & Payment Processing Services-0.16%
Fidelity National Information Services, Inc., 3.10%, 03/01/2041		16,000		11,410
Mastercard, Inc., 4.85%, 03/09/2033		1,529,000		1,557,396
PayPal Holdings, Inc., 2.85%, 10/01/2029		5,000		4,456
				1,573,262
Wireless Telecommunication Services-0.41%
T-Mobile USA, Inc.
5.05%, 07/15/2033		843,000		825,320
3.40%, 10/15/2052		261,000		183,478
5.65%, 01/15/2053		1,226,000		1,232,865
VEON Holdings B.V. (Netherlands), 3.38%, 11/25/2027(b)		556,000		397,540
Vodafone Group PLC (United Kingdom)
4.13%, 06/04/2081(d)		882,000		702,131
5.13%, 06/04/2081(d)		1,011,000		736,117
				4,077,451
Total U.S. Dollar Denominated Bonds & Notes (Cost $511,327,434)				492,440,081
U.S. Government Sponsored Agency Mortgage-Backed Securities-21.96%
Collateralized Mortgage Obligations-0.46%
Freddie Mac Military Housing Bonds Resecuritization Trust Ctfs., Series 2015-R1, Class B1, 5.25%, 11/25/2055(b)(i)		908,523		849,288
Freddie Mac Multifamily Structured Pass-Through Ctfs.
Series 2013-K035, Class X1, IO, 0.57%, 08/25/2023(j)		1,263,017		13
Series 2014-K036, Class X1, IO, 0.77%, 10/25/2023(j)		4,325,241		2,274
Series 2014-K037, Class X1, IO, 0.92%, 01/25/2024(j)		4,881,400		11,231
Series 2015-K042, Class X1, IO, 1.02%, 12/25/2024(j)		4,070,743		46,098
Series 2017-K066, Class AM, 3.20%, 06/25/2027		250,000		233,662
Series 2017-KGX1, Class AFX, 3.00%, 10/25/2027		1,000,000		926,168
Series 2018-K074, Class AM, 3.60%, 02/25/2028		1,000,000		947,525
Series 2018-K154, Class A3, 3.46%, 11/25/2032		1,000,000		911,547
Series K038, Class X1, IO, 1.07%, 03/25/2024(j)		3,782,967		16,344
Seasoned Credit Risk Transfer Trust
Series 2017-3, Class HT, 3.25%, 07/25/2056(k)		264,714		233,485
Series 2017-4, Class HT, 3.25%, 06/25/2057(k)		401,650		358,654
				4,536,289

	Principal  Amount		Value
Federal Home Loan Mortgage Corp. (FHLMC)-0.26%
0.00%, 12/14/2029(l)		$   150,000	$	114,392
3.55%, 10/01/2033		463,788		421,837
3.00%, 10/01/2034		242,950		227,116
4.00%, 11/01/2048 to 07/01/2049		261,974		249,012
3.50%, 08/01/2049		1,736,926		1,594,251
				2,606,608
Federal National Mortgage Association (FNMA)-0.89%
2.82%, 10/01/2029		484,839		438,938
2.90%, 11/01/2029		494,164		446,564
3.08%, 10/01/2032		750,000		668,770
3.31%, 01/01/2033		991,672		914,060
2.50%, 10/01/2034 to 12/01/2034		2,208,959		2,022,131
3.50%, 05/01/2047 to 06/01/2047		1,664,472		1,540,109
4.00%, 11/01/2047		73,640		70,166
3.00%, 09/01/2049 to 10/01/2049		3,052,365		2,709,811
				8,810,549
Government National Mortgage Association (GNMA)-4.65%
4.00%, 07/20/2049		44,237		42,057
TBA, 2.00%, 08/01/2053(m)		6,645,000		5,556,881
TBA, 2.50%, 08/01/2053(m)		5,400,000		4,656,340
TBA, 4.50%, 08/01/2053(m)		20,713,000		19,925,744
TBA, 5.50%, 08/01/2053(m)		16,111,000		16,011,565
				46,192,587
Uniform Mortgage-Backed Securities-15.70%
TBA, 1.50%, 08/01/2038(m)		8,760,000		7,538,048
TBA, 2.00%, 08/01/2038 to 08/01/2053(m)		30,491,850		25,041,223
TBA, 2.50%, 08/01/2053(m)		17,400,000		14,664,598
TBA, 3.50%, 08/01/2053(m)		22,000,000		19,935,352
TBA, 4.00%, 08/01/2053(m)		9,249,000		8,635,170
TBA, 4.50%, 08/01/2053(m)		9,249,000		8,855,556
TBA, 5.00%, 08/01/2053(m)		42,563,000		41,580,394
TBA, 5.50%, 08/01/2053(m)		30,000,000		29,793,750
				156,044,091
Total U.S. Government Sponsored Agency Mortgage- Backed Securities (Cost $219,424,125)				218,190,124
Asset-Backed Securities-17.40%
AMSR Trust, Series 2021-SFR3, Class B, 1.73%, 10/17/2038(b)		4,460,000		3,918,410
Angel Oak Mortgage Trust
Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(i)		70,102		65,659
Series 2020-3, Class A1, 1.69%, 04/25/2065(b)(i)		235,287		214,459
Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(i)		267,979		246,430
Series 2021-3, Class A1, 1.07%, 05/25/2066(b)(i)		1,154,991		947,633
Series 2022-1, Class A1, 2.88%, 12/25/2066(b)(k)		2,647,943		2,344,887
Avis Budget Rental Car Funding (AESOP) LLC
Series 2023-1A, Class A, 5.25%, 04/20/2029(b)		718,000		701,733
Series 2023-4A, Class A, 5.49%, 06/20/2029(b)		2,738,000		2,700,607

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
Bain Capital Credit CLO Ltd. (Cayman Islands), Series 2017-2A, Class AR2, 6.79% (3 mo. Term SOFR + 1.44%), 07/25/2034(b)(f)		$ 3,000,000	$	2,978,862
Bayview MSR Opportunity Master Fund Trust
Series 2021-4, Class A3, 3.00%, 10/25/2051(b)(i)		1,724,531		1,447,883
Series 2021-4, Class A4, 2.50%, 10/25/2051(b)(i)		1,724,531		1,392,054
Series 2021-4, Class A8, 2.50%, 10/25/2051(b)(i)		1,612,375		1,387,278
Series 2021-5, Class A1, 3.00%, 11/25/2051(b)(i)		1,926,844		1,617,741
Series 2021-5, Class A2, 2.50%, 11/25/2051(b)(i)		2,351,185		1,897,893
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 5.69% (1 mo. Term SOFR + 0.39%), 11/25/2036(f)		120,809		117,073
Benchmark Mortgage Trust
Series 2018-B3, Class C, 4.53%, 04/10/2051(i)		2,500,000		1,942,954
Series 2019-B14, Class C, 3.77%, 12/15/2062(i)		930,000		688,628
Series 2019-B15, Class B, 3.56%, 12/15/2072		2,000,000		1,538,167
BRAVO Residential Funding Trust
Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(i)		354,419		331,043
Series 2021-NQM2, Class A2, 1.28%, 03/25/2060(b)(i)		1,163,893		1,090,529
BX Commercial Mortgage Trust
Series 2021-VOLT, Class C, 6.44% (1 mo. Term SOFR + 1.21%), 09/15/2036(b)(f)		3,005,000		2,878,478
Series 2021-VOLT, Class D, 6.99% (1 mo. Term SOFR + 1.76%), 09/15/2036(b)(f)		8,799,000		8,420,793
BX Trust
Series 2021-LGCY, Class B, 6.19% (1 mo. Term SOFR + 0.97%), 10/15/2036(b)(f)		10,000,000		9,688,799
Series 2022-LBA6, Class A, 6.22% (1 mo. Term SOFR + 1.00%), 01/15/2039(b)(f)		2,085,000		2,046,856
Series 2022-LBA6, Class B, 6.52% (1 mo. Term SOFR + 1.30%), 01/15/2039(b)(f)		1,285,000		1,257,981
Series 2022-LBA6, Class C, 6.82% (1 mo. Term SOFR + 1.60%), 01/15/2039(b)(f)		690,000		670,553
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A3, 3.50%, 07/25/2049(b)(i)		85,532		76,070
CIFC Funding Ltd. (Cayman Islands)
Series 2014-5A, Class A1R2, 6.77% (3 mo. Term SOFR + 1.46%), 10/17/2031(b)(f)		1,281,000		1,279,550
Series 2016-1A, Class ARR, 6.68% (3 mo. Term SOFR + 1.34%), 10/21/2031(b)(f)		957,000		951,206

	Principal  Amount		Value
Citigroup Commercial Mortgage Trust, Series 2014-GC23, Class B, 4.18%, 07/10/2047(i)		$   184,000	$	172,115
Citigroup Mortgage Loan Trust, Series 2021-INV3, Class A3, 2.50%, 05/25/2051(b)(i)		1,759,381		1,420,185
COLT Mortgage Loan Trust
Series 2020-2, Class A1, 1.85%, 03/25/2065(b)(i)		6,829		6,784
Series 2022-1, Class A1, 2.28%, 12/27/2066(b)(i)		1,497,201		1,285,594
Series 2022-2, Class A1, 2.99%, 02/25/2067(b)(k)		1,580,802		1,406,744
Credit Suisse Mortgage Capital Ctfs., Series 2020-SPT1, Class A1, 1.62%, 04/25/2065(b)(k)		33,510		33,100
Credit Suisse Mortgage Capital Trust
Series 2021-NQM1, Class A1, 0.81%, 05/25/2065(b)(i)		491,117		414,631
Series 2021-NQM2, Class A1, 1.18%, 02/25/2066(b)(i)		261,699		219,633
Series 2022-ATH1, Class A1A, 2.87%, 01/25/2067(b)(i)		2,083,219		1,917,764
Series 2022-ATH1, Class A1B, 3.35%, 01/25/2067(b)(i)		1,160,000		1,018,253
CSAIL Commercial Mortgage Trust, Series 2020-C19, Class A3, 2.56%, 03/15/2053		1,459,000		1,212,669
Domino’s Pizza Master Issuer LLC, Series 2019-1A, Class A2, 3.67%, 10/25/2049(b)		1,930,000		1,688,107
Dryden 93 CLO Ltd. (Cayman Islands), Series 2021-93A, Class A1A, 6.65% (3 mo. Term SOFR + 1.34%), 01/15/2034(b)(f)		532,495		529,645
DT Auto Owner Trust, Series 2019-3A, Class D, 2.96%, 04/15/2025(b)		74,160		73,691
Ellington Financial Mortgage Trust
Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(i)		202,450		188,107
Series 2020-1, Class A1, 2.01%, 05/25/2065(b)(i)		28,615		27,407
Series 2021-1, Class A1, 0.80%, 02/25/2066(b)(i)		268,913		225,200
Series 2022-1, Class A1, 2.21%, 01/25/2067(b)(i)		1,399,794		1,164,696
Extended Stay America Trust, Series 2021-ESH, Class B, 6.72% (1 mo. Term SOFR + 1.49%), 07/15/2038(b)(f)		667,772		655,302
Flagstar Mortgage Trust
Series 2021-11IN, Class A6, 3.70%, 11/25/2051(b)(i)		2,910,848		2,498,842
Series 2021-8INV, Class A6, 2.50%, 09/25/2051(b)(i)		1,053,597		903,028
GCAT Trust, Series 2019-NQM3, Class A1, 2.69%, 11/25/2059(b)(i)		277,475		257,778
GoldenTree Loan Management US CLO 1 Ltd. (Cayman Islands), Series 2021-9A, Class A, 6.66% (3 mo. Term SOFR + 1.33%), 01/20/2033(b)(f)		4,000,000		3,981,012

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal  Amount		Value
GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 6.50% (3 mo. Term SOFR + 1.17%), 11/20/2030(b)(f)		$ 2,139,271	$	2,132,325
GoldenTree Loan Management US CLO 5 Ltd. (Cayman Islands), Series 2019-5A, Class AR, 6.66% (3 mo. Term SOFR + 1.33%), 10/20/2032(b)(f)		5,000,000		4,984,765
Golub Capital Partners CLO 40(A) Ltd. (Cayman Islands), Series 2019-40A, Class AR, 6.70% (3 mo. Term SOFR + 1.35%), 01/25/2032(b)(f)		8,000,000		7,914,072
GS Mortgage Securities Trust
Series 2013-GC14, Class B, 4.55%, 08/10/2046(b)(i)		229,982		221,027
Series 2020-GC45, Class A5, 2.91%, 02/13/2053		1,560,000		1,348,235
Series 2020-GC47, Class A5, 2.38%, 05/12/2053		1,530,000		1,270,074
GS Mortgage-Backed Securities Trust, Series 2021-INV1, Class A6, 2.50%, 12/25/2051(b)(i)		3,997,976		3,439,479
Hertz Vehicle Financing III L.P.
Series 2021-2A, Class A, 1.68%, 12/27/2027(b)		539,000		472,500
Series 2021-2A, Class B, 2.12%, 12/27/2027(b)		286,000		251,211
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56%, 12/26/2025(b)		175,000		164,527
IP Lending III Ltd. (Cayman Islands), Series 2022-3A, Class SNR, 3.38%, 11/02/2026(b)(h)		1,474,000		1,270,293
IP Lending VII Ltd. (Bermuda), Series 2022-7A, Class SNR, 8.00%, 10/11/2027(b)(h)		2,746,000		2,746,000
JP Morgan Mortgage Trust, Series 2021-LTV2, Class A1, 2.52%, 05/25/2052(b)(i)		2,335,021		1,902,816
JPMDB Commercial Mortgage Securities Trust, Series 2020-COR7, Class C, 3.72%, 05/13/2053(i)		2,908,000		1,738,284
KKR CLO 30 Ltd. (Cayman Islands), Series 30A, Class A1R, 6.59% (3 mo. Term SOFR + 1.28%), 10/17/2031(b)(f)		5,000,000		4,975,580
Life Mortgage Trust
Series 2021-BMR, Class B, 6.22% (1 mo. Term SOFR + 0.99%), 03/15/2038(b)(f)		1,213,968		1,186,454
Series 2021-BMR, Class C, 6.44% (1 mo. Term SOFR + 1.21%), 03/15/2038(b)(f)		491,485		477,992
Med Trust, Series 2021-MDLN, Class A, 6.29% (1 mo. Term SOFR + 1.06%), 11/15/2038(b)(f)		1,353,504		1,322,575

	Principal  Amount		Value
Mello Mortgage Capital Acceptance Trust
Series 2021-INV2, Class A4, 2.50%, 08/25/2051(b)(i)		$ 1,042,822	$	896,655
Series 2021-INV3, Class A4, 2.50%, 10/25/2051(b)(i)		1,095,673		940,319
MFA Trust
Series 2021-AEI1, Class A3, 2.50%, 08/25/2051(b)(i)		3,135		2,530
Series 2021-INV2, Class A1, 1.91%, 11/25/2056(b)(i)		4,209,485		3,547,034
MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 6.24% (1 mo. Term SOFR + 1.01%), 07/15/2038(b)(f)		615,000		600,706
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C25, Class B, 4.52%, 10/15/2048(i)		1,032,000		950,069
Morgan Stanley Capital I Trust, Series 2019-L3, Class AS, 3.49%, 11/15/2052		1,580,000		1,354,911
Neuberger Berman Loan Advisers CLO 40 Ltd. (Cayman Islands), Series 2021-40A, Class A, 6.63% (3 mo. Term SOFR + 1.32%), 04/16/2033(b)(f)		1,023,000		1,018,928
New Residential Mortgage Loan Trust
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(i)		152,957		141,882
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(b)(i)		499,289		453,133
Series 2022-NQM2, Class A1, 3.08%, 03/27/2062(b)(i)		1,485,967		1,325,654
OBX Trust
Series 2022-NQM1, Class A1, 2.31%, 11/25/2061(b)(i)		1,746,224		1,469,510
Series 2022-NQM2, Class A1, 2.95%, 01/25/2062(b)(i)		2,274,584		2,036,803
Series 2022-NQM2, Class A1A, 2.78%, 01/25/2062(b)(k)		1,443,621		1,311,364
Series 2022-NQM2, Class A1B, 3.38%, 01/25/2062(b)(k)		1,415,000		1,204,449
Oceanview Mortgage Trust, Series 2021-3, Class A5, 2.50%, 07/25/2051(b)(i)		1,151,670		993,005
OCP CLO Ltd. (Cayman Islands)
Series 2017-13A, Class A1AR, 6.53% (3 mo. Term SOFR + 1.22%), 07/15/2030(b)(f)		2,955,342		2,942,971
Series 2020-8RA, Class A1, 6.79% (3 mo. Term SOFR + 1.48%), 01/17/2032(b)(f)		1,730,000		1,721,155
Octagon Investment Partners 31 Ltd. (Cayman Islands), Series 2017-1A, Class AR, 6.64% (3 mo. Term SOFR + 1.31%), 07/20/2030(b)(f)		3,495,128		3,483,936
Octagon Investment Partners 49 Ltd. (Cayman Islands), Series 2020-5A, Class A1, 6.79% (3 mo. Term SOFR + 1.48%), 01/15/2033(b)(f)		3,000,000		2,992,824

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
One Bryant Park Trust, Series 2019- OBP, Class A, 2.52%, 09/15/2054(b)	$	457,000	$	373,439
Onslow Bay Mortgage Loan Trust, Series 2021-NQM4, Class A1, 1.96%, 10/25/2061(b)(i)		1,898,585		1,534,138
PPM CLO 3 Ltd. (United Kingdom), Series 2019-3A, Class AR, 6.66% (3 mo. Term SOFR + 1.35%), 04/17/2034(b)(f)		250,000		244,863
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 6.42% (3 mo. USD LIBOR + 1.04%), 02/20/2030(b)(f)		586,244		584,711
Residential Mortgage Loan Trust
Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(i)		11,700		11,324
Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(i)		43,749		41,594
SG Residential Mortgage Trust, Series 2022-1, Class A1, 3.17%, 03/27/2062(b)(i)		2,637,616		2,335,191
Sonic Capital LLC
Series 2020-1A, Class A2I, 3.85%, 01/20/2050(b)		1,580,517		1,442,128
Series 2021-1A, Class A2I, 2.19%, 08/20/2051(b)		1,806,267		1,464,540
Series 2021-1A, Class A2II, 2.64%, 08/20/2051(b)		1,845,533		1,380,577
STAR Trust, Series 2021-1, Class A1, 1.22%, 05/25/2065(b)(i)		934,397		805,599
Starwood Mortgage Residential Trust
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(i)		13,716		12,749
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(i)		575,153		512,577
Series 2021-6, Class A1, 1.92%, 11/25/2066(b)(i)		2,458,247		2,006,513
Series 2022-1, Class A1, 2.45%, 12/25/2066(b)(i)		1,853,996		1,574,577
Store Master Funding I-VII, Series 2016-1A, Class A2, 4.32%, 10/20/2046(b)		438,731		402,275
Taco Bell Funding LLC, Series 2016-1A, Class A23, 4.97%, 05/25/2046(b)		141,000		136,071
Textainer Marine Containers VII Ltd. (China), Series 2021-2A, Class A, 2.23%, 04/20/2046(b)		1,320,200		1,134,558
TierPoint Issuer LLC, Series 2023-1A, Class A2, 6.00%, 06/25/2053(b)		2,865,000		2,738,006
Tricon American Homes Trust, Series 2020-SFR2, Class A, 1.48%, 11/17/2039(b)		1,021,947		858,990
Verus Securitization Trust
Series 2020-INV1, Class A1, 0.33%, 03/25/2060(b)(i)		26,476		25,890
Series 2021-1, Class A1B, 1.32%, 01/25/2066(b)(i)		953,971		812,616
Series 2021-2, Class A1, 1.03%, 02/25/2066(b)(i)		1,297,151		1,094,512
Series 2021-7, Class A1, 1.83%, 10/25/2066(b)(i)		1,838,362		1,572,043

	Principal Amount		Value
Series 2021-R1, Class A1, 0.82%, 10/25/2063(b)(i)	$	792,433	$	710,321
Series 2022-1, Class A1, 2.72%, 01/25/2067(b)(k)		1,449,863		1,278,185
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		206,827		183,897
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class XA, IO, 1.40%, 01/15/2059(j)		1,307,412		36,513
Wendy’s Funding LLC, Series 2019-1A, Class A2II, 4.08%, 06/15/2049(b)		452,500		408,158
WFRBS Commercial Mortgage Trust, Series 2014-C23, Class B, 4.39%, 10/15/2057(i)		307,000		283,668
Zaxby’s Funding LLC, Series 2021-1A, Class A2, 3.24%, 07/30/2051(b)		4,214,000		3,508,556
Total Asset-Backed Securities (Cost $192,227,909)				172,855,322
U.S. Treasury Securities-16.41%
U.S. Treasury Bills-0.44%
4.79%-4.83%, 04/18/2024(n)(o)		4,487,000		4,320,744
U.S. Treasury Bonds-5.19%
3.88%, 05/15/2043		1,780,100		1,701,942
3.63%, 02/15/2053		53,491,700		49,906,085
				51,608,027
U.S. Treasury Notes-10.78%
4.63%, 06/30/2025		143,900		143,113
4.75%, 07/31/2025		4,547,000		4,537,231
4.50%, 07/15/2026		3,665,700		3,664,984
4.13%, 07/31/2028		54,923,200		54,828,801
3.75%, 06/30/2030		905,600		887,912
4.00%, 07/31/2030		344,200		342,882
3.38%, 05/15/2033		44,761,200		42,701,486
				107,106,409
Total U.S. Treasury Securities (Cost $164,524,212)				163,035,180
Agency Credit Risk Transfer Notes-0.72%
Fannie Mae Connecticut Avenue Securities
Series 2019-R03, Class 1M2, 7.33% (30 Day Average SOFR + 2.26%), 09/25/2031(b)(f)(p)		2,893		2,893
Series 2022-R03, Class 1M1, 7.17% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(f)(p)		2,100,186		2,114,820
Series 2022-R04, Class 1M1, 7.07% (30 Day Average SOFR + 2.00%), 03/25/2042(b)(f)(p)		1,041,296		1,048,883
Series 2023-R02, Class 1M1, 7.37% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(f)(p)		672,005		682,434
Freddie Mac
Series 2020-DNA5, Class M2, STACR®, 7.87% (30 Day Average SOFR + 2.80%), 10/25/2050(b)(f)(q)		295,794		300,134
Series 2022-DNA3, Class M1A, STACR®, 7.07% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(f)(q)		1,469,629		1,475,292

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Series 2022-HQA3, Class M1, STACR®, 7.37% (30 Day Average SOFR + 2.30%), 08/25/2042(b)(f)(q)		$   905,910	$	920,438
Series 2023-DNA1, Class M1, STACR®, 7.17% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(f)(q)		568,785		575,584
Total Agency Credit Risk Transfer Notes (Cost $7,056,978)				7,120,478
Municipal Obligations-0.33%
California (State of) Health Facilities
Financing Authority (Social Bonds)
Series 2022, RB, 4.19%, 06/01/2037		735,000		667,072
Series 2022, RB, 4.35%, 06/01/2041		590,000		530,696
California State University
Series 2021 B, Ref. RB, 2.72%, 11/01/2052		695,000		466,988
Series 2021 B, Ref. RB, 2.94%, 11/01/2052		1,040,000		708,088
Illinois (State of), Series 2010-1, GO Bonds, (INS - AGM), 6.63%, 02/01/2035(r)		184,615		193,267
Los Angeles (City of), CA Department of Water & Power, Series 2010, RB, 6.57%, 07/01/2045		255,000		301,643
Texas (State of) Transportation Commission (Central Texas Turnpike System), Series 2020 C, Ref. RB, 3.03%, 08/15/2041		580,000		417,474
Total Municipal Obligations(s) (Cost $4,207,664)				3,285,228
U.S. Government Sponsored Agency Securities-0.26%
Fannie Mae STRIPS
0.00%, 05/15/2029(l)		450,000		351,151
0.00%, 01/15/2030(l)		1,300,000		982,929
0.00%, 05/15/2030(l)		850,000		631,522
Freddie Mac STRIPS, 0.00%, 09/15/2030(l)		350,000		261,200
Tennessee Valley Authority
5.38%, 04/01/2056		100,000		107,439
4.25%, 09/15/2065		250,000		219,346
Total U.S. Government Sponsored Agency Securities (Cost $2,480,155)				2,553,587
		Shares
Preferred Stocks-0.23%
Diversified Banks-0.20%
Citigroup, Inc.
Series U, Pfd., 5.00%(c)(d)		1,196,000		1,135,718
Series W, Pfd., 4.00%(d)		691,000		621,859
Wells Fargo & Co., Class A, Series L, Conv. Pfd., 7.50%		232		273,526
				2,031,103

	Shares		Value
Diversified Financial Services-0.03%
Equitable Holdings, Inc., Series B, Pfd., 4.95%(c)(d)		269,000	$	261,578
Life & Health Insurance-0.00%
MetLife, Inc., Series G, Pfd., 3.85%(d)		30,000		28,107
Total Preferred Stocks (Cost $2,488,253)				2,320,788
Exchange-Traded Funds-0.05%
Invesco High Yield Select ETF(c)(t)		10,000		250,314
Invesco Short Duration Bond ETF(c)(t)		12,000		296,402
Total Exchange-Traded Funds (Cost $547,935)				546,716
		Principal Amount
Non-U.S. Dollar Denominated Bonds & Notes-0.01%(u)
Sovereign Debt-0.01%
Ukraine Government International Bond
(Ukraine), 4.38%, 01/27/2032(b)(g) (Cost $342,233)		EUR 309,000		97,096
		Shares
Common Stocks & Other Equity Interests-0.00%
Agricultural Products & Services-0.00%
Locus Agriculture Solutions, Inc., Wts.,expiring 12/31/2032(h)(v) (Cost $0)		14		0
Options Purchased-0.05% (Cost $580,367)†				551,700
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-106.99% (Cost $1,105,207,265)				1,062,996,300
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-8.18%
Invesco Private Government Fund, 5.24%(t)(w)(x)		22,751,235		22,751,235
Invesco Private Prime Fund, 5.38%(t)(w)(x)		58,503,175		58,503,175
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $81,252,778)				81,254,410
TOTAL INVESTMENTS IN SECURITIES-115.17% (Cost $1,186,460,043)				1,144,250,710
OTHER ASSETS LESS LIABILITIES-(15.17)%				(150,756,347	)
NET ASSETS-100.00%			$	993,494,363

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

Investment Abbreviations:
AGM	-Assured Guaranty Municipal Corp.
CLO	-Collateralized Loan Obligation
Conv.	-Convertible
Ctfs.	-Certificates
ETF	-Exchange-Traded Fund
EUR	-Euro
GO	-General Obligation
INS	-Insurer
IO	-Interest Only
LIBOR	-London Interbank Offered Rate
Pfd.	-Preferred
RB	-Revenue Bonds
Ref.	-Refunding
REIT	-Real Estate Investment Trust
SOFR	-Secured Overnight Financing Rate
STACR®	-Structured Agency Credit Risk
STRIPS	-Separately Traded Registered Interest and Principal Security
TBA	-To Be Announced
USD	-U.S. Dollar
Wts.	-Warrants

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 July 31, 2023 was $309,010,955, which represented 31.10% of the Fund’s Net Assets.

^(c)  All or a portion of this security was out on loan at July 31, 2023.

^(d)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)  Perpetual bond with no specified maturity date.

^(f)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2023.

^(g)  Defaulted security. Currently, the issuer is in default with respect to principal and/or interest payments. The aggregate value of these securities at July 31, 2023 was $133,276, which represented less than 1% of the Fund’s Net Assets.

^(h)  Security valued using significant unobservable inputs (Level 3). See Note 1.

⁽ⁱ⁾  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 July 31, 2023.

^(j)  Interest only security. Principal amount shown is the notional principal and does not reflect the maturity value of the security. 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 July 31, 2023.

^(k)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(l)  Denotes a zero coupon security issued at a substantial discount from its value at maturity.

^(m)  Security purchased on a forward commitment basis. This security is subject to dollar roll transactions.

⁽ⁿ⁾  $4,320,744 was pledged as collateral to cover margin requirements for open futures contracts.

^(o)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

^(p)  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.

^(q)  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.

^(r)  Principal and/or interest payments are secured by the bond insurance company listed.

^(s)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

^(t)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2023.

	Value October 31, 2022			Purchases at Cost			Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)				Realized Gain			Value July 31, 2023			Dividend Income
Invesco High Yield Select ETF		$	-		$	249,153		$	-		$	1,161			$	-		$	250,314		$	4,608
Invesco Short Duration Bond ETF			-			298,782			-			(2,380	)			-			296,402			4,231

See accompanying notes which are an integral part of this schedule.

Invesco Total Return Bond ETF (GTO)–(continued)

July 31, 2023

(Unaudited)

	Value October 31, 2022			Purchases  at Cost				Proceeds from Sales					Change in Unrealized Appreciation (Depreciation)			Realized   Gain				Value July 31, 2023				Dividend Income
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund		$23,693,081				$147,828,364				$(148,770,210	)			$     -				$     -				$22,751,235			$  761,801	*
Invesco Private Prime Fund		59,702,935				294,186,053				(295,394,780	)			2,267				6,700				58,503,175			2,080,587	*
Total		$83,396,016				$442,562,352				$(444,164,990	)			$1,048				$6,700				$81,801,126			$2,851,227

* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(u)  Foreign denominated security. Principal amount is denominated in the currency indicated.

^(v)  Non-income producing security.

^(w)  The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

^(x)  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 table below details options purchased.

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		Put		11/17/2023		35		$4,330		$15,155,000	$	174,300
S&P 500 Index		Call		11/17/2023		30		4,645		13,935,000		377,400
Total Index Options Purchased											$	551,700

* 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		517		September-2023		$104,967,156	$	(1,579,228	)	$	(1,579,228	)
U.S. Treasury Long Bonds		217		September-2023		27,002,938		(571,424	)		(571,424	)
U.S. Treasury Ultra Bonds		69		September-2023		9,123,094		(257,382	)		(257,382	)
Subtotal–Long Futures Contracts								(2,408,034	)		(2,408,034	)
Short Futures Contracts
Interest Rate Risk
U.S. Treasury 10 Year Notes		468		September-2023		(52,138,125)		1,200,063			1,200,063
U.S. Treasury 10 Year Ultra Notes		575		September-2023		(67,266,016)		1,457,169			1,457,169
U.S. Treasury 5 Year Notes		178		September-2023		(19,014,016)		425,138			425,138
Subtotal–Short Futures Contracts								3,082,370			3,082,370
Total Futures Contracts							$	674,336		$	674,336

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

Schedule of Investments^(a)

Invesco Ultra Short Duration ETF (GSY)

July 31, 2023

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-52.61%
Asset Management & Custody Banks-0.24%
Ares Capital Corp., 7.00%, 01/15/2027	$	4,285,000	$	4,302,725
Automobile Manufacturers-4.17%
BMW US Capital LLC (Germany), 0.75%, 08/12/2024(b)		11,111,000		10,583,905
Hyundai Capital America
1.25%, 09/18/2023(b)		12,730,000		12,652,228
1.00%, 09/17/2024(b)		8,721,000		8,246,797
Mercedes-Benz Finance North America LLC (Germany)
5.50%, 11/27/2024(b)		11,250,000		11,246,577
6.17% (SOFR + 0.93%), 03/30/2025(b)(c)		20,000,000		20,120,456
Toyota Motor Credit Corp., 4.80%, 01/10/2025		6,154,000		6,122,021
Volkswagen Group of America Finance LLC (Germany), 0.88%, 11/22/2023(b)		7,000,000		6,890,249
				75,862,233
Biotechnology-0.65%
Gilead Sciences, Inc., 3.70%, 04/01/2024		12,000,000		11,846,594
Construction Materials-0.44%
Vulcan Materials Co., 5.80%, 03/01/2026		8,000,000		8,004,884
Consumer Finance-3.26%
Ally Financial, Inc., 1.45%, 10/02/2023		5,309,000		5,266,140
American Express Co., 4.99%, 05/01/2026(d)		15,000,000		14,833,386
Capital One Financial Corp.
5.89% (SOFR + 0.69%), 12/06/2024(c)		7,000,000		6,904,216
4.17%, 05/09/2025(d)		9,600,000		9,393,926
General Motors Financial Co., Inc.
5.96% (SOFR + 0.76%), 03/08/2024(c)		14,628,000		14,625,527
1.20%, 10/15/2024		8,824,000		8,366,355
				59,389,550
Diversified Banks-10.72%
Banco Santander S.A. (Spain), 3.89%, 05/24/2024		17,000,000		16,722,543
Bank of America Corp., 3.46%, 03/15/2025(d)		8,050,000		7,922,592
Bank of Montreal (Canada), 5.91% (SOFR + 0.71%), 03/08/2024(c)(e)		13,043,000		13,055,371
Bank of Nova Scotia (The) (Canada), 6.29% (SOFR + 1.09%), 06/12/2025(c)		15,000,000		15,048,616
Banque Federative du Credit Mutuel S.A. (France), 0.65%, 02/27/2024(b)		7,955,000		7,720,087
BPCE S.A. (France), 5.15%, 07/21/2024(b)		5,040,000		4,960,028
Citigroup, Inc., 0.98%, 05/01/2025(d)		12,000,000		11,549,233
Fifth Third Bancorp, 3.65%, 01/25/2024		5,993,000		5,927,039
JPMorgan Chase & Co.
0.65%, 09/16/2024(d)		13,500,000		13,407,178
4.08%, 04/26/2026(d)		13,000,000		12,700,286
KeyBank N.A., 5.54% (SOFR + 0.32%), 06/14/2024(c)		8,109,000		7,934,641
Lloyds Banking Group PLC (United Kingdom), 6.90% (SOFR + 1.56%), 08/07/2027(c)		9,474,000		9,474,000
Manufacturers & Traders Trust Co., 2.90%, 02/06/2025		11,588,000		11,034,236

	Principal Amount		Value
Diversified Banks-(continued)
National Securities Clearing Corp., 5.15%, 05/30/2025(b)	$	2,365,000	$	2,363,639
Standard Chartered PLC (United Kingdom), 1.82%, 11/23/2025(b)(d)		5,661,000		5,330,710
Sumitomo Mitsui Financial Group, Inc. (Japan), 0.51%, 01/12/2024		1,364,000		1,330,588
Sumitomo Mitsui Trust Bank Ltd. (Japan), 2.55%, 03/10/2025(b)		5,122,000		4,859,241
Swedbank AB (Sweden), 6.60% (SOFR + 1.38%), 06/15/2026(b)(c)		15,000,000		15,127,859
Toronto-Dominion Bank (The) (Canada), 6.38% (SOFR + 1.08%), 07/17/2026(c)(e)		12,500,000		12,501,157
UBS AG (Switzerland), 0.70%, 08/09/2024(b)(e)		4,288,000		4,076,072
Wells Fargo & Co., 6.64% (SOFR + 1.32%), 04/25/2026(c)(e)		12,000,000		12,105,738
				195,150,854
Diversified Capital Markets-0.86%
Macquarie Group Ltd. (Australia)
1.20%, 10/14/2025(b)(d)		7,143,000		6,730,171
6.01% (SOFR + 0.71%), 10/14/2025(b)(c)		9,000,000		8,947,150
				15,677,321
Diversified Financial Services-0.68%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 4.88%, 01/16/2024		12,500,000		12,426,839
Electric Utilities-1.70%
American Electric Power Co., Inc., Series M, 0.75%, 11/01/2023		3,797,000		3,750,662
NextEra Energy Capital Holdings, Inc.
4.26%, 09/01/2024		7,895,000		7,779,215
6.05%, 03/01/2025		11,927,000		12,018,612
Tampa Electric Co., 3.88%, 07/12/2024		3,188,000		3,136,927
Xcel Energy, Inc., 0.50%, 10/15/2023		4,372,000		4,326,180
				31,011,596
Electronic Components-0.15%
Amphenol Corp., 4.75%, 03/30/2026		2,745,000		2,722,828
Food Retail-0.48%
7-Eleven, Inc., 0.80%, 02/10/2024(b)		9,000,000		8,758,138
Health Care Equipment-0.54%
Boston Scientific Corp., 3.45%, 03/01/2024		10,000,000		9,866,647
Health Care Services-0.96%
Cigna Group (The), 5.69%, 03/15/2026		17,370,000		17,381,284
Integrated Telecommunication Services-0.57%
Verizon Communications, Inc., 5.74% (SOFR + 0.50%), 03/22/2024(c)		10,417,000		10,423,320
Investment Banking & Brokerage-2.61%
Charles Schwab Corp. (The)
5.72% (SOFR + 0.50%), 03/18/2024(c)		12,379,000		12,354,589
5.65% (SOFR + 0.52%), 05/13/2026(c)		5,251,000		5,183,059
Goldman Sachs Group, Inc. (The)
5.80% (SOFR + 0.49%), 10/21/2024(c)		6,538,000		6,526,121
5.70%, 11/01/2024		4,165,000		4,161,584

See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Investment Banking & Brokerage-(continued)
Morgan Stanley
5.95% (SOFR + 0.63%), 01/24/2025(c)	$	7,228,000	$	7,217,908
3.62%, 04/17/2025(d)		12,230,000		12,028,515
				47,471,776
IT Consulting & Other Services-0.58%
International Business Machines Corp., 4.50%, 02/06/2026		10,750,000		10,611,655
Life & Health Insurance-8.22%
Athene Global Funding
0.95%, 01/08/2024(b)		5,000,000		4,878,627
2.51%, 03/08/2024(b)		10,173,000		9,937,824
5.86% (SOFR + 0.70%), 05/24/2024(b)(c)		9,750,000		9,661,347
Brighthouse Financial Global Funding
6.05% (SOFR + 0.76%), 04/12/2024(b)(c)		13,508,000		13,410,156
1.75%, 01/13/2025(b)		12,727,000		11,919,309
Corebridge Global Funding, 5.75%, 07/02/2026(b)		6,336,000		6,333,942
GA Global Funding Trust
1.00%, 04/08/2024(b)		6,000,000		5,748,806
0.80%, 09/13/2024(b)		10,909,000		10,224,764
5.71% (SOFR + 0.50%), 09/13/2024(b)(c)		5,000,000		4,907,897
Jackson National Life Global Funding, 5.50%, 01/09/2026(b)		16,667,000		16,360,860
Met Tower Global Funding, 5.40%, 06/20/2026(b)		12,000,000		12,032,713
MetLife, Inc., 3.60%, 04/10/2024		12,000,000		11,805,864
Pacific Life Global Funding II
5.80% (SOFR + 0.62%), 06/04/2026(b)(c)		6,420,000		6,326,584
6.38% (SOFR + 1.05%), 07/28/2026(b)(c)		12,500,000		12,500,236
Protective Life Global Funding
0.63%, 10/13/2023(b)		3,192,000		3,158,014
5.37%, 01/06/2026(b)		10,339,000		10,310,019
				149,516,962
Life Sciences Tools & Services-0.72%
Thermo Fisher Scientific, Inc., 0.80%, 10/18/2023		13,208,000		13,071,077
Managed Health Care-0.60%
Humana, Inc.
0.65%, 08/03/2023		2,917,000		2,916,591
5.70%, 03/13/2026		7,921,000		7,925,928
				10,842,519
Multi-line Insurance-1.33%
Metropolitan Life Global Funding I, 5.00%, 01/06/2026(b)		17,241,000		17,123,630
New York Life Global Funding, 5.99% (SOFR + 0.65%), 05/02/2025(b)(c)		7,000,000		7,015,939
				24,139,569
Multi-Utilities-0.42%
Dominion Energy, Inc., Series D, 6.08% (3 mo. USD LIBOR + 0.53%), 09/15/2023(c)		7,692,000		7,692,603

	Principal Amount		Value
Office REITs-0.62%
Boston Properties L.P., 3.80%, 02/01/2024	$	11,577,000	$	11,354,236
Oil & Gas Exploration & Production-1.28%
Canadian Natural Resources Ltd. (Canada), 3.80%, 04/15/2024		19,343,000		19,072,687
Pioneer Natural Resources Co., 5.10%, 03/29/2026		4,314,000		4,300,907
				23,373,594
Oil & Gas Refining & Marketing-0.33%
Phillips 66, 0.90%, 02/15/2024		6,250,000		6,087,973
Oil & Gas Storage & Transportation-2.68%
Enbridge, Inc. (Canada)
4.00%, 10/01/2023		15,000,000		14,949,582
0.55%, 10/04/2023		5,000,000		4,954,109
5.77% (SOFR + 0.63%), 02/16/2024(c)		4,606,000		4,608,410
5.97%, 03/08/2026		12,226,000		12,246,866
Kinder Morgan, Inc., 5.63%, 11/15/2023(b)		12,000,000		11,990,405
				48,749,372
Packaged Foods & Meats-0.24%
Conagra Brands, Inc., 0.50%, 08/11/2023		4,327,000		4,321,144
Paper Products-0.68%
Georgia-Pacific LLC, 3.60%, 03/01/2025(b)		12,750,000		12,353,573
Pharmaceuticals-0.68%
Bristol-Myers Squibb Co., 0.54%, 11/13/2023		12,500,000		12,326,750
Regional Banks-1.24%
ANZ New Zealand (Int’l) Ltd. (New Zealand), 5.74% (SOFR + 0.60%), 02/18/2025(b)(c)(e)		7,500,000		7,501,095
Huntington Bancshares, Inc., 2.63%, 08/06/2024(e)		5,105,000		4,936,344
Morgan Stanley Bank N.A., 6.10% (SOFR + 0.78%), 07/16/2025(c)		10,135,000		10,150,585
				22,588,024
Restaurants-0.35%
Starbucks Corp., 5.55% (SOFR + 0.42%), 02/14/2024(c)		6,318,000		6,318,326
Retail REITs-0.20%
Realty Income Corp., 5.05%, 01/13/2026		3,687,000		3,664,712
Specialized Finance-0.65%
Blackstone Private Credit Fund, 2.70%, 01/15/2025		12,645,000		11,910,855
Specialty Chemicals-0.26%
Sherwin-Williams Co. (The), 4.05%, 08/08/2024		4,808,000		4,727,980
Systems Software-0.97%
VMware, Inc.
0.60%, 08/15/2023		8,064,000		8,048,256
1.00%, 08/15/2024		10,000,000		9,515,684
				17,563,940
Technology Distributors-0.63%
Arrow Electronics, Inc., 6.13%, 03/01/2026		11,494,000		11,480,001

See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Telecom Tower REITs-0.71%
American Tower Corp., 4.00%, 06/01/2025	$	13,261,000	$	12,883,851
Trading Companies & Distributors-1.19%
Air Lease Corp.
3.00%, 09/15/2023		7,000,000		6,973,600
4.25%, 02/01/2024		8,514,000		8,441,802
0.80%, 08/18/2024		6,650,000		6,305,341
				21,720,743
Total U.S. Dollar Denominated Bonds & Notes (Cost $964,920,130)				957,596,048
Asset-Backed Securities-15.96%
ABPCI Direct Lending Fund CLO II LLC (Cayman Islands), Series 2017-1A, Class A1R, 7.19% (3 mo. Term SOFR + 1.86%), 04/20/2032(b)(c)		2,000,000		1,980,676
Amur Equipment Finance Receivables XII LLC, Series 2023-1A, Class A2, 6.09%, 12/20/2029(b)		8,250,000		8,240,103
Angel Oak Mortgage Trust
Series 2020-1, Class A1, 2.16%, 12/25/2059(b)(f)		1,170,781		1,096,571
Series 2020-5, Class A1, 1.37%, 05/25/2065(b)(f)		2,013,068		1,851,190
Atrium XIII (Cayman Islands), Series 13A, Class A1, 6.79% (3 mo. Term SOFR + 1.44%), 11/21/2030(b)(c)		2,947,330		2,942,467
AUF Funding LLC, Series 2022-1A, Class A1LN, 7.83% (3 mo. Term SOFR + 2.50%), 01/20/2031(b)(c)		13,446,344		13,460,852
Avis Budget Rental Car Funding (AESOP) LLC, Series 2019-2A, Class A, 3.35%, 09/22/2025(b)		9,000,000		8,768,031
Bear Stearns Asset Backed Securities I Trust, Series 2006-HE9, Class 2A, 5.69% (1 mo. Term SOFR + 0.39%), 11/25/2036(c)		724,856		702,435
BINOM Securitization Trust, Series 2021- INV1, Class A1, 2.03%, 06/25/2056(b)(f)		4,007,289		3,432,378
BRAVO Residential Funding Trust, Series 2021-NQM2, Class A1, 0.97%, 03/25/2060(b)(f)		2,642,275		2,468,001
CBAM Ltd. (Cayman Islands), Series 2018- 5A, Class A, 6.59% (3 mo. Term SOFR + 1.28%), 04/17/2031(b)(c)		6,209,550		6,180,198
Chesapeake Funding II LLC (Canada), Series 2023-1A, Class A2, 6.32% (30 Day Average SOFR + 1.25%), 05/15/2035(b)(c)		12,204,408		12,226,945
CIT Mortgage Loan Trust, Series 2007-1, Class 1A, 6.76% (1 mo. Term SOFR + 1.46%), 10/25/2037(b)(c)		130,122		129,898
COLT Mortgage Loan Trust
Series 2020-2R, Class A1, 1.33%, 10/26/2065(b)(f)		1,843,597		1,646,340
Series 2021-4, Class A1, 1.40%, 10/25/2066(b)(f)		12,139,457		9,593,640

	Principal Amount		Value
CSMC Trust, Series 2014-2R, Class 27A1, 3.81% (1 mo. USD LIBOR + 0.20%), 02/27/2046(b)(c)	$	20,764	$	20,623
CWABS, Inc. Asset-Backed Ctfs. Trust, Series 2004-4, Class M1, 6.13% (1 mo. Term SOFR + 0.83%), 07/25/2034(c)		563,833		556,174
Deephaven Residential Mortgage Trust, Series 2021-2, Class A1, 0.90%, 04/25/2066(b)(f)		5,102,361		4,401,075
Dryden 30 Senior Loan Fund (Cayman Islands), Series 2013-30A, Class AR, 6.14% (3 mo. USD LIBOR + 0.82%), 11/15/2028(b)(c)		10,650,958		10,613,499
Ellington Financial Mortgage Trust
Series 2019-2, Class A1, 2.74%, 11/25/2059(b)(f)		1,458,391		1,355,066
Series 2020-2, Class A1, 1.18%, 10/25/2065(b)(f)		324,497		291,167
FS KKR MM CLO 1 LLC, Series 2019-1A, Class A1R, 7.42% (3 mo. Term SOFR + 2.11%), 01/15/2031(b)(c)		8,798,205		8,724,133
GM Financial Automobile Leasing Trust, Series 2023-2, Class A2B, 5.89% (30 Day Average SOFR + 0.82%), 10/20/2025(c)		2,250,000		2,255,765
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A2, 6.22% (30 Day Average SOFR + 1.15%), 06/15/2028(b)(c)		15,000,000		15,062,139
GoldenTree Loan Management US CLO 2 Ltd. (Cayman Islands), Series 2017-2A, Class AR, 6.50% (3 mo. Term SOFR + 1.17%), 11/20/2030(b)(c)		9,057,032		9,027,624
GoldenTree Loan Opportunities IX Ltd. (Cayman Islands), Series 2014-9A, Class AR2, 6.74% (3 mo. Term SOFR + 1.37%), 10/29/2029(b)(c)		5,841,886		5,839,052
Golub Capital Partners CLO 34(M) Ltd. (Cayman Islands), Series 2017-34A, Class AR2, 7.08% (3 mo. USD LIBOR + 1.45%), 03/14/2031(b)(c)		13,885,701		13,731,237
Golub Capital Partners CLO 36(M) Ltd. (Cayman Islands), Series 2018-36A, Class A, 6.93% (3 mo. USD LIBOR + 1.30%), 02/05/2031(b)(c)		4,657,010		4,617,025
Golub Capital Partners CLO 45(M) Ltd. (Cayman Islands), Series 2019-45A, Class A, 7.31% (3 mo. Term SOFR + 1.98%), 10/20/2031(b)(c)		5,000,000		4,950,175
Golub Capital Partners CLO 47(M) Ltd. (Cayman Islands), Series 2020-47A, Class A1, 7.31% (3 mo. USD LIBOR + 1.68%), 05/05/2032(b)(c)		10,000,000		9,873,890
GS Mortgage-Backed Securities Trust, Series 2020-NQM1, Class A1, 1.38%, 09/27/2060(b)(f)		1,743,874		1,607,132
HSI Asset Securitization Corp. Trust, Series 2006-OPT2, Class M2, 6.00% (1 mo. Term SOFR + 0.70%), 01/25/2036(c)		762,225		741,226

See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Hyundai Auto Lease Securitization Trust, Series 2023-B, Class A2B, 5.82% (30 Day Average SOFR + 0.75%), 09/15/2025(b)(c)	$	3,250,000	$	3,252,320
KKR CLO 21 Ltd. (Cayman Islands), Series A, 6.57% (3 mo. Term SOFR + 1.26%), 04/15/2031(b)(c)		1,991,240		1,980,172
Nationstar Home Equity Loan Trust, Series 2007-B, Class 1AV1, 5.63% (1 mo. Term SOFR + 0.33%), 04/25/2037(c)		361,061		358,532
Navient Private Education Refi Loan Trust
Series 2020-FA, Class A, 1.22%, 07/15/2069(b)		1,983,361		1,767,398
Series 2021-FA, Class A, 1.11%, 02/18/2070(b)		3,710,752		3,125,426
Neuberger Berman CLO XIV Ltd. (Cayman Islands), Series 2013-14A, Class AR2, 6.66% (3 mo. Term SOFR + 1.29%), 01/28/2030(b)(c)		9,155,163		9,133,640
Neuberger Berman Loan Advisers CLO 25 Ltd. (Cayman Islands), Series 2017-25A, Class AR, 6.50% (3 mo. Term SOFR + 1.19%), 10/18/2029(b)(c)		9,515,089		9,474,165
New Residential Mortgage Loan Trust Series 2017-5A, Class A1, 6.91% (1 mo. Term SOFR + 1.61%), 06/25/2057(b)(c)		293,711		293,036
Series 2019-NQM4, Class A1, 2.49%, 09/25/2059(b)(f)		1,835,487		1,702,584
Series 2020-NQM1, Class A1, 2.46%, 01/26/2060(b)(f)		1,196,212		1,085,632
OBX Trust
Series 2018-EXP1, Class 2A1, 6.26% (1 mo. Term SOFR + 0.96%), 04/25/2048(b)(c)		93,412		93,085
Series 2021-NQM2, Class A1, 1.10%, 05/25/2061(b)(f)		9,111,703		7,143,714
OCP CLO Ltd. (Cayman Islands), Series 2014-7A, Class A1RR, 6.71% (3 mo. Term SOFR + 1.38%), 07/20/2029(b)(c)		5,546,112		5,540,810
Octagon Investment Partners XVII Ltd. (Cayman Islands), Series 2013-1A, Class A1R2, 6.61% (3 mo. Term SOFR + 1.26%), 01/25/2031(b)(c)		4,832,874		4,820,116
Race Point VIII CLO Ltd. (Cayman Islands), Series 2013-8A, Class AR2, 6.42% (3 mo. USD LIBOR + 1.04%), 02/20/2030(b)(c)		8,608,579		8,586,059
Residential Mortgage Loan Trust
Series 2019-3, Class A1, 2.63%, 09/25/2059(b)(f)		727,485		704,102
Series 2020-1, Class A1, 2.38%, 01/26/2060(b)(f)		925,663		880,079
Starwood Mortgage Residential Trust
Series 2020-1, Class A1, 2.28%, 02/25/2050(b)(f)		226,680		210,708
Series 2020-INV1, Class A1, 1.03%, 11/25/2055(b)(f)		2,878,285		2,565,134

	Principal Amount		Value
Series 2021-2, Class A1, 0.94%, 05/25/2065(b)(f)	$	2,883,429	$	2,563,672
Series 2021-4, Class A1, 1.16%, 08/25/2056(b)(f)		8,756,762		7,322,292
Stratus CLO Ltd. (Cayman Islands), Series 2021-2A, Class A, 6.49% (3 mo. Term SOFR + 1.16%), 12/28/2029(b)(c)		9,412,159		9,367,611
TRK Trust, Series 2021-INV1, Class A1, 1.15%, 07/25/2056(b)(f)		6,511,443		5,505,051
Verus Securitization Trust
Series 2020-1, Class A1, 2.42%, 01/25/2060(b)(g)		1,340,218		1,296,930
Series 2020-5, Class A1, 1.22%, 05/25/2065(b)(g)		2,840,780		2,577,856
Series 2021-4, Class A1, 0.94%, 07/25/2066(b)(f)		10,076,071		7,950,406
Series 2022-INV2, Class A1, 6.79%, 10/25/2067(b)(g)		8,097,855		8,125,906
Series 2023-INV2, Class A1, 6.44%, 08/25/2068(b)(g)		9,000,000		9,029,400
Visio Trust, Series 2020-1R, Class A1, 1.31%, 11/25/2055(b)		2,570,559		2,285,577
World Omni Automobile Lease Securitization Trust, Series 2023-A, Class A2B, 5.83% (30 Day Average SOFR + 0.76%), 11/17/2025(c)		3,250,000		3,252,978
Total Asset-Backed Securities (Cost $304,495,466)				290,381,118
U.S. Treasury Securities-1.94%
U.S. Treasury Bills-1.94%
4.12%–4.37%, 10/05/2023(h) (Cost $35,427,430)		35,700,000		35,361,379
Variable Rate Senior Loan Interests-0.07%(i)(j)
Aerospace & Defense-0.07%
Fly Funding II S.a.r.l. (India), Term Loan B, 7.09% (3 mo. USD LIBOR + 1.75%), 08/09/2025 (Cost $1,407,885)		1,411,099		1,345,307
	Shares
Exchange-Traded Funds-0.06%
Invesco AAA CLO Floating Rate Note ETF(e)(k) (Cost $996,840)		39,000		998,010
	Principal Amount
Commercial Paper-28.01%(h)
3M Co., 5.34%, 02/05/2024(b)	$	14,475,000		14,058,630
AES Corp. (The), 6.07%, 08/04/2023		17,700,000		17,687,942
Arrow Electronics, Inc., 5.77%, 08/11/2023(b)		10,000,000		9,982,379
AT&T, Inc.
5.61%, 11/21/2023(b)		10,000,000		9,822,998
5.68%, 12/19/2023(b)		15,000,000		14,665,713
5.93%, 03/19/2024(b)		10,000,000		9,626,158
AutoNation, Inc.
6.07%, 08/17/2023(b)		14,200,000		14,161,450
5.98%, 08/21/2023(b)		13,000,000		12,956,388
Aviation Capital Group LLC 5.82%–5.86%, 08/01/2023(b)		20,000,000		19,996,902

See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
6.08%, 08/14/2023(b)	$	5,100,000	$	5,088,917
6.06%, 08/21/2023(b)		18,000,000		17,941,294
Barclays Capital, Inc.
6.00%, 12/21/2023		7,500,000		7,334,418
5.41%, 02/01/2024		8,000,000		7,769,613
5.41%, 02/02/2024		12,000,000		11,652,490
6.14%, 07/24/2024		15,000,000		14,144,533
Bayer Corp.
6.15%, 09/19/2023(b)		10,000,000		9,925,028
6.30%, 07/16/2024(b)		15,000,000		14,122,193
6.30%, 07/24/2024(b)		10,000,000		9,405,755
Brookfield Corporate Treasury Ltd.
5.66%, 08/02/2023(b)		3,500,000		3,498,930
5.69%, 08/03/2023(b)		10,000,000		9,995,413
Brookfield Infrastructure Holdings Canada, Inc.
5.82%, 08/09/2023		15,000,000		14,979,506
6.00%, 08/15/2023		13,500,000		13,469,091
Canadian Natural Resources Ltd.
5.99%–6.01%, 08/09/2023(b)		9,000,000		8,986,536
6.08%, 08/24/2023(b)		4,000,000		3,983,691
Enel Finance America LLC, 7.00%, 09/06/2023(b)		15,000,000		14,915,316
Energy Transfer L.P., 6.00%, 08/01/2023.		36,000,000		35,994,306
Fiserv, Inc., 5.41%, 08/04/2023(b)		500,000		499,696
Global Payments, Inc., 5.87%, 08/01/2023		6,000,000		5,999,008
Harley-Davidson Financial Services, Inc.
5.86%, 08/02/2023(b)		5,000,000		4,998,457
5.93%, 08/08/2023(b)		5,000,000		4,993,824
5.92%, 08/10/2023(b)		7,000,000		6,989,185
HSBC USA, Inc.
5.89%, 01/12/2024(b)		10,000,000		9,734,442
5.64%, 02/01/2024(b)		15,000,000		14,547,058
Jabil, Inc., 6.10%, 08/01/2023(b)		18,200,000		18,196,919
Leidos, Inc., 5.93%, 08/28/2023(b)		2,700,000		2,687,801
Oglethorpe Power Corp., 5.58%, 08/11/2023(b)		4,017,000		4,009,931
Paramount Global
5.67%, 08/04/2023(b)		16,500,000		16,489,460
5.71%, 08/09/2023(b)		500,000		499,282
Sanofi, 5.14%, 01/26/2024(b)		12,000,000		11,673,444
Suncor Energy, Inc., 5.53%, 08/14/2023(b)		15,000,000		14,968,179

	Principal Amount		Value
TELUS Corp., 5.19%, 08/02/2023(b)	$	15,000,000	$	14,995,454
UBS AG, 6.13%, 07/24/2024(b)		14,750,000		13,895,769
Walgreens Boots Alliance, Inc., 5.98%, 08/15/2023(b)		10,000,000		9,975,063
Waste Management, Inc., 5.43%, 08/14/2023(b)		8,000,000		7,983,029
WGL Holdings, Inc., 6.06%, 08/04/2023(b)		485,000		484,703
White Plains Capital Co. LLC, 5.68%, 08/02/2023(b)		20,000,000		19,993,883
Total Commercial Paper (Cost $509,997,008)				509,780,177
Certificates of Deposit-1.48%
Diversified Banks-1.48%
Commonwealth Bank of Australia (Australia), 5.30%, 02/09/2024		15,000,000		14,958,960
Natixis S.A., 6.00%, 07/26/2024		12,000,000		12,009,024
				26,967,984
Total Certificates of Deposit (Cost $26,997,836)				26,967,984
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-100.13% (Cost $1,844,242,595)				1,822,430,023
	Shares
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-0.51%
Invesco Private Government Fund, 5.24%(k)(l)(m)		2,595,605		2,595,605
Invesco Private Prime Fund, 5.38%(k)(l)(m)		6,674,412		6,674,412
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $9,269,671)				9,270,017
TOTAL INVESTMENTS IN SECURITIES-100.64% (Cost $1,853,512,266)				1,831,700,040
OTHER ASSETS LESS LIABILITIES-(0.64)%				(11,668,844	)
NET ASSETS-100.00%			$	1,820,031,196

See accompanying notes which are an integral part of this schedule.

Invesco Ultra Short Duration ETF (GSY)–(continued)

July 31, 2023

(Unaudited)

Investment Abbreviations:
CLO	-Collateralized Loan Obligation
Ctfs.	-Certificates
ETF	-Exchange-Traded Fund
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)  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 July 31, 2023 was $995,572,325, which represented 54.70% of the Fund’s Net Assets.

^(c)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2023.

^(d)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(e)  All or a portion of this security was out on loan at July 31, 2023.

^(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 July 31, 2023.

^(g)  Step coupon bond. The interest rate represents the coupon rate at which the bond will accrue at a specified future date.

^(h)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

⁽ⁱ⁾  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.

^(j)  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.

^(k)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2023.

	Value October 31, 2022			Purchases at Cost			Proceeds from Sales				Change in Unrealized Appreciation			Realized Gain (Loss)				Value July 31, 2023			Dividend Income
Invesco AAA CLO Floating Rate Note ETF		$	-		$	996,840		$	-			$	1,170		$	-			$	998,010		$	20,332
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			546,142			34,078,992			(32,029,529	)			-			-				2,595,605			62,249	*
Invesco Private Prime Fund			1,404,000			70,293,538			(65,020,949	)			346			(2,523	)			6,674,412			165,493	*
Total		$	1,950,142		$	105,369,370		$	(97,050,478	)		$	1,516		$	(2,523	)		$	10,268,027		$	248,074

* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(l)  The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

^(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.

See accompanying notes which are an integral part of this schedule.

Schedule of Investments^(a)

Invesco Variable Rate Investment Grade ETF (VRIG)

July 31, 2023

(Unaudited)

	Principal Amount		Value
U.S. Dollar Denominated Bonds & Notes-41.21%
Agricultural & Farm Machinery-0.11%
John Deere Capital Corp., 5.74% (SOFR + 0.56%), 03/07/2025(b)	$	678,000	$	679,716
Automobile Manufacturers-2.21%
BMW US Capital LLC (Germany), 6.10% (SOFR + 0.84%), 04/01/2025(b)(c)(d)		897,000		899,583
Ford Motor Credit Co. LLC, 8.14% (SOFR + 2.95%), 03/06/2026(b)		3,988,000		4,007,605
Mercedes-Benz Finance North America LLC (Germany), 6.17% (SOFR + 0.93%), 03/30/2025(b)(c)		2,000,000		2,012,046
Toyota Motor Credit Corp.
5.49% (SOFR + 0.26%), 06/18/2024(b)		3,000,000		2,994,469
5.84% (SOFR + 0.56%), 01/10/2025(b)(d)		2,500,000		2,500,881
Volkswagen Group of America Finance LLC (Germany), 6.15% (SOFR + 0.95%), 06/07/2024(b)(c)		1,667,000		1,674,469
				14,089,053
Commercial & Residential Mortgage Finance-0.61%
Nationwide Building Society (United Kingdom), 6.43% (SOFR + 1.29%), 02/16/2028(b)(c)		4,000,000		3,891,486
Construction Machinery & Heavy Transportation Equipment-1.02%
Daimler Trucks Finance North America LLC (Germany)
6.27% (SOFR + 1.00%), 04/05/2024(b)(c)		3,500,000		3,506,556
5.97% (SOFR + 0.75%), 12/13/2024(b)(c)		3,000,000		2,995,975
				6,502,531
Consumer Finance-1.97%
American Express Co., 5.57% (SOFR + 0.23%), 11/03/2023(b)(d)		2,500,000		2,498,843
Capital One Financial Corp.
5.89% (SOFR + 0.69%), 12/06/2024(b)		3,000,000		2,958,950
6.47% (SOFR + 1.35%), 05/09/2025(b)(d)		3,499,000		3,473,786
General Motors Financial Co., Inc.
5.96% (SOFR + 0.76%), 03/08/2024(b)		1,154,000		1,153,805
6.58% (SOFR + 1.30%), 04/07/2025(b)(d)		2,500,000		2,498,019
				12,583,403
Diversified Banks-19.94%
Banco Santander S.A. (Spain), 6.39% (SOFR + 1.24%), 05/24/2024(b)(d)		2,600,000		2,614,584
Bank of America Corp.
6.06% (SOFR + 0.73%), 10/24/2024(b)(d)		2,000,000		2,000,129
6.42% (SOFR + 1.10%), 04/25/2025(b)		3,500,000		3,510,460
6.10% (3 mo. USD LIBOR + 0.77%), 02/05/2026(b)		1,042,000		1,045,145
6.31% (3 mo. USD LIBOR + 0.76%), 09/15/2026(b)		2,696,000		2,658,634
6.29% (SOFR + 0.97%), 07/22/2027(b)		3,500,000		3,486,980
6.39% (SOFR + 1.05%), 02/04/2028(b)		1,685,000		1,682,141
Bank of Montreal (Canada), 6.51% (SOFR + 1.33%), 06/05/2026(b)		2,429,000		2,446,133
Bank of Nova Scotia (The) (Canada)
5.73% (SOFR + 0.55%), 03/02/2026(b)		2,500,000		2,472,959
5.25%, 06/12/2028		2,500,000		2,497,483
Banque Federative du Credit Mutuel S.A. (France), 6.69% (SOFR + 1.40%), 07/13/2026(b)(c)		4,200,000		4,213,961

	Principal Amount		Value
Diversified Banks-(continued)
Citigroup, Inc.
6.00% (SOFR + 0.67%), 05/01/2025(b)(d)	$	2,500,000	$	2,497,310
6.54% (SOFR + 1.37%), 05/24/2025(b)		3,000,000		3,015,781
6.78% (3 mo. USD LIBOR + 1.25%), 07/01/2026(b)		1,882,000		1,904,829
Commonwealth Bank of Australia (Australia), 5.74% (SOFR + 0.52%), 06/15/2026(b)(c)		3,000,000		2,982,068
Credit Suisse AG (Switzerland), 5.50% (SOFR + 0.38%), 08/09/2023(b)		975,000		974,210
HSBC Holdings PLC (United Kingdom)
6.62% (SOFR + 1.43%), 03/10/2026(b)		4,500,000		4,529,476
6.92% (3 mo. USD LIBOR + 1.38%), 09/12/2026(b)		3,000,000		3,021,186
Huntington National Bank (The), 6.33% (SOFR + 1.19%), 05/16/2025(b)		3,300,000		3,216,299
ING Groep N.V. (Netherlands)
6.53% (3 mo. USD LIBOR + 1.00%), 10/02/2023(b)		4,950,000		4,954,349
6.89% (SOFR + 1.64%), 03/28/2026(b)		3,500,000		3,518,457
6.26% (SOFR + 1.01%), 04/01/2027(b)		4,214,000		4,151,331
JPMorgan Chase & Co.
5.72% (SOFR + 0.54%), 06/01/2025(b)		4,000,000		3,988,132
5.80% (SOFR + 0.60%), 12/10/2025(b)		3,000,000		2,990,997
6.65% (SOFR + 1.32%), 04/26/2026(b)		2,400,000		2,418,541
6.34% (SOFR + 1.18%), 02/24/2028(b)(d)		3,500,000		3,515,501
KeyBank N.A.
5.60%, 01/03/2024(d)(e)		2,000,000		1,978,777
5.54% (SOFR + 0.32%), 06/14/2024(b)		2,500,000		2,446,245
5.54%, 06/14/2024(e)		1,351,000		1,325,859
Lloyds Banking Group PLC (United Kingdom), 6.90% (SOFR + 1.56%), 08/07/2027(b)		3,158,000		3,158,000
Mitsubishi UFJ Financial Group, Inc. (Japan)
6.95% (SOFR + 1.65%), 07/18/2025(b)(d)		2,500,000		2,520,312
6.08% (SOFR + 0.94%), 02/20/2026(b)		3,500,000		3,500,945
NatWest Markets PLC (United Kingdom), 5.66% (SOFR + 0.53%), 08/12/2024(b)(c)		571,000		568,631
Nordea Bank Abp (Finland), 6.40% (3 mo. USD LIBOR + 0.94%), 08/30/2023(b)(c)		2,987,000		2,988,338
Royal Bank of Canada (Canada)
6.14% (SOFR + 0.84%), 04/14/2025(b)		4,000,000		4,004,359
6.39% (SOFR + 1.08%), 07/20/2026(b)		3,000,000		3,001,389
Societe Generale S.A. (France), 6.36% (SOFR + 1.05%), 01/21/2026(b)(c)		4,500,000		4,491,424
Standard Chartered PLC (United Kingdom)
7.00% (SOFR + 1.74%), 03/30/2026(b)(c)		3,108,000		3,127,136
7.20% (SOFR + 1.93%), 07/06/2027(b)(c)		4,000,000		4,029,125
Sumitomo Mitsui Financial Group, Inc. (Japan), 6.71% (SOFR + 1.43%), 01/13/2026(b)(d)		2,000,000		2,017,764
Svenska Handelsbanken AB (Sweden), 6.47% (SOFR + 1.25%), 06/15/2026(b)(c)		1,275,000		1,283,922
Swedbank AB (Sweden), 6.18% (SOFR + 0.91%), 04/04/2025(b)(c)		4,615,000		4,615,831
Truist Bank, 5.50% (SOFR + 0.20%), 01/17/2024(b)		3,000,000		2,980,584
USB Realty Corp., 6.72%(c)(e)(f)		1,100,000		783,468
Wells Fargo & Co., 6.64% (SOFR + 1.32%), 04/25/2026(b)(d)		2,000,000		2,017,623
				127,146,808

See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Diversified Financial Services-0.47%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland), 5.94% (SOFR + 0.68%), 09/29/2023(b)	$	3,000,000	$	2,997,215
Electric Utilities-1.70%
American Electric Power Co., Inc., Series A, 6.11% (3 mo. USD LIBOR + 0.48%), 11/01/2023(b)		3,000,000		2,999,071
Eversource Energy, Series T, 5.38% (SOFR + 0.25%), 08/15/2023(b)		3,000,000		2,997,736
NextEra Energy Capital Holdings, Inc., 6.25% (SOFR + 1.02%), 03/21/2024(b)(d)		4,850,000		4,852,456
				10,849,263
Health Care Equipment-0.47%
Baxter International, Inc., 5.44% (SOFR + 0.26%), 12/01/2023(b)		3,000,000		2,995,353
Health Care Services-0.34%
Roche Holdings, Inc., 5.42% (SOFR + 0.24%), 03/05/2024(b)(c)		2,161,000		2,160,801
Integrated Telecommunication Services-1.58%
AT&T, Inc., 6.72% (3 mo. USD LIBOR + 1.18%), 06/12/2024(b)		3,832,000		3,857,899
Verizon Communications, Inc.
6.42% (3 mo. USD LIBOR + 1.10%), 05/15/2025(b)		4,127,000		4,161,015
6.02% (SOFR + 0.79%), 03/20/2026(b)		2,000,000		2,021,341
				10,040,255
Investment Banking & Brokerage-2.35%
Charles Schwab Corp. (The)
5.65% (SOFR + 0.52%), 05/13/2026(b)		4,303,000		4,247,325
6.23% (SOFR + 1.05%), 03/03/2027(b)		4,000,000		3,969,653
Goldman Sachs Group, Inc. (The)
6.02% (SOFR + 0.70%), 01/24/2025(b)(d)		2,535,000		2,528,943
7.38% (3 mo. Term SOFR + 2.01%), 10/28/2027(b)		1,220,000		1,241,520
Morgan Stanley, 6.46% (SOFR + 1.17%), 04/17/2025(b)		3,000,000		3,012,097
				14,999,538
Life & Health Insurance-3.97%
Athene Global Funding
5.86% (SOFR + 0.70%), 05/24/2024(b)(c)		5,000,000		4,954,537
5.99% (SOFR + 0.72%), 01/07/2025(b)(c)		3,500,000		3,429,132
Brighthouse Financial Global Funding, 6.05% (SOFR + 0.76%), 04/12/2024(b)(c)		2,500,000		2,481,891
GA Global Funding Trust
5.71% (SOFR + 0.50%), 09/13/2024(b)(c)		4,000,000		3,926,317
6.64% (SOFR + 1.36%), 04/11/2025(b)(c)		4,000,000		3,941,353
Pacific Life Global Funding II, 5.80% (SOFR + 0.62%), 06/04/2026(b)(c)		4,222,000		4,160,567
Protective Life Global Funding, 6.23% (SOFR + 0.98%), 03/28/2025(b)(c)(d)		2,425,000		2,432,681
				25,326,478
Life Sciences Tools & Services-0.39%
Thermo Fisher Scientific, Inc., 5.69% (SOFR + 0.39%), 10/18/2023(b)(d)		2,500,000		2,500,319

	Principal Amount		Value
Multi-line Insurance-1.05%
Metropolitan Life Global Funding I, 5.60% (SOFR + 0.32%), 01/07/2024(b)(c)	$	2,750,000	$	2,749,542
New York Life Global Funding, 5.68% (SOFR + 0.48%), 06/09/2026(b)(c)		4,000,000		3,956,195
				6,705,737
Multi-Utilities-0.38%
CenterPoint Energy, Inc., 5.78% (SOFR + 0.65%), 05/13/2024(b)		1,639,000		1,637,025
Dominion Energy, Inc., Series D, 6.08% (3 mo. USD LIBOR + 0.53%), 09/15/2023(b)		769,000		769,060
				2,406,085
Oil & Gas Storage & Transportation-0.18%
Enbridge, Inc. (Canada), 5.77% (SOFR + 0.63%), 02/16/2024(b)		1,152,000		1,152,603
Packaged Foods & Meats-0.62%
General Mills, Inc., 6.58% (3 mo. Term SOFR + 1.27%), 10/17/2023(b)		3,937,000		3,939,640
Pharmaceuticals-0.65%
Bayer US Finance II LLC (Germany), 6.56% (3 mo. USD LIBOR + 1.01%), 12/15/2023(b)(c)		4,105,000		4,105,148
Regional Banks-0.72%
Truist Financial Corp., 5.60% (SOFR + 0.40%), 06/09/2025(b)		4,702,000		4,599,252
Trading Companies & Distributors-0.48%
BOC Aviation Ltd. (China), 6.67% (3 mo. USD LIBOR + 1.13%), 09/26/2023(b)(c)		3,082,000		3,082,154
Total U.S. Dollar Denominated Bonds & Notes (Cost $263,170,485)				262,752,838
U.S. Treasury Securities-20.98%
U.S. Treasury Floating Rate Notes-20.98%
5.55% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%), 01/31/2025(b)		77,300,000		77,467,584
5.52% (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%), 04/30/2025(b)		56,200,000		56,264,759
Total U.S. Treasury Securities (Cost $133,588,052)				133,732,343
Asset-Backed Securities-17.22%
Adjustable Rate Mortgage Trust, Series 2004-2, Class 6A1, 0.71%, 02/25/2035(g)		66,572		65,897
Avis Budget Rental Car Funding (AESOP) LLC
Series 2019-2A, Class C, 4.24%, 09/22/2025(c)		4,250,000		4,147,132
Series 2020-2A, Class C, 4.25%, 02/20/2027(c)		1,300,000		1,215,255
BAMLL Commercial Mortgage Securities Trust, Series 2019-RLJ, Class B, 6.63% (1 mo. Term SOFR + 1.40%), 04/15/2036(b)(c)		4,000,000		3,954,138
BBCMS Mortgage Trust, Series 2019-BWAY, Class B, 6.65% (1 mo. Term SOFR + 1.42%), 11/15/2034(b)(c)		3,250,000		2,330,308

See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Bear Stearns Adjustable Rate Mortgage Trust
Series 2003-7, Class 6A, 4.46%, 10/25/2033(g)	$	108,387	$	102,892
Series 2003-8, Class 4A1, 4.42%, 01/25/2034(g)		120,271		117,712
BX Commercial Mortgage Trust
Series 2020-VKNG, Class A, 6.27% (1 mo. Term SOFR + 1.04%), 10/15/2037(b)(c)		1,192,676		1,181,626
Series 2021-ACNT, Class B, 6.59% (1 mo. Term SOFR + 1.36%), 11/15/2038(b)(c)		4,000,000		3,915,871
Series 2021-VINO, Class B, 6.19% (1 mo. Term SOFR + 0.97%), 05/15/2038(b)(c)		1,776,197		1,734,894
Series 2021-VOLT, Class B, 6.29% (1 mo. Term SOFR + 1.06%), 09/15/2036(b)(c)		3,252,772		3,151,434
Series 2021-VOLT, Class D, 6.99% (1 mo. Term SOFR + 1.76%), 09/15/2036(b)(c)		1,250,000		1,196,271
BX Trust
Series 2021-LGCY, Class B, 6.19% (1 mo. Term SOFR + 0.97%), 10/15/2036(b)(c)		3,630,000		3,517,034
Series 2022-IND, Class C, 7.51% (1 mo. Term SOFR + 2.29%), 04/15/2037(b)(c)		2,807,478		2,735,082
Series 2022-LBA6, Class B, 6.52% (1 mo. Term SOFR + 1.30%), 01/15/2039(b)(c)		1,000,000		978,974
COMM Mortgage Trust, Series 2019-521F, Class C, 6.67% (1 mo. Term SOFR + 1.45%), 06/15/2034(b)(c)		4,000,000		3,558,310
Commonbond Student Loan Trust
Series 2017-BGS, Class A2, 6.06% (1 mo. Term SOFR + 0.76%), 09/25/2042(b)(c)		269,361		262,131
Series 2018-AGS, Class A2, 5.91% (1 mo. Term SOFR + 0.61%), 02/25/2044(b)(c)		463,277		451,287
DBCG Mortgage Trust, Series 2017-BBG, Class C, 8.24% (PRIME), 06/15/2034(b)(c)		3,750,000		3,663,867
DBWF Mortgage Trust, Series 2018-GLKS, Class A, 6.42% (1 mo. Term SOFR + 1.18%), 12/19/2030(b)(c)		2,500,000		2,480,261
Edsouth Indenture No. 9 LLC, Series 2015-1, Class A, 5.98% (30 Day Average SOFR + 0.91%), 10/25/2056(b)(c)		358,875		353,399
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A2, 6.32% (30 Day Average SOFR + 1.25%), 05/15/2028(b)(c)		2,500,000		2,526,127
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A2, 6.22% (30 Day Average SOFR + 1.15%), 06/15/2028(b)(c)		4,000,000		4,016,570
Great Wolf Trust
Series 2019-WOLF, Class A, 6.37% (1 mo. Term SOFR + 1.15%), 12/15/2036(b)(c)		2,500,000		2,482,607
Series 2019-WOLF, Class B, 6.67% (1 mo. Term SOFR + 1.45%), 12/15/2036(b)(c)		3,384,000		3,339,954
GS Mortgage Securities Corp. Trust
Series 2018-TWR, Class A, 6.42% (1 mo. Term SOFR + 1.20%), 07/15/2031(b)(c)		3,000,000		2,572,312
Series 2021-ROSS, Class A, 6.49% (1 mo. Term SOFR + 1.26%), 05/15/2026(b)(c)		2,500,000		2,224,411
Hertz Vehicle Financing LLC, Series 2021- 1A, Class B, 1.56%, 12/26/2025(c)		1,350,000		1,269,209
Home Equity Asset Trust, Series 2004-5, Class M2, 6.36% (1 mo. Term SOFR + 1.06%), 11/25/2034(b)		799,261		793,020

	Principal Amount		Value
Invitation Homes Trust, Series 2018-SFR4, Class C, 6.74% (1 mo. Term SOFR + 1.51%), 01/17/2038(b)(c)	$	2,999,862	$	2,991,070
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-PHH, Class B, 6.73% (1 mo. Term SOFR + 1.51%), 06/15/2035(b)(c)		2,385,000		2,173,485
JP Morgan Mortgage Trust
Series 2019-6, Class A11, 6.05% (1 mo. Term SOFR + 1.01%), 12/25/2049(b)(c)		69,708		66,873
Series 2019-INV2, Class A1, 6.05% (1 mo. Term SOFR + 1.01%), 02/25/2050(b)(c)		204,323		192,900
Series 2019-INV3, Class A11, 6.00% (1 mo. Term SOFR + 1.11%), 05/25/2050(b)(c)		88,837		84,816
Series 2019-LTV3, Class A1, 6.00% (1 mo. Term SOFR + 0.96%), 03/25/2050(b)(c)		30,107		29,996
Series 2020-8, Class A11, 5.97% (30 Day Average SOFR + 0.90%), 03/25/2051(b)(c)		214,477		202,634
Series 2020-LTV1, Class A11, 6.00% (1 mo. Term SOFR + 1.11%), 06/25/2050(b)(c)		16,858		16,595
Series 2021-1, Class A11, 5.72% (30 Day Average SOFR + 0.65%), 06/25/2051(b)(c)		631,211		584,742
Med Trust, Series 2021-MDLN, Class B, 6.79% (1 mo. Term SOFR + 1.56%), 11/15/2038(b)(c)		2,985,671		2,897,395
Mello Mortgage Capital Acceptance Trust, Series 2021-INV2, Class A1, 5.00% (30 Day Average SOFR + 0.95%), 08/25/2051(b)(c)		3,000,316		2,768,531
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 6.05% (1 mo. Term SOFR + 0.75%), 10/25/2028(b)		59,136		55,664
Series 2005-A2, Class A5, 4.16%, 02/25/2035(g)		44,456		42,202
MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, 6.44% (1 mo. Term SOFR + 1.22%), 04/15/2038(b)(c)		2,500,000		2,462,508
MHP Commercial Mortgage Trust, Series 2021-STOR, Class B, 6.24% (1 mo. Term SOFR + 1.01%), 07/15/2038(b)(c)		2,500,000		2,441,894
Nelnet Student Loan Trust, Series 2021-A, Class A2, 6.40% (1 mo. Term SOFR + 1.14%), 04/20/2062(b)(c)		2,680,000		2,645,521
New Residential Advance Receivables Trust, Series 2020-T1, Class AT1, 1.43%, 08/15/2053(c)		1,850,000		1,844,921
NRZ Advance Receivables Trust, Series 2020-T2, Class AT2, 1.48%, 09/15/2053(c)		4,100,000		4,066,797
OBX Trust
Series 2018-EXP1, Class 2A1, 6.26% (1 mo. Term SOFR + 0.96%), 04/25/2048(b)(c)		97,757		97,414
Series 2018-EXP2, Class 2A2, 6.36% (1 mo. Term SOFR + 1.06%), 07/25/2058(b)(c)		257,361		249,766

See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Series 2019-EXP1, Class 2A2, 5.72% (1 mo. Term SOFR + 1.26%), 01/25/2059(b)(c)	$	129,981	$	128,835
Series 2019-EXP2, Class 2A2, 5.78% (1 mo. Term SOFR + 1.31%), 06/25/2059(b)(c)		225,541		216,377
Series 2020-EXP1, Class 2A2, 6.36% (1 mo. Term SOFR + 1.06%), 02/25/2060(b)(c)		318,749		289,260
Series 2020-EXP3, Class 2A2, 6.61% (1 mo. Term SOFR + 1.31%), 01/25/2060(b)(c)		451,523		444,624
Series 2020-INV1, Class A11, 6.00% (1 mo. Term SOFR + 1.01%), 12/25/2049(b)(c)		201,180		188,358
RLGH Trust, Series 2021-TROT, Class B, 6.50% (1 mo. Term SOFR + 1.28%), 04/15/2036(b)(c)		3,000,000		2,897,356
SMB Private Education Loan Trust Series 2019-B, Class A2B, 6.34% (1 mo. Term SOFR + 1.11%), 06/15/2037(b)(c)		1,989,766		1,968,144
Series 2020-A, Class A2B, 6.17% (1 mo. Term SOFR + 0.94%), 09/15/2037(b)(c)		1,192,313		1,180,409
Series 2021-A, Class A2A2, 6.07% (1 mo. Term SOFR + 0.84%), 01/15/2053(b)(c)		3,377,535		3,301,096
Series 2022-C, Class A1B, 6.92% (30 Day Average SOFR + 1.85%), 05/16/2050(b)(c)		2,410,427		2,423,069
SMRT, Series 2022-MINI, Class B, 6.57% (1 mo. Term SOFR + 1.35%), 01/15/2039(b)(c)		4,655,000		4,523,026
Tesla Auto Lease Trust, Series 2023-A, Class B, 6.41%, 07/20/2027(c)		3,500,000		3,492,038
WaMu Mortgage Pass-Through Ctfs. Trust, Series 2004-AR3, Class A2, 4.52%, 06/25/2034(g)		48,210		44,397
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class A6FL, 6.89% (1 mo. Term SOFR + 1.66%), 01/15/2059(b)(c)		2,500,000		2,466,980
Total Asset-Backed Securities (Cost $112,746,923)				109,817,678
Agency Credit Risk Transfer Notes-16.58%
Fannie Mae Connecticut Avenue Securities
Series 2019-R01, Class 2M2, 7.63% (30 Day Average SOFR + 2.56%), 07/25/2031(b)(c)(h)		404,721		406,282
Series 2019-R02, Class 1M2, 7.48% (30 Day Average SOFR + 2.41%), 08/25/2031(b)(c)(h)		41,865		41,866
Series 2021-R01, Class 1M1, 5.82% (30 Day Average SOFR + 0.75%), 10/25/2041(b)(c)(h)		639,808		637,746
Series 2021-R03, Class 1M1, 5.92% (30 Day Average SOFR + 0.85%), 12/25/2041(b)(c)(h)		2,875,515		2,861,716
Series 2022-R01, Class 1M1, 6.07% (30 Day Average SOFR + 1.00%), 12/25/2041(b)(c)(h)		1,082,804		1,074,324

	Principal Amount		Value
Series 2022-R01, Class 1M2, 6.97% (30 Day Average SOFR + 1.90%), 12/25/2041(b)(c)(h)	$	1,000,000	$	985,369
Series 2022-R02, Class 2M1, 6.27% (30 Day Average SOFR + 1.20%), 01/25/2042(b)(c)(h)		2,369,822		2,367,498
Series 2022-R02, Class 2M2, 8.07% (30 Day Average SOFR + 3.00%), 01/25/2042(b)(c)(h)		4,000,000		4,023,812
Series 2022-R03, Class 1M1, 7.17% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(c)(h)		1,524,500		1,535,123
Series 2022-R04, Class 1M1, 7.07% (30 Day Average SOFR + 2.00%), 03/25/2042(b)(c)(h)		2,156,970		2,172,687
Series 2022-R04, Class 1M2, 8.17% (30 Day Average SOFR + 3.10%), 03/25/2042(b)(c)(h)		3,400,000		3,465,444
Series 2022-R05, Class 2M1, 6.97% (30 Day Average SOFR + 1.90%), 04/25/2042(b)(c)(h)		2,534,237		2,548,158
Series 2022-R05, Class 2M2, 8.07% (30 Day Average SOFR + 3.00%), 04/25/2042(b)(c)(h)		1,750,000		1,764,726
Series 2022-R06, Class 1M1, 7.82% (30 Day Average SOFR + 2.75%), 05/25/2042(b)(c)(h)		1,262,044		1,287,669
Series 2022-R07, Class 1M1, 8.02% (30 Day Average SOFR + 2.95%), 06/25/2042(b)(c)(h)		3,171,248		3,254,316
Series 2022-R08, Class 1M1, 7.62% (30 Day Average SOFR + 2.55%), 07/25/2042(b)(c)(h)		2,692,414		2,754,807
Series 2022-R08, Class 1M2, 8.67% (30 Day Average SOFR + 3.60%), 07/25/2042(b)(c)(h)		1,500,000		1,552,973
Series 2023-R01, Class 1M1, 7.47% (30 Day Average SOFR + 2.40%), 12/25/2042(b)(c)(h)		1,382,500		1,409,212
Series 2023-R01, Class 1M2, 8.82% (30 Day Average SOFR + 3.75%), 12/25/2042(b)(c)(h)		1,225,000		1,281,929
Series 2023-R02, Class 1M1, 7.37% (30 Day Average SOFR + 2.30%), 01/25/2043(b)(c)(h)		574,005		582,912
Series 2023-R02, Class 1M2, 8.42% (30 Day Average SOFR + 3.35%), 01/25/2043(b)(c)(h)		700,000		723,281
Series 2023-R04, Class 1M1, 7.37% (30 Day Average SOFR + 2.30%), 05/25/2043(b)(c)(h)		4,371,252		4,438,031
Series 2023-R05, Class 1M1, 6.97% (30 Day Average SOFR + 1.90%), 06/25/2043(b)(c)(h)		1,568,287		1,577,394
Series 2023-R05, Class 1M2, 8.17% (30 Day Average SOFR + 3.10%), 06/25/2043(b)(c)(h)		1,100,000		1,127,663

See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Series 2023-R06, Class 1M1, 6.77% (30 Day Average SOFR + 1.70%), 07/25/2043(b)(c)(h)	$	2,120,000	$	2,130,600
Series 2023-R06, Class 1M2, 7.77% (30 Day Average SOFR + 2.70%), 07/25/2043(b)(c)(h)		1,365,000		1,377,584
Freddie Mac
Series 2020-DNA1, Class M2, STACR®, 6.88% (30 Day Average SOFR + 1.81%), 01/25/2050(b)(c)(i)		331,058		331,153
Series 2020-DNA5, Class M2, STACR®, 7.87% (30 Day Average SOFR + 2.80%), 10/25/2050(b)(c)(i)		916,898		930,352
Series 2021-DNA2, Class M2, STACR®, 7.37% (30 Day Average SOFR + 2.30%), 08/25/2033(b)(c)(i)		4,584,258		4,607,022
Series 2021-DNA3, Class M1, STACR®, 5.82% (30 Day Average SOFR + 0.75%), 10/25/2033(b)(c)(i)		807,287		803,697
Series 2021-DNA3, Class M2, STACR®, 7.17% (30 Day Average SOFR + 2.10%), 10/25/2033(b)(c)(i)		3,125,000		3,103,018
Series 2021-DNA5, Class M2, STACR®, 6.72% (30 Day Average SOFR + 1.65%), 01/25/2034(b)(c)(i)		2,960,631		2,965,401
Series 2021-DNA6, Class M2, STACR®, 6.57% (30 Day Average SOFR + 1.50%), 10/25/2041(b)(c)(i)		5,571,181		5,481,157
Series 2021-HQA3, Class M1, STACR®, 5.92% (30 Day Average SOFR + 0.85%), 09/25/2041(b)(c)(i)		2,346,091		2,318,988
Series 2022-DNA2, Class M1A, STACR®, 6.37% (30 Day Average SOFR + 1.30%), 02/25/2042(b)(c)(i)		1,912,356		1,908,213
Series 2022-DNA2, Class M1B, STACR®, 7.47% (30 Day Average SOFR + 2.40%), 02/25/2042(b)(c)(i)		4,250,000		4,264,957
Series 2022-DNA3, Class M1A, STACR®, 7.07% (30 Day Average SOFR + 2.00%), 04/25/2042(b)(c)(i)		2,946,551		2,957,905
Series 2022-DNA3, Class M1B, STACR®, 7.97% (30 Day Average SOFR + 2.90%), 04/25/2042(b)(c)(i)		4,500,000		4,583,114
Series 2022-DNA4, Class M1A, STACR®, 7.27% (30 Day Average SOFR + 2.20%), 05/25/2042(b)(c)(i)		2,267,254		2,298,342
Series 2022-DNA4, Class M1B, STACR®, 8.42% (30 Day Average SOFR + 3.35%), 05/25/2042(b)(c)(i)		1,500,000		1,544,466
Series 2022-DNA5, Class M1A, STACR®, 8.02% (30 Day Average SOFR + 2.95%), 06/25/2042(b)(c)(i)		1,748,602		1,782,703
Series 2022-DNA5, Class M1B, STACR®, 9.57% (30 Day Average SOFR + 4.50%), 06/25/2042(b)(c)(i)		1,500,000		1,603,014
Series 2022-HQA1, Class M1A, STACR®, 7.17% (30 Day Average SOFR + 2.10%), 03/25/2042(b)(c)(i)		2,215,559		2,224,876
Series 2022-HQA1, Class M1B, STACR®, 8.57% (30 Day Average SOFR + 3.50%), 03/25/2042(b)(c)(i)		2,000,000		2,061,546

	Principal Amount		Value
Series 2022-HQA2, Class M1A, STACR®, 7.72% (30 Day Average SOFR + 2.65%), 07/25/2042(b)(c)(i)	$	1,524,558	$	1,558,422
Series 2022-HQA3, Class M1, STACR®, 7.37% (30 Day Average SOFR + 2.30%), 08/25/2042(b)(c)(i)		733,566		745,330
Series 2022-HQA3, Class M1, STACR®, 8.62% (30 Day Average SOFR + 3.55%), 08/25/2042(b)(c)(i)		3,130,000		3,226,882
Series 2023-DNA1, Class M1, STACR®, 7.17% (30 Day Average SOFR + 2.10%), 03/25/2043(b)(c)(i)		2,523,003		2,553,159
Series 2023-DNA1, Class M1, STACR®, 8.17% (30 Day Average SOFR + 3.10%), 03/25/2043(b)(c)(i)		475,000		483,352
Series 2023-HQA1, Class M1, STACR®, 7.07% (30 Day Average SOFR + 2.00%), 05/25/2043(b)(c)(i)		615,620		619,330
Series 2023-HQA1, Class M1, STACR®, 8.57% (30 Day Average SOFR + 3.50%), 05/25/2043(b)(c)(i)		800,000		825,675
Series 2023-HQA2, Class M1, STACR®, 8.42% (30 Day Average SOFR + 3.35%), 06/25/2043(b)(c)(i)		2,500,000		2,562,487
Total Agency Credit Risk Transfer Notes (Cost $104,579,238)				105,727,683
U.S. Government Sponsored Agency Mortgage-Backed Securities-2.32%
Collateralized Mortgage Obligations-2.05%
Fannie Mae REMICs
5.48% (30 Day Average SOFR + 0.41%), 04/25/2035(b)		995,183		990,842
5.53% (1 mo. USD LIBOR + 0.35%), 09/25/2041(b)		282		282
4.32% (1 mo. USD LIBOR + 0.32%), 01/25/2045(b)		602,829		585,191
5.68% (30 Day Average SOFR + 0.61%), 05/25/2046(b)		224,946		218,867
4.72% (1 mo. USD LIBOR + 0.30%), 09/25/2047(b)		587,315		570,864
4.84% (1 mo. USD LIBOR + 0.32%), 12/25/2047(b)		212,082		206,706
Freddie Mac Multifamily Structured Credit Risk, Series 2021-MN2, Class M1, 6.87% (30 Day Average SOFR + 1.80%), 07/25/2041(b)(c)		3,486,302		3,243,453
Freddie Mac Multifamily Structured Pass-Through Ctfs.
Series KF35, Class A, 5.57% (1 mo. USD LIBOR + 0.35%), 08/25/2024(b)		72,857		72,687
Series KF35, Class A, 5.61% (1 mo. USD LIBOR + 0.39%), 10/25/2025(b)		976,214		970,660
Series KF81, Class AS, 5.47% (30 Day Average SOFR + 0.40%), 06/25/2027(b)		1,260,220		1,252,845
Series Q008, Class A, 5.61% (1 mo. USD LIBOR + 0.39%), 10/25/2045(b)		620,466		616,087
Freddie Mac REMICs
4.52% (1 mo. USD LIBOR + 0.35%), 09/15/2038(b)		600,254		585,982
4.37% (1 mo. USD LIBOR + 0.45%), 09/15/2040(b)		496,576		483,208

See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

July 31, 2023

(Unaudited)

	Principal Amount		Value
Collateralized Mortgage Obligations-(continued)
5.69% (30 Day Average SOFR + 0.61%), 06/15/2041(b)	$	156,135	$	152,682
4.48% (1 mo. USD LIBOR + 0.32%), 08/15/2043(b)		599,864		575,149
5.53% (30 Day Average SOFR + 0.46%), 01/15/2048(b)		2,628,184		2,524,887
				13,050,392
Federal Home Loan Mortgage Corp. (FHLMC)-0.10%
ARM, 4.33% (1 yr. USD LIBOR + 1.57%), 06/01/2037(b)		195,365		192,185
ARM, 4.54% (1 yr. USD LIBOR + 1.74%), 11/01/2038(b)		251,597		255,179
ARM, 4.44% (1 yr. USD LIBOR + 1.73%), 03/01/2043(b)		229,197		230,058
				677,422
Federal National Mortgage Association (FNMA)-0.17%
ARM, 4.02% (1 yr. USD LIBOR + 1.64%), 02/01/2035(b)		46,022		45,052
ARM, 5.53% (1 yr. U.S. Treasury Yield Curve Rate + 2.35%), 07/01/2035(b)		572,740		585,040
ARM, 7.03% (6 mo. Refinitiv USD IBOR Consumer Cash Fallbacks + 1.57%), 07/01/2035(b)		36,470		36,814
ARM, 3.97% (1 yr. USD LIBOR + 1.72%), 10/01/2036(b)		127,850		126,262
ARM, 4.53% (1 yr. USD LIBOR + 1.78%), 03/01/2037(b)		188,481		185,299
ARM, 4.30% (1 yr. USD LIBOR + 1.52%), 11/01/2037(b)		94,587		93,267
				1,071,734
Total U.S. Government Sponsored Agency Mortgage- Backed Securities (Cost $15,351,046)				14,799,548

	Shares		Value
Money Market Funds-0.41%
Invesco Government & Agency Portfolio, Institutional Class, 5.18%(j)(k) (Cost $2,598,667)		2,598,667	$	2,598,667
TOTAL INVESTMENTS IN SECURITIES (excluding investments purchased with cash collateral from securities on loan)-98.72% (Cost $632,034,411)				629,428,757
Investments Purchased with Cash Collateral from Securities on Loan
Money Market Funds-2.81%
Invesco Private Government Fund, 5.24%(j)(k)(l)		5,018,761		5,018,761
Invesco Private Prime Fund, 5.38%(j)(k)(l)		12,905,386		12,905,386
Total Investments Purchased with Cash Collateral from Securities on Loan (Cost $17,923,798)				17,924,147
TOTAL INVESTMENTS IN SECURITIES-101.53% (Cost $649,958,209)				647,352,904
OTHER ASSETS LESS LIABILITIES-(1.53)%				(9,752,009	)
NET ASSETS-100.00%			$	637,600,895

See accompanying notes which are an integral part of this schedule.

Invesco Variable Rate Investment Grade ETF (VRIG)–(continued)

July 31, 2023

(Unaudited)

Investment Abbreviations:
ARM	-Adjustable Rate Mortgage
Ctfs.	-Certificates
IBOR	-Interbank Offered Rate
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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on July 31, 2023.

^(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 July 31, 2023 was $303,011,367, which represented 47.52% of the Fund’s Net Assets.

^(d)  All or a portion of this security was out on loan at July 31, 2023.

^(e)  Security issued at a fixed rate for a specific period of time, after which it will convert to a variable rate.

^(f)  Perpetual bond with no specified maturity date.

^(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 July 31, 2023.

^(h)  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.

⁽ⁱ⁾  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.

^(j)  Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. The table below shows the Fund’s transactions in, and earnings from, its investments in affiliates for the nine months ended July 31, 2023.

											Change in Unrealized
	Value			Purchases			Proceeds				Appreciation					Realized			Value			Dividend
	October 31, 2022			at Cost			from Sales				(Depreciation)					Gain			July 31, 2023			Income
Investments in Affiliated Money Market Funds:
Invesco Government & Agency Portfolio, Institutional Class		$	1,075,009		$	209,404,194		$	(207,880,536	)		$	-				$	-		$	2,598,667		$	207,631
Investments Purchased with Cash Collateral from Securities on Loan:
Invesco Private Government Fund			5,473,023			50,481,269			(50,935,531	)			-					-			5,018,761			193,825	*
Invesco Private Prime Fund			14,069,884			117,044,783			(118,209,680	)			(272	)				671			12,905,386			519,544	*
Total		$	20,617,916		$	376,930,246		$	(377,025,747	)		$	(272	)			$	671		$	20,522,814		$	921,000

* Represents the income earned on the investment of cash collateral. Does not include rebates and fees paid to lending agent or premiums received from borrowers, if any.

^(k)  The rate shown is the 7-day SEC standardized yield as of July 31, 2023.

^(l)  The security has been segregated to satisfy the commitment to return the cash collateral received in securities lending transactions upon the borrower’s return of the securities loaned.

The valuation policy and a listing of other significant accounting policies are available in the most recent shareholder report.

See accompanying notes which are an integral part of this schedule.

Notes to Quarterly Schedules of Portfolio Holdings

July 31, 2023

(Unaudited)

NOTE 1–Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 – Prices are determined using quoted prices in an active market for identical assets.

Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect Invesco Capital Management LLC’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

 The following is a summary of the tiered valuation input levels, as of July 31, 2023. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1			Level 2		Level 3		Total
Invesco AAA CLO Floating Rate Note ETF
Investments in Securities
Asset-Backed Securities	$	-		$	32,857,008	$	-	$	32,857,008
Money Market Funds		331,994			-		-		331,994
Total Investments	$	331,994		$	32,857,008	$	-	$	33,189,002
Invesco Active U.S. Real Estate ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	108,589,065		$	-	$	-	$	108,589,065
Money Market Funds		-			13,398,092		-		13,398,092
Total Investments	$	108,589,065		$	13,398,092	$	-	$	121,987,157
Invesco High Yield Bond Factor ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-		$	36,805,453	$	-	$	36,805,453
U.S. Treasury Securities		-			91,480		-		91,480
Money Market Funds		253,780			1,832,260		-		2,086,040
Total Investments in Securities		253,780			38,729,193		-		38,982,973
Other Investments - Assets*
Futures Contracts		39,677			-		-		39,677
Investments Matured		-			-		2,943		2,943
Swap Agreements		-			14,701		-		14,701
		39,677			14,701		2,943		57,321
Other Investments - Liabilities*
Futures Contracts		(86,261	)		-		-		(86,261	)
Total Other Investments		(46,584	)		14,701		2,943		(28,940	)
Total Investments	$	207,196		$	38,743,894	$	2,943	$	38,954,033

	Level 1			Level 2			Level 3		Total
Invesco High Yield Select ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-		$	9,028,961		$	-	$	9,028,961
Non-U.S. Dollar Denominated Bonds & Notes		-			683,066			-		683,066
Preferred Stocks		-			9,980			-		9,980
Money Market Funds		32,237			296,253			-		328,490
Total Investments in Securities		32,237			10,018,260			-		10,050,497
Other Investments - Assets*
Forward Foreign Currency Contracts		-			2,091			-		2,091
Other Investments - Liabilities*
Forward Foreign Currency Contracts		-			(18,863	)		-		(18,863	)
Total Other Investments		-			(16,772	)		-		(16,772	)
Total Investments	$	32,237		$	10,001,488		$	-	$	10,033,725
Invesco S&P 500® Downside Hedged ETF
Investments in Securities
Common Stocks & Other Equity Interests	$	148,909,255		$	-		$	-	$	148,909,255
Money Market Funds		8,619,621			4,427,127			-		13,046,748
Total Investments in Securities		157,528,876			4,427,127			-		161,956,003
Other Investments - Assets*
Futures Contracts		174,640			-			-		174,640
Other Investments - Liabilities*
Futures Contracts		(216,077	)		-			-		(216,077	)
Total Other Investments		(41,437	)		-			-		(41,437	)
Total Investments	$	157,487,439		$	4,427,127		$	-	$	161,914,566
Invesco Short Duration Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-		$	8,859,333		$	-	$	8,859,333
Asset-Backed Securities		-			595,041			-		595,041
U.S. Treasury Securities		-			179,852			-		179,852
Agency Credit Risk Transfer Notes		-			75,230			-		75,230
Preferred Stocks		-			49,643			-		49,643
Money Market Funds		48,357			80,883			-		129,240
Total Investments in Securities		48,357			9,839,982			-		9,888,339
Other Investments - Assets*
Futures Contracts		21,416			-			-		21,416
Other Investments - Liabilities*
Futures Contracts		(37,202	)		-			-		(37,202	)
Total Other Investments		(15,786	)		-			-		(15,786	)
Total Investments	$	32,571		$	9,839,982		$	-	$	9,872,553

	Level 1			Level 2		Level 3		Total
Invesco Total Return Bond ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-		$	489,841,058	$	2,599,023	$	492,440,081
U.S. Government Sponsored Agency Mortgage-Backed Securities		-			218,190,124		-		218,190,124
Asset-Backed Securities		-			168,839,029		4,016,293		172,855,322
U.S. Treasury Securities		-			163,035,180		-		163,035,180
Agency Credit Risk Transfer Notes		-			7,120,478		-		7,120,478
Municipal Obligations		-			3,285,228		-		3,285,228
U.S. Government Sponsored Agency Securities		-			2,553,587		-		2,553,587
Preferred Stocks		273,526			2,047,262		-		2,320,788
Exchange-Traded Funds		546,716			-		-		546,716
Non-U.S. Dollar Denominated Bonds & Notes		-			97,096		-		97,096
Common Stocks & Other Equity Interests		-			-		0		0
Options Purchased		551,700			-		-		551,700
Money Market Funds		-			81,254,410		-		81,254,410
Total Investments in Securities		1,371,942			1,136,263,452		6,615,316		1,144,250,710
Other Investments - Assets*
Futures Contracts		3,082,371			-		-		3,082,371
Investments Matured		-			59,274		-		59,274
		3,082,371			59,274		-		3,141,645
Other Investments - Liabilities*
Futures Contracts		(2,408,034	)		-		-		(2,408,034	)
Total Other Investments		674,337			59,274		-		733,611
Total Investments	$	2,046,279		$	1,136,322,726	$	6,615,316	$	1,144,984,321
Invesco Ultra Short Duration ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-		$	957,596,048	$	-	$	957,596,048
Commercial Paper		-			509,780,177		-		509,780,177
Asset-Backed Securities		-			290,381,118		-		290,381,118
U.S. Treasury Securities		-			35,361,379		-		35,361,379
Certificates of Deposit		-			26,967,984		-		26,967,984
Variable Rate Senior Loan Interests		-			1,345,307		-		1,345,307
Exchange-Traded Funds		998,010			-		-		998,010
Money Market Funds		-			9,270,017		-		9,270,017
Total Investments	$	998,010		$	1,830,702,030	$	-	$	1,831,700,040
Invesco Variable Rate Investment Grade ETF
Investments in Securities
U.S. Dollar Denominated Bonds & Notes	$	-		$	262,752,838	$	-	$	262,752,838
U.S. Treasury Securities		-			133,732,343		-		133,732,343
Asset-Backed Securities		-			109,817,678		-		109,817,678
Agency Credit Risk Transfer Notes		-			105,727,683		-		105,727,683
U.S. Government Sponsored Agency Mortgage-Backed Securities		-			14,799,548		-		14,799,548
Money Market Funds		2,598,667			17,924,147		-		20,522,814
Total Investments	$	2,598,667		$	644,754,237	$	-	$	647,352,904

^*  Forward foreign currency contracts, futures contracts and swap agreements are valued at unrealized appreciation (depreciation). Investments matured is shown at value.