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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.